PAY YOURSELF FIRST WITH REVENUE GENERATION

• US 20100299252A1
• Filed: 08/06/2010
• Published: 11/25/2010
• Est. Priority Date: 11/06/2000
• Status: Abandoned Application

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: Consumer and Merchant Awareness Foundation
• Inventors: Thomas, Tracey R.
• Application Number:
  US12/852,141
• Publication Number:
  US 20100299252A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/384 using social networks
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

The system identifies a revenue producing opportunity for a user. The system obtains information related to the user'"'"'s income, income sources, user'"'"'s debts (e.g., bills) and user'"'"'s goals. The system identifies a revenue producing opportunity for the user by matching user information with information regarding the opportunities. The system further provides recommendations related to the prioritization of paying certain bills and the amount to pay for each bill based upon, for example, savings goals, a community recommendation, minimizing penalties/fees associated with user'"'"'s debts, minimum amounts due, due dates and available income. The system and/or the user may then determine a payment hierarchy which includes transferring funds to the user'"'"'s savings account prior to paying all or a portion of certain bills, wherein the transfer of funds may include different funds transfer systems and methods.

Claims

1. A method comprising:

receiving, by a computer-based system for determining a payment hierarchy and from a social network, social network information associated with a member of the social network;

associating, by the computer-based system, the social network information with a personalized financial advice network of a user;

analyzing, by the computer-based system, the social network information and user information to determine personal finance rules for the personalized financial advice network, wherein the user information comprises at least one of user goal information, user income information and user debt information, and wherein the user information is associated with the user;

determining, by the computer-based system, a savings amount based upon the personal finance rules and at least one of the user goal information and the user income information, wherein the savings amount is transferred to a user savings account;

analyzing, by the computer-based system and in response to the transfer of the savings amount, the user debt information to determine a plurality of pending debt payments;

determining, by the computer-based system, a plurality of penalties by analyzing a penalty for each of the plurality of pending debt payments; and

determining, by the computer-based system, the payment hierarchy based upon the savings amount, the plurality of penalties and the personal finance rules, wherein the payment hierarchy minimizes the plurality of penalties.

2. The method of claim 1, further comprising sending at least a portion of user information to the social network.

3. The method of claim 1, further comprising updating a status associated with a social network account of the user, wherein the status is associated with at least one of the user goal information, the savings amount, the transfer of the savings amount and the personal finance rules.

4. The method of claim 1, further comprising receiving a message from the social networking website and parsing the message to determine a personal finance rule.

5. The method of claim 1, further comprising sending at least a portion of the user information to the social network, wherein the social network performs a search of the social network based upon the portion of the user information, wherein the search identifies a search result comprising at least one of a social network member and a social network group.

6. The method of claim 5, further comprising receiving search result from the social network.

7. The method of claim 6, further comprising notifying the user of the search result.

8. The method of claim 1, wherein the member comprises at least one of a plurality of members and a group.

9. The method of claim 8, further comprising receiving an approval from the social network to include at least one of the member in the personalized financial advice network and member information in the personalized financial advice network.

10. The method of claim 1, wherein the analyzing comprises at least one of statistical analysis, simulation, forecasting, a custom algorithm and artificial intelligence.

11. The method of claim 1, further comprising receiving a personal finance suggestion from the user and sending the personal finance information to the social network, wherein the social network notifies a plurality of members associated with the user.

12. The method of claim 1, wherein the personalized financial advice network comprises at least one of the member, a plurality of members of the social network, groups, relatives, financial professionals, common interest groups, clubs and subsets of groups.

13. The method of claim 1, further comprising receiving from the user a selection of data, wherein the selection of data is a subset of the user information and sending the selection of data to the social network.

14. The method of claim 1, further comprising, in response to the savings amount being transferred:

determining that a user goal has been accomplished; and

sending a message to the social network that the user goal has been accomplished.

15. The method of claim 14, wherein the user goal comprises at least one of a savings goal and a debt reduction goal, wherein the wherein the user goal is included in the user goal information.

16. The method of claim 1, further comprising receiving a charity request from the social network, notifying the user of the charity request and receiving an approval from the user to make a donation to the charity.

17. The method of claim 16, further comprising, in response to receiving the approval, determining a donation amount for the donation.

18. The method of claim 17, further comprising adding the donation amount as a pending debt payment in the plurality of pending debt payments.

19. A system, comprising:

a network interface communicating with a memory;

the memory communicating with a processor; and

the processor, when executing a computer program, is configured to;

receive, from a social network, social network information for a member of the social network;

associate the social network information with a personalized financial advice network of a user;

analyze the social network information and user information to determine personal finance rules for the personalized financial advice network, wherein the user information comprises at least one of user goal information, user income information and user debt information, and wherein the user information is associated with the user;

determine a savings amount based upon the personal finance rules and at least one of the user goal information and the user income information, wherein the savings amount is transferred to a user savings account;

analyze, in response to the transfer of the savings amount, the user debt information to determine a plurality of pending debt payments;

determine a plurality of penalties by analyzing a penalty for each of the plurality of pending debt payments; and

determine a payment hierarchy based upon the savings amount, the plurality of penalties and the personal finance rules, wherein the payment hierarchy minimizes the plurality of penalties.

20. A non-transitory computer-readable medium having computer-executable instructions stored thereon that, if executed by a computer-based system for determining a payment hierarchy, cause the computer-based system to perform operations comprising:

receiving, by the computer-based system, layaway information for a layaway transaction;

receiving, by the computer-based system and from a social network, social network information for a member of the social network;

associating, by the computer-based system, the social network information with a personalized financial advice network of a user;

analyzing, by the computer, the social network information and user information to determine personal finance rules for the personalized financial advice network, wherein the user information comprises at least one of user goal information, user income information and user debt information, and wherein the user information is associated with the user;

determining, by the computer-based system, a savings amount based upon the personal finance rules and at least one of the user goal information and the user income information, wherein the savings amount is transferred to a user savings account;

analyzing, by the computer-based system and in response to the transfer of the savings amount, the user debt information to determine a plurality of pending debt payments;

determining, by the computer-based system, a plurality of penalties by analyzing a penalty for each of the plurality of pending debt payments; and

determining, by the computer-based system, the payment hierarchy based upon the savings amount, the plurality of penalties and the personal finance rules, wherein the payment hierarchy minimizes the plurality of penalties.