Financial planning document and process therefor

US7912771B2 · kind B2 · utility

Inventor

• Robert A. Young · Calabasas, US

Key dates

• Filing date: May 23, 2006
• Grant date: Mar 22, 2011
• Expiry date: Mar 13, 2028

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/06
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A computer program that can be installed on a web server to assemble web pages that can be accessed over the Internet by password to prepare financial planning reports for a client. The program takes gross income, subtracts income taxes, subtracts all money put into savings programs, and whatever is left is what the client spends in a given year or month. It further itemizes and subtracts the monthly payments for debt service since these items will be fully amortized or paid off at some point in the future and should not be included in baseline living expenses that will continue through a person's lifetime. The balance left after these calculations are completed represents the individual's current annual living expenses or standard of living that needs to be sustained throughout their lifetime with adjustments for inflation. The program can produce three major reports: (1) an income and expense report; (2) an asset and liability report or balance sheet; and (3) a cash flow report that shows all of items that impact cash flow on a year by year basis throughout the rest of the individual or client's lifetime. If there are cash flow shortfalls in any year, the program uses a two step …