The Lighter Side Of The Cloud – Big Data Project
The Lighter Side Of The Cloud – Privileged
The Lighter Side Of The Cloud – Recovery Backup
How Cloud Helps Pay Off The Mortgage

How Cloud Helps Pay Off The Mortgage

How Cloud Helps Pay Off The Mortgage

A great deal of the buzz surrounding cloud technology has to do with business-related issues such as data storage, security, and mission-critical business applications, but sooner or later every person who works directly with cloud technology, as well as every other person who doesn’t, has to go home to their house, buy some groceries and pay some bills. One of the largest and most important bills required to be paid by many of us is the mortgage, a delightful word that comes from ancient French and which means “dead pledge,” or in other words, being dead is not an excuse for missing a payment to the bank.

judicial_foreclosure_activity_oct_2013A mortgage is a trade-off: a 30- or 40-year commitment to a bank in exchange for a comfortable place to live. In the post-war years when a substantial middle class existed, it was the dream and expectation of anyone living in a reasonably prosperous country to work hard, and pay down the house loan and its interest diligently and regularly, so by the time retirement came around, the property would be owned fair and square.

In this new age of foreclosures and of an evaporation of both the middle-class and of job-security, the concept of signing half or more of one’s life away to a bank seems daunting or impossible for many. But this is where cloud technology comes to the rescue. Computer technology and specifically cloud-based technologies have opened up alternate channels for personal financial management, specifically in the area of online debt-reduction solutions.

Traditionally when people hear the term debt-reduction, they think of credit counselling services. And when they hear online financial software, they think of online banking or tax filing applications.

Mint

But online financial management applications are neither of those things. Instead, they act as advisors, calculating just how much spare money exists between the amount brought home as salary, and the amount paid out as bills and expenses. Whatever is left over can then be applied, entirely or in part, to paying down the high-interest long-term obligations such as credit card debt and the mortgage, often using prepayment privileges and other techniques to maximize the power of each repayment dollar and to eliminate the debt many years faster. Ultimately, these cloud-based applications help pave a road map to debt freedom through strategic repayment planning.

Three of the most popular of these apps are Mint.com, owned by Intuit, InterestBLOCKER, and Mac/iPad-based MoneyWell/DebtQuencher.  All of these applications seek to identify where the money goes and how it can be applied to debts..

Cloud-based financial management applications represent both a challenge and an opportunity for consumers looking to alleviate their debt load. The opportunity lies in the sophistication of these online apps – the power of a financial manager at one’s fingertips, with the added benefits of applying what-if scenarios that allow users the opportunity to envision a number of strategies for using their hard-earned cash, as well as the proactive approach to assigning money in real-time rather than waiting until month-end or until payments become overdue.

The challenge, though, comes from implementing these apps and in sticking with them. Many consumers are unwilling to truly accept the dire financial situations they find themselves in, and prefer to operate in a more fatalistic fashion. Also the discipline required to keep books in this way is daunting; consumers have been conditioned from an early age to feel intimidated by the seeming complexity of personal financial management.

All three of these applications therefore seek to counter such resistance and reluctance by fostering a sense of community, including reminder emails, achievement recognition, and gamification-type rewards, to keep  users motivated and focused.

We seek to give our customers a type of financial GPS,” says Derik Rehou, President of OneLife Financial, the creators of InterestBLOCKER. “We focus solely on the numbers, but we can do this at a much higher level – a ten-thousand foot view of the landscape, which helps guide our customers along a path that would otherwise not always be visible.”

The gradual acceptance of cloud-based financial management software represents another world-changing concept, in that its effects are felt well beyond its own customer base. Many traditional banks are now responding by offering greater flexibility and service in the way they offer financial services; and when a bank blinks like that, something has definitely changed.

(Image Source: http://www.realtytrac.com)

By Steve Prentice

Follow us

Steve Prentice

Steve Prentice is a project manager, writer, speaker and expert on productivity in the workplace, specifically the juncture where people and technology intersect. He is a senior writer for CloudTweaks.
Follow us

Sorry, comments are closed for this post.

Popular Archives

Surprising Facts and Stats About The Big Data Industry

Surprising Facts and Stats About The Big Data Industry

Facts and Stats About The Big Data Industry If you start talking about big data to someone who is not in the industry, they immediately conjure up images of giant warehouses full of servers, staff poring over page after page of numbers and statistics, and some big brother-esque official sat in a huge government building…

5 Surprising Ways Cloud Computing Is Changing Education

5 Surprising Ways Cloud Computing Is Changing Education

Cloud Computing Education The benefits of cloud computing are being recognized in businesses and institutions across the board, with almost 90 percent of organizations currently using some kind of cloud-based application. The immediate benefits of cloud computing are obvious: cloud-based applications reduce infrastructure and IT costs, increase accessibility, enable collaboration, and allow organizations more flexibility…

Cloud Computing Services Perfect For Your Startup

Cloud Computing Services Perfect For Your Startup

Cloud Computing Services Perfect For Your Startup Chances are if you’re working for a startup or smaller company, you don’t have a robust IT department. You’d be lucky to even have a couple IT specialists. It’s not that smaller companies are ignoring the value and importance of IT, but with limited resources, they can’t afford…

5 Ways The Internet of Things Will Drive Cloud Growth

5 Ways The Internet of Things Will Drive Cloud Growth

5 Ways The Internet of Things Will Drive Cloud Growth The Internet of Things is the latest term to describe the interconnectivity of all our devices and home appliances. The goal of the internet of things is to create universal applications that are connected to all of the lights, TVs, door locks, air conditioning, and…

Cloud Migration – 10 ‘Do it Right’ Tips

Cloud Migration – 10 ‘Do it Right’ Tips

Cloud Migration – 10 ‘Do it Right’ Tips Businesses continue to adopt the cloud at break neck speed. Inherent benefits like lower operational costs, no infrastructure overheads, and quick access to better technology make cloud a very attractive proposition for businesses, especially start-ups and SMEs. However moving from legacy to the cloud environment has its…

Recent

Cloud Security Hottest Issue At RSA

Cloud Security Hottest Issue At RSA

Cloud Security Hottest Issue The integral integration of cyber security and cloud technology seemed to be the hottest issue at the busy RSA 2015 Conference in San Francisco. Interested parties packed security and cloud service booths for the duration of the conference. Several prominent publications covered the increased importance of securing their private information that’s…

Imperfect Security: The RSA Conference And The Illusion Of Safety

Imperfect Security: The RSA Conference And The Illusion Of Safety

The RSA Conference And The Illusion Of Safety This year’s 2015 RSA Conference is taking place from April 20th to 24th, in San Francisco, California. Here, security leaders from across the vast expanse of tech, politics, and more will gather to discuss the past, present, and future of security. From application security to technology infrastructure,…

The Lighter Side Of The Cloud – Day 5

The Lighter Side Of The Cloud – Day 5

By David Fletcher Are you looking to supercharge your Newsletter, Powerpoint presentation, Social media campaign or Website? Our universally recognized tech related comics can help you. Contact us for information on our commercial licensing rates. About Latest Posts Follow usSteve PrenticeSteve Prentice is a project manager, writer, speaker and expert on productivity in the workplace,…

Contact Us

Sending

Technology Sponsors

hp Logo CityCloud-PoweredByOpenstack-Bluesquare_logo_100x100-01
cisco_logo_100x100 vmware citrix100
Site 24x7 200px-KPMG

Established in 2009, CloudTweaks is recognized as one of the leading influencers in cloud computing, big data and internet of things (IoT) information. Our goal is to continue to build our growing information portal, by providing the best in-depth articles, interviews, event listings, whitepapers, infographics and much more.

CloudTweaks Comic Library

Advertising