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

About 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.

Find out more
View All Articles

Sorry, comments are closed for this post.

Comic
Don’t Be Intimidated By Data Governance

Don’t Be Intimidated By Data Governance

Data Governance Data governance, the understanding of the raw data of an organization is an area IT departments have historically viewed as a lose-lose proposition. Not doing anything means organizations run the risk of data loss, data breaches and data anarchy – no control, no oversight – the Wild West with IT is just hoping…

What You Need To Know About Choosing A Cloud Service Provider

What You Need To Know About Choosing A Cloud Service Provider

Selecting The Right Cloud Services Provider How to find the right partner for cloud adoption on an enterprise scale The cloud is capable of delivering many benefits, enabling greater collaboration, business agility, and speed to market. Cloud adoption in the enterprise has been growing fast. Worldwide spending on public cloud services will grow at a…

LAVABIT, EDWARD SNOWDEN, AND THE LEGAL BATTLE FOR PRIVACY

LAVABIT, EDWARD SNOWDEN, AND THE LEGAL BATTLE FOR PRIVACY

The Legal Battle For Privacy In early June 2013, Edward Snowden made headlines around the world when he leaked information about the National Security Agency (NSA) collecting the phone records of tens of millions of Americans. It was a dramatic story. Snowden flew to Hong Kong and then Russia to avoid deportation to the US,…

Four Recurring Revenue Imperatives

Four Recurring Revenue Imperatives

Revenue Imperatives “Follow the money” is always a good piece of advice, but in today’s recurring revenue-driven market, “follow the customer” may be more powerful. Two recurring revenue imperatives highlight the importance of responding to, and cherishing customer interactions. Technology and competitive advantage influence the final two. If you’re part of the movement towards recurring…

The Cancer Moonshot: Collaboration Is Key

The Cancer Moonshot: Collaboration Is Key

Cancer Moonshot In his final State of the Union address in January 2016, President Obama announced a new American “moonshot” effort: finding a cure for cancer. The term “moonshot” comes from one of America’s greatest achievements, the moon landing. If the scientific community can achieve that kind of feat, then surely it can rally around…

How You Can Improve Customer Experience With Fast Data Analytics

How You Can Improve Customer Experience With Fast Data Analytics

Fast Data Analytics In today’s constantly connected world, customers expect more than ever before from the companies they do business with. With the emergence of big data, businesses have been able to better meet and exceed customer expectations thanks to analytics and data science. However, the role of data in your business’ success doesn’t end…

Data Breaches: Incident Response Planning – Part 1

Data Breaches: Incident Response Planning – Part 1

Incident Response Planning – Part 1 The topic of cybersecurity has become part of the boardroom agendas in the last couple of years, and not surprisingly — these days, it’s almost impossible to read news headlines without noticing yet another story about a data breach. As cybersecurity shifts from being a strictly IT issue to…

Why Security Practitioners Need To Apply The 80-20 Rules To Data Security

Why Security Practitioners Need To Apply The 80-20 Rules To Data Security

The 80-20 Rule For Security Practitioners  Everyday we learn about yet another egregious data security breach, exposure of customer data or misuse of data. It begs the question why in this 21st century, as a security industry we cannot seem to secure our most valuable data assets when technology has surpassed our expectations in other regards.…

Cloud Infographic: The Explosive Growth Of The Cloud

Cloud Infographic: The Explosive Growth Of The Cloud

The Explosive Growth Of The Cloud We’ve been covering cloud computing extensively over the past number of years on CloudTweaks and have truly enjoyed watching the adoption and growth of it. Many novices are still trying to wrap their mind around what the cloud it is and what it does, while others such as thought…

Cloud Infographic: IoT For Automotive Deconstructed

Cloud Infographic: IoT For Automotive Deconstructed

IoT For Automotive Deconstructed The IoT automotive industry is moving rapidly with many exciting growth opportunities available. We’ve written about some of the risks and benefits as well as some of the players involved. One thing for certain as that the auto industry is starting to take notice and we can expect the implementation of a…

Cloud Computing – A Requirement For Greater Innovation

Cloud Computing – A Requirement For Greater Innovation

Cloud Computing Innovation Sao Paulo, Brazil has had trouble with both energy and water supplies as of late. Despite it is the rainy period. Unfortunately Sao Paulo is very dependent on its rain as a majority of its power is generated from large dams. No water, no energy. Difficult situation for a city of some…

Unusual Clandestine Cloud Data Centre Service Locations

Unusual Clandestine Cloud Data Centre Service Locations

Unusual Clandestine Cloud Data Centre Service Locations Everyone knows what the cloud is, but does everybody know where the cloud is? We try to answer that as we look at some of the most unusual data centre locations in the world. Under the Eyes of a Deity Deep beneath the famous Uspenski Cathedral in the…

12 Promising Business Intelligence (BI) Services For Your Company

12 Promising Business Intelligence (BI) Services For Your Company

12 Promising Business Intelligence (BI) Services Business Intelligence (BI) services have recently seen an explosion of innovation and choices for business owners and entrepreneurs. So many choices, in fact, that many companies aren’t sure which business intelligence company to use. To help offer you a solution, we’ve compiled a list of 12 Business Intelligence companies…

5 Predictions For Education Technology

5 Predictions For Education Technology

Education Technology Although technology has fast influenced most sectors of our world, education is an area that’s lagged behind. Many classrooms still employ the one-to-many lecturing model wherein the average student is catered for while a few are left behind, and others bored. Recently, there’s been a drive to uncover how to use technology successfully…

Using Private Cloud Architecture For Multi-Tier Applications

Using Private Cloud Architecture For Multi-Tier Applications

Cloud Architecture These days, Multi-Tier Applications are the norm. From SharePoint’s front-end/back-end configuration, to LAMP-based websites using multiple servers to handle different functions, a multitude of apps require public and private-facing components to work in tandem. Placing these apps in entirely public-facing platforms and networks simplifies the process, but at the cost of security vulnerabilities. Locating everything…

Big Data’s Significant Role In Fintech

Big Data’s Significant Role In Fintech

Data Banking Fintech covers a range of financial fields such as retail banking, investments, and lending and thanks to the mobile and internet innovations of late is a thriving sector. Offering improvements which drive customer satisfaction and education in an area previously inscrutable and dictated by gigantic inflexible corporations, fintech is helping put the power…

Battle of the Clouds: Multi-Instance vs. Multi-Tenant

Battle of the Clouds: Multi-Instance vs. Multi-Tenant

Multi-Instance vs. Multi-Tenant The cloud is part of everything we do. It’s always there backing up our data, pictures, and videos. To many, the cloud is considered to be a newer technology. However, cloud services actually got their start in the late 90s when large companies used it as a way to centralize computing, storage,…

Infographic: 9 Things To Know About Business Intelligence (BI) Software

Infographic: 9 Things To Know About Business Intelligence (BI) Software

Business Intelligence (BI) Software  How does your company track its data? It’s a valuable resource—so much so that it’s known as Business Intelligence, or BI. But using it, integrating it into your daily processes, that can be significantly difficult. That’s why there’s software to help. But when it comes to software, there are lots of…

Cukes and the Cloud

Cukes and the Cloud

The Cloud, through bringing vast processing power to bear inexpensively, is enabling artificial intelligence. But, don’t think Skynet and the Terminator. Think cucumbers! Artificial Intelligence (A.I.) conjures up the images of vast cool intellects bent on our destruction or at best ignoring us the way we ignore ants. Reality is a lot different and much…