Do You Have a Financial GPS?
For Christmas my in-laws gave me a GPS 
I enjoy having this technological marvel, but it got me thinking: I wish there was something like this for financial decisions and spending follies.
Just think of how great it would be to have something that would announce to you, “Because you went out to dinner and spent $135.67 you will now only be able to retire in 37 years 3 months and 2 days” or even better, “You have just spent $400 more than your budgeted amount for discretionary spending this month, and there are still 17 days left in this month“.
Wouldn’t that just be astoundingly cool?
In some ways Quicken 
My guess is that if you had a stern voice in this contraption (my GPS has a Female English accent, so it sounds a lot like my Mother), might it stop folks from impulse buying? Might it stop them from squandering money if they were afraid of how the device would react to it? Maybe, but just think how embarrassed they might be standing in line at a store and have a voice boom out, “You do not have enough money to buy that, put it back on the shelf!“?
If anyone does invent such a device, I have put in a patent claim on it already, so you will owe me royalties, or simply pay me a lump sum and you can use the idea 
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February 1st, 2010 at 8:13 AM
People definitely need instant feedback that they’re doing something wrong. Getting a credit card statement at the end of the month is about as effective as smacking a dog in the nose with a rolled up newspaper a day after it rips up your slippers.
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February 1st, 2010 at 8:15 AM
An electro-shock collar might be useful for the over-spending folk too!
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February 1st, 2010 at 8:42 AM
Not sure I’d want this! I think it would discourage me from buying things I genuinely need — like new glasses or a new bed! Sure, that $1000 would be better off in an investment, but I need to sleep and see right now!
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February 1st, 2010 at 8:45 AM
True, but it might stop you from buying “TOP OF THE LINE” beds and glasses that you maybe don’t need?
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February 1st, 2010 at 9:48 AM
I know why they bought you a GPS, I suggested it!
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February 1st, 2010 at 10:16 AM
Catch 22 – if you put this device in “try me” mode on the store shelf, a potential customer will pick it up, and it will announce “you can’t afford me!” and you will never make a sale.
Quicken is excellent for telling me when I’ve spent too much discretionary money. Not instant, but I update it most days, so its pretty quick.
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February 1st, 2010 at 10:26 AM
Good point, I’ll have to have my marketing department figure out a way to put it in PROMISCUOUS mode on the shelf and have a nice voice which says, “All is well” until you buy it.
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February 2nd, 2010 at 1:35 AM
[...] yesterday’s epiphany of the Financial GPS, I think I have streamlined the concept and gone to exactly what might be needed with today’s [...]
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February 2nd, 2010 at 12:48 PM
[...] Cajun Man presents Do You Have a Financial GPS? posted at Canadian Personal Finance Blog, saying, “Do you need a financial [...]
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February 4th, 2010 at 9:01 PM
[...] Big Cajun Man wants a financial GPS. [...]
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February 5th, 2010 at 1:40 AM
[...] write for Monday, but looked at the GPS I had just received from Christmas, started writing about a Financial GPS and from their we got to Financial Shock Collars and here we are Friday with a whole week of very [...]
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February 5th, 2010 at 1:49 PM
Great post, I loved this. I agree with you completely that such a tool is needed. I actually have such a tool and use it. Unlike Quicken and other “Tax”/”Budgeting” Programs it actually provides instantaneous cause and effect feedback of every financial decision. It also prompts and dynamically re-calculates just like a GPS when families take the “wrong” turn and assists them in getting back on track. Best part though is being able to pre-plan and look forward into the future by running realistic scenarios on your life for future events and the “best time to Buy” feature which then helps you plan effectively to have money aside when that date arrives.
Very cool. Not for everyone, but has been very helpful for many people I know.
Cheers
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February 5th, 2010 at 2:36 PM
[...] Cajun Man presents Do You Have a Financial GPS? posted at Canadian Personal Finance Blog, saying, “Do you need a financial [...]
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February 8th, 2010 at 7:48 AM
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February 8th, 2010 at 9:10 AM
[...] Cajun Man from Canadian Personal Finance (there are cajun Canadians?) wonders, “Do you have a financial GPS?” He thinks it would be great if there were some automated way to know when you’ve made a wrong [...]
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February 9th, 2010 at 5:16 PM
[...] Cajun Man from Canadian Personal Finance (there are cajun Canadians?) wonders, “Do you have a financial GPS?” He thinks it would be great if there were some automated way to know when you’ve made a wrong [...]
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February 12th, 2010 at 6:35 AM
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February 19th, 2010 at 1:10 AM
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March 5th, 2010 at 2:49 AM
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March 5th, 2010 at 11:08 PM
GPS Systems have grown to be better as computers get better – it is simply just mind-boggling those things technological innovation can achieve now!
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March 19th, 2010 at 1:33 AM
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March 26th, 2010 at 6:43 AM
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