Abstract:
Implementing an online savings network includes creating a network account for an owner and associating an investment account to the network account. The investment account is associated with savings parameters and is owned by the owner. A first contributor is invited to join the online savings network and a condition is established in response to an input by the first contributor that, when satisfied, triggers an automatic contribution of financial assets to the investment account by the first contributor, wherein the financial assets have a value that is relative to a value of a contribution by the owner.

Description:
TECHNICAL FIELD 
       [0001]    This disclosure relates to online savings networks. 
       BACKGROUND 
       [0002]    Online social networking websites are popular destinations on the Internet. Typically, they are used to keep in touch with friends and classmates, to find potential romantic interests, to find a referral for employment opportunities, or to find other users with shared interests in music, movies, books, or television shows. Also, they provide a convenient way for a person to show their interests, hobbies, experience or as an outlet for their own creative works (e.g., songs, short movies, writings). 
         [0003]    Typically a user joins the online social networking website and then customizes his home page to reflect his interests or experiences. The user then invites his friends, family members or contacts to join the online social network and create a sub-network (i.e., a network within the online social network comprised of the user&#39;s friends, family members or contacts). The user can send messages to other members of the website. 
       SUMMARY 
       [0004]    The details of one or more implementations of the invention are set forth in the accompanying drawings and the description below. 
         [0005]    In one aspect, implementing an online savings network includes creating a network account for an owner and associating an investment account to the network account. The investment account is associated with savings parameters and is owned by the owner. A first contributor is invited to join the online savings network and a condition is established in response to an input by the first contributor that, when satisfied, triggers an automatic contribution of financial assets to the investment account by the first contributor, wherein the financial assets have a value that is relative to a value of a contribution by the owner. 
         [0006]    Other features and advantages will be apparent from the following description, the accompanying drawings, and the claims. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0007]      FIG. 1  is a block diagram of an example online savings network. 
           [0008]      FIG. 2  is a block diagram of a second example online savings network. 
           [0009]      FIG. 3  is a flowchart illustrating an example process to create an online savings sub-network. 
           [0010]      FIG. 4  is a flowchart illustrating an example process for a contributor to contribute to an owner&#39;s savings goals. 
           [0011]      FIG. 5  is a flowchart illustrating an example process to create a challenge. 
           [0012]      FIG. 6  is a block diagram of an example system implementing an online savings network. 
       
    
    
     DETAILED DESCRIPTION 
       [0013]    Various aspects of the system may be implemented in hardware, software or a combination of hardware and software. Circuitry, including dedicated or general purpose machines, such as computer systems and processors, may be adapted to execute machine-readable instructions to implement the techniques described above. Computer-executable instructions for implementing the techniques can be stored, for example, as encoded information on a computer-readable medium such as a magnetic floppy disk, magnetic tape, compact disc read only memory (CD-ROM), or other machine-readable medium. 
         [0014]      FIG. 1  illustrates an example of an online savings network  100 . The online savings network  100  comprises at least one owner  102 , at least one savings goal  103 , at least one online savings sub-network  104 , a financial institution  106  and at least one contributor  108 . The owner  102  can be a person or an entity such as a charity, a club (e.g., a school group), or some other entity that owns an investment account. The owner  102  forms the online savings sub-network  104  by choosing the financial institution  106  and defining one or more savings goals  103 . 
         [0015]    The savings goal  103  represents an item or purpose that the owner  102  is saving for. The savings goal  103  has different savings parameters such as a target savings value (e.g., $100,000.00), expected maturation time (e.g., how many months or years until the money will be withdrawn or used), method of investment, and an identified purpose (e.g., paying for college tuition or buying a car). The method of investment may be any type of investment vehicle such as stocks, bonds, mutual funds, and/or money market accounts. For example, a savings goal  103  can have an identified purpose of paying college tuition with a target savings value of $100,000.00, an investment method of stocks and a maturation time of ten years. Another example is a savings goal  103  with an identified purpose of “general savings,” a target value equal to six months of monthly costs (e.g., housing costs, groceries, insurance, bills) to be invested in a money market account and a maturation time of “as soon as possible.” 
         [0016]    The online savings sub-network  104  connects the savings goal  103  to a financial institution  106  and to contributors  108 . The financial institution  106  can be any type of financial institution that provides investment vehicles such as money market accounts, stocks, mutual funds, and/or bonds. The owner  102  chooses the type of investment vehicle to be the method of investment associated with each savings goal  103 . 
         [0017]    The owner  102  then invites family members, friends and/or contacts to join the online savings sub-network  104  as a contributor  108  and to contribute toward the owner&#39;s  102  savings goal  103 . Alternatively, a contributor  108  can ask the owner  102  to join the online savings sub-network  104 . The contributor  108  can be a member of one or more online savings sub-networks  104 . 
         [0018]      FIG. 2  illustrates an example of the online savings network  100   a  comprising owners  102   a  and  102   b , savings goals  103   a  and  103   b  and online savings sub-networks  104   a  and  104   b . Owner  102   a  forms the online savings sub-network  104   a  and defines at least one savings goal  103   a . Owner  102   b  forms the online savings sub-network  104   b  and defines at least one savings goal  103   b . The financial institutions  106   a  and  106   b  are associated with the online savings sub-networks  104   a  and  104   b , respectively, and can be different financial institutions or can be the same financial institution. 
         [0019]    Owner  102   a  invites friends, family members and/or contacts to join his online savings sub-network  104   a  as a contributor  108   a , and owner  102   b  invites his friends, family members and/or contacts to join his online savings sub-network  104   b  as a contributor  108   b . The contributors  108   a  can contribute to the savings goals  103   a  associated with the online savings sub-network  104   a , and the contributors  108   b  can contribute to the savings goals  103   b  associated with the online savings sub-network  104   b . Each contributor  108  can be a member of one or more online savings networks  104 . For example, a contributor  108   a  can be a member of the online savings sub-network  104   a  and also can be a member of the online savings sub-network  104   b.    
         [0020]      FIG. 3  is a flowchart illustrating a process  300  to create an online savings sub-network  104 . An owner  102  joins an online savings network  100  and creates an account (block  302 ). The account allows the owner  102  to choose a user name and a password, and allows the owner  102  to enter other information such as contact information and/or a nickname. After the account is opened, the owner  102  has a savings homepage on the online savings network  100 . 
         [0021]    The owner  102  then defines one or more savings goals  103  and defines savings parameters for each savings goal  103  (block  304 ). The savings parameters can include, but are not limited to, an identified purpose, a maturation time, a method of investment, and/or a target savings value. For example, the owner  102  may define a savings goal  103  with a savings purpose of paying for college tuition, a maturation time of ten years, to be invested in mutual funds, and a target savings value of $100,000. The owner&#39;s savings homepage is updated to display the savings goal  103  and the savings parameters. 
         [0022]    The owner  102  then opens an investment account at a financial institution  106  that is associated with the owner&#39;s account on the online savings network  100 , or the owner  102  can link an existing investment account at a financial institution  106  (i.e., an investment account that was opened before the owner created an account on the online savings network  100 ) to the owner&#39;s account on the online savings network  100  (block  306 ). Alternatively, the owner  102  can open multiple investment accounts at the financial institution  106  and associate them with the owner&#39;s account on the online savings network  100 . The owner  102  can open the investment account directly through the online savings network  100 , or the owner  102  can open the investment account separate from the online savings network  100  and have it linked to his account on the online savings network  100 . In one implementation, the savings parameters may be associated with the investment account at the financial institution  106 . 
         [0023]    The owner  102  then decides if he wishes to fund his investment account (block  307 ). If the owner  102  decides not to fund his investment account, the process  300  skips to block  310 . However, if the owner  102  chooses to fund his investment account, the owner  102  can transfer money into the investment account at the financial institution  106  and apply a percentage of the money to each savings goal  103  (block  308 ). For example, the owner  102  can transfer 60% of the money to a first savings goal  103 , 10% of the money to a second savings goal  103 , and the remaining 30% of the money to a third savings goal  103 . After the investment account is funded, the owner&#39;s savings homepage is updated to display the savings goal  103 , the savings parameters associated with the savings goal  103  and the amount of money associated with each savings goal  103 . The amount of money associated with each savings goal  103  is updated after any contribution by the owner  102  or a contributor  108 . 
         [0024]    The owner  102  then invites friends, family members, and/or contacts to join the online social network  100  as a contributor  108  and become members of the owner&#39;s online social sub-network  104  (block  310 ). The owner  102  can invite friends, family members, and/or contacts, for example, by sending them an email or personally contacting them. 
         [0025]      FIG. 4  is a flowchart illustrating a process  400  for a contributor  108  to make contributions toward the owner&#39;s savings goals  103 . The contributor  108  accepts the invitation from the owner and creates an account on the online savings network  100  (block  402 ). Similar to the owner&#39;s account, the contributor&#39;s account allows the contributor  108  to create a user name and password and allows the contributor  108  to enter other additional information such as contact information. After the contributor&#39;s account is created on the online savings network  100 , the contributor  108  becomes part of the owner&#39;s online savings sub-network  104  and is able to view the owner&#39;s savings homepage. The contributor  108  can view the owner&#39;s savings goals  103 , the amount the owner  102  has already saved and information about other members of the online savings sub-network  104 . 
         [0026]    The contributor  108  then decides if he will make a one-time contribution to the owner&#39;s savings goal  103  or make a recurring (e.g., periodic) contribution (block  404 ). If the contributor  108  decides to make a one-time contribution, the contributor  108  specifies his privacy settings (block  406 ). The privacy settings allow the contributor  108  to control how much information related to his contribution is visible to other members of the owner&#39;s online savings sub-network  104 . For example, the contributor  108  can set the settings to allow his contribution to be visible to all the members of the online saving sub-network  104 , or the contributor  108  can choose to have his identity hidden even though the amount of its contribution is visible to other members in the online savings sub-network  104 . 
         [0027]    The contributor  108  then transfers financial assets (e.g., cash, stocks, or bonds) to the owner&#39;s investment account (block  407 ). Any method of transferring financial assets into the owner&#39;s investment account at the financial institution  106  may be used. For example, the contributor  108  can transfer money electronically into the owner&#39;s investment account or deposit money into the owner&#39;s investment account at the financial institution  106 . The contributor  108  can divide his contribution into the different savings goals  103  or can apply the entire contribution to a single savings goal. After the one-time contribution is made, the process  400  ends. 
         [0028]    If the contributor  108  decides to make a recurring contribution, then the contributor  108  specifies contribution parameters for his recurring contributions (block  408 ). The contribution parameters include, but are not limited to, an amount to be contributed, a matching period (i.e., a frequency of contribution such as weekly, monthly or yearly), maximum contribution limits (e.g., limits for tax purposes), a method of contribution (e.g., transfers of cash, stocks or bonds), the savings goal  103  that will be contributed to and/or a matching-notification (e.g., an email alerting the contributor  108  of the need to make a contribution that is sent before the contribution is required from the contributor  108 ). The amount to be contributed can be a fixed amount or can be an amount that is relative to some predetermined percentage of the owner&#39;s own contribution over a period of time (e.g., a matching rate). For example, the contributor  108  can choose a monthly matching rate of 10% (e.g., a contribution amount that is equal to 10% of the amount the owner  102  contributed to the savings goal  103  during the month). Any percentage and any time period can be used. The matching-notification can be any type of notification such as an email, text message, or instant message. The matching-notification can be customized such that it is sent a predetermined number of days before the matching period ends (i.e., when the contribution is required) to allow the contributor to make adjustments to his finances to prepare for the pending contribution. In addition, the contribution parameters control the privacy settings associated with the contributions. The contributor  108  can control the amount of information related to the contribution that is visible to other members of the online savings sub-network  104 , as explained above. 
         [0029]    The contributor  108  can change the contribution parameters at any time. However, when the contributor  108  makes changes to the contribution parameters, the changes do not go into effect until after the current matching period ends. The changes will not effect the contributor&#39;s next contribution, but will go into effect after the contribution is made. 
         [0030]    After specifying the contribution parameters, the contributor  108  waits until the online savings network  100  sends a matching-notification (block  410 ). The matching-notification is sent to the contributor  108  before the contributor&#39;s contribution is required and is sent only if the contribution parameters are satisfied. For example, if the contributor  108  chose a monthly matching rate of 10% and the owner  102  did not make any contributions to the savings goal  103  during the month, the matching-notification is not sent to the contributor  108 . 
         [0031]    When the contributor  108  receives the matching-notification, the contributor  108  is made aware of the need to make a future contribution and the amount of that contribution. For example, if the contributor  108  chose an annual matching rate of 10% and the owner  102  contributed $1000 to the savings goal  103 , then the matching-notification would alert the contributor  108  that he is required to transfer $100 (or financial assets valued at $100) into the owner&#39;s investment account at the financial institution  106 . 
         [0032]    When the matching period ends, the contributor  108  transfers financial assets into the owner&#39;s investment account at the financial institution  106  (block  412 ). The transfer of financial assets is performed in accordance with the contribution parameters set in block  408 . The transfer of financial assets can be made similar to the transfer of financial assets for the one-time contribution described in block  407 . 
         [0033]    After the transfer of financial assets is completed, the contributor  108  can continue to contribute to the owner&#39;s savings goal  103  if the savings goal  103  has not been satisfied (i.e., the target savings value has been reached) (block  414 ). If the contributor  108  decides to continue contributing and the savings goal  103  has not been satisfied, the contributor  108  waits until he receives a new matching notification (block  410 ). If the savings goal  103  has been satisfied or the contributor  108  decides not to continue contributing to the savings goal  103 , the process  400  ends. 
         [0034]      FIG. 5  is a flowchart illustrating a process  500  for a contributor  108  to issue a challenge to other members of the owner&#39;s online savings sub-network  104 . The contributor  108  logs into the online savings network  100  using the user name and password created in block  402  (block  502 ). The contributor  108  then creates the challenge (block  504 ). The challenge is directed at other members of the owner&#39;s online savings sub-network  104  and is valid for a predetermined amount of time (i.e., a lifespan). The challenge can be any type of event or condition to be satisfied. For example, the contributor  108  can propose that he will match all contributions that are made to a particular savings goal  103  within a fixed time frame. In a different example, the contributor  108  can propose that he will make a contribution toward the owner&#39;s savings goal  103  if the owner  102  attains a specified goal (e.g., good grades in school, performance in athletics, or the contribution is proportional to some other metric). According to another example, the contributor  108  can propose that he will contribute a predetermined amount of money (e.g., $5000) to a particular savings goal  103  if other members of the online savings sub-network  104  also agree to contribute the same amount of money to the particular savings goal  103 . 
         [0035]    After the challenge is created, the contributor  108  waits until another member of the online savings sub-network  104  accepts the challenge (block  505 ). The other members of the online savings sub-network  104  learn of the contributor&#39;s challenge when they receive a notification sent by the online savings network  100 . The notification alerts the members of the owner&#39;s online savings sub-network  104  that the contributor  108  has created a challenge and the terms of the challenge. The notification may be any type of notification such as an email, text message, or instant message. 
         [0036]    If no member accepts the challenge, then the process  500  ends. If another member accepts the challenge, then the contributor  108  waits until the challenge is satisfied within the lifespan of the challenge (block  506 ). For example, the contributor  108  waits until the end of the month to determine the total amount contributed to a particular savings goal  103 . If the condition is not satisfied within the lifespan of the challenge, the process  500  ends. If the condition is satisfied within the lifespan of the challenge, a challenge-notification is sent to the contributor  108  alerting him that the challenge has been satisfied and informing him of the amount he is required to contribute to the savings goal  103  (block  508 ). The contributor  108  then transfers financial assets to the owner&#39;s investment account as described in block  407  (block  510 ). The process  500  then ends. 
         [0037]      FIG. 6  illustrates an example system that can be used to implement an online savings network  600 . The example online savings network  600  includes one or more databases  602  connected to a server  604 . The server  604  can be, but is not limited to, any type of dedicated server or personal computer. The database  602  can be contained within the server  604  or can be in a separate storage device or computer. 
         [0038]    The server  604  can exchange data with other computing devices  606  via a connection to a communication network  608 . The network connection may be any type of network connection, such as an Ethernet connection, digital subscriber line (DSL), telephone line or coaxial cable. The communication network  608  can be any type of network, such as the Internet, a telephone network, a cable network, and/or a wireless network. The computing device  606  may be any type of computing device. For example, the computing device  606  may be a personal computer, a laptop, or a personal digital assistant (“PDA”). The communication network  608  can transmit information from the server  604  to the computing devices  606  or can transmit information from the computing devices  606  to the server  604 . 
         [0039]    The communication network  608  also can be connected to a wireless transmitter  610 . The wireless transmitter  610  can be any type of wireless transmitter such as a cellular telephone transmitter. A cell phone  612  may be connected to the wireless transmitter  610  or any other type of computing device  606  that can receive wireless transmissions from the wireless transmitter  610  such as a PDA configured with a wireless receiver. 
         [0040]    A number of implementations of the invention have been described. Nevertheless, it will be understood that various modifications may be made without departing from the spirit and scope of the invention. For example, the maturation time associated with a savings goal  103  may control the owner&#39;s access to the funds in the investment account. In such an implementation, the owner  102  would not be able to withdraw the funds in the investment account until the maturation time has expired. Accordingly, other implementations are within the scope of the claims.