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  1. WhoAmI's Avatar
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       #1  
    For those of you who are interested, there is a limited time Trial version available for T-Money. It will give you a chance to kick the tires and try it for yourself before laying down the green to get it! As noted in the review/comments (http://www.precentral.net/review-t-money), T-Money isn't for everyone but it can be very enlightening for most consumers and individuals!

    Feel free to ask questions and make suggestions! If you're looking for something unique, email me and ask for it! If it is for financial planning, chances are good that I'll add it (Ex: Profit and Loss was added thanks to user feedback! All free for current users too )!

    Download Here: Palm USA | Palm webOS Applications | Mobile apps that go further.
    Work through some of the examples below for an improv tour!

    Exercise - Stocks:
    The Profit and Loss calculator is an entirely new beast that was added based on user feedback. So, it was designed by users for users (feedback is everything!) Here's how it works: There are two main parts of P&L - buying and selling. P&L can be used from store inventory to stock purchases so their is a lot of flexability! Here is a sample scenerio:
    1) We're going to buy 200 stocks at $10 each. There is a $25 fee for the transaction and a 10% commission to our broker. Enter this into the "Buying" section (everything being a loss to you) and you have a total upfront cost of $2,225.00 (seen at the bottom of this section) Tip: Tap the "Total upfront cost" to copy it!
    2) Let's say the price has increased to $11 per stock. If we're solving for the profit and their is that 10% sales commission - that is a loss to us (use the toggle!) - should we sell? NO! You can see this by looking at the red arrow saying "Loss".
    3) Why? Click on the Arrow or word "Loss". You will see a graph showing what you're loosing vs what you invested! Tip: Tap on the graph to get a drop down. From there, you can copy any value by clicking on it!
    4) Now, we want to find out how much the price needs to be to break even. Click on "Percent Markup/Unit Price" and chance the "Profit/Loss" to $0/0% You should see that you need sell at $12.36 to almost break even (almost because if you solve for Profit now, you will see you are still loosing $.20).
    5) Now, look to see what your profit is when the price goes up to $16 per share. You should see a profit of $655.00 (25.74%)


    Exercise - Mortgage Payments:
    One of the big things that I've learned using T-Money was the benefit of paying extra on my mortgage payments! I found that I could save $53k and 7 years of repayment by paying $50 more each payment (about 1 extra payment a year). Here's what you should try:
    1) Open up the loan calculator, place a check by Payment, and fill in the rest (Loan Amount, Years, and interest rate). Tip: Click on any box a second time to bring up a number pad!
    2) Note the payment amount. If everything is entered in correctly, the payment should match what you're currently paying!
    3) Click on the bottom-left icon to go to the Info screen. Check out how much you're paying in interest! If it's anything like my loan, you'll see that you're paying more in interest over 30 years then you are paying principle! Tip: Tap the graph to get a drop-down of all the values. Tap on any of the values to copy them!
    4) Look at the graph's (3rd icon from the right), scroll down to the second graph to see your payments. Notice how long it takes to get to 1/2 the bal. and how much interest you're paying at the beginning! Tip: Tap along the graph to see the amount at payment x!
    5) Now, go back to the calculator, check the box next to "Number of Payments" and increase your Payment by $20-$50.
    6) Now look at the time saved on your loan and, in the info screen, the change in the interest paid!
    Extras:
    - View and email the new Amortization schedule to yourself! Tip: Tap and hold on the graph to jump to the middle, beginning, or end.
    - You can save your original or new calculator for later use by using "Snapshots" in the menu.
    - As mentioned in the review, click on the house in the calculator to apply real estate taxes and insurance to the mortgage payment! Again, tap to copy any of the values here! (feature added for a mortgage agent)

    Exercise - Retirement Planning:
    Prerequisite: Figure out how much a month you want to retire on!
    1) Open the Withdraw Calculator and check "Starting Amount". Set the Withdrawal amount to your above retirement amount, how many years you plan on living after retiring (20-25?), your expected interest rate, and the inflation rate (in advanced).
    2) You now have a "Starting Amount" that you will need - this is your goal when saving for retirement! It accounts for both interest on what you have saved as well as inflation (notice the increased withdrawal amount in the graph and amortization schedule?)
    3) Tap on the solved value (gray text) so that it's copied to the clipboard.
    4) Click on the top-right button in the header bar (Header bar says "Withdrawal Calculator) and select "Savings"
    5) Check the box next to "Deposit". Paste the clipboard's contents into the Savings Goal and set the Number of Deposits, Interest Rate, Inflation, and enter in how much you have in savings.
    6) You should now see how much you need to save every Month (or whatever frequency you plan on adding to your retirement account!)
    Extra:
    - Notice that in the info screen, a new section has appeared on the bottom. This is a result of inflation and tells you what everything is in perspective to today! What does that mean? Well, If you went back to the early 19th century and bought yourself a pop, you would pay $.05! Today though, you would have to pay $1 for that same can of pop because of inflation.

    History:
    My dad wrote this application in the 80's after his mortgage company messed up his mortgage loan. At that time, it was considered pretty advanced and sold mainly to insurance agents, banks, and lawyers. Years later, when the first Treo's came out, he ported T-Money to PalmOS. At that time, I used T-Money on my 650 and 700p and found it extremely useful when looking for my house and car!! So, when I bought the Pre in June, I decided to re-write T-Money from the ground up for webOS with new features that I wanted.

    Disclaimer: T-Money is not a substitute for a financial planner. Please consult a professional before making any financial transactions based on T-Money.
    Last edited by WhoAmI; 03/11/2010 at 03:02 PM.
    --WhoAmI--
    Sprint Palm Treo 700p with MR --> Palm Pre

    T-Money is now available for the webOS! Financial planning has never been easier.
  2. Quintus's Avatar
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    #2  
    Folks, a trial version of this app has been re-released in the App Catalog. It has had some very major improvements in the calculation of the time value of money, i.e. present values and future values of a stream of income. The user options are absolutely awesome. Kudos to the developer on this application!

    In my opinion, it is well worth the price of the app. For now, however, you should use the Trial Beta version as it has all of the new and improved options.

    As an aside, I used to use a calculator on the old Palm OS called PowerOne. I continued to use PowerOne via Classic but that was cumbersome and not a good user experience. T-Money has now replaced PowerOne for me.
  3. Quintus's Avatar
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    #3  
    This calculator now performs a variety of calculations to determine the time value of money. It performs present/future value calculations of a fixed sum with simple or compound interest rates as well as the present or future value of a stream of periodic payments or deposits. User defined periods for daily, weekly, bi-weekly, monthly, semi-annual or annual payments or deposits are included. Compounding interest is also available on the same basis.
  4. SingTreo's Avatar
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    #4  
    this app is able to do TVM calculation as well. So I do not need TVMCalc app

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