Here’s a cautionary tale for finance folks who keep an eye on technology and its costs: There’s new software out — and its creator admits it’s useless.

However, that’s not stopping him from slapping a $999 price tag on his iPhone app that’s got many Apple fans hopping mad.

Apple developer Armin Heinrich has released an software application on the iTunes App Store called I Am Rich. The $999.99 application is essentially a red icon on your iPhone and iPod touch that’s designed to remind others that you were able to afford it.

As the developer notes, “it’s a work of art with no hidden function at all.”

Which isn’t exactly true. By pressing the i on the main page with its red diamond screen, “a secret mantra will be shown. This may help you to stay rich, healthy and successful.”

Heinrich adds this caveat: “If it’s to [sic] expensive for you — check out my other apps — they are all much cheaper.”

And there’s only one of them — a calculator, which the iPhone already has.

Maybe Heinrich (think that’s his real name?) should try coming up with a nice spell check.

Bloggers are fuming about the App Store’s vetting process apps included in the online store. But a few find it funny and one even wrote on the store’s comment section that he’d bought ten copies of the software for his ten iPhones.

Tags: Apple, application, developer, iphone, ipod touch, rich, Software, useless