Mint.com Gets It Right

While frustratingly trying to work out a budget in Quicken yesterday, I began looking for alternatives that didn’t require hours of my time to get an overview of my finances. Enter Mint.com. Within 10 minutes, I was able to add all of my checking, savings, credit card and investments accounts to the site. Mint.com then provides me with all of my account activity in real time and gives me a fairly intelligent spending overview coupled with a high-level budget based on past behavior. All for free. Sweet.

Intuit is trying to come up with an online version of Quicken and charge people $2.99/month. Why would I give more money to a company that I have been frustrated with for years but was the best of the worst?

The old guard needs to take note: make things easy for people, and they will flock to you. I hope that Mint.com is around for a very long time, and I hope that their founders become millionaires. Applications like this make the world a better place.

It will be interesting to see how Mint.com markets this great application. Personal finance is a hot topic these days, particularly in light of the tightening of the U.S. economy and the massive consumer debt that people are dragging with them these days. They should try to team up with the likes of Dave Ramsey and David Bach to get the word out. Or even better, deliver such an amazing product that people like me will talk about it endlessly online and recommend it to all their family and friends. Ain’t online collaboration grand?

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