Word: moneys
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There are many personal-finance software packages that help people track their money, including the industry mastodon, Intuit's Quicken, which dwarfs Mint with 15 million users. But consumers have taken a liking to online money management, mostly because it's free. Microsoft stopped developing its Money program in June, and Intuit started offering Quicken Online for free in October 2008. Banks, too, have started to offer a similar service to their customers, but somehow, having an outside party monitor your bank seems like a better idea. Mint makes some money - it's unclear how much - by recommending credit cards...
...give it the online passwords to all your bank accounts, credit cards, retirement accounts, mother's maiden name, everything. It requires that you show the Full Monty. In return, Mint shows you, with minimal effort on your part, a complete picture of where the heck all your money is going. Many potential investors in Patzer's idea thought people would simply never be bold enough to hand over all that information - Patzer himself admits to some early doubts. Turns out they underestimated how lazy or desperate we all are. In its first month, Mint signed up 50,000 users...
Mint's big appeal is its access to your financial soul. Because it gets information directly from your bank, it can draw and redraw colorful pie charts and bar graphs that give you a clear picture of the many ways in which your money is seeping away - without you having to do much at all. If you want to know how you managed to spend $2,000 on food last month, click on "Food." Bingo! A new graph, breaking down the details - including the drinks, the fast food and the mid-afternoon coffee runs - suddenly appears. Mint also sends perky...
First, the fragility. Allowing Lehman to fail - cited often as the government's biggest boo-boo - started a chain reaction. There was a run on money-market funds after one big money-market fund revealed that it owned a lot of suddenly worthless Lehman debt. London-based hedge funds that relied on Lehman for day-to-day financing found themselves unable to do business because their accounts with Lehman's U.K. subsidiary were frozen. Similar dislocations played out around the world. Before long, financial institutions were paralyzed by fear. They simply didn't trust each other anymore, and didn...
...site won a lot of awards from the media, which helped it gain the credibility it needed to get people to hand over their financial data. You don't get from zero dollars to $170 million in market value in three years without knowing a thing or two about money...