Word: intuitions
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Your coach, former world champion Garry Kasparov, says your strength is not calculation, but rather your ability to intuit the right moves, even if their ultimate purpose is not clear. Is that right? I'm good at sensing the nature of the position and where I should put my pieces. You have to choose the move that feels right sometimes; that's what intuition is. It's very hard to explain...
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...
...boring! Secretly, we wish someone else would do it for us. This is the key factor behind the success of Mint.com, a website that was started three years ago by then 25-year-old CEO Aaron Patzer in his Silicon Valley apartment. Now it has been sold to Intuit for a stunning $170 million...
...Intuit, which had an annual revenue of $3.2 billion in the fiscal year 2009, says it bought Mint "to enhance Intuit's position as a leading provider of consumer-software-as-a-service offerings." It's going to leave Mint as a stand-alone service and incorporate some of the young company's ideas into Intuit's products, including "Ways to Save." But clearly Mint's rapid growth was something Quicken had to either kill or get in on. Buying the site means it can do either...
...giveaway trick before, with impressive results. In 1993, he persuaded his then client Computer Associates (whose controversial founder Charles Wang is also a co-founder of Smile Train) to give away copies of its personal-finance software, Simply Money, to try to establish a bulkhead against market leader Intuit's Quicken. The "Free Money" campaign was so successful - garnering something like a million calls in two weeks - that it strained MCI's phone banks, says Mullaney...