Where your money goes

May 06 2010

Aaron Patzer (image from twitter.com/apatzer)

Aaron Patzer (image from twitter.com/apatzer)

He says “most people who are rich are not rich because they have flashy careers. They are rich because they were very methodical about their saving.” That might be the reason why, in 2007, he built a personal finance tool with a simple interface, easy to understand and use, which added its one millionth user 18 months after its launch. Word of mouth spread.

Mint.com founder and former CEO Aaron Patzer is now VP and GM of Personal Finance at Intuit, after the company’s $170 million acquisition of Mint. He is 29 years old and he is convinced that the cloud is secure enough to control personal finance. And “It’s not just network security, — it’s physical security. Our servers are located in an undisclosed facility”, he states in a ZDNet interview.

Mint enables users to know how much they have, how much they owe, and where their money goes. The web-app even shows personalized ways to save and make more money. An “independent and objective view” the banks don’t have, he says, because they want to sell their own products.

Is this the future of personal finance? Are users globally ready to tell about their money on the cloud? Are smartphones the ideal devices to run this kind of personal app? Which are the potential features on mobile? These are some of the questions the entrepreneur will answer at HitBarcelona next June. It will be a great opportunity to convert money numbers into understandable words to keep in our wallet.

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