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If you have not used Mint.com before, it’s actually a very slick site. Think of it as Quicken for the average dummy (like me). You can enter all your financial data (bank accounts, credit cards, mortgage, etc) and your sources of income and the site tracks everything for you. It downloads your statements, income and daily purchases directly from your bank and gives you a lot of data about your personal finances. You can then use that data to plan your household budget and make other important financial decisions. The best part about Mint is that it is free! There is other software you can buy that does essentially the same thing (Quickbooks/Quicken for one) but the value the consumer gets from Mint is really incredible.

So, the question that remains is, what will Intuit now do with Mint? It seems like it would be very easy for them to buy it and then essentially dump it in favor of their own organic software, but this would be a mistake. If they can merge to best features from their own products and Mint they can probably come up with a compelling product that could really benefit consumers. In the end, this is a fairy-tale story for the founders of Mint who were basically your average start-up and now have cashed in big time.

However, I’m skeptical about what Intuit will do with this, hopefully they won’t turn it into a paid product like Quicken.