> The first is that the total TAM is less than you think; for most people, tracking their spending to manage budgets just doesn’t appeal to them. For many consumers, just seeing all of their finances is incredibly depressing.

I think that depends on how you address the market, actually. The Mint way, which requires continuous engagement and ad impressions, is something you’d be right about. But there’s a larger addressable market of people who intermittently think about getting their finances squared away, maybe as a New Years resolution or something. If you market to those people the way gyms do, there might be a larger market.