The former.

But it's not like the "full upgrade" is like buying a new Office Pro license
vs. an Upgrade or anything. (Heck, you can buy 8 or 10 Office Pro Upgrades
for the price of a "full upgrade" Money license.)

Agreed re. the value of the upgrade measured in terms of features and
updates. Disagreed re. the value of an annual license for Money and its
online services. But I sure do wish they'd actually improve the product at
some point. Frankly, however, one of the reasons they don't is way too many
people view even $25 per year as too much to pay and at Microsoft's cut of
the $25 per year per user who actually does upgrade there just isn't much of
a business case for investing in any improvements.

"Display_Name" <DisplayName[at]discussions.microsoft.com> wrote in message
news:E8090BAA-38E4-405D-9FA0-EE334F66654E[at]microsoft.com...
- quote -

Do I have to buy the full upgrade every year or is there an upgrade option?

For full price every year it would be easier to swallow if there were some
signifigant updates instead of being signifigantly in the hole for the cost
of the application and the time cost of dealing with BS upgrade issues.