Money Managers to the rescue…
Can’t keep the checkbook balanced? Don’t like or forget to pay bills?
These professionals can help …
Many older Americans struggle with money management, specifically paying their monthly bills. For some, physical conditions such as poor eyesight or arthritis can make simple tasks of writing checks and opening the mail difficult. Others are confused, forgetful and/or disorganized all potentially leading to past due notices, late fees, services fees, canceled policies, and lost documents.
Today, almost all of us are drowning in official-looking solicitations for credit cards, insurance, fraud protection and financial assistance from every institution in which we have an account. In the past, having several bank accounts was once considered prudent, but now has turned into a junk-mail nightmare. Junk mail can look so official it begs rely often unknowingly opening another checking account. Charities of our world, even the ones near and dear to our hearts, continue to solicit contributions on a weekly basis. Selling mail lists has become a huge revenue generator for many companies including banks, credit cards companies, mortgage companies, telephone companies and others.
Now, we can hire a Daily Money Manager to provide assistance to people who have difficulty managing their personal monetary affairs. This service offers a cost-effective way for clients to get assistance with organizing, bill paying, balancing checkbooks, and reviewing statements, from a trusted source. A Daily Money Manager does not replace the services of other professionals, such as CPAs, banks, financial planners, and attorneys, but assists clients with daily affairs and helps maintain records and information that is essential for these professionals.
Services that may be provided:
* Bill paying, preparation of checks, deposits
* Balancing checkbooks and organizing bank records
* Organizing files for tax and other purposes; general organization
* Phone calls concerning incorrect bills, or to ascertain relevant information
* Deciphering insurance information and assistance with claims
* Setting up automated accounts or other means to efficiently handle household finances
* Referrals to needed professionals, such as CPAs, attorneys, financial professionals
A Daily Money Manager begins with an informational interview, so you can get to know us, and we can understand the client’s needs. Together, we determine an effective plan to meet the individual needs. Typically, the DMM will visit monthly or weekly to review bills, mail, insurance papers, and help the client write the checks, balance the check book, organize and file papers.
How do you find a daily money manager? Follow this advice:
* One of the best places to start your search is with the Web site of the American Association of Daily Money Managers, where you can find a list of money managers by state of residence.
* Before meeting face-to-face with someone, ask if they charge for the first session. Some money managers offer a free consultation, which lets you make a more informed choice about whether daily money management is for you.
* Ask for references from people who have used their services before, and check those references out. After all, you’re entrusting your financial health to that individual. Make sure that trust is warranted.
* Make certain the DMM you’re considering is insured and is willing to work with another individual such as a lawyer or an accountant on your behalf.
* Get a referral from someone in the financial services field, such as your tax adviser or accountant.
* Go with your gut – it may be the most important thing to do, Make sure you like and instinctively trust this individual. If it doesn’t feel right, it isn’t. It’s got to be a good fit.
Source: Laura Miller, Sapphire Daily Money Management, LLC, 503-654-9200, Visit www.sapphireDMM.com to download a brochure.
Posted April 2008. Markets: Oregon, Portland
Provided by: Laura Miller, Sapphire Daily Money Management, LLC
For more information: 503-654-9200, www.sapphireDMM.com
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