For many people, especially older adults, this is the “Million Dollar question”. They often don’t see the need to have someone “looking at my checkbook” or “snooping through my mail”. After managing their affairs for many decades and living in an era where one maintained a high level of privacy about such matters, the idea of having an outsider help with personal money management is truly unthinkable! Usually, the first choice for many who have become increasingly unable to manage their own affairs is to have adult children or other family members provide assistance. Some individuals will turn to friends or neighbors to help, and in many situations this may work out quite well. However, there can be some risks associated with having one’s personal finances managed by individuals, who may not have the skills to manage money or else they are not looking out for the person's best interests.
There have been far too many cases of fraud against older adults by both familymembers as well as strangers
. It’s important to have a system in place which ensures that ANYONE who is providing assistance of a financial nature, is accountable to someone else, ie. a trusted family member, banker, CPA or other professional who is in regular contact with the individual. I was recently approached by an older gentleman following a presentation I had given at an assisted living facility. He inquired about my services and I responded that we could meet to discuss what he needed and determine if I would be able to help him. After he left the room, a staff person said that he should be able to go to his bank to ask for assistance since that would be “free” rather than paying me. I explained that I initially meet with a potential client to find out if I can help, and if it is more appropriate for the client to receive services elsewhere, I would recommend that option. However this individual had said he was not comfortable with his bank, and preferred to meet with me in the privacy of his home. We did, and it turned out that I was able to help him identify his specific questions, which was really all he needed, and this allowed him to go to the bank manager to resolve the problem. As a Daily Money Manager, www.aadmm.com, I help clients save money, by helping them access no or low cost checking accounts or free services for seniors and veterans, while making sure they are not being overcharged for the services (such as cable, cell phone and utility bills) that they currently have.
For those individuals who are doing this for themselves, I agree, they don’t need to pay me to help with their money management! However, for many older adults, veterans and others who are unable to do this for themselves, and who do not have trusted family or friends, it does make sense to hire a trained professional.
There are frequent calls from collection agencies and bounced checks! Although there are some individuals who don’t care about penalties or bounced checks, it is important to note that late payments can lead to a negative credit report and a low FICO score http://www.fico.org. FICO scores are used in determining the amount of interest that is charged for purchases such as cars and mortgages. Low FICO scores usually mean higher payments!
Most people tend to want less stress in their lives, and having piles of bills, documents, and other paperwork lying around unopened on tables, floors or thrown into shoeboxes can lead to feeling overwhelmed. Daily Money Managers are able to bring order to this type of chaos, and in doing so, can provide clients with the peace of mind that comes with having one’s important documents and financial paperwork neatly arranged and up to date. A Daily Money Manager has the training and expertise to organize and maintain the financial, medical and legal paperwork for her clients, and is a great option for those who do not have family members or a supportive network to rely upon when the need arises. Is this worth paying for?
5201 Old Middleton Road Madison WI 53705