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Financial When You May Need a Daily Money Manager By Kathy Swann kathy@bayareabizserv.com http://www.bayareabizserv.com/ Kathy Swann has over 25 years experience in accounting and office administration, and is the founder of Bay Area Business Services, LLC. For more information on Daily Money Managers, visit www.BayAreaBizServ.com. When You May Need a Daily Money Manager As the Baby Boomer generation heads toward retirement, new service professions catering to this group are emerging. One such field is called Daily Money Managers or DMMs for short. Many Boomers will hire a DMM to help out their aging parents, while some use this service for themselves.According to the American Association of Daily Money Managers, “Daily Money Managers provide personal business assistance to clients who have difficulty in managing their personal monetary affairs.” The services of a Daily Money Manager vary, and can include, but are not limited to:
A Daily Money Manager does not take the place of your attorney or accountant, but rather will work along with these professionals by making sure these daily and weekly tasks are taken care of. Unless your DMM is certified in these fields, she or he will not give you legal or tax advice. How do you know if you may need to hire a DMM? If you find that your parent is forgetting to pay the bills, the phone or electricity is turned off, or a stack of unopened mail may be a sign it is time to hire a DMM. Someone who travels frequently and wants to be sure their bills are paid on time, an entrepreneur running a home-based business, or anyone who just doesn't want to manage these tasks for themselves can find they may be ready for a DMM. Where do you find a DMM? As with the hiring of any professional, ask your family and friends for referrals. Search on the American Association of Daily Money Managers website (www.aadmm.com) for a member in your area—anyone joining this organization must adhere to a strict Code of Ethics. Your attorney or CPA may also know of a DMM in your community. Most DMMs charge an hourly rate, which varies depending on your location. Other charges may include travel time, as well as out of pocket expenses, such as postage or long distance calls spent for their clients. During your interview, ask any questions and voice any concerns so both you and the DMM understand what services will be required. Ask about payment options as some DMMs expect payment at time of service, while others will bill you on a specific schedule. Of course, as with anyone you bring into your home, be sure to check their references. Hiring a DMM can provide you with peace of mind knowing that someone is managing your personal business or for someone you love. ©2008 Kathy Swann |