AADMM in the News

Daily Money Management in the News | Members in the News

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Daily Money Management in the News

With both my parents in the hospital, how can I pay their bills? (Caring.com, Jan. 2009). A caring.com community member writes to ask, “My elderly parents were in a car accident and are now both in the hospital for long-term care. They haven't been home since the accident, and now I have to figure out what bills need paying and how to access their accounts. How do I get started?” Another community member answered, “A Daily Money Manager in your area could help you with this task. This is one of the things they specialize in. To locate a DMM go to www.aadmm.com.” Pay Parent's Bills While They're in Hospital

Find a new job in retirement (examiner.com, Mar. 31, ’09). San Francisco writer Miriam Goodman notes, “While thousands of retirees say they want to continue working after their official retirement, there are many who hope to enter a new field. . . . While some fields seem to be shrinking in this economy, there are still new businesses opening every day. Not surprisingly, because there are so many people living longer, there is a field directly related to working with older people. . . . A daily money manager is another new field open to those who are retired but still want to work. These specialists help people handle their financial affairs whether it is paying bills, record keeping or merely balancing a checkbook. Though neither a financial planner not accountant, many people rely on money managers for advice and planning, especially if the client is traveling, caring for a partner or physically ill themselves. All these new specialists go through some kind of training and go a long way in making clients feel more confident and less stressed as they age” Find a new job in retirement

I’m not good at managing my money (getoutofdebt.org, Mar. 4, ’09). A reader named Eletha wrote to Steve Rhode’s website, saying: “I make over $100,000.00 a year and I don’t know where my money is going. I have all my credit cards maxed out and I am living from pay check to pay check. Please help!” He replied, “Not everybody is good with managing money. I have always found that those that are most creative, like artists and sales people are horrible at managing the finer points of dealing with their finances. I’m sure it is a right brain, left brain thing. Finding someone to manage your money for you seems like a good thing for you to do. We hire people to mow our lawns, clean our homes, so why not hire someone to professionally manage our finances? The cost of hiring a Daily Money Manager is going to be less in the long run than the cost of perpetual financial mistakes or high interest rates. Contact the American Association of Daily Money Managers to find someone near you that can help.” I’m Not Good at Managing My Money.

Executive Snapshot: Carla Morelli (Gazette.Net, Feb. 13, ’09). Maryland community newspaper online, Gazette.Net, features AADMM board member Carla Morelli in its “Executive Snapshot” series. “Profession/business: Founder and president of FreyerMartin of Gaithersburg, a personal and household bill-paying service for executives, individuals, ‘professional athletes and entertainers.’ Also, president of the National Association of Women Business Owners, Greater D.C. Chapter, and member of the board of directors of the American Association of Daily Money Managers. . . . How she keeps fresh ideas coming: ‘I challenge myself to look at things from a different perspective than I naturally would. I learned that in my first job working for a photographer — looking at things from unusual angles can yield some amazing photographs.’”

Family elders may need help with their finances. An Associated Press article by Eileen AJ Connelly featured here in the last edition of AADMM News You Can Use was picked up by the CourierPost (South Jersey) and posted on their website on Feb. 19. “Family members who do not live near elderly relatives or encounter resistance may consider bringing in a bookkeeping service or a daily money manager. Roberta Gosier, president of the American Association of Daily Money Managers, explained a daily money manager will meet with the person and help them get their financial affairs in order. Typically, visits take place a couple of times a month, she said, and most of the time they get permission from the client and don't need a power or attorney or other legal arrangement.. . . . Her organization has created a certification program intended to qualify credentials and standards of practice.” Family elders may need help with their finances

Steps to help aging relatives handle finances (Houston Chronicle online, Feb. 6, ’09). “If you don’t want to take over aging relatives personal finances altogether, family members can take steps to start helping:-Help simplify matters by setting up direct deposits for income like Social Security and pensions, and automatic bill payment for recurring expenses.- Minimize the number of accounts they have to keep track of.- Set up a regular meeting with your relative to review what he or she has done. - Hire a daily money manager or contact AARP to find out if your relative qualifies for free volunteer help.- Arrange for duplicate bank and bill statements so you can track income and spending.”

Discuss Parents' Financial Future Before Crisis Occurs (ezinearticles.com, Jan. 12, ’09). Banker Tom McGee writes, “Talking with your aging parents about financial matters can be an easy task to put off. In fact, an AARP study shows that two-thirds of all families avoid discussing financial topics until a crisis occurs. But it is far easier to talk about finances when there isn't an emergency to manage. . . . Do your parents regularly balance their checking account? Are deposits and payments routinely tracked? If needed, offer to help balance and sort out statements. If bills are piling up, do they need assistance with bill payments? . . . If they don't want your help, another option might be to hire a daily money manager to pay their bills, balance the checkbook and organize records. DMMs generally charge $25 to $75 an hour for a few hours of help each month. Visit the American Association of Daily Money Managers at www.aadmin.com to find one in your parents' area.” Discuss Parents' Financial Future Before Crisis Occurs

Model for success: How a soldier built his own at-home business (NavyTimes online). This article is part of a series discussing potential second careers for retiring military personnel. In this article, author Jessica Lawson focuses on home-based businesses. She writes, “The prevalence of off-shoring -- the relocation of business to other countries -- has cut into the market for providing certain services. So, for example, if your niche is doing something like medical transcription, you may find that you have business rivals in places as far-flung as India or the Philippines . . . . By maintaining a focus at the local level -- having a personal-chef service or being a daily money manager for the elderly, for instance -- you are ensuring that you are offering customers a product or service they could not get just anywhere.”

Members in the News

A Better Way to Manage Your Bills. AADMM Board Member, Kathryn Maxwell, was recently interviewed by Stacey Bradford who writes a blog for Moneywatch.com about tips to manage your bills. The information was posted to Bradford’s blog on Aug. 14. “While managing bills has always been important, I’m feeling a certain sense of urgency to get more organized as creditors look for any excuse to raise a consumer’s interest rate or slash a line of credit. So I decided to call an expert, Kathryn Maxwell, a professional daily money manager and a member of the American Association of Daily Money Managers, for some advice.” Maxwell’s tips included: 1.) “Create a spreadsheet listing all of the companies that send you monthly, quarterly and annual bills.” 2.) “Set up automatic payments for as many of your bills as possible.” 3.) “Find an hour every week, say, 8:00 pm on Mondays, and dedicate it to paying bills and recording those payments on your spreadsheet.” 4.) “Finally, when you have some extra time, try to reduce your junk mail. There are a few different websites that can help, including Catalogchoice.org (which signs you up for online catalogs only) and OptOutPrescreen.com (which can stop all those annoying credit card solicitations).” A Better Way to Manage Your Bills

Family Finance: Elders may need help with finances (Associated Press, Feb. 6, ’09). “The signs are often subtle, but they may indicate that aging relatives are no longer able to handle their personal finances. Family members who sense this may want to step in and take over, but that could set up an emotional confrontation. It could also make older relative fear losing their independence. There are options to provide help, but they all start with having a conversation that can be difficult. . . . Family members who do not live near elderly relatives or encounter resistance may consider bringing in a bookkeeping service or a daily money manager. Roberta Gosier, president of the American Association of Daily Money Managers, explained a daily money manager will meet with the person and help them get their financial affairs in order. Typically, visits take place a couple of times a month, she said, and most of the time they get permission from the client and don't need a power or attorney or other legal arrangement.. . . . Her organization has created a certification program intended to qualify credentials and standards of practice.” Elders may need help with finances

Village Resident Earns Professional Certification (The Garden City News Online, Jan. 9, ’09) “Joel Catania, proprietor of Personal Solutions, LLC in Garden City, has recently earned the designation Professional Daily Money Manager (PDMM) bestowed by the American Association of Daily Money Managers (AADMM). Utilizing his years of business experience, Joel met the AADMM's eligibility requirements and subsequently passed a rigorous written examination in November at the organization's annual conference in Orlando, Florida. The AADMM initiated a professional certification program in 2007 and Joel is one of only twenty-eight daily money managers nationwide who have earned the PDMM designation to date.” Village Resident Earns Professional Certification.

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