Senior Scams In a Modern World

Baby Boomers are getting older and smarter everyday. Those born in the years following World War II represent about 23% of today’s U.S. population—around 74 million Americans. Scammers love baby boomers! But you can outsmart them.

Newsweek once published an article entitled “Babies Mean Business” and they were right. As a group, Baby Boomers were wealthier, more active and more physically fit than any preceding generation; they were the first to grow up genuinely expecting the world to improve with time.

The post-war economic boom did create endless opportunities for this young generation to have a well-paying job or open their own business. The problem today is that the crooks of the world know where the money is and are constantly cooking up scams to get at it.

NCOA is the National Council on Aging. Their goal is to improve the lives of older adults by providing information to make them smarter about the signs of elder abuse, live healthier lives, and have economic security—including money management. See their Top Ten list of scams targeting seniors in our modern world.

If you skip the link, at least read #10: The grandparent scam…

The grandparent scam is so simple and so devious because it uses one of older adults’ most reliable assets, their hearts.

Scammers will place a call to an older person and when the mark picks up, they will say something along the lines of: “Hi Grandma, do you know who this is?” When the unsuspecting grandparent guesses the name of the grandchild the scammer most sounds like, the scammer has established a fake identity without having done a lick of background research.

Once “in,” the fake grandchild will usually ask for money to solve some unexpected financial problem (overdue rent, payment for car repairs, etc.), to be paid via Western Union or MoneyGram, which don’t always require identification to collect. At the same time, the scam artist will beg the grandparent “please don’t tell my parents, they would kill me.”

While the sums from such a scam are likely to be in the hundreds, the very fact that no research is needed makes this a scam that can be perpetrated over and over at very little cost to the scammer.

We at DLMoneyMatters care deeply about seniors. Read why here. We provide daily money management for seniors, children of aging parents, family trusts, executives and entrepreneurs, and attorneys and accountants who outsource these services. Call us for a personal quote. (513) 322-1036.

What is a Daily Money Manager in 2019?

Daily money managers are financial professionals who deliver essential financial services to seniors and older adults, people with disabilities, busy professionals, high net worth individuals, and sometimes to small business owners.

In 2019, the services of a daily money manager is in high demand, largely due to a the growing elderly population and that families are more geographically separated than ever before. Even families living in the same city are busier with dual-income spouses and the trend toward organized sports and play for children.

With both parents working, there is often not enough time to visit elderly parents to ensure that documents are properly signed or bill payments are processed on time. 

Wealthy people either don’t care to spend time with menial money tasks, or they prefer to spend their time traveling or being involved in their communities.

So what does a daily money manager do? They check bills for accuracy and make payments on time, balance checkbooks, make bank deposits, ready paperwork for taxes, and ensure that medical bills are processed and paid correctly. While some perform these tasks at the client’s home or office, it’s more likely that it’s all done securely online from the DMM’s offices.

Since the formation of the trade organization, the American Association of Daily Money Managers (DLMoneyMatters is a member), the emphasis is on ethics, information, and education for both daily money management professionals, like us, and the public.

To learn more about daily money management, visit AADMM . And of course, we’re always happy to answer any questions you may have at (513) 322-1036.

Busy vs Productive, Which Are You?

We seem to be busier these days. We have less free time to take a walk, or read a magazine with a cup of coffee, or linger over lunch with friend. When we are “doing” something, we rush so we can get on to the next project or appointment. 

Are we becoming more productive, or are we just being busy?

Productive people are efficient. They know how long something should take, come prepared to tackle the task at hand, and finish on time.

Busy people think about what they need to do. They research it thoroughly, write notes and lists, organize their workspace, overthink the task beyond reason, and at the end of the day, have nothing to show for it.

If you are a busy person, but want to become more productive:

  1. Commit to just one task at a time.
  2. Carve out the time to do it, and stick to the schedule.
  3. Give yourself time to get it done.
  4. Give it your full attention; be present in the moment until the task is done.
  5. Reward yourself when it’s done to reinforce the behavior.

Busy people committed to becoming more productive will, at first, underestimate how long something will take. If this is you, simply extend the time allowed until your mental task clock naturally readjusts.

If daily money management is your roadblock to being productive, consider having a professional do that task for you.