When It’s Time for a Daily Money Manager

Two of the most frequent reasons people turn to a daily money manager have to do with situations like these:

John, age 53, called his mother who lived in another State. During the call, his mother complained that she’d received a bill from her neighborhood urgent care facility for $5,500 for a single wrist x-ray. She said not to worry, her wrist wasn’t broken, just a sprain, and she’d already written them a check for the X-ray. John was speechless.

Paula, a highly successful art auctioneer and antique dealer, traveled the world to satisfy her clients’ tastes for fine collectibles. Every year, Pauls made a maximum contribution to her SEP-IRA. Last year, due to an exceptionally busy year and hectic schedule, she remembered to make the deposit, but forgot to invest the money. It sat in cash for over a year losing potential profits.

Adult children of aging parents like John need daily money management solutions for peace of mind for themselves as well as their elders. With age, older people living independently become forgetful and distracted with health issues. Managing monthly bills and sorting through bank statements, investments, and medical insurance forms becomes more difficult. The adult children worry about their parents’ financial decline, but are hesitant to get involved. Their own lives are busy, they live far away, or they just don’t want to face the fact that their their parents can no longer maintain autonomy and control over their own lives.

workEntrepreneurs like Paula need help to manage their daily money matters and investment accounts. Usually working longer than 8-hour days, traveling extensively, having multiple investment accounts, often owning multiple properties, these busy business owners have little time to tend to their personal financial matters.

If either of these scenarios hit home with you or with someone you know, please consider a complimentary review with us at DL Money Matters. We can help you decide whether it’s time for a daily money manager in your life, or in the life of someone you love.

Summer Travel with Mom and Dad

three womenThis summer will see families planning and taking vacation together. The best memories happen when 3, 4, or more generations spend time together at places carefully chosen to keep everyone happy. The key is finding places to stay and things to do that have something for everyone—regardless of age or physical ability.

We’ve searched the web and selected a few resources we think can help you plan and find deals—even at the last minute.

All-inclusive family-oriented beach resorts in the Caribbean offer all the comforts of home plus plenty of activities for everyone. Kids can play on the beach while grandma can relax in the shade with her favorite book. Check out Best All-Inclusive Caribbean Family Resorts for 2018.

Family summer camps offer accommodations, meals and activities for intergenerational groups. What better place that lodging in a natural setting with a slew of activities and social time. Visit Trip Savvy for information on family camps all over the U.S.

For the truly adventurous, the website Road Scholar offers ideas for over 200 intergenerational family programs that are educational and fun and in places all over the world.

Cruises are often ideal solutions. There are endless activities for kids, more leisurely activities for the less adventurous, and visits to exotic ports where the needs of the disabled are provided.

Finding the most economical way to pull together a great multigenerational family vacation may take some homework, so we’ve turned to Kiplinger and their easy to navigate slideshow on the Best Travel Websites to Save You Money.

Have a great summer!

Keeping Senior Independent

The Chicago Tribune recently ran an interesting article that everyone who has a relative or loved one having trouble paying bills and managing life’s paperwork, especially insurance paper, would benefit from reading.

senior man

Photo credit: Chicago Tribune

Entitled Daily Money Management Services Keep Senior Independent, the article points out how hiring a professional daily money manager associated with the American Association of Daily Money Managers may help maintain a senior’s independence, protect their nest egg, and make their lives more peaceful and manageable.

When doctor bills, Medicare statement, and credit card bills begin to pile up, it’s a good indication that a senior may be becoming increasingly forgetful, unable to handle the mail because of poor eyesight, or is simply becoming overwhelmed.

The frauds prey on seniors and they are defenseless against money scammers. The article reported one client who was an “inch away from sending her checking account number to a foreign entity.” When the adult children live far away and can’t regularly monitor a senior’s bill paying, having a trusted daily money manager can be the only resource available to be 100% sure assets are protected, and what little money might be available is spent properly and legally.

Our fees for these services are reasonable, especially considering the risk taken without this type of financial oversight. Clients send their bills to us, and we in turn pay them from the client’s account. If there are insufficient funds in the account, or if an invoice or statement appears out of line with the norm, the senior and/or a family member is immediately notified.

Not just for seniors, busy executives who frequently travel, and snowbirds that maintain two residences, also benefit from daily money management services. If you believe these services may be beneficial to your or a loved one, we invite you to call us for a friendly no-obligation conversation at (513) 322-1036. You can learn more at www.aadmm.com or visit our website’s Money Management page.