Cincinnati Weather

“Nice weather today!” “Think it will rain?” Go anywhere in Cincinnati and you’ll hear comments about the weather. Much like our bills and bank accounts, weather is always top of mind. So we were wondering… could Cincinnati weather have anything to do with how we think about our money? Well, let’s take a closer look…

Did you know that our weather makes Cincinnati a great place to live? It’s a beautiful city, in part because we get about 44 inches of rain and 15 inches of snow a year. Plenty of moisture for plants, green hills, and fresh water, and just enough of the fluffy stuff for an occasional sledding day. We have slightly fewer sunny days (176 compared to the U.S. average of 205), but our clouds earn Cincinnati a BestPlaces Comfort Index of 7.2 out of 10, making the Queen City one of the most pleasant places to live in Ohio. (Source: bestplaces.net

But what does weather have to do with money matters? Well, it teaches us a few things…for example:

Always be prepared. With weather, we prepare for the day with an umbrella, light sweater, or snow boots. With money, we prepare for trends in interest rates, rising or falling prices, or simply having enough change in our pocket for whatever our day has in store.

Put safety first. Under threat of hail, we park under cover instead of in the driveway, and when forced to drive through flood water, go slow and go only one vehicle at a time. With money, we save for the proverbial rainy days to build a financial foundation to get us through emergencies.

Appreciate life. As the great social thinker John Ruskin once said, “sunshine is delicious, rain is refreshing, wind braces us up, snow is exhilarating; there is really no such thing as bad weather, only different kinds of good weather. Whether about weather or money, we are optimistic.

Take advantage of the difference between the weather and climate. Weather is what is happening today: sun, rain, snow, wind, calm, cloudy. Climate is the long-term pattern of weather recorded over a 30-year period of time. Our relationship with money is no different: how much we have in the bank can change daily, and financial security is how well we managed our money over time.

We may have many different financial weather days as savings grow and wane, and investments follow the traditional peaks and valleys of gains and losses. Think about your financial life like we think about weather: be prepared for the unexpected and always put your own safety and the safety of those you love first. Now, let’s go out there and enjoy the day!

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.