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How Can a Daily Money Manager Help Me?

What do these situations have in common?

Rita is a widow in her 70s. Her late husband used to take care of paying the household bills; Rita had written only a handful of checks in her life while her husband was living. Now Rita is in the beginning stages of Alzheimer's disease. She forgets to pay her bills – or pays them twice. Sometimes she forgets to record her checks in the check register, so she's never sure how much money she has.

Louise and Larry are a college-educated couple in their mid-30s. They have one child and recently started their own business. Because of their many responsibilities as parents and business owners, they have neglected to take care of their household bills and bookkeeping. Louise and Larry have maxed out several credit cards and are paying high interest rates, late fees and over-limit fees every month. They would like to buy a house, but their credit ratings have dropped significantly because of their late payments.

Sharon is in her late 50s and lives alone. She hasn't filed tax returns in more than 5 years. Sharon's home has become severely cluttered since the death of her mother 6 years ago. She has managed to locate some of her tax-related paperwork among the clutter, but can't seem to bring herself to locate the rest and do her taxes.

Rita, Louise and Larry, and Sharon could all benefit from the services of a Daily Money Manager, or DMM.  According to the American Association of Daily Money Managers' (www.aadmm.com) code of ethics, DMMs provide personal business assistance to clients who have difficulty managing their personal monetary and business affairs. DMMs do not act as accountants, financial advisors, or attorneys, unless separately educated and properly licensed to do so.

Although the expertise of DMMs covers a broad range of tasks, and the actual work they do depends on client need, the scope of a DMM's work generally includes the following:

Steve Rhode, president of Myvesta US and host of the online radio show MoneyHelp, recently replied to a listener who lamented that she earns more than $100,000 a year, but has her credit cards maxed out and is living paycheck to paycheck. 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."

Hiring a DMM gives you (or your loved one) some important gifts: hope of finally taking control of your finances, confidence that a trustworthy assistant will help you stay organized, and freedom to spend your time on the things, people and activities that are most important to you.

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