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26-Mar-2020 02:52

In a nutshell, the term for people like these are “A person who takes over the day-to-day financial tasks for those who are unable to perform these tasks on their own.A variety of people employ daily money managers, (DMM’s) ranging from elderly clients to those simply too busy to maintain total control and accuracy of their financial needs.Really only by a code of ethics and a certification test by the AADMM it seems (American Association of Daily Money Managers).Outside of that I couldn’t really find anything too substantial.So if they could write one check (or set up one auto transfer) to a dedicated clearance account for you to make sure their bills and other transfers (i.e.to auto-investing in mutual funds or whatever) get paid they would likely pay a pretty penny. But I love the idea and think there’s a market who would pay at least 0 per month to do it, maybe up to 0. I’m surrounded by low income families that may not be able to afford much but just need a little help getting balanced and organized for a few months.I imagine part of daily money manager contracts allows the client to request their funds whenever they want which would not help the emailer’s spending problem.Reply Seems to me that with automatic bill pay, this service is not needed for most people.

You’re on the blog to learn and stay motivated to keep up with this money stuff, not turn it over for someone else to do for you (for pay too, mind you).Some tasks performed by DMM’s include bill payments, preparing tax documents, wire transfers, monthly paperwork and balancing, security checks, and basic deposits/withdrawals.Who knew :) And fortunately for me (if I just wanted to “jump in” and start helping people), yet unfortunately for the general public, the niche isn’t all that regulated.I suppose if you do have a lot of money and a lot going on OR if you are older or not as organized/competent, then you could benefit from something like this.

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I would imagine that 95% of us are not in the category and simply need to learn how to better manage our money.

And I’m guessing none of you are super old and/or millionaires either, right?