Daily money management can be a sore topic for some families of older adults. 90% of adults will tell you that they would prefer to age in place. That makes a lot of sense, doesn’t it? Who wouldn’t want to stay in their own home for as long as possible? But as we age, some of the everyday tasks we have always managed, like money management and paying bills, may become too much. We’d all like to think we will always be able to manage without assistance, but what happens when we can’t? Click the player or video link above to learn more.
I was joined for this conversation by Heather Riner. Heather is the founder of Atlas Financial Consulting, which she established in 2021 after gaining ten years of experience in various financial sectors. These include wealth management, investments, trusts, and banking. She became a Daily Money Manager, helping clients by taking care of their day-to-day financial tasks and providing hands-on support to improve their financial lives. Heather is a member of the American Association of Daily Money Managers.
What We Covered
Here is a little of what we touched on. You’ll want to watch or listen to the episode for a more complete understanding of what daily money management is.
- What is a Daily Money Manager (DMM)? a financial professional who provides personal financial services to individuals and families, and who manages personal daily money matters such as bills, budgets, record keeping, and more.
- How does a DMM differ from an accountant or bookkeeper? A DMM focuses on assisting clients with their day-to-day financial tasks, while an accountant and bookkeeper primarily provide financial reporting and analysis.
- What are some indicators that someone might need help with finances? Some of the most prevalent signs include a sudden shift to cash payments for everything, or an uncharacteristic reluctance to discuss their financial situation.
- How does using a DMM help a person to live independently? A DMM can help individuals live independently by taking care of their daily financial tasks, freeing up time and reducing stress. This assistance allows individuals to focus on other aspects of their life while still maintaining control and achieving their long-term financial goals.
- How does a DMM protect against fraud and scams? A DMM can help protect against fraud and scams by monitoring financial activity, detecting any unusual transactions, and implementing fraud prevention measures. They can also educate their clients on common scams and help them develop strategies to safeguard against potential threats.
- Episode 35: Using a Daily Money Manager
- Episode 28: What is Cybercrime and How Do I Protect Myself?
- American Association of Daily Money Managers
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