What is Daily Money Management?
Daily money managers (DMMs) provide personal assistance to relieve you of day-to-day financial pressures and to maintain financial organization. The need for a DMM is realized as people age, navigate life's transitions, or commit to unforgiving schedules. Due to lack of time or ability, bills, unopened mail, medical statements, and taxes are often neglected and quickly cause great stress and anxiety. Most people dread the thought of working on personal finances and do not dedicate the proper time or resources to be successful and feel financially organized and tidy. Oftentimes, people suffer in silence because they do not want to burden others. A DMM is extremely useful and the fees charged are partially offset by avoiding late payment penalties, bank charges, interest, unnecessary auto-payments, and other fees.
The passing of a loved one can be very overwhelming and oftentimes family members do not know where to begin in addressing the decedent's affairs. DMMs prove to be indispensable sources of knowledge and assistance during these times as they are already familiar with the day-to-day financial affairs. A DMM can create a life information binder which contains all the important account details, contact information for professional advisors, property, assets, estate plans, subscriptions, auto-payments, and credit card/debt information. Surviving family members can rely on the binder to locate all the assets and begin the process of settling the estate.
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DMMs work in coordination with your existing professional team of accountants, investment advisors, and lawyers.