Page 49 - Senior Link Magazine Spring 2021- Online Magazine

SENIOR RESOURCES

Daily Money Managers by Paul Young

Have You Heard About This Important Job?

Picture this scenario: “You have been married for decades. • Share details of your money picture with your
You and your spouse have been together so long that you financial advisor but not help you invest your money
couldn’t imagine life without her or him. Your spouse has
suddenly died, and chaos is all around you. Your spouse • Consult with geriatric care manager to help you stay
was your partner… and everything changed in an instant. independent
Even worse, your spouse’s responsibilities are now your Who can more likely benefit from DMM professional
responsibilities. Your family helps keep you emotionally and financial services?
mentally stable. And your friends and church community
always lend a sympathetic ear. But your daily finances • Older adults who are unable to manage their finances
are in total disarray. Your spouse took care of everything and want to maintain their independence; this group
money-wise, and you don’t even know where the accounts, may also be susceptible to fraud and other scams.
online access passwords, budget, and legal documents are –
assuming you can confirm the information exists! Who is • People in life transition: divorce, loss of spouse
going to manage your daily money needs and organize your or adults caring for dependent children yet also
financial future?” responsible for care of aging parent.

Could this scenario be you or someone you know? I • Busy professionals who want more quality family
have personally encountered this situation multiple times time or more time for career advancement.
with family over the last few years. So, is there help out
there? Yes, there are dedicated, ethical professionals Need more information? Contact Paul Young at 806-
who are available to help people impacted by this type of 368-9411, a member of the American Association of
scenario: “Daily Money Managers (DMM)”. Daily Money Managers (AADMM) – a membership
organization comprised of individuals who provide
DMM provides personal financial services to individuals personal daily money management services to their own
and families, which may include: clients.

• Online bill payment For more information on AADMM go to:
www.aadmm.com
• Reconciling account statements and monitoring
suspicious fraud activity

• Spending plan and debt reduction plan
• Organize tax and important documents

• Provide monthly reports for client to share with their
financial team

• Tracking medical insurance claims

DMM is a part of the client’s financial team but does not
replace other members: CPA, lawyer, financial advisor,
social worker or geriatric care manager. A Daily Money
Manager may:
• Refer you to reputable lawyers but can’t give you
legal advice

• Organize tax documents for your CPA but can’t
provide tax filing/advice

Lubbock Senior Link 49