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ANSWERED on Mon 22 Oct 2007 - 7:17 pm UTC by pinkfreud

Question: Home Finances

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ucthelight 

Customer

 22 Oct 2007 16:40 UTCMon 22 Oct 2007 - 4:40 pm UTC 

What kind of person or professional can I hire to get my finances on track. I'm in need of someone who will be able to take a barrel worth of bills,etc. and will sort through and see me through this till the end. Would a "Life coach" help? I'm not even sure if a Life coach is a professional profession.
This is my mess, so please no lectures. I'm still dealing with income taxes for the past few years.  Kinda vague. Sorry.

 

pinkfreud 

Answer

 22 Oct 2007 19:17 UTCMon 22 Oct 2007 - 7:17 pm UTC 

It sounds to me as if you're in need of a Daily Money Manager (also known as a Daily Financial Manager or Personal Money Manager). This is a professional who specializes in organizing financial records and assisting in financial affairs. Most DMMs are not accountants or attorneys; their function is to help you get your records in order so that an accountant or attorney can make sense of them. They can also help with bill-paying on an ongoing basis, if needed.

I have never required the services of a Daily Money Manager, but an elderly relative of mine was once assisted by a DMM, and the ability of this person to organize a willy-nilly collection of documents, receipts, check stubs, and etceteras was remarkable. Imagine a 1500-square-foot house that is literally packed three feet deep with paperwork, some of which is essential to financial matters, and some of which is just junk. Without the keen eye and clever mind of the DMM, this would have been an impossible task, I think.

Here are some excerpts from online sites that will give you an idea of the kinds of things that a DMM can do for you:

"Daily money managers (DMMs) provide personal business assistance to clients who have difficulty in managing their personal monetary affairs. The services meet a continuum of needs, from organizing and keeping track of financial and medical insurance papers, to assisting with check writing and maintaining bank accounts."

What Is Daily Money Management?
http://www.aadmm.com/dmm_you.htm
 
"What Is a Daily Financial Manager (DFM)?
We are 'financial housekeepers' who help organize the paperwork for clients who have difficulty managing their personal affairs;
busy professionals who do not have time to handle these daily tasks;
people who simply no longer want to be responsible for these tasks themselves….they have better things to do with their time at this stage of their lives!" 

Fitzgerald Financial Managers, Inc. FAQ
http://www.fitzgeraldfm.com/content.asp?contentid=62

"In addition to paying bills, daily money managers perform other functions. Organization is key when it comes to managing financial documents, and a daily money manager can set up a financial organization system for you. When tax time comes around, your daily money manager won't do your taxes, but he can get all of the paperwork together, and once your accountant figures your taxes out, your daily money manager can make sure the return is sent off in time."

http://www.bankrate.com/brm/news/advice/20050525b1.asp

"[Lisa] Matzke's desk and floor were piled with papers when Shannon Ronald, a professional organizer and daily money manager from Tacoma, walked into Matzke's home office. More paperwork had been stuffed in boxes and hauled to the attic. Worse, late payments were incurring finance charges and hurting Matzke's credit record.

Today, Matzke can tell you exactly how much she spent on groceries last month. Her files are neatly tabbed, and paperwork is contained in one file cabinet and a desk drawer.

Ronald created an electronic checklist to help Matzke keep track of her monthly bills. A master list tells her where everything is stored, and important documents are kept in a fireproof safe."

Seattle Times: Daily money managers can make life easier...
http://seattletimes.nwsource.com/html/living/2002577503_moneymgrs24.html

"Daily Money Management covers a broad range of services; Bill paying, balancing checkbooks and maintaining bank records, organizing tax documents, negotiating with creditors, reconciling medical bills and claims statements, to name a few...

Organizing tax records for income tax preparation. You will no longer dread tax time and your accountant will thank you for delivering organized records for income tax preparation."

Family Records Management: Daily Money Management
http://recordsorg.com/_wsn/page3.html

This link will help you to locate a DMM near you:

Find a DMM in Your Area
http://www.aadmm.com/findDMM.asp

I hope this is useful! If there's anything more I can do for you, please request clarification.

Best regards,
pinkfreud

 

ucthelight 

Customer

 22 Oct 2007 22:09 UTCMon 22 Oct 2007 - 10:09 pm UTC 

Thank Youuuuuuu pinkfreud!

A Daily Money Manager is precisely what I need. I'm wondering if you could find a few DMM's with impeccible references/credentials. I've started the ball rolling by emailing several DMM's, but I'm betting that you can cut to the chase faster than I ever could.
By the way, Thanks again and again...
u(definitely)cthelight.

 

ucthelight 

Customer

 22 Oct 2007 22:11 UTCMon 22 Oct 2007 - 10:11 pm UTC 

[...]

 

pinkfreud 

Researcher

 23 Oct 2007 03:30 UTCTue 23 Oct 2007 - 3:30 am UTC 

Thank you very much for the tip!

I'll be glad to try to find some DMMs with good references. In another Uclue question, you mentioned Montebello, California. Is that the general area in which I should be looking?

 

ucthelight 

Customer

 23 Oct 2007 14:50 UTCTue 23 Oct 2007 - 2:50 pm UTC 

Pinkfreud,

Yes-yes, I'm from Montebello but anywhere in the San Gabriel Valley is fine even Orange County.
Thanks a bunch.

 

pinkfreud 

Researcher

 23 Oct 2007 18:49 UTCTue 23 Oct 2007 - 6:49 pm UTC 

I've found an article about how to choose a DMM, and I've compiled a list of several DMMs in southern California. None is in Montebello, but all are within driving range. I have not checked anyone's credentials, but this should give you a start.

"Hiring a DMM

Once you’ve found a few potential candidates, make sure you interview them to find the right fit. Daily money management is not regulated by any state or federal organization. So don’t hire anyone without doing some homework and asking lots of questions. Here are some things to check into:

Ask for credentials and verify them. For example, do they belong to the AADMM or NAPGCM?

Are they willing to involve another person in their work, such as a lawyer, accountant, or family member?

Ask for references from clients and at least one professional—and check them out carefully.

If you are going to allow someone to sign checks, be sure the person is bonded or has liability insurance.

What do they charge? Most DMMs charge between $30 and $100 an hour depending on where you live and the complexity of your financial situation. Most DMMs also make additional charges for their travel time and for out-of-pocket expenses such as postage stamps and long distance calls made on your behalf. In most cases, you should expect to pay for at least four hours of assistance per month."

http://garmentandcitizen.com/category/archives/2005-04-05-2.php

Here are some DMMs in southern California who are members of the American Association of Daily Money Managers:

Barbara L. Saevig
Address: 2659 S. Barrington Avenue #304  
Los Angeles,  California  90064-2871
Country: United States
Phone: 310-477-0214
Fax: 310-479-1709
Email: barbarabkpr@gmail.com

Kristy Powell   
Organization: Precise Notice
Address: 6709 La Tijera Blvd. #616  
Los Angeles,  California  90045
Country: United States
Phone: 310-462-0405
Fax: 323-290-1105
Email: kpowell@precisenotice.com
Website: http://www.precisenotice.com

Bryan Rojas   
Organization: Rojas Enterprise
Address: PO box 1072  
Lomita,  California  90717
Country: United States
Phone: 310-868-1460
Fax: 310-868-1509
Email: bryan@rojasenterprise.com
Website: http://www.rojasenterprise.com

Alexis Page   
Organization: Alexis Page & Company
Address: PO Box 11601  
Newport Beach,  California  92658
Country: United States
Phone: 949-632-7243
Email: page@alexispage.com
Website: http://www.alexispage.com

Kristen  Booth  CPA
Organization: BLV Associates
Address: PO Box 12978  
Newport Beach,  California  92658
Country: United States
Phone: 949-309-2508
Fax: 949-706-3289
Email: kristen@blvassociates.com
Website: http://www.blvassociates.com

Ann Morse E.A.
Organization: ATM Business Management
Address: 1536 W. 25th Street  No. 166
San Pedro,  California  90732
Country: United States
Phone: 310-241-1360
Fax: 310-241-1363
Email: ann@ATMBusinessManagement.com
Website: http://www.atmbusinessmanagement

Teresa Kilfoyle-Nall   
Organization: Family Records Management
Address: 1125 Foothill Blvd  
La Canada,  California  91011
Country: United States
Phone: 818-790-0623
Email: teresa@recordsorg.com
Website: http://www.recordsorg.com

Best regards,
pinkfreud

 

pinkfreud 

Researcher

 23 Oct 2007 19:12 UTCTue 23 Oct 2007 - 7:12 pm UTC 

A friend has suggested that I mention that notaries and bookkeepers sometimes do the kind of records-organizing that you need. You might contact local notaries and bookkeepers to see whether they would like to work with you on this.

 

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