Who Should Hire a Daily Money Manager?

When I mention that I'm a daily money manager, I am often asked, "What exactly is that? Are you a financial advisor?" The short answer is that a daily money manager (DMM) is a professional who performs the day-to-day financial tasks for another individual. And no, we are not financial advisors.

Let’s dive deeper into what a DMM actually does for clients.

What is a Daily Money Manager (DMM)?

Think of a DMM as the household CFO for your personal finances. We keep your financial life running smoothly by handling the financial tasks that weigh you down.

So, what exactly do we do?

• We pay bills on your behalf, saving you time and avoiding late fees.

• We keep track of insurance paperwork and medical bills, ensuring everything gets paid on time.

• Ever had a billing error? We follow up on your behalf to correct them.

• We organize and manage your financial and tax documents.

• Security matters. We make sure all your critical documents are stored safely.

• We help you create and maintain a budget, so you know exactly what you spend each month.

• We help you establish and maintain a mail management system.

Now, you might be thinking, "Do I need a financial advisor or a DMM?" The answer isn’t one or the other.

Financial advisors focus on long-term strategies and goals, while DMMs handle the day-to-day implementation of those plans. We work hand-in-hand to optimize your financial life.

Who are the typical DMM clients?

Clients can come from any background. Here are some examples of who could benefit from our services:

The Business Owner

Running a business demands every ounce of energy and focus, leaving little room for personal financial matters. You are a thriving entrepreneur who built your business from the ground up. With a jam-packed schedule and a growing company to manage, you find yourself constantly juggling your personal finances amidst the chaos of running your business.

You understand how much your time is worth and hire a DMM to take care of your bill payments, meticulously organize your financial documents, and help optimize your family’s budget. With the DMM handling the day-to-day financial tasks, you can regain precious time to focus on scaling your business and nurturing your professional relationships.

Running a business is a full-time job. Delegate your personal finances to us and free up valuable time.

The Caregiver

You are a devoted son or daughter who became the primary caregiver for your aging parents. Balancing your career, family life, and caregiving duties has become overwhelming, leaving you feeling stretched thin. Amidst doctor's appointments, medication schedules, and daily care routines, you struggle to keep up with your parent’s financial affairs.

That's when you decided to hire a DMM. The DMM understands the challenges you face and offers support by taking over the financial side of caregiving. From managing medical bills to organizing insurance paperwork, the DMM ensures that your parents receive the financial assistance they need, allowing you to devote more time and attention to providing love and care to your parents.

Taking care of aging parents is no easy feat. Let us handle the financials while you focus on providing care.

The Financial Power of Attorney

As the designated Financial Power of Attorney for your aging relative, you feel the weight of responsibility resting on your shoulders. Managing your own finances is challenging enough, let alone taking on the financial decisions and tasks on behalf of your relative.

You’ve decided to hire a DMM with experience assisting clients with financial power of attorney duties. The DMM works closely with you, guiding you through the complex financial landscape and handling the day-to-day operational tasks with precision and care. From paying bills to ensuring beneficiary elections are made on all your relative’s accounts, the DMM provides you with the support and expertise you need to fulfill your role effectively. Now you can focus on making informed decisions for your relative’s financial future, knowing that the administrative burden is expertly managed.

Acting on behalf of a loved one can be daunting. Leave the operational tasks to us so you can focus on the big decisions.

The Couple Going Through a Separation

After years of marriage, you and your partner find yourselves facing the difficult reality of divorce. Amidst the emotional upheaval, you are confronted with the daunting task of untangling your intertwined finances. With joint accounts, shared assets, and overlapping expenses, navigating your financial separation seems like an insurmountable challenge.

You decide to hire a DMM to be a neutral third party. With empathy and expertise, the DMM works closely with you to create a comprehensive plan for dividing your finances. Together you, your partner, and the DMM review bank statements, untangle joint accounts, and establish individual budgets to provide clarity and transparency during this tumultuous time. Now you can navigate your financial separation with your eyes wide open, paving the way for a smoother transition into your new lives.

Divorce or financial break-ups are difficult. We can help untangle your finances and provide clarity during this challenging time.

The Retiree

After decades of hard work and dedication, you are finally ready to retire and enjoy the fruits of your labor. However, the thought of managing your finances during retirement feels tedious. With countless bills to pay, transactions to monitor, and financial decisions to make, you long for peace of mind and relaxation in your golden years.

You decide to hire a DMM to lend a helping hand. The DMM works closely with you to create a customized spending plan tailored to your retirement goals and lifestyle. From setting up automatic bill payments to monitoring banking and credit card transactions, The DMM ensures you stay on track financially. You can embrace retirement with confidence, knowing that your day-to-day financial life is handled.

After years of hard work, it's time to focus on what you love. Let us take care of your financial tasks so you can enjoy your retirement to the fullest.

Koradel Capital Management offers confidential daily money management services. Whether you prefer in-person or virtual assistance, you can save time and feel confident that your finances are in good hands.

If you are overwhelmed with bills, drowning in paperwork, or need another set of eyes on your finances, consider hiring a Daily Money Manager. We're here to make your financial life run seamlessly so you can focus on life.