As we quickly approach #VeteransDay2023, the day when America's TRUE heroes are recognized for doing the work to protect our ideals of freedom, Black Swan Money Management would like to share 8 ways that an American Association of Daily Money Managers (AADMM) Daily Money Manager (DMM) can help support our senior and solo ager veterans in the personal financial arena:
Budgeting and Financial Planning: DMMs can help Veterans create and maintain a budget that aligns with their financial goals and income. This can be especially important for Veterans transitioning to civilian life or managing a fixed income.
Bill Payment and Organization: Veterans may have various financial obligations, including utility bills, rent or mortgage payments, insurance premiums, and more. A DMM can help ensure that bills are paid on time, reducing the risk of late fees and financial stress.
Financial Record Keeping: DMMs can assist in organizing and maintaining financial records, such as bank statements, tax documents, and receipts. This can be crucial for tax preparation, financial planning, and monitoring financial health.
Debt Management: If a Veteran has outstanding debts, a DMM can help create a plan to manage and reduce them. This might involve negotiating with creditors, consolidating loans, setting up repayment schedules or connecting them with non-profit Debt Consolidation services.
Identifying and Preventing Financial Scams: Veterans can be vulnerable to financial scams and fraud. A DMM can help educate and protect them from scams, including phishing emails, fraudulent investment schemes, and identity theft.
Emergency Fund and Savings: A DMM can work with Veterans to establish and maintain emergency funds and savings accounts, providing financial security in case of unexpected expenses or emergencies.
Financial Education: DMMs can serve as financial educators, teaching Veterans about money management and personal finance best practices. This education can empower Veterans to make informed financial decisions.
Reducing Financial Stress: Managing finances can be stressful, especially for those with limited financial experience. A DMM can help alleviate this stress by providing support and organization, allowing Veterans to focus on other aspects of their lives.
It's essential to note that the services of a DMM can vary based on the individual's needs and preferences. Some Veterans may require ongoing support, while others may benefit from periodic financial check-ins. Working with a DMM can provide peace of mind and help Veterans achieve greater financial stability and independence.
If you are a local Treasure Valley Veteran and are in need of a little personal financial help, please contact us at BlackSwanMoneyManagement and we will gladly meet with you for a FREE one hour consultation to see how we may help.
As always, thank you for your service!
Local area restaurants offering discounts for Veterans on Veterans Day:
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