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  • ELIZABETH EDWARDS

"Understanding Daily Money Management: A Guide for Treasure Valley Financial Planners"



In an era of increasing financial complexity, managing personal finances can become  overwhelming for many individuals. Enter the Daily Money Manager (DMM), a professional  service that offers invaluable assistance in organizing and overseeing day-to-day financial  matters. A DMM is a professional who handles your client's personal or small business daily finances  and works as a member of your financial team.  We do not take the place of financial  planners, tax accountants or CPA’s; we compliment and work with your client’s already established  team. 


The American Association of Daily Money Managers (AADMM) celebrated their 25th  anniversary this year, yet many people still haven’t ever heard of the term ‘DMM’. Black Swan Money Management is currently the only AADMM DMM in Southern Idaho.


Each DMM specializes in a different market niche - from small business owners, young professionals and high net worth individuals to seniors, solo agers, military personnel and veterans - anyone who could use a little help in managing their  finances.  Some DMM’s work virtually anywhere, while others work within their communities.  Some work strictly with online banking, and others work with those who are still using manual systems. 


All DMMs associated with AADMM are held to a strict Code of Ethics and Standard of Practices,  and all must be insured and have a national background check.  AADMM DMMs are also able  to learn more about the field through webinars, and can be certified as a DMM after three years in business.


From bill payments and budgeting to financial record-keeping, the DMM serves as a trusted  partner in promoting financial well-being. Let's explore the five key benefits of employing a  DMM. 


FIVE KEY BENEFITS IN HIRING AN AADMM DAILY MONEY MANAGER


 1. Expertise and Time-saving  :


A DMM possesses extensive knowledge and expertise in financial management. They are   adept at handling various financial tasks efficiently, including managing bank accounts,  monitoring expenses, reconciling financial records, and organizing your client’s important documents.  By delegating these responsibilities to a DMM, individuals can free up their time to focus on  other priorities, such as their career, retirement or personal pursuits.


 2. Bill Payment Management:


Late payment fees and missed deadlines can have a significant impact on one's financial  stability. A DMM ensures timely bill payments, preventing penalties and maintaining a good  credit score. They streamline the process by organizing bills, tracking due dates, and handling  electronic payments, relieving individuals of the stress and hassle of managing multiple bills.


 3. Budgeting and Financial Planning:


A DMM collaborates with clients to create realistic budgets based on their income, expenses,  and financial goals. They analyze spending patterns, identify areas for improvement, and offer  valuable advice on optimizing financial resources. Through regular monitoring and adjustment,  DMMs help individuals stay on track and achieve their financial objectives.


 4. Financial Record-Keeping:


Maintaining accurate financial records is essential for tax preparation, auditing, and general  financial management. DMMs ensure that all financial documents, receipts, and statements are  organized and easily accessible. They assist in categorizing expenses, tracking income  sources, and providing detailed reports that facilitate informed decision-making


 5. Peace of Mind and Protection:


Engaging a DMM provides peace of mind by reducing financial stress and minimizing the risk of   errors or fraud. DMMs are bound by ethical guidelines and confidentiality agreements, ensuring  the privacy and security of sensitive financial information. Their objective perspective offers  reassurance, enabling individuals to navigate financial challenges with confidence.


A Daily Money Manager serves as a valuable ally in promoting financial stability and peace of  mind. With their expertise, time-saving capabilities, and meticulous attention to detail, DMMs  empower individuals to regain control over their finances, achieve their goals, and enjoy a better  quality of life. Whether for busy professionals, elderly individuals, or those seeking financial  guidance, employing a DMM can be a transformative step toward a brighter financial future.


Do you have any current clients who could use the services of an AADMM DMM?  


Contact Black Swan Money today!

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