[UPDATE: I'm now a money coach! If you're interested in working together or learning more, give me a shout and we'll see what we can do: j (at) budgets are sexy (dot) com. This has actually been a lot of fun so far! I have 5 clients now and we're rocking it :)]
So I got a SUPER interesting email shot my way by a fellow blog reader this weekend, and now my creative juices are flowing on maximum overdrive :) Especially since y’all know I’m currently looking for the next “big thing” to pour my time into over here and get out of this rut.
Here’s what the email said:
Hi J Money
I didn’t know if you had any resources or information on anyone that would budget and pay my bills for me? I make a budget and we just cant stick to it. We try over and over again. Maybe I’m just not realistic with the budget but we do also overspend. I think I would love it though if someone would just pay our bills and then hand us the leftover cash for the week.
Are there people out there that do that??
That’s brilliant! A “pay your bills for you” service! YES! I like it! As lame as this is about to sound, I LOVE PAYING ME SOME BILLS!!! Haha… It really is fun and rewarding to me – no joke. And I reckon it would be even more so using someone *else’s* money to do it! Haha… :) Not to mention learning all about their finances inside and out like a complete voyeur – similar to what we do here every month. It’s what us financial nerds live for, right?
And the email couldn’t come at a better time too, considering I was literally just thinking about offering a similar “management and bill paying” service to my mother-in-law, now pushing into her late 70′s. Free of charge, of course, but still – wouldn’t be so for others ;) Managing money is a huge burden for some people, whether they have a lot or not. And if you suck at it, similar to say, weight lifting or eating well, why not hire someone to help out with it and hopefully learn along the way?
But to answer my friend’s question up there on whether or not there are people who do this type of stuff, I hadn’t a clue. Only that the wealthy have people like this and probably pay a hefty premium for it too (I believe to their accountants and/or wealth managers/bankers).
So like any good researcher, I took it to Google and typed in: “pay my bills for me” to see what I got in return. And WOW you’d be amazed at all the people who offer such services! And who also want you to quite literally PAY their bills for them too – with your own money ;) Haha…
What a “Daily Money Manager” is
In a nutshell, the term for people like these are “daily money managers.” And according to investopedia they are:
A person who takes over the day-to-day financial tasks for those who are unable to perform these tasks on their own. A variety of people employ daily money managers, (DMM’s) ranging from elderly clients to those simply too busy to maintain total control and accuracy of their financial needs. Some tasks performed by DMM’s include bill payments, preparing tax documents, wire transfers, monthly paperwork and balancing, security checks, and basic deposits/withdrawals.
Who knew :) And fortunately for me (if I just wanted to “jump in” and start helping people), yet unfortunately for the general public, the niche isn’t all that regulated. Really only by a code of ethics and a certification test by the AADMM it seems (American Association of Daily Money Managers). Outside of that I couldn’t really find anything too substantial. Which means people like my friend above looking for such services REALLY needs to do their homework first and make sure they can trust someone who won’t scam them! Which is so rampant among the elderly these days :(
It also brings up a slew of other questions too. Like:
- How much does such a service cost?
- How much personal info do you need to give away?
- What happens if they screw something up?
- What if you always spend more than you receive?
- Do you really NEED a service like this?
It’s that last one that probably affects most of us reading this here right now. You’re on the blog to learn and stay motivated to keep up with this money stuff, not turn it over for someone else to do for you (for pay too, mind you). And I’m guessing none of you are super old and/or millionaires either, right? If you are, give me a shout and we can work something out ;)
In all honesty, I’m thinking our emailer here would probably be better off talking with a financial planner or someone who can *consult* on a one-on-one basis with how to best get (and stay) on track again. Or even continue reading blogs for that matter, AS LONG as you actually take action afterwards. That way you can continue to learn and improve on going forward, rather than turn it all over to someone else.
Though I’d imagine after a few months of everything working out smoothly w/ the system the daily money manager implemented, you’d learn a great deal of how to do stuff from that, eh? So that could always be another route for someone to take: Try it out for a handful of months and ask questions along the way so you can go back out on your own again with some deeper knowledge. That wouldn’t be so bad, right?
Anywho – something new to mull over for a change…
Maybe y’all have already heard of this? Or even USED a daily money manager before? If so, we’d love to hear your experience! And any insight you may have on it, either bad or good!
We’ll see if I ever really do get into it myself down the road, but for now I’m gonna continue researching and poking around a little to see if it’s something that really would be fun and interesting to try out in the near future. I reckon if you came up with a tidy game plan for everyone, along with some simple recording and statements each month, you could manage a handful of clients all paying a decent monthly mgmt fee, eh? Maybe $100 or $200/mo all recurring? It would definitely need to be automated a good portion for it to be worth it, that’s for sure.
I’ll let you know if I jump in. I can see it now: “Rock Star Money Management Inc!” :) Which I could then pitch to people like Bret Michaels and Flava Flav too – all of whom are too busy chasing girls and reality shows, haha… I’m gonna go call their agents now.
[Photo by Cooperweb]