Signs an Elderly Person May Benefit from a Daily Money Manager

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All types of people can benefit from having a daily money manager look out for their personal financial interests. Most people value this type of service as more of a convenience than anything. It can make life so much easier to know you can rest assured your money is being managed on your behalf.

 

Money coins falling out onto table from open wallet purse as young woman holds hand of elderly woman sitting in chair with walking cane in other hand

However, the elderly benefit from a daily money manager more than most for a number of reasons. They generally have a sizable nest egg that needs watching over, but they may have a tough time doing so on their own. On top of this, the elderly are often targets for people who may not have their best interests at heart. Sadly, people they know are typically the perpetrators.

 

If you know an elderly person who you think may benefit from the services of a daily money manager, it can sometimes be tough to broach the subject, but there are signs to look for that should encourage you.

 

For example, if you visit them at their home, you may notice some of the following:

 

  • Mail is piling up
  • Things are unorganized
  • Pharmacy receipts list medications they don’t take
  • Valuables have gone missing
  • Bills are going unpaid
  • Utilities are cut or in jeopardy of being cut

 

If you are a service provider, you may also notice odd things with their documents. Perhaps a change of address shows up on their financial statements or bills. They may change their power of attorney or loved ones may inform you of a new “friend” who is isolating them. Someone new may even be moving in. If you ever notice new relationships, signatures, or documents that might seem suspicious, this should set off alarm bells.

 

About the author – Chris Baker, CPA formed Baker DMM, LLC in 2012 as a full service daily money management firm providing daily money management services to Seniors, Busy Professionals, and Young Adults. Preceding Baker DMM, Chris spent 6 years as a Sarbanes-Oxley Consultant working for fast-growing private and middle market public companies. He can be reached at chris@bakerdmm.com

 

More information: https://www.bakerdmm.com/our-founder/

 

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Chris Baker
Chris Baker

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