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Becoming a Daily Money Manager

Before I officially became a Financial Coach, I was working with a lovely older woman from church, helping her with her finances. However, it quickly became obvious that she did not have the mental capacity to manage her finances. She was an easy target for scammers and found herself behind in bills because she could not remember if she had paid them.

As a friend, I told her that I would take over her finances on her behalf. I would log into her accounts, make sure everything was paid and that she had cash for herself. Before, she had been struggling with paying her rent and had many past due bills. She had also fallen prey to many cash advance loans and had two loans with interest rates above 450%! I was able to pay off her car, help her move into assisted living and get out from under those loans (they are actually illegal in California!). I loved being able to help protect her finances.

A few years later, I had started my financial coaching business, beginning with a few clients and still working with my elderly friend. I hired my own coach to help me get my business to the next level (which they did, thank you!) and we were talking about this situation. She said, "you're a Daily Money Manager," but I had never heard that title. I was intrigued, because I enjoyed that side of the business.

After researching, I found a group called AADMM, American Association of Daily Money Managers. AADMM is a national group of Daily Money Managers that offers certification and background checks and I decided to join in fall of 2022. Most DMM are helping elderly clients with paying bills and they usually visit them in person as well. I thought that would be my client profile as well, but God had other plans.

My Daily Money Manager clients are small business owners and/or people who need financial structure, but don't want to bother with it themselves. They are successful, but never learned to manage money, so as their DMM, that's where I help. I create their monthly budgets, reconcile their accounts and pay their bills. I also do payroll and invoicing for some of my business clients. I send them monthly reports to keep them updated. All our communication is via text and email with a rare phone or video call. My clients are all over the country in various financial situations.

While this is not for every Financial Coach, I have loved this addition to my business. I enjoy being able to assist clients who do not want financial coaching, but still know they need assistance when it comes to handling their money. I love working with small business owners and helping them make a profit. If you have questions about becoming a DMM or know anyone that needs one...please reach out!

Written by Michele Jones, Powerhouse Coach Collaborative Community Member Fellow Coaches! Use this calendar link to connect personally with Michele.

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