With the population aging, daily money managers are popping up to pay the bills and handle paperwork for those who lack the time, skill or desire to do it themselves.
Helping care for an elderly loved one, or helping them care for themselves, can mean finding solutions for a whole host of problems. Some are medical problems, to be sure. However, oftentimes one of the first hurdles to clear is basic money management.
For seniors money management challenges can be as basic as paying bills, let alone understanding their savings and investment decisions. As a recent article in The Wall Street Journal considers, in addition to designating a financial power of attorney, another growing solution to this dilemma is hiring a money manager.
The article, titled “A Little Help With the Bills,” explores the void a money manager may fill when the skills of a financial planner aren’t needed or when financial execution is as necessary as financial planning.
If you have an elderly loved one, the services of a money manager may allow that extra bit of control and freedom, both for you and your elderly loved one.Reference: The Wall Street Journal (July 27, 2012) “A Little Help With the Bills”