Daily Money Management / What the Heck is That?

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An Explanation of Daily Money Management

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Daily Money Management / What the Heck is That?

  1. 1. Daily Money Management? What the Heck is That?! Paraclete Ventures LLC Trusted Daily Money Management for Seniors and Busy Professionals Presenter: Kent Couch
  2. 2. Daily Money Management Define it! A Daily Money Manager (DMM) is one who performs the day-to-day personal financial tasks for an individual or family who is unable or unwilling to perform these tasks for themselves.
  3. 3. Where do I find a DMM? • Government agencies serving the poor Area Agency on Aging of Tarrant County • Non-profit volunteers: Catholic Charities / AARP • Private Pay Providers 22-Nov-13
  4. 4. Private Pay DMMs • Emerging 21st century profession • More prevalent in the NE/CA/Atlanta/Chicago • Guided by the American Association of Daily Money Managers (AADMM ) – Strict Code of Ethics – Certification Program (Professional DMM) – Continual Training and Professional Growth – Searchable Provider Directory 22-Nov-13
  5. 5. Who retains DMMs? • Senior Citizens • Physically or Mentally Disabled • Widows / Widowers / Divorcees • Recipients of large sum Windfalls • Need Settlement Transition and Budget Assistance • Busy Professionals • High Net-Worth Individuals • Families in Financial Crisis 22-Nov-13
  6. 6. What can a DMM do for me? Think: Concierge! A Custom-Designed Package of Personal Services • • • • • • • • • Bill Pay • Statement Reconciliation • Check Prep • Mail Sorting • Budgeting • Financial Gatekeeper • Debt Reduction • Financial Reports Tax Doc Prep and Organize 22-Nov-13 Refer to Professionals Negotiate with Vendors Sell and Consolidate Assets Direct Home Maintenance Domestic Payroll Coordinate Transportation Notary Public
  7. 7. A Daily Money Manager is NOT…. • • • • • • • CPA/Accountant Attorney Licensed Investment Advisor Stock or Securities Broker Insurance Agent Medical Professional Social Service Professional DMMs work in collaboration with these professionals to help achieve desired outcomes. 22-Nov-13
  8. 8. What are the benefits of a DMM? • • • • • • • • • Stress reduction for all parties Frees up time Organization of files and documents Avoid late fees and penalties Move to digital processes and archiving Stay on task and on budget Facilitate life’s transitions Guides clients to help protect a settlement Provides the client time to rest and relax 22-Nov-13
  9. 9. How much does a DMM cost and how is it charged? • • • • • • Initial Setup Charges (Fixed Fee) On-Going Services are Hourly ($50-$125 p/hour) Special Projects (Hourly or Fixed Fee) Incidentals (Postage / Travel / Long Distance) On-going (Most clients use 4-8 hours p/month) Weekly / Bi-Weekly / Monthly / Semi-Monthly 22-Nov-13
  10. 10. Who is Paraclete Ventures LLC? • Partnership formed in 2005 by Kent and Becky Couch to hold a DIGIKIDS Child ID franchise • Kent Couch coordinates private pay DMM services • Becky Couch is a printing customer service consultant for print clients of Hart Marketing Inc. • Paraclete Ventures serves DMM clients in Tarrant County, primarily Arlington and Mansfield, Texas 22-Nov-13
  11. 11. Who is Kent Couch? Kent Couch is the active DMM Principal at Paraclete Ventures. • • • • • • • • • • • Experienced Daily Money Manager since 2009 30+ Years Experience with Small Business Financial Management 50-Year Boy Scout Veteran Executive Board Member, Longhorn Council, BSA Presbyterian Elder and Trustee Member of Kiwanis Club of Arlington Past BSA District Chairman, Arlington, TX Past Board Member of the PIA Credit Union Past Board Member of Nolan Catholic High School Past Arlington ISD Teacher and Principal Past President Southern Graphic Arts Professionals 22-Nov-13
  12. 12. What is a “Paraclete”? • The term “Paraclete” is derived from the Greek word“paráklētos” • “Paraclete” is found in John (Chapters 14, 15, 16) • Signifies one who consoles or comforts, encourages or uplifts, and hence refreshes • One who intercedes as an advocate • Translated as counselor, encourager, comforter • Paraclete is another name/title for “Holy Spirit.” 22-Nov-13
  13. 13. The Paraclete Icon • References ancient Christian art • Utilizes a descending dove to represent the Holy Spirit (the Paraclete) • Crossed “Mandorlas” create a symmetrical image • A “Mandorla" is an almond shape which often surrounded the figures of Christ and the Virgin Mary in traditional Christian art. 22-Nov-13

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