Or even continue reading blogs for that matter, AS LONG as you actually take action afterwards. 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. ” :) 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 imagine a lot of people on the wealthy side have personal assistants who are tasked with daily money management. With that said, I also would LOVE to manage a bunch of people’s bills and spending money the way the emailer described!That way you can continue to learn and improve on going forward, rather than turn it all over to someone else. 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? It would definitely need to be automated a good portion for it to be worth it, that’s for sure. I would be in my glory if some one came to me and said “Here are the passwords to my bank accounts, all of my bills/debt, and my checkbook.
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. Please create a budget for me to approve and take over my finances.” HOWEVER, the emailer basically says they keep falling off the wagon which means there is a wagon for them.
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. Maybe I’m just not realistic with the budget but we do also overspend. 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).
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 think I would love it though if someone would just pay our bills and then hand us the leftover cash for the week. 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.
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.
My idea was to go over her income and budget, make goals for the week and check in at the end of the week.
It worked for a week and then I never heard back from her.
to auto-investing in mutual funds or whatever) get paid they would likely pay a pretty penny. But I love the idea and think there’s a market who would pay at least 0 per month to do it, maybe up to 0.
You’d be surprised how many folks who make a lot of money don’t know (or want to know) about the rest of the stuff, so if they could set one transfer up to an account and then know they can spend the rest without worrying about retirement going off track or their many, MANY bills being paid, it would totally be worth it… You could set up an system to e-mail or text them every time a bill got paid, too, so they know “Congratulations. The following bills will be paid for the remainder of the month.” But auto transfer to the clearance account would need to be mandatory for you. You could do a percentage of the payments, but then the people would see it as paying a premium over their bills.
As lame as this is about to sound, I LOVE PAYING ME SOME BILLS!!! 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 I reckon it would be even so using someone *else’s* money to do it! :) Not to mention learning all about their finances inside and out like a complete voyeur – similar to what we do here every month. 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.
Reply Seems to me that with automatic bill pay, this service is not needed for most people.