Potential Side Hustle: Managing other people's money

[MrsDinero]

I just read about this and am very curious if anyone on here is working as a "Daily Money Manager".  I know I sometimes look at my friends or relatives financial decisions and think "if only I could manage their budget they wouldn't be in such a mess" but would never say it unless outright asked. Still I think there is a market for people who don't want to manage their own finances for various reasons.

It sounds interesting but I have so many questions!

Is anyone on here actually doing this for other people? How does it work?  Would they have to add you as a joint owner on their accounts or is there a POA in place?  How do they know they can trust you with their money? 

http://www.aadmm.com/ -
"AADMM is a national membership organization representing individuals and businesses in the growing profession of daily money management. These professionals provide financial services to seniors and older adults, people with disabilities, busy professionals, high net worth individuals, small businesses and others. AADMM's mission is to support daily money management services in an ethical manner, to provide information and education to members and the public, and to develop a network of dedicated professionals."

[Chris22]

There are people who do this, and they need to be licensed to do so.  Most of the people who do it, from my understanding, do it as an offshoot to wealth planning/financial advising.  I have family who pays their financial adviser to pay their bills, etc, on their behalf as a way to managing their budgets.  I think it's a giant waste, but I am also under the impression it is being done as a marriage counseling technique so one party doesn't blame the other for spending (ie "the adviser has $xxx in the budget for clothing, I'm allowed to make this purchase!") 

yeah, they're all kinds of fucked up (but not really, to my knowledge, fiscally).

[RosieTR]

I've thought of this before, too. Especially the senior aspect since many people have an older parent who lives OK by themselves but could use an extra pair of eyes keeping track of the $. Or, even has someone who cares part or full time, but either doesn't do great with the $ or for some other legal reason or showing lack of conflict of interest reason, would benefit from this. I bet there's a big market here.

Thanks for posting the link! I will have to look into that.

[MrsDinero]

I wasn't thinking about from a purely elderly standpoint or from a financial advisor, I was thinking more in terms of peers who are working getting out of debt but are having trouble maintaining a budget, the "I have no idea where my money goes" type.

I also wonder how much a person could make doing this and what type of time it would take.  I know initially there would be a lot of time into setting up a system for one person/family, but after a while things can become automated.  I went through the AADMM "find a person" list and there are only 2 active members in my state.

I'm going to continue to look into this. :)

[Gimesalot]

I had thought of doing something similar a while ago but I ran into an issue.  Most people that need this kind of service probably don't have the means to pay a lot. 

As an aside, for certification you need to have 1500 hours paid work as a daily money manager.  Which for a side hustle is a lot of time.