- Posted by Jennifer Kennedy
- On October 17, 2023
Weekly Topics With Peter Gordon
I received a call from my accountant asking if we could help a client of his, who has a large income but is unable to track it. We are daily money managers and this is the essential part of what we do. Helping our clients pay their bills, filing insurance claims, and tracking their income is what we do best. We handle all the non-investment side of personal finance.
The fact is that we have clients that we track all income and expenses. One client is a trader on Wall Street. He owns an apartment on Central Park West and has a home in Vermont. He was in the same position as my accountant’s client as he didn’t know where his money was going. He was making a lot of it, but he had no idea how much he had and wanted to get a handle on it.
We access our clients checking account information, and credit card information. We bring it into Quicken and do monthly reporting for them. We categorize every single transaction with reports that show what comes in and what goes out. More importantly where it goes. We do a review every three months to see trends to show the client.
With the overall goal of creating increased peace of mind
It gives the client a clear picture, so they can see if they’re spending too much money on clothing or too much money on restaurants. Then they could make certain changes without really changing their lifestyle significantly while getting a handle on where their money is going. That is what we strive to bring our clients..an increased peace of mind.
If you know someone who wants to get a handle on their spending and receive a clearer picture of how much is going out and coming in, we’d love to talk to them. You can reach us by phone or email. I look forward to talking to you and seeing you in our next video.