Have you set your financial alarm?
Jeff Martin is a financial advisor at Cornerstone based in Reno, NV. Jeff has earned the Life and Health Insurance Licensure and has passed the Series 65 examination. He enjoys being able to help clients create customized strategies for their portfolios based on their unique financial goals.
HAVE YOU SET YOUR FINANCIAL ALARM?
I am coming to realize that having a family tends to change your outlook on the world. You do not have to look far or hard to find a number of examples and things to keep you up at night as a parent. I have seen many headlines and polls showing that crime has significantly increased in the last couple of years, as such it made me reconsider the security of our home. My wife and I have put resources, time, sweat, and effort into turning our house into a home, and it goes without saying, keeping it as safe and secure as possible would be prudent to say the least. The same could be said for your finances.
Considerable effort goes into financial/retirement planning. Years are spent working hard, sacrificing, and saving with the intent of having financial freedom in retirement. Taking it further, developing an income plan, selecting an appropriate investment plan, covering healthcare, taxes, and estate planning are often part of the process as well. Point being, that this is not something that happens accidentally, or without material effort. As such, it would also be prudent to keep things (information etc.) as secure as possible to not jeopardize your efforts and financial security.
In the last couple of weeks, I have had several clients reach out to me as a result of their information being compromised. Not only is this a stressful, time-consuming event, but in some cases, real damage can be done. Fortunately, in the situations I mentioned above, they were able to get in front of the fraudulent efforts before any real damage was inflicted.
With a quick Google search, I found that identity theft costs on an annual basis are estimated to be $50 billion a year! You read that right, billion, with a “b.” Moreso, the average loss per individual due to the misuse of people’s information is $4,800. We live in a fast paced, electronic world that we can only expect this to continue and grow.
As with most problems and challenges, precautions can be made to reduce the chance of, or overall impact of an adverse situation becoming your own. I will share a few that are worth considering as it relates to this topic.
First, practicing internet caution. Some examples of this would be things like, not using shared networks to access sensitive information, not clicking links in emails (particularly if you do not recognize them), using different, and strong passwords for sensitive sites. A password manager can be helpful with this unless your memory is far better than mine. Last, but certainly not least, consider having some sort of identity theft protection with a reputable company. This can also be a defense against a potentially frustrating and damaging situation. Some of this may seem remedial, but as the saying goes: “the devil is in the details” and ensuring even the “small stuff” has a check mark next to it is worth the effort in my mind.
Beyond this, for those of you reading this, you have already taken another extremely important precaution (possibly unknowingly), but working with someone you know and trust, who knows you, your situation, and can identify if a request that is received is unusual or not can be a great way to stop something before it even starts. While it is an amazing, fascinating, and exciting world out there, it doesn’t come without an extensive list of issues, concerns, and problems. Stay safe and well.
Based in Reno, NV, Cornerstone is for individuals and families looking to grow wealth, protect and preserve their life savings, and plan for the distribution of their estate in a tax-efficient manner through a tailored strategy. Schedule a time to discuss your financial goals with us.