Asset Planning, Inc Blog

Memorial Day weekend is the unofficial kick off to summer and for many people, summer is a great time to plan a vacation. Unfortunately robbers know this and it can also be a prime time for home break-ins. Having a house sitter stay in your home to watch your pets, water your plants, gather any mail or flyers, and turn lights off and on is definitely your best option for insuring your home is safe but this may not be an option for everyone. Here are a few tips to safeguard your home while you are away.

1. Have your mail stopped. Nothing screams that no one is home more than a bunch of mail and flyers piling up on your doorstep. You can visit the post office website and submit a request online.
2. 2.Get timers for your lights. Leaving your lights on 24/7 is a dead giveaway that you are not home and will make your electric bill sky rocket. Instead, put your living room lights on timers to come on at dusk and turn off at bed time.
3. 3.Ask a neighbor for help. Usually a neighbor will not mind keeping an eye out for anything suspicious going on at your house and may even be willing to pull out the trash cans for you. Asking doesn’t hurt and I’m sure they would appreciate the favor in return.
4. 4.Make sure everything is locked up. This seems so obvious but one of the biggest mistakes people make is leaving a door or window unlocked in their rush to get going on their vacation. If your house is locked up tight the thief will have to work harder to break in and will most likely leave if it is taking too long.
5. 5.Don’t post about it. Everyone loves getting away on vacation but posting this information on social media will notify all of your connections that you are away from home. Think twice before giving out too much information. You can always post those great vacation pics when you get home!
6. 6.Get a security system. If you travel a lot or are away from home most of the day in general it may be a good idea to get an alarm or a camera security system. The cost for these systems may be small in comparison to the peace of mind you will have knowing that your home is protected.

Most importantly, enjoy your vacation knowing that your home is secure while you are away!

Everybody knows how important maintaining a good credit score is. Having a good credit score will get you better interest rates on home mortgages, car loans and credit cards. Landlords and even employers are looking at this number when making decisions to rent/lease to you or hire you. With credit being such an important factor in life it’s crucial that you know what your credit score is and checking your own credit score does not impact your credit. Luckily for you there are many new and free credit monitoring services out there to help you do just that. So if your credit needs a little help, don’t despair, check out these free tools to help guide you on the path to great credit!

Creditscorecard.com

Creditsesame.com

Creditkarma.com

If you choose to sign up for one of these websites they will ask you for personal information to identify yourself to verify that it is in fact you signing up. These websites are all free monitoring services and they will not ask you for any credit card information. They will however send you marketing materials with offers based on your personal information. It seems like a small price to pay in order to be able to monitor and take control of your own credit. Good luck on your journey to overall better credit health!

Let’s admit it; our pets are part of the family. Nearly 60% of households own a pet and unlike past generations the emphasis on pets and how we treat them has drastically changed. No more leaving Fido to sleep in the backyard with a bowl of dry kibble. Instead we have begun to humanize our pets and treat them as if they were our children. The average American admits to letting them sleep in their bed, preparing fresh meals for them, buying them birthday presents, etc. There really is no better time to be a domestic pet then now and as a result, Americans are willing to spend more money on their pets and the pet industry is booming. Here are some fun facts about how the love we have for our animals is affecting consumer spending and our economy.

• US Census Bureau data reveals that since 1998 the number of pet related stores has jumped by 38%. The broad US economy has only added 8% more storefronts over the same time period.
• Industry research suggests that of the $6.3 billion Americans spent on pet services (excluding veterinary work), 38% of it was on boarding and pet sitting.
• Organic pet food grew from 11% of total US pet food sales in 2011 to 17% in 2014. If 17% does not sound impressive, consider that only 7% of domestic baby food sales are organic.
• Bureau of Labor Statistics data shows that consumers spend more annually on their pets ($1,151) than they do on car insurance ($1,112).
• In 2011, average household spending on pet food alone was $183. This was more than the amount spent on bread ($107), chicken ($124), and cereal ($175).
• US pet related employment has jumped nearly 3x from 195,000 in 1990 to 553,000 in 2015.
• Over the next ten years the Bureau of Labor Statistics forecasts have animal care and service employment up 11% and Veterinarian employment up 9%,

So keep on spoiling your furry companion! It’s not only good for him but also the economy!

*Facts and excerpts taken from “Human, Economy and Pet: How Pets Are Changing Humans and the Economy,” Payden & Rygel, Point of View, Spring 2016.

In a recent article released by AARP and written by Sid Kirchheimer, he writes about the new trends in credit card fraud. With the new chip-enabled EMV cards it is now harder for identity thieves to clone counterfeits of the existing plastic cards. Instead they are focusing on opening new fraudulent accounts with stolen Social Security numbers and other sensitive data. Javelin Strategy & Research reported in its 2016 Identity Fraud Study that new-account fraud more than doubled in 2015 from the previous year.

Here are a few tips on how to protect yourself:

1.Get a credit freeze. Once enacted, a credit (also known as a security) freeze restricts access to your credit report, which creditors check before issuing new financial or service accounts in your name. Without seeing your report, creditors won’t approve accounts to ID thieves posing as you. A freeze must be placed with each of the three major credit-reporting bureaus — typically free for those 65 and older (state laws vary) — and can be unthawed when you are legitimately applying for credit.

2.Secure mobile devices. If your financial life is on a smartphone or tablet, apply software updates that patch known vulnerabilities as soon as they become available. Use security features built into Android and iOS devices, such as passcode or biometric (fingerprint) protection, and programs that encrypt data and remotely wipe contents if the device is lost or stolen.

3.Use strong passwords. They “remain the de facto first line of defense for most online accounts, which has motivated criminals to compromise them whenever possible,” Javelin notes. Using a password manager is a convenient way to maintain good password practices without resorting to writing these codes down, which could also place them at risk of physical compromise.

4. Sign up for account alerts. Offered by banks, credit card issuers and brokerages, these free notifications, via email or text message, provide you with real-time alerts of suspicious activity. When fraud occurs, contact the account issuer immediately.

5.Take data breach notifications seriously. One in 5 data-breach victims suffered fraud in 2015, up from 1 in 7 in 2014. While data breaches at retailers remain an issue, the biggest jump in breaches was at government agencies and health care organizations, with a 64 percent rise in exposure of SSNs.

Asset Planning will be having an Open House on Wednesday, June 29th from 4pm-8pm. There will be wine tasting and hors d’oeuvres. Look for an invitation with all of the details coming your way soon!

As soon as I finish my taxes I also do some spring cleaning of my paperwork clutter and finances. Here are some tips to get your financial house in shape:

1. Organize financial papers: Do not leave financial documents around that contain information that could be used to steal your identity. Shred paperwork you no longer need. Save important papers in a secure place and if possible, digitally (scan and save on external drive/usb, etc.) and secure with a password.

2. Bills, paystubs, bank and investment statements should be kept for one year and then just keep the year end summaries and shred the rest.

3. Keep invoices and all bills for major repairs, improvements and construction on your home. This is vital to have when and if you ever sell your home for increased cost basis.

4. Tax returns and all supporting documentation should be kept for at least 7 years. A good rule is to scan your older tax returns and keep them forever.

5. Run your credit report to see if there are any unusual transactions. Annualcreditreport.com allows one free report per agency per year.

6. Automate adding to investments and savings.

7. Adjust tax withholdings on your income (paycheck, IRA’s, etc.) if you owed too much tax or received a large refund.

As more companies and agencies have switched from using traditional methods of record keeping and doing business to using the Internet/cloud, cybersecurity has become a growing issue. Instead of having to obtain physical copies of information, perpetrators can now access personal information such as credit card and social security numbers or passwords by simply using the Internet. In order to avoid identity theft and data breaching, we have provided the following tips:

• Be aware of your digital footprint: Knowing how many websites have your personal information stored can be vital to protecting yourself against fraud. Making a list or spreadsheet with these websites can be useful, as well as deleting accounts from sites that you no longer use can minimize the chance of fraud.
• Create strong passwords: Having a strong password can make a difference. Make sure to change passwords for important accounts frequently, and to avoid using the same password for multiple accounts. Also, using common words/phrases or personal information can make it easier for perpetrators, so be sure that the password is unique. We also recommend avoiding AutoSaving usernames and passwords through the internet, and that to keep a copy of account information in a safe place.
• Be cautious of what you post on social media: Many fraudsters can gain personal information which can be used to answer security questions through websites such as Facebook or Twitter.    
• Choose to use Two-Factor Authentication when possible: Two-Factor Authentication requires two different components from the user, such as entering a password as well as a verification code from an email or text message. Many websites now give the option to use this method of fraud prevention, and it can be useful in protecting access to personal information.
• Update your computer’s firewall and protection programs: Most computers come with a basic firewall that protects fraudsters from gaining access to information, but without updates, the firewall can become faulty. By updating your computer regularly, you can help further prevent fraud.
• Be wary of suspicious emails: Spam and phishing websites can be sent through email. Avoid opening or downloading attachments from emails that may be spam. Also, make sure to encrypt emails containing important or personal information by services such as SafeGmail or investing in encryption software (some programs provide free trials).  
• Use secure Wi-Fi connections: Make sure to use a personal or secure Wi-Fi connection when making a transaction or sending emails with personal information, as public Wi-Fi connections can allow others to access your information. Identity theft hotspots include Starbucks and other locations that offer free Wi-Fi. Also, secure personal Wi-Fi connections with renaming the SSID and password with a name that will not identify you.
• Protect your smartphone and tablets: Setting passwords for smart phones and tablets can prevent perpetrators from accessing personal information. We advise against saving passwords or other important information in the phone in case of theft. If your phone or any other smart device is stolen, call your carrier to have the device locked and shut off.

Following these tips can make a difference in preventing fraud. If someone has gained access to your information, they may be able to answer the security questions TD Ameritrade or Schwab asks, so we highly advise our clients to call Asset Planning directly instead of contacting TD Ameritrade or Schwab when verifying transactions. We work hard on keeping close relationships with our clients, and we are more likely to identify fraud by being able to recognize differences in voice and mannerisms.

The information below was taken from a recent LifeLock article warning of a new scam:

The Better Business Bureau is warning about a new scam called "malicious tagging" that is targeting Facebook users. In recent months, several thousand users of the social media site have become victims of this threat.

It all begins when you get tagged in a Facebook post, along with some other Facebook friends. Since you see your friends are also tagged in the post — and in many cases, a friend of yours appears to have shared the post — you assume the link is safe. However, it turns out to be a link to an "adult" video, and when you click it, a pop-up window appears. You're prompted to download a Flash player update before watching the video, which is really malware.

The malware immediately scans your computer for personal and banking information and then perpetuates the scam, taking over your computer and creating another fake post with some of your friends tagged in it.

The BBB outlines a number of steps to take when you suspect or are confronted with malicious tagging on Facebook, and in some case, when using Twitter.

1. Don't Click

The BBB warns against clicking on links that contain descriptions such as, "exclusive," "shocking" or "sensational" footage. If it sounds over-the-top, it's likely a scam.

2. Be Leery of Shortened Links

Scammers often use link-shortening sites to disguise malicious links. Don't fall for it. If you can't tell the destination of the link without clicking, there's a good chance it could lead you down the wrong path.

3. Don't Trust What Your Friends Post

The malicious tagging scam has impacted so many people because people assume that whatever their friends post is safe. However, you unfortunately can't be sure your friends' computer hasn't been hacked. Even when it appears your friend is "liking" or "retweeting" a link, it could also be part of a scam.

4. Report Scams

To help stop the rapid spread of this malicious tagging scam, it's helpful to report an issue promptly. On Facebook, you can do so by following these instructions. If you're on Twitter, visit this site to learn more.

http://www.lifelock.com/education/alerts/the-latest-scam/malicious-tagging-on-facebook/?cid=em_member-communications_Q2-Newsletter_-_nooffer_NewsTrends-Facebook_-_Entry49779498

Thank you for making the right decision to start blogging in your Joomla! website.

Carol Somoano will be one of the certified financial planners offering advice pro bono this Saturday October 23, 2010 at the Huntington Beach Central Library as part of the FPA's Financial Planning Day.

Financial Planning Day is a free event open to the public. The event runs from 10am-3pm. The library is located at 7111 Talbert Ave Huntington Beach, CA 92648. Registration and event details can be found HERE

This is a good quality event as all volunteers are prohibited from selling products and soliciting business. It is truly for educational purposes and we encourage all that want to learn about personal finance to attend. There will be a variety of 50 minute workshops as well as an opportunity to speak with a planner one on one.