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Password Managers

By Trilogy Financial
July 28, 2023
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Password managers are a key resource in maintaining your security. They allow you to keep track of your passwords and encrypt them before they leave your device. Some password vaults can also generate and change passwords for you in one click, as well as securely store other types of data like credit card information. Password managers may remind you to change passwords regularly, evaluate their strength, or scan the dark web to check if any of your logins appeared online. A password manager also makes sharing your data with family and friends safer.

When using a password manager, you’ll only need to remember one master password. Combine it with multi-factor authentication (MFA)and biometric authentication to increase your security.

While they can increase your security exponentially, even reliable password managers can’t keep you 100% safe online. Following are a list of possible risks and ways to mitigate them:

  1. Not all devices are secure enough. Password managers can be hacked if your device is infected with malware. Users should invest in a trustworthy antivirus that will secure all devices first and reduce risks.
  2. Not using biometric authentication. NordPass, RoboForm, and Keeper all offer a biometric authentication option, such as requiring a fingerprint or face scan which offers another level of protection.
  3. Utilizing a Bad password manager. Not all password managers are created equal. Make sure the software you use does not lack the necessary security features to effectively protect your credentials at all times.
  4. Forgetting your master password. Select a password manager that has a reset feature or store your master password in some physically secure place. Be sure to enable account recovery options.
  5. Know what data is in your password manager. Be sure to know which accounts are stored in your password manager so in the case of a breach, you know which accounts to take action on, thus leaving the attacker with less time to cause more harm.

In a digital landscape where cyber threats are on the rise, using a password manager is a proactive measure that can overall protect your personal information and maintain robust online security. It simplifies the process of managing passwords, strengthens your defenses against unauthorized access, and provides peace of mind in an increasingly interconnected world. If you don't already, consider integrating a reputable password manager into your digital routine to enjoy the benefits of streamlined and fortified password security.

 

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By
Jeff Motske, CFP®
April 13, 2018

Many people accept that humility is a virtue, one that contributes to an individual’s success or legacy. Treating others respectfully and as equals is a courteous thing to do, as is recognizing everyone’s individual value and innate strengths. This is what I teach my children and the value that I integrate into how I run my business as well as my life.

This extends far beyond an altruistic ideal, though. Humility is not simply being self-depreciating or passive. In fact, it’s less about our relationship with other people and more reflective of the relationship we have with ourselves. Humility is about being fully aware of your humanity and your interdependence with others. It allows us to be self-aware and recognize where we may have gaps in our knowledge or in our control. This is a proven value that can have concrete and positive ramifications in our everyday life, specifically in our investments. Trust me, it’s not that big of a leap.

  1. Humility is understanding that I do not know everything. This means that I can make mistakes. It also reinforces that there are others who may have more knowledge or a different perspective that may provide value to the decisions I make. Whether you’re talking about a doctor, a lawyer, a tax accountant or in my case, a financial planner, there are folks who have the knowledge and passion to help you.
  2. Humility is understanding that I do not control everything. This means that things will happen that I have no power over, that I could not predict, and that may cause a few bumps in the road. In those moments, it’s good to refrain from acting impulsively or emotionally. Preparation and flexibility are also key. It’s best to plan for emergencies, fluctuations in the market, and other surprising events to understand what to expect, stay focused on the bigger picture and be prepared for not necessarily doing things “as usual”.

Once we accept these points, we can recognize where we may need assistance and be open to advice from expert counsel. When we do that, we do it for our own personal benefit, arming ourselves with the resources for monetary and overall success. Michael McGrath sums it up nicely in his article, “Humility in Investing: Why It’s Important”,

“Overconfidence tells you that it must be the other thing that was wrong—I see it all the time in my work. But humility allows you to say, “I’m not perfect, was there something that I might have been able to do better?”1

The Advisors at Trilogy Financial are here to be your resource on the road to doing things better. Our accomplishments are measured by your success and ability to achieve your financial freedom.

1 http://moneyinc.com/humility-investing-important/

By
Jeff Motske, CFP®
August 31, 2018

There are some great advertisements that show you retirees traveling, gardening and enjoying their hard-earned reprieve from the workforce. It gives a great glimpse of how good retirement can be, giving folks something to strive for. However, it’s not the only reflection of retirement. Sometimes there are valleys to go along with those peaks, and one of the most distinct valleys that are experienced in retirement is mounting health care costs.

The financial weight of health care can start off with small steps, or small pills to be precise. Nine out of ten people 65 and older have commented that they have taken at least one prescription drug within the last 30 days.1 As health issues progress, so can treatments, with some people having multiple medications and continuous appointments, not all being covered by private health insurance. According to an annual estimate conducted by Fidelity, the average retiring couple “will need $280,000 to cover health care and medical costs”.2 While many expect to rely on Medicare for their health care costs, the program is not comprehensive. Fidelity’s figure includes deductibles, cost-sharing requirements for certain medications, as well as services and devices that Medicare doesn’t cover, like hearing aids. For the unprepared, these figures can be staggering.

Those who are unprepared can, unfortunately, find themselves sliding into practices where they are not taking care of themselves in retirement. According to the 2018 Economic Well-Being Report, a quarter of adults went without needed medical care because they were unable to afford the cost.3 Those who do go in for medical care can be overwhelmed by mounting medical costs. According to a study done by the Consumer Financial Protection Bureau, “43 million Americans owe a medical debt.”4 Stress-induced by medical issues combined with stress over mounting medical costs is not what people expect to experience in their retirement.

The key to good retirement planning isn’t to plan to maintain your current lifestyle. It is to plan for possibilities and scenarios that may not seem likely today, but that statistics show could impact your tomorrow. While these statistics can be very overwhelming, if you start saving early and work with a trusted financial professional, you can be fully prepared to enjoy your retirement. In the end, you need your finances to be in good health for those moments when your body can’t be.

https://www.iris.xyz/advisor/9-facts-about-retirement

http://time.com/money/5246882/heres-how-much-the-average-couple-will-spend-on-health-care-costs-in-retirement/

https://www.federalreserve.gov/publications/files/2017-report-economic-well-being-us-households-201805.pdf

https://finance.yahoo.com/news/4-tips-keep-medical-debt-overwhelming-174638865.html

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