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The Do’s and Don’ts to Choosing a Great Password

By
Windus Fernandez Brinkkord, AIF®, CEPA
January 8, 2019
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There are so many passwords that people need to remember these days. You have your online passwords, your wi-fi passwords, the passwords you use at work, and more. It can be enough to drive you crazy. By the time you think of yet another original password, you have forgotten the last one. It can be a little easier, however, if you follow the following Dos and Don’ts. DON’T use a password that is easy to guess. That means no password 123 or admin 2018. Don’t use something anyone could figure out, like your birthday, dog’s name, or your address. DO choose a password that only you could figure out, such as the embarrassing moment you never told anyone about or the name of the fish you overfed as a child.

DON’T share your password. Unless it is an account that you and your spouse share, there is no reason to give your account information to someone else. Remind your kids of this too. Many kids give their passwords to friends, which can lead to trouble down the line.

DO make sure your password has a combination of uppercase letters, lowercase letters, numbers, and special characters. Each website will have their own rules about what is required. Make sure it is at least six characters long, too, because length can contribute to the security of the password. For example, sTE”vE218 is a lot harder to crack then STEVE218. The trickier you can be the better.

DO use underscores or spaces. If the system will allow you to, this is a great choice. Not many people who are trying to guess a password will consider spaces or underscores. Trying to decide where you inserted them is even harder.

DON’T use the same password for multiple accounts. If someone is trying to steal your information and they figure out one password, you don’t want them to have the keys to your kingdom. It is much smarter to have a different password for each site to protect your assets.

DON’T make your password so difficult that you cannot remember it. If you notice a spider outside the window as you set your new work password and you make your password SPIDER875, there is a good chance that you will not remember it the next day. While the password has to be hard for other people to guess, it should be easy for you to remember.

DO have a password to protect your passwords. If you have all of your passwords saved to your computer and you are the only one that uses your computer, you can add a second layer of protection. Choose the option to have a password on your laptop. Then you can allow Google to save your passwords for each site you visit, but no one can access them because your laptop itself is password protected.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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By Trilogy Financial
July 18, 2024

Are you aware of the common pitfalls that can erode your wealth and how to prevent them?

In the pursuit of financial independence, it’s not just about building wealth but also about protecting it from erosion. At Trilogy Financial, we understand the critical importance of mitigating wealth erosion to ensure long-term financial stability. Here are ten strategies to help you with asset preservation wealth & tax and achieve your financial goals.

 

1. Taxes

 

Taxes are a significant expense for everyone, but High-Net-Worth Tax Strategies can help manage and reduce their impact on your wealth. Consider maximizing contributions to retirement accounts like IRAs and 401(k)s for tax advantages, and explore health savings accounts (HSAs) for additional tax benefits.

 

Key Tax Strategies:

 

  • Maximize contributions to tax-advantaged retirement accounts.
  • Utilize HSAs for medical expenses.
  • Consult a tax advisor for personalized tax-saving strategies.

 

2. Credit Cards

 

High-interest credit card debt can quickly erode your wealth. Implementing a strategic approach to managing credit card debt can help reduce the financial burden and improve your net worth. One effective strategy for managing credit card debt is to use the debt avalanche or snowball methods.

 

Credit Card Management Strategies:

 

  • Use the debt avalanche or snowball methods to pay down high-interest debt.
  • Consider consolidating debt with a lower-interest personal loan or balance transfer credit card.
  • Create a disciplined budgeting plan to avoid accumulating new debt.

 

3. Depreciation

 

Assets like cars and electronics lose value over time, impacting your wealth. Adopting a ‘buy and hold’ approach and making strategic purchasing decisions can help mitigate the effects of depreciation.

 

Combating Depreciation:

 

  • Keep vehicles for longer periods.
  • Buy slightly used cars to avoid initial depreciation.
  • Invest in assets that appreciate or depreciate less over time, such as real estate or classic cars.

 

4. Market Cyclicality

 

Market volatility can cause anxiety, but a diversified investment strategy can help manage the risks associated with market fluctuations.

 

Navigating Market Cyclicality:

 

  • Diversify your investments across different asset classes and geographies.
  • *Implement dollar-cost averaging to manage investment costs.
  • Consult with a financial advisor to tailor a diversified portfolio.

 

*Dollar cost averaging involves continuous investment in securities regardless of fluctuation in price levels of such securities. An investor should consider their ability to continue purchasing through fluctuating price levels. Such a plan does not assure a profit and does not protect against loss in declining markets. (67-LPL)

 

5. Lack of Diversification

 

Putting all your investments in one basket increases risk. Diversifying your portfolio across various asset classes and sectors can reduce volatility and potential losses.

 

Diversification Strategies:

 

  • Invest in a mix of equities, fixed income, and alternatives.
  • Use broad market instruments like ETFs or mutual funds.
  • Regularly review and rebalance your portfolio with a financial advisor.

 

6. Unexpected Expenses

 

Unexpected expenses can disrupt your financial plans. Establishing an emergency fund is crucial to cover unforeseen costs without resorting to high-interest debt.

 

Preparing for Unexpected Expenses:

 

  • Build an emergency fund covering 3-6 months’ worth of expenses.
  • Automate savings to ensure consistent contributions to your emergency fund.
  • Adjust your budget to prioritize saving for emergencies.

 

7. Misaligned Investments

 

Investing without a clear plan can lead to poor financial outcomes. Aligning your investments with your financial goals, risk tolerance, and time horizon is essential.

 

Aligning Investments:

 

  • Define clear investment goals and time horizons.
  • Educate yourself about different investment types.
  • Seek personalized advice from a financial advisor to create Custom Investment Strategies.

 

8. Procrastination

 

Procrastination can significantly impact your wealth-building efforts. Starting early and setting achievable goals can make a big difference in your financial future.

 

Overcoming Procrastination:

 

  • Set short-term and long-term financial goals.
  • Use financial tools and apps to automate savings and investments.
  • Consult a financial advisor to create a tailored financial plan.

 

9. Lack of Planning

 

A comprehensive financial plan is the foundation of successful wealth management. An advantage of effective personal financial planning is that it can transform uncertainty into a roadmap for success.

 

Creating a Financial Plan:

 

  • Assess your current financial situation.
  • Set realistic and specific financial goals.
  • Develop a plan that allocates resources towards achieving these goals.

 

10. Lack of Proper Protection

 

Unexpected life events can derail your financial plans. Proper insurance and estate planning can protect your wealth and provide confidence.

 

Implementing Proper Protection:

 

  • Obtain adequate life, disability, and long-term care insurance.
  • Create a will and other estate planning documents for Legacy Planning.
  • Consult with a financial planner to assess your Financial Protection Strategies.

 

Conclusion

 

Preventing wealth erosion is as important as building wealth. By addressing these common pitfalls with strategic planning and professional guidance, you can safeguard your financial future. At Trilogy Financial, we specialize in Comprehensive Wealth Management ServicesRetirement Planning for High-Net-Worth Individuals, and long term family wealth planning. Our services also include family wealth protection, risk management positions, and Custom Investment Strategies that protect and grow your wealth. Contact us today to learn how we can help you achieve your financial goals and secure a prosperous future.

 

 

Ready to Amplify Your Wealth today?

If you're ready to elevate your financial planning with our professional team, we invite you to schedule a meeting with us. At Trilogy Financial Services, our advisors in Corona are dedicated to crafting personalized financial strategies that align with your unique goals. Don't wait to start your journey towards financial success:

  • Schedule a Meeting: Reach out to us to arrange a one-on-one consultation with our financial professionals.
  • Give Us a Call: Prefer a quick conversation? Feel free to give us a call to discuss your financial needs and how we can assist. Call Us To Get Started. (844) 356-4934

Schedule a No-Strings-Attached Portfolio Review today and embark on a path to financial success guided by professional advisors. For more information and to schedule your consultation, visit www.trilogyfs.com/yourmoneyamplified. With the right knowledge and professional guidance, the journey of investing becomes an exciting venture towards achieving financial security and growth. This way, you're not just dreaming of an ideal retirement but actively working towards making it a reality.

 

*There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

By
Ahmed Ghulamali
September 26, 2017

What does retirement actually look like? Some people might say they will literally “turn in their papers”, go home, then putz around the house and tinker with projects for the rest of their life. Others might say they want to travel the world. Some might say they don’t actually want to “retire”, but would rather transition to work they are passionate about, without having to worry about what kind of income they receive. The bottom line is that we tend to have some idea of what we dream it to be. The problem is, there are factors that can contribute to turning our dreamy retirement into a complete nightmare.

Trying to predict that our retirement will end up being exactly as we have planned it to be is like shooting an arrow towards a bullseye as we are blindfolded. It COULD happen, but there are a lot of “what ifs” circling around our idea of a perfect retirement. For instance, what if we retire and expect to putz around the house doing projects for the rest of our life, and find that by week three we are bored out of our mind, yet we didn’t prepare or invest in doing anything different? What if we expected to travel the world, but before retiring, develop health issues that prevent us from being able to do so? The “what ifs” can be a real game changer, not only to what we get to do, but how we would be prepared to pay for it.

Here are some tips to consider when thinking about how to prepare for retirement:

Retirement vs. Financial Independence. Trying to decide now, at our current age, what retirement has to be can be quite stressful. Maybe we don’t have a clue what it should look like in regards to activities and how we will spend our time. So instead of trying to define what retirement might look like, maybe focus on working towards financial independence. Financial independence means over the course of a long-term, disciplined effort, we work with our advisors to help us make financial and protection planning decisions that lead to financial strength over time. Disciplined effort and long-term commitment are key factors when trying to build financial security. This might prove helpful with preparing for whatever retirement ends up looking like.

Planning before Investing. There are thousands of licensed financial professionals whom would love nothing more than to manage our assets by investing in the market. Many go into this with the sole goal of simply “growing assets”. They tend to focus on returns, and believe that we only want to hear that our investments are “going up” consistently. Seeing our account values “go up” is all the satisfaction they think we desire. And with that, they tend to feel like we are on track for retirement. BUT, this is not a guarantee. We can’t predict or control the markets, so this is an example of shooting that arrow blindfolded, hoping we land in the middle. Instead, consider focusing on what your assets need to DO. What job do our assets have? Knowing what the job is upfront will help us make more informed decisions not only on how to invest, but with what kind of risk we can afford to subject ourselves to. Risk management might prove just as critical as growing assets.

Start NOW! Financial planning for retirement could prove far more difficult if we wait to the last minute, vs. making effort starting now. It might seem daunting to think we have to “do everything at once”, but focusing on our future needs is just as important as focusing on our current needs. It might seem difficult to do everything at once, but that’s why working with a financial advisor who values planning prior to investing blindly might prove helpful.

We are all unique in what our lives and dreams are. And whether we are focused on exactly what we want retirement to be, or simply have no idea, the common theme is that the closer we are to having financial independence, the better chance we have of being more prepared. Financial independence shines the light on our options, which might help to make our dreams come true.  And just like when we were kids in a dark room, the nightmares tend to not go away until we turned on the lights!

Get Started on Your Financial Life Plan Today