Year-End Financial Planning

Scammers are pretending to be bank customer service representatives reaching out regarding fraud prevention. Their goal is to get you to reset your login credentials and gain access to your account.

How it works

1. Scammers, posing as customer service representatives, will call and keep the victim on the phone for multiple hours to “resolve” a fraud issue.
2. The scammer urges quick action to prevent alleged hackers from draining the victim’s account.
3. The victim is asked for sensitive information like login credentials and verification answers.
4. The scammer logs in to the victim’s account to initiate unauthorized payments, bypassing security restrictions via a direct call to the real Fraud Support, all while the true customer is on hold.

Quick Tips

• Check your account activity frequently and monitor for suspicious transactions.
• When asked for information that seems unusual, hang up and call the phone number on the back of your bank card or account statement.
• Read text and email communications fully and pause before responding.
• Remember that banks and credit card companies will never ask you for your password or your card/account number over the phone.

Giving to charitable causes can be a very emotional thing. You’re supporting something near to your heart, possibly with a deep personal connection. However, if you’re not mindful, it is possible to give at the expense of yourself. Be sure you don’t let your heartstrings control your purse strings.

Forethought and planning should extend over all your financial decisions, including charitable giving. For a variety of reasons, many don’t follow a plan. Some give whatever’s left in their budget, perhaps not as much as they’d like or tempting them to give more than they can afford. Others give at the end of the year for the tax break. Alternatively, perhaps charitable giving isn’t planned for at all, which allows one to be swayed by emotion when the right cause comes along. Suddenly, they can be committing based on what they feel rather than what’s best for their finances.

Once you decide to factor your charitable giving into your annual financial plan, you can start doing your research. Not only do you determine which causes you want to support, but you can also investigate various organizations that service that cause. There are many websites that evaluate charitable organizations to ensure that your financial contributions or going where you want. Additionally, having your charitable giving worked into your financial plan allows you to turn down other charitable requests graciously. Should you be approached, you can mention your annual giving plan and that you will consider them for the following year.

Being mindful about your charitable giving also gives you the opportunity to influence your children or loved ones on how to do the same. Your actions become the example to your values. While you needn’t share all the details, you can openly share how you formulated your plan and why. The more people who become aware of how to consciously create an annual giving plan, the more people are actively working towards their financial independence.

I don’t think it’s possible to take all emotion out of your connection to a charitable cause, and I don’t think you should. However, I will always be an advocate of folks proactively working towards their financial independence. The key to that is approaching your finances with reason and logic, relegating our emotions to the backseat and holding firm to your purse strings.