XY Planning Network

I’ve recently joined the XY Planning Network, which is a network of Fee-Only Financial Planners who want to serve Generation X and Generation Y clients, people who typically aren’t served well by the traditional investment management industry because they don’t yet have a large amount of money to invest.

This really aligns well with my philosophy. I’ve had folks say that they’d give me a call when they came into some money. That’s not where financial planning should be. I’ve always thought that was rather like making a decision to wait on going to the gym until after one has gotten into shape. It’s working through the process that gets the results you want.

Good financial advice from an experienced CFP® Professional can get you to where you want to be, making good financial decisions along the way. And rather than charging a percent of your assets, can be a reasonable monthly fee, often less than you may be paying for your cable or cell phone bill.

Equifax Breach

Be wary of any emails you receive that are purportedly from Equifax and suggest you click on this or that link.  The security breach is a perfect opportunity for fraudsters pretending to be from Equifax to prey upon the chance to steal your identity and/or compromise your computer’s security.  The best thing to do, always, when you receive an email from any business who asks you to click on their link is to instead find the company’s website and follow any links you find there. Visit the Federal Trade Commission's page at https://www.consumer.ftc.gov/blog/2017/09/equifax-data-breach-what-do .  Follow the instructions to discover if your information was disclosed to the hackers. Your Social Security number is sensitive information, so make sure you’re on a secure computer and an encrypted network connection any time you enter it.

After you learn if your personal information was exposed you will receive an offer to sign up for 1 year of complimentary identity theft protection and credit monitoring service.  If you do not already have such a service I suggest you take them up on their offer.  If someone tries to take out a credit card or loan in your name you'll find out about it immediately and early enough to manage the issue. 

Consider freezing access to your credit files.  All three major credit bureaus, Equifax, Experian & Transunion give you the ability to freeze your credit.  The benefit is that most lenders will not offer a loan to anyone pretending to be you if they can't check your credit first.  The cost is $10 per service.  Be aware that if you freeze your credit you must remember to unfreeze it temporarily if you file for a credit card, an auto loan or sign up with a new utility company.  There is some administration necessary.  And you have to be absolutely SURE that your PIN is in a place where you will be able to find it again.

While a credit freeze does not prevent current creditors from accessing your credit report, it does restrict the ability of new creditors to access your credit information. In other words, if you already have an account with Chase, an identity thief may still be able to open an account through Chase since that is not a “new” creditor.

Check your credit report at annualcredtireport.com. Consumers are entitled to one credit report from each of the three reporting agencies each year. We recommend downloading a report from a different agency every three to four months.

Download a report from Experian today, TransUnion in January, and Equifax in May to monitor your credit year-round without charge.

Stop pre-screened credit offers to limit future exposure by calling 888-5OPTOUT (888-567-8688). You can also opt out online.

You can also put a fraud alert on your files. A fraud alert warns creditors that you may be an identity theft victim. The creditor must then verify the identity of anyone seeking credit in your name before your credit information can be released.

Last, but not least, file your income taxes early each year and be sure to respond to any IRS correspondence immediately. Doing so will limit the ability of scammers to use your Social Security numbers to get a tax refund in your name.

Scammers also use stolen Social Security numbers to apply for work, when arrested for crimes and infractions, to get medical care, and to steal benefits to which you are entitled.

If you discover that you are a victim of identity theft, visit identitytheft.gov to report and start your recovery plan immediately. Clients should also contact us so we can begin helping you with any necessary changes to your financial information.