Monthly Archives: October 2018

Cybersecurity: Q&A

We all know this one – use different passwords and switch them up periodically. While this is a helpful tip to avoid being hacked, there are some questions you may still have on cybersecurity. Luckily, we offer a few answers to your existing questions.

Question: How can I protect my personal information from an attack?

Answer: Be sure that your antivirus program is up-to-date. When it is time to renew that software, do it. Don’t wait around thinking it will be okay for a few weeks. Hackers have more freedom to get your information when anti-virus programs are down. Another tip is to update your WIFI password regularly along with creating a unique network name.

Question: How risky is using public WIFI?

Answer: Even though free WIFI sounds like a great deal, don’t be tempted. Hackers sit waiting for potential targets connecting to public WIFI zones. They have the perfect opportunity to go undetected and gain access to your personal information.

Question: What kind of passwords should I be creating and using?

Answer: Utilize a password that contains letters, numbers and special characters such as @, #, ^, etc. Be sure that everyone in your family uses different passwords with separate logins. This ensures that if one person gets hacked, that other family members’ information can still be protected. Be sure to turn on 2-step authentication wherever it’s available and keep your browser and software updated.

Question: Can a hacker access my webcam?

Answer: Although the short answer is yes, don’t begin to worry too much. As long as you continue to make updates to your software, you should be okay. Cyber criminals focus on drawing you to untrusted sites, having you click on links or download certain items. Once this happens, hackers are able to begin stealing your information or encrypt your data. Some even make you pay a “ransom” to get control of your computer and access to your information.

Question: Is paper the safe option to do business?

Answer: Doing business electronically is perfectly safe if you use the right tools. Paper information can be stolen, lost in the mail or misplaced into the wrong hands. Properly securing your business passwords and information along with keeping it separate from your personal information will help protect your data. Shred any hard copy information you no longer need if you decide to go that route and lock up the important files that shouldn’t be left in the open.

We hope these answers help you understand cybersecurity a little better! Don’t be afraid to surf the web – just stay aware and continue updating your software. Don’t get caught up on the technical terms, just learn more from us to better protect yourself!

FAQs about IRAs

An IRA is an individual retirement account that is used as a tool for people to earn and earmark funds for retirement savings. Retirement may seem far away, but the earlier you start the save, the better off you’ll be! These accounts can hold more money than any other type of retirement account. You have flexibility when choosing investments and minimizing taxes, which means an IRA can play a huge role in how prepared you are for retirement. With that said, many people don’t fully understand how IRAs work; they can be confusing. As a result, there are many questions that arise when talking about IRAs.

Here are a few:

What does an IRA earn? – In simple terms an IRA is just a trust that is established with certain tax rules. More specifically, it’s a security blanket for your money. CD accounts, money market accounts, saving accounts and brokerage accounts can be IRAs.
Who can open an IRA? – Anyone under the age of 70 who earns a taxable income can contribute to a traditional IRA. Roth IRAs, however, have additional income restrictions. And for those who are under the age of 18, many banks, credit unions, and other financial institutions will allow an adult to set up a guardian IRA. However, the guardian will have control of those assets until the child is 18-21. To clarify, children who have a part time job can contribute to their IRA if they have earned income from a job. They just cannot contribute more than that income!
How do I open an IRA? – You can choose where to open an IRA, if you don’t already have an employer-sponsored retirement plan. Often you can go to banks, credit unions, brokerage firms and mutual fund companies. It never hurts to do more research and ask questions!
Am I able to contribute to someone else’s IRA? – Yes, but only if it is your spouse and if you file a joint tax return.
How do I invest into my fund? – Fortunately, the IRA gives you the option on how you want to invest your money. That includes stocks, bonds, and mutual funds. Furthermore, you can invest how you want or you can have your IRA managed for you by a financial professional.

IRAs can be a tricky subject, but hopefully with the answers to these frequently asked questions we were able to help you with some beginner’s knowledge. If you have more questions or are wanting to set up an IRA, we would be happy to help. Contacts us today!

What Every College Freshman Should Know About School

In a 2016 study, it was found that 43% of students do not track their spending while 58% said they do not save money every month. From that, it is shown that 7 out of 10 students are stressed out about their finances. It can be quite the adjustment for students to transition from high school to college. This new stage of your life can be filled with many mixed emotions and late night adventures. In just a matter of time you are living in a brand new environment, meeting new people, taking new classes and trying to figure out how to “adult.”

Trying to manage your money and set a budget are probably the last things you want to do, but it needs to be done. College can be exciting, challenging and rewarding all at the same time, so developing money-management habits early on is worth your time and effort. College tuition increases every year, and having tips on how to manage your budget can easily reduce additional financial stress.

Here are 3 ways you can cut costs while in college:

Buy Used Textbooks – As a freshman you will most likely take quite a few general education classes, which means more books at a higher price. To reduce costs, buy used ones; just one book can cost hundreds of dollars. You can also search for books on websites like Amazon and Chegg before looking at your university bookstore. Both places offer rental textbooks with a simple process to receive and return them. Keep in mind that you don’t have to buy your textbooks before school starts, it is often good to wait until the first week of classes to ask your professors about whether you need the book or if you could buy an older edition where it may be cheaper!
Purchase a Coffee Maker – When you’re a full time student, most of your time is spent on studies. Those early morning iced coffees and late-night lattes can add up fairly quickly. In an article from USA Today, studies have shown that college students have spent nearly $1,100 per year on coffee. To cut back on those costs, consider buying a coffee maker for your dorm or apartment instead of racing to the nearest coffee shop.
Find the Good Deals – Chances are your college town will offer student discounts. Take advantage of them! There are hundreds of companies that apply student discounts. Research and ask to find the best deals around town. Some discounts may be small and some significant – either way it can save you money. If you’re looking to buy textbooks on Amazon, Amazon Prime will offer a free six-month membership that includes free shipping. Looking for a new computer before school? Dell and Apple provide a certain percentage off of your purchase with an official school email address. Taking advantage of discounts can also provide fun, cheap entertainment for you and friends to have a night that you’ll always cherish.

College is a new and exciting part of life, just remember to track your spending and manage your budget. With these few tips we hope this will help reduce costs and save you more money! If you’re looking to work on your savings skills, open a savings account with us today!