If you use the same password for everything, from Netflix to your bank account, you’re a prime target for hackers. This is why password protection is so important to you and those around you.
It can be frustrating trying to remember the password that goes to which account. You don’t want to carry a list with you and storing it on a laptop or PC isn’t a good idea. So what is the correct answer?
Local 4 spoke to several financial experts who said an online password manager is the way to go.
There’s no choice but to take your password protection to a new and better level, says Richard Kahler, a certified financial planner and CEO of Kahler Financial Group.
“I think I counted once, I have 1,000 different passwords, and keeping that on paper is just a disaster, especially when someone dies,” Kaller explained.
There are many password managers to choose from, and different companies offer services to different types of users online.
Some password management services are free, but many companies charge a subscription fee.
It’s worth the cost for you and your family, says Nathan Mercero, CEO of Planning Alternatives and a certified financial planner.
“A lot of people have information that they store in their heads, or in their private locations, but they haven’t shared it with their family members. So, if something happens to them, whether it’s health-related or any event that eventually passes, it puts the family in a very difficult position. “.
Password managers work in different ways, some are device specific and others store your information in the cloud.
It’s best to spend some time researching the different types to see which one works best for you.
She’s a big advocate for password managers, says Julie Quick, a certified financial planner and CEO of Cultivate Financial Wellness.
“It can be a great way to store passwords, create unique passwords for each site, and most importantly, share them with someone you trust,” she explains.
Having a trusted person who knows where to find all this information is important, especially in the event of an emergency, especially when it comes to the elderly.
“Whether it’s your spouse or someone who might be handling your finances for you, having that person set right out of the gate can make things a lot easier for them if they need to step in and manage finances or whatever that may be,” says Kwik.
Julie Quick says to avoid putting your banking information in an online password manager where anything online can be hacked.
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