Financial Security

Written by  Friday, 06 March 2015 08:45
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A major aspect of someone's life, one of which is often overlooked for the potential vulnerability, is thier finances. You find less money then you thought you should have in your account and check your history, or you get a call from your credit card company asking if you have been traveling recently to somewhere you've never been. You can increase your own comfort level by becoming more familiar with the financial side of your life.
It may sound like common sense, but you should still always shelter your hand as you enter your banking code, even by blocking the keypad with your body if you need to. Also, make sure you choose a PIN that is not easily associated with your name, address, phone number or birthdate - the more random it is, the more difficult it would be to guess from your personal info, or your family's.
 
Check your bank and credit card statements monthly for fraudulent transactions - if you don't act immediately, it will be difficult to have them removed. A recent adaptation to the theft of credit card numbers is on the back of every card - here's a 3 digit code on all new credit cards which is becoming more commonly required when making online purchases and should never be required by any shopping done in-person or over the phone. Even something as simple as a pizza delivered to your door could turn into a fraudulent $3000 purchase of car parts by someone stealing this code, so always keep your card in your possession or within eyesight and arm's reach. If you are ever in doubt, call the store manager for assistance.
 
Keep hard-copy records of all of your assets, investments and transactions and bill payments not only in case you lose the electronic info, but if there is ever a disagreement, you can pull out your paper copies to help straighten things out. It is not uncommon for someone to find out that they had forgotten about a small investment and lost track of it completely until the bank called them back several years later. Granted, this is a nice surprise, but not all surprises are nice.
 
 
Of course, financial security also means taking care of your future and long term financial health. Diverisify your investments, follow the Wealthy Barber principal of saving at least a small portion of your paycheck every month. By putting aside a small amount of savings off of every paycheck, the long term power of compound interest can turn these small investments into a long term security blanket.
Last modified on Friday, 06 March 2015 08:45
Seyfu Mekonen

Seyfu Mekonen is a founder and administrator of ethiosafety.com. As a founder and administrator he is responsible for free and up to date safety and security informations. He can be reached: seyfu2002@yahoo.com

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