If you use the same password for everything from Netflix to your bank account, you’re a prime target for hackers. That’s why password protection is so important to you and those around you.
Trying to remember which password goes to which account can be frustrating. You don’t want to carry your lists with you, and storing them on your laptop or PC is not a good idea. So what is the correct answer?
Local 4 interviewed several financial experts who say online password managers are the way to go.
According to Richard Kahler, certified financial planner and CEO of Kahler Financial Group, there is no choice but to take your password protection to a new and better level.
“I think once I counted, I had 1,000 different passwords, and keeping them on paper is a disaster, especially when someone dies,” Kahler explained.
There are many password managers to choose from, and different companies serve different types of online users.
Some password manager services are free, but there are also many companies that charge a subscription fee.
It’s well worth it for you and your family, says Nathan Mersereau, CEO of Planning Alternatives and a certified financial planner.
“A lot of people have information stored in their head, or in their special place, but they don’t share it with their family. So if something happens to them, whether it’s health-related or any event that eventually passes away, That would put the family in a very challenging position,” he said.
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 find the option that works best for you.
Julie Quick, a certified financial planner and CEO of Cultivate Financial Wellness, says she’s a big advocate for password managers.
“They can be a great way to store passwords, generate unique passwords for each site, and more importantly share passwords with trusted people,” she explains.
Having a trusted person who knows where to find all this information is important, especially for older adults, in an emergency.
“Whether it’s your spouse or someone who might be handling your finances on your behalf, if they do need to step in and manage your finances or whatever that might be, having that person designated at the beginning makes things a lot easier for them” Quick Say.
Julie Quick says to avoid putting your banking details in an online password manager, as anything online can be hacked.
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