Asset Planning, Inc Blog

Carol was asked to be the Financial Planner for the latest LA Times Money Makeover. 

Click here to see the article or copy and paste the link below.

http://www.latimes.com/business/la-fi-money-makeover-ramsey-garcia-20150814-story.html

Asset Planning, Inc. makes Financial Advisor Magazine's top RIA, Registered Investment Advisor, 2015 ranking.

Click here for the link.

Please join Asset Planning in supporting Malawi Project Inc.  We are collecting empty medicine bottles for "Medicine Bottles for Malawi."  The purpose of this is to supply the pharmacies and hospitals in Malawi with containers for dispensing medicine to their patients.  Currently pharmacies and hospitals don't have anything to wrap medicine in except for torn pieces of paper, which means unclean medicine for patients. 

If you would like to donate your old medicine bottles, please send them to Asset Planning by mail or drop them by our office.  We will forward them on to Malawi Project.

Please remove the labels before donating.

As more companies and agencies have switched from using traditional methods of record keeping and doing business to using the Internet/cloud, cybersecurity has become a growing issue. Instead of having to obtain physical copies of information, perpetrators can now access personal information such as credit card and social security numbers or passwords by simply using the Internet. In order to avoid identity theft and data breaching, we have provided the following tips:

• Be aware of your digital footprint: Knowing how many websites have your personal information stored can be vital to protecting yourself against fraud. Making a list or spreadsheet with these websites can be useful, as well as deleting accounts from sites that you no longer use can minimize the chance of fraud.
• Create strong passwords: Having a strong password can make a difference. Make sure to change passwords for important accounts frequently, and to avoid using the same password for multiple accounts. Also, using common words/phrases or personal information can make it easier for perpetrators, so be sure that the password is unique. We also recommend avoiding AutoSaving usernames and passwords through the internet, and that to keep a copy of account information in a safe place.
• Be cautious of what you post on social media: Many fraudsters can gain personal information which can be used to answer security questions through websites such as Facebook or Twitter.    
• Choose to use Two-Factor Authentication when possible: Two-Factor Authentication requires two different components from the user, such as entering a password as well as a verification code from an email or text message. Many websites now give the option to use this method of fraud prevention, and it can be useful in protecting access to personal information.
• Update your computer’s firewall and protection programs: Most computers come with a basic firewall that protects fraudsters from gaining access to information, but without updates, the firewall can become faulty. By updating your computer regularly, you can help further prevent fraud.
• Be wary of suspicious emails: Spam and phishing websites can be sent through email. Avoid opening or downloading attachments from emails that may be spam. Also, make sure to encrypt emails containing important or personal information by services such as SafeGmail or investing in encryption software (some programs provide free trials).  
• Use secure Wi-Fi connections: Make sure to use a personal or secure Wi-Fi connection when making a transaction or sending emails with personal information, as public Wi-Fi connections can allow others to access your information. Identity theft hotspots include Starbucks and other locations that offer free Wi-Fi. Also, secure personal Wi-Fi connections with renaming the SSID and password with a name that will not identify you.
• Protect your smartphone and tablets: Setting passwords for smart phones and tablets can prevent perpetrators from accessing personal information. We advise against saving passwords or other important information in the phone in case of theft. If your phone or any other smart device is stolen, call your carrier to have the device locked and shut off.

Following these tips can make a difference in preventing fraud. If someone has gained access to your information, they may be able to answer the security questions TD Ameritrade or Schwab asks, so we highly advise our clients to call Asset Planning directly instead of contacting TD Ameritrade or Schwab when verifying transactions. We work hard on keeping close relationships with our clients, and we are more likely to identify fraud by being able to recognize differences in voice and mannerisms.

The information below was taken from a recent LifeLock article warning of a new scam:

The Better Business Bureau is warning about a new scam called "malicious tagging" that is targeting Facebook users. In recent months, several thousand users of the social media site have become victims of this threat.

It all begins when you get tagged in a Facebook post, along with some other Facebook friends. Since you see your friends are also tagged in the post — and in many cases, a friend of yours appears to have shared the post — you assume the link is safe. However, it turns out to be a link to an "adult" video, and when you click it, a pop-up window appears. You're prompted to download a Flash player update before watching the video, which is really malware.

The malware immediately scans your computer for personal and banking information and then perpetuates the scam, taking over your computer and creating another fake post with some of your friends tagged in it.

The BBB outlines a number of steps to take when you suspect or are confronted with malicious tagging on Facebook, and in some case, when using Twitter.

1. Don't Click

The BBB warns against clicking on links that contain descriptions such as, "exclusive," "shocking" or "sensational" footage. If it sounds over-the-top, it's likely a scam.

2. Be Leery of Shortened Links

Scammers often use link-shortening sites to disguise malicious links. Don't fall for it. If you can't tell the destination of the link without clicking, there's a good chance it could lead you down the wrong path.

3. Don't Trust What Your Friends Post

The malicious tagging scam has impacted so many people because people assume that whatever their friends post is safe. However, you unfortunately can't be sure your friends' computer hasn't been hacked. Even when it appears your friend is "liking" or "retweeting" a link, it could also be part of a scam.

4. Report Scams

To help stop the rapid spread of this malicious tagging scam, it's helpful to report an issue promptly. On Facebook, you can do so by following these instructions. If you're on Twitter, visit this site to learn more.

http://www.lifelock.com/education/alerts/the-latest-scam/malicious-tagging-on-facebook/?cid=em_member-communications_Q2-Newsletter_-_nooffer_NewsTrends-Facebook_-_Entry49779498

We successfully raised $15,000 with our Annual Gail Moreno Golf Tournament with the proceeds being donated to Breast Cancer Angels!  Thank you to all of our sponsors and everyone who participated in the tournament!  

In late January, Sandy flew to Florida to attend the ETF Conference and Carol attended the annual TD Ameritrade Conference in San Diego.  These conferences help us to stay on top of the latest trends and connect with other advisors and professionals.

One more piece of news: Asset Planning will not send out money with an email request.  Please call the office to request funds.  If you do send an email, our office will call you to confirm the request.  This is due to hackers sending email requests for funds using client information.  Phone verification allows us to protect you and your funds. 

The IRS recently announced that taxpayers can put more away for retirement in 2015. These changes are taking place because the cost-of-living index met specific thresholds that triggered the adjustments. The changes are outlined below:

401(k), 403(b), most 457 & Thrift Savings Plans

• The elective deferral (contribution) limit for employees is being increased from $17,500 to $18,000.
• Catch-up contributions for those 50 and older has been increased from $5,500 to $6,000.

IRAs

• The annual contribution limit is remaining unchanged at $5,500.
• Catch up contributions for those 50 and older also remains unchanged at $1,000.

Roth IRAs

• The adjusted gross income phase out for taxpayers making contributions is:
  • Singles & Heads of Household: $116,000 to $131,000
  • Married couples filing jointly: $183,000 to $193,000
  • Married filing separate: $0 to $10,000

Tax Deductions

• The modified adjusted gross income phase out limits are:
  • Singles & heads of household who are covered by workplace retirement plan: $61,000 to $71,000
  • Married filing jointly where the contributing spouse is covered by workplace retirement plan: $98,000 to $118,000
  • Married filing jointly where the contributing spouse is not covered by workplace retirement plan, but is married to someone who is covered: $183,000 to $193,000
  • Married individual filing separate who is covered by workplace retirement plan: $0 to $10,000
• The adjusted gross income limits for the saver’s credit for low and moderate-income workers:
  • Singles and married filing separately: $30,500
  • Heads of households: $45,750
  • Married filing jointly: $61,000

October 11th, we will be hosting our 5th Annual Gail Moreno Golf Tournament.  All the proceeds of this tournament will benefit the Breast Cancer Angels.  We would like to thank everyone for their support by playing, sending in checks for sponsorship, and/or buying golf balls for the Golf Ball Draw.

If you would like to participate in our Golf Ball Draw, a $10 donation will buy you a chance to win $300 and help us raise funds for the Breast Cancer Angels.  You can make your donation via PayPal by visiting the link below or by sending us a check made out to Breast Cancer Angels.

www.gailmorenomemorial.com

 If you would like more information about the Breast Cancer Angels, their website is:

www.breastcancerangels.org

Last week, Home Depot became one of a growing number of retailers to have their systems hacked and customer data stolen. This has become a widespread problem for a growing number of retailers. Unfortunately, this is probably not the last retailer to have their system hacked to gain access to customer information. The real question is how do you protect yourself?  

There are a number of protection services that will alert you when there is possible fraud or when there are changes to your credit reports. Each provider offers multiple levels of protection from basic alerts to more in depth monitoring. Below is a link to a comparison of the highest rated identity theft protection services. Please note that this is just one review site and other sites may have different rankings.

http://www.reviews.com/identity-theft-protection-services/compare/

If you feel an identity theft protection service is not right for you, there are things you can do to protect your identity on your own. It is important to check your credit card and checking accounts on a regular basis to verify there is no fraudulent activity. It is also important to check your credit report at least once a year.   AnnualCreditReport.com allows you to get a copy of your credit reports for free. There are some websites available that will allow you to check your credit score and monitor your credit activity. Some of them include:

www.creditkarma.com

www.quizzle.com

www.creditsesame.com

If you find that you have been a victim of identity theft, you will need to take some steps to protect yourself, your assets, and your credit score. The first thing you will need to do is contact your bank and credit card companies so that they can monitor your accounts more closely for fraudulent activity. They may also give you a new account number if your account has been compromised. The next person to call if your financial advisor or brokerage firm to let them know. They can be extra eyes looking for transfer requests or suspicious activity. You will also need to check and monitor your credit report to watch for any new accounts being opened or any other unusual activity.

Emails are hacked as well, and in order to protect you Asset Planning, Inc. will no longer send out money requested by email. If you do send us an email, we will call you or request to see you in person to verify that you are the one actually requesting the funds.