Protecting your financial assets can mean many different things. It can mean that you want to keep as many of your assets as possible in the event of a divorce. Protecting assets could also mean ensuring that your assets go to the right place in the event of your death. But in this case, let’s talk about how to protect your financial assets in the here and now. There are hackers, identity thieves, and even people looking for opportunities to get some of your money. Here are the easiest ways to protect your financial assets in your everyday life.
Keep Your Address Up to Date
You’d be surprised at how much of a risk you’re at when you don’t keep your address up-to-date. While it can be a hassle to get all your addresses changed on your bank accounts and all your investments, it’s easier than ever before to do a change of address online after you move to a new location. If you don’t do this and your account information gets sent to an old address, you’re at risk of people stealing this information.
Don’t Give Your Information to Untrustworthy Individuals
It’s important to carefully vet your brokers, your bankers, and your accountant to ensure they are on the up and up. These people will have direct access to all your personal and financial information, which can open you up to getting completely liquidated if any of these people are not doing the right thing. It’s okay to interview multiple people before you decide on who will handle your accounts.
Even with the best research and interviews, you can still be at risk, so you may want to account for any possible scenario. Ask them questions about their cyber security and data security, as well. This will help you determine if there are any potential risks with their system.
Use Antivirus Software on all Your Devices
When you type in your login information or account information into a computer that’s been compromised with viruses and malware, you’re putting your finances at risk. Hackers can record keystrokes and use that information to log in to your accounts and liquidate your assets. Antivirus software protects you from getting your systems bogged down with viruses and other malware. These sneaky hackers get in through emails, unsecured websites, and even through your wireless connections. Using anti-virus is one barrier you can put in place to protect your assets.
Get Liability Insurance
Are you a homeowner or rental property owner? Do you own a business with a physical location? Then having liability insurance is critical. If someone gets hurt on your property or your property harms another, you want insurance to cover everything. Without the right amount of insurance, you’re at risk of litigation that could impact your wealth and finances for decades to come. And if you own rental properties, liability insurance will help you protect your assets if any of your tenants get injured on the property.
Don’t Put All Your Eggs in One Basket
One of the risks in investing and keeping your money in bank accounts is that if a breach occurs, or something else ever happens to that company, all your assets are at risk. It’s best to have more than one account at different places to ensure your money is spread out and diversified. Not only should your investment portfolio include more than just stocks at Target, but it should also include accounts in more than one banking institution. In the event of any breach or catastrophic loss, you would still have assets in other places.
Have Both a Will and Living Will in Place
Another thing to think about when it comes to your assets and financial future is who will inherit it if you die or have control of it if you are temporarily incapacitated. By considering these things while you are healthy and in your right mind, you can be sure that all your assets go to the right people — or are used in the right ways while you’re not in control. Additionally, it ensures that your wealth doesn’t get liquidated unless you give explicit consent.
Are Your Assets Safe?
Protecting your financial assets while you’re alive is important if you want to maintain your wealth. Not only can it keep your money safe, but it can also protect you from other types of financial fraud. You might not think you’re at risk, but with the right safeguards in place, you can help keep your financial assets protected in all ways.