Identity Theft

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How to retire rich and live happily
As many other teenagers, about 25 years ago, I thought about the future. From the very early point of my life I always enjoyed working, but I always wanted to have an option of not having to work. Twenty five years later, I find myself still working and enjoying my work, but I also feel that I am moving closer to my goal. My secrets are as following:

1) Select the type of work that you ... Read personal finance article



Retirement Income Planning
Following are the guiding principles that I use in my retirement planning process. I use these rules to guide me in my decision-making.

1. Don't pick a Retirement Age, Choose How You Want To Live!

More people take their pensions at 62 rather than at 65 or 66. I believe that is because they can get an income check rather than it being a part of their plan. If you make a plan, ... Read personal finance article



Identity Theft
Understanding Identity Theft
Identity thieves are always son the hunt for their next victim. Everyday transaction like mailing your taxes, making purchases with your credit card online, writing a check, and even throwing out garbage need to be done with caution. These are the exact types of transactions a thief will use to steal your identity.

What are the consequences of becoming a victim of identity theft?
First off, besides the emotional head-ache involved, not to mention the extended time it will take, one can end up paying thousands of dollars in order get their name and credit in good standing again.

Also, victims of identity theft will likely have a more difficult time getting approved for any type of credit or loan in the future because they are now considered more of a risk. In addition not only will opportunities for employment become jeopardized, it is possible that you will get arrested for a crime committed in your name that in reality, you did not commit!



How does one become a victim of identity theft?
No matter how careful you are at keeping tabs on your personal information, an identity thief will use an assortment of methods for obtaining access to your information.

Below are a few examples of how identity thieves operate:

- They steal information from businesses by:

--- Swiping data from wherever they work.

--- Bribing co-workers.

- The most common means of getting someone's personal info is by stealing mail. Think about all of the personal information that comes through the mail, i.e. credit card offers, tax information, bank statements, mortgages, etc..

- Going through garbage.

- Making pretend that they are a landlord or boss, or someone else that has a legal right to pull your credit.

- Using a sophisticated device to steal your debit card numbers from an ATM.

- Stealing your wallet or purse

- Filling out a change of address form at the post office and having your mail forwarded to a new location.

- Posing as a genuine company and calling victims, informing them that there is something wrong with their accounts and that their personal info is needed in order to resolve the crisis.

How is personal information used by an identity thief?

- If they obtain your credit card, they will call the company and change your billing address. Since you are no longer receiving your bills, the charges racked up by the thief may go unnoticed.

- By stealing credit card pre-approvals from your mail, new accounts will be unknowingly opened in your name.

- New cell phones can be opened in your name.

- New bank accounts can be opened in your name. Bad checks will be written by the thief

- Transfers can be initiated from your bank account, depleting your funds.

- They can obtain drivers license with your name, but with their picture.

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Teaching Children About Finance

As our children grow older and begin to take more of an interest in what is going on around them, when should we begin teaching them about personal finance? This is a question which crops up time and time again, with many differing views.

This age old debate has cropped up again with a number of market observers believing that basic financial education in schools is a must, to ensure that upon leaving education the young adults of tomorrow are fully aware of what is on offer. Car loans, mortgages, personal loans and over drafts are many of the aspects of financial services which will hit teenagers when moving into the work place. It would seem sensible to teach them financial constraint, the risks and also the benefits of financial planning.

As the rise in bankruptcies and Individual Voluntary Arrangements continues to rise, it seems that the younger of society are entering the work place with little information and appreciation of the risks. The rise in financial hardship among younger people is on the rise, and needs to be addressed as soon as possible. Credit cards, over drafts and personal loans are constantly being presented to all areas of society, with no appreciation of their individual financial situation. There is not a day goes by when we are not bombarded with some form of financial offer, and the recent decision by the main UK Post Office to increase the maximum quota of "junk mail" per household is further encouragement to the cold calling, mailshot services of the financial industry.

As we approach the festive period, Christmas is a time when people feel pushed into taking on further debt to finance what is becoming an ever more expensive time of the year. Many areas of society seem to have the high risk attitude of borrow now, pay later, even though they are not sure how they will find the repayments. This reckless attitude is being copied by many younger adults who do not fully appreciate the long term aspects of financial planning.

Perhaps now is the time to introduce the subject of financial planing into schools, and subtly make our children aware of the need for constraint. It may even be that as we educate the younger of society that they will in turn influence their parents, which would be most beneficial for all concerned. Controlled finance is a major part of the economy and everyday life, however the effects of reckless borrowing are there for all to see.




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Identity Theft
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