Let’s face it. We live in a sophisticated, technologically driven world whether we like it or not. Like most things in life, that happens to be both good and bad news. What is Mom’s Password?
But with technology comes passwords, usernames, and PIN numbers. Not only are we instructed to keep these in a “safe” place, we are challenged with the task, on a daily and sometimes hourly basis, of remembering what password goes with what. What is Mom’s Password?
So how do we keep all our passwords and usernames straight while we gracefully age and our short term memories grow a bit dimmer with each passing day?
Digital assets may be important to access in order to retrieve information, secure your data, or to turn off your accounts when you die. Without the benefit of your usernames and passwords, this becomes a very complex and difficult task for your loved ones.
Consider the following:
Smartphones, voicemail, Apps, home computers, Ipads, Tablets, Kindles, office computers, On-line banking, investments, Paypal, alarm systems, cable companies, ATM, photo sharing accounts, social networks , dating sites, on-line shopping accounts, etc., etc., etc.
Each of these has a password or username or PIN that will be required in order to gain access.
It’s hard enough remembering them when you are the person who set up those passwords. Now think about what happens when you die!
- Do you have your passwords written down and stored in a safe place?
- Do your loved ones know that you have actually made a list and know where it is hidden?
- Have you purchased one of those Apps that takes care of storing your passwords? Even so, someone needs to “know” that you have a password storage App and will need to “know” the password in order to get into your password storage account when you become incapacitated or when you die.
Digital databases are a part of our financial lives. It is very important to think this through and prepare for “when” your loved ones will need access to your digital accounts. Planning for end-of-life will save your family time and reduce stress and frustration when closing down your digital afterlife.
As you can see from the chart above, the rates for men are higher than for women. This is because women typically live longer than men and the company is able to spread the cost of insurance over a longer period of time.
Credit cards, credit cards and still more credit cards. Millions of people carry them with a large portion of that group overusing them to an extreme resulting in high interest and a large accumulation of credit card debt. If you are suffering from high credit card debt then one method to alleviate that stress would be to consolidate all of your credit cards onto a lower interest rate or zero interest rate card. This should allow for one central payment at a lower rate then several payments too many different cards at a higher percentage interest rate. Do your online research and find a card that offers a lower rate and then transfer all of your balances over to that new card and don’t use the now debt free credit cards again.