When you are unemployed one of the best things you can do is get a grip on your finances. Take a look at your savings, 401k and investments. And, take a careful look at what you owe. Do a budget. Figure out how much you need to be paid to continue your lifestyle. Where can you make cuts in your expenses while you are looking for a job. Most of the large investment sites have helpful information about budgets, saving, investing and retirement planning. A good place to start is the AARP site even if you are not over 50. The AARP site has a good budget form or create your own spreadsheet. Understanding your finances is one of the first steps you should take.
But I’m only 25 years old, why should I care about financial planning? Well, when you get a job again, and you will, check out your new employer’s 401k plan. If the company has a match for your contribution and you don’t take advantage of it, that’s like throwing money away. And, if you are going to throw away money toss it in my direction. Remember 401k contributions are before tax dollars. Do the math you can even put some money away and not even affect your take home dollars. Learn about your money.
You should seek advice from a competent financial advisor of your choice. Disclaimer & Legal
Vanguard: has lots
of information besides their mutual funds
Fidelity:
investment firm with plenty of information for the taking
AARP has good
information for everyone, not just 50 plus human beings: AARP Money and AARP Magazine Money and AARP Financial.
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Identity Theft
While we're talking about finances and money let’s talk about your identity and those people who would love to steal it. Open up your wallet, shake out your purse and take everything out and look at it. How many things have your name on it, your address, or information about who you are? What if you lost your wallet? Bummer man, that’s not what you wanted to think about? Now that you have everything out it is time to copy everything with your name and address on it. Copy everything, write it down, go to a copy place or if your printer will do it, copy the front and back and put a date on the inventory list and stick it in a save place. You stick something new in your wallet; add it to the inventory list.
If you lose your wallet, your purse, whatever you carry you ID in, or it is stolen or it disappears on its own what do you do?
1. Find that inventory list you made and start canceling. Cancel your debit cards, credit cards and ATM cards. Debit and credit cards can be used on the web without your PIN number. Do not wait to cancel your cards to see if someone is using them. You have two days to report your card stolen or you may end up being responsible for up to $500 in purchases on your card. You should be able to check your credit card purchases online. If anything is out of line, report it.
2. There are three credit-reporting agencies. Contact one of them and report your loss. The Law requires that one agency must inform the other two when a report is filed to the other two. A fraud alert will be placed at all three agencies. When a fraud report is made any creditors is required to follow specific procedures before they can extend credit in your name. The three agencies are: Equifax 1.800.525.6285; Experian 1.800.397.3742; and TransUnion 1.800.372.8391 or click on the Credit Report and check their sites for more information.
3. Call the your local police. You may have to go in to file a theft report. Take the time it is worth the effort. If any creditors question the validity of your theft you have the police report to show them. Now call the agent that sold you homeowners or renters insurance and see if your policy covers identity theft. You don’t have insurance? Call someone right now and get coverage.
4. Contact the Federal Trade Commission and fill out an identity theft affidavit. You will be able to make copies and send it to your creditors if anyone tries to open an account with your identity.
5. Now get rid of anything in your wallet that you do not really need to be carrying around. It will make your wallet thinner and lighter. Update your inventory list every time you add something to your wallet.
