July 2021

“Are Your Passwords Secure?” Blog Post
Facts and Stats
Article – Should You Be Concerned About Inflation?

One of my favorite things to do on weekends is to spend the first part of the morning reading. I recently came across an interesting article discussing how thieves are using more sophisticated ways to access and steal your data and personal information. I was a bit shocked when I viewed the chart from Hive Systems detailing how long it takes a hacker to crack a password.

As you can see looking at the chart, using short and simple passwords provide very little protection against hackers who want to gain access to your accounts. The longer your password and the more types of characters used, the less likely they are to succeed.

If your passwords are weak, now would be an excellent time to update all of them. Put together a list of your passwords that list the website/account and store in a safe place. Do not use the same password for every account or website and do not store your passwords on your computer. You can also add an additional layer of security by using multi-factor authentication if it’s an option. The website you are logging into will send you a code by text message or email to obtain access.

And, be sure you tell a trusted contact where they can find this information in the event that you are unable to attend to your financial affairs due to illness or death. Your loved ones will appreciate your efforts if something should happen to you unexpectedly.

50% - Chance of a 10-year-old kid today living to be 104 years old (Barron’s)

32% - Percent of 401(k) participants that don’t know how many years their retirement savings might last (Charles Schwab)

5 seconds or less – Time it takes a hacker to crack a 6-character password (Hive Systems)

5 years – Time it takes a hacker to crack a 10-character password using a combination of numbers, upper- and lower-case letters, and symbols (Hive Systems)

$295,000 – Amount the average couple will need to cover medical expenses in retirement, excluding long-term care (Fidelity)

If you pay attention to financial news, you are probably seeing a lot of discussion about inflation, which has reared its head in the U.S. economy after being mostly dormant for the last decade. You have likely seen price increases in some of the goods and services you purchase, and if so, it’s natural to be concerned.

The larger question is whether these price increases are temporary, or whether they indicate a fundamental imbalance that could cause widespread long-term inflation and hold back economic growth. To read the article, click here.

I hope you enjoyed the newsletter. Please email me at cindy@fairtrustfinancial.com with any questions you have regarding planning for your future.  

Thank you! Cindy Turkington, CFP®, CDFA™ 

Mailing Address:855 Village Center Drive, #360 North Oaks, MN 55127

651-484-0701

cindy@fairtrustfinancial.com 

www.fairtrustfinancial.com

Quote:

“If in our daily life we can smile, if we can be peaceful and happy, not only we, but everyone will profit from it.”  - Thich Nhat Hanh, monk and peace activist