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Here is why you should use a password manager for your internet accounts

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Using the same password for everything from Netflix to your bank account makes you an easy target for hackers. That’s why password protection is so important for you and the people around you.

Trying to remember which password is assigned to which account can be frustrating. I don’t want to carry the list around, so saving it to my laptop or PC is not a good idea. So what is the correct answer?

Local 4 spoke to several financial experts who say online password managers are the best.

Richard Kahler, a certified financial planner and CEO of Kahler Financial Group, says he has little choice but to take password protection to a new and better level.

“I think I counted once. I have 1,000 different passwords. Writing it down on paper is just a disaster, especially if someone dies,” Kahler explained.

There are many password managers to choose from, and different companies serve different types of online users.

Some password manager services are free, but many charge a subscription fee.

Planning Alternatives CEO and Certified Financial Planner Nathan Mersereau says it’s worth the money for you and your family.

“Many people have information stored in their heads or in a special place, but they don’t share it with their families. So if something happens to them, it’s health-related. That event, even the final death, puts the family in a very difficult position,” he said.

Password managers work in different ways. Some are device-specific, while others store information in the cloud.

We recommend that you take the time to research the different types and decide which option is best for you.

Certified financial planner and CEO of Cultivate Financial Wellness, Julie Quick, says she’s a huge proponent of password managers.

“It can be a great way to store passwords, generate unique passwords for each site, and more importantly share them with people you trust,” she explains.

Especially when it comes to older people, it’s important to have someone you trust who knows where to find all that information, especially in case of an emergency.

“Whether it’s your spouse or the person managing your finances on your behalf, by appointing that person right away, if you need to step in and manage your finances, they’ll be able to make things easier for them.” It could be a lot easier,” Quick says.

Julie Quick tells you not to put your banking details into an online password manager because anything online can be hacked.

Copyright 2022 by WDIV ClickOnDetroit – All rights reserved.

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