March 28, 2024
protect your wallet


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As we age, it's essential to safeguard our finances from potential threats, like our family, friends, strangers, and yes, now the internet!

We already know this, don’t we?

But the craziest hacks they have these days are catching all of us off guard. 

Things like, “We have a package to deliver and can’t find your address. Click here.” or “Your home title has been changed, click here.”

When we get unsolicited emails or texts now, we have to first check if there is fraud going on in the "Google World of Search" and then go straight to the source instead of clicking on the button in the email. 

Always delete and report junk if you have this option. 

Yes, financial management can sometimes be daunting. However, with the right knowledge and strategies in place, it's possible to protect assets and prevent financial pitfalls. Here are some tips for you seniors and you caregivers to safeguard finances and make informed decisions:

Stay Informed: Knowledge is power. Keeping up-to-date with the latest fraud schemes gives you a chance to avoid a hack. Caregivers? You need to know who is in charge of your parent's finances at all times. Just in case, there is an emergency, you need to have this information so you can talk with this person. And someone has to keep an eye on the balance!  I’ve lost count of how many people were robbed by family, professionals, and strangers.

Be Cautious of Unsolicited Offers: As I said above, be cautious of unsolicited phone calls, emails, or mail promising too-good-to-be-true deals or requesting personal information. Scammers often use these tactics to obtain sensitive financial information. Verify the legitimacy of any offers or requests by searching first for current frauds and then going directly to the source, like your own personal bank or store you bought from. 

Guard Personal Information: Never share sensitive information such as social security numbers, bank account details, or passwords with anyone unless they trust the recipient and have verified their identity. If someone asks me for personal information, I will tell them I’ll call back to the institution whose telephone number I have and ask about this. This way, I know I’m talking to the institution.

Monitor Accounts Regularly: This is a no-brainer. Everyone should be reconciling their accounts every month, including credit cards. I recently got a notice that one account had been hacked and personal information had been released. The account offered a 2-year protection service to monitor all my accounts free of charge. This is an offer you should look into. And be quick about it. The offers are usually good for only 1-2 months. 

Set up Alerts: Many financial institutions offer account monitoring services that allow us to set up alerts for unusual activity or transactions exceeding a certain amount. These alerts can provide an additional layer of security by notifying seniors and caregivers of potentially fraudulent activity in real time. Let’s face it…we will all be hacked at one time or another. Do you know the common phrase in boating? “If you have grounded a boat yet, you haven’t been boating long enough.”  Well, the same goes for internet information. Time will promise you this. 

Limit Access to Financial Accounts: In the Senior Freedom Club, we highly recommend all our members have TWO people monitor the accounts. This can be a trusted professional and another family member or TWO family members. But one must check and balance the other one. Again, lost count of how many seniors have left their money to one family member, and Poof! It’s gone!

Create a Will and Estate Plan: You have to have a will.  Again, the reality is…it costs more to die than to be born. So let’s pass the money to our loved ones instead of the government. If you want to give to a cause state that in a will. Probate courts are overloaded with cases and it can take years to get it all figured out. You don’t want to leave the headaches to others. See the Senior Freedom Club for the scams estate attorneys are now using to get more money out of the estate and into their own pockets. 

OK. I think I’ve made the point…implement and protect your finances and you won’t be sorry someday. It’s the life we live and the internet as well as our families are here to stay. 

The Senior Freedom Club™

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The most comprehensive membership, for validating, planning, and implementing your healthy, organized, and balanced life. The Senior Freedom Club™ not only shows seniors exactly how to age like a Super Ager, but how to help family caregivers enjoy a healthy and balanced stress-free life while caring for their seniors. 

  •  Nail down your health journey
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  • About the Author

    Hi, I'm Suzanne. My passion is creating working knowledge to well-informed, well-prepared seniors and their families so they may enjoy the later years with health, wealth, and happiness, I've helped over 10,000 patients, seniors and their famlies like yourselves do just that through my courses, eBooks, the Senior Freedom Club™, and in my physician assistant medical practice.


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