In the realm of personal finance, security is paramount. It's essential to assess how safe your financial data really is.
This Week In Your Finances: Verify and Validate
I've been closely following the dramatic unraveling of Ozy Media. It all started with a New York Times report revealing that an co-founder impersonated a YouTube executive during a Goldman Sachs conference call regarding a potential $40 million investment. This deception aimed to boost confidence in the viewership for Ozy’s flagship show, The Carlos Watson Show.
Fast forward a week, and in a surprising turn of events, Ozy’s notable figures, including Katty Kay and board chair Marc Lasry, resigned. By Friday, the company announced its intent to cease operations. Yet, in an appearance on Today, Watson insisted the company was still functional, claiming this would be “our Lazarus moment, our Tylenol moment,” referencing other notable comebacks. Quite the saga!
But what does this mean for your finances? While most of us might not be investing in startups, the notion of “trust but verify” has never been more relevant. With the ongoing trial of Theranos founder Elizabeth Holmes, the emergence of new meme stocks following GameStop, and ongoing scrutiny of Facebook's practices regarding user harm, it’s clearer than ever that we must take charge of our financial and personal data.
On that note, many have inquired about the next Finance Fixx class. We’re starting a new session on Monday, Oct. 11, with a few spots remaining. It’s a fantastic opportunity to get your financial questions addressed before the holiday season. I hope to see you there!
Your Data Is on the Line, Too
It’s not just about your money; your personal information is at stake. We often brush off the allure of free credit score offers. I’ve suggested several services that provide free scores, but it’s crucial to remember that these companies (like Credit Karma and Credit Sesame) may use your data to market products to you. Consumer Reports’ Lisa Gill highlights the need for caution. If you need a credit score, consider checking if your credit card offers one. Many do. Additionally, you have the right to visit annualcreditreport.com three times a year for a free report from each of the three credit bureaus. Should you spot any errors, report them immediately. Keep an eye on legislation like the Protecting Your Credit Score Act, introduced by Representative Josh Gottheimer (D-NJ), which aims to improve access to free credit scores.
Must-Listen Podcast Episode
Recently, we released an episode focused on financial abuse in our podcast. A staggering 99% of individuals in abusive relationships experience financial manipulation, as noted by our guest Katie Hood, CEO of the One Love Foundation.
“When you hear ‘abuse,’ you might think of physical or verbal forms,” shared HerMoney Producer Kathryn Tuggle. “Controlling a partner’s finances is a powerful method of keeping someone trapped.” Financial abuse can manifest in various ways, from restricting access to funds to sabotaging employment opportunities. Our guest Rebecca shared her journey and how she broke free. Listen to our discussion on identifying and addressing financial abuse, and consider sharing this episode with those who may benefit.
“Get Invested. Stay Invested.”
This past weekend, I participated in a panel at the Momentum 2021 conference at my alma mater, the University of Pennsylvania. Jamie Kramer from JP Morgan shared a mantra that resonated with me: “Get invested. Stay invested.” Her advice is especially relevant for women, who tend to hold 71% of our assets in cash, compared to 60% for men. History shows that investing and remaining committed is the best path to building lasting wealth.
