2018: How to Start the New Year as a Smart Investor
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What is the main topic discussed in this episode?
This is Your Money Matters from The Wall Street Journal. Welcome to Your Money Matters.
I'm J.R. Whalen in New York. But we all know keeping them, that's the difficult part.
How do New Year resolutions relate to financial health and timing?
Exactly. That is a difficult part because there are so many distractions out there. And so you may have these great intentions on January 1st or maybe you do them December 31st of the prior year, whenever you do them. You have these great intentions, but then life gets in the way. And so it can get a little messy sometimes.
And you spoke to somebody who said, nailed down a resolution in the first week of the year, especially when it comes to your finances.
Exactly. Because that way you've really no excuse at that point. Hopefully you're not super busy again. You're still getting back into the work mode. And then you've got a time. You've got some time just to pick one thing to do and just get it done. Get it out of the way.
Why is protecting your personal data the top financial resolution for 2018?
You know, we should all be smart with money. But one of the things you point out is the most important resolution for financial health is to protect our data.
Right, because as you recall, in 2017, the Equifax data breach, that affected probably about 143 million U.S. consumers, got their personal identity or personal data compromised, potentially. And so we're expecting to hear more about people getting their credit stolen today. in 2018, sometimes even potentially their tax return information stolen in 2018. So you really want to be on top of your data. One of the ways to do that, first of all, if you haven't already, is go to annualcreditreport.com to get a free copy of your credit report. See if there's anything fishy on there. If you don't recognize it, call your credit card companies right away. Talk to the credit reporting firms such as Equifax, Experian, TransUnion.
Innovis is another small one.
How can I check my credit report and spot suspicious activity?
And make sure everything's okay. If it's not okay, report it right away to them. You can even report it to the Federal Trade Commission or also your state's attorney general's office. If you want to take it further, and I do recommend doing this, I've done this myself, is do a credit freeze. Basically what that means is no one can open a credit card or a loan in your name. The downfall is you can't do so either unless you unfreeze your credit. And unfreezing your credit can take a bit of effort, not a ton of effort usually, but it may take a few days or so. So if you're going to freeze your credit, do it after you get that new credit card if you're planning to get a new credit card in 2018.
And as far as the data breaches are concerned, it seems that no matter how well the banks and the credit companies and the department stores try to protect and encrypt data, The bad guys are really in line with or one step behind them. It's like a game of cat and mouse.
They really are. The hackers are very, very sophisticated and they are watching. And so that's why you as a consumer have to be careful. checking your credit card statement online, checking your bank account statement online. It's sort of annoying to do it so often, but I would do it.
What is a credit freeze and when should I use it?
I do it myself. Just because the sooner you catch fraudulent charges, the better off you are. Also, sometimes there's a limit on disputing some fraudulent charges. If there's illegal withdrawals out of your checking account, for example, you want to catch that right away. That way you can... Report that to the bank and the bank can reimburse you because if you report it too late, they may not fully reimburse you.
And in 2017, the Dow hit a record level on more than 70 occasions. And that might embolden some investors. But the advice for 2018 is to be cautious when considering buying stocks and other investments.
Right. People are feeling really good right now, especially if they are invested in the tech stocks like Facebook and Apple. and you're hearing a lot of buzz like, oh, you know, this market is so hot. You know, some people are skeptical, and that skepticism is healthy, and that's a good thing. You know, things aren't always going to go straight up.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:02–0:38
2
How do New Year resolutions relate to financial health and timing?
0:38–1:17
3
Why is protecting your personal data the top financial resolution for 2018?
1:17–2:17
4
How can I check my credit report and spot suspicious activity?
2:17–3:31
5
What is a credit freeze and when should I use it?
3:31–4:28
6
How often should I monitor accounts to catch fraud early?
4:28–6:14
7
What investment caution should investors take after 2017's market gains?
6:14–8:42
8
How can consumers evaluate financial advisors and the fees they charge?
8:42–9:04
Speakers
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