Massive Hack Puts You at Risk — Act Now!

In this video, Kevin Lum, CFP®, discusses a recent data breach that exposed 2.9 billion records, including sensitive information like social security numbers. He explains the potential risks and impacts of this breach and provides practical steps for protecting oneself from identity theft.

Key measures include setting up a 'mySocial Security' account, obtaining an IRS IP pin, credit freezes, and fraud alerts. Additionally, Kevin emphasizes the importance of ongoing vigilance in safeguarding personal data in today's digital age.

00:00 Introduction
00:59 Details of the Recent National Public Data Breach
01:59 How to Check if Your Data Was Leaked
02:43 Protecting Your Social Security Information
05:16 Preventing Tax Refund Theft
07:19 Freezing Your Credit and Fraud Alerts
10:07 Conclusion and Final Thoughts

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*ABOUT ME*

I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission — pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money — so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!

📅 *THE BASICS OF RETIREMENT PLANNING*

Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.

Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.

Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.

Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund — especially if you have an employer retirement plan that matches any portion of your contributions.

Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.

Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.

❣ *SPONSORED* No, this video was not sponsored.

⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome

[foundryfinancial]

Has anyone been a part of these big hacks?

[bigdougscommentary]

Companies that allow a data hack, should provide LIFETIME credit monitoring, not just a COUPLE of years.

[km-bozx]

Why is it our responsibility to take action for other corporations carelessness? Why don’t the three agencies put a fraud alert (if not a freeze) in place on everyone’s data? We should not have to ask for “extra” security on our data!

[Bryan-yqpz]

The biggest problem is that the SS number should NOT be used as a form of ID. That is the problem right there. Forbid institutions from asking for it and problem solved.

[EducatedExtinction]

Providing SSNs to data brokers should be a felony.

[dgriffin]

No companies should be allowed to store sensitive, valuable data unless they can GUARANTEE it cannot be accessed by those not authorized. National Public Data should be sued out of existence!

[GeneralTso-xq]

By default, all three credit reports should be frozen/locked. It's as if they want our identity stolen.

[Ken-Nelson]

Freezing and unfreezing was easy. I froze the accounts years ago since I was living overseas. When we came back, I wanted a loan for a car. For at least one of the credit agencies, I was able to select the dates to unfreeze the account and to re-freeze the account during the same log-in. The biggest hang-up for the entire process was trying to remember the passwords that I set up years ago....

[Wonkaforever]

Why can’t we do a class action lawsuit against national public data?

[russelbrown]

Going from paper records to digital records has reduced the security of your private information in such a dramatic level that it makes no sense to continue with that direction.

[marioahu]

Why are we held accountable? It should be the business that allowed the theft.

[zeke]

Medical providers always want your SS number. I ask them “ why, are you going to pay my taxes?”

[TheThisisliving]

Who ever leaked the information is responsible for any and all damages. Any credit card company that gives people access to my account is now responsible for all damages. If I personally did not open the account, then the company that opened the account is responsible. Anything else is a scam by the credit card company.

[rtcurtis]

I have had IRS PIN a few years. IRS has never automatically issued the new, annual PIN. So, before filing taxes, be sure to log on to the IRS site and follow the steps to get a new, annual PIN.

[NWP]

I was notified that I was part of that breach just this morning.

[jp]

Corporations, govt agencies, etc. can "leak" & "mishandle" our data & not be held responsible but We are on the hook, get the hassle & responsibility of cleaning up their mess?

[RyanK-]

I am glad Youtube suggested this video. This guy is fantastic. Clear and succinct and covers all the bases.

[la]

This video is better than any of the advice I have seen on the news. The only thing they say is to freeze your credit. Very good info.

[phuongha]

The froze all three credit report for a few years but when I went to check one of the credit agency was unfrozen. I had to register again to have it frozen again. So check all three accounts every year.

[carolb]

I placed a freeze on my credit 20 years ago and have had NO regrets!