Simple steps to protect your savings

Simple steps to protect your savings
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    OK, listen. It's time to have the talk. Yes, it's awkward. It's uncomfortable. It's embarrassing. But if you survived having the talk about birds and the bees with your parents, or with your own children back in the day, then you can survive having a talk with them now about money. And if you don't have that talk now, there may not be anything to talk about later. Because your money may be gone. Unfortunately, for people with MCI, it is all to common to lose a significant part or even all of their savings, and yet this is entirely preventable. Hi, I'm Tony Dearing of GoCogno.com, the website for people with mild cognitive impairment. If you watch these videos I do on brain health every week, you know that I am not alarmist. I prefer a gentle approach, offering hope and encouragement. But if there is one topic where it might benefit you to be grabbed by the lapels, it would be financial management. Here's the reality. When people begin to experience cognitive decline, the ability to manage money is one of the first skills to go. That leaves people with MCI vulnerable not only to scams, but to any other number of other financial missteps that can wipe their savings out. I have a colleague who's father was a graduate of the Yale Law School and was a brilliant corporate attorney who amassed a personal fortune. At some point, my colleague realized that something was not quite right with dad. But he didn't intervene and his dad didn't say anything. He just waited and worried and worried and waited and by the time they finally addressed it, his dad's savings was completely gone. They never figured out where it went. It had just vanished. His dad had more to lose than most people, but everybody has a stake in protecting whatever net worth they've got. And it's actually pretty easy to do. All it requires is putting a few, simple safeguards in place. And with some of the news apps that are available today, when I say simple, I mean really simple. I saw a great piece recently on the website Considerable.com that recommended a variety of money management apps that can be ideal for people with MCI. Here are just three of them, mostly created by people whose own families went through this, and they wanted to help other people to protect themselves from experiencing it too. For Howard Tischler, it was discovering that a scammer had sold his mother an $80 a month auto club membership, when she didn't own a car. His answer was EverSafe, and app that monitors purchase and credit card info for questionable activity. For Evin Ollinger, it was discovering his father had gone three months without making a mortgage payment. His innovation was Golden, an app that monitors bank accounts and pays bills. Another common problem for people with MCI can be impulsive purchases. A package may arrive on the front steps and the person doesn't even remember buying it. For that, one answer can be True Link, a reloadable Visa card that allows you to set spending limits and stay within them. The idea is to put things like this in place like this early, before any problem actually arises. The person with MCI still retains control over their own finances and makes their own decisions about spending, but working with a family member or a trusted friend, to establish some checks and balances, and a second set of eyes to spot anything that doesn't look quite right. Really, it's a conversation worth having, to keep your money safe. If you would like to know more about this, I'm including a link to the Considerable.com article below this video. I've also put together this financial security tip sheet that shows you 10 ways to further protecting your life savings. Just email me at tonydearing@gocogno.com and I'll be glad to send it to you. I hope you found this helpful and I look forward to seeing you again next week. Until then, as always, be kind to your mind.
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