Finance Lessons from Runners?! by Rachael Chihak* (Guest contributor)

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Can we really learn finance tips from runners?  This Video clip from ABC News says that maybe we can. The key to understanding this concept is to think like a runner thinks.  They set goals (and achieve them), they have low stress (because they exercise), they have discipline, and they think about the finish line. 

Like runners, we must decide our goals and values in order to save money and be financially stable. Whether it be saving for a trip or paying off a credit card, we need to set financial goals for ourselves and achieve them.  Like runners, we need to exercise control of our financial situations, and be less stressed about our finances.  We need the runner’s discipline. Lastly, we need to think about the finish line, the ultimate thing want to achieve.

Although it seems farfetched, we really can learn from runners. We need the same mindset as a runner, set goals and achieve them through exercise and discipline. 

READERS, what do you think?

Can you think of one short-term goal you want to set?

What about a long-term goal?

*Rachael Chihak is an undergraduate student with UK Department of Family Sciences

Reference:

ABC News.  (2012, September, 13). What Runners Can Teach You About Saving Money. [Video File].  ABC. Retrieved from http://abcnews.go.com/Business/video/runners-teach-saving-money-17230029

 

Video Post: "Social Networking Creates Privacy Concerns"

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This newscast discusses some of ways that over sharing online can be hazardous to your financial health, and even your safety.

Status updates and the "Check-in" craze often lead to people posted up-to-the-minute details about where they are during the day. If one of your "friends" or "followers" sees that you are at the library, the mall, or the movies, then they know that you are definitely not at home guarding your stuff. You may think this warning is unnecessary because your friends would (ideally) never rob you, but what about a friend of a friend? Or a stranger posing as a friend?

As mentioned in the news clip, posting your birth date and location may lead to someone finding out your Social Security number. How? Social Security numbers were randomized only recently. The vast majority of numbers were given based on a system of where and when you were born. So, someone with enough know-how could take your birth date and your hometown (since many people stay in the same town they were born) and figure out your number. Your Social Security number is a scammer's ticket to credit cards and loans in your name. 

READERS, what do you think?  

Why do people give out their address, birth date, and other information online?

References

Fact Sheet 35: Social networking privacy: How to be safe, secure, and social. (2012, August). Privacy Rights Clearinghouse. Retrieved September 11, 2012, from https://www.privacyrights.org/social-networking-privacy#public

WMTM Portland ME. (2012, November 11). Social networking creates privacy concerns. [Video file]. Retrieved October 1, 2012, from http://www.bing.com/videos/watch/video/social-networking-creates-privacy-concerns/1d0xhujd9

Teens are Common Victims of Identity Theft by Courtney McGohan* (Guest author)

Envision living your life day-to-day, carefree. Spending time on Facebook, Twitter, and Xbox. Sharing your email address, birthday or even your pets name over these sources. Meanwhile, a stranger is taking this information and using it to hack into your accounts and steal your identity. Young adults tend to not understand how very real this threat is and how detrimental identity theft can be to a persons’ future.

Identity theft is becoming more and more common is today’s society due to the Internet and its social networking sites. The information shared over theses sites can be used to steal a person’s identity and our young adults are at a serious risk. According to the Federal Trade Commission, teenagers make up 31% of identity theft cases each year. This is due to the lack of understanding kids have on the issue of identity theft. It is difficult to be aware of teen identity theft because of the fact that they may not have credit cards or a driver’s license. Many teens do not find out they have had their identity stolen until they finally apply for their first credit card, and they are already thousands of dollars in debt. This, in turn, causes difficulty getting student loans or even jobs. Parents need to educate their teens about identity theft, and guide them through their early financial endeavors and teach them how to behave while online.

With today’s society being so involved with social media sites, it is imperative that today’s teens know the result of careless actions on the Internet. Banks and credit unions offer information on how to prevent identity theft from happening.  Remember: You are not immune to identity theft just because you are young or without your own assets. Teens like you are the perfect blank slates for con artists. Be on your guard, and protect your full name, address, birth date, and Social Security number at all times.

READERS, what do you think?

Do you take measures to ensure your identity is not stolen? If so, how?

Are you aware which sites to use that are deemed “safe”?

*Courtney McGohan is an undergraduate student with UK Department of Family Sciences

References

Gustke, C. (2012, September 19). Four ways to protect your teen from identity theft. Retrieved from http://www.foxbusiness.com/personal-finance/2012/09/18/four-ways-to-protect-your-teen-from-identity-theft/

Social Networking: How Much Are You Sharing?

Students like you are plugged into their social networks more than ever, and probably have a lot of fun with it. However, there are people using your online accounts to digitally gathering up your personal information. Part of being a responsible consumer is knowing that companies, hackers, and other unsavory types are watching you and your profile.

When you are on a social networking site, you share (whether you want to or not) the following:

• Your photos
• Your age and gender
• You biographical information, like were you go to school, where you work, and where you live
• Status updates and posts
• Your friends and other contacts
• What you like to read, buy, and do for fun
• Where you are RIGHT NOW!

Social media sites get all this information legally and really easily. Other people can find all this out, too. "Public" posts can be found and used by anyone. Most networking sites allow you to post some things as "private" and make your profile accessible to only your friends. But there is a limit on what you can make private. Some groups can still view your full profile by filing third-party applications with sites.

There are a lot of people who want your information. Advertisers want it to better target their ads toward your interests. Third-party software developers want to use your profile to personalize apps. Scammers could use your online information to steal your identity, or implant malware on your (or a friend's) computer.

To protect yourself from those looking to get too much information about you, try some of these methods:

• Be aware of your social network's privacy policy and when and if it changes.
• DO NOT EVER post your address, phone number, email address, or birth date!
• Delete your server's "cookies" after you leave a social networking site. This helps to prevent electronic tracking of what sites you visit.
• Be careful of what you post online. If you don't want your future boss to see it, then it shouldn't go on your profile.

READERS, what do you think? 

 Do the benefits of social networking (building professional connections, getting discounts, etc.) outweigh the risks? 

Do you plan to change how much you share online?

Reference

Fact Sheet 35: Social Networking Privacy: How to be Safe, Secure, and Social. (2012, August). Privacy Rights Clearinghouse. Retrieved September 11, 2012, from https://www.privacyrights.org/social-networking-privacy#public.