Due to its importance, this week’s newsletter will start with the personal financial planning section.
Financial Planning/Investment Strategy Corner:
BEWARE – PHISHING SCAMS ARE OUT IN FORCE!!! It is my understanding that when you write in all caps, it means you are screaming. Just to be clear – I am screaming this! We have experienced and have had numerous reports from clients regarding sophisticated phishing emails and scams. I have had phishing emails sent to me that use other RSWA employees’ names in the message body trying to get me to click on a virus link – that is super sophisticated. We have also experienced visual graphics in emails that look extremely close to DocuSign, PayPal, and other legitimate companies, once again, trying to lure the user into clicking on a link. Sometimes the email address gives it away, sometimes it’s because we are not expecting anything from that company, but we are on heightened alert. We are way past the days of the poor English grammar Nigerian email phishers folks. My hunch is that criminals are figuring out how to use artificial intelligence for their nefarious schemes. SO, BEWARE AND BE VIGILENT! Trend Micro News
Turnabout is fair play, so here is ChatGPT’s recommendation for protecting yourself from phishing scams:
Protecting yourself from email phishing scams involves a combination of awareness, caution, and the use of security tools. Here are some effective strategies:
- Be Skeptical of Unsolicited Emails: If you receive an email from an unknown sender or one that seems unusual from a known source, proceed with caution.
- Check the Sender's Address: Phishing emails often use addresses that look similar to legitimate ones. Look for small discrepancies.
- Don’t Click on Links or Download Attachments: Hover over links to see the actual URL before clicking. If it looks suspicious, don’t click.
- Verify Requests for Sensitive Information: If an email asks for personal or financial information, contact the company directly using official channels to verify the request.
- Look for Red Flags: Poor grammar, urgent language, or generic greetings can indicate a phishing attempt.
- Use Two-Factor Authentication (2FA): Enable 2FA on your accounts for an extra layer of security.
- Keep Software Updated: Regularly update your operating system, browser, and security software to protect against vulnerabilities.
- Educate Yourself and Others: Stay informed about common phishing tactics and share this knowledge with friends or colleagues.
- Report Phishing Attempts: Report phishing emails to your email provider or the appropriate authorities to help combat these scams.
- Consider a Spam Filter: Use email services that offer robust spam filtering to help reduce the number of phishing emails you receive.
By combining these practices, you can significantly reduce your risk of falling victim to phishing scams.
Argentina’s Economic Experiment: This article is for economic nerds such as myself. The Argentine economy has been a basket case for decades. You could make a strong case that if you were in charge of a national economy, and did the opposite of Argentina over the years, you probably ended up doing very well. But the new economic libertarian President, Javier Milei, is scrapping many government regulations, tariffs, and price controls. Many of the new policies are creating upheaval for the citizens, but there are some wins. Inflation is dropping from nosebleed levels, and the removal of rent control policies has actually lowered rental costs by increasing the number of rental properties available. There will be a treasure trove of real-life economic data as Argentina moves from one of the most highly regulated economies to one of the most deregulated market-driven economies in the world. It wouldn’t surprise me if politicians start using the Argentina experiment results to bolster their policy arguments depending on the results. Argentina Scrapped Its Rent Controls. Now the Market Is Thriving. - WSJ
RSWA Happenings:
The New Portland Area Office is Open: Just a quick reminder that, as of today, we are operating in our new office at 82 Running Hill Road in South Portland. Over the next few weeks, we will be decorating and getting it presentable, but we think you’ll love the new space and the easy and free parking! (BTW, the Portsmouth office is still open and unaffected).
New Technology: We are also busy readying new technology which will result in clients needing to establish a password on a new client portal. All client documents on the current portal are saved at RSWA, but if clients want anything from the current portal before the switch next week, you should save it now. We can also provide you with any documents upon request. We think you will love the new technology but we appreciate your patience and understanding as we make the switch.
Quick Hits:
- It’s apple season! How healthy are they to eat? (Very healthy! 😊): NYT
- The value of NFL teams has skyrocketed. Bob Kraft bought the Patriots for $172 million in 1994 and they are now worth $7.9 billion. How much is your team worth? CNBC
- The exact hour you hit peak vacation and how to make that feeling last: WSJ
- New ways of thinking about the fall cleanup in your yard and garden: AP News
Do We Age in Waves? People assume that everyone ages gradually over time. But a growing body of research suggests that people age in waves and peak times of “aging” occur in the early 40s and around 60. At these ages, people were more likely to experience slowing metabolisms, an increase in disease, and an increase in aging biomarkers. Of course, it is very specific to each individual, and diet and exercise play a big role in aging. WSJ - Feeling Suddenly Older? Scientists See Aging ‘Waves’ at 44 and 60
Muir Woods National Monument: On a recent vacation to Northern California, I was able to fulfill a bucket list item and see the redwood trees at Muir Woods National Monument. It did not disappoint, and it was thrilling to see such magnificent trees. Many trees are over a thousand years old and over 250 feet high. The park is very well done with easily accessible trails near the biggest trees. If you have any interest in seeing them, I highly recommend a visit. Just be sure to secure a reservation if you plan on parking as they are limited. You can enter without a reservation by hiking, which is what we did - but it is a long and hilly hike and you are going to want plenty of time and water! Below is one of the many beautiful pictures we took that day. NPS – Muir Woods National Monument
Quote: “The clearest way into the Universe is through a forest wilderness.” John Muir
Thank you for reading RSWA Financial Advisor Insights! We welcome feedback, and please forward this to a friend! Be well, take care, and stay safe!
