Identity theft is when someone steals another individual’s personal information — such as a bank account, credit card or Social Security number — to buy goods and services. These steps can help you protect your identity and your money.

Keep your birth certificate and Social Security card in a safe place.
Keep your cell phone, driver’s license, checkbook and credit card in a safe place. Do not let friends borrow them.
Do not share personal information over e-mail or the Internet unless it is a Web site you know and trust.
Check your credit report at least once each year.

The USAA Educational Foundation publication, Identity Theft, offers more information.

Review Your Credit Report

When you begin saving and investing, you begin building a credit reputation. Your credit reputation is summarized in a credit report — a month-by-month record of your interactions with banks, credit card issuers and other financial institutions.

You can request a free credit report annually from any of the three credit reporting agencies. Review your credit report annually to ensure it is accurate and that no one has opened unauthorized accounts in your name. To request your free annual credit report, visit www.annualcreditreport.com or call one of the following agencies directly.

Credit Reporting Agencies

    Equifax
    (800) 685-1111

    Experian
    (888) 397-3742

    TransUnion
    (800) 888-4213

Manage Risk

Another important method of protecting your assets is with insurance. You should be familiar with the following basic forms of insurance and how they work.

Types Of Insurance
Auto Insurance	This is usually the first form of insurance you need. Premiums vary by state. Generally, auto insurance does not cover personal possessions that may be stolen from your vehicle. For that, you need property insurance, either a renters or homeowners policy. Most personal property will be covered by a renters or homeowners policy; however, some property, such as CD players and digital audio players, may be limited.
Property Insurance	When you have your own apartment or home, you need renters or homeowners insurance to protect your personal possessions if they are stolen or damaged. These policies may also pay damages if someone is injured on your property or through your negligence.
Health Insurance	This coverage protects your finances from health costs associated with an unexpected accident or major illness. Generally you are covered by your parent or guardian’s policy until age 23. When you become employed, take advantage of employer-sponsored/group employment benefits if they are available to you.
Life Insurance	You need life insurance as soon as a spouse, family member or other individual depends on your income. Even if you are single with no dependents, you should purchase enough life insurance to pay your debts and final expenses. Because premiums increase with age and declining health, you should generally purchase life insurance while you are young and in good health.
Disability Insurance	This form of insurance provides you with income if you are unable to work due to injury or illness. Many employers provide disability coverage, often at little or no cost to employees; however, coverage may be limited and benefits may be taxable. If your employer provides limited coverage, an individual plan can also be purchased to supplement your employer coverage.
Long-Term Care Insurance	Can help minimize the financial and emotional effects of a long-term health problem — such as Alzheimer’s disease, dementia or stroke — by paying for care if you become physically or mentally unable to provide for your own safety or well-being. It covers a variety of services to help you maintain your standard of living in your own home or in a nursing home.

The USAA Educational Foundation publication, Basic Insurance Coverages, offers more information.

Ready To Invest

To build wealth, you should put your money to work for you by investing wisely. As you begin investing, remember these important principles.

Stay out of debt.
Focus on your goals.
Think long term.
Diversify your investments.
Review your plan.

Investing wisely as part of a comprehensive financial plan can help you enjoy a secure and rewarding financial future.

Updated Thursday, March 25, 2010

HELPFUL FORMS & LISTS

Personal Budget Work Sheet