Psst... What's Your Password?

Too many people use insecure passwords
for their financial accounts.

I last wrote about computer passwords in January. 

While I don't hold myself out as a computer expert or software consultant, I am in a position to see how people use passwords for financial websites and it is scary.

"Don't let "Fido" be your only password."
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Password Advice from the Pros
Here's the password advice from the pros:

• Use long passwords
• Use passwords with digits and punctuation marks
• Use passwords with no recognizable words
• Use a different password for every website
• Change your password every 30 days

Who do these pros think that we are? What are they smoking?

The reality is many people have one very simple password that they use for everything. That's a bad practice, but one that's easy to change.

Software to the Rescue
I'm not a computer expert, but I know some software programs that can help you better manage your passwords. 

First of all, most Mac and Windows web browsers offer to memorize passwords for you. But the web browsers only work on one machine and aren't password protected.

There are dedicated password memorization programs. They provide one program that stores your passwords and secures them with one password, which you can make the most complicated password you can remember. These programs work on desktops, tablets and phones. (One caveat, no program works in the built-in browser on the iPhone, due to Apple's rules).

Popular dedicated password memorization programs include Dashlane, KeyPass, LastPass, Roboform and 1Password. Check them out, choose one and start using it. Don't let "Fido" be your only password.

People often say, "There has to be a better way..." Well, when it comes to protecting your passwords, there is.

About Bruce J. Berno, CFP^®
Bruce J. Berno, CFP^® is the founder of Berno Financial Management, Inc. a fee-only comprehensive personal financial planning and investment advisory firm headquartered in Cincinnati, Ohio. Since 1993, Berno Financial Management has been helping individuals and families achieve financial peace of mind. For more information about Berno Financial Management, visit http://www.bernofinmgt.com.