Using the same passwords makes you a target for hackers

If you use the same password for everything, from Netflix to your bank account, you are a prime target for hackers. That’s why password protection is so important for you and those around you.

It can be frustrating to try and remember which password goes to which account. You don’t want to carry a list with you and storing them on a laptop or PC isn’t a good idea. So what is the right answer?

Local 4 spoke to several financial experts who say an online password manager is the way to go.

Richard Kahler, a Certified Financial Planner and CEO of Kahler Financial Group, says there is little choice but to take your password protection to a new and better level.

“I think I counted up one time, I have 1,000 different passwords and keeping that on paper is just a disaster, especially when someone passes away,” Kahler explained.

There are many password managers to choose from, differing companies offer services for different types of online users.

Some password manager services are free, but there are many companies that charge subscription fees.

Planning Alternatives CEO and Certified Financial Planner, Nathan Mersereau, says it’s well worth the expense for you and your family.

“A lot of people have information that they store in their head, or in their special location, but they haven’t shared it with their family members. So if something were to happen to them, either health-related or any event of eventual passing, that puts the family in a very challenging position,” he said.

The password managers work in different ways, some are device-specific and others store your information in the cloud.

It’s best to spend some time researching the different types to figure out which option is best for you.