2024 Newsletter — Volume 1

Protect yourself from phishing attempts

Phishing is a cybercrime in which an individual receives a form of digital communication designed to influence that individual to reveal confidential information.

How can you protect yourself from phishing attempts?¹

1. Use multi-factor authentication: This requires you to enter an additional code or password when logging into your accounts.
2. Use security software: This will block scammers from accessing your device.
3. Remain cautious: Locate the official contact information of the organization contacting you and reach out to confirm whether the message you received is legit.

How can you report phishing scams?¹

If you do not recognize a message you received, do not reply or click any links within the message.

• If you receive a suspicious email, your email provider should have an option to report the phishing. Or you can forward any phishing emails to the Anti-Phishing Working Group.
• If you receive a suspicious text, you can forward it to SPAM (7726).
• If you are ever a victim of a phishing scam related to your financial accounts, be sure to contact your financial institution to alert them.
• Finally, you can also report the phishing attempt to the FTC.

Tax season: How do tax brackets work?

Tax brackets may be a financial topic that you know just enough about but don’t exactly understand how they affect your taxes. Here are the basics.

What is a tax bracket?²

A tax bracket refers to a range of income subject to a certain tax rate. It consists of multiple tiers, where different ranges of income are taxed at different rates.

How do I know my tax bracket?²

Tax brackets vary based on your filing status. In addition, brackets are updated annually to reflect changes in inflation, wage growth and any other economic factors. Visit the IRS website for more details.

Why does it matter?²

Knowing your tax bracket can matter for a couple of reasons:

• It can help you to better understand your marginal tax rate. This is the percentage of additional tax that you’ll pay on your next dollar of income.
• While tax tables tell you how much tax you owe, your tax bracket can help give you a more detailed picture of your taxes. This knowledge is valuable in guiding decision-making, especially since many financial choices involve assessing the "after-tax" impact.

Five simple tips to eliminate debt

Getting out of debt can seem like an uphill battle; though taking control of your finances is possible when you have the right tools. Here are five tips that you can use on your journey of paying down debt³.

1. Address debts with the highest interest rates first — Start by paying off the debt with the highest interest rate first to minimize how much interest is paid over the long term.
2. Try to lower the interest rates — Call the credit card issuer and ask them to lower their interest rate due to your excellent payment history.
3. Reduce spending — When you're trying to eliminate debt, every dollar counts. Consider ways to lower your spending in your everyday life. This would be a great time to create a budget!
4. Improve your credit score — Those with higher credit scores are often viewed as more qualified borrowers resulting in better interest rates.
5. Build an emergency fund — Setting up an emergency fund can help you avoid taking on more debt in the future to cover unexpected expenses.

Watch this short video to learn more about managing debt.