Dads Daughters and Dollars

8 Steps To Take After Your Phone Gets Lost or Stolen

1. Call Your Phone

It’s possible that you simply misplaced your phone. Call your number and send a text. If the phone is within reach, you will hear it. Or if you misplaced it, someone may answer.

2. Log On To Find My Phone on iPhone or Find My Device on Google

For an Android phone, use Google’s Find My Device. For an iPhone, go to Find My iPhone. Use those services to send a sound to the phone, display a message on the lock screen or erase the data on your phone.

3. Notify Your Service Provider

You want to inform your carrier of the loss. It can suspend your service until you locate your phone or buy a new one. Your carrier can also prevent the phone from being used on its network and mark the phone as unusable, even with a new SIM card. 

4. File a Report With the Police

Why? In case the phone is used for illegal activity or if you incur fraudulent charges or identity theft.

6. Change Your Passwords

If a thief has your phone, that person can potentially gain access to all of your personal information, including your passwords and security questions for the websites you visit. Change all of your passwords and security questions.

7. Contact Your Bank, Credit Card Companies and Other Financial Institutions

Notify all major financial and other important agencies of the loss so that they are aware your accounts are in danger. You can ask the bank and credit card companies to issue new cards.

8. Think About Insurance

If you have coverage for your phone, contact the insurance company. Contact your cell provider and see if it covers any of the replacement costs. If you use a credit card to pay your monthly phone bill, contact the issuer. Some offer replacement coverage at no cost to you.

https://clark.com/credit-cards/credit-cards-free-cell-phone-protection/

35 companies. Usually there is a $50 deductible then they cover between $500 to $800 for a new phone. 

4 Steps To Take Before Your Phone Gets Lost or Stolen

1. Make a List of Important Information

For a cell phone, log the place and date of purchase, the amount of the purchase, the make and model of the phone, the serial number and the IMEI (International Mobile Equipment Identity) or MEID (Mobile Equipment Identifier) number. 

2. Set Strong Security Settings

Using a password plus biometric authentication is best. Biometric authentication is when you use your fingerprint, facial or voice recognition to log in to your phone. Also, use a strong password. If your phone allows it, skip the 4-digit PIN and instead choose a password that is at least eight characters long and contains a combination of letters, numbers and symbols. Both Apple and Android phones will lock you out after so many failed login attempts. An iPhone will disable for 1 minute after six failed passcode attempts in a row. The seventh incorrect passcode attempt will lock you out for 5 minutes, the eighth attempt for 15, and the tenth for an hour.

3. Enable Find My Phone

When this setting is enabled, you can use a computer or other device to locate your phone if it turns up missing. For it to work, the phone must be turned on and connected to Wi-Fi or cellular. It can also report the last known location that was logged as long as you have location tracking turned on.You can also choose to share your location with friends and family and locate your device even when it is offline.

4. Backup Your Phone

When you set up a new phone, you will be prompted to enable backup. Apple uses iCloud and Android uses Google Drive. Follow the prompts to enable the backup feature. 

The idea for this show came from a Great Clark Howard article. Many thanks to him . https://clark.com/cell-phones/phone-is-lost-or-stolen/?utm_source=Clark.com&utm_campaign=d558eb8ef4-EMAIL_CAMPAIGN_2023_03_28_05_53&utm_medium=email&utm_term=0_-d558eb8ef4-%5BLIST_EMAIL_ID%5D

In this episode, we discuss apps that can help you regain your time and focus, making you a better consumer, better investor and benefitting your mental health. 

Globally, we spend 6 hours and 58 minutes each day on our smartphones. Americans spent an average of 7 hours and 4 minutes each day. Annually that means we spend about 106 days every year looking down at our phones. You read that right, 106 days. Mental health experts say we should not be spending less than 2 hours a day on our smartphones. 

Here is the app we discussed at length in this episode. Opal. https://www.opal.so/

Also here is the study from the finance professor at Indiana University regarding the impact of mobile trading apps on investor behavior. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3765652.  You can open the PDF at the bottom of the page. 

In this episode we discuss what dual enrollment is and how it can save you plenty of money over your college career. We share our personal experience with our daughter Katelyn and her taking college classes during the summer to graduate on time. We welcome back our guest host Deanne, my wife and she shares what planning for college was like. 

Dual enrollment allows high school students to take college classes while they are still enrolled in high school. These classes count for both high school and college credit. High school students who complete dual enrollment classes generally take fewer classes in college and save money on total college costs. 48 States and the District of Columbia have dual enrollment classes.

How Dual Enrollment Works

1)Requirements vary by state, but students typically must be a junior or senior and must maintain a minimum GPA, like 3.0

2)Classes are usually introductory college subjects like Humanities, English, Math, Social Studies and Science.

3)If the student passes the class, (Usually means you must pass with a C or better) it will count for both high school and college credit.

4) Most dual enrollment classes are taken at the student’s high school, online or at your local community college.

Cons

There is no guarantee that the college you attend will accept your dual enrollment credits.  An in-state public college is more likely to accept dual credit than out-of-state public colleges or private colleges. Students should research their options and meet with their school counselor before enrolling in a dual enrollment class.

A dual credit class will likely be more difficult than a similar high school class.

You have to find a way to get to and from the dual enrollment classes you’re taking. Or make sue it is at your HS or online. 

Your school might not have a dual credit program. In that case explore taking community college classes online that will be accepted at your list of potential colleges. 

Pros

In 26 states, dual enrollment tuition is free to students through public funding, while in 12 other states parents pay.

Families who have to pay for dual-enrollment credits may use a 529 plan to cover tuition costs.

Dual enrollment courses can cost up to $400. Significantly cheaper than the actual course in most colleges.

Advanced Placement (AP) classes which usually count for a college class typically last for a full school year for one class. In the same time it takes to take a single AP class, a student could take two dual enrollment (or college) classes.

Also consider the fact that if you take enough dual credit classes to graduate from college a semester early, besides tuition you will also save on room and board costs. This will help reduce the amount you’ll have to borrow in student loans.

Recommendation-Pick 8-10 colleges you'd like to consider by the end of sophomore year in HS. See which ones will accept core classes from your community college. Take either dual enrollment classes at your HS. 

We are lucky to have as my guest host this week my wife Deanne. She joins the show as we head into tax season to talk about ways to reduce your taxes. The first half of the show is about personal deductions and the 2nd half of the show is about Business deductions should you have a business or side hustle. Enjoy!

Reducing Personal Taxes

 1)Contribute to a Retirement Account

2)Open a Health Savings Account  (HSA)

4)Contribute to a 529 Plan

6)Adjust Your Basis for Selling Your House  

Reducing Business Taxes

1)Use Your Side Hustle to Claim Business Deductions

2)Claim a Home Office Deduction

3)Write Off Business Travel Expenses, Even While on Vacation

4)Deduct Half of Your Self-Employment Taxes

Links to other shows referred to in this Episode

https://www.dadsdaughtersanddollars.com/podcast-financial-independence/episode/3cb36dd1/ep515-travel-hacking-my-way-to-greece-part-1

https://www.dadsdaughtersanddollars.com/podcast-financial-independence/episode/1b3edbc0/ep516-travel-hacking-my-way-to-greece-part-2

https://www.dadsdaughtersanddollars.com/podcast-financial-independence/episode/d1e7e7a3/ep508-dont-be-scared-of-the-irs-my-story

In this episode we discuss all the free things available at your local library. They include free e-books, free movies, free TV shows, free documentaries, free music, free newspapers, free magazines, free audiobooks, free comics, free foreign language instruction, free podcasts, free online learning, free culture passes, free tutors, free resume help, free job resource help and free tools. This is worldwide. Check with your individual library to see what they offer. 

Here are services discussed-Hoopla, Kanopy, Freegal Music, Press Reader, Libby App, Mango, Transparent Language Online, Universal Class and Free Tool Library. Search the web in your part of the world to see what is offered with each of these services. And if you want to make the world a better place check out the Human Library. https://humanlibrary.org/

In this episode we discuss the Pros and Cons of House Hacking. 

Pros

1-Build equity in your house

2-Live rent free or close to rent free

3-House hacking can also help you qualify for low-down-payment loans reserved for primary residences.

4-You can use the profits to grow your investment portfolio

Cons

1)PMI (Private Mortgage insurance) for those putting down less than 20%. 

2)House hacks can sometimes be tricky to get out of. If you wanted to sell the home, for example, you might have to wait until every tenant left — and with leases staggered out, that could mean a few months with very little income coming in.

3)Your home may have more wear and tear.

4)You'll have roommates/housemates and less privacy.

5)You'll have to manage the property and tenants.

6)Owner occupied means you have to live there a year to get a good interest rate and low down payment .

We also discuss Rent Hacking for those unable to get an affordable house and down payment. Enjoy. 

In this episode Katelyn and I discuss figuring your debt to income ratio (see calculators below) and two ways to pay off debt. The first is the Debt Snowball (created by Dave Ramsey) and the second is the Debt Avalanche. I believe the most reliable way to eliminate debt is to avoid spending beyond your means, and paying your bills in full and on time each month. Discipline is exchanging short term pleasure for long term respect. Good Luck getting debt free!!

 https://www.bankrate.com/mortgages/ratio-debt-calculator/

https://www.nerdwallet.com/article/loans/personal-loans/calculate-debt-income-ratio

In this episode we discuss how the Stock Market is not the Economy. The economy is backward looking, looking at the previous 3, 6, 9 and 12 months. The stock market is forward looking and depends on the optimism or pessimism of investors. 

In this episode we discuss the difficulty in finding health insurance for Katelyn as she turns 26. After hours of research, we found a plan that is affordable for Katelyn and allows her to see the majority of her doctors. One of the first things you should do is call each of your doctors and ask "What insurance do you take?" "What HMO's do you take, what PPO's do you take?"  You will find a variety of answers. Some doctors take both, some don't. You might need to switch doctors for it to be affordable. In general, HMO plans will be cheaper than PPO plans. Ask plenty of questions and Good Luck. 

We talk about  what causes the stock market to go up and down each day. We learn that optimism causes prices to rise. Pessimism causes prices to fall. And that optimism and pessimism can be seen even when no new news about a particular company is released. While daily current news can certainly drive the market up and down, often there is no clear reason for how a company rises or falls on a particular day. Another reason to stay invested for the long term.