Jacob Cavaleri, Author at Perspective Financial

Gen Z Embracing the Power of Knowledge

A whole lot of us, myself included, fit into the category of Generation Z. Whether you’re 25 years old or halfway through fifth grade at age 10, you can claim the Gen Z title. We’re the first generation to grow up with social media and smartphones as part of our everyday life. While some people see that as a negative, one can’t help but admit it is a free stream of unlimited education. How is Gen Z embracing the power of knowledge?

This generation, more than others, is experiencing new things and new parts of life. For the older portion of Gen Z, that includes learning about money management and finances. While it may seem intimidating, understanding one’s full financial picture is actually empowering.

Personal finance involves much more than investing in stocks and bonds. It includes any debt you have, any assets, your job, your personal goals, and many other pieces. Did you just get into college or pick your major? That’s great. Now’s the time to begin thinking about a career path, income potential, and how your future could look. Did you just start your first job? Congratulations. What benefits does your employer offer?

Something I consistently see happening in Gen Z young adults is living beyond their means. Having fun and doing things you enjoy are crucial to being happy. At the same time, it’s important to consider the things that are not as fun yet are just as important to maintaining happiness in the long-term. For example, an emergency fund may not seem fun or exciting, but it’s an important thing to construct when getting started in life. A good target is setting aside three-to-six months of your expenses, so you don’t have to worry about money if (and, more likely, when) something unplanned happens.

On the positive side, a common trait among Gen Z is inquisitiveness and continuous learning. Friends often ask me about different things they can do with their money and for money management tips in general. That curiosity and eagerness to discover is admirable.

In many ways, our generation is just getting started. The journey is long, and we all have a lot to learn. Let’s enjoy the ride.

Click here to read about our financial planning process and philosophy.

By Jacob Cavaleri|2022-12-19T11:13:10-07:00December 27th, 2022|Current Affairs, Financial Planning, Investing|

Elder Financial Exploitation

Did You Know?

Each year, more than 3.5 million older adults are victims of financial exploitation and are swindled out of more than $3 billion altogether. The average loss per person is $34,200.

The Older Americans Act defines elder financial exploitation broadly as “the fraudulent or otherwise illegal, unauthorized, improper act or process of an individual, including a caregiver or fiduciary, that uses the resources of an older individual for monetary or personal benefit.”

This form of exploitation can be found across all social, educational, and economic boundaries. A humbling example that may hit close to home for some people is Cindy McBride’s story.

Her formal name may not sound familiar. Arizona sports fans often refer to her as “Flag Lady”— yes, the same lady we have watched for years, wave her flags in the upper deck of Chase Field, home of Diamondbacks baseball. She fell victim to a Facebook scam in which someone posed as an Air Force general, gained her friendship and trust, and swindled her out of nearly $200,000.

Sadly, such scams (via telephone, mail, social media, and email) are common. The perpetrators of elder financial exploitation can be anyone. Often the crime involves theft of money or property by those you’d least expect, including family members, caregivers, and financial advisers.

Not all people who fall victim of these exploitations are as vocal about it as McBride. Hopefully her situation can serve as a source of caution and a way to begin a conversation with loved ones about the risks.

In most instances of suspected elder abuse, including financial exploitation, you should contact adult protective services. If the older person is in danger or a crime has been committed, call 911.

Click here to learn more and get tips for protecting yourself and your loved ones.

By Jacob Cavaleri|2022-08-23T12:59:01-07:00August 25th, 2022|Cyber Security, Financial Planning|

Understand Medical Identity Theft

Medical identity theft is often over-looked and not discussed enough. It’s a form of fraud in which someone uses your personal information to receive medical services and bills your insurance or Medicare. According to the U.S. Bureau of Consumer Financial Protection, roughly 1.5 million adults are found to be victims of this each year. It’s important to understand medical identity theft and to protect yourself.

Understand Medical Identity Theft

You may be a victim of medical identity theft if:

You get a bill for services you did not receive;
You’re told by your insurance company you have hit your limit on benefits when you have not; or
You receive a denial for coverage of a nonexistent medical condition.

If someone steals your medical identity, your records are compromised. That means you could experience misdiagnosis, delays in treatment, or inappropriate care.

Reduce Your Risk

Taking a few quick, proactive steps to protect yourself may reduce your risk and save you a lot of time and frustration in the future.

Give personal information only to approved medical professionals.
Remove prescription labels before recycling or discarding the containers.
Shred papers with personal information before throwing them away.
Review your medical and insurance records periodically for suspicious information.

By Jacob Cavaleri|2022-06-28T07:48:51-07:00July 18th, 2022|Current Affairs, Cyber Security, Health Care, Insurance|

Jacob Cavaleri

About Jacob Cavaleri

Gen Z Embracing the Power of Knowledge

Elder Financial Exploitation

Did You Know?

Understand Medical Identity Theft

Understand Medical Identity Theft

Reduce Your Risk