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How does diversification of funds make assets/investments less risky?

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How does diversification of funds make assets/investments less risky?

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Diversifying your assets minimizes your risks of investing money. Assets can be stocks, bonds, cash and more (7.3). Diversifying is spreading your money across different investments so the likelihood of losing all of your money is decreased (7.3). It is less risky. It is not meant to boost performance, it cannot ensure gains or guarantee against losses. When you want to diversify your assets, you need to consider how many years until you are expected to need that money - a time horizon (7.3). This is where the 3 stages of life come in. You also need to determine your attitude towards risk - your risk tolerance (7.3).

Someone who takes high risks in their investments is usually young, so about age 20. These are usually put into stocks and shares (7.3).
Someone who takes medium risk can be middle aged, so like age 40. Medium risk investors might be those starting to get near retirement. They would diversify their investments, like cash or shares, and still try to maximize returns (7.3). A low risk investor would typically be an older person near retirement or already retire, so like age 60. They are usually cash, instead of stocks or shares. It is more preservation than growth (7.3).

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How does having insurance lessen the risk of everyday life (health, life, disability, etc.)?

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How does having insurance lessen the risk of everyday life (health, life, disability, etc.)?

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Insurance is important because it can provide protection for yourself and your belongings in case something ever happens. There are 4 basic categories of insurance: life insurance, health insurance, general insurance, and disability insurance (7.4). Anyone, regardless of age should have health insurance. For the three stages of life, everyone should have general insurance: auto insurance, homeowners and renters insurance. When you are older, you may want to consider getting disability insurance, since you are more likely to become sick. Disability Insurance protects 60% of your income, up to $100,000 yearly (7.4). It does not only apply to if you were to become sick at old age. You can have it because anyone can become disabled because of an accident or injury and are unable to work

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What actions can an individual take to protect personal information?

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What actions can an individual take to protect personal information?

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Once again here, you should protect your personal information the same, regardless of age. You should keep records of everything. Your online transactions, like products and receipts, and also your non-online transactions. Read your credit card statement as you receive them, so you can be on the lookout for suspicious activity (7.2). Don't ever email your personal information like your credit card, it isn't not secure. If you need to, make sure first the server is a secure one (7.2). Be alert to impersonators, don't give away information to just anyone over the phone or email, unless you know exactly who you're dealing with. Also, safely dispose of personal information. You can clear and delete everything off of your computer for example. Keep your passwords private. and don't keep them all the same (7.2). Also don't overshare on social media.

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How do online transactions, online banking, email scams, and telemarketing calls make consumers vulnerable to identity theft?

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How do online transactions, online banking, email scams, and telemarketing calls make consumers vulnerable to identity theft?

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Regardless of the 3 stages of life, a person can become victim to identify theft the same way. Shopping online can bee a threat to your identity. Anyone can shop online under any name (7.2). If you don't pay attention to a website you are shopping on, you might be on one that is unsafe, and risk your identity being stolen through your credit card. Email is not a safe way to communicate important financial information like bank accounts or social security (7.2). It can get hacked easily. If you don't see an "s" in "https" that means the site is not secure, and you should always be alert (7.2). Don't click on suspicious links like for products in your email, it may give way to hackers. With telemarketing calls, you should verify the caller and their claims before giving money, otherwise it can be stolen. They could be selling you a fake product to obtain your information.

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Under what conditions under which individuals should and should not disclose their Social Security number, account numbers, and other sensitive personal information? 

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Under what conditions under which individuals should and should not disclose their Social Security number, account numbers, and other sensitive personal information? 

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You should give this information to people you have initiated contact with, don't just give it to people through the phone or email (7.2). You should give this information to people like your banker, insurance company, workplace - people you know and you can trust. Never give social security or your account numbers if you are online shopping, the most they should ask for is your credit card number for payment.