Wallet 101: What to Keep and What to Take Out

Wallets can be pesky business. The last thing
you want to have is a George Costanza moment—your wallet so stuffed to the brim with receipts that one big gust of wind will send its contents flying through the streets.

A poorly managed wallet is also a huge security risk. You might be carrying contents around that someone could use to easily steal your identity, if your wallet were to end up in the wrong hands. Identity theft was the No. 1 consumer complaint last year for the 12th year in a row, proving more bothersome to consumers than debt collectors, imposter scams, and shady credit-repair companies, according to the Federal Trade Commission.

To protect yourself, make sure what you’re carrying around in your wallet doesn’t pose a security risk. For an article for U.S. News & World Report, I spoke to Denisa Tova, a certified financial planner based in Denver, and Mellody Hobson, president of Ariel Investments based in Chicago, about what’s OK to keep in your wallet and what you should remove. Click here to read what they said.

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