Financial Literacy Month Series: Let’s Break Down Buzzwords – How to Protect What You’ve Built
by Anoushka Mirchandani, Founder & CEO
A few years ago, I bought two iPhones and mailed them to my aunt.
I boxed them up, dropped them at the post office, and—trying to save a few bucks—skipped the insurance. They were going to family, not that far away. What could go wrong?
Well… a lot.
The boxes made it. The phones didn’t.
And just like that, I was out $2,000.
All because I didn’t want to spend an extra $20.
Lesson learned: protecting your money after you earn it is just as important as earning it in the first place.
So this week, we’re closing out our Financial Literacy Month series by talking about how to protect what you’ve built—your stuff, your savings, your sanity.
Because it’s not just about growing wealth. It’s about knowing how to keep it safe.
Insurance: The “Just in Case” You Actually Need
Let’s break it down:
Insurance is money you pay in case something goes wrong—like a break-in, a car accident, or (in my case) packages disappearing into the void.
Why it matters:
You don’t think you need it—until you really, really do. Good insurance can save you thousands when life takes a turn. It’s not exciting, but it’s essential.
Real-life example:
If I’d paid an extra $20 to insure those iPhones, I wouldn’t have been out $2,000.
That’s the whole point of insurance—it’s the financial “undo” button when things go sideways.
Top tip
Start with the basics: health, renters/homeowners, and auto. And if you’re shipping anything valuable? Insure it. Seriously—learn from my mistakes.
Fraud Protection: Keeping the Creeps Out of Your Wallet
Here’s the deal:
Fraud protection helps stop scammers from stealing your info—or your money.
And these days, it’s more important than ever. In 2024, consumers reported losing over $12.5 billion to fraud. That’s a 25 % jump from the year before!
Why it matters:
Digital scams are getting sneakier by the day. Once your money’s gone, getting it back isn’t always guaranteed—and honestly, it’s a pain.
Real-life example:
My husband and I learned this the hard way when someone hacked his Venmo and stole $3,000 from our account. It was a mess to fix. We got most of it back—but the stress, the scramble, and the fact that he still can’t use Venmo? Not worth it.
Top tip
Use strong passwords, turn on two-factor authentication, and don’t click on sketchy links.
Check your statements often—catching fraud early can save you serious money (and headaches).
Wills & Beneficiaries: Future You Will Be Glad You Did
What to know:
A will says who gets what when you’re gone.
Beneficiaries are the people you name to inherit things like bank accounts or life insurance.
Why it matters:
No will = family chaos. Skipping this step can leave your loved ones in legal limbo—and your money, house, or anything else you own might end up in the wrong hands.
Real-life example:
I once heard a story about a guy who lived in his grandparents’ house his whole life. When they passed without a will, distant relatives fought over it. The house got sold in a rushed probate sale—undervalued and out of his hands.
All because no one put it in writing.
Top tip
Don’t wait. Set your beneficiaries and write a simple will.
It’s easier than you think—and your future self (and family) will thank you.
Final Thoughts: Four Lessons In, and You’re Ready for Real Life
Over the past few weeks, we’ve covered what you own, what you owe, how to borrow smarter, how to grow your money, and how to protect it—because earning money is only half the equation.
That’s what financial literacy really is: not knowing every buzzword, but feeling prepared.
Knowing how to make smart decisions, avoid preventable mistakes, and build a financial life that actually works for you.
That’s what we’re building at SIMMER—no jargon, no lectures. Just real-life money lessons that finally make sense.
Don’t stop learning now—you’re on a roll.
Join the waitlist and keep learning at your pace.
