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In this tutorial, Kevin demonstrates how to password protect a Microsoft Word document using the latest version of Word available through Office 365. He explains the importance of protecting sensitive information, such as financial data, by setting a password on documents that contain critical details. Kevin showcases his income statement, highlighting various sources of income and expenses, such as job income, YouTube revenue, credit card payments, mortgage, and student loans. The purpose of password protection is to prevent unauthorized access to such personal and sensitive information.