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In this tutorial, Kevin demonstrates how to password protect a Microsoft Word document using the latest version of Word from Office 365. He emphasizes the importance of securing sensitive information, such as personal financial data, to prevent unauthorized access. Kevin shares a hypothetical income statement that includes details like job income, YouTube revenue, and various expenses like credit card bills, mortgage, and student loans. He highlights the necessity of safeguarding critical documents, making it clear that password protection is a vital step in ensuring privacy and security.