SharePoint error-The password supplied with the username was not correct

Few days back when I am trying to create a web application in SharePoint 2010 I got the below error. The error message is:

The password supplied with the username was not correct. Verify that it was entered correctly and try again.

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After getting the above errot, I remembered I have changed my password recently. So now we need to update the password also.

Step-1:
For this Open the command prompt. Then navigate to
C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\BIN and then type stsadm -o updatefarmcredentials -userlogin <domainusername> -password <newpassword>

Click on enter

It will give you message as "Operation completed successfully." if successfully executed as shown in the figure below.

Step-2:
In the next step do an IISRESET and then try creating web application, it will work fine.

You can follow below MSDN article for more information. http://technet.microsoft.com/en-us/library/cc263417(office.12).aspx