FINANCIAL FOCUS: Financial 'spring cleaning' can brighten your investment picture

Published: Tuesday, March 18, 2014 at 04:11 PM.

Seal “cracks.” Over time, grout between your kitchen or bathroom tiles can crack, so you need to re-grout to protect your flooring. And you may find that, in looking at your overall financial strategy, your “protection” component — primarily insurance — might have developed some “cracks” or “chips.”

Has your life insurance kept up with changes in your family situation? Events such as marriage, remarriage or a new child's arrival can trigger the need to review your life insurance. And you’ll want to make sure you have adequate disability insurance. Consult with a financial professional for information on appropriate protection vehicles.

Do some “dusting.” As part of your spring cleaning, you may need to dust furniture, shelves and other surfaces in your home. And if you’ve been investing for a long time, you may need to metaphorically “dust off” your financial strategy and “freshen it up” to reflect changes in your life.

As you approach retirement, you may need to shift some — but certainly not all — of your growth-oriented investments into income-producing ones. But you may also need to review and revise your financial strategy at other points in your life, such as when you begin saving for your children’s college education.

Just as spring cleaning can bring more light into your home, sprucing up your investment picture can help you brighten your financial outlook.

And these improvements can help you in all the seasons of your life. 

Joe Faulk is a financial adviser.

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