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Everyone knows that it’s important to get your oil changed regularly and to keep your tires properly inflated, but have you thought about performing the same kinds of maintenance on your finances?
Because of constant changes in market and economic conditions and in your own life, it’s a good idea to review some key financial issues regularly to be sure they are up to date. The California Society of CPAs (www.calcpa.org) recommends asking these questions to see where you stand.
Insurance policies can give you peace of mind, but that doesn’t mean you should set them aside and forget them. If you have had children since you bought your life insurance policy, seen a rise in your income level or experienced some other important change in your life or your finances, you may want to adjust your coverage accordingly. If you have gotten married or divorced, for example, it may be time to change your beneficiary.
You should also consider whether there are reasons to raise the deductibles on your home or auto insurance (if you want to lower your premiums) or lower them (if you prefer less out-of-pocket risk in case of an accident). And if you’ve always felt that you were paying too much for insurance, it can’t hurt to do some research every couple of years to see if a less expensive option would suit you just as well.
Your CPA can offer easy-to-understand advice on a wide variety of financial questions. Be sure to turn to him or her with all your family’s financial concerns.
Copyright 2011 American Institute of Certified Public Accountants.