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Spring cleaning for your finances

Just like many clear out clutter and spruce up their garden with the return of spring, so should you when it comes to your finances.

Brenda Merschedorf from Edward Jones Financial was a special guest Friday on the CBS 58 News at 4 with some expert advice, free of charge.

She broke it down into some simple concepts.

Reduce duplication. If you ever worked to clean up your home, you have discovered multiples of the same items. As you look through your investment portfolio, you might also find some duplication, perhaps in the form of multiple stocks of companies in the same industry.

\"You might want to consider whether you'd be better off by reducing this concentration and using the process to broaden your investment mix to create new potential for growth,\" advised Merschedorf.

Repair your roof. A roof is essential to protecting your home. Your financial foundation needs protection as well. Review your life and disability insurance to ensure they are still adequate to meet your family's needs. 

Merschedorf says it's essential to take a hard look at the cost of long term care for later in life and if you're on track to finance it.

Plant some seeds. Spring is a good time to fertilize the lawn, so check out your financial landscaping as well.

Recognize what works and is bearing fruit and examine where you might be lagging behind.

\"You might be funding your own retirement goals through your employer sponsored retirement plan and other investments, but are you putting away enough money for your children's education?\" advised Merschedorf.

\"Set priorities, but also realize that those priorities can change over time.\"

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