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A14 April 2022 • Community • www.lwca.com YOUR POCKETBOOK Spring Clean Your Finances in 5 Easy Steps Sound advice in uncertain times: call us. Ameriprise has helped clients navigate challenging economic times for over 125 years. Now as always, we’re here to inform and support you with ongoing market updates, investment recommendations and personalized advice to help keep your plans on track and your goals clear. Together, we’ll focus on what matters most to your financial life. Call us today to discuss your goals. Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. The Compass is a trademark of Ameriprise Financial, Inc. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP (with plaque design) in the U.S. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2021 Ameriprise Financial, Inc. All rights reserved. (08/21) Steven Rabin CFP®, CRPC®, APMA®, CDFA®, ChFC® Private Wealth Advisor and Managing Director 480.396.6040 srabin@ampf.com rabinbarkat.com CA Insurance #0G50311 AR license #6746775 161 E Rivulon Blvd, Ste 108 Gilbert, AZ 85297 Rabin, Barkat & Associates Wealth Advisors A private wealth advisory practice of Ameriprise Financial Services, LLC Joseph Barkat, CRPC®, APMA®, CDFA® Private Wealth Advisor and Managing Director 480.641.9188 jbarkat@ampf.com rabinbarkat.com CA Insurance #0E48560 AR license #7940857 By Steven M. Rabin Spring is considered a good time to deep clean your home. To really get your house in order, expand the tradition to include tidying your finances. Doing so can help alleviate stress and give you a sense of confidence. Here are five steps to help you organize and polish your financial life. 1.Toss paper and secure passwords. It’s easy to get mired in paper, even in the electronic age. Pull out the shredder and dispose of old bills and notices. If you store passwords on paper, consider moving them to a more secure password storage device for improved security. While you’re at it, change your passwords to reduce your risk of getting hacked. 2. Assess your financial stability. Review your personal cash flow by preparing a summary of money coming in and money going out to pay bills, fund your lifestyle and handle emergencies during a set period of time. Calculate your assets and liabilities to get an estimate of your net worth. Watch for creeping living costs and look for opportunities to grow earnings, reduce debt, slash spending and increase savings. 3. Streamline cards and memberships. Use those gift cards accumulating in your wallet. Consider eliminating memberships that are not a good value. Close that old bank account if you no longer use it. Revisit rates for insurance policies, cable and phone contracts and other ongoing costs that may be renegotiated, bundled or improved by switching to a competitor. 4. Touch up your estate plan. Update your will or trust to ensure it reflects your wishes. Confirm that your beneficiary designations are current, especially if there’s been a divorce, birth or death in your family. Protect yourself further by assigning a power of attorney and creating a living will and advance directive according to your personal wishes and state requirements. 5. Refresh your savings and investments. Make sure your emergency fund is sufficient to handle an unexpected setback. Check in on your retirement savings to determine if you’re still on track. If you’re earning more, consider saving more. Make saving automatic with each paycheck. If you have a 401(k) with a former employer, a rollover may offer more investment options and reduce your fees. Consider diversifying your investments to better align with changes in your life. Spring is a great time to meet with your financial advisor for your annual review and refine your financial plan based on evolving life goals and circumstances. -Steven M. Rabin, CFP, CRPC, APMA, CDFA, ChFC, is Managing Director of Rabin, Barkat and Associates Wealth Advisors. Rabin, Barkat & Associates Wealth Advisors, a private wealth advisory practice of Ameriprise Financial Services, LLC in Gilbert, AZ. We specialize in fee-based financial planning and asset management strategies and have been in practice for a combined 42 years. Contact us at, www.rabinbarkat.com , 480-396-6040, 161 E Rivulon Blvd. Ste. 108 Gilbert, AZ 85297 or 16220 N Scottsdale Rd. Scottsdale, AZ 85254. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2022 Ameriprise Financial, Inc. All rights reserved.