When was the last time you re-evaluated your personal financial situation? If you haven't done it lately, now's a very good time to evaluate your overall plans for the future. The reasons for doing it now are obvious: increasing insurance premiums, a volatile economy and continuing changes in tax laws. Not so obvious are the variety of financial strategies available to help you offset the adverse impact of these factors on the growth of your assets.

One of these strategies is asset allocation, the purpose of which is to establish a portfolio that is diversified among different types of investments. Because different sectors of the market move in different patterns, asset allocation seeks to reduce the risk of major losses and increases the opportunity for solid returns.

Studies have shown that an asset allocation policy is critical to investment success. Keep the following principles in mind:

1. Use the 90-10 rule. Ninety percent of investment results depends on your asset allocation decisions; 10 percent is due to selection and timing. Most investors spend 90 percent of their time "timing" and "selecting."

2. Be efficient. Use modern portfolio theory to create the best mix of investments and reduce volatility. Most investors emphasize return or risk avoidance,

I had a song running through my head when I was thinking about debt and then had an epiphany: Not since Paul Simon advised couples on "50 Ways to Leave Your Lover" has there been such a need for a new list.

I'm always telling people that they should deal with debt, and not "slip out the back, Jack," but maybe I don't dwell often enough on the sugar that comes after you take your medicine by paying off those bills.

So I began listing all the good things that come from being out of debt, and before you know it, I had a Simon-esque list of 50.

Perhaps the time has come to advise Bea to learn the key. It's truly never too late to get a new plan, Dan!

Here are 50 good things about being debt-free.