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Have you done a year end review?

Notebook and LaptopWith the end of another year looming ahead of you, there’s no doubt that you’ll be busy with the holidays and year-end preparations. In fact, many of us are already embroiled in the year-end shuffle. Despite the constant rush around this time of the year, I’d like to encourage you to spend some time slowing down; specifically, to reflect on the happenings of the year both financially and personally in a year end review. This effort can help you gain better clarity as to where you stand in life at this moment!

Understanding where you are today in life (especially in these crazy times) will help you focus on those things that you need to improve for the upcoming year. It will help you recognize those areas in your life where you feel blessed and thankful. Overall, it’s hard to create a path forward until you know where you need or want to go. Planning to get there means you must also know where you stand today.

A year end review of your personal situation

Here’s some questions to ask yourself about your year to get you started on your reflection:

  • What has gone well for me this year?
  • What have been some things I wish I HADN’T had to endure in 2019?
  • Is there anything I hope will continue in my life through 2020?
  • On the flip side, what will I be happy to see go when 2020 rolls around?

Financial Papers and CalculatorA year end review of your financial situation and investments

Understanding where you stand personally at the end of the year can help you in this next step — getting more specific on your “financial” 2019 and determining where any gaps might be.

  • As it pertains to my investments and financial security, when I reflect upon this last year, did I do all that I possibly could to improve my own/my family’s financial situation?
  • Did I make sure I have the proper insurance in place, so that if something were to happen to me next year, my family would be taken care of?
  • Did I invest enough in 2019 to progress and stay on track in my retirement plan?
  • Did I give all that my budget allowed to charity or to my church —or could I do more next year?
  • From a tax planning standpoint, did I take the necessary steps to reduce my tax liability as much as possible?

Businessman Giving Thumbs Up

Start the new year with a plan in place for prosperity

You might find that after asking yourself these questions (and maybe more!) there are some specific places you may have fallen short or have questions. This is a wonderful time to talk with your local financial advisor and tax planner, so you can make 2020 an even better, more prosperous year for you and your family!

December 2019