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5 Key Questions for a Successful Annual Review

Navigating Your Finances: 5 Key Questions for a Successful Annual Review 

By: Les Stephen 



As we kick off a new year, it's the perfect time to reflect on your financial journey and set the stage for a prosperous future. Your annual review isn't just about looking back; it's an opportunity to make informed decisions that can positively impact your financial well-being. In this blog post, we'll explore five key questions you should ask during your annual review to ensure you're on the right track. 

 1. What Are My Financial Goals for the Upcoming Year? 

   - Start by revisiting and refining your financial goals. Whether it's saving for a dream vacation, a down payment on a home, or building your retirement nest egg, clearly defining your objectives will guide your financial strategy for the year ahead. Next, we recommend naming the goals and giving an exact date by which you would like to have them accomplished. Lastly, think of 3 words that would describe how you will feel when reaching these goals. When names and feelings are attached to your goals, your chances of success increase tremendously.  

 2. How Has My Investment Portfolio Performed? 

   - Dive into the performance of your investments over the past year. Evaluate returns, assess risk, and determine if your portfolio aligns with your risk tolerance and overall investment goals. This is also an excellent time to rebalance your portfolio for optimal performance. Your Advisor can be integral in making sure you are still on track. 

 3. Have There Been Any Significant Changes in My Income or Expenses? 

   - Take a close look at any changes in your financial landscape. Did you receive a salary increase, start a side hustle, or experience shifts in your spending habits? Understanding these changes will help you adjust your budget and financial plan accordingly.  

 4. Am I Adequately Protected with Insurance? 

   - Ensure your insurance coverage is up to par by reviewing health, life, and property insurance policies. If there have been major life changes, such as marriage, the birth of a child, or a new home, make the necessary updates to ensure you and your loved ones are adequately protected. 

 5. What Steps Can I Take to Optimize My Tax Situation? 

   - Explore strategies to optimize your tax situation. This may involve maximizing contributions to tax-advantaged accounts, leveraging tax credits, or adopting tax-efficient investment strategies. For personalized advice, consider consulting with a tax professional to make the most of available opportunities. 


As you embark on your annual review, remember that these questions serve as a foundation for a more comprehensive financial assessment. Your unique circumstances and goals will shape the specific inquiries you need to explore. Don't hesitate to seek guidance from a financial advisor to ensure your financial roadmap remains robust and aligned with your aspirations. Here's to a financially successful year ahead! 

more to Life, than money™

The Rayhons Financial family is a team of professionals that want to guide you towards your ideal, joyful Life. A professional can help you create a personalized financial plan, provide valuable insights, and guide you through a better approach than “live and learn” or “trial and error.” Take a small yet courageous step today, simply go to RayhonsFinancial.com and connect with us for a conversation.

The content in this article was prepared by the article’s author. Cetera Advisor Networks, LLC does not endorse its content, and the views expressed may not necessarily reflect those held by Cetera Advisor Networks, LLC.