Your Financial Checkup – How to Run Your Own Annual “Wealth Health” Review

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When was the last time you gave your finances a full checkup?
Most people check their bank balance daily but rarely stop to evaluate the bigger picture, their savings, investments, debts, and future goals. Just like you see a doctor for your physical health, your money needs an annual “wealth health” review to make sure it is on track.

An annual financial checkup helps you spot problems early, adjust to life changes, and set clear priorities for the year ahead. The goal is not just to see where you are, it is to make informed decisions so you can get to where you want to be.

Step 1: Review Your Net Worth

• List Your Assets: Cash, savings, investments, property, and any other valuable resources.

• List Your Liabilities: Credit cards, loans, mortgages, or other debts.

• Subtract Liabilities from Assets: This is your net worth—the snapshot of your current financial position.

• Track it annually to see your progress.

Step 2: Check Your Income and Expenses

• Review your last 12 months of spending.

• Identify areas of waste or overspending.

• Compare income trends: has it gone up, stayed flat, or decreased?

• Use a budgeting tool or spreadsheet to get a clear breakdown.

Step 3: Audit Your Debt

• List all debts, balances, and interest rates.

• Prioritize paying off high-interest debt first.

• Look for refinancing or consolidation opportunities.

Step 4: Evaluate Your Savings & Investments

• Emergency Fund: Do you have 3–6 months of expenses saved?

• Retirement Accounts: Check contributions and growth.

• Other Investments: Review performance and diversity if needed.

• Adjust your risk level if your life stage or goals have changed.

Step 5: Protect Your Wealth

• Review insurance policies (health, life, disability, home, auto).

• Update or create your will/trust.

• Ensure beneficiaries on accounts are current.

Step 6: Set Next Year’s Goals

• Decide on 2–3 clear financial priorities (e.g., save $10,000, pay off a loan, increase retirement contributions).

• Break them into monthly or quarterly milestones.

• Automate as much as possible to stay consistent.

Pro Tip: Treat your financial checkup like a meeting with a client, block time on your calendar, prepare documents, and take notes on your findings. You are the CEO of your money, so run it like a business.

Running an annual wealth health review is not about numbers; it is about taking control of your future. The earlier you identify financial weaknesses, the faster you can fix them. And the more you track your progress, the more motivated you will be to hit your money goals.

Think of it as your yearly “money wellness” appointment, except this one could make you richer, not just healthier.

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