Your Annual Financial Planning Checklist

As the year draws to a close, it’s an opportune time to reflect on your financial journey and set the stage for a prosperous future. At Prism Capital Management, we believe that a well-structured financial plan is the cornerstone of success. To help you navigate this process, we’ve compiled a comprehensive checklist of 10 essential items for your year-end personal financial review.

1. Review Your Financial Goals

Take stock of your short-term and long-term financial objectives. Are there any changes in your priorities or circumstances that necessitate adjustments to your goals?

2. Assess Your Budget and Spending Habits

Analyze your spending patterns over the past year. Are there areas where you can cut back or reallocate funds towards achieving your goals?

3. Evaluate Your Investment Portfolio

Review the performance of your investments. Are they aligned with your risk tolerance and long-term objectives? Consider rebalancing if necessary.

4. Tax Planning and Strategies

Explore potential tax-saving opportunities before the year ends. Consider actions such as tax-loss harvesting or contributing to tax-advantaged accounts.

5. Retirement Readiness

Assess your retirement savings and projected income. Are you on track to meet your retirement goals? Consider increasing contributions if needed.

6. Insurance Coverage

Review your insurance policies to ensure they adequately protect you and your family. Consider life, health, disability, and property insurance needs.

7. Estate Planning

Ensure your will, power of attorney, and healthcare directives are up-to-date. Review beneficiaries on accounts and retirement plans.

8. Debt Management

Evaluate your outstanding debts. Are there opportunities to pay down high-interest debts or refinance for better terms?

9. Education Planning

If you have children, review and adjust your education savings strategies. Ensure you’re on track to meet anticipated education expenses.

10. Emergency Fund

Assess the adequacy of your emergency fund. Aim to have three to six months’ worth of living expenses set aside in case of unforeseen circumstances.


Your financial well-being is a journey that requires regular attention and planning. By dedicating time to this year-end personal financial review, you’re taking a proactive step towards securing a brighter financial future.

At Prism Capital Management, we’re committed to guiding you through each step of this process. Our team of experienced advisors is here to provide personalized strategies and solutions tailored to your unique financial situation.

Remember, the end of the year isn’t just a time for holiday celebrations; it’s also an opportunity to set the stage for a prosperous future.

Financial Services for Real People

Founded for the benefit of clients, Prism Capital Management is an independent Seattle and Skagit-based firm with a deep commitment to providing guidance that is free of conflicts of interest, based solely on the sum of our experience and expertise. We are committed to putting client interests first and to stewarding both wealth and well-being for those we serve. We have a singular measure of success: the results we get for our clients.

As an Investment Advisor, we have a fiduciary duty to act in YOUR best interest. From planning to investment management to advice on buying a car, we are your financial life partners.

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Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences. You should consult the appropriate financial professional regarding your specific circumstances. The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions. This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.