Financial Review: 5 Steps to Review Your Financial Standing

Have you checked in on your financial health this year? 

If the answer is no, it’s time to take a look. It’s essential to make sure that you have a solid understanding of your financial well-being, checking in at least once per year. After all, how else will you know if you’re on your way to meeting your short- and long-term goals? Your yearly check-in can be a great opportunity to see where you stand, set new goals, and adjust your strategy accordingly. Ready to get started? Here are five steps to review your financial standing.

1. Calculate Your Net Worth

To determine your financial standing from a high-level view, you must first calculate your net worth. You’ll do this by subtracting your liabilities from your assets. Online tools, such as Dave Ramsey’s Net Worth Calculator, can help you determine your number quickly. You can use the result of your calculation to compare your current standing to where you were or where you want to be. Understand, though, that this is simply to determine your baseline—not to compare yourself to others. No matter what the number is and what you want it to be, don’t be hard on yourself if this isn’t the number you were hoping for. A comprehensive financial strategy can help you get there. 

2. Review Your Individual Accounts

Take time to review each of your accounts, including various types of savings, investments, and debt. How are they progressing? Are your savings and investment accounts growing? Is the amount of your debt decreasing? 

Identify whether you feel that these accounts are where you would like for them to be. If so, great work! There are still likely ways for you to optimize your financial strategy. If not, that’s okay, too. Evaluate where you can improve, and begin putting those new tactics into action. The next time you sit down to evaluate your accounts, you’ll be glad you did. 

3. Re-Evaluate Your Goals

Now that you have a foundational view of where you stand, it’s time to re-evaluate your goals. Where do you want to be at this time next year? Try setting S.M.A.R.T. goals (specific, measurable, attainable, relevant, and time-bound). Write your goals down, and share them with your family so that they can help hold you accountable. You may even consider including your family in those goals, such as saving for a vacation together. So, what are your new goals for this year?

For inspiration, here are a few goals you might consider: 

  • Paying off debt
  • Contributing to your 401(k) or IRA
  • Expanding your investment portfolio
  • Increasing your emergency fund
  • Enhancing your insurance coverage

4. Adjust Your Financial Strategy

Now that you know where you stand and what goals you want to achieve, it’s time to adjust your financial strategy accordingly. Look at each goal individually, and make a list of what needs to happen to make them a reality. Consider these goals comprehensively, as well, to see how they can work together. For example, how might paying off high-interest debt affect your savings or investment goals? Make all necessary adjustments to your financial strategy, and determine a date that you will review your progress and check in on the success of your newly-updated plan. 

5. Consult a Financial Advisor You Trust

You should always be aware of your financial standing, but planning for and executing your financial strategy can be difficult to keep track of. More than that, you may not always be aware of all of your options or the latest changes in the economy or federal and state tax laws. A financial advisor acts as your ally to always keep you informed and keep your goals in mind. Consult an advisor on how to help make your personal and professional dreams come true with a sensible, comprehensive strategy.

SageSpring Wealth Partners is Here to Help 

Our advisors can help you review your financial standing, evaluate your goals, and adjust your strategy. We put you on track to help make your money work for you and your family. Contact SageSpring today to schedule a consultation!



Any opinions are those of the author and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk, and you may incur a profit or loss regardless of strategy selected.

Links are being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

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Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.