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Solopreneur Money

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Solopreneurs State of the Union – End of Year Review and Financial Planning, Ep #169 

As we come to the end of the year, it is a good time to reflect on what has worked and hasn’t in your life and business over the past 12 months. Throughout the next few episodes, we’ll veer from our typical interviews to do some reflection and planning with some solopreneur business tips.

Listen to this episode to hear how to use the life wheel to consider your past year and think about the year ahead.

You will want to hear this episode if you are interested in…

  • Use the life wheel to reflect on your past year [1:22]
  • Your health [5:16]
  • Family and friends [7:58]
  • Your business [13:40]
  • Your finances [17:37]

How you can use the life wheel to reflect on your year

I use a life wheel in my book, The Solopreneur’s Money Manifesto, to get you to think about your life in multiple areas. This is an excellent resource for reflecting on the year that has passed.

A life wheel is a tool used by coaches and helps you to consider multiple areas of your life: health, family and friends, romance, personal growth, fun and recreation, physical environment, business and career, and finances.

Ideally, we want to make this life wheel as rounded as possible so that we aren’t leaning heavily in one direction or the other. When you reflect on your life wheel it helps you to understand what you should be doing to move your life forward.

Consider your life in these areas

Your health – As you consider your health think about how you eat. Are you getting the vitamins and minerals that you need to have energy for your day? Are you getting enough sleep? Do you drink enough water? How is your alcohol intake? Do you exercise enough?

Family and Friends – To make family and friends a priority it is important to foster those relationships. What did you do to improve your relationships this year?

Romance – Are you giving more than you receive in your relationship? When we are less selfish it tends to improve our relationship. Did you plan regular date nights? Did this year meet your expectations? What can you do to make next year better?

Personal growth – Did you read books and listen to podcasts that help you focus on improving yourself? Are you a part of any coaching programs?

Recreation and fun – Did you travel, play sports, play games, or do things that allowed you to have fun? What memories did you make this year? Remember you are working on building the life you want. Listen in to hear what I did this year to make it fun.

Physical environment – Did you put yourself in a place you want to be? Did you improve or work to improve your environment?

Business and career – What went well this year? Did you increase your revenues? Take on more clients? Improve your systems? Have you developed your niche? Did you have to change anything or fire anyone? Consider what you wanted to have happen and what did happen. I like to think of the good, the bad, and the ugly.

Finances – Now it’s time to pull out your Quickbooks and analyze your profit and loss. What were your gross earnings and revenues? Compare them to the prior year. Did you bring on new clients or acquire new assets? What do you need to change? Did you take on any debt? Did you fund your retirement savings? How is your emergency fund? Are you invested the way you want to be? What does your tax picture look like?

Press play to work with me to consider all aspects of your life wheel over these past twelve months.

Resources & People Mentioned

Connect With Gabe Nelson

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