The headlines say the economy looks strong: stocks are up, GDP is growing, unemployment is low. But if you’re a Kansas family juggling groceries, healthcare costs, and maybe supporting kids or parents, it may not feel so rosy.
That’s because national numbers don’t pay your bills. Your reality is shaped by your income, expenses, and goals, not what Wall Street is doing. A financial review helps you step back and ask: Am I where I need to be?
Here’s a practical, Kansas-focused checklist to guide your personal financial review.
Understand Where You Stand Today
Your income picture:
- Is your income stable, growing, or uncertain?
- If you own a business: How is it really performing?
- If you’re employed: How stable is your employer and your role?
- Do you have income from investments, rental property, or farmland?
Your expense reality:
- Not what you think you spend, what so you actually spend?
- Are your expenses trending up faster than your income?
- Which expenses are essential vs. discretionary?
- Where have costs increased most in the past year?
Your balance sheet:
- What do you own? (Home, retirement accounts, business, investments, farmland, etc.)
- What do you owe? (Mortgage, business loans, other debt, etc.)
- What’s the net difference between those two values?
- Has this improved or declined in the past year?
Stress-Test Your Key Plans
Retirement planning:
If you’re still working:
- Are you on track for your target retirement age?
- Could you maintain your retirement savings rate if income dipped 10-15%?
- If you own a business, how does its current valuation affect your retirement plans?
If you’re retired or close:
- Can your plan handle a few years of market volatility?
- Are your withdrawal rates sustainable if returns are modest?
- Do you have 2-3 years of expenses in relatively stable investments?
Emergency reserves:
For employed individuals:
- Do you have 3-6 months of essential expenses saved?
- Is this money accessible without penalties?
For business owners:
- Do you have reserves for both business and personal needs?
- Could you cover personal expenses if you couldn’t take a draw for 3 months?
Insurance coverage:
- Is your coverage still appropriate for your situation?
- Health insurance adequate?
- Life insurance matches your family’s needs?
- Disability insurance if you depend on your income?
- Property and liability coverage up to date for your Kansas home and assets?
Review Your Tax Strategy
Income management:
- If you own a business, is your salary/distribution mix still optimal?
- Are you taking advantage of retirement account contribution limits?
- Should you be thinking about Roth conversions while you can?
Deductions and credits:
- Are you capturing all available deductions?
- Kansas may have specific tax considerations. Are you accounting for them?
- If you’re self-employed, are you tracking expenses properly?
Estimated payments:
- If you make quarterly payments, do they still match your actual income?
- Better to adjust now than face a surprise in April
Family Financial Considerations
Supporting adult children:
- Are your kids struggling with housing costs in the Wichita’s market?
- Will helping them compromise your own security?
- Are there tax-smart ways to help if you choose to?
- Annual gifts up to $18,000 per person don’t require gift tax reporting.
- Paying medical or education expenses directly to the provider (not to your child) doesn’t count against gift limits.
- Co-signing vs. gifting a down payment have different implications.
- Loans to family members need to be structured properly to avoid tax issues.
Aging parents:
- Are your parents’ finances stable?
- Do they have adequate coverage for potential long-term care needs?
- Are legal documents (wills, powers of attorney) current?
Estate planning:
- When did you last review your will and beneficiaries?
- For farm families: Is your succession plan current and clear?
- For business owners: What happens to the business if something happens to you?
What to Actually Do
If everything looks solid:
- Great. Review this again in 6-12 months.
- Make sure someone else knows where all your accounts and documents are.
- Consider updating beneficiaries if there have been family changes.
If you see some gaps:
- Prioritize: Emergency fund and adequate insurance come before investment optimization.
- Make a plan to address gaps over the next 3-6 months.
- Don’t try to fix everything at once.
If you’re not sure what your situation looks like:
- That’s the most important finding.
- Start gathering information: account statements, tax returns, expense tracking.
- Consider getting a professional review.
The Bottom Line
This review isn’t about making dramatic changes or timing the market. It’s about understanding where you stand and making sure your plans still fit your reality. Good financial planning isn’t static; it adapts as your life and the environment change. But it only adapts well if you’re paying attention.
Want a second opinion on your financial situation? Contact us for a free 30-minute consultation. We’ll review your situation, answer your questions, and give you honest feedback about what makes sense for your circumstances.
