This time of year there are a number articles reviewing 2009 and offering tips for what to do with your finances in the 2010. Many of these articles are excellent and offer some good ideas. I was fortunate enough to be quoted in Ten Smart Money Moves for 2010 on the forbes.com site.

My take on advice for 2010 is to get back to the basics of sound financial planning. It would be naïve to say that the stock market carnage of late 2008 and early 2009, followed by a robust stock market recovery is “business as usual” in any way shape or form. It is this extreme volatility that convinces me that investors should ensure that the basics are covered.

A financial plan should be your foundation. Just like the AAA Trip-Ticks we used to get for family road trips; it doesn’t make sense to start on a financial journey if you don’t know the destination. A plan is essential in determining whether you are still on course or if you are lost and need to stop for directions.

If you already have a plan in place, the start of the year is a good time to review where you are in relation to the goals and objectives established in the plan. Has your situation changed? How has the market volatility of the past couple of years impacted your plan?

If you have never done any financial planning I suggest that this is a great time to start. Call me biased, but a plan provides a financial framework to evaluate your progress and whether changes to strategies are in order. Financial planning is about much more than investing. A financial plan generally covers all areas of your financial life including:

• Investments
• Retirement
• Insurance
• Estate planning
• Utilization of your employee benefits
• Tax planning
• Education planning
• Long-term care needs

Everyone’s situation is different and therefore your financial plan may omit some of these areas and include others not listed.

The point is this, in my opinion your overall financial situation, your tolerance for risk, and your goals and aspirations should be driving your investment strategy. Too often the beginning and the end of a financial conversation centers on investments and beating the market. The better benchmark is how am I doing in relation to my financial goals?

Again, call me biased, but if you think you could benefit from a financial plan prepared by an unbiased advisor who signs a Fiduciary oath every year, check out NAPFA’s Find an Advisor site to locate a local Fee-Only advisor. Full disclosure I am a member of NAPFA and member of the organization’s Midwest Board of Directors.