Getting ready to reevaluate your finances? Here's a simple flow chart of questions (from most important to least important) to help get you started.
Note that choosing the actual investment is ranked here as the least important step!
The Hierarchy of Decisions
What is the time horizon of the investment strategy?
What asset classes will be considered?
What will be the mix among asset classes?
What sub-asset classes will be considered?
Which managers/funds will be selected?
Source: "Prudent Investment Practices: A Handbook for Investment Fiduciaries," by the Center for Fiduciary Studies