Asset allocation is critical and still relevant today. I advise my clients to pick 8 to 10 investment sectors and spread your funds amoung them. For example-maybe start off with:
1/ 15% in a large company mutual fund -I favor value now.
2/ 10% in a mid sized company mutual fund-value or growth.
3/ 10% in a small sized company mutual fund-value.
4/ 10% in an international blend mutual fund.
5/ 10% in a real estate focused mutual fund.

January & February are the best months to "get your financial affairs" in order. Here are some guidlines to follow:
1/Balance all of your bank checking accounts.
2/Review your investment accounts to see if you are paying high margin interest rates on outstanding balances.
3/With interest rates still reasonably low-is it time to refinance your real estate (home & second home) with a fixed interest mortgage?
4/Go thru credit card statements and either file them in monthly order or if you don't think you will need them-throw them out!(You can always order them later from the credit card company for a few dollars).

January is here. 2007 is ahead. What are you going to do to have a more successful year? Here are some suggestions:
1/Balance all of your checking accounts for last year (2006). Put them in a file folder and file them by the month with the oldest (Jan 2006) on the bottom-Dec 2006 on the top.
2/Review your property & casualty insurance with your company or broker. Remember that by raising your deductibles you will save money, unless you have claims every year. A minimum of $1,000,000 of liablity insurance is a must (cost about $175 / year).