The Wheel of Life is classical coaching tool for reflection and assessment of different areas of life. You can use it when you feel an imbalance in your life, or want to create a moment of reflection to see where more potential is hidden.
In the yogic tradition, a spinning wheel is a metaphor for the vicious cycles we tend to repeat over and over again. The way out is to raise the level of awareness. One of the ways to do so is to reflect. This exercise gives you a structure to create an efficient reflection.