The idea of ââcreating a financial strategy can seem daunting. After all, we don’t know for sure where we will be or what we will be doing in 5, 10 or 15 years – so how do we know our financial situation? Why bother to make a plan if it only changes?
Yet this is where the value of a financial strategy lies. It serves as a framework for achieving financial clarity to help you weigh your choices and guide you forward through each chapter of your life. A financial strategy can prepare you for the ups and downs that lie ahead, helping to make sure you’re ready to live a meaningful life and weather unexpected storms.
To start, build small and progress. Next, consider partnering with a finance professional who can help you make your plans a reality.
Below are some suggestions from Thrivent to keep in mind as you work on your strategy:
1. Understand your current financial situation: Assess your finances to get a clear idea of ââyour current situation. This provides you with a starting point for charting your future goals and aspirations.
2. Think About Your Goals and Values: Now is a great time to think critically about your short and long term goals, and how your beliefs and values ââguide your financial choices. You are more likely to implement your plan and work towards your goals if you can link it to your âwhyâ.
3. Incorporate lessons learned: Is there something from your financial past that you don’t want to repeat? Review your financial history, take stock of any missteps, then work with a financial professional for advice on how to protect yourself against risk.
4. Don’t Wait: You can always find reasons to delay something, especially when the task seems overwhelming. But now is the perfect time to develop your financial strategy. Don’t wait for the next market downturn or an unexpected crisis to propel yourself into action – this is when you need a strategy the most!
As you develop your financial strategy, it may also be worth spending time creating or updating your will, enduring power of attorney, advanced medical directive, and estate plan. Your financial professional can help you identify where you might need to make updates.
While it does require an initial commitment, having a financial strategy is worth it. In the long run, you might be pleasantly surprised to find that your plan gives you the financial clarity you’ve been looking for and helps you lead a life of meaning and gratitude.
Thrivent is a diverse financial services organization that helps people achieve financial clarity, enabling them to live lives of meaning and gratitude. Thrivent and its subsidiaries and affiliates serve more than 2.3 million customers, providing advice, insurance, investment, banking and generosity products and programs over the phone, online, and through professionals. finance and independent agents nationwide. Thrivent is a Fortune 500 company with $ 162 billion in assets under management / advice (as of 12/31/20). Thrivent is rated A ++ (superior) by AM Best, a credit rating agency; This is the highest of the agency’s 16 rating categories and was confirmed in June 2020. Rating based on Thrivent’s financial strength and claims ability. Does not apply to the return on investment products. For more information, visit Thrivent.com. You can also find us on Facebook and Twitter.
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The article was prepared by Thrivent for use by Robert Kopp. He can be reached at 803 260-1620.