MARSHFIELD, WI (OnFocus) – The idea of creating a financial strategy can seem daunting. After all, we don’t know with exact certainty where we’ll be or what we’ll be doing in 5, 10 or 15 years – so how can we possibly know our financial situation? Why bother coming up with a plan if it’s only going to change?
Yet herein lies the value of a financial strategy. It serves as a framework to achieve financial clarity to help you evaluate your choices and guide you forward during each chapter of your life. A financial strategy can prepare you for the ups and downs that come your way, helping to ensure you’re prepared to live a life of purpose and weather unexpected storms.
To get started, build small and work your way up. Then, consider partnering with a financial professional who can help you put your plans into action.
Below are few suggestions from Thrivent to keep in mind as you work on your strategy:
- Understand your current financial picture: Evaluate your finances so you have a clear idea of where you currently stand. This provides you with a starting point to chart out your future goals and aspirations.
- Think about your goals and values: Now is a great time to think critically about your short- and long-term goals, as well as how your beliefs and values guide your financial choices. You’re more likely to take action on your plan and work toward your goals if you can tie it back to your “why.”
- 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 and then work with a financial professional to get guidance on how to protect yourself against risks.
- Don’t wait: You can always find reasons to delay something, especially when the task seems overwhelming. But now is a great time to develop your financial strategy. Don’t wait until the next stock market downturn or unexpected crisis to propel you action – that’s when you’ll need a strategy the most!
As you develop your financial strategy, it also may be worthwhile to spend time creating or updating your will, durable power of attorney, advanced medical directive and your estate plan. Your financial professional can help you identify where you may need to make updates.
Though it requires a commitment upfront, having a financial strategy is well worth the effort. In the long-term, you may be pleasantly surprised to find that your plan gives you the financial clarity you’ve been seeking and helps you lead a life of meaning and gratitude.
This article was prepared by Thrivent for use by Nate Heeg. He has offices at 2001 S Central Ave, Ste I in Marshfield and can also be reached at 715-389-2278 option 1.
About Thrivent
Thrivent is a diversified financial services organization that helps people achieve financial clarity, enabling lives full of meaning and gratitude. Thrivent and its subsidiary and affiliate companies serve more than 2.3 million clients, offering advice, insurance, investments, banking and generosity products and programs over the phone, online as well as through financial professionals and independent agents nationwide. Thrivent is a Fortune 500 company with $162 billion in assets under management/advisement (as of 12/31/20). Thrivent carries an A++ (Superior) rating from AM Best, a credit rating agency; this is the highest of the agency’s 16 ratings categories and was affirmed in June of 2020. Rating based on Thrivent’s financial strength and claims-paying ability. Does not apply to investment product performance. For more information, visit Thrivent.com. You can also find us on Facebook and Twitter.
Thrivent and its financial professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Not available in all states. Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent. Licensed agent/producer of Thrivent. Registered representative of Thrivent Investment Management, Inc. Advisory services available through investment adviser representatives only. Thrivent.com/disclosures.
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Author: News Desk
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