The most important financial guide - YOU!
Finding a balance to achieve your goals is what any financial professional should discuss with you
Many people want to know the secret to financial success. Whether they should be saving more, protecting more, investing more, spending less… everyone wants a magic bullet to set them on the road to financial success.
The key is to have discussions with your family and loved ones about what priorities are most important to you. Whether it’s saving for a child’s college education, supporting a favorite charity, building retirement strategies or a combination of all of those and more, each financial strategy should be driven by one person: You.
Seek guidance based on sound and timeless principles, including:
- Spend less than you earn.
This is critical. No one can live beyond their means forever and all bills - credit card, mortgage, home equity loans and others - eventually come due. Being wise with money means having the ability to be prudent with the resources you already earn.
- Be wise with debt.
Debt isn’t something to be avoided at all costs. Some debt can be healthy and a way to broaden and strengthen your future - both inside and outside your financial picture. Mortgages, student loans and car loans can all be entered into and serve as a part of a healthy financial strategy but need to be managed carefully and effectively.
- Protect against setbacks.
Even the best financial strategies can be derailed by a sudden accident or death if not properly protected. Life insurance, disability insurance and long-term care insurance can all work as protection against the worst scenarios and help ensure that you and your family are taken care of.
- Have a plan.
Whether it’s funding college, retirement, emergency savings or a new car, these are all great goals for families and individuals to set for themselves. The key to reaching these goals is to develop a strategy that maximizes current resources and helps minimize overall risk. For example, when it comes to drawing down money in retirement, it’s important to plan for the short-term while keeping your family’s long-term financial strategy in mind.
- Give back.
Generosity is a lifelong financial strategy that doesn’t just occur once someone accumulates “enough” to give. We want to support efforts to positively impact their families and communities through programs and opportunities that enable them to live generously.
Many people are looking for a silver bullet when it comes to finances. The most important part is to be true to yourself, your family and your goals. These five pillars can guide you but it’s ultimately up to you to shape your financial future.
This article was prepared by Thrivent Financial for use by financial consultant, Jeffrey A Hakala. He has office at 2711 W Superior Street in Duluth, MN, and can also be reached at 218-625-4010 or firstname.lastname@example.org
Thrivent is a not-for-profit financial services organization that helps Christians be wise with money. As a mission-driven, membership-owned organization, it offers its more than 2 million members and customers a broad range of financial products, services and guidance to help them obtain a life of contentment, confidence and generosity. Thrivent and its subsidiary and affiliate companies offer insurance, investments, banking and advice over the phone, online as well as through financial professionals and independent agents nationwide. Thrivent is a FORTUNE 500 company with $134 billion in assets under management/advisement (as of 12/31/18). For more than a century it has helped Christians make wise money choices that reflect their values while providing them opportunities to demonstrate their generosity where they live, work and worship. For more information, visit Thrivent.com. You can also find us on Facebook and Twitter.
THRIVENT IS THE MARKETING NAME FOR THRIVENT FINANCIAL FOR LUTHERANS. Insurance products issued by Thrivent Financial for Lutherans. 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.