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 hard part is - I can’t give that to them.
At Thrivent Financial, we believe the key is to have discussions with your family and loved ones about what priorities are most important to you. Our members come to us around a shared goal of being wise with money and living generously, and we aim to help them live this every day in their lives. 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.
With our members in the driver’s seat, we offer guidance based on sound and timeless principles.
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.
At Thrivent Financial, we work with our members to ensure that generosity is a lifelong financial strategy that doesn’t just occur once someone accumulates “enough” to give. We want to support our members’ 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 Tri County Area Financial Associate, John Lauer. He has an office at 3821 Main Street, in Morgantown, PA and can also be reached at (610) 286-5986.