It’s important to review them at the end of the year. Generally, the different investments can grow at a different rate each year. “Sometimes clients set up a strategy for moderate growth and then forget about it. Rebalancing portfolios can address your specific risk tolerance, adds Bilger. To get in alignment with your risk tolerance, you may wish to reallocate back to the 60/40 mix. “You may have started the year with a 60/40 portfolio balance of stocks and bonds, but due to market fluctuations, your portfolio ended up with a 50/50 mix,” he says. In good and bad markets, it’s important to review your portfolio to assess risk, says Brian Anderson, a Thrivent wealth advisor with Unity Wealth Advisor Group in Downers Grove, Illinois. Dive deeper: "How to cope with inflation-emotionally and financially".It also could mean finding ways to increase your income-selling things you don’t need or use, working more hours, asking for a raise, applying for a higher-paying job or picking up a side job. It’s important to find a way to balance your budget.” “You might need to make some decisions about what to give up-and hopefully it's not your savings or retirement contributions. “People are having to spend more for gas and food,” Lutes says. The ongoing effects from inflation has likely impacted your budget, making it doubly important, adds Ron Lutes, advice services consultant at Thrivent. But it’s important to have those tough conversations with yourself.” “Often, they don't want to confront the numbers or question their spending. “Not having a budget is one of the biggest oversights for most people,” says Bilger. It helps you understand where your dollars are going and how they align with what’s most important in your life. We recommend you read the privacy policies of those sites as they may be different from Thrivent's policy.Ī good first step is to review your expenses from the past year. Insurance, securities, investment advisory and trust and investment management accounts and services offered by Thrivent, the marketing name for Thrivent Financial for Lutherans, or its affiliates are not deposits or obligations of Thrivent Federal Credit Union, are not guaranteed by Thrivent Federal Credit Union or any bank, are not insured by the NCUA, FDIC or any other federal government agency, and involve investment risk, including possible loss of the principal amount invested.Īny data or personal information collected by websites other than Thrivent is not covered by Thrivent's privacy policy. Deposit and lending services are offered by Thrivent Credit Union, the marketing name for Thrivent Federal Credit Union, a member-owned not-for-profit financial cooperative that is federally insured by the National Credit Union Administration and doing business in accordance with the Federal Fair Lending Laws. You are now leaving the Thrivent website.
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