Market uncertainty: Tariffs and economic policy drive volatilityUncertainty around economic and trade policies is weighing on confidence for both individuals and businesses. Read more from Thrivent's Chief Investment Strategist on current volatility and other market conditions.
Diversifying your portfolio can help manage risk when markets fluctuate. 📈 While it may help protect against losses, it may also limit gains. Learn more about how applying risk tolerance can inform your portfolio diversification: https://bit.ly/4gAwlrA
Business startup costs: 10 basics to plan forAre you thinking of starting your own business? Check out 10 start up costs that you’ll want to consider for your newest venture.
A guide to charitable giving strategies & their tax advantagesThere are ways you can help maximize tax benefits when giving. Learn more about different charitable giving strategies and their tax advantages.
Less can mean more. Special holiday celebrations don’t need to come with a big price tag. Here are some helpful spending tips to navigate this holiday season on a budget🎄: https://bit.ly/3ApmZjn
Giving’s greatest season is here. Do you have a plan in place to amplify your charitable impact and maximize your tax benefits? Together, we can discuss strategies to make the most of all you’ve been given.
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Income Match Assessment | ThriventWhen it comes to spending your hard-earned dollars in retirement, are you a Protector, Optimizer or Explorer? Take this short quiz to find out.
November 2024 Market Update: Stocks and bonds take a breathLearn why we think the economy is still slowing but see signs of growth stabilizing in the markets in Thrivent's November Market Update.
Big news! AM Best has reaffirmed Thrivent's A++ (Superior) rating for 2024! 🌟 This demonstrates our continued strength and stability and commitment to serve our clients for generations to come.
Rating is based on Thrivent's financial strength and claims-paying ability and does not apply to investment product performance.
Scams in the spotlightWith financial scams on the rise, it’s crucial to understand what they look like and how to safeguard your assets.
Learn more about the different scams you should keep an eye out for and how to protect yourself from falling victim. ⬇️
2nd Quarter 2024 Market Review: Goldilocks returnsIn this recap of second quarter markets, Thrivent Asset Management discusses how markets were unstable early on, but evened out at the end of the quarter. Learn more in the 2nd Quarter Market Review.
3rd Quarter 2024 Market Outlook: Waiting for the FedSecond quarter economic results were mixed. What does that mean for investors looking ahead to third quarter? Take a look at Thrivent’s 3rd Quarter Market Outlook to learn more.
Here’s a simple summer financial tip: Take advantage of hot interest rates! 🔥☀️
If you have money in a checking account or other low-interest investment, consider moving it to a high yield savings account or CD where it can earn more. Always nice to earn a little extra by doing (almost) nothing! 😎
Market volatility & your investments: What you need to knowMarket volatility is a natural part of investing, which means risk and reward go hand in hand as markets rise and fall. Here are 7 ways to deal with a volatile stock market.
Download a complimentary copy of Thrivent's digital Will & Estate Planning Guide today. This workbook-style guide walks you through the 4 essential tools of estate planning. Complete this guide and let's connect to discuss your overall financial plan.
Get started today and give your loved ones the gift of estate planning 🎁: https://bit.ly/460TTjT
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Wealth transfer strategies: How to leave assets to your loved onesRemember, wealth transfer isn’t just about money and assets; it’s about passing down your values and aspirations.
Let’s work together to create a lasting legacy. 👇🏼
June 2024 Market Update: April showers brought May flowersStrong first quarter earnings helped boost the economy in May, but there is potential for additional market volatility. Learn more in Thrivent’s June 2024 Market Update.
Two-Thirds of Americans Say Their Financial Planning Needs Improvement35% of Americans work with a financial advisor. They are happier and more confident in their financial future. They sleep better at night knowing a financial professional manages their money.
Studies show that working with a financial advisor has a clear value. Unfortunately, too many people undermine their financial future by not seeking professional advice.
Understanding Good Financial Decisions
What makes a good financial decision? What ingredients do we need to make an optimal decision? There are three key ingredients:
• Experience -- we know how to do this, we've done it before - the how
• Expertise -- we know why we do this, what is the purpose, and its consequences
• Feedback -- we have insights into what will come out of our decisions, and we can correct them if necessary
With financial illiteracy around 50% in the United States, many people lack these crucial ingredients. Often, they don't seek help because they don't realize they have a problem, despite daily reminders.
Finance for regular people has many questions and uncertainties. Acquiring the necessary expertise and experience doesn't come easy and requires considerable conscious effort. And with no action, there is no feedback.
There is good news.
Most individuals can borrow the experience and expertise from a financial advisor, someone who went through extensive training and licensing. The advisor can share the experience and expertise needed. And they've seen many clients in similar situations, and they can share their feedback and best practices.
A nudge to take action: Meet your future self
Imagine having a conversation with your future self. Extend yourself 10 or 20 years in the future, and summon that future self for a fireside chat.
For the most part, technology attempts to make our lives easier to navigate by giving us access to tools that provide valuable insights.
Here is one such tool: a future self-chatbot.
A team of researchers from MIT, Harvard, UCLA, and KASIKORN Labs created a chatbot that allows you to talk to a future version of yourself.
They found out that talking to a future self reduces anxiety, and negative emotions, and increases future self-continuity.
We age continuously. The time spent in the past becomes longer than the future ahead of us, and our regrets pile up. In the past that we leave behind we buried our lost opportunities, a lot of "what-ifs" that we call regrets.
There is a cost of inaction represented by our regrets. The lost opportunities we did not act upon weigh three times heavier on ourselves than the ones we took a chance at, even if we failed. In other words, they sabotage our future peace of mind every day.
Care to guess what is one of the most common regrets?
Yes, is the regret that they did not educate themselves financially earlier in life. Many people I talk to share this regret. For some, it is too late to do something, and they'll have to make peace with it. For some, there is still time to correct it.
Take a moment. Have an imaginary chat with your future self. How would the conversation go? What do you think that your future self will tell you to start today?
Or, use the chatbot.
***
Links used in the post:
1. https://www.prnewswire.com/news-releases/two-thirds-of-americans-say-their-financial-planning-needs-improvement-301881539.html#:~:text=MILWAUKEE%2C%20July%2024%2C%202023%20%2F,Mutual's%202023%20Planning%20%26%20Progress%20Study.
2. https://techxplore.com/news/2024-06-future-chatbot-users-glimpse-life.html
3. https://arxiv.org/pdf/2405.12514
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Working tax efficiency into your financial strategyUnderstanding how your assets are taxed—and making adjustments now—can have a significant impact on your future. Diversification is key to building tax efficiency into your plan. Learn more about each type ⬇️
1. Investment
2. Time
3. Income tax
