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Financial clarity in an uncertain world

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In volatile markets, people tend to pay more attention to their money. It stands to reason. After all, volatility leads to questions about diversification, risk sensitivity and whether you should be pulling your money out of the market and sticking it under a mattress. But the notion of a down market only exists because there is a counter concept known as an "up" market. And as you might guess, people don't pay as close attention to their money in these times. At Thrivent, we stress that both markets need to be adhered to in order to achieve what every investor and financial client is ultimately seeking: financial clarity.

Understanding financial clarity

The best way to understand financial clarity is to understand what it provides. Financial clarity helps enable lives of meaning and gratitude. When you have a true sense of where you are today financially and how you're set up for tomorrow, you have the security and confidence to live a more enriched life going forward. Achieving financial clarity is the result of financial expertise and purpose-based guidance regardless of the amount of money you have or your financial goals. At Thrivent, we think about the financial needs of our clients in these four areas: spending, borrowing, building and protecting. And our financial professionals advise clients on ways to spend mindfully, borrow responsibly, build purposefully and protect flexibly—in times of uncertainty as well as times of prosperity.

Should you worry in uncertain economic times?

Uncertainty breeds concern but it doesn't necessarily warrant worry. With the right financial guidance, your investments should take into account the inevitable market fluctuation. At Thrivent, the advice and products we offer aim to mitigate risk and focus on seeking consistent, competitive, long-term performance.

There is also an opportunity that exists in times of market swings. For instance, with interest rates dropping, now may be a good time to review your financial goals and explore new strategies or opportunities to pursue.

Plan. Be patient. Don't panic.

This advice applies to all of our investors and clients. Smart planning sets you up to absorb the ups and downs of an inevitably volatile market. A comprehensive plan includes an emergency fund (liquid capital) to compensate for lost income, unexpected health care costs, or any other unforeseen expense.

Patience is key to riding out a down market. For example, early in 2020, a Dow Jones Industrial Average of nearly 30,000 may have given some investors a false sense of comfort about the future – and they may have felt the anxiety that comes with market losses at that time. However, investors who've worked with a financial advisor to develop a balanced plan can feel more confident: Their long-term goals anticipate both good times and bad, and they understand the context of a temporary decline. Thrivent has been guiding its customers through market volatility since 1902.

These are times of uncertainty for sure. But it's reassuring to know that Thrivent financial advisors are here to guide you and help you along your journey toward financial clarity.