FIVE FINANCIAL
STRATEGIES THRIVENT FINANCIAL’S HANNAH SORENSEN
I
t could happen anytime. Your spouse dies. You lose your job. You fall seriously ill.
These life changing events are often huge surprises. Your financial security shouldn’t be. “You need to know what bills you have and where your money is stored,” cautioned Hannah Sorensen, Financial Associate with Thrivent Financial in Fargo. “I see so many women trying to recover from a tragic situation and I think it’s scary when you don’t have the necessary knowledge.” Understanding your money matters now and preparing for later doesn’t have to be daunting. Sorensen offers these five tips for smart financial planning:
Start Now (whenever now is) Regardless if you’re 72 or 22, you should know your financial picture. We’re not talking a state-of-theart digitally-enhanced image, more like a Polaroid. “You need a snapshot of your current financial picture,” explained Sorensen. “You need to know what money you have coming in and what your required expenses are.” The simplest way to start this process is by creating a budget. You can make your own with a spreadsheet or hire a professional like Sorensen to map it out for you.
Plan For a Life Changing Event
“
I work with people to look at the full picture ... Where are your gaps? I help you fill them in.
It’s not a matter of ‘if’ your world will be rocked, but ‘when.’ “Life is unexpected,” said Sorensen. “If something drastic happened, how would you respond to it?” She recommends comprehensive financial planning, including, but not limited to, a diverse investment