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Tips to start building smart investing habits now

When it comes to your finances, it’s a good idea to revisit your strategy every year to check that it’s still aligned with your goals in life. This certainly applies to the investing portion of your financial strategy, too. 

Whether you have a major life event coming up, are starting a new job, or simply can’t remember the last time you looked at your investments, it’s time to review your portfolio. There are some smart–and relatively easy–habits you can implement now to ensure you’re making progress on your goals. 

Consider these four suggestions from Thrivent as you’re looking at your investments:

1. Make sure your financial strategy is in place: To make wise investing decisions, you need to establish a comprehensive financial strategy first. Review it carefully and make sure it reflects your short and long-term goals in life. From there, put your investment objectives down on paper. Be sure to revisit these annually so you can assess the previous year’s performance and make any adjustments in case your risk tolerance has changed. 
2. Automate your savings and make increases over time: Set your investment contributions on autopilot by arranging to have a set amount of money transferred from your bank account into your investment account each month. If you’re able, try to increase your contributions year over year. Even a small increase can move you closer to reaching your future goals. 
3. Revisit your current investment portfolio and risk tolerance: As the markets ebb and flow, you may find yourself with a different allocation of stocks and bonds than when you initially started. Consider rebalancing if you need to restore order to your investment mix. Also ask yourself if your portfolio matches your current risk tolerance – if you’re younger, perhaps you want a more aggressive strategy versus if you’re approaching retirement. Remember, branching out to different funds and asset groups is a good way to spread out your risk. While diversification may not prevent you from losing money on your investments, it may help mitigate your losses.
4. Patience is key: Frequently chasing performance may lead to worse outcomes in the long term. Once you’ve established that you’re in the right mix of investments and you’re putting enough away, be patient and maintain your asset allocation strategy for the long haul – or until you reach a point in your life when it makes sense to adjust your allocation.

Managing your investment portfolio can be as simple as setting concrete goals and checking in more frequently to ensure nothing is slipping through the cracks. If you’re still uneasy about getting started, schedule time to meet with your financial professional who can guide you through the process and support you in taking the necessary steps toward becoming a more confident investor. 

Be sure to also take advantage of the many educational resources available today to become more informed. Staying up to speed on the latest trends and analysis may help you uncover potential investing opportunities. 

About Thrivent

Thrivent is a Fortune 500 financial services company that helps build, grow and protect financial well-being through purpose-driven advice, investments, insurance, banking and generosity programs. Thrivent serves more than 2.4 million clients through thousands of financial advisors across the country and has more than $194 billion in assets under management/advisement (as of 12/31/24). Thrivent carries strong financial ratings from independent rating agencies - including AM Best, Moody's and S&P Global Ratings - which demonstrate the company’s financial strength, stability and ability to pay claims. Ratings don't apply to investment product performance and more information can be found on each rating agency's website. For more information about Thrivent, visit Thrivent.com or find us on Facebook, Instagram and LinkedIn.