When we act as a steward we actively direct affairs and take responsibility. As a steward of the land, a forester develops and executes tree management plans to ensure a healthy ecosystem. In financial situations, a steward cares for assets and works to ensure the future. Stewardship responsibility is often taken on as a moral duty. Acting as a financial steward will help you, your family and future generations work for better outcomes. Here are five characteristics a financial steward should embrace:
In managing your financial affairs you are your own steward. Our society builds in safety nets to help us succeed: banking regulations, legal and consumer protections, retirement plans when you work for a company. These help but a lot can go wrong. You may find yourself at the mercy of bad actors. Maybe a job change or retirement occurred and your safety net disappears. We know how investing and planning are impacted when individuals change jobs, retire, or start working for themselves. These events happen to everyone. Knowing how to act as your own financial steward will make life changes easier.
At Laurentide, we want to be part of your stewardship team and we strive to give you the tools and education to be a superior steward of your affairs. Stewardship is an art, not a science. Ask us about how we can work with you to advance, grow and build your best outcomes.
John Kirby is a Principal and Co-Founder of Laurentide Advisory