So many things seem different this year due to the coronavirus pandemic, but one of the more entertaining changes has been the cardboard cutouts in the stands at major sporting events. Some creative ideas beyond the cutouts of the fans themselves have included cutouts of player’s dogs, legendary players, celebrities and even hot dog vendors.

While fans mostly have viewed these cardboard cutouts with amusement, there is nothing amusing about the idea of a cardboard cutout standing in for your investment plan. You should remain actively involved in navigating the roadmap that can keep you on track during market turbulence and can help get you to your end financial goals. If you don’t know your destination, how will you know when you’ve arrived?

An investment plan helps you set specific, measurable goals and time frames while helping you understand the effects of your decision by analyzing potential results. Whether you want to fund your children’s college education, save for retirement or buy a new house, your investment plan can give you a whole new approach to your finances and improve your control over your financial lifestyle.

The investment planning process should help you identify how much you will need to save for each of your goals. It should also help you better understand your tolerance for risk. Are you a conservative or aggressive investor, or somewhere in between? Your plan should guide you to choose the right types of investments to fit your needs, personality and time frame. By choosing your investments wisely, you can meet your financial objectives while maintaining your standard of living and being comfortable with the decisions you’ve made.

Because life can take unexpected turns along the way, an investment plan can also provide more confidence for your family. For instance, if a key income earner becomes unable to work, how will you replace the lost income? To whom would you like to pass on whatever wealth you have accumulated during your lifetime? Estate planning is a central part of the investment planning process. Do you need a will or a trust? Are your beneficiary designations on retirement accounts and insurance policies up-to-date? What would happen to your assets if you died today? Is this what you intended?

Having a plan does not mean it is set in stone, but it does provide a great framework for your financial journey. As you travel through life, your needs may change. These changes can include such things as getting married, having children, buying property, planning for retirement or deciding what to do with your estate.

People with an investment plan have a positive outlook on their financial situations and are better able to weather market volatility. If you know that you are saving and investing for a specific financial goal, it is much easier to follow your plan if you actually have one. As with any roadmap, you may divert off your original route from time to time, or you may reassess the specific route you are taking. If you have an investment plan, you know your end goal. Market corrections may be the perfect time to reevaluate your plan and reconfirm that you are still headed in the right direction.

As stated by Baseball Hall of Famer Tommy Lasorda, “There are those who make it happen, those who watch it happen and those who wonder what happens.” If you have an investment plan, stay the course. If not, now is the perfect time to set one up. Everyone should be active with their financial goals and follow a written plan on how to tackle them, not sitting by idly like a cardboard cutout.

Wendy Bennett is a senior financial adviser at Bennett Associates Wealth Management in Butler.