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STORM SEASON
Important Note:

June through November our agency may become prohibited from binding coverage should a “Tropical Disturbance” enter the Gulf of Mexico or Caribbean Sea.

In these cases we may be unable to bind new coverage quoted in open proposals until the storm leaves our area and our binding authority has been restored.

Please arrange your coverage protection early to avoid this type of delay. While we regret any inconvenience, the carriers impose these restrictions on all agencies.

Essential Things to Know About Financial Planning

Financial planning is like dieting – you need to change your habits for life if you want to see consistent results and reach your goals. With that said, it can be very hard to know how to financially plan for your future. Here we offer you some tips for financial planning, allowing you to remain confident that your finances are (and will be) in order for the future.

Acquire an emergency fund

Before you do anything else financially, save up and make a rainy day fund. You should start by establishing an emergency fund, which should ideally be around 3-6 months’ worth of your pay. Medical emergencies and job losses are not uncommon, and it’s important to be prepared for the worst case scenario at all times. The goal is to ensure that you could continue your current lifestyle and spending patterns if a disaster struck you out of nowhere.

Develop good habits

Although people look for quick-fix solutions a lot of the time, people who are financially well-off simply tend to develop good everyday habits that save them small amounts of money on a daily basis. As you may have guessed, these small savings soon add up over time. An endowment plan is a good way to save up for short-term goals, as it encourages you to be disciplined and its compounding ROI helps your funds to increase over time.

When it comes to long-term goals, you need to think about things such as retirement planning. Pension funds are important, so take advantage if your company offers one. If you don’t have a retirement fund or pension plan in place, be sure to open one sooner rather than later. The sooner you open a fund, the bigger it will be when it comes time to cash it out in many years’ time.

Diversify your portfolio

Diversifying your portfolio allows you to minimize your risks in the event of an economic downturn. Asset allocation strategies (within your risk threshold) can also be incredibly useful too. When you diversify your portfolio, you protect yourself against certain market crashes. For example, you’ll be in a terrible situation if you invest in nothing but real estate and then we see another housing crash!

Look into professional help

A professional financial planner can help you to make sense of all the companies and financial products on the market; they can be very complex and hard to understand if you’re not experienced! A good planner can get you a plan that suits you, and should aim to tailor your plan as your circumstances change in life. If you get married or change jobs, for example, it can be useful to have your finances reexamined thoroughly by a professional.

Remain strict and disciplined

Stick to your financial plans or don’t bother with them at all – it’s that simple. Although there will be inevitable slip-ups in your plans (because life happens) you need to stick to your goals consistently if you want to see results. Assets need time in order to grow, so be patient! If it helps you to do so, ask your loved ones and friends to hold you accountable for your spending, forcing them to rein you in and make you be sensible with your money. Balancing the three financial pillars of earning, spending, and saving takes practice and discipline, but stick with them and don’t lose hope.

If you’re looking for more advice on financial planning and securing yourself a decent amount of savings and assets, get in touch with us today!