Byron Moore, CFP® and Mike Jones

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Wisdom on Wealth

Understanding how we age – physically & fiscally

Submitted by Byron Moore, CFP® & Mike Jones on October 12th, 2015
By Byron Moore, posted October 12, 2015
Originally published in the News Star on Sunday, October 11, 2015.
 
iStock_000026420809Medium_0.jpgQUESTION: My parents ran a business together for years until my father’s death. After he was gone, Momma ran it by herself for years before she sold out. She was very savvy and unafraid of taking a smart risk. As she has gotten older it seems she doesn’t want to take even the littlest financial risk. I have no doubt this is costing her money, but I also know taking any risk makes her very nervous. What should I do?
 

ANSWER: Help your mother be as happy as possible, not as wealthy as possible. Sometimes those two are not the same thing.

You have enough time

Submitted by Byron Moore, CFP® & Mike Jones on October 5th, 2015
By Byron Moore, posted October 5, 2015
Originally published in the News Star on Sunday, October 4, 2015.
 

Question: My life has gotten so busy with three young children and a very demanding job. I just don’t have enough time to plan. You probably hear this excuse all the time. But can I do about it?

Answer: I have no doubt you are busy.

However, imagine for a moment the nightmare of every parent: in the middle of the night, your young child stumbles, bleary-eyed into your room, struggling to breathe.

Podcast: Wealth distribution strategies (3:54)

Submitted by Byron Moore, CFP® & Mike Jones on October 1st, 2015
By Byron Moore, posted October 1, 2015

The following segment first aired on KEDM 90.3 on June 17, 2015

Most of us will pass through three very broad phases to our financial lives.

During phase one, we attempt to create wealth. Phase two moves from wealth creation to wealth distribution. Phase three (wealth conservation) comes when you pass on your wealth through inheritance.

Let’s go back to phase two—the wealth distribution stage—if no one has told you yet, when you shift from phase one to phase two…all the rules change.

And, honestly, the best time to plan for wealth distribution is while you are creating it.

Click the picture above to play/pause audio.

Who taught you the rules of the game?

Submitted by Byron Moore, CFP® & Mike Jones on September 28th, 2015
By Byron Moore, posted September 28, 2015
Originally published in the News Star and the Shreveport Times on Sunday, September 27, 2015.
 

tic-tac-toe_0.jpgQUESTION: I am putting the max I can in my 401k. But I’m wondering if I should re-direct some of that towards a 529 plan for my seventh grader’s college. We also have some credit card debt we are trying to get paid down. But that’s tough ever since we signed up for one of those bi-weekly mortgages to save interest on our house payment. Sometimes I just want to ask myself, “How much is enough?” So I thought I would ask you. How much is enough?

ANSWER: You sound product rich and plan poor.

Do you remember who taught you how to play tic-tac-toe? Probably not – for most of us it was a while ago. Usually it’s an older sibling or a neighbor kid down the street. They “graciously” offer to teach us how to play. They might even let us go first.

Podcast: Happiness for $75,000 per year (2:54)

Submitted by Byron Moore, CFP® & Mike Jones on September 24th, 2015
By Byron Moore, posted September 17, 2015

The following segment first aired on KEDM 90.3 on June 10, 2015

When forced to make a choice between the job of your dreams or the paycheck of your dreams, which would you choose?

What is the price of happiness?

Nobel Prize winning psychologist Daniel Kahneman thinks the price is... about $75,000.

Click the picture above to play/pause audio.

As the crow flies – don’t oversimplify your retirement planning

Submitted by Byron Moore, CFP® & Mike Jones on September 21st, 2015
By Byron Moore, posted September 21, 2015
Originally published in the News Star on Sunday, September 20, 2015.
 

QUESTION: I’ve done a basic calculation of what I have now and what I save each month. I know what we spend and it looks like we’re going to be OK if I keep this up for another 20 years. I am in my forties. Am I leaving anything major out of my thought process?

ANSWER: Have you ever asked someone for directions and have them replay, “Oh, that’s about a mile away…as the crow flies.”

Are today's markets really more volatile?

Submitted by Byron Moore, CFP® & Mike Jones on September 17th, 2015

By Mike Jones, posted September 17, 2015

"Asian Contagion," the Persian Gulf War, 9/11, battle over the budget: these are just a few of the events over the last 25 years that each led to sharp selloffs in the US stock market.

After seeing the S&P 500 drop ten percent in a few short days recently, I decided to do a little research on short-term drops in value of the US stock market.

Debt: count the cost, but don’t forget the benefits

Submitted by Byron Moore, CFP® & Mike Jones on September 14th, 2015
By Byron Moore, posted September 14, 2015
Originally published in the News Star and the Shreveport Times on Sunday, September 13, 2015.
 

wallet in vice_0.jpgQuestion: I have used debt judiciously to buy investment properties and other income producing assets. Now I am very focused on paying the debt off with the income from the assets so we can be debt free. My wife sees that we have an extra source of income that she would like to use for things like vacations. Our kids will soon be grown and we’ll have a nice income and be financially free if we can just stay the course. Is there something I’m missing here?

Answer: Maybe so. Maybe things like your wife and your children.

Podcast: Long Term Care Insurance - who needs it; how to pay for it? (3:51)

Submitted by Byron Moore, CFP® & Mike Jones on September 10th, 2015
By Byron Moore, posted September 10, 2015

The following segment first aired on KEDM 90.3 on June 3, 2015

A little bit of pessimism during your retirement planning can lead to a much more optimistic outcome in your retirement living.

So let’s be just a bit pessimistic and assume that you will one day need some kind of long-term care. 

There are only a few answers to the question of “who will pay the bill if I go into a nursing home?”

Click the picture above to play/pause audio.

Our decisions tend to compound – for better or for worse

Submitted by Byron Moore, CFP® & Mike Jones on September 8th, 2015
By Byron Moore, posted September 8, 2015
Originally published in the News Star and the Shreveport Times on Sunday, September 6, 2015.
 
happy elderly_0_0.jpgQUESTION: My parents never had much and lived modestly all their lives. But they never lacked for anything. Mom died years ago. When it came time for Dad to retire, he just walked away from work and never gave it a second thought. He lived like he wanted to and I never once heard him complain about money. Then when he passed, we were frankly shocked to learn how much money he had just sitting in the bank. I don’t think I’m doing so well and I worry about leaving my kids a stack of IOUs. How does a simple man like my father do so well financially?
 

ANSWER: Your daddy had a habit of having good habits.

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