Wisdom on Wealth

Originally published in The News Star and The Shreveport Times on Sunday, April 12, 2015.

Question: My adult child has only been working a few years and ran up a credit card bill at a favorite department store. The interest rate is outrageous. How can I help him transfer the balance to another card with lower interest? 

Answer: Why would you want to do that? 

Originally published in The News Star and The Shreveport Times on Sunday, April 5, 2015.

Question: I’m coming up on retirement in the few years. You may think I’m terrible, but I don’t want to leave my kids a bunch of money. We raised them and they’re all on their own now and I just don’t feel any need to sacrifice our retirement just to leave them a pile of money. So how does that change things when it comes to retirement planning? 

Answer: First, I don’t think you’re terrible. I think you’re scared. 

Originally published in The News Star and The Shreveport Times on Sunday, March 29, 2015.

Question: I just graduated from college and I’m going to work for a ministry for at least two years, maybe more. Eventually I think I’ll be in the secular work force. What advice do you have for someone my age and situation?

Answer: Your life, financially or professionally, will not start in two years, or whenever your ministry commitment ends. It starts now.

Originally published in The News Star and The Shreveport Times on Sunday, March 22, 2015.

Question: I have been through a lot of tragedy in my life. My problem is I am frozen with fear, so much so that I have not spent money I have on basic necessities.  I am just afraid of making mistakes spending. Would a life plan help in my situation? 

Answer: You may need both a plan and a person. 

Originally published in The News Star and The Shreveport Times on Sunday, March 15, 2015.

Question: I pulled out my investment stuff for last year and compared to the stock market, I didn’t do very well. My brother-in-law told me the stock market was up 15% last year, but my stuff didn’t do nearly that well. What’s up with that? Should I change something?

Answer: Well, there’s stuff, and then there’s stuff.

Originally published in The News Star and The Shreveport Times on Sunday, March 8, 2015.

Question: When you do a financial plan, do you fund your retirement first or get out of debt? Is trying to save on taxes part of it? And my husband says we spend too much money on insurance, but I worry we don’t have enough. We’re all over the map! Where should we start?

Answer: If you want a plan for your money, get a plan for your life.  

Originally published in The News Star and The Shreveport Times on Sunday, March 1, 2015.

Question: When you do a financial plan, do you fund your retirement first or get out of debt? Is trying to save on taxes part of it? And my husband says we spend too much money on insurance, but I worry we don’t have enough. We’re all over the map! Where should we start?

Answer: Start with the most important thing – to you.

The following column was published in The News Star on Sunday, February 22, 2015.

Question: My wife and I bought a new house last year and spent more than we had planned. Expenses that go along with it are also a bit more than expected. We are still living within our means, but we can’t save anything right now. But we’re not going into debt or anything. Are we OK to be where we are for a while?

Answer: No.

Living within your means is an illusion, and when you are awakened from your dream, it will be too late.

The following segment first aired on KEDM 90.3 on December 17, 2014

By Mike Jones, posted February 19th, 2015

There is an old saying, "it takes money to make money." But when that money is borrowed money you also must have the capacity to pay that borrowed money back.