Wisdom on Wealth

The following segment first aired on KEDM 90.3 on July 23, 2014

     

The following column was published in The News Star on Saturday, September 27, 2014.

Question: I have a small group of guys that meet with every week. We’re all in our 40s and 50s. One of the things that we all agree on is retirement. We’re not going to do it. We plan to work until we drop. For one, the idea of retirement is not a good one to me. Also, if I don’t have to save for a retirement I don’t want, it greatly simplifies my financial life. Wouldn’t you agree?

Answer: If anything, I think you and your friends have set your sights too low.

The following column was published in The News Star on Saturday, September 20, 2014.

Question: Let me be frank. One of the reasons I have not yet done a financial plan is that I have not found a planner that didn’t just remind me of a salesman. I don’t want a salesman. I don’t want to be sold. I want advice. Is that so hard to find?

Answer: It shouldn’t be, but you might have to kiss a few frogs in the process.

By Byron Moore, posted September 18th, 2014

Question: I'm trying to get all my financial stuff organized. What do I need to do?

Answer: Let's not do this: straighten up all the unopened bank statements and investment account reports on your desk and call that financial organization.

By Mike Jones, posted September 18th, 2014

Most people think of investing as a personal activity that directly impacts their individual future.  However, most of what we are taught is really only applicable to investors en masse, i.e. the market-at-large, and over large periods of time.  This month's column brings us to the tenth and final point that I believe every investor should know prior to committing funds to any investment program.

Attributed to British Prime Minister Benjamin Disraeli and popularized by Mark Twain, this quote describes the persuasive-and sometimes downright manipulative-nature of the presentation of some numbers and statistics.

The following column was published in The News Star on Saturday, September 13, 2014.

Question: I will be retiring in about a year. I’ve talked to a few different advisors. The one I like the best charges higher fees than any of the others, but I really like her and think I would work well with her. I keep reading on financial websites and blogs how important fees are and how they can really impact total returns on your investment portfolio. Which do you think is more important, the fee or the advisor?

Answer: You have to decide if you are purchasing a commodity or a specialty item.  

The following column was published in The News Star on Saturday, September 6, 2014.

Question: My wife and I are really trying to cut back and get a budget going. I’m looking at all the money I’m shelling out for insurance and I’m saying we’ve got to cut back. We just can’t afford all that. But what kind should we cut first?

Answer: Whenever someone raises the twin topics of insurance and affordability, a little red flag goes up in my little brain.

The following segments first aired on KEDM 90.3 on June 25th, July 9th and July 16th

     

The following column was published in The News Star on Saturday, August 30, 2014.

Question: My daughter is headed to college in just a few weeks. I have paid for most everything during her high school years and we will do the same during college. She is naturally frugal, so I’m not worried about her overspending. Do you see a problem with me sending her to college with a debit card and just keeping up with her spending so it doesn’t get out of hand?

Answer: Yes, I see a huge problem.

The following column was published in The News Star on Saturday, August 23, 2014.

Question: I want to get things lined up for my retirement. I’m close enough where I don’t think I’ll be taking any big risks in my retirement plan. But how should I invest my money in my retirement plan once I do retire? And how do I get money out?

Answer: Like most questions I answer, I begin with “get a plan.” In this case, a retirement income plan.