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Children and money

Podcast: Should you open a 529 account? (3:45)

Submitted by Byron Moore, CFP® & Mike Jones on March 3rd, 2016
By Byron Moore, posted March 3, 2016

The following segment first aired on KEDM 90.3 on September 9, 2015

Here’s a question I get a lot from parents of school age children – “Should I open a 529 account? Is that the best thing to fund education?  Or would you suggest something else?”

Click the picture above to play/pause audio.

What happens if the bottom drops out of TOPS?

Submitted by Byron Moore, CFP® & Mike Jones on February 29th, 2016
By Byron Moore, posted February 29, 2016
Originally published in the News Star and the Shreveport Times on Sunday, February 28, 2016.
 

TOPS_0.jpg Question: My daughter is in her freshman year at Tech and I’m scared to death that the TOPS program might be eliminated. I’m not sure I would be able to pay all of her expenses if TOPS is canceled. What do you think will happen?

Answer: My ability to predict what politicians might do is about as useful as my prediction of next month’s Power Ball numbers…and just about as accurate.

When and how to help

Submitted by Byron Moore, CFP® & Mike Jones on January 11th, 2016
By Byron Moore, posted January 11, 2016
Originally published in the News Star and the Shreveport Times on Sunday, January 10, 2016.
 
lifesavers_0.jpgQuestion: I have the unusual task of trying to teach my middle aged brother about basic financial management. He is broke and in debt and is now living with our mother. After going through a divorce and a rebound girlfriend, he now has credit card debt, no car, no assets and no job. I want to help him, but don't want to throw cash at him. I was taught by my father to save, but apparently my brother didn't get it. Any suggestions on where to start?
 

Answer: Ever since Cain and Abel, mystified parents have wept many a tear over the enigma of one brother turning out so differently from another.

Do your words and your wallet say the same thing?

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

Parents Supporting Adult Kids-coins_0_0.JPGQuestion: I cut out your articles regularly and send them to my son. But he doesn’t seem to get it. My husband and I have tried to teach him to be responsible, but we are still having to pay his phone bill and his car insurance, and whenever he comes home he asks me for cash. He’s out of college and he’s got a job, though not a good one. He says he doesn’t make enough money, but this just can’t keep going on. What do you suggest?

Answer: You say you have tried to teach your son to be responsible, but actually the opposite is true.

Podcast: How to pay for college (3:42)

Submitted by Byron Moore, CFP® & Mike Jones on October 15th, 2015
By Byron Moore, posted October 15, 2015

The following segment first aired on KEDM 90.3 on June 24, 2015

The process of funding a college education can be an education in itself - and this is one exam you just can’t cram for.

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Financial parenting – is your goal to limit or to launch?

Submitted by Byron Moore, CFP® & Mike Jones on August 17th, 2015
By Byron Moore, posted August 17, 2015
Originally published in the News Star and the Shreveport Times on Sunday, August 16, 2015.
 
Teen money.jpg​Question: I come from a family that was very tight with our money. We had to earn everything and my parents never gave me anything. I learned a lot about working, but I also admit I have had some hard feelings about the way I was raised. My wife comes from a family that paid for everything for her. I had to tone down her spending when we first got married, but she seems to have a better relationship with her parents than I do with mine. I’d like to raise our kids so it didn’t have to be one or the other. Any ideas on that?
 

Answer: Parenting is a paradox. It is the most selfless and the most selfish thing you will ever do.

Podcast - Family business succession

Submitted by Byron Moore, CFP® & Mike Jones on July 23rd, 2015
By Byron Moore, posted July 23, 2015

The following segment first aired on KEDM 90.3 on March 18, 2015

Are you serious about passing on your family business to the next generation? Really?

Then don’t ignore the development and training of the next generation of your business’s owners. 

Click the picture above to play/pause audio.

Podcast - What is an estate plan?

Submitted by Byron Moore, CFP® & Mike Jones on July 9th, 2015
By Byron Moore, posted July 9, 2015

The following segment first aired on KEDM 90.3 on March 4, 2015

Even if you’re not sure what an estate plan is, I’ve got news for you: You’ve got one.

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Fathers provide in many ways, not only financially

Submitted by Byron Moore, CFP® & Mike Jones on June 22nd, 2015
By Byron Moore, posted June 22, 2015

Originally published in the News Star and the Shreveport Times on Sunday, June 21, 2015.

Question: I am considering switching jobs, which would mean more money, but also more travel. My wife and I have three small children and she is concerned about how my traveling might affect our children. I would give us a “C+” on how we’ve managed our money so far, but we’re doing OK. Being a good father is very important to me, but I tend to think more money each month would make me more relaxed when I am with the kids. What do you think?

Answer: Quality time is a myth.

How to teach your children about money

Submitted by Byron Moore, CFP® & Mike Jones on May 11th, 2015
By Byron Moore, posted May 11, 2015

Originally published in The News Star on Sunday, May 10, 2015.

Question: Neither my wife nor I were raised in a home that taught us much about how to handle our finances. We are starting a family and we want to teach our children to be responsible with money. Tips?

Answer: First, don’t overreact. Whenever I hear a young parent say they want to avoid a deficiency in the way they were parented, I fear an overreaction. A little bit goes a long way in this area with children.

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