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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?”

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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.

Podcast: Trusting financial institutions (4:00)

Submitted by Byron Moore, CFP® & Mike Jones on September 3rd, 2015
By Byron Moore, posted September 3, 2015

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

One of the residual effects of the financial crisis is a deep distrust of financial institutions. Especially large ones.

Financial institutions are sometimes run by good guys, sometimes bad. But all of them have a plan to make things better for themselves.

The best way to deal most effectively with any of them starts with a carefully crafted financial plan of your own.

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Work inside – what to do if the stock market rains losses

Submitted by Byron Moore, CFP® & Mike Jones on August 31st, 2015
By Byron Moore, posted August 31, 2015
Originally published in the News Star and the Shreveport Times on Sunday, August 30, 2015.
 

QUESTION: I told myself I would focus on getting my financial life in order, and now it looks like the stock market is falling apart. Have I just picked the wrong time? Better to wait until later?

ANSWER: Later…when?

It’s August in Louisiana, and for most of us that means hot weather and dry, crispy brown grass. It seems as if the sky has forgotten how to rain; and if it does rain, it only lasts for a loud, thunder pounding moment, followed by more steamy humidity.

Podcast: Confusing symbolism for substance (3:25)

Submitted by Byron Moore, CFP® & Mike Jones on August 27th, 2015
By Byron Moore, posted August 27, 2015

The following segment first aired on KEDM 90.3 on May 20, 2015

Don’t confuse symbolism for substance when trying to save money.

If you want to save money, you’re going to have to get serious.

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Protection: play a scrimmage game before the season starts

Submitted by Byron Moore, CFP® & Mike Jones on August 24th, 2015
By Byron Moore, posted August 24, 2015
Originally published in the News Star on Sunday, August 23, 2015.
 

scrimmage_0.jpgQUESTION: We were renting a house and after a freakishly hard rain some exterior drained clogged up and our house ended up with two feet of water in it for about an hour. It drained after the rain stopped, but the damage was done. We had renters insurance, but found out none of our stuff was covered for flood damage. How are we supposed to know this stuff? We’re out thousands of dollars. 

ANSWER: You and your agent needed to play a scrimmage game before the season started.

What do I do with a windfall?

Submitted by Byron Moore, CFP® & Mike Jones on August 10th, 2015
By Byron Moore, posted August 10, 2015
Originally published in the News Star on Sunday, August 9, 2015.
 
cash stack_0.jpgQuestion: I have recently come into a lot of money. More money than I could have ever imagined. I’m not sure where to start or what to do. It’s in the bank and more comes in every month. I’m not sure how long this will last, but it’s already a bunch. I don’t want to be one of those idiots who blows the whole thing. What do I do?
 

Answer: Windfalls come in all shapes and sizes

I remember a guy who came to see me years ago from out of state. He’d won a big lawsuit and his part of the settlement was over $1,000,000. He never dreamed he would see that much money in his life. He took a vow of poverty, promised to “not change anything” and to not be one of those foolish people who spend it all. This was his ticket.

Podcast: Sweat the small stuff

Submitted by Byron Moore, CFP® & Mike Jones on August 6th, 2015
By Byron Moore, posted August 6, 2015

The following segment first aired on KEDM 90.3 on April 15, 2015

There’s a lot to be said for the approach to life that says, “Don’t sweat the small stuff.”

On the other hand, I really want the guy who does my heart surgery to be detail oriented, sweating the small stuff.

This tension exists in your financial life as well. 

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Improved communication makes for a safer flight

Submitted by Byron Moore, CFP® & Mike Jones on July 13th, 2015
By Byron Moore, posted July 13, 2015

Originally published in the News Star on Sunday, July 12, 2015.

Question: My husband is a very good man and he has always taken great care of our finances. But I have some concerns. When I try to bring them up, it seems like he either ignores me or just says everything is fine. I am for sure the quiet one of us. But how do I get my point across without being disrespectful?

Answer: It sounds like for the safety and comfort of all passengers aboard, the communication between pilot and the co-pilot of this flight could use an upgrade.

How long should I keep my term life insurance?

Submitted by Byron Moore, CFP® & Mike Jones on July 6th, 2015
By Byron Moore, posted July 6, 2015

Originally published in the News Star and the Shreveport Times on Sunday, July 5, 2015.

Question: I am in my early 30s and the sole breadwinner for my family. We both want her to be able to stay home with our children, so I need to get some life insurance on me. How much should I get and how long should the term be? And how does it work if something happens to me?

Answer: What’s the middle ground between “rich” and “wretched?” Maybe “just right?”

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