The News Star columns

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.

QUESTION: 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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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.

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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.

QUESTION: 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.

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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.

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.

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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.

Question: 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.

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Is my ex-wife entitled to my Social Security benefits?

Submitted by Byron Moore, CFP® & Mike Jones on August 3rd, 2015

By Byron Moore, posted August 3, 2015

Originally published in the News Star and the Shreveport Times on Sunday, August 2, 2015.

Question: I have been married to my ex wife for 6 1/2 years. We still live together but we are not married. Is she entitled to survivor benefits? We are now 16+ years and we have had kids after our divorce. Please explain.

Answer: You’re telling me you are married to your ex-wife, and you want me to explain?

I’m going to have to make a few assumptions here: you were married for 6 ½ years. Then you got divorced. But you’re saying you’ve been together for a total of 16+ years. If so, you were married 6 ½ years, divorced, but stayed together another 10 years after that.

And, you had children together after your divorce.

I’ve heard people say they get along well with their ex, but that’s getting along pretty well.

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Financial secrets never lead to financial solutions

Submitted by Byron Moore, CFP® & Mike Jones on July 27th, 2015

By Byron Moore, posted July 27, 2015

Originally published in the News Star and the Shreveport Times on Sunday, July 26, 2015.

Question: Ever since we were married I have handled the finances in our marriage. We are in our 50s now and I’m sure my husband doesn’t know what shape we are in. He’s a great provider, but I got sick and things have just gotten out of hand. I’m juggling everything now, but I’m not sure I can keep doing that much longer. Is there any way to get this fixed without him having to know?

Answer: No.

And as much as you hate the thought, you don’t want to keep him in the dark any longer. It isn’t helping him and I’m sure it isn’t helping you.

Reality can be painful. But the pain of dealing with today’s reality is almost always dwarfed by the pain of procrastination – the problem always gets larger.

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Is the IRS really suing me?

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

By Byron Moore, posted July 20, 2015

Originally published in the News Star and the Shreveport Times on Sunday, July 19, 2015.

Question: I got a voicemail message from the IRS telling me that they are suing me and telling me to call a phone number. I don’t know what to do. I’m afraid it is a scam artist. But if it really is the IRS, I don’t want to get into trouble. Can you tell me what I should do?

Answer: Your instincts are correct. This is a scam.

First, I do not believe the IRS calls, tweets, texts or uses Facebook, Instagram, social media, instant messaging or smoke signals to communicate with a tax payer who owes money to the US Treasury. They send letters (remember those?) via the US postal service. And if the matter is weighty enough, the letter will come certified.

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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.

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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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Byron Moore, CFP^® and Mike Jones

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