Byron Moore, CFP® and Mike Jones

Wisdom on Wealth

Financial wellness

By Byron Moore, posted January 22, 2018
Originally published in the News Star and the Shreveport Times on Sunday, January 21, 2018.
 

piggybank with stethoscope_sm.jpgQuestion: What is financial wellness? I am a human resources professional and financial wellness is a hot topic among my peers. The idea is that if we provide financial wellness training for our employees, they can be more stable and productive for their employers. That sounds good, but I’m not even sure how to define the term, much less offer training for it.

Answer: I think it would be helpful to think of financial wellness in much the same way we think of physical wellness. It isn’t so much a destination as a state of being.

Retirement goal setting – aim at what you require, desire and aspire

By Byron Moore, posted January 16, 2018
Originally published in the News Star and the Shreveport Times on Sunday, January 14, 2018.
 

goal setting_sm.jpgQuestion: My wife and I are setting some goals with respect to our retirement and we have a question. Should we be pessimistic or optimistic about how things will go, both now and in retirement? I’ve run different scenarios and things can really turn out wildly different depending on what assumptions you use.

Answer: One of the great unspoken sins of my profession (financial planning) is allowing people to think we can forecast the future with any greater precision than a palm reader.

Podcast - Will power – plan your estate wisely (3:45)

By Byron Moore, posted January 11, 2018

The following segment first aired on KEDM 90.3.

Considerations when planning your estate and will...

Click the picture above to play/pause audio.

Mistakes when working with a financial advisor

By Byron Moore, posted January 8, 2018
Originally published in the News Star and the Shreveport Times on Sunday, January 7, 2018.
 

paperwork with advisor_sm.jpgQuestion: I have been working with a financial planner for a few years and I’m not satisfied. It isn’t so much about the investment part. That’s been OK. But I just don’t feel like he knows I am alive. Is it too much to expect to be able to find someone who will take care of me and my money?

Answer: It is not too much to ask that a financial advisor be a competent partner in assisting you achieve realistic financial goals.

Podcast - Should you serve as an individual trustee? (3:44)

By Byron Moore, posted January 4, 2018

The following segment first aired on KEDM 90.3.

Before you say “yes!” to that family member or friend who has asked you to serve as trustee for their trust, you may want to consider these points...

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Making New Year’s resolutions? Focus on habits more than goals

By Byron Moore, posted January 2, 2018
Originally published in the News Star and the Shreveport Times on Sunday, December 30, 2017.
 

January 1st_sm.jpgQuestion: Like most people, I make New Year’s resolutions. Some I have actually kept long-term, but most have been pretty short lived. What do you think is the secret of keeping your resolutions – especially the financial kind?

Answer: I have no idea how many dieting books, fitness club memberships or getting-organized supplies are sold during the weeks just before and just after New Year’s Day…but I suspect it’s a big number.

Something about a new year suggests a clean slate – a fresh opportunity to do it again, only this time get it right!

The Christmas Effect

By Byron Moore, posted December 26, 2017
Originally published in the News Star and the Shreveport Times on Sunday, December 24, 2017.
 

Stressed Santa_sm.jpgQuestion: I am a poor planner and I end up overspending during Christmas. This inevitably leads to a bunch of credit card debt I wasn’t expecting, which totally bums me out. I can already feel myself going into a downward spiral. How do I break this cycle? 

Answer: Your answer may not be in your wallet.

When I was a child, the lowest part of the year came about 4 pm on Christmas Day. The presents had all been unwrapped, all the grandparents and cousins who were going to come over had arrived and there was just nothing else to look forward to. The emotional elation of anticipation had evaporated. Nothing had gone wrong. It was all just…over.

Where do I start?

By Byron Moore, posted December 18, 2017
Originally published in the News Star and the Shreveport Times on Sunday, December 17, 2017.
 

budgeting.jpegQuestion: I'm 35 now and way behind in life financially, and I’m trying to figure out where I need to be and how to get there. I'm low in debt (0% interest), but also low in assets, no retirement planning, no home ownership. I've got to get out of this loop. Right now my instinct is to throw all my energy into purchasing a home to at least get that started, but I don't know how to determine if that's the right move, and what order I should tackle what financial goals in. 

Answer: You don’t have time to waste, but it’s not time to panic either.

Rookies panic when they fear time is running out. But this kind of fear motivation usually results in as many problems as it does progress. So realize you’ve got plenty of time if you’ll do the right things in the right order.

Podcast - Do you have more money smarts than a doctor? (3:17)

By Byron Moore, posted December 14, 2017

The following segment first aired on KEDM 90.3.

What if I told you doctors do no better with their money than the average Joe?

Click the picture above to play/pause audio.

How much money is enough?

By Byron Moore, posted December 11, 2017
Originally published in the News Star and the Shreveport Times on Sunday, December 10, 2017.
 

Handful of money.jpegQuestion: How much money is enough? And can you ever have too much? I know people who have more money than they’ll ever spend and yet they are still not happy. So what is the right amount?

Answer: How much money is enough money?

For John D. Rockefeller the answer was “just a little bit more.” At the peak of his wealth, Rockefeller had a net worth of about 1% of the entire US economy. He owned 90% of all the oil & gas industry of his time. Compared to today’s rich guys, Rockefeller makes Bill Gates and Warren Buffett look like paupers.

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