Byron Moore, CFP® and Mike Jones

Wisdom on Wealth

Understanding Taxes in Retirement

By Byron Moore, posted November 7, 2018

The following segment first aired on KEDM 90.3.

Do you know how taxes could affect you in retirement?

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Choose the Right Vehicle for Your Environment

By Byron Moore, posted November 6, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, November 4, 2018.
 

Who would design a car like this?Plane Cessna_small.jpg

First there’s the sheer size. There’s just no way, at 73 feet long, it’s ever going to fit into a normal person’s garage. And at nearly 20 feet tall, it may not even go under many bridges on today’s highways. 

And how ridiculous is this…it is nearly as wide as it is long (69 feet at its widest point)! Can you imagine driving down the Interstate and seeing a vehicle 69 feet wide? You’d have to have a sign hanging on the back that said “Wiiiiiiiiide Load.”

Yet with all that size, it can only carry twelve passengers. Granted, many cars cannot carry twelve passengers. But if you need to carry that many people, just get a van. Some of those are big enough to carry 15 people. 

And the cost? Well, that’s the worst part. You could buy 100 traditional luxury automobiles for the price of just one of these monstrosities. There is absolutely no good reason to pay all that money when many other less expensive and more practical cars are available.

That is, unless you want to travel 30,000 feet above the highway at speeds exceeding 500 miles per hour. 

Intra-Family Loans

By Byron Moore, posted October 17, 2018

The following segment first aired on KEDM 90.3.

Could an intra-family loan be the right thing for your family?

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Medicare Options for Those Working Beyond 65

By Byron Moore, posted October 15, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, October 14, 2018.
 

Question: I turn 65 this year, but I’m still working. Do I need to sign up for Medicare? I don’t really understand how it works.Retired couple_small.jpg

Answer: Like so many other things in life…that depends. 

According to www.medicare.gov, you can sign up for Medicare (part A and/or B) during the so-called Initial Enrollment Period - anywhere from three months prior to the month you turn 65, the month you turn 65 and three months after the month you turn 65. That’s seven months total if you’re counting. 

So, what’s this about part A & part B? This is the original Medicare. 

Back when Medicare was first created (1965), it was conceived as a combination hospitalization and medical plan. So, part A pays for hospital stays and most of the charges relating to that. 

Part B pays for so-called medical costs (most often related to visits to your doctor’s office, rather than the hospital). 

Habits of Thrift

By Byron Moore, posted October 10, 2018

The following segment first aired on KEDM 90.3.

The secret to saving money is building habits of thrift.

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Retirement Prep - Balance Your Economic Strategies

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

Shelly never realized how simple retirement would be.Piggy bank balance_small.jpg

“Will I have enough money coming in each month to live like I want to live?” she said. “And will it last as long as I do?”

Very simple.

But really hard. 

At first, she thought it would be as simple (and easy) as saving enough into her 401K plan. So, she just maxed out the amount she could withhold from her paycheck each month and put those withholdings into her company’s 401K plan. The company matched her contributions up to a certain amount, and she knew she’d also get some Social Security.

She was all set. Or so she thought.

When she turned 50, Shelly thought it might be a good idea to go see a financial planner to see if there was anything she might be missing. And good thing she did.

Income Inequality: Is It a Problem

By Byron Moore, posted September 27, 2018

The following segment first aired on KEDM 90.3.

Is the gap between the rich and poor a problem for our society?

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Investing Weather - Be Prepared for the Changes

By Byron Moore, posted September 24, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, September 23, 2018.
 

“This is awesome!” she smiled. Weather water boat_small.jpg

Her tiny craft seemed to almost float over the smooth waves. The water was a deep turquois blue set against baby blue skies marked with wispy white clouds. It was a beautiful day to be sailing.

Until the weather changed. Almost without warning, dark clouds lumbered their way across the sky. The wind picked up and the once peaceful waters turned choppy and violent. The little boat struggled to stay afloat during the fierce storm. She soon had a very unpleasant reminder of what she’d had for breakfast.

“This is terrible!” she wailed, heaving over the side of the boat. “Whose stupid idea was this to go sailing today?!”

Weather on the water isn’t always easy to predict and when it turns ugly, things can get dangerous quickly.

The same can be said of the investing environment. Everyone wants to see their investment and retirement accounts grow, and “as fast as possible” may sound like a good idea…at first. But then the weather changes…

Suppose you were an Englishman 200 years ago wanting to cross the English Channel to go to France. Any crossing must be done by boat. The kind with sails. 

You have several choices to make.

Spending the Right Kind of Money

By Byron Moore, posted September 17, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, September 16, 2018.
 

When I was in junior high, my parents thought it would be a good idea to take my three brothers and toddler sister on a European family vacation.Currencies_small.jpg

I’m not sure who was more traumatized by the end of those three weeks – my parents or the Europeans. June in Italy was hotter than June in Louisiana and air conditioning was as common as ice water in restaurants….not happening.

This was pre-European Union, so it was every country for itself. Borders were rather porous, so it was not easy for a 13-year-old riding in the back of a VW van to know when he crossed from one nation to another.  I recall trying to buy stamps in in a German post office using Swiss francs. I had no idea where I was.

The pudgy Bavarian postal official with a walrus mustache tried to explain to me in frustrated and very broken English, “Here (pointing to the Swiss franc) is not here! (pointing to the ground beneath his feet). 

That was when I learned that otherwise perfectly good money is worthless in the wrong situation (or in my case, location). In those days, the Germans were not interested in having me pay them with Swiss francs.

I have often thought of that experience when I see well-meaning clients trying to spend the wrong kinds of money for a given situation. Here are some examples. Can you see yourself?

Price, Cost and Value

By Byron Moore, posted September 10, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, September 9, 2018.
 

“How much?”houses_small.jpg

When considering the purchase of anything, that’s usually the first question we ask. Often, it’s the only question. 

That’s too bad. 

Most of the time, when someone asks, “How much?” they mean, “What is the price?”

That is a useful question, but it doesn't begin to give you enough information to skillfully make a significant purchase.  

Let’s say you want to buy a house. After a bit of looking around, you find two you like and are considering. So naturally, you ask, “How much?”

$100,000 for house A and $250,000 for house B.

Does the choice seem obvious to you at this point? It shouldn't, because all you know is the price. 

One seller obviously thinks his house is worth two and a half times more than the other guy. Maybe he’s right. Maybe he’s not. We won’t know until each house eventually sells. 

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