Byron Moore, CFP® and Mike Jones

Wisdom on Wealth

Owner’s exit – good plan or “good grief!”

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

Q: My business partner and I bought insurance on each other years ago in case something happens to one of us. Somebody told me we need a buy-sell agreement to go along with that. If it’s just the two of us, do we have to get that formal?

A: When was the last time your sister-in-law had access to your bank account?

If the answer is “never,” you might want to re-think your affinity for informality in this instance.

Podcast - Stop trying to do everything (3:52)

By Byron Moore, posted September 14, 2017

The following segment first aired on KEDM 90.3.

It’s amazing what you can get done if you stop trying to do everything…and just do one thing…at a time.

Click the picture above to play/pause audio.

When things go wrong, it’s good to know a pro

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

Suit in storm_sm.jpgQ: I have a friend who really likes to talk about his investments. He has an account he manages on his own, and he also has an account managed by a professional. He’s always saying he can beat the pro, but he never fires the guy. I think my buddy may be full of hot air. But shouldn’t a pro be able to beat an amateur? Otherwise, what’s the point?

A: A professional should always add value. Otherwise, as you say, what’s the point?

But whenever I hear someone speaking of investment returns using competitive terminology (so-and-so “beat the market”), I’m most often hearing the opinions of the inexperienced.

Podcast - Moment of truth (2:20)

By Byron Moore, posted September 7, 2017

The following segment first aired on KEDM 90.3.

The moment of truth... every financial planning engagement has one.

Click the picture above to play/pause audio.

Learn to love your work

By Byron Moore, posted September 5, 2017
Originally published in the News Star and the Shreveport Times on Sunday, September 3, 2017.
 

superhero employee_sm.jpgQ: Last week you wrote about somebody who hates their job and wants to get out. Well, I don’t so much hate my job as I feel I am not reaching my potential. I work with nice people in a nice environment, but I don’t feel super useful. I don’t really want to leave my job, but I want to feel better about myself in my job. Does that make sense?

A: Totally. 

You may recall in last week’s column I drew from David Covey’s four secrets to a successful and fulfilling career: making enough money, making a contribution, having passion and making a difference.

Podcast - Late getting started (3:34)

By Byron Moore, posted August 31, 2017

The following segment first aired on KEDM 90.3.

So you’re late getting started planning for retirement. But you’re not done for.

Click the picture above to play/pause audio.

Escape that job you hate

By Byron Moore, posted August 29, 2017
Originally published in the News Star and the Shreveport Times on Sunday, August 27, 2017.
 

job hate_sm.jpgQ:  I hate my job. Absolutely hate it. But I have a family I support so I can’t leave. What do I do?

A: You feel trapped.

I’m not sure why…it may be your job. Or it may be you. No matter.

Either way, you must be free. Just make sure you don’t jump out of one trap straight into another.

Podcast - Givers, takers and other kinds of inheritors (3:59)

By Byron Moore, posted August 24, 2017

The following segment first aired on KEDM 90.3.

A significant part of that parental commitment is how you choose to plan your estate. Don’t assume that simply adding everything up and dividing by two is the right thing to do.

Click the picture above to play/pause audio.

When should I begin taking my Social Security?

By Byron Moore, posted August 21, 2017
Originally published in the News Star and the Shreveport Times on Sunday, August 20, 2017.
 

SSA money_dm.jpgQ:  When should I begin taking my Social Security?

A: If you’ll tell me how long you’re going to live, I can give you a perfect answer to that question.

For everyone else, we’re going to have to make an informed guess.

Budget tools?

By Byron Moore, posted August 14, 2017
Originally published in the News Star and the Shreveport Times on Sunday, August 13, 2017.
 

budget app_sm.jpgQ:  I know I should get on a budget. What’s the best app for that?

A: You say you know you should get on a budget.

But why do you say that?

After all, budgeting can be a pain. You already know that, or you’d already be on one. So why should anyone go to all the trouble of getting on a budget?

A budget is a spending plan. It may be simple enough to write on the back of an envelope. Or it may be so complicated that it fills up an electronic spreadsheet.

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