Byron Moore, CFP® and Mike Jones

Wisdom on Wealth

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?

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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.

Podcast - How to make financial decisions (2:23)

By Byron Moore, posted December 7, 2017

The following segment first aired on KEDM 90.3.

Making financial progress (or progress in any realm of life) is only going to happen if you grow in the skill of decision making. Here’s a process you can use to make a hard decision...

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Preparing the path for your own long-term care

By Byron Moore, posted December 4, 2017
Originally published in the News Star and the Shreveport Times on Sunday, December 3, 2017.
 

Outliving heirs_sw.jpgQuestion: My mom just passed. Her final years were so hard. Even though she was getting sicker and sicker, she fought us every step along the way as we had to make difficult decisions about her care. I don’t want to make things that hard for my kids. What can I do now to prevent that?

Answer: It sounds like you’re off to a good start by simply acknowledging the difficulty of the situation and seeking to deal with it before it reaches crisis time.

Podcast - Diversify your diversification (3:49)

By Byron Moore, posted December 1, 2017

The following segment first aired on KEDM 90.3.

Sometimes we think about financial diversification in a very one-dimensional sense. Maybe we need to diversify our thinking … about diversification.

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