Byron Moore, CFP® and Mike Jones

Wisdom on Wealth

Aim for the Sweet Spot

By Byron Moore, posted September 5, 2018

The following segment first aired on KEDM 90.3.

When making a financial plan, make sure it is personal.

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Debt's Destructive Deceit

By Byron Moore, posted September 4, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, September 2, 2018.
 

You knew debt was bad. bill shock_small.jpg

Maybe worse than you even thought.

But here’s the good news – the thing that makes debt worse than you thought can be the very thing that can make your situation better than you could imagine.

Most of us are familiar with interest rates. That’s what a lender charges a borrower for the privilege of using their money over a period of time. 

So a mortgage company charges a home buyer 4% to borrow money for 30 years to purchase a house. A car buyer may pay a bank 6% over 5 years to buy a car. A shopper pays a credit card company 18% to make consumer purchases. 

Other than the credit cards, most of those interest rates sound pretty low.

But now we need to consider another perspective on interest – interest volume. 

The volume of interest is the amount of interest charged during any specific interval of time. This is not the same as the rate of interest, as we’ll see.

Plan Like a Pessimist, Live Like an Optimist

By Byron Moore, posted August 29, 2018

The following segment first aired on KEDM 90.3.

In order to live optimistically, plan pessimistically.

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Plan Like You Are Dying

By Byron Moore, posted August 27, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, August 26, 2018.
 

In my line of work, I talk to a lot of dying people.grave person mourning_small.jpg

I guess we’re all dying. Some of us are just more aware of it.

I talk to women whose doctors found a lump, and they now know every square inch of M.D. Anderson Cancer Center. I talk to men who had heart attacks way too early in life. I see the look in a couple’s eyes when they know one of them soon won’t be there.

I talk to lots of widows. A few widowers, but lots more widows. Those statistics are true. Most of the widows are older – beyond retirement age. Some are 50-ish. A few are young. Very young.

None of it seems fair. It makes you sad, angry, confused.

But it’s life, isn’t it?

When I’m having conversations with people about financial matters, they usually want to talk about “life” matters – getting out of debt, investing, saving for retirement, turning assets into income for retirement. All important stuff.

Retirement Budgeting: Don't Forget Your Meds

By Byron Moore, posted August 22, 2018

The following segment first aired on KEDM 90.3.

Medical expenses are likely to be a significant budget item for most retirees.

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When Your Great Idea Gets a Yawn: The Story of the Soils

By Byron Moore, posted August 21, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, August 19, 2018.
 

What happens when your brilliant idea is met with a tepid response?Farmer seed sowing_small.jpg

For some of us, anything less than enthusiastic applause for our fledgling dreams is reason to pack up our ambitions and go home. A thought that took weeks of courage-building to share with another crumbles beneath what feels like a withering barrage of criticism…even if it was simply a yawn.

Let’s face facts – most of us were born insecure about our own abilities and the world has done precious little to divest us of that self-perception.  

Maybe your dream is an idea of how to do things differently at work. Or putting yourself up for a new position. Or getting 100% out of debt once and for all. Or committing 100% to getting back to your high school weight. Or changing careers. Or running a marathon. Or making a commitment to do whatever it takes to restore your marriage. Or quitting your job and starting a new company based on your unique vision. 

You have a dream…a vision of how life could be so much better if you simply made that vision come true.

And no one else cares

Emotions - A Powerful Force

By Byron Moore, posted August 15, 2018

The following segment first aired on KEDM 90.3.

Emotions can be a powerful force, how will you harness them?

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Effective Leadership Balances Purpose & People

By Byron Moore, posted August 13, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, August 12, 2018.
 

Whether your primary role is that of parent, president, partner or patron, you will benefit if you know how to lead…effectively.Leadership female_small.jpg

Just the word “leadership” conjures up mental images that, for many, are more caricatures of famous leaders than characteristics of effective leaders.

What comes to mind when you read the word “leader?” A corporate CEO? A head coach? A powerful politician? An influential religious figure? An intellectual? A philosopher?

Those are all expressions of leadership for sure.

But what about a mother of two children? How about an experienced tradesman looked up to by the younger guys? A career educator? A soft-spoken librarian who diligently sees to it that all his patrons are served with excellence?

Pension or Lump Sum, Which Should I Choose?

By Byron Moore, posted August 8, 2018

The following segment first aired on KEDM 90.3.

If you're being offered the choice between a monthly pension and a lump sum, which should you choose?

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Will Your Children Ruin Your Retirement (Part 2)

By Byron Moore, posted August 6, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, August 5, 2018.
 

Last week we took a depressive look at the end-game of runaway financial co-dependence between parents and adult children.child money banker_small.jpg

I promised we would follow up with some strategies you can use at every stage of life to prepare parent and child alike for the financial separation that should come with adulthood.

As a parent, you should have a lifetime goal of helping your children learn the twin concepts of freedom of choice and freedom from consequences.

As parents, we spend much of our time in a child’s early years simply protecting them from consequences they have no capacity to comprehend. We do not let them play in the street, ride in the car standing up, talk to strangers, touch the hot stove or stay up as late as they want to.

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