Byron Moore, CFP® and Mike Jones

Wisdom on Wealth

Exchange your savings account for a spending account

By Byron Moore, posted October 30, 2017
Originally published in the News Star and the Shreveport Times on Sunday, October 29, 2017.
 

piggy banks_sm.jpgQuestion: I just got a significant raise in my income at work. My wife and I are not budget people. We’ve tried and failed every time. But we don’t want my extra income to just go to frivolous stuff. What’s the best way to make sure we save my increases in income?

Answer: Reverse the way you do your banking.

Regardless of tax news, don't put off estate planning

By Byron Moore, posted October 23, 2017
Originally published in the News Star and the Shreveport Times on Sunday, October 22, 2017.
 
 

Ben Franklin_sm.jpgQuestion: What do you think they will do with the estate tax law? I have put off estate planning since I keep hearing about changing they are considering, including elimination of it.

Answer: The current estate tax law is in a fog with visibility limited to about two to three years out. In fact, that’s the way its been for most of my career. I’m not looking for that to change any time soon.

Motivating the all-star players on your business team

By Byron Moore, posted October 17, 2017
Originally published in the News Star and the Shreveport Times on Sunday, October 15, 2017.
 

Talent_sm.jpgQ: I have an employee that is key to the success of my business. I pay him very well so that he doesn’t have any incentive to leave. But if we lost him, we would be up a creek. Beyond just more money, what other things can I do to tie him to us?

A: In George Orwell’s political satire Animal Farm, one of the characters quips, “All animals are equal, but some animals are more equal than others.”

Podcast - Contentment – the secret to financial success (3:06)

By Byron Moore, posted October 12, 2017

The following segment first aired on KEDM 90.3.

The secret to financial security is not financial. It is contentment. 

Click the picture above to play/pause audio.

Cash is oxygen

By Byron Moore, posted October 9, 2017
Originally published in the News Star and the Shreveport Times on Sunday, October 8, 2017.
 

drowning_sm.jpgQ: I was always taught to pay my bills on time and avoid debt like the plague. As a business owner I try to practice these values. When I started my own business, I took out a large loan amortized over 15 years, but I am trying to pay it down as fast as I can – maybe a soon as five years. The business is profitable, but sometimes the rate at which I am paying down debt can create cash flow issues for me. What’s the balance?

A: How long could you last without oxygen? When it comes to breathing, do you think in terms of balance or unlimited access?

In business, cash is oxygen. Other than that, it’s no big deal.

Podcast - Financial organization (3:23)

By Byron Moore, posted October 5, 2017

The following segment first aired on KEDM 90.3.

Hoping to organize your finances? Let’s not do this: straighten up all the unopened bank statements and investment account reports on your desk and call that financial organization. That’s just making your mess look neater.

Click the picture above to play/pause audio.

Replace financial cynicism with careful trust

By Byron Moore, posted October 2, 2017
Originally published in the News Star and the Shreveport Times on Sunday, October 1, 2017.
 

trust but verify_sm.jpgQ: I had a really bad experience with a so-called financial advisor several years ago. Since then I’ve kept my affairs pretty simple and done everything I could for myself. Because of that man I really don’t trust anyone any more. The problem is that things are getting complicated enough where I do need some help. What’s the balance between being gullible and getting the help I need.

A: The word you are searching for is trust, and it’s something a bad person caused you to discard as too dangerous to handle when it comes to money.

When I was about five years old, I stuck a safety pin in an electrical socket and quickly discovered the conductivity of metal and the shocking power of electricity. I thought I would never go near a light socket again!

Podcast - When is it time to invest? (3:44)

By Byron Moore, posted September 28, 2017

The following segment first aired on KEDM 90.3.

Most people who try to time their investments to the ups and downs of the market rarely make progress. So how do you know it’s the right time for YOU to invest?

Click the picture above to play/pause audio.

Stages of an entrepreneur’s life

By Byron Moore, posted September 25, 2017
Originally published in the News Star and the Shreveport Times on Sunday, September 24, 2017.
 

Open_neon sign_sm.jpgQ: We started a business a few years ago. It was rough at first, but we finally got our act together. We’re making plenty of money now, but I’m feeling restless. I can’t imagine walking away from what I’ve built, but frankly I’m a little bored. What have you seen others do in this situation?

A: Sometimes I’ve seen them to some really stupid things. Other times, I’ve seen them just continue to do the same things.

But I’ve seen a few do some significant things, and I think they are the happiest with their choices.

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.

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