Byron Moore, CFP® and Mike Jones

Wisdom on Wealth

What's the difference between a pension and a 401K?

By Byron Moore, posted February 5, 2018
Originally published in the News Star and the Shreveport Times on Sunday, February 4, 2018.
 

Simple math_sm.jpgQuestion: What is the difference between a pension and a 401K plan? I know they both have to do with retirement, but are they the same thing?

Answer: They are not.

In some ways, retirement planning is like a math problem. In reality, it is much more than a math problem, but there are similarities.

Podcast - Law of diminishing intent (3:25)

By Byron Moore, posted February 1, 2018

The following segment first aired on KEDM 90.3.

What is the Law of Diminishing Intent and how can you overcome it?

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The secret of financial and career confidence

By Byron Moore, posted January 29, 2018
Originally published in the News Star and the Shreveport Times on Sunday, January 28, 2018.
 

goals_kid airplane taking off_sm.jpgQuestion: My children seem to have little initiative to set out and build a career as I did. We feel as if we have given them every advantage. Any hints on how to incentivize my children to succeed?

Answer: A father once told me he was driven to succeed financially because of all the hardships he had to endure as a child. He didn’t want his children to have to face the same difficulties he had.

Podcast - Why save money? (3:45)

By Byron Moore, posted January 25, 2018

The following segment first aired on KEDM 90.3.

It’s not a good idea to bet the farm that you’ll thread the needle of longevity, health, career and myriad other unexpected future events.

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Financial wellness

By Byron Moore, posted January 22, 2018
Originally published in the News Star and the Shreveport Times on Sunday, January 21, 2018.
 

piggybank with stethoscope_sm.jpgQuestion: What is financial wellness? I am a human resources professional and financial wellness is a hot topic among my peers. The idea is that if we provide financial wellness training for our employees, they can be more stable and productive for their employers. That sounds good, but I’m not even sure how to define the term, much less offer training for it.

Answer: I think it would be helpful to think of financial wellness in much the same way we think of physical wellness. It isn’t so much a destination as a state of being.

Retirement goal setting – aim at what you require, desire and aspire

By Byron Moore, posted January 16, 2018
Originally published in the News Star and the Shreveport Times on Sunday, January 14, 2018.
 

goal setting_sm.jpgQuestion: My wife and I are setting some goals with respect to our retirement and we have a question. Should we be pessimistic or optimistic about how things will go, both now and in retirement? I’ve run different scenarios and things can really turn out wildly different depending on what assumptions you use.

Answer: One of the great unspoken sins of my profession (financial planning) is allowing people to think we can forecast the future with any greater precision than a palm reader.

Podcast - Will power – plan your estate wisely (3:45)

By Byron Moore, posted January 11, 2018

The following segment first aired on KEDM 90.3.

Considerations when planning your estate and will...

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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!

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