Byron Moore, CFP® and Mike Jones

Wisdom on Wealth

Taming your financial emotions

By Byron Moore, posted April 10, 2017
Originally published in the News Star and the Shreveport Times on Sunday, April 9, 2017.
 

decision making_sm.jpgQ: I know everyone is all bullish on the stock market now that Trump has been elected, but I just don’t trust it. I’ve seen it crash two times before and I’m looking for a third crash any time now. I used to be more optimistic, but not anymore. What do you think?

A: Sometimes I think it would be a good idea if I got up each morning, looked myself in the mirror, and said, “You’re an emotional idiot. Go get some perspective.”

Are you financially colorblind?

By Byron Moore, posted April 3, 2017
Originally published in the News Star and the Shreveport Times on Sunday, April 2, 2017.
 
 
colorblind_sm.jpgQ: I am mid-career, doing well there with good prospects for advancement. The stock market seems to be doing good, so that’s where I have most of my 401K money. It had an awesome year last year. I think I’m hitting on all cylinders. Anything I’m leaving out?
 

A: Only that which you can’t see. Or won’t.

Former president Bill Clinton, Facebook founder Mark Zuckerburg, actor Paul Newman and iconic American humorist Mark Twain all have one thing in common. They have stated publicly that they are color blind.

When you don’t know all the answers, ask more questions

By Byron Moore, posted March 27, 2017
Originally published in the News Star and the Shreveport Times on Sunday, March 26, 2017.

Choices_sm.jpgQ: I don’t really have any clear financial goals. I guess I eventually want to have enough to retire on, but other than that I’m not sure what I would need. I’m probably leaving a bunch of stuff out.

A: You may be looking at the wrong side of the equation.

Someone asked you what your financial goals are and you don’t feel like you have a good answer. OK. So don’t focus on your lack of a good answer.

How about asking yourself some of the following good questions?

Podcast - Is bigger really better? Part 3 (2:41)

By Byron Moore, posted March 23, 2017

The following segment first aired on KEDM 90.3.

As we conclude this series (click for Part 1 and Part 2), we look to the story of the Pyle brothers--Big R. and Bet R.--illustrating a lesson on financial risk.

Click to listen and hear more... 

Click the picture above to play/pause audio.

Plan B

By Byron Moore, posted March 20, 2017
Originally published in the News Star and the Shreveport Times on Sunday, March 19, 2017.

plan B_sm.jpgQ: I always thought my career would go in a certain direction. But now my industry is changing and the work I always saw myself doing is about to go the way of buggy whips. I’m afraid of being a dinosaur. What do I do.?

A: Plan B.

You can fear it. You can try to fight it.

Or you can embrace it and explore its opportunities.

Podcast - Is bigger really better? Part 2 (2:47)

By Byron Moore, posted March 16, 2017

The following segment first aired on KEDM 90.3.

As we examined in Part 1, wealth can be eroded during the accumulation phase as well as during the distribution (or retirement) phase. 

And that’s where the idea of benefits comes in. A benefit is anything that keeps you from having to spend your assets. 

Click to listen and hear more... 

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Focus – how to do more by doing less

By Byron Moore, posted March 13, 2017
Originally published in the News Star and the Shreveport Times on Sunday, March 12, 2017.

Focus_sm.jpgQ: I am not sure what all I should be doing to get my financial act together. I need to pay off student loans, save up for a new car, save for retirement and save up for a down payment on a house one day. How do I accomplish all these priorities at once?

A: You don’t.

When you have too many “priorities,” you really have no priorities. Having too many so-called priorities demonstrates that you have actually just failed to make hard choices. You have failed to focus. So far.

Podcast - Is bigger really better? Part 1 (3:15)

By Byron Moore, posted March 9, 2017

The following segment first aired on KEDM 90.3.

The traditional approach to financial planning can be summarized in three words: bigger is better. But what if your goal is not simply “bigger is better,” but “bigger and better?”

Click to listen and hear more... 

Click the picture above to play/pause audio.

Which costs more - living protected or exposed?

By Byron Moore, posted March 6, 2017
Originally published in the News Star and the Shreveport Times on Sunday, March 5, 2017.

Disability_0.jpgQ: I have the opportunity to buy some disability insurance through a group of professionals I work with. But I struggle with wasting that money vs. how much more could I have if I just invested it. What do you think?

A: I think you need to understand your choices more clearly.

I grew up watching Let’s Make a Deal with Monty Hall. Eager audience members would scream wildly, pleading with Monty to pick them to play the game. Once Hall had chosen someone to play, announcer Jay Stewart would bring down what looked to me like a TV dinner trey with small package on it. Then Monty would give the contestant the opportunity to keep the little mystery in the small package on the TV dinner trey or trade for some hidden something behind (you remember) door #1, door #2 or door #3. Those were the doors beside which stood the beautiful Carol Merrill.

Podcast - Should you sell your pension for a lump sum? (3:12)

By Byron Moore, posted March 2, 2017

The following segment first aired on KEDM 90.3.

Have you seen those ads from the nice folks who want to buy your pension for cash? Who couldn’t use an extra six figures worth of money? But…how do you tell if that is a good deal?

Click to listen and hear more... 

Click the picture above to play/pause audio.

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