Byron Moore, CFP® and Mike Jones

Wisdom on Wealth

Podcast - Retirement income – how much do I need? Part 2 (3:09)

By Byron Moore, posted November 9,  2017

The following segment first aired on KEDM 90.3.

A look into the three spending phases of retirement...

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The value is in the plan, not the products

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

Trophy_sm.jpgQuestion: How do I pick the best mutual fund amongst all those available? I read about so-called actively managed mutual funds and some people like them. Others think passively managed funds are best. I’m afraid I’m a bit confused by the whole discussion. Which is the best kind of fund to choose?

Answer: Have you ever watched an all star game?

The concept sounds great. You get the best players on each team in the league, split them into two teams made up of these all-star players and let them compete. Every major sport has an all-star game of one sort or another. It’s a great idea.

Unless you’ve ever watched one.

Podcast - Retirement income – how much do I need? Part 1 (3:10)

By Byron Moore, posted November 2,  2017

The following segment first aired on KEDM 90.3.

There are four things you need for a financially and emotionally healthy retirement.

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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. 

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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.

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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!

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