Byron Moore, CFP® and Mike Jones

Children and money

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.

Will Your Children Ruin Your Retirement (Part 1)

By Byron Moore, posted July 30, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, July 29, 2018.

children money_small.jpg

“Mom, I promise this will be the last time. I’ve just had some unexpected things come up and I don’t have money for the mortgage payment. You don’t want me to lose my house do you?”

Laura could feel the all too familiar waves of nausea, anger and anxiety crashing against her heart. She would try to resist, but she knew it was no good. He would wear her down. He always did. And he knew just how to do it.

Her son is 47 and Laura finds herself trapped in a codependent financial relationship that seems destined to sink her financial ship. Whatever she does from this point is going to be painful.

It didn’t need to be this way. But she and her late husband Rob kept telling each other they would deal with it soon. Maybe next year. After the crisis of the moment is over.

He was an only child. They’d wanted to have more, but nature had other plans. So, they doted on their son, lavishing all the love they had for an entire family on their entire family…of one son. He was the center of their universe.

And it didn’t take long before he realized it.

Will My Family Be Okay Without Me?

By Byron Moore, posted July 3, 2018

 

Many people wonder how much life insurance they should own. While there are many factors which go into this decision, I find the concept of human life value to be one of the most helpful. This video does a nice job of explaining this concept.

Click the picture above to play/pause audio.

The Path to Financial Maturity

By Byron Moore, posted July 2, 2018

The following segment first aired on KEDM 90.3.

How can you or your children  learn financial maturity?

Click the picture above to play/pause audio.

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.

Trust me…on blinding, binding and unwinding

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

money vault_sm.jpegQ: I am getting on up there in age and my children want me to put my assets in a trust. They say it will protect me and also keep the government from taking my money if I go into a nursing home. Is that true? Is it worth it? Sounds like a lot of trouble to me.

A: It is a lot of trouble. The question for you to answer is…is the trouble worth it?

Every time we put a new president in office, a phrase re-emerges into the popular lexicon that we haven’t used in four to eight years…”blind trust.”

Should I co-sign my grandchild’s college loan?

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

granddaughter college_sm.jpgQ: My granddaughter has been through a lot. Her parents divorced and she has struggled in school. She wants to go to college, but neither parent has enough money to send her. She can get a loan to go to college, but she says I will have to co-sign for her to get it. It won’t cost me anything to co-sign so I don’t see what the harm is. What do you think?

A: I think you need to ask a lot more questions. Or you might get an education you didn’t count on.

Podcast - Family friendly inheritance (2:40)

By Byron Moore, posted September 1, 2016

The following segment first aired on KEDM 90.3.

Control from the grave is nearly impossible to achieve (and rarely appreciated by the heirs). But influence and a legacy of family values is not only possible with careful and creative planning, but may be the most long-lasting gift you could leave behind.
Click the picture above to play/pause audio.

Good intentions can diminish over time

By Byron Moore, posted August 15, 2016
Originally published in the News Star and the Shreveport Times on Sunday, August 14, 2016.
 

Last Will_sm.jpgQuestion: My plan is to leave everything to my wife after I’m gone and she’s doing the same with me. Then when the second one of us is gone, the kids will get everything more or less equally. That’s what our wills say. We are both in second marriages and both of us have our own set of children. But they are all adults, on their own and doing fine. Everyone gets along fine. Isn’t this simple approach the best?

Answer: Your plan strikes me as loving, well-prioritized, simple…and potentially disastrous.

Real Fathers create real value

By Byron Moore, posted June 20, 2016
Originally published in the News Star and the Shreveport Times on Sunday, June 19, 2016.
 
Real Father_sm.jpgQuestion: My wife and I have been married a long time and we are finally having our first child. It took us a long time to get pregnant and frankly we had sort of given up. But now this one comes along and we are so excited. What financial things do I need to be thinking about as a new father?
 
Answer: We’ve all heard that there are some things that money can’t buy.
 
My paternal corollary to that financial proverb is, “There are some things only a Real Father can do.”

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