Byron Moore, CFP® and Mike Jones

The News Star columns

Am I crazy to hate money?

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

cash stack_0.jpgQuestion: If someone said they would give me $1,000,000, but I had to be responsible for managing it, I would turn it down. I used to own a business that was making good money, but I sold it because I hated handling all the details. Am I crazy to hate money?

Answer: You don’t sound crazy at all.

You sound like a human being. Probably a pretty nice one, too.

By the way, it doesn’t sound like you hate money so much as the details and decisions that surround its care and feeding.

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.

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.”

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.

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!

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.

When things go wrong, it’s good to know a pro

By Byron Moore, posted September 11, 2017
Originally published in the News Star and the Shreveport Times on Sunday, September 10, 2017.
 

Suit in storm_sm.jpgQ: I have a friend who really likes to talk about his investments. He has an account he manages on his own, and he also has an account managed by a professional. He’s always saying he can beat the pro, but he never fires the guy. I think my buddy may be full of hot air. But shouldn’t a pro be able to beat an amateur? Otherwise, what’s the point?

A: A professional should always add value. Otherwise, as you say, what’s the point?

But whenever I hear someone speaking of investment returns using competitive terminology (so-and-so “beat the market”), I’m most often hearing the opinions of the inexperienced.

Have you met our team?

We have a wealth of experience
in the financial services industry.

Meet the team

Syndicate content

Please review Important Disclosure Information set forth in the last section of this web site.

Website Design For Financial Services Professionals | Copyright 2018 AdvisorWebsites.com. All rights reserved