Byron Moore, CFP® and Mike Jones

Shreveport Times columns

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.

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!

The Christmas Effect

By Byron Moore, posted December 26, 2017
Originally published in the News Star and the Shreveport Times on Sunday, December 24, 2017.
 

Stressed Santa_sm.jpgQuestion: I am a poor planner and I end up overspending during Christmas. This inevitably leads to a bunch of credit card debt I wasn’t expecting, which totally bums me out. I can already feel myself going into a downward spiral. How do I break this cycle? 

Answer: Your answer may not be in your wallet.

When I was a child, the lowest part of the year came about 4 pm on Christmas Day. The presents had all been unwrapped, all the grandparents and cousins who were going to come over had arrived and there was just nothing else to look forward to. The emotional elation of anticipation had evaporated. Nothing had gone wrong. It was all just…over.

Where do I start?

By Byron Moore, posted December 18, 2017
Originally published in the News Star and the Shreveport Times on Sunday, December 17, 2017.
 

budgeting.jpegQuestion: I'm 35 now and way behind in life financially, and I’m trying to figure out where I need to be and how to get there. I'm low in debt (0% interest), but also low in assets, no retirement planning, no home ownership. I've got to get out of this loop. Right now my instinct is to throw all my energy into purchasing a home to at least get that started, but I don't know how to determine if that's the right move, and what order I should tackle what financial goals in. 

Answer: You don’t have time to waste, but it’s not time to panic either.

Rookies panic when they fear time is running out. But this kind of fear motivation usually results in as many problems as it does progress. So realize you’ve got plenty of time if you’ll do the right things in the right order.

How much money is enough?

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

Handful of money.jpegQuestion: How much money is enough? And can you ever have too much? I know people who have more money than they’ll ever spend and yet they are still not happy. So what is the right amount?

Answer: How much money is enough money?

For John D. Rockefeller the answer was “just a little bit more.” At the peak of his wealth, Rockefeller had a net worth of about 1% of the entire US economy. He owned 90% of all the oil & gas industry of his time. Compared to today’s rich guys, Rockefeller makes Bill Gates and Warren Buffett look like paupers.

Preparing the path for your own long-term care

By Byron Moore, posted December 4, 2017
Originally published in the News Star and the Shreveport Times on Sunday, December 3, 2017.
 

Outliving heirs_sw.jpgQuestion: My mom just passed. Her final years were so hard. Even though she was getting sicker and sicker, she fought us every step along the way as we had to make difficult decisions about her care. I don’t want to make things that hard for my kids. What can I do now to prevent that?

Answer: It sounds like you’re off to a good start by simply acknowledging the difficulty of the situation and seeking to deal with it before it reaches crisis time.

When seeking advice follow the money, but focus on trust

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

follow the money_sm.jpgQuestion: Someone told me that when I look for a financial planner always look for a fee-based financial planner because they are unbiased. Is that true?

Answer: When it comes to money, no one is unbiased.

But the person who gave you that advice is on to something.

Should I wait for the market to pull back to invest?

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

probability chart dice_sm.jpgQuestion: I have recently come into some money that I want to invest. With the market at an all time high, should I wait to invest this money?

Answer: It sounds as if you know where the stock market is.

But do you know where you are?

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.

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