Byron Moore, CFP® and Mike Jones

Shreveport Times columns

Practice a physician paradigm with any advisor

By Byron Moore, posted May 1, 2017
Originally published in the News Star and the Shreveport Times on Sunday, April 30, 2017.
 

wellness_sm.jpgQ: I’m thinking about leaving my broker. He had a hot hand for a while, but it seems like he’s lost his touch here lately. Aside from asking friends, any tips for finding one?

A: Before you change brokers, you might want to change your paradigm.

Measuring your retirement readiness

By Byron Moore, posted April 24, 2017
Originally published in the News Star and the Shreveport Times on Sunday, April 23, 2017.
 

broccoli and cabbage_sm.jpgQ: By my estimate I’ll have nearly $1,500,000 saved by the time I retire in twelve years. Is that enough to retire on?

A: Remind me…where in Monroe is the state capital located?

Sometimes a perfectly good question can be completely messed up by faulty assumptions.

How to build value into your business

By Byron Moore, posted April 17, 2017
Originally published in the News Star and the Shreveport Times on Sunday, April 16, 2017.
 

Plumbing business_sm.jpgQ: I am just starting out owning my own business. We’re doing fine, but I’d like to grow over time and create something of value that I might sell one day. How do I do that?

A: Do you own a business or simply own your job?

There is a big difference between being self-employed (a.k.a., owning your job) and owning a business that has value apart from your direct involvement. One is not superior to the other, but they are very different creatures.

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?

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.

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.

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.

Four fates of your financial future

By Byron Moore, posted March 1, 2017
Originally published in the News Star and the Shreveport Times on Sunday, February 26, 2017.

Full piggy bank_sm.jpegQ: What will happen to money remaining in my 401K if I die? Does the company get that?

A: The good news is no, the company doesn’t get it. The bad news is…what do you mean “if”?

A 401K account has a beneficiary designation, meaning you get to decide before you die who gets anything remaining in it when you die. This is most often your spouse, but even if that’s the case, be sure you name a “contingent” beneficiary – meaning someone who gets the money if your spouse dies with or before you.

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