Wisdom on Wealth

Wednesday at 7:45 a.m.

Everyone has money questions, whether it's what to do about retirement, or how to invest for the first time. Each week, Byron Moore offers practical, down-to-earth advice on handling money; and shows that even though money is important, paying attention to it can keep it from ruling your life.

Financial Organization

Sep 7, 2017
Jen Kim / Flickr.com https://tinyurl.com/yc778sa7

Ever wonder where to start when that nagging feeling hits you that say, “I’ve GOT to get financially organized!”

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.

For something to be organized, it has be ordered, structured toward some purpose and well thought out. To do that, you’ve got to know what you have, where it is, why you have it and contact information for each separate service provider.

Time to Invest?

Aug 30, 2017
Sam Valadi / Flickr.com https://tinyurl.com/y87j2d4q

As I am recording this, the Dow Jones Industrial Average stands at about 21,500. Higher than it’s ever been.

Is this good news or bad? The answer, of course, is yes…good news for the person who has been invested in the markets for the past five years. Five years ago the market was about 15,000. Not so good news for the person now wishing they’d gotten in “early.”

Unfortunately, that train has left the station.

Kurt Bauschardt / Flickr.com http://tinyurl.com/mqzomkr

We love it when things are convenient.

There’s a new car wash place that has opened up in my town. They say I can just drive through, never get out of my car and have a clean ride in just four minutes. I think I’ll give it a try. I mean, four minutes and never get out of the car – that’s convenient. And if it’s still dirty after I give it a try, I guess I’ll go someplace else and get it done. No big deal.

But convenience has its limits.

Johannes Jander / Flickr.com http://tinyurl.com/lr3hdpl

So you want to start a family soon.

Both of you work now, but you’re considering the possibility of Mom being able to stay home once the family starts. Interestingly enough, the research is showing that more and more Millennials are making this choice - even more so than their parents did.

Even if this isn’t the choice all of your friends are making, let’s say this is what YOU really want to do. Can you do it?

Answer: Well one thing’s for sure – you can’t … and be like your friends.

Henry Burrrows / Flickr.com http://tinyurl.com/lpxr9pk

What’s the best way to start saving money?

Start saving money.

The most important step to saving money is to start. The second most important step is to keep going. The third most important step is to not rob the bank.

The late great John Savage used to draw two circles side by side. Inside the circle on the left, he would write “spend / save.” In the circle on the right, he would write “save / spend.”

Craig Sunter / Flickr.com http://tinyurl.com/lh4s7zg

Two sisters are fighting over Mom and Dad’s estate. Now, mind you, Mom and Dad are still alive and kicking.

One sister thinks Mom and Dad should give away most of their assets so they can qualify for Medicaid if one or both have to go to a nursing home. The other sister thinks that is a terrible idea and tantamount to bilking the government out of money.

So they come ask me what I think.

I think that when it comes to settling arguments between sisters, I usually try to speak out of both sides of my mouth, then duck.

When Better is Worse

Apr 5, 2017
photosteve101 / Flickr.com http://tinyurl.com/ljgvuvr

Here’s a recent headline from the Wall Street Journal – Individuals Tiptoe further into long running stock rally.

Is that you? Maybe you’ve done very well in your 401K this year. But you’ve also got that money in your savings account you put back for a rainy day. And it’s just sitting there.

It’s my emergency fund, but it’s earning next to nothing. Maybe that’s an emergency! Shouldn’t I find something more productive to do with that money? Maybe one of those growth and income fund?

OK Stop!

What kind of car do you drive?

Philip Brewer / Flickr.com https://tinyurl.com/jge6bxd

The late Stephen Covey famously wrote, it’s always best to begin with the end in mind.

Suppose you are experiencing financial success…you are growing your wealth. Fine. But why? What is your purpose for building up wealth?

Sometimes when I ask people this question they look at me as if I’d just ask them why they are taking the time to breathe. “That’s just what we humans do!” they would seem to be thinking.

But I want you to think about something…

wackystuff / Flickr.com https://tinyurl.com/hsyzp3j

The best time to fire someone is before you hire them. And sometimes the best loan for you is the one you don’t take out.

I’ve had people come to me loaded down with poor past decisions, currently reflected in a crummy credit rating. Then, while treading water in a sea of maxed out credit cards, they find it… their dream home! It would be perfect for the kids, perfect for the neighbors, perfect for work and..well…it's perfect!

Matthew Peoples / Flickr.com https://tinyurl.com/znrbpep

“Ladies and gentlemen, this is your captain speaking. I’d like to welcome you aboard Retirement Airlines. We know you have a choice when you fly and we’d like to thank for choosing Retirement Air.

“The tower is telling us we’ve got some bumpy weather ahead of us….European debt down drafts are pretty strong still and we’ve got some pretty strong winds blowing out of the housing depression as well as some unemployment turbulence.

Pages