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.

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When a client asks me about insurance of any kind, I usually start with a question like, “If the event you are insuring against occurs, will you be the happiest you could possibly be with the decision you make today?” That usually elicits a bit of head scratching and a kind of “huh?” look… Wouldn’t it be great if you could buy insurance after the accident, natural disaster, sickness, disability or death occurs? Well, you can’t.

Peretz Partensky / https://creativecommons.org/licenses/by/2.0/legalcode

Most conversations I have with folks about estate planning starts out with two goals: avoid taxes and treat everyone equally. As important as those two goals might seem in the beginning, I must admit they don’t exactly stir my soul. What do you want your grandchildren to remember you for? “Grandpa sure did avoid some taxes when he died, and he could divide by five, too!” I once worked with the family of a wealthy couple who had several children, grandchildren and even great grandchildren.

CollegeDegrees360 / Flickr.com

If you’re a college student, or a parent of one, it got your attention when the state’s current budget crisis brought up the possibility that TOPS might be curtailed or even eliminated.

What would happen if the bottom drops out of TOPS?

Here’s something else to consider: if TOPS is either cancelled or curtailed, more than a few college students might get an education they hadn’t counted on. It won’t be an easy one, but it might just be okay, and it may be even good.

geralt / Pixabay

My wife and I have each made a vow to keep each other out of the nursing home. While we'll do our best, we acknowledge that it might not be possible.

When a loved one needs long-term care, sometimes professional help is required. Having long-term healthcare insurance is a good way to take care of our loved ones when we can't. 

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Taking risks is part of life. That doesn't mean that all risks need to be high. When retirement is in the cross hairs, it's best to take the long, slow aim to reach your goal. D.B. Cooper's life offers a lesson on risk.

Do remember the old films where a snake oil salesman is on the back of a wagon selling small bottles of medicine? The population of swindlers has increased since the information age. Avoiding being scammed out of your hard earned money is up to you. Here are five ways to take personal responsibility for your own money.

Chris Potter / Flckr.com

Just because the company automatically enrolls employees into a 401K,  it does not mean it's good. In fact, it may be a false sense of security when it comes to retirement.

Instead of depending on someone else to make your financial decisions, take the helm. In owning  your retirement planning, you may find yourself charting your long awaited voyage. 

Sidney Alfred Beer / The National Archives UK- flkr

A plan means nothing if it's not implemented. Financial planning is only the beginning of the process. Reaping the rewards of said plans requires being plugged in to the end. 

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Planning on making a change to your financial goals next year? Here are three suggestions that will resolve some old habits. Repeating counter productive behavior will not produce better results. Make a conscious commitment to your financial resolutions for 2016. 

The Credit Crunch hits the North Pole by James Nash / Flickr

Rudolph, with your nose so bright, won't you guide my sleigh tonight? Is your bank statement resembling Rudolph's red nose? Haste truly will make waste when flying blind without a net, no pun intended. However, with some common sense, putting into practice the practical, debt can be managed. 

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