Wisdom on Wealth: Recent Episodes
Byron Moore, CFP
Byron R. Moore, CFP® is managing director / planning group of Argent Advisors, Inc. Mike Jones is managing director / investing group of Argent Advisors, Inc. Email Byron at bmoore@argentadvisors.com. Email Mike at mjones@argentadvisors.com. Write to either at 500 East Reynolds Drive, Ruston, LA 71270 or call either at (318) 251-5800. The opinions of any single advisor do not necessarily reflect the opinions of Argent Advisors, Inc. No forecasts can be guaranteed. Argent Advisors, Inc. does not offer tax, insurance or legal advice. The information contained in this podcast should not be construed as a substitute for personalized investment, tax, insurance or legal advice. Argent Advisors, Inc. is a registered investment advisor registered with the Securities and Exchange Commission.
I have enjoyed bringing you this weekly podcast for several years. I feel honored to be able to pass along some of the wisdom I have received.As I move into 2021, I am refocusing some of my priorities and unfortunately, that means doing less of certain things such as this podcast.If you want more content from me, I am still publishing a weekly blog post on my website.This week, I'm looking at how to create the right strategy for your retirement plan. To find out how, listen to the podcast.
Many people believe they have a retirement plan, when all they have is a retirement account. If you want to know the difference and why it matters, listen to the podcast.
A new year is often the time for people to make new resolutions. But I believe that making the right decisions is far more important than making the right resolutions. Learn how you can make better decisions my listening to the podcast.
If your Christmas season isn’t quite so merry as you’d hoped this year, can I offer a few perspectives? Borrowing from Charles Dickens’ A Christmas Carol - in order to move you beyond your past failures and present difficulties into a bright future, you’re going to have to learn…from the ghosts of Christmas Past, Christmas Present and Christmas Yet to Come.
Maybe 2020 feels like one long crisis. Maybe you can't wait to turn the calendar to 2021. But before you do, it's a good idea to reflect on what a crisis can teach.
We need to change our time management goals from "doing things right" to "doing the right things." Listen to the podcast to find out more.
Is there a way to get more done in less time? The answer may surprise you. Listen to the podcast to find out.
If a friend asks you to invest in their business, is it a good idea? Listen to the podcast to find out.
In your finances, it's easy to become consumed with the fear of loss or lack. But such fears are rarely productive and often destructive. How can you overcome them? Listen to the podcast to find out.
When it comes to estate planning, hoping for the best is a bad idea. You need to be prepared for when things don't go according to plan. Listen to the podcast to find out how.
Have you ever seen an ad for reverse mortgages and wondered "Is this really a good deal?" Listen to the podcast, and I'll let you know.
Preparing an estate plan can be hard when you are estranged from one of your children. Here are some tips on how to rebuild that relationship.
If you don't consider what you want out of retirement, you shouldn't be shocked when you don't get it. I'll explain more on this week's episode of Wisdom on Wealth.
Have you ever wished to be more confident? Well confidence isn't going to happen just because you wish for it. Rather, it's the result of making courageous choices. I'll explain more on this week's episode of Wisdom on Wealth.
You probably know that nursing homes are expensive, but caring for an aging parent can include costs you never thought of. I'll explain how to prepare on this week's episode of Wisdom on Wealth.
Many business owners feel less like they are running their business and more like their business is running them. I'll explain how to keep a growing business from becoming a groaning one on this week's episode of Wisdom on Wealth.
Marital conflicts are a part of life, but if you don't address them when they're small, they can become a giant source of pain. I'll explain how to keep small conflicts small on this week's episode of Wisdom on Wealth.
When it comes to assets classes, many people give little consideration to cash, but cash is one of the most important parts of your financial life. I'll explain why on this week's episode of Wisdom on Wealth.
If work is getting you down, is there anything you can do besides quit? I'll give my thoughts on this week's episode of Wisdom on Wealth.
If the current pandemic has you filled with fear, let me introduce you to Frank and Jerry. A couple who chose faith over fear. Get the full story on this week's episode of Wisdom on Wealth.
If you think you'll have more than enough money to retire, there are still a few things to keep in mind. I'll explain more on this week's episode of Wisdom on Wealth.
When difficult situations arise, are you giving yourself the time to respond or are you just reacting? I'll explain how to be a responder not a reactor on this week's episode of Wisdom on Wealth.
Many people with pensions are given the option at retirement of taking a lump sum or receiving a monthly check for life. Which one should you choose? I'll explain how to decide on this week's episode of Wisdom on Wealth.
Too often we think that building wealth is about investing in complicated financial products, but our small habits have a dramatic effect on our wealth. I'll explain one change you can make that can have an out-sized impact on your wealth creation on this week's episode of Wisdom on Wealth.
If your budget plan and financial reality don't match, it may be time to stop blaming the budget and start looking in the mirror. I'll explain more on this week's episode of Wisdom on Wealth.
If you're a Baby Boomer, you may expect your retirement to look a lot like your parents' retirement. The truth is that your retirement will likely look very different. I'll explain more on this week's episode of Wisdom on Wealth.
In life, I find that there are givers, takers and everybody else. I'll explain more on this week's episode of Wisdom on Wealth.
When a crisis like the coronavirus hits, it's easy to use it as an excuse for putting off important financial decisions, but doing nothing has serious consequences. I'll explain more on this week's episode of Wisdom on Wealth.
You may think all retirement money is the same, but there are two types of money retirees need. I'll explain more on this week's episode of Wisdom on Wealth.
How can you weather the ups and downs of the stock market? I'll explain one important ingredient on this week's episode of Wisdom on Wealth.
Many people consider themselves investors when, in fact, they are really speculators. I'll explain the important distinction on this week's episode of Wisdom on Wealth.
When a couple gets divorced, it's not only their lives that are separated but also their finances. I'll explain how it works on this week's episode of Wisdom on Wealth.
Do you or someone you know have a family member who has fallen into the trap of serial irresponsibility. I'll explain what you should do and what you shouldn't do on this week's episode of Wisdom on Wealth.
If you want to build lasting wealth, it's important to lay the groundwork first. I'll explain how on this week's episode of Wisdom on Wealth.
When crisis strikes, how do we handle it and what can we learn? I'll explain on this week's episode of Wisdom on Wealth.
We find ourselves living in a unique time. Because of the worldwide Coronavirus pandemic, many aspects of our economic and personal lives that we thought were solid and dependable are now being shaken and shown to be more brittle than we’d imagined.Like everything these days, our annual celebration of Easter Sunday is going to be different. Churches will be empty. Many other ways in which we celebrate will have to be put off until next year.But since it is Easter, I wanted to share a few thoughts with you in this podcast. There’s not much in here about investments or financial planning. These are some personal reflections with a decidedly Easter bent to them. If that’s not something of interest to you, feel free to skip this one.But I offer these reflections to you as one friend to another in a unique time on Easter week.If you’re inclined to listen, I hope you’ll find the podcast thought provoking.
If you've made financial mistakes, it's easy to fixate on them and let your past failures keep you from moving forward. I'll explain how to get back on the right track on this week's episode of Wisdom on Wealth.
Today's demands always feel pressing, but it's important to not let them rob your tomorrow. I'll explain how to balance today and tomorrow on this week's episode of Wisdom on Wealth.
When it comes to finances, it's easy to get bogged down in the details and miss the big picture. I'll explain how to see the big picture on this week's episode of Wisdom on Wealth.
How can you find the right auto insurance policy? (Hint: It's not just about saving 15% or more.) I'll explain how on this week's episode of Wisdom on Wealth.
What happens to your money when you die? If you don't know, you're unlikely to get the result you want. I'll explain how it works on this week's episode of Wisdom on Wealth.
In planning for retirement, sometimes small changes can make a big difference. I'll explain how on this week's episode of Wisdom on Wealth.
I hate to break it to you, but you are getting older. As you age, you will not only change physically; you will also change fiscally. I'll explain how to prepare on this week's episode of Wisdom on Wealth.
Does your busy life keep you from taking care of things you know you should, "if I had time"? I'll explain how to prioritize correctly so you can take back control of your life on this week's episode of Wisdom on Wealth.
How can the recent SECURE Act affect your retirement? I'll discuss on this week's episode of Wisdom on Wealth.
How can an unbelieving boss relate to his believing employees? I'll discuss on this week's episode of Wisdom on Wealth.
What are the common obstacles that keep people from becoming wealthy? I'll discuss my top four on this week's episode of Wisdom on Wealth.
Debt comes with a cost; so does paying it off. Learn how to handle both wisely on this week's episode of Wisdom on Wealth.
What can Coach O teach us about living life? Find out on this week's episode of Wisdom on Wealth.
Financial habits can put you on the path to success or the road to ruin. Find out about the habits you should be cultivating on this week's episode of Wisdom on Wealth.
Things are currently going pretty well in the stock market, but what should you do when that changes? Find out on this week's episode of Wisdom on Wealth.
Are you ready for the big game? Find out how an insurance scrimmage can make sure you're not upset come prime time on this week's episode of Wisdom on Wealth.
Are you parenting to give or parenting to get? I'll discuss the difference on this week's episode of Wisdom on Wealth.
How are Social Security benefits distributed for ex-spouses? I'll answer that question and share the story behind it on this week's episode of Wisdom on Wealth.
Have you received a call from someone claiming to be from the IRS and demanding payment? It's a scam. I'll explain what's going on and what you can expect from the real IRS on this week's episode of Wisdom on Wealth.
Marital communication is at the heart of married finances. I'll explain how you can improve communication on this week's episode of Wisdom on Wealth.
You probably know that you need some amount of life insurance but how much? I'll explain how to determine your number on this week's episode of Wisdom on Wealth.
Do you need long-term care insurance? What if you buy it and never end up using it? I'll help you think through this topic on this week's episode of Wisdom on Wealth.
What are the most common 401(k) mistakes I see? I'll discuss what they are and how to avoid them in this week's episode of Wisdom on Wealth.
When most people talk about diversification, they simply mean the stocks and bonds in your investment portfolio. But there is another form of diversification you should consider. I'll discuss what it is in this week's episode of Wisdom on Wealth.
Financial types like to talk about diversification. But what does that mean? I'll discuss what most advisers typically mean by diversification in this week's episode of Wisdom on Wealth.
How much should you save for emergencies? I discuss this and how best to use those funds on this week's Wisdom on Wealth.
What's the best way to teach children about money? While there are many possibilities, I have a few tips in this week's episode of Wisdom on Wealth.
Is it possible to owe half your salary (or more!) in taxes? I've seen it, and I'll explain why it might not be as bad as it sounds.
Does the phrase "I don't want to make my kids rich" sound like you or someone you know. On this week's episode of Wisdom on Wealth, I dive into this mindset and the motivations behind it.
Has trauma, tragedy, or loss left you fearful and unable to move forward? What can you do to move past the fear? That's what I discuss on this week's episode of Wisdom on Wealth.
We all have things that we are afraid of. If we allow, it's easy for fear to dictate our lives. On this week's episode of Wisdom on Wealth, I discuss how to deal with and triumph over your fear.
You get sent a Required Minimum Distribution every year, but what should you do with it?
You have life insurance so your spouse will be protected in the case of your death. But what if someone tries to take advantage of that money?
If you're being offered the choice between a monthly pension or a lump sum, which should you choose?
Do you struggle to make your financial priorities a reality? Listen to this podcast to find the solution.
Don’t fall for the something-for-nothing lie. Deal in the truth that when real value is created, economic rewards follow.
How a money manager's investments performed last year may not necessarily be indicative of how she will do this year.
Before you start the chase, it’s wise to know what you’ll do if (or when) you achieve your goal.
You don’t need another lecture about what you've done wrong financially. And you don’t need a magazine article taped to the mirror about 401K catch-up provisions. You need hope.
The money you work so hard for ought to be divided carefully between your present self, your future self and those you love.
The low-interest rates engineered by the Fed to stimulate the economy have cost savers and fixed income investors mightily.
Investments may be an important part of your financial plan, but they are by no means the whole plan.
Money woes often have little to do with math, and the easy way out of debt may actually be the worst choice.
It’s not a good idea to bet the farm that you’ll thread the needle of longevity, health, career and myriad other unexpected future events.
Before you say “yes! to that family member or friend who has asked you to serve as trustee for their trust, you may want to consider these points...
Making financial progress (or progress in any realm of life) is only going to happen if you grow in the skill of decision making. Here’s a process you can use to make a hard decision.
Sometimes we think about financial diversification in a very one-dimensional sense. Maybe we need to diversify our thinking … about diversification.
What is your attitude towards your work? And why do you have that attitude? Listen to hear a few possibilities to consider.
Without good leadership in your financial life, you’re likely headed towards a losing season.
Are Monte Carlo simulations worthless for use with investment accounts? No. Just limited.
Wealth has only a few ultimate uses: it will either be consumed, or it will create an income stream. Everything else is just preparation for one of those two ultimate ends. All money gets spent one day. What’s your plan now for spending yours later?
The best way to start saving money…is to start. Then keep going. Then don’t rob the bank.
We love it when things are convenient, but the value of convenience must be weighed against the risk of failure.
As someone experienced with marital conflict, I can testify that (a) it’s normal; and (b) it doesn’t have to end up badly. But there are some important things to keep in mind when it comes to communicating with your spouse about money.
The ultimate goal of retirement planning is to make work optional. The five “wants discussed in this week's podcast are common to anyone who desires this kind of financial freedom in retirement.
Feeling insurance poor? But if you really think about it, the payment of your insurance premiums is what keeps you out of poverty.
Helping the young person in your life stay on the right side of debt is one of the most significant life lessons you can pass on to them.
The Cypriot and US governments both make money by taking it from depositors. One is just smoother about it than the other.
Hoping to organize your finances? 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.
A significant part of parental commitment is how you choose to plan your estate. Don’t assume that simply adding everything up and dividing by two is the right thing to do.
Sometimes people (in effect) ask me to rescue them from their moment of truth. I’d never dream of being so cruel.
It’s amazing what you can get done if you stop trying to do everything…and just do one thing…at a time.
Most people who try to time their investments to the ups and downs of the market rarely make progress. So how do you know it's the right time for YOU to invest?
A certain amount of financial stress is fact of life in our modern world. So how do you handle those seasons of life when your financial circumstances threaten to overwhelm you?
Debt is a time machine. Sometimes that’s a good thing. Sometimes that’s a disastrous thing. But it is always a powerful thing.
As a result of the shortage of both lifeboats and evacuation training on the Titanic, approximately 1500 lost their lives and only 710 were rescued.
Hindsight, as they say, is 20/20. Everyone agrees that, among other things, the Titanic should have been equipped with (and the crew trained in the use of) lifeboats. Plenty of lifeboats. How many? Enough to save everyone of course.
So, let’s turn our attention to the ship of life you and your family are aboard…how are the lifeboats on your ship?
What is the path to win/win in marital conflicts over money? Listen on for a few steps to take...
Our financial system allows for both brokers and advisors, probably because both have useful (if different) roles to play. Just make sure you know which one you’ve got and which one you need.
We all know money can’t buy happiness…but most of us would love to give it a shot!
No, we all know money can’t buy happiness. But few of us really believe that poverty is exactly the road to bliss either. So I perked up recently when I ran across an interesting idea: a formula for being happy.
Click to listen and hear more...
I’m no marriage counselor, but I’ve seen my fair share of family feuds over finances.
My friend Bob Livesay turned me on to this helpful explanation of the widely divergent ways we deal with conflict (about money or anything).
If you’re one of those souls who get out of bed each day and can’t wait to get to work – good for you!
But even if you feel like you enjoy your work so much you can never imagine stopping – don’t for one second think that gives you a pass on responsibly planning your financial future.
Because there is a world of difference between “get to and “got to.
Most of us need a planner and a coach. Find someone who will not only give you a plan, but will coach you through the implantation process and keep you on target.
Healthcare costs are rising at 7% to 8% annually, much higher than inflation. And fewer and fewer companies are offering any kind of retiree health coverage.
Here are some positive steps you can take to prevent wealth loss due to health costs in retirement.
As Abraham Maslow helpfully pointed out, when you are a hammer, you tend to treat everyone else like a nail.
The world of financial services has become highly specialized also, but the issue is not the superiority of one specialty over another. It is about balance.
So where do you go to find such balance?
You’ll never have quite the feeling of warmth wash over you as when you experience a financial flat tire, open the trunk and there it is...that gorgeous, beautiful, spare tire...full of air and ready to roll.
Considering a home remodel? Steven Covey reminds us that all things are created twice – once in the mind, and then in reality. And the better job we do of creating the thing we want in our mind, the better chance we have of actually getting it.
Click to listen how I would approach a major remodeling project...
John Mauldin once wrote, “…the choices we make today are constrained by the choices we made in the past, and the choices we make in the future will be limited by the choices we make today.
That reality can paralyze you, which is the wrong response.
So how do we know what is the right thing to do?
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…
Control from the grave is nearly impossible to achieve (and rarely appreciated by the heirs). But influence and a legacy of family values is not only possible with careful and creative planning, but may be the most long-lasting gift you could leave behind.
Americans are suckers for financial offers that are cute and clever. Think, "What's in your wallet?"
The best rewards card I’ve ever been able to find is the one with the financial planner’s name on it that is helping you control your spending, increase your savings and coordinate all aspects of your financial life.
A good financial strategy is first about preparation and protection, and only afterwards about the pursuit of perfection.
How to help your parents craft an estate plan to assure their life's work will outlive them.
There are three big economic issues that loom large on our nation’s horizon: debt, demographics and decisions.
Many people deeply in credit card debt find that with this six step plan, they can get completely out of debt in less than a year.
If you own your own business, here’s a good question to ask yourself: do I really own my own business…or does my business own me?
The process of funding a college education can be an education in itself - and this is one exam you just can’t cram for.
Most of us will pass through three very broad phases to our financial lives.
During phase one, we attempt to create wealth. Phase two moves from wealth creation to wealth distribution. Phase three (wealth conservation) comes when you pass on your wealth through inheritance.
Let’s go back to phase two—the wealth distribution stage—if no one has told you yet, when you shift from phase one to phase two…all the rules change.
And, honestly, the best time to plan for wealth distribution is while you are creating it.
When forced to make a choice between the job of your dreams or the paycheck of your dreams, which would you choose?
What is the price of happiness?
Nobel Prize winning psychologist Daniel Kahneman thinks the price is... about $75,000.
A little bit of pessimism during your retirement planning can lead to a much more optimistic outcome in your retirement living.
So let’s be just a bit pessimistic and assume that you will one day need some kind of long-term care.
There are only a few answers to the question of “who will pay the bill if I go into a nursing home?
One of the residual effects of the financial crisis is a deep distrust of financial institutions. Especially large ones.
Financial institutions are sometimes run by good guys, sometimes bad. But all of them have a plan to make things better for themselves.
The best way to deal most effectively with any of them starts with a carefully crafted financial plan of your own.
Remember, when evaluating deals (financial or otherwise) the person is not the proposal.
There’s a lot to be said for the approach to life that says, “Don’t sweat the small stuff.
On the other hand, I really want the guy who does my heart surgery to be detail oriented, sweating the small stuff.
This tension exists in your financial life as well.
If you are someone who wonders where to find the greatest opportunity, I think the answer lies not in a place, but in a person - you.
Are you serious about passing on your family business to the next generation? Really?
Then don’t ignore the development and training of the next generation of your business’s owners.
Who puts the bigger strain on our nation’s healthcare system – healthier people or sicker people?
The answer might surprise you.
Guaranteed income annuities will be one important piece of the retirement income puzzle for many Baby Boomers.
Don’t push tough decisions upon your family when they are going through emotional turmoil, give them clear cut guidance and direction as to exactly what your wishes are. Adhering to these three simple lessons could make the difference between a bad situation and a tragically bad one.
If you work and are not yet independently wealthy, you need disability insurance to protect you against disaster and financial ruin.
If you’re not happy with your financial advisor, it might be her fault... or it might be yours.
I believe there are six liberating keys to setting yourself free of your self-imposed shackles and actually doing the things you already know you can do - but haven’t (yet!).
There are many myths about what an investment manager can do. Now’s a good a time as any to ditch the myths...