Take-Aways From AFCPE Symposium Recordings-Part 1

 

A great feature of the annual Association for Financial Counseling and Planning Education (AFCPE) Symposium is that AFCPE records all the breakout sessions and makes them available online to attendees for one year. Long gone are the days when you needed to 1. choose one session from multiple topics of interest and miss hearing others, or 2. buy cassette/DVD recordings of missed sessions.

 

Over the past ten months, when I had time, I slowly made my way through video recordings of parts of the 2025 Symposium that I was interested in. This post provides a very eclectic summary of my key take-aways from the “rest of the 2025 AFCPE Symposium.”

Money Mindsets- Relationships with money last an entire lifetime; actually longer via estate planning decisions that affect others. A good way to change a difficult money relationship is to flip the script. Example: “I’m bad with money” to “I’m working on my relationship with money.”

 

Heirs Property- This is where a property owner dies, heirs do not have a deed or will, and land or a home are underutilized. Someone pays property taxes but real property cannot be sold or borrowed against without clear title. The best solution is an honest family conversation about moving forward.

 

Youth Financial Education- Research has found lower credit card delinquency rates and better post-secondary education loan decisions linked to financial education graduation requirements. In addition, teachers’ finances are positively impacted by personal finance professional development.

 

Buy Now, Pay Later- BNPL, where payments for something are spread into future installments, is most attractive to young adults and people with income constraints. It can lead to overspending and impulse buying. Research found that BNPL use is associated with decreased long-term planning.

 

Trauma-Informed Financial Education- Trauma is not the same as stress, which tends to dissipate over time. Trauma sticks around. Financial trauma is caused by persistent financial instability and multiple negative experiences (e.g., homelessness, domestic abuse) result in complex trauma.

 

AI for Professionals- People who know how to use AI are valued. Benefits of AI include time savings, a “cool, trendy factor,” and brainstorming ideas and content. Cons include incorrect output called hallucinations, math errors, and environmental concerns (e.g., water, electricity, and noise).

 

Reverse Mortgages- 95% of borrowers still have equity in their homes when they pass away with a reverse mortgage (RM). At least one borrower must live in the home for six months and a day or a RM loan comes due. A RM line of credit is based on the age of the youngest borrower. Heirs of a RM house have three options: sell it, purchase it, or give the house to the lender and walk away.

 

Debt Relief Options- If it is not possible to repay existing debt, people have six debt relief options: 1. Direct negotiation with creditors, 2. Debt consolidation (refinancing), 3. A debt management plan (DMP) through a non-profit credit counseling agency, 4. Debt settlement, 5. Bankruptcy (Chapter 7 or 13), and 6. Debt forgiveness, where a debt is cancelled (e.g., Public Service Loan Forgiveness).

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

 

Take-Aways From a NGPF Virtual Conference

 

I recently attended parts of the 2026 Next Gen Personal Finance (NGPF) “Back to School” Virtual Conference. Keynote speaker Beth Kobliner discussed trends in personal finance from 1996, when she first wrote her book Get a Financial Life, to the 5^th edition available in 2026.

Yanely Espinal from NGPF led a breakout session about teaching about sports betting and prediction markets.

Below are some of my key take-aways:

 

Young Adult Personal Finance

 

New Book Topics- New topics in the 5^th edition of Get a Financial Life (and the world of personal finance) include social media influencers, online gambling and prediction markets, Buy Now, Pay Later (BNPL) purchases, peer-to-peer (P2P) apps like Venmo and Zelle, and “frictionless’ payment methods (e.g., mobile wallets like Apple Pay and Google Pay) where people don’t feel the “pain” of spending money like they do when they pay with cash. Money in P2P apps is not FDIC-protected.

 

First-Time Homebuyer Age- In 1996, the average age of a first-time home buyer was 28 years old. In 2026, it is age 40. This means twelve fewer years of home equity building and a greater probability than previous generations of carrying mortgage debt into retirement.

 

Money Mindsets- People want quick cash without the preparation, work, and time needed to build wealth. This can lead to risky behavior by young adults (especially males) because so many things like housing seem out of reach. Ms. Kobliner also cautioned viewers not to buy sale items on a credit card with a higher APR% (interest) than the sale percentage off.

 

Sports Betting and Prediction Markets

 

Opportunity Cost- Gambling products are designed with a negative expected return for participants in the aggregate. The true cost of gambling is not just a losing bet but the compound interest on an investment that was never made. Research has found that young adults are redirecting money originally earmarked for investing into sports betting, thereby slowing possible wealth accumulation.

 

Normalized Behavior- Online gambling is a form of entertainment but not an investment strategy to build wealth. However, surveys have found that young adults normalize gambling because they believe it is a form of investing. With gambling, people take a risk on a chance-based outcome where loss is built in. With investing, people take a risk to own an asset that can potentially grow over time.

 

The House Edge- This is a casino’s or betting platform’s built-in mathematical advantage. Some people get lucky in the short-term, which encourages them to keep playing. However, the longer they play, the more the house edge eats away at their balance. Prediction markets want a high volume of bettors because they earn a percentage on each bet made.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

 

Take-Aways From a Class About AI

During the past 3.5 years, I have used AI and taught about a dozen classes and webinars about AI use to both professional and consumer audiences. I also like to attend programs about AI to learn more myself. Below are eight take-aways from a recent AI class that I attended:

AI is Not Going Away- The genie is out of bottle, so to speak. AI is not going anywhere. Job security is a big concern but the biggest issue is not losing a job to AI, but losing a job to a person who knows how to use AI. There will continue to be less human interaction for business transactions. If people don’t get on board, they will be locked out.

 

The Two Sides of AI- AI can be both awe-full (i.e., a deep amazement of something that is very grand or powerful) and awful (i.e., very bad, ugly, or unpleasant). On the positive side, AI use enhances productivity and is like having a personal assistant. AI concerns include impacts on water and electricity and misuse by bad actors that program AI to do bad things.

 

AI Improvements- When the generative AI program ChatGPT launched in November 22, it was basically a one-way experience. Users posted a query or directions to create something via a prompt and received a response. Flash forward to today and AI is holding conversations with its users, often suggesting extensions of the content that was initially requested.

 

Sobering Comparison- The class presenter compared the potential for AI misuse to another frightening discovery, the creation and use of the atomic bomb during World War II. Both have the potential for severe consequences if misused.

 

AI Characteristics- Users need to know that AI can hallucinate. This is where it produces content that seems well-written but is incorrect. In addition, AI output may contain biases such as racism, agism, and misogyny. Therefore, AI content must always be reviewed by a subject matter expert. AI also tends to be sycophantic and agree with what others have said, instead of offering challenges.

 

AI Availability- Unlike human workers, AI is available 24/7/365. It never takes vacations or retires. Some free AI platforms cut users off for a day or so after excessive use within a short period of time. Some people like AI (vs. a human agent) for financial questions because they don’t need to feel ashamed to ask a “dumb question.”

 

AI Summaries- AI can be used to summarize books and articles. Just include in the prompt the link for a specific publication.  AI can also be used to summarize email exchanges and online Zoom calls (with meeting notes). Some people also use AI for medical research so they can have a more informed interaction with their doctor.

 

Other AI Uses- AI uses that were mentioned include 1. Providing data about people and searching for an obituary to find out if they died, 2. Creating recipes from food on hand, 3. Summarizing a book, play, or movie, 4. Using AI as a companion to stimulate conversation (AI will respond and ask you questions), 5. Creating letters, emails, and poems for personal or professional use, and 6. Creating personalized graphics like the one for me above.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

Third Quarter Summary of Webinar Take-Aways

We are almost three-quarters through 2026 and it’s time for another quarterly summary of takeaways from webinars, podcasts, and classes that I have recently attended. Below are seven “nuggets” that stood out to me as I reviewed notes taken in my personal learning journal:

Tax-Deferred Retirement Savings Plans- When you invest in traditional (pre-tax) individual retirement accounts (IRAs) and qualified employer plans, you are in a “long-term partnership” with the IRS. All of the money that you accumulate is not yours. When you reach the age for required minimum distributions (73 or 75, depending on year of birth), the IRS wants its cut.

 

Stock Investing Timelines- Investments need to match the time frame for financial goals. Stocks are generally way too volatile for a one-year time horizon but, for long-term goals, it is a very different story. There has never been a 20-year period in the U.S. that cash outperformed stocks. Market declines will happen for sure; we just don’t know when.

 

Financial Accounts- One webinar presenter suggested having five accounts- two checking accounts and three savings accounts- each with a designated purpose. Like five fingers on a hand, the accounts are 1. Checking for bills, 2. Lifestyle checking (for fun), 3. Emergency savings (3 to 6 months of living expenses), 4. Short-term savings (for upcoming planned goals), and long-term savings.

 

Cybersecurity Concerns- AI has increased the frequency of cyberattacks and vigilance is key. Attackers are scaling at a rapid pace and sending specially crafted “hyper-personalized” e-mails and texts to lure victims. The age 60+ age demographic has the highest dollar losses and reports of crime. Multi-factor authentication (e.g., biometrics, texted code) blocks about 99% of unauthorized logins.

 

Home Inspections- Insurance companies are increasingly requiring 4-point inspections after  policyholders have lived in their home for a specified number of years. This is because insurance companies will only pay claims for various home components before their longevity is complete. 4-point inspections typically include: 1. HVAC and compressor, 2. water heater, 3. electrical panel, and 4. roof. Some include appliances and plumbing. Insurance companies want to see their condition.

 

AI Impacts- Many browsers today include an AI component. For example, Google Gemini. This saves time and makes it very easy to find an answer to a query. Instead of a search engine simply providing a list of resources to find an answer (that users must sort through), AI provides the answer, thereby boosting productivity. The more you use AI products, the more they know your preferences.

 

Medicare Insights- Medicare premiums are billed every three months if they cannot be deducted from a monthly Social Security benefit. The annual open enrollment period for Medicare is October 15 to December 7. Medicare Advantage (Part C) plans are rated with stars (five is the highest) and are available at www.Medicare.gov. The lowest star rating that beneficiaries should accept is 3.5.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

 

 

Money After 80

For the past four years, I’ve taught a class called Money After 70, which describes over a dozen changes in the finances of septuagenarians (people between 70 and 79 years old) and those who are older. Recently, a student requested a new class specifically for octogenarians (people between 80 and 89 years old); i.e., Money After 80. The class isn’t prepared yet but below are some thoughts.

 

People age 80 and older often face financial planning challenges that differ significantly from those they encountered during the early years of retirement. Their emphasis often shifts from “go-go” years spending, and perhaps continued employment, to preserving assets, maintaining independence, managing health care costs, simplifying finances, and ensuring a smooth transfer of assets to heirs.

 

Below are five key financial planning issues faced by people age 80+:

 

Remaining Life Expectancy- According to Social Security actuarial tables, an 80-year-old's average remaining life expectancy differs by gender. An 80-year old man and an 80-year old woman have an average remaining life expectancy of 7.6 years (age 87.6) and 9.2 years (age 89.2), respectively. Personal health status and lifestyle choices can significantly impact these numbers, however. Some people live long enough to become nonagenarians (age 90-99) and centenarians (age 100+).

 

Larger RMDs- Required minimum distributions (RMDs) generally become larger as people get older because retirees have fewer remaining years over which to withdraw their retirement savings. Even if an IRA or 401(k) balance remains unchanged, the percentage of a tax-deferred account that must be withdrawn increases each year. For example, it’s 3.77% at age 73 and 4.95% at age 80. As retirees get older, their age-based RMD divisor gets smaller, and their RMD withdrawal gets larger.

 

QLAC Withdrawals- A Qualified Longevity Annuity Contract (QLAC) allows individuals to use a portion of their retirement plan savings to purchase deferred lifetime income. QLACs, therefore, help protect against outliving assets by providing guaranteed income later in retirement when other resources may decline. Under current rules, QLAC payments must begin no later than age 85.

 

CCRC Entrance- The average age of entrance into a Continuing Care Retirement Community (CCRC), also called a Life Plan Community, is generally in the early to mid-80s. Most CCRCs encourage residents to move in while they are still healthy, independent, and able to participate fully in community life. A key financial planning consideration is that many CCRCs require a substantial entrance fee (often hundreds of thousands of dollars) plus monthly fees.

 

Housing Changes- Many octogenarians make key decisions related to their housing. For example, if they decide to “age in place,” they install accessibility improvements such as ramps, grab bars, stair lifts, walk-in showers, and wider doorways. If they are widowed or become more frail, they might opt to move closer to a family support system or into an assisted living facility. The average age of entry into assisted living in the United States is generally in the mid-to-late 80s.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.