Scams—Can You Count the Ways?

®
FINANCIAL COUNSELING • PLANNING • EDUCATION
4th Quarter 2011
Volume 29 • Number 4
3
There’s a Financial App for You
There are hundreds of financial
mobile applications available. Try
some and determine the one that
is best for you and your clients.
4
Buying Versus Renting in
Today’s Economy
Is now the right time to buy a
home? The answer is …
5
Debt Prevention: Break the
Debt Cycle
Debt is the symptom, not the
problem. The debt cycle is the
problem, and the first necessity is
to break that cycle. The first step
is to establish debt prevention.
Annual Conference Preview:
Don’t Miss This Year’s Event!
6 Why attend the AFCPE Annual
Conference?
6 Things to do in JAX
9 Places to dine in JAX
7 Schedule of events
11 Poster sessions
13 Book Review 1:
Save Your Retirement: What to Do
If You Haven’t Saved Enough or If
Your Investments Were Devastated
by the Market Meltdown
Scams—Can You Count the Ways?
By Janie Bright, AFC®, CHC®, Local Government Federal Credit Union
very so often, you hear about one of
these scams making the rounds…
and these days it’s happening more
than ever. Either someone just won a sweepstakes, hit the lottery from another country
or just learned of a wealthy long lost relative
who wished to leave everything to you.
Unfortunately, most of these scenarios are
scams, and they involve hundreds of people
working long hours to contact victims, build
trust and steal money or valuable personal
financial information. Following are some
of the most common scenarios scammers
have used to prey on unsuspecting victims:
E
Nigerian 419/Inheritance Scam
The Nigerian four one nine (419) scam is
one of the most popular since the mid1990s. It is referred to as “Nigerian” because
that is where it originated. The 4-1-9 is a
Nigerian criminal code for a scam. So basically, the victim receives a letter, fax or email from a foreign location with news that
a long lost relative has died. Scammers then
pose as legitimate companies or government
officials requesting personal and financial
information.
14 Book Review 2:
The Road Out of Debt: Bankruptcy
and Other Solutions to Your
Financial Problems
15 AFCPE News
Lottery/Advance Fee Scam
This is one of the most common unsolicited
types of e-mail hitting inboxes today. It
informs victims that they’ve won a large
sum of money in an international lottery.
Unfortunately, the lottery or prize does not
exist. Additionally, when victims reply they
are asked for advance fees to cover the
delivery of their supposed “winnings.” In
most cases, these victims often face identity
theft issues, as well as other expenses and a
whole lot of frustrations. If you did not initiate a lottery transaction, chances
are…you did not win!
Lonely Heart Scam
With this type of scheme, scammers scour
personal ads or matchmaking websites for
victims to befriend through cyber relationships. This makes victims more vulnerable
to share personal and financial information
via e-mail, fax or letters. There has been an
increase in scammers contacting potential
victims claiming to be a very beautiful
woman or handsome man residing in
another country. In the majority of cases,
they use improper English and request that
the victim send money for a number of
complications that the scammer is supposed
to have incurred during their short relationship. Then, the scammer posing as the new
“boyfriend” or “girlfriend” desires to leave
his or her country to meet the victim, but
somehow is robbed, loses a job, or misses
flights etc. and needs the victim to help.
Once the victim sends money, more complications usually arise and inevitably, more
money will be requested. If you want to protect your heart and your bank account, be
Continued on page 12
2011 Board of Directors
President
Sharon Cabeen, AFC®
TG
Acworth, GA
E-mail: scabeen@
comcast.net
Past President
Joyce Cavanagh,
Ph.D.
Texas AgriLife
Extension
College Station, TX
E-mail: jacavanagh@
ag.tamu.edu
President-Elect
Rebecca Travnichek,
Ph.D., AFC®
University of Missouri
Extension
Savannah, MO
E-mail: TravnichekR@
missouri.edu
Secretary
Irene Leech, Ph.D.
Virginia Tech,
Blacksburg, VA
E-mail: [email protected]
Treasurer
Janie Bright, AFC®,
CHC®
LGFCU
Raleigh, NC
E-mail: janie.bright@
lgfcu.org
Jan Garkey, AFC®
CUNA
Madison, WI
E-mail: jgarkey@cuna.
coop
Bill Heaberg, AFC®
Airmen and Family
Readiness Center
Warner Robins, GA
E-mail: william.
[email protected]
Bobbie Shaffett,
Ph.D.
Mississippi State
University Extension
Mississippi State, MS
E-mail: bobbies@ext.
msstate.edu
Syble Solomon
Lifewise/Money
Habitudes
Wilmington, NC
E-mail: [email protected]
Mary Spear, AFC®
Fleet and Family
Support Centers
Norfolk, VA
E-mail: mary.spear.ctr
@navy.mil
Barry Wilkinson,
AFC®
United States Air Force
Bellevue, NE
E-mail: Barry.l.
[email protected]
Members-at-Large
Maryann Barry, AFC®
Airmen and Family
Readiness Center
McConnell AFB, KS
E-mail: maryann.
[email protected]
Virginia Zuiker, Ph.D.
University of Minnesota
St. Paul, MN
E-mail: vzuiker@
umn.edu
Editor: Jill Anne Ladouceur
E-mail: [email protected]
Deadlines for The Standard are as
follows:
1st Quarter—November 15
2nd Quarter—February 15
3rd Quarter—May 15
4th Quarter—August 15
The Standard (ISSN-1096). Published
quarterly.
Association for Financial
Counseling and Planning
Education
1940 Duke Street, Suite 200
Alexandria, VA 22314
Phone: (703) 684-4484
Fax: (703) 684-4485
www.afcpe.org
2
President’s Message
By Sharon Cabeen, AFC®, 2011 AFCPE President
Ready for Change….It’s All Good!
s I reflect on my final communication to you as your
AFCPE Board President for 2011, one of the first things
that popped into my head was the Sheryl Crow song
lyrics, “change, change, change will do you good.” Now change
can evoke all kinds of thoughts and emotions for most of us
based on our experiences and outcomes of our own life changes.
I can think of personal changes for me that caused fear, anxiety,
anger, sheer glee, caution, questions and on and on. In reality, change can do us good if
we go ahead of it, plan it, lead it and, yes, create it, rather than follow it.
A
Here’s what I mean by that last statement. For most of my life, both personal and work,
I let change lead in my life. I reacted rather than taking control and planning my own
future. I don’t know where I learned that bad habit, but I did. Then one day I stepped
out and made some changes in my life
that gave me the courage to try it over
and over and over again. I learned that
creating change, rather than reacting to
it, gave me everything I needed to succeed. People who work closely with me
now would tell you that my mantra is
“tell them what you want and how you
want it to be and let them react to our
change”—and when I forget my own
advice, they are good to remind me and
put me back on track.
In reality, change can do us
good if we go ahead of it,
plan it, lead it, yes, create it
rather than follow it.
What does this mean in the context of AFCPE? AFCPE goes through a metamorphosis
annually to some extent in that we elect a new association president, new board members, face new consumer and industry challenges, see our colleagues step up to serve
where they haven’t previously, welcome many new members and congratulate those
who have achieved success in our certification programs. We also, in recent days, find
ourselves looking at new kinds of partnerships and affiliations that will only serve to
grow and improve our organization a hundred-fold over time.
Throughout this year, as I’ve been honored to serve as your president, my goal has been
to prepare myself, the board and the association for the next change in leadership. And
now it’s almost time for me to choose the next change for me…to hand off the voice of
leadership to President Elect Rebecca Travnichek, and to take on a voice of support for
what is to come under her leadership. Together with both current and new board members, AFCPE leadership, staff and all of you, this “change, change, change…” will
indeed do us all good!
There’s a Financial App for You
By Elaine A. Courtney, University of Florida IFAS Extension-Okaloosa County
inancial educators and counselors
recommend students and clients practice writing a spending plan and track
their expenses. They might use a ledger,
note cards, spreadsheet, calendar or other
method. It’s easy to suggest this, but getting
people to follow through is another story!
F
What if you could suggest a way to do
that on their phone or mobile device?
(And you know they probably have one!)
If you are a consumer with a smartphone
or other mobile device with a data plan,
you may have the capability to download
various money apps from your marketplace of apps. In today’s world, “there’s an
app for that.”
In a recent project, co-workers and volunteers helped test many of these mobile
applications currently available. Below
are some free apps you might want to
consider to help track your financial
transactions. Many also have a full version that is available for a fee.
Mint.com (Android or iOS)—Like the
popular website, this app allows you to
link, budget, track and manage all your
financial accounts. It is advisable to use a
computer to initially set up accounts
online and then link each account. It is
easy to understand and use and excellent if
you want to track expenses automatically.
To start, it requires you to enter your login
credentials for each financial account
through the website. The phone app tracks
your online mint.com account with up-tothe-minute updates as you make transactions from your bank accounts. If you want
to get instant updates, this is an excellent
way to track expenses automatically.
Wallet (free on Android only)—This
app can track expenses and compare to
budget with a user friendly interface. You
the standard 4th Quarter 2011
set up your initial budget and then enter
your expenses. It will take pictures of
receipts and even allows you to create a
shopping list. The free version allows up
to 300 records.
Money (Android or iOS)—This app helps
manage all your bills and arrange them via
a calendar with a bill reminder. You can
see all your accounts. You can import bank
records to this app. It has budget planning
to allow you to plan all income and
expenses and view reports to see if your
plans are accurate. The app requires manual input, but it is easy and quick to use.
allows you to track your frequent flyer
miles, rewards, etc.
I Was Broke Now I’m Not (IWBNIN)—
Expense Lite—This app helps track
expenses, but you have to input data
manually and update on your own. It
doesn’t sync with other devices. It has a
calendar feature with reminders. Budget
categories are difficult to edit.
Cash Flow—This is simple and easy to
record transactions utilizing clever icons.
You can manage multiple cash/bank/credit
card accounts and check updated reports.
You can also sync this with your personal
computer as well as export to a Dropbox
account.
Account Tracker—This app provides an
easy way to track accounts, budget and
manage expenses. The free version is limited to 25 transactions and is challenging
to get started. It will allow you to sync to
get past bank statements, but you must
enter each transaction as it happens.
This app is from the book by the same
name and has all the IWBNIN free tools.
It is a great tool for budget planning as
well as debt reduction. It also has savings
tips. The app can be used to send a question directly to IWBNIN. The downside
to this app is it cannot be used to track
expenses.
Easy Money Planner—Another useful
money application is the Easy Money
Planner. It has built-in financial calculators with twelve different calculations
including how long to repay, how much
do I need to retire, what will my savings
be worth and more. It is worded in plain
language.
There are hundreds of additional mobile
applications available. Try some and
determine the one that is best for you or
that you would like to share with students
or clients.
PageOnce—PageOnce is an application
similar to Mint. You must enter your
account information and it will automatically organize and track your money
and bills. You can get alerts and
reminders about your accounts as frequently as you desire. This app even
Elaine A. Courtney is with the University of
Florida/IFAS-Okaloosa County Extension.
She can be reached at [email protected]. This
is not a complete list of financial mobile
applications available and is not an endorsement of any that were reviewed.
3
Buying Versus Renting in Today’s Economy
By Pilar Pangelinan
s now the right time to buy a house?
I’ve been asked this many times when
I give a class on home ownership. The
answer is, it really depends. Here in
Guam, people want to know since they
feel with the impending movement of the
Marines from Okinawa property prices
have room to go up, but what about other
places? Again the answer is, it really
depends.
I
You know you need to continue renting if
you plan to move a lot, don’t like to do
home improvements, prefer a fixed monthly rent, are low on cash, and don’t like
unknowns. Home ownership is for you if
you are seeking stability and a sense of
community. You also need cash reserves. It
helps if you don’t mind being a landlord,
like doing some home repairs, want to
remodel or personalize your space, and can
wait for your equity to grow.
How Much Do You Need to Save?
Before we go into reasons to buy, I like to
ask future home buyers if they have the
cash reserves it takes. What are cash
reserves? Home buyers know that to buy a
home they need to have some money
saved up—anywhere from 10–20 percent
of the purchase price for closing costs and
other charges. For people in the military,
they don’t think they need much for this if
they plan to use a VA (Veterans
Administration) guaranteed loan, but I
still highly recommend that they have
about 5–10 percent of their purchase price
saved for unexpected items. The VA loan
comes with a funding fee up to 3.3 percent, not to mention other costs that may
not be financed with your mortgage loan.
You should have cash reserves beyond the
down payment if you are buying a home.
Gone are the days when you were renting
4
and the landlord could be called up for
plumbing issues. Now as a homeowner, you
will be responsible for getting a plumber
and paying to fix problems. Plumbing
issues can be expensive, depending on the
severity of the problem. You also need
reserve funds for annual homeowner’s
insurance and real estate property taxes
which can cost a few thousand dollars.
Due Diligence Is Key
Today’s economy warrants that home buyers do even more research on the new
location where they plan to buy a home.
Location, location, location as any realtor
will tell you should be number one in
most buyer’s minds. How far is the drive
to work from their new home? How is the
traffic? Time is money and saving on
commuting costs is beneficial. Research
the schools in the area, crime rates, property tax assessments (state, city, suburb
and county), proximity to public transportation and other amenities, along with
future plans of the local government, etc.
Another thing to research extensively is
home values in the area. Many homeowners now seem to have negative equity in
their home, and knowing what a home is
worth is crucial in this market. No one
wants to over pay for a house. Realtors
help buyers by providing comparable sales
figures on homes in the area, but you can
do your own research using Zillow.com.
I suggest buyers look at the past year’s
utility costs for the home they are consid-
ering. They should ask the seller about
the average consumption of electricity,
water, sewer, trash, and gas. If you purchase an older home that lacks insulation,
your winter utilities may be more than
you can manage. Here in Guam, utilities
are constantly on the rise due to the price
of gas. Another thing that makes electricity costly is the love of air conditioning.
Guam’s heat and humidity make it necessary to run an air conditioner often.
The tax credit that one gets with buying
a home may not benefit everyone. With
interest rates continuing to stay relatively low, some families claim a mortgage
interest deduction on their Schedule A.
For my family of four our standard
deduction is higher than the interest
paid on our home.
The economy today still requires home
buyers to perform a lot of due diligence
on their part prior to find that perfect
home. I suggest that they expand their
cash savings/reserves even more than the
recommended 3–6 months emergency
funds. I recommend 9–12 months since
home ownership is very costly, though
rewarding at the same time. Rewarding
in that the owner now has stability, has
emotional connectedness to a place, can
make improvements and personalize
their space, and hopefully can start
building equity in a place that is home.
Congratulations! You now have roots in
one place.
Pilar Pangelinan, AFC®, is located in
Guam. She is a financial educator with the
Personal Financial Management Program at
the Fleet & Family Support Center and
Associate Professor at Guam Community
College. Reach Pilar at Pilar.Pangelinan.
[email protected].
Debt Prevention: Break the Debt Cycle
By Susan Bross, AFC®
ebt prevention: doesn’t that
sound sexy? Isn’t that something
that your clients would sign up
for? That phrase is the way that I speak
about the simple process that we all use
and teach. It refers to the necessity to
have money regularly set aside for irregular expenses.
D
Irregular expenses, as we all know, are
usually the culprits for the accumulation
of debt. The “emergency” car repairs,
irregular insurance premiums, kids’ birthdays, Christmas, vacations…those gremlins that steal the client’s sense of financial security.
As a private practice financial counselor, I
work with clients whose family income is
$75,000–500,000, which may be a more
affluent client base than many AFCPE
members. Realistically, my clients need to
have the resources to pay me and solve
their financial problems. Through the
conferences, I have heard the brilliant
work that is being done by other members
for the clients who don’t have resources,
or who have had the ability to earn
money removed from them. I am in awe
of what the Extension members accomplish. There is a need for financial counseling, however, in every financial strata.
The same deficient financial skills, money
issues and lack of confidence plague
clients at every income level.
The Debt Cycle
If debt is an issue that has been present
for some time or has become a pattern,
what I emphasize with my clients is the
presence of a debt cycle. The cycle is
made up of (1) the accumulation of debt
that has been created over a period of
time, (2) this creates emotions that are
uncomfortable to the client, including
the standard 4th Quarter 2011
guilt, shame, fear, frustration, and sometimes panic, and (3) these emotions drive
the client to pour money at the debt, to
such a level that the client needs to use
the credit cards by month’s end or at the
next cashflow blip.
I tell my clients to take their eyes off the
debt. The debt is the symptom, not the
problem. The debt cycle is the problem,
and it’s essential to break that cycle. The
first step is to establish debt prevention.
Debt Prevention Plan
As a task for them to do, I ask them to
make a list of all the types of expenses
that they charged on their credit cards in
the past 6–12 months. The more difficult
conversation is about having an identity
shift, so that they become the kind of person that doesn’t use credit cards unless
the money is in the bank for that purchase. This is a shift that usually takes
time, because the client’s ability to flimflam themselves with their own “very
good reasons” for using the credit cards
has worked so well in the past. I gently
point out each time that regardless of the
reason, they are continuing to put themselves at risk by increasing their debt.
The use of the word “risk” gets their attention. If the client has a great deal of debt, I
talk about their “risk-ometer” being broken, and I ask if being at risk feels familiar.
This usually gives them the opening to talk
about those things in the past that had risk
attached, whether they were in control of
the situation or not. This also gives me the
opportunity to make notes so that I can
use that specific information in the future
when they are again using risky behaviors,
reminding them of how they said that they
didn’t want to re-create those situations in
their lives.
When the irregular-expenses chart is done,
it often takes my clients several months to
begin funding it. The mindset seems to be
that they don’t have the “extra” money to
fund it. I point out that these are expenses
they’re already funding, just addressed in a
systemized way. Invariably, as we all know,
as soon as they starting funding it and
using it, what they express is relief and
sometimes amazement.
As we have all experienced, guiding
clients out of their debt cycle is very
rewarding. When they realize that they
don’t have to live in continual debt, it
changes how they view their finances and
their future. I use the calculator at powerpay.org to show them exactly when their
debt will be paid off, as long as they don’t
use their cards. I point out, as you do, that
if credit cards are available as an option,
it becomes the only option. It causes the
client’s creativity for finding other solutions to atrophy like an unused muscle.
I have found that by using unusual nonfinancial words I can grab my clients’
attention. My clients are often successful
people and would be repelled by canned
advice. They’ve read the articles and
books, and heard the gurus. Using different terms lets them absorb it personally
without reminding them that they’ve
heard it before. They aren’t uninformed,
but rather inexperienced in applying new
behaviors to their financial lives.
Susan Bross, AFC®, established her private
practice in 1993 and is currently located in San
Rafael, California. She has a BA in psychology, 15 years experience in marketing and four
years as an addictions counselor. As a financial
counselor, she works with individuals, couples
and entrepreneurs throughout the nation to help
her clients develop a practical and emotionally
healthy relationship with money.
5
Why Attend the AFCPE Annual Conference in JAX?
By Margaret Ferguson, AFC®
am a business counselor with the
Micro Business Development Program
at Central Vermont Community
Action Council in Barre, Vermont. I
learned about the important work of
AFCPE at the 2000 Money Matters workshop at the University of Vermont taught
by Professor Elizabeth Trent. She was passionate about financial education. She
talked about AFCPE and how beneficial
it was for her to be a member and to
attend conferences. She encouraged me
to find out more about this organization
by attending a conference. She told me
that it could change my life.
I
made me view what I did in my job in a
different light. Yes, I did talk about cash
flow and budgeting for business plans. I
really was talking about money with
clients! I did fit in! That was a profound
realization for me.
I realized that I could be more helpful to
my clients if I became an Accredited
Financial Counselor®. The following year
I earned the AFC® designation. Professor
Trent was right, attending the AFCPE
conference did change my life and how I
serve my clients.
Taking Good Advice
Tune into WIIFM (What’s In It For
Me?)
A year later, I took her advice and signed
up to attend. When I introduced myself
to people at the conference, I felt like my
job title, business counselor, didn’t really
“fit.” However, the workshop topics and
content were just what I needed to learn
about to work with people who want to
start businesses. Talking to conference
attendees between workshop sessions and
listening to people talk about the opportunities and challenges of their work,
The AFCPE conference is the place to be
in November. Why attend? What’s in it
for you? It is a time to get away from your
office desk. The AFCPE conference will
give you time to connect with people
from around the world—people who are
with the military, researchers, private
practitioners, university professors and
students, authors, speakers, vendors and
policy makers to share ideas and learn
new skills. You will think about what you
are doing in your own work and how you
can work differently to be more helpful to
the clients you serve.
The conference draws people together
who motivate and inspire each other.
This conference is the best value for your
professional development and training
money. I know that over the years that I
have attended the conferences, I have
had conversations with people who have
helped me be a better financial counselor
because they shared their experience and
wisdom with me.
I encourage you to talk up the AFCPE
conference. Tell your colleagues about
this conference. You may be the “right”
person who inspires someone else to
attend this year’s conference. Like it was
for me, this conference may be the catalyst that changes someone’s career
path.
Margaret Ferguson, AFC®, is a business
counselor with the Micro Business
Development Program based in Barre,
Vermont. She can be reached at
[email protected].
Things to Do in Sunny Jacksonville, Florida
There is plenty to do in the
Jacksonville area, according to
hello.jacksonville.com, whether
it is strolling along the River
City’s beaches, golfing, shopping or learning about the
city’s history.
• Beaches—Huguenot Beach
is known for being able to
drive your vehicle right up to
the water. Kathryn Abbey
6
Hanna Park offers both seaAtlantic/Neptune Beach.
water and fresh water
• Shopping—The St. John’s
adventures. You can swim in
Town Center and the
the surf or kayak in fresh
Avenues are two of the top
water. The park is also
shopping malls in Jax.
known for its numerous hik• Mission of Nombre De Dios
ing and biking
is a stainless steel
trails. For one
cross located in
of the city’s
Average
St. Augustine.
most popular
November
www.missionand
beaches, visit
Temperature:
shrine.org
61.9
• Jacksonville Zoo and
Gardens is a great way to
learn about the world’s many
different animals.
www.jacksonvillezoo.org
• Cummer Museum of Art &
Gardens—Built on the site of
the Arthur and Ninah
Cummer home on the banks
of the St. Johns River and
houses Ninah Cummer’s
2011 AFCPE Annual Conference Schedule of Events
Jeanette Tucker, Diane Sasser, Rebecca White,
Tuesday, November 15
Elizabeth Reames, Louisiana State University
10am – 6pm
Agricultural Center
Registration
Financial Education for the Workplace
Wednesday, November 16
Building Partnerships & Utilizing Technology to
Reach Employed Adults
7am–6pm
Registration
Joel Schumacher and Marsha Goetting, Montana
7am–1pm
Cooperative Extension Pre-Conference
State University Extension
2pm–3:30pm
Welcome/General Session
5pm–6pm
When Logic Leaves the Room: How Financial
Decisions are Really Made, And What We Can
Welcome Reception
Exhibit Hall Open
6pm–8pm
Do About It
Opening Dinner
Keynote Address
Ted Klontz, Ph.D., Klontz Consulting Group
Holly Petraeus, Assistant Director, Consumer Financial
3:30pm–4pm
Break
Protection Bureau, Office of Servicemember Affairs
4pm–4:50pm
Concurrent Sessions 1
Innovative Learning
Gaming the Way to Financial Security;
Thursday, November 17
Financial Entertainment: An Innovative
Learning Tool
7am–5pm
Registration
Nicholas Maynard, D2D (Doorways to Dreams) Fund
Exhibit Hall open during breaks and Poster
Reverse Mortgages
Session (see page 11 for a list of poster ses-
Boost Your Income with Reverse Mortgage
sions)
Counseling
8am–9:15am
Breakfast & Business Meeting
Cindy R. Stokes, Jean Lown, Lucy M. Delgadillo and
9:30am–10:45am
General Session
Roxane Pfister, Utah State University
What’s Important and What Works: Federal
National Service Project
Priorities for Financial Education Research
SOS: Sharing OurSelves for America’s Future
and Evaluation
Financial Literacy National Service Project
Barbara A. Smith, Social Security Administration and
Laura Waters and Michael Rupured, University of Georgia
Jeanne Hogarth, Consumer & Community Affairs
Disaster Strikes
Federal Reserve Board
Tough Times: Strategies to Address the
10:45am–11am
Break
Impact of Disasters and Other Economic, and
Social-Emotional Challenges
Things to Do (continued)
personal collection of more than
5,000 pieces. The lush gardens are
the rich icing on this cultural cake.
www.cummer.org
• Fort Caroline—A visit to the Fort
Caroline National Memorial should be
planned as part of an excursion to
the Timucuan Ecological & Historical
Preserve. The fort, partially recreated
near the mouth of the St. Johns
the standard 4th Quarter 2011
River, marks the location of the
area's first European settlement. The
original fort was built by the French in
the mid-16th century.
www.nps.gov/foca/index.htm
• Museum of Science and History—
Take a stroll through a human body,
explore marine life in giant multiple
aquariums and visit the planetarium.
www.themosh.org
Continued on page 8
Help the Hungry While in JAX
November 15, 2011
12pm–1pm (doors open at 11am)
27th Annual Empty Bowls Luncheon, presented by Bank of America benefits those
coping with hunger in Northern Florida
Location: Prime Osborn Convention Center
(Downtown Jacksonville)
Tickets: $25
Features handcrafted bowls, silent auction, live pottery demonstrations and
entertainment.
Visit www.wenourishhope.org for more
information.
7
Schedule of Events
Continued from page 7
1pm– 2pm
General Session
Ethics
AFCPE Ethics Committee
Thursday, November 17 (continued)
2pm–3pm
11am–11:50am
3pm–4:40pm
Poster Session
Exhibits Open
11:50am–1pm
Concurrent Sessions 2
Concurrent Sessions 3
Thrift Savings Plan
Military
TSP Updates and Changes
Better Business Bureau’s (BBB) Military Line
Paula Gradwell, Thrift Savings Board
Brenda Linnington, BBB Military Line
Social Media—College Students
Security Clearances and the Appeal
Speaking Their Language with Their Media:
Process–Financial Issues
Peer Educators Develop Targeted Financial
JJ Parker, United States Navy NCIS/PSAB; and Benita
Education Outreach for College Students
Jackson, NCIS/PSAB
Kathryn Sweedler, University of Illinois Extension
Investing and Retirement
Gambling
Retirement Minus 5 to 10 Years: 10 Key
Financial Counseling for the Addicted Gambler
Questions
Sara Croymans and Shirley Anderson-Porisch,
Barbara O’Neill, Rutgers Cooperative Extension,
University of Minnesota Extension
Rutgers University
Gender Gap
Investment and Retirement Education at
Bridging the Gender Gap: Financial Advice and
Workplace
Worry
Jinhee Kim, Lynn Little, Crystal Terhune, Wes Musser,
Danielle D. Winchester, North Carolina A&T State
Michael Elonge and Shante Stokes, University of
University and Sandra J. Huston, Texas Tech
Maryland Extension
University
Financial Crisis and Recovery
Unemployed
Putting the Pieces of the Puzzle Together:
When Your Income Drops: Financial Education
Financial Recovery After Disaster
for Recently Unemployed Households
Phyllis Onstad, Sara Croymans, University of
Christa Campbell, University of Georgia Cooperative
Minnesota Extension; and Lori Scharmer, North
Extension, Elbert County; Andrea Scarrow, University
Dakota State University Extension
of Georgia Cooperative Extension, Colquitt County;
Personal Financial Recovery Following
Michael Rupured, Joan Koonce and Pamela Turner,
Bankruptcy: Education Topics of Interest
University of Georgia
Lance Palmer and Vibha Bhargava, University of
Lunch on your own
Georgia
Continued on page 9
Things to Do (continued)
• Jacksonville Landing—For
dining, shopping and entertainment with an incredible
view of Jacksonville’s skyline
and downtown waterfront,
Jacksonville Landing along
the Northbank Riverwalk is a
destination for residents and
visitors alike. Plus, water taxis
shuttle people to the
Southbank.
www.jacksonvillelanding.com
• The Annabelle Lee
8
Jacksonville’s Party Boat
lets you enjoy the entire city
skyline as you cruise aboard
your on private vessel on the
beautiful north flowing St.
Johns River.
www.jaxrivercruises.com/
new_anna.htm
• Friendship Park and
Fountain is one of the
world’s tallest fountains. At
night, the colorful lighting
turns the splashing waters
into an animated, playful
work of art.
jaxfountain.com
• Anheuser-Busch Brewery—
Complimentary tours guide
you through a blend of rich
brewing heritage and state-ofthe-art technology as you discover how the world’s greatest beers are carefully crafted
using the finest ingredients.
www.budweisertours.com/
toursJACK.htm
• Peterbrooke Chocolatier, Inc.
was founded in 1983 in a
quaint historical neighborhood
in Jacksonville, Florida known
as San Marco. Phyllis Geiger,
named her business after her
children Peter and Brooke.
www.peter
brooke.
com
Jacksonville, FL
is listed as one
of U.S. News’
Best Places to
Retire
Bobbie Shaffett, Charlestien Harris and Susan
Schedule of Events
Continued from page 8
Cosgrove, Mississippi State University
Integrating Service-Learning into Financial
Counseling and Planning Courses
Thursday, November 17 (continued)
Dorothy B. Durband, Texas Tech University; and
Joseph Goetz, University of Georgia
Facts and Figures
Innovative Tools
Determinants of Payday Loan Users
Use of Financial Planning Software to Assist
Scott Garrett and Sandra Huston, Texas Tech
Mid-Career Employees in Developing
University
Integrated Financial Plans for their Future
Using Web Conferences to Learn About
Jim Murphy, United States Marine Corps
Required Minimum Distributions
Crossing Educational Boundaries through Virtual
Michael S. Gutter, University of Florida; Karen Chan,
World Teaching: Making the Impossible Possible
University of Illinois Extension; and Barbara O’Neill,
Karen Richel, University of Idaho Extension; K.D.
Rutgers Cooperative Extension, Rutgers University
Hatheway-Dial, University of Idaho, Dept of
Educating Our Youth
Accounting; Lori Wahl, University of Idaho, FCS; C.
Partnering to Evaluate the Effectiveness of a
Brian Cleveley, University of Idaho, Virtual Tech. &
Financial Education Program for 4th and 5th
Design; and Joey Peutz, University of Idaho Extension
Graders
Effective Counseling
Karen Varcoe, University of California; Charles Go,
Train-the-Trainer Program Scales Financial
UCCE Alameda County; and Connie Costello,
Literacy Program Reach
University of California
Brenda Vaughn and Nancy VanBoskirk, TG
The Impact of a Financial Literacy Curriculum
Development and Validation of a Financial
on Middle-School Youth in Georgia
Self-Efficacy Scale
Irina Kunovskaya and Michael Rupured, University of
Jean M. Lown, Utah State University
Georgia Extension
Education
Offender Financial Literacy Education:
Challenges and Opportunities
Friday, November 18
Rosemary K. Heins, Phyllis Onstad, Sara Croymans
and Susan Hooper, University of Minnesota Extension
Exhibit Hall open during breaks
7:30am–8am
Continental Breakfast
The Relation Between Education and Financial
8am–9:40am
Concurrent Sessions 4
Literacy
Financial Potpourri
Sandra Huston, Texas Tech University
Use Debit Cards Wisely
Continued on page 10
Places to Dine in Jacksonville, Florida
• The American Cafe
The Jacksonville Landing
(904) 353-4503
• Benny’s Steak & Seafood
The Jacksonville Landing
(904) 301-1014
• Bay Street Cafe
233 E Bay Street
(904) 634-0328
• Bones Cafe
1325 San Marco Blvd # 145
(904) 346-0103
• Beignets Caribbean Cafe
4770 Barnes Rd # 1
(904) 737-6789
• Chart House
1501 Riverplace Blvd
(904) 398-3353
the standard 4th Quarter 2011
Median home price in
Jacksonville, $150,500
• Chicago Pizza and Sports
Grille
The Jacksonville Landing
(904) 354-7747
• Currents Riverview Bistro
841 Prudential Dr.
(904) 306-9512
• Cafe Nola
333 North Laura Street
(904) 366-6911
• De Real Ting Cafe
128 West Adams Street
(904) 633-9738
• Cinco de Mayo
The Jacksonville Landing
(904) 329-2892
• Indochine
21 East Adams Street
(904) 598-5303
9
Schedule of Events
Continued from page 9
The Drive to 850—Advanced Strategies for
Increasing Your Credit Scores
Al Bingham, Credit Score Plus
Perceptions and Change
Friday, November 18 (continued)
Looking for Change in All the Right Places:
Really Work!
America Saves Week
Syble Solomon, LifeWise/Money Habitudes; Dena Wise
America - Military Saves Week - “Start Small,
and Ann A. Berry, The University of Tennessee Extension
Think Big”
Inmate Perceptions of Financial Education
Susan Shockey, USDA/NIFA; Charles Lowery, Military
Needs: Suggestions for Financial Educators
Saves Consumer Federation of America; and Rebecca
Lindsay Larson Call, Brigham Young University
Travnichek, University of Missouri Extension
Financial Literacy Education
Developing Social Media Strategies: Results
Financial Education Boot Camp: Building
from a Large Scale Promotion Involving
Educators’ Capacity to Teach Personal
America Saves Week
Finance
Andrew Zumwalt, University of Missouri Extension;
Barbara O’Neill, Rutgers Cooperative Extension,
Michael S. Gutter, University of Florida Extension;
Rutgers University
Rebecca Travnichek, University of Missouri Extension;
One for All? An Examination of Whether
and Barbara O’Neill, Rutgers Cooperative Extension
Students Interact with One Financial Planning
9:50am–10am
Break
Curriculum Differently Based on their Personal
10am–11:40am
Concurrent Sessions 5
Characteristics
Partnerships
Katherine E. Brewton and Sharon M. Danes, University
Establishing Strong Community Partnerships
of Minnesota
Contributes to Successful Military Saves Programs
Effective Peer Mentoring Programs
Joanne Roueche, Utah State University Extension and
Florida Master Money Mentor Program
Selena Campbell, HAFB Family Readiness
Michael S. Gutter, Selena Garrison, Martie Gillen,
(Volunteer) Tools and Strategies for
University of Florida; Lisa Leslie, UF/IFAS Hillsborough
Community Financial Literacy Programs
County Extension; and Scott Taylor, UF/IFAS
Brent Neiser, Susan Sharkey and Mary Jeannette
Hernando County Cooperative Extension
Schultz, National Endowment for Financial Education
Peer Mentoring for Personal Finance
Credit and Scores
Budgeting Assignment
Credit Card Behavior as a Function of Risk
Irene Leech, Chungwen Hsu, Ronald W. Gibbs,
Attitude, Impulsivity, and a Mother’s
Michelle Hudgins, Abigail Smith and Patrick Herndon,
Virginia Tech
Socialization Factors
John Grable, Sonya Britt, NaRita Anderson and Anita
12pm–1:30pm
Awards Luncheon
Dale, Kansas State University
1:45pm–3pm
General Session
Places to Dine (continued)
• Jax City Cafe
100 East Forsyth Street
(904) 633-9028
• Mavericks Rock N’ Honky Tonk
The Jacksonville Landing
(904) 356-1110
• Sake House
1478 Riverplace Blvd
(904) 306-2188
• Koja Sushi
The Jacksonville Landing
(904) 350-9911
• River City Brewing Company
835 Museum Circle
(904) 398-2299
• Spices Caribbean Restaurant
1319 Rogero Road
(904) 744-0660
• Magnificat Cafe
231 North Laura Street
(904) 353-3588
10
• Ruth’s Chris Steak House
1201 Riverplace Boulevard
(904) 396-6200
• Trellises Restaurant @ Hyatt
Regency Riverfront
225 East Coastline Drive
(904) 634-4540
• Vito’s Italian Café
The Jacksonville Landing
(904) 355-3002
U.S. Census
population of
Jacksonville:
821,784
Annual Conference Poster Sessions
Ask A Financial Counselor
Financial Education and
New Graduate Certificate
for Increased Confidence and
Shirley Anderson-Porisch, Sara
Minorities: Are There
Program: Financial and
Improved Behaviors
Croymans, Rebecca Hagen
Differences In Parent
Housing Counseling
Jokela, Rosemary Heins, Lori
Education?
Billy J. Hensley, National
Patricia Swanson, Iowa State
Endowment for Financial
Hendrickson, Susan Hooper,
Eric Dominguez and Nancy
University; Sheran L. Cramer,
Education and Kristin Richards,
Phyllis Onstad and Cindy
Deringer, University of Idaho
University of Nebraska; Esther
Florida State University
Petersen, University of
Fostering Financial Well-
M. Maddux, John Grable,
Minnesota Extension
Being, Competency and
Kansas State University;
Financial Literacy Skills for
A Report on the Special
Hopefulness Through
Margaret Fitzgerald, North
Native American High School
Needs Planning Community
Financial Education
Dakota State University;
Students: Implications for
Financial Education
Socio-economic Influences on
Aimee D. Prawitz, Northern
Deborah Haynes, Montana
Mitzi Lauderdale, Janine Scott
Illinois University; Julie
State University; Sissy Osteen,
and Nicole Springer, Texas
Kalkowski, Creighton
Oklahoma State University; and
Tech University
University; and Judith Cohart,
Kathryn Morrison, South
Teacher Preparedness About
Dakota State University
Teaching Financial Literacy
Training Modules
Are Financially Dependent
Personal Finance Employee
Spouses Comfortable With
Education Foundation
Lorna Saboe-Wounded Head,
South Dakota State University
Older Women’s Social
and College Students
Financial Knowledge
the Task of Managing Family
Fun Financial Education
Security Retirement Benefit
Finances?
Through Military Youth Saves
and Employment Options and
Michael S. Gutter, University of
Rachel Dorman and Michael
Joanne Roueche, Utah State
Gutter, University of Florida
University Extension and
Martie Gillen, University of
Hacettepe University; Wendy L.
College Students, Social
Selena Campbell, Hill AFB
Florida and Claudia J. Heath,
Way, University of Wisconsin-
Learning and Risky Credit
Airman & Family Readiness
University of Kentucky
Madison; and Martie Gillen
Card Behavior
Kristin Jackson, Michael Gutter,
Center
Higher Education Burden
University of Florida and Zeynep
Chungwen Hsu and Irene
Copur, Hacettepe University
Leech, Virginia Tech
Choices
Partnering with Local
Florida; Zeynep Copur,
University of Florida
Libraries to Promote Youth
Teaching Financial Education
Financial Literacy
Across the Generations
Rebecca Hagen Jokela, Lori
Lori Hendrickson, Rebecca
Consumer Debt among Older
Invest NOW: Money In
Hendrickson, Sara Croymans
Hagen Jokela, University of
Adults in Rural Oklahoma
Retirement On-line Course
and Jan Gilman, University of
Minnesota Extension; and
Minnesota Extension
Barbara J. Haynes, University
Eileen St Pierre, Oklahoma
Cindy M. Peterson, Rebecca
State University
Hagen Jokela, Rosemary Heins,
Payment Instrument
Cooperative Extension Assists
and Sharon S. Danes, University
Utilization for Specific
Using Financial Knowledge to
Low Income Families Through
of Minnesota Extension
Transaction Types
Predict Student Debt Load
of Wisconsin Extension
Free Tax Preparation and
Lack of Relational Charity
Fahzy Abdul-Rahman, New
Kristy Archuleta, Anita K. Dale,
‘Teachable Moment’ Financial
Results in Diminished
Mexico State University
Kurt A. Schindler and Scott M.
Education
Rebecca Travnichek, University
of Missouri Extension
Dollar Works 2 Impact
Evaluation Report
Economy and Use of Financial
Private Rental Property
Resources
Ownership: 2004–2008
Spann, Kansas State University
Using Virtual World
Ivan Beutler, Brigham Young
Martin Seay, Andrew Carswell
Technology to Educate
University
and Robert Nielsen, University
Students to be Financially
of Georgia
Capable
Modeling the Mediating Effect
Shirley Anderson-Porisch,
of Subjective Financial Well-
Providing Resources and
Jean Bauer, Rosemary Heins,
Being of College Students on
Training to Meet Personal
Dial, Lori Wahl, C. Brian
Susan Hooper and Cindy
Overall Quality of Life
Finance Education
Cleveley and Joey Peutz,
Requirements
University of Idaho Extention
Petersen, University of
Ji Hyun Kim, University of
Minnesota Extension
Lincoln-Nebraska; and
Debra Pankow, Mari Borr and
Federal Deposit Insurance
Catherine Huddleston-Casas,
Jesse B. Jurgenson, North
Corporation Money Smart
University of Lincoln-Nebraska
Dakota State University
Financial Education Program
Money Stories of Successful
Rethinking Teacher
Luke Reynolds, Nicole M.
Long-Term Married Couples
Professional Development:
Peters and Elna Johns, Federal
Glen Jennings, Texas Woman’s
Using Financial Concept
Deposit Insurance Corporation
University
Knowledge Gain as a Means
the standard 4th Quarter 2011
Karin Richel, K.D. Hatheway-
11
Calendar of Events
November 16–18, 2011
AFCPE Annual Conference, Hyatt
Regency Jacksonville-Riverfront
http://www.afcpe.org/conference/
cautious about sending any sum of money
to someone you meet online or have
never met.
Rent Scam
February 29–March 2, 2012
Eastern Family Economics & Resource
Management Biennial Conference,
Holiday Inn Center City, Charlotte, NC
http://www.eferma.org
April 11–13, 2012
ACCI Annual Conference, Memphis,
Tennessee
http://www.consumerinterests.org/
Conference.html
especially if you were not the initiator of the communication.
Scams
Continued from page 1
Scammers readvertise legitimate rental
homes online and/or in newspaper ads for a
much lower price. They then request an
upfront payment or deposit from the potential renter who desires to get approved. The
unsuspecting person may send the money
in a desperate attempt to get a place to stay.
If you want to determine whether or not
you are getting a good deal, take the time
to compare average rental rates for like
properties within the area of choice. If it
sounds too good to be true, it often is.
Work-at-Home Scam
Thank you to Contributors
Thank you to this issue’s
contributors:
Janie Bright, AFC
®
Susan Bross, AFC®
Elaine A. Courtney
Margaret Ferguson, AFC®
Barbara O’Neill, Ph.D., CFP®, CRPC,
AFC®, CHC, CFEd, CFCS
This scam has all the earmarks of a legitimate business, however unsuspecting victims may find themselves incarcerated.
Most often, the victim work from home.
These fraudulent job offers usually come
at the most opportune time. Scammers
offer commissions ranging from ten to
twenty percent of the total checks
processed. This is an incentive to process
as many checks as possible. The upshot is
that once the checks have been cashed
and eight percent forwarded back to the
employer (so-called boss), the victim is
notified that the checks were forged,
stolen, or counterfeit. This leaves the
victim owing the bank. The swindlers are
long gone by that time and the victim is
usually left with criminal charges that
could land him or her in jail.
Always be suspicious if you receive a
letter, check or money order along
with a request to return (or forward)
a portion of the funds to another
location or someone else.
Scammers often create sophisticated
counterfeit checks resembling those
from financial institutions and large
companies appearing authentic…meaning they have the actual
routing and checking account information as if it were legitimate.
Unfortunately, just because you are
allowed to withdraw a portion of the
funds does not mean that the checks
are good. You will be held responsible
for the portion of funds you withdraw.
Make direct contact with the financial institution listed on the check to
verify it before you make the deposit
into your account. Think twice about
trusting the phone numbers or
addresses about the company listed.
If you have second thoughts, trust
your instincts—research your concerns thoroughly before making a
move that you may regret later.
Pay special attention to e-mail
addresses. Major companies have
their own e-mails and never rely on
fictitious companies for marketing
purposes or any other reason.
Therefore, if you receive an e-mail
suggesting that you have just won a
new car or one million dollars, or a
you receive a request for personal
financial information, it is most likely
a scam…Beware!
Guard Yourself
Pilar Pangelinan
Debrah Shealy
12
Below are some very important tips on
how you may want to guard against
becoming a victim of scams:
Don’t share your personal information
over the phone, e-mail, fax or letter,
Janie Bright, AFC®, CHC® is Education
Services Manager with Local Government
Federal Credit Union (LGFCU) in Raleigh,
NC and can be reached at janie.bright@
lgfcu.org.
Save Your Retirement
By Frank Armstrong III and Paul
B. Brown
Save Your Retirement
Publisher: FT Press (2009)
Written by Frank Armstrong III and Paul B. Brown
ISBN: 0-13-702900-4
Reviewed by Barbara O'Neill, Ph.D., CFP , CRPC,
®
Order online at www.extracreditbook.
com/books.html
AFC®, CHC, CFEd, CFCS
he subtitle of this book, What to
Do If You Haven’t Saved Enough or
Your Investments Were Devastated
by the Market Meltdown, clearly defines its
scope. 198 pages long, Save Your
Retirement includes four parts, 16 chapters, and four appendices. AFCPE members who teach or conduct research about
retirement planning will appreciate the
book’s organization around “milestone”
years such as R–10 (ten years before
retirement) and R+ (the years after retirement). It’s acknowledgement of current
economic difficulties is another strength.
T
Part I, Let’s Take a Deep Breath and Get
Our Bearings, contains four chapters that
cover the decision to retire (or not!),
Americans’ general unpreparedness to
retire, and recommended action steps.
Part II, Working With the Scenario That
is Right For You, contains six chapters
that focus on the milestone years R–20,
R–15, R–10, R–5, R=0, and R+. Part III,
(Dramatically) New Thinking, contains
the final six chapters that cover topics
such as asset withdrawal rates, investment
risk, Social Security, and more action
steps. Part IV contains the appendices.
Below are some “nuggets” from Save Your
Retirement that are important and/or
unique and deserve mention:
Nearly three in ten Americans (28
percent) haven’t saved anything for
retirement and those who have saved
haven’t accumulated very much.
Only 23 percent of workers age 55+
have saved $250,000 or more.
the standard 4th Quarter 2011
Using the four percent sustainable
withdrawal rate confirmed by many
research studies, retirees need $1 million saved for every $40,000 a year of
spending ($1,000,000 × .04 =
$40,000). Another way to calculate
required savings is multiplying the
annual amount needed by 25 (e.g.,
$50,000 × 25 = $1.25 million in savings).
savings plan” and follow a “glide
path” to gradually shift into more
conservative investments like target
date mutual funds do.
Retirees need a “significant” portion
(50 percent or more) of their portfolio in stocks to hedge inflation. They
also need to hedge stock market
volatility with a large multi-year cash
account to avoid selling stock during
market downturns.
Many people want to remain
employed in later life and are looking
for “second acts.” People age 55–64
start businesses at a higher rate than
any other age group, 28 percent higher than the adult average.
There are four substantial benefits of
retiring later: more years to save, more
years for investments to recover and
grow, delayed withdrawal of retirement savings, and increased Social
Security and/or pension benefits.
Human capital (measured by earnings) is a “wasting” asset that decreases in value over time. It needs to be
converted to investment capital to
achieve financial security in later life.
Certain birthdates trigger major
events in tax law: 50, 55, 59½, 62,
65, and 70½. Each is reviewed in
detail.
A one percent difference in investment returns due to conservative
investing and/or high investment
expenses can add up to almost
$600,000 of lost investment earnings
over 40 years.
People who identify strongly with
work need to plan early, by R–10, to
“redefine” themselves. R–10 (reviewer’s likely stage) is also time to consider long-term care insurance and get
serious about improved health habits.
By R=0, if not sooner, investors
should consolidate retirement
accounts for easier record-keeping
and calculation of required minimum
distributions.
Social Security is a big asset for most
retirees. A benefit check of $2,500
per month ($30,000 annually) would
require $750,000 of savings to provide a similar amount of income
($750,000 × .04 = $30,000).
Investors should create an “autopilot
13
The Road Out of Debt
Written by Joan N. Feeney and Theodore W.
Connolly
T
The authors are Joan N. Feeney, a wellqualified Massachusetts bankruptcy judge
and Theodore W. Connolly, a finance and
bankruptcy attorney. While the book is
rather long at over three hundred pages,
it is written in an accessible style that is
easy to understand. The book is divided
into four parts and each chapter ends
with a summary of points to remember.
Part I—A Road Map to Debt
Relief. This section gets the reader started by evaluating his or her current personal
financial situation. There are color-coded
levels that begin with the Green level (no
need for bankruptcy) and build to more
adverse situations that end with the Red
level (file for bankruptcy immediately!)
These levels list criteria to assess the financial situation, determine how best to handle debt problems and whether or not
bankruptcy is the best option. Each level
references chapters to consult right away
that deal with issues regarding that particular status.
The “getting started” portion also provides tools and encouragement for the
14
By Joan N. Feeney and
Theodore W. Connolly
Publisher: Wiley
Reviewed by Deborah Shealy
here have been times when I’ve
had counseling sessions begin with
the statement, “We don’t know
what to do and are thinking that we are
going to have to file for bankruptcy.” The
Road Out of Debt is an excellent resource
for situations such as these. This book
serves as a guide for readers to learn new
skills that will help them discern whether
it is possible to avoid bankruptcy, when to
seek bankruptcy protection and how to
work through the bankruptcy process
should one need to go that direction.
The Road Out of Debt
reader to use to take control of his personal financial situation. It explains laws
that protect consumers and includes
examples of letters to write to creditors. It
also discusses budgeting, the danger of a
quick fix and how to tell good debt counselors from bad ones.
ISBN-10: 0470498862
ISBN-13: 978-0470498866
the only option. These scenarios highlight what individuals must do before and
during the bankruptcy case, what can go
right in bankruptcy, as well as what can
go wrong.
Part II—Finding Your Way Using
Nonbankruptcy Solutions. This section deals with strategies for getting out
of particular kinds of debt. Secured and
unsecured debt issues are discussed with
sound strategies as to what one can or
cannot do to make a particular debt go
away. Readers are warned to be alert to
scams that prey on people in these situations. Examples are given to illustrate
how easy it is to be manipulated when
one is in such a vulnerable state.
What I found most helpful in this book
was the approach that the authors used to
address the feelings of the person reaching
for this book. While the authors promote
taking responsibility and arming the reader
to take control of and deal with the situation, they are also very encouraging and
never dismissive. Many well-known and
respected people are used as examples to
illustrate quite horrific financial problems
and how these individuals overcame these
problems by educating themselves, taking
control and then moving on to better and
more financially stable lives.
Part III—When to Take the
Bankruptcy Route. This part begins
with a quote from Will Rogers, “Even if
you’re on the right track, you’ll get run
over if you just sit there.” The reader is
asked the question: “Is bankruptcy right
for you?” The following chapters give a
thorough, though not overwhelming,
overview of what bankruptcy is and what
it will offer. There is a very complete
chapter that explains exactly what one
may expect from the bankruptcy process.
I recommend this book as a good
resource for both counselors and clients.
I feel that the authors are very thorough
by providing a helpful resources section
at the end that directs the reader to websites for further assistance as well as
offerings for further reading. Many of the
daunting issues of debt and bankruptcy
are addressed in a way that will give
clients the confidence and tools needed
to enable themselves to take control of
their financial situations.
Part IV—Road Trips: Six Case
Studies in Bankruptcy. This section
gives excellent examples of cases that
involve real individuals and companies
that are dealing with bankruptcy. It
explains the circumstances that occurred
to place these individuals and companies
in a situation where bankruptcy became
Deborah Shealy AFC is a financial counselor
in Clarksville, TN that works with clients
one-on-one and conducts workshops to promote financial literacy. Deborah is also an
artist and is currently combining her passion
for finance and art by writing a series of articles tailored to meet the “high touch” needs
of visual artists.
Congratulations New
Certificants
Notes from the Executive Director
By Gordon Genovese, AFCPE Executive Director
s I sit to
write
fourth
quarter comments,
I find it hard to
believe that we
are once again
looking at the end
of another year. Time moves so quickly,
but it has been a fruitful year for AFCPE.
A
Sharon Cabeen and I have focused the
majority of our comments this year discussing why we believe AFCPE is important to each of us. Specifically, I shared
my feelings about personal finance as a
profession and AFCPE as a premier professional association in the first three
issues of The Standard this year. Penning
these thoughts has helped me focus on
the current position and future needs of
the association. This focus is critical due
to the extraordinary growth of AFCPE
since 2008.
AFCPE membership continues its fourth
consecutive year of upward growth which
began in 2008 and has continued through
the end of August 2011. AFCPE membership stands at 986 members. That equates
to a growth of 22.6 percent—a growth of
about 8 percent per year taking into consideration that 2011 is a partial year.
Another element of growth within
AFCPE is the great interest in and
enrollment in our certification programs.
Although the growth trend in certification enrollment is not as steep as membership, it is significant. AFCPE has
enrolled 2,476 people into one of its four
certification programs during the time
period of January 2008 through August of
2011. Completion rates for these cohorts
are not yet available, as the majority of
certification candidates are still within
the standard 4th Quarter 2011
the pipeline to complete the programs
within program timelines. However,
when looking at AFCPE’s historical completion rates, we project adding over
1,800 certified individuals to our body of
certified counselors.
Growth creates challenges for the
Association. The AFCPE Board of
Directors, staff, and committees are working diligently to keep pace with our
expanding organization. Along with
implementing our strategic plan, we are
reaching out to the membership with a
membership survey and will also field a
survey to our certified population early
next year. I hope that you take, or took,
the time to answer the survey, your Board
and staff are very committed to meeting
your needs.
If you missed the opportunity to participate in the membership survey, please
provide the staff or any member of the
Board your input. Contact information
for the staff and email addresses for Board
members can be found on page two of
this newsletter and on the AFCPE website. We look to you, our members, to
help us continue to make AFCPE the
premier professional membership association that it is.
As always, I look forward to seeing old
friends and making new friends at the
AFCPE Conference in Jacksonville,
Florida this November. The Conference
Committee and staff have worked hard to
bring you a comprehensive and enjoyable
conference. See you there!
AFCPE Accredited Financial
Counselor® Graduates (5/23/11 through
8/26/11)
Adams, Richard
Bowen, Martha
Brock, Heather
Bromley, Louis
Brooks, Nereida
Carlson, Richarda
DeChaineau,
Richard
Faszholz, Sarah
Figgs, Laurie
Foster, Shellie
Fulgaro, Elizabeth
Gardner, Donna
Geier-DuReitz,
Gabriella
Griesdorn, Tim
Hemphill, Jennifer
Hovland, Craig
Johnston,
Chanda
Killeen, John
Lisherness, Anne
Lomax, Brian
Lyons, Tamara
Martin, Karissa
Nasca, Jacquelyn
Pemberton,
Katrina
Powers, Colleen
Pruett, Wyneca
Quintiliani, Lila
Richel, Karen
Roth, Samantha
Rowles, Lily
Simicek, Steve
Spegele, Jackie
Suggs, Milton
VanBoskirk,
Nancy
Whatley, Kathy
AFCPE Accredited Credit Counselor®
Graduates (5/23/11 through 8/26/11)
Brereton, Valerie
Holbert, Greg
Jenkins, Sandy
Jones, Cecilia
Kalman, Camela
Koch, Amie
Martin, Joseph
Mitchell, Lisa
Nestlerode,
Stephanie
Pope, Brandon
Trocino, David
Williams, Wanda
Woodward, Josh
AFCPE Accredited Financial Counsellor®
Canada Graduates (5/23/11 through
8/26/11)
Boumis, Theodora
Brunt, Kimberlee
Ongaro, Dolores
15
Presorted Std.
US Postage
PAID
Columbus Ohio
Permit No 7536
®
Association for
FINANCIAL COUNSELING • PLANNING • EDUCATION
1940 Duke Street, Suite 200
Alexandria, VA 22314
®
Mark Your Calendar for the
2011 Annual Conference
November 16–18, 2011
Jacksonville, Florida
www.afcpe.org/conference/
Financial Solutions
for Life
We believe…
Everyone has financial desires that affect
their lives every day.
Better financial decisions lead to a better
quality of life.
People can make better decisions when they
are supported by a trained professional.
Academics, research and practical experience inform professional financial
counselors and educators.
Setting the standard for performance
and a forum for learning will provide a
consistently higher level of service.
Purpose…
To advance the profession of Personal
Finance by promoting and supporting
the field of personal financial counseling
and education.