Monthly Archives: March 2023

FIRE.171  EconoMe

I was feeling the dreaded FOMO a couple of months ago when I saw many of my FI friends were going to the 2022 EconoMe conference in Cincinnati in March.  The conference was officially on Saturday and Sunday.

I thought I should find a roommate and go.  Go, so I could check in with past friends.  Go, so I could meet some content creators I wanted to thank.  Go, so I could meet some new amazing people.  And, also, but last on my list, go, so I could learn some new things.

This was the third year of the conference and you could tell it was finely tuned for a great attendee experience. 

1) the session structure was very, very good.  There were 20-minute keynote talks on the main stage each morning for 60-80 minutes.  After a 2-hour lunch break, there were 2-hour deep dives into very specific topics.  Then an hour break followed by a 1-hour time slot for topic breakouts.  This was the schedule for both Saturday and Sunday.

2) the speakers were all quite good to excellent.  They had passion, knowledge, and plenty of experience.  They created information flow and discussions.  The attendees had plenty of knowledge to add. 

One very important takeaway I often have at any FI event where people are paying to attend; the attendees are knowledgeable and I can learn from every single one.  I don’t have to agree with all they say/do, but I always respect their opinions/positions and learn. 

Besides the sessions, there were plenty of additional events to attend and hang out and have discussions with anyone/everyone.  It’s amazing to walk up to ANY PERSON and just say “where are you on your FI journey” and immediately be in a great conversation with a thoughtful and intelligent person.

We had pre-event activities Friday morning, early and late afternoon, then evening.  There were activities Saturday and Sunday evenings.  There were late evening “sessions” in the hotel(s) breakfast/lounge areas.  Many people were visiting until well after midnight.

I will admit that I wasn’t really as interested in the keynote talks because I wanted to visit and meet people, but I was so very impressed at many of the talks.  The perspectives, experiences, and successes (and challenges) were so insightful. 

If so many of the attendees weren’t so financially secure to leave their careers they would surely be leading many organizations.  But instead, we’re all working to help each other lead our most amazing lives.

Here’s a strange thought.  Since this was so interesting, with so many great people, I asked my wife if she wanted to attend next year.  There are enough people you’re not confined in a room for hours like a happy hour with a local group, or in the woods all weekend like the amazing CampFI events.  At EconoMe you can hang out visit, just listen, or do whatever and nobody will notice.  I’d bet a large percentage of the attendees are introverts and feel comfortable because they’re around their people.  Have you found your people?  That group of like-minded people you can just walk up to and start talking?  A group that will open up and let you join right in?  EVERYONE let everyone jump right into their circle, every time.  That’s special.

*** Nothing in this article is to be construed as financial advice.  I am not a financial planner, nor do I pretend to be.  You should always consult your own professional when seeking advice. This post is not a piece of literary mastery, just a random thought I had.

I forgot. One thing that was very interesting to me is that I never heard anyone talking about basketball scores. Almost everywhere else I go in March it’s all basketball talk. At Econome, all the talk was about living great lives!!!

FIRE.170 Certified! / Certifiable?

Am I certifiable?  Or am I chartered?  Is there a classification for me that’s applicable?

In November I was thinking it would be interesting and fun to sign up for the CRPC Chartered Retirement Professional Counselor program. https://www.kaplanfinancial.com/wealth-management/crpc

Interest/Concern

I know a couple of people who’ve gone through the program, studied for the exam, and earned their designation.  They are both extremely intelligent so that caused me some concern about using my brain capacity for such an endeavor.

Price

I checked on the program and found it was pretty spendy ($1350), but I had some playcheck money I was required to spend so I went into frugal mode and contacted the College for Financial Planning to see if they had any discounts or scholarships for “retired people just interesting in learning more, with no intent to become a practicing professional.”  It turns out that I was able to get a 10% off scholarship through Wake Forest University ($1215). 

Why

I then researched the commitment more thoroughly: 9 modules, 85 questions/3 hours exam, with four months to complete.   That sounded like a significant amount of work.  Possible, but still, did I want to undertake that for fun?

Important:  I reasoned if I learned some good knowledge applicable to our FIRE plan, and/or information that would apply to my mom and/or mother-in-law, then it would be a smart “investment” to learn the material, regardless of the exam/designation.

What

Through research, I found the 9 modules of knowledge:

Then somewhere along that way (near the end of my journey) I found the details of the lessons / modules:

ModuleTopics
1Retirement Planning – An Introduction
1Retirement Planning Calculations
2Investment Strategies
2Asset Allocation Strategies
3Introduction to Social Security
3Social Security, Military, and Government Benefits
4Making IRA Contributions
4Other Sources of Retirement Income
5Planning for Healthcare Needs in Retirement
6Transitioning to Retirement
7Designing Income Streams
8Income Tax Strategies for the Retiree
8Fundamentals of Estate Planning
9Ethics and the Fiduciary Standard

Process

I passed my final exam about two weeks before my 4-month time limit expired.

I took all 9 quizzes, TWICE.  I took the practice exam for 2 hours, and I banged and banged and banged on my HP 10bII calculator.  I now understand a LOT about N,xN/YR, I/YR,PV,PMT,P/YR ,FV,Beg,End,Shift Clr All, level payments, inflation-adjusted payments, etc.  Though, I do find the questions strangely confusing to this day.  Honestly, who’s not going to use internet tools to calculate much of this?

I was just finishing my studying to prepare for the exam in a few minutes when I received a call from the university to remind me that I had 2 weeks left to complete my program.  Strange how it was minutes before my exam.

So now that I decided to take the exam, and pass it.  Now that I have read hundreds and hundreds of pages, listened to the worst video professor I have ever encountered, listened to the modules on a text-to-speech app, and contemplated what I went through, I can honestly say that learning finance concepts for the past 40 years, researching and building our plan in great detail since 2005, absolutely prepared me to know approximately 70% of the information in the course before I began.

There were items that I had a cursory understanding of military pensions, Federal government pensions, Annuities, the “other” retirement/deferred account types, the details of phase-outs, and active plan participation.  It was “interesting” to learn those details. 

Overly Detailed Exam Intricacies

The test questions that seemed ridiculous were “2015 white house report…” the “details of a RAND study,” SGLI/VGLI, MOC crosswalk, etc, etc.  They were clearly designed to dig very deep into the book and hammer students (i.e. professionals).

This was definitely a Master’s level course in information and exam intricacy. I can’t even imagine the pain of a full CFP exam if this was only 1/3 of material subset.

So my thoughts now are, yes, it was “interesting,” but it was NOT “fun.”

I’m too retired for this.   WAY too retired for this!!!   

But I’m now officially certified.

*** Nothing in this article is to be construed as financial advice.  I am not a financial planner, nor do I pretend to be.  You should always consult your own professional when seeking advice. This post is not a piece of literary mastery, just a random thought I had.