Podcast appearances and mentions of joseph reinke

Episode 217 NPTEFF Interview with Joseph Reinke from FitBux

In this episode, FitBUX founder Joseph Reinke sits down with Karen Litzy, a self-employed healthcare entrepreneur and host of one of the largest podcasts in the industry. Karen shares her journey from clinician to business owner, breaking down the ups and downs of running a healthcare business, the lessons she's learned, and the strategies that have fueled her success. She also reveals the technologies and services she uses to streamline her operations, the biggest challenges she's faced, and her best advice for healthcare professionals looking to grow their own business or brand. Whether you're a healthcare provider, entrepreneur, or someone looking to scale a service-based business, this episode is packed with real-world insights you can apply today.

In this episode, Josh Mettle from Neo Home Loans and Joseph Reinke, CFA, team up to answer your biggest questions about buying a home in today's market. Whether you're wondering about mortgage options, how to qualify, or what current trends mean for you — we've got you covered. Here's what we discuss: ✅ Current housing market trends and what they mean for buyers ✅ Professional mortgage loans – are they the right fit for you? ✅ FHA loans – who qualifies and how they work ✅ Qualifying for a mortgage while your student loans are in forbearance ✅ Proven tips to boost your chances of getting approved

In this episode of the FitBUX Podcast, host Joseph Reinke is joined by Josh Mettle from Neo Home Loans to dive into the biggest questions surrounding the 2025 housing market. They reflect on 2024's surprising trends—like rising home prices despite 7-8% mortgage rates—and look ahead to what's next for buyers, investors, and homeowners. Key topics include: Why home prices remained resilient in 2024 Where mortgage rates are headed and their impact on affordability How millennials and Gen Z are shaping housing demand The ongoing challenges with housing supply and new construction Predictions for home price appreciation in 2025 Whether you're planning to buy, sell, or invest, this episode will help you understand the market dynamics and make smarter financial decisions. Resources Mentioned: Learn more about FitBUX financial planning: www.fitbux.com

In this episode of the Healthy, Wealthy & Smart podcast, host Dr. Karen Litzy welcomes back financial expert Joseph Reinke to discuss the critical topic of student loans. As the year comes to a close, many are assessing their budgets and the impact of student loan repayments on their financial planning for the upcoming year. Joe, a CFA charter holder and founder of FitBux, shares valuable insights into managing student loans and offers guidance on financial management strategies for healthcare providers, particularly physical therapists. Please tune in to learn about the latest updates regarding student loans and how to navigate the financial hurdles they present in your career.   Time Stamps:  [00:01:57] Student loans overview and history. [00:03:41] Student loan forgiveness programs. [00:10:48] Loan forgiveness program explained. [00:12:25] Income-based repayment strategies. [00:15:24] Nonprofit loan forgiveness explained. [00:20:24] Future of student loan policies. [00:24:03] Financial strategies for student loans. [00:27:02] Student loan repayment strategies. [00:31:44] Loan forgiveness and refinancing options. [00:33:18] Student loan management tips. [00:37:15] Money for future self.   More About Joe: Joseph is a Chartered Financial Analyst (CFA) and founder of FitBUX which has helped over 18,000 young professionals on their journey to financial freedom. Joseph has been personally investing since he was 12 years old. In addition, he has experience in student loans, mortgages, wealth management, investment banking, valuation, stock trading, and option trading. He has been on 100s of podcast and has been invited to 100s of universities to discuss financial planning with their soon to be graduates.   He is currently an adjunct financial wellness professor at 15 universities.   Resources from this Episode: FitBux Website FitBux on YouTube   Jane Sponsorship Information: Book a one-on-one demo here Mention the code LITZY1MO for a free month   Follow Dr. Karen Litzy on Social Media: Karen's Twitter Karen's Instagram Karen's LinkedIn   Subscribe to Healthy, Wealthy & Smart: YouTube Website Apple Podcast Spotify SoundCloud Stitcher iHeart Radio

Are you sure you're on the right path with your student loan repayment? In this podcast, Joseph Reinke, CFA breaks down everything you need to know to make the best financial decision for your student loans. Whether you're just starting repayment or already a few years in, this expert checklist from FitBUX will guide you through every step, ensuring you avoid costly mistakes and maximize your financial future. We cover key topics like: Choosing the right repayment strategy for your goals Understanding the impact of student loans on major life decisions like buying a house or retirement planning Income-Driven Repayment (IDR) and Public Service Loan Forgiveness (PSLF) The importance of building a comprehensive financial plan to save thousands Get expert student loan help at: https://www.fitbux.com/student-loan-planner/

In this inspiring FitBUX podcast episode, Joseph Reinke sits down with Mike Mutzel, founder of High Intensity Health ( @Highintensityhealth ) Myoxcience, to dive deep into his journey from passionate health advocate to successful business owner. Mike shares the invaluable skills he's learned along the way, the connection between health and financial wellness, and tips for expanding beyond digital creation. Whether you're curious about writing a book, growing your business, or simply looking for personal growth advice, this conversation is packed with insights for young professionals on their journey to financial wellness.   Video Version: https://youtu.be/SQzuGDos0g4

Our financial expert reacts to some of the worst 401k advice I've seen on TikTok. As a financial expert, I get DMs daily about questionable financial tips floating around the internet. Today, I'm breaking down a viral TikTok claiming that 401ks aren't worth it. Spoiler alert: some points are valid, but there's a lot of misleading information too. I'll explain why matching contributions are crucial, the importance of understanding vesting, and debunk myths about market control and tax penalties. Plus, I'll reveal the hidden agenda behind this advice and why it's important to be cautious about where you get your financial tips. Stay tuned until the end to understand the real motive and why I started FitBUX to combat such misinformation. If you're new here, I'm Joseph Reinke, founder of FitBUX. This channel is dedicated to providing financial education for young professionals aged 20-40. Welcome!

In this episode, Joseph Reinke, CFA demystifies the Public Service Loan Forgiveness (PSLF) program and guides you through the essential steps to qualify. Despite many believing they don't meet the criteria, most borrowers with Direct Loans are inherently eligible. If your loans are not Direct Loans, we discuss the nuances of loan consolidation and how it impacts your eligibility. We delve into the intricacies of Income-Driven Repayment (IDR) plans, crucial for PSLF qualification, explaining why PSLF is not a standalone plan but a feature within these programs. Learn the importance of annually recertifying your income to avoid default solutions like forbearance—especially vital if your income changes. Furthermore, we clarify the employment requirements: working full-time (now defined as 32 hours per week by the government) at a qualifying non-profit or government organization is a must. We'll explain why certain positions, like contractors or those employed by for-profit entities, do not qualify. Finally, we emphasize the importance of submitting your Employment Certification Form correctly to ensure your progress toward loan forgiveness is tracked accurately. Don't miss this episode if you're aiming to navigate the complexities of PSLF or know someone who might benefit. Tune in to empower yourself with the knowledge to take control of your student loans effectively. Make money easy by becoming a Member of FitBUX today.

In this podcast episode, Joseph Reinke discusses how two FitBUX members use pscyhology to rethink debt and reduce their financial related stress. In one instance, the FitBUX member has a low interest rate mortgage debt.  Although his savings account is earning more interest, he is stressed about having a 300k balance on a mortgage. In the other instance, the FitBUX member needs to save for the IDR tax bomb but is stressed that their student loan balance isn't going down. Tune in to see how these FitBUX members used Joe's guidance to reduce their stress.

Welcome to the latest episode of our podcast, where we delve into the heart of financial wellness and empowerment for the modern young professional. In this special episode, our founder and leading financial expert, Joseph Reinke, takes an in-depth look at the newly announced plans for student debt relief. With a fine-tooth comb, we dissect the proposals, their potential impact, and the reality behind the numbers. Are these plans a beacon of hope for millions, or a political move with the elections in mind? Joseph doesn't just lay out the facts; he invites you to weigh in with your thoughts on whether these proposals will see the light of day. From discussing who benefits from the cancellation of unpaid interest to the nuances of automatic debt cancellation for certain borrowers, this episode promises clarity in the complex world of student loans and financial freedom. But that's not all. We're not just talking dollars and cents; we're discussing the tangible and intangible aspects of financial freedom. How do these plans affect your financial wellness, and what does it mean for your journey towards financial independence? Whether you're on YouTube or tuning in through your favorite podcast platform, make sure to subscribe, hit the notification bell, and leave us a review. Your support helps us grow and reach more individuals striving for financial freedom. Let's navigate these proposals together, understand their true impact, and equip you with the knowledge to make informed financial decisions. For more insights and resources, visit us at FitBUX. Join us as we pave the way to financial empowerment, one episode at a time.

In this Podcast, Joseph Reinke, CFA, founder of FitBUX, dives deep into the complex world of Income-Driven Repayment (IDR) plans for student loans. Discover the common pitfalls that borrowers face, including miscalculated monthly payments due to both borrower and loan servicer errors, and learn strategic ways to avoid them. Whether you're married and confused about how your spouse's student loan debt affects your payments, or you're struggling with inaccurate payment calculations from loan servicers, this video is a must-watch. Joseph shares real-life examples where borrowers saved tens of thousands of dollars by identifying and correcting these mistakes. Key Highlights: The Borrower's Mistakes: Learn how married couples can inadvertently increase their monthly payments and how reliance on flawed government calculators can lead to overpayments. Loan Servicer Mistakes: Uncover the shocking truth about how loan servicers' errors can drastically inflate your monthly payments and what you can do to protect yourself. The Right Financial Plan: Joseph provides invaluable advice on creating a financial plan that accurately accounts for your IDR plan, including how to manage your tax liability and prioritize your financial goals. By leveraging FitBUX's innovative technology and financial expertise, you can navigate the complexities of IDR plans with confidence. This video is not just about avoiding mistakes; it's about empowering you to take control of your financial future. Don't let IDR plan errors drain your wallet. Watch now to learn how to secure your financial freedom! Links: Learn more about FitBUX: FitBUX.com Understanding Income-Driven Repayment Plans: Discover Here Married Filing Taxes Incorrectly? Find Out More

In this enlightening episode of the FitBUX Podcast, we dive into a critical and timely topic that resonates with many high-income earners and married couples—making the right choice between SAVE and PAYE for student loan repayment. With PAYE on the brink of expiration, our host, Joseph Reinke, CFA and founder of FitBUX, sheds light on the nuances and potential pitfalls of these repayment plans through the lens of a real-life case study. Learn about a common yet crucial misstep many make—directly contributing to a Roth IRA without considering the strategic benefits of a backdoor Roth IRA, especially in the context of changing marital and financial landscapes. Discover how this oversight, combined with the decision to opt for SAVE over PAYE, can have significant financial repercussions. Joseph expertly navigates the complexities of student loans, income growth, and tax-optimized investing, offering clarity and actionable insights. This episode not only serves as a cautionary tale but also as a guide to informed decision-making and strategic planning for anyone on the path to financial freedom and PSLF. Whether you're a recent graduate, a resident, or a seasoned professional, this episode is packed with valuable lessons on navigating student loans, investment strategies, and the importance of making informed financial decisions. Join us on the FitBUX Podcast as we transform financial planning from a journey of individual challenge to one of collective triumph, emphasizing simplicity, trust, and community every step of the way.

Join us on this insightful episode as we delve into the intricacies of the housing market with experts Josh Mettle of NeoHome Loans and Joseph Reinke, Founder of FitBUX. We dissect the events of 2023, exploring why home prices remained steadfast despite soaring interest rates, and make informed predictions about the housing market's trajectory in the coming year. Understand the implications of Federal intervention in the housing market, and how it has impacted younger and low to middle income individuals. If you're seeking guidance on your financial plan, don't miss out on FitBUX's revolutionary financial planning technology. Sign up today at fitbux.com.

He is a Chartered Financial Analyst (CFA) and founder of FitBUX which has helped young professionals manage $2.6 billion in assets and debts on their journey to financial freedom. Joseph has been personally investing since he was 12 years old. In addition, he has experience in student loans, mortgages, wealth management, investment banking, valuation, stock trading, and option trading. He has been on 100s of podcast and has been invited to 100s of universities to discuss financial planning with their soon to be graduates. He now serves as an adjunct professor for 6 universities teaching financial wellness curriculum.   Exclusive Gift:  Sign up and activate your FREE Reach Your Peak Club Membership and you'll instantly access DEEP discounts on major software, services, and top-shelf training courses you need to run a successful business. As an entrepreneur, you want to do just that - Reach Your Peak! This exclusive club is the perfect resource for businesses seeking better solutions at lower prices while building their empire. Go to https://ReachYourPeakClub.com and sign up now!   Watch The Mind Body Business Show LIVE! - Did you know that this "podcast" is a LIVE video show?  Register (completely SPAM-Free) to receive automated announcements whenever we go live.  Then simply click and engage.  We welcome your questions and real-time participation.  Go to http://ryps.tk/cbm-register and register (free) now! 

In this week's episode of FitBUX podcast, host Joseph Reinke, dives deep into the complex world of student loan repayment plans, discussing common errors and effective strategies for dealing with loan services. He underscores the importance of using a reliable calculator to estimate payments and highlights the current "on-ramp" scenario introduced by the Biden Administration. Additionally, Joseph shares insights on the housing market and provides an update on the stock market, emphasizing the power of dollar cost averaging in your retirement accounts. Listen in to understand the subtle interplay between risk and reward in your investments, and how FitBUX's technology and strategists can help balance your risk appetite. Resources: Student Loan Calculator: FitBUX Verify your Loan Details: StudentAid.gov File a Complaint or Dispute: Feedback and Complaint system, FSA Ombudsman Group

this interview, Kerry Lutz and Joseph Reinke discussed the challenges of investing in an uncertain economic climate and the importance of managing risk and setting realistic goals. They emphasized the need to focus on increasing assets and debt over time while prioritizing short-term goals such as paying off debt or saving for a down payment on a house. The concept of human capital was also discussed, and Reinke's algorithms were highlighted as a tool to quantify the risk associated with different income streams and educational investments. The importance of education and its impact on financial stability was also explored, with a focus on the potential return on investment for courses and degrees. The value of learning basic information and pursuing non-traditional education paths was also emphasized, highlighting the benefits of exploring alternative education paths and learning new skills to increase opportunities and income.

The FitBUX podcast hosted by Joseph Reinke is all about helping listeners understand their financial situation and how to make the best decisions for their future. In this episode, Joseph talks to a couple in their mid-twenties who have recently graduated from college and are trying to navigate the financial landscape. Both of them are working in health care as physical therapists, making an annual salary of 76k a year. The woman owes 208k in student loans and is eligible for Public Service Loan Forgiveness (PSLF), while the man owes 198k in student loans. They also have 37k in auto debt with payments of $780 per month. Joseph helps them create a plan for their future by focusing on building an emergency fund, maximizing retirement savings, paying off debt strategically, and looking into home buying opportunities. He suggests they look into filing jointly or separately--filing separately will save them $4,800 per year on student loans and they can reclassify their tax return in two years and get back another $200 per year. When they have kids this number will increase even more. Joseph encourages the couple to consider investing conservatively then increase risk so in five years and they would have up to 75% of their investments in the stock market. With his advice and guidance, Joseph predicts that when it comes time for retirement this couple could be sitting on $8 million! However, if they pay off their student loans rather than going through income-driven repayment (IDR) plan then that number decreases by about $660K worth of assets (roughly $7M)--which is still an impressive amount! Financial planning can be intimidating but this episode shows how empowering it can be when you take the right steps towards creating a secure financial future for yourself and your family. Tune into this episode of FitBUX podcast for helpful tips from Joseph Reinke! Reach your financial goals faster with FitBUX's financial planning technology and IDR optimization service! Our cutting edge technology allows you to customize a plan tailored to your individual needs. We provide expert guidance and analysis of your current situation, helping you understand how it impacts your future. Our IDR optimization service can help you maximize savings by automatically adjusting payments for maximum efficiency. Plus, when you sign up, we'll give you access to our library of helpful tools and resources that will assist in making the most informed decisions possible. Start taking control of your finances today with FitBUX's financial planning technology and IDR optimization service!  

In this episode, Founder of FitBux, Joseph Reinke, talks about financial freedom. Today, talks about understanding financial freedom, developing and implementing a financial plan, and FitBux. How long should you be focusing on one thing? Hear about student loan updates, budgeting vs financial planning, and get Joseph's valuable advice, all on today's episode of The Healthy, Wealthy & Smart Podcast. Key Takeaways “A budget is not a financial plan.” “You've got to have intangible financial freedom before you have tangible financial freedom.” “If you focus on one thing, you're going to achieve it much faster.” “Keep saving.” More about Joseph Reinke Joseph Reinke is a Chartered Financial Analyst (CFA) Charterholder and is the founder of FitBUX. In the past 5 years, FitBUX has helped 15,000 rehab therapist manage over a $2.2 billion in debt and assets using their innovative financial planning technology. Suggested Keywords Healthy, Wealthy, Smart, Financial Freedom, Student Loans, Planning, Finances, Budgeting, Cash Flow, To learn more, follow Joseph at: Website: www.fitbux.com. Instagram: @fitbuxofficial. Facebook: FitBux Official Group. Financial Freedom Webinar: Sign up here using my affiliate link. Subscribe to Healthy, Wealthy & Smart: Website: https://podcast.healthywealthysmart.com Apple Podcasts: https://podcasts.apple.com/us/podcast/healthy-wealthy-smart/id532717264 Spotify: https://open.spotify.com/show/6ELmKwE4mSZXBB8TiQvp73 SoundCloud: https://soundcloud.com/healthywealthysmart Stitcher: https://www.stitcher.com/show/healthy-wealthy-smart iHeart Radio: https://www.iheart.com/podcast/263-healthy-wealthy-smart-27628927

Is it better to pay off debts first or begin investing? Can I buy a home if I have student loan debt? How do I prepare for retirement?   Joseph Reinke plans to make it easier to answer these questions and solve the problems people run into as beginner investors with his team at FitBUX.   Joseph is a rock star in finances and money management. He is a Chartered Financial Analyst (CFA) who began investing at 12 years old and has worked in personal finance for 15 years. He has experience in mortgages, wealth management, investing, valuation work, investment banking, and the list goes on and on. As the founder of FitBUX, Joe manages over 2.2 billion in assets.   0:00 - 2:00 Introduction 2:00 - 10:30 How Joseph Reinke got started in finances at a young age10:31 - 16:00 What is the primary challenge young professionals make today? 16:01 - 26:47 How does FitBUX help people manage their money? 26:48 - 32:00 How does inflation affect beginner investors?32:01 - 35:16 Paying off debts and investing in a time of high inflation.35:17 - 36:59 Case Study - 5 Ways You Get Paid in Real Estate37:00 - 43:37 The key to cash flow43:38 - 46:44 The Richest Man In Babylon46:45 - 50:15 What myth should people know about finances?50:16 - 51:08 How to reach Joseph Reinke

Joseph Reinke, CFA interviews Claire Gubernator, PT who paid off her school loans in 4-5 years.  Claire discusses... - Why she chose to become a PT. - Her application process and why she chose the school she chose. - How much debt she left PT school with and how it affected her financial goals.

In this episode, Founder of FitBUX, Joseph Reinke, talks about financial planning. Today, Joseph talks about financial planning technology, the three buckets of financial planning, and the importance of focus. How can FitBUX help people with financial planning? Hear about thinking about percentages, self-employed financial planning, and get Joseph's advice to his younger self, all on today's episode of The Healthy, Wealthy & Smart Podcast.   Key Takeaways “Money is always relative.” “The big takeaway is percentages.” “If I focus on one, maybe two things, I'm going to accomplish things much faster.” “The more you concentrate on something, the sooner you'll realize it.” “This should be complementing your life, not dictating it.” “Focus.”   More about Joseph Reinke Joseph Reinke is a Chartered Financial Analyst (CFA) Charterholder and is the founder of FitBUX. FitBUX has helped more than 11,000 PTs manage $1.6 billion in debt and assets. In addition, FitBUX recently partnered with the APTA to provide APTA members with awesome discounts on their technology. Joseph has appeared on numerous industry podcast, been an author for various industry publications, and has done over 200 student loan workshops at university graduate programs, SIGs, Conclaves, and annual conferences throughout the country.   Suggested Keywords Healthy, Wealthy, Smart, Physiotherapy, Finance, Financial Planning, Income, Expenses, Debt, Money, Technology, Retirement,   Resources FitBUX Investment Round: https://republic.com/fitbux   To learn more, follow Joseph at: Website:          https://www.fitbux.com LinkTree:         https://linktr.ee/fitbux Instagram:       https://www.instagram.com/fitbuxofficial Facebook:       https://www.facebook.com/groups/FitBUXOfficialGroup   Subscribe to Healthy, Wealthy & Smart: Website:                      https://podcast.healthywealthysmart.com Apple Podcasts:          https://podcasts.apple.com/us/podcast/healthy-wealthy-smart/id532717264 Spotify:                        https://open.spotify.com/show/6ELmKwE4mSZXBB8TiQvp73 SoundCloud:               https://soundcloud.com/healthywealthysmart Stitcher:                       https://www.stitcher.com/show/healthy-wealthy-smart iHeart Radio:                https://www.iheart.com/podcast/263-healthy-wealthy-smart-27628927 Read the Full Transcript Here:  00:03 Hey, Joe, welcome back to the podcast. I'm happy to have you on again.   00:07 Yeah, I'm glad to be here. It's been a long time. It's the very first time. I think there's like a third time, maybe the fourth time. But yeah, it's been quite a journey. So glad to be back.   00:18 I'm happy to have you back. Especially because today we're going to be talking about financial planning. Now, I know a lot of people might be like, oh, gosh, this is so boring. But regardless of whether you own your own business, you're working for someone else, you have to have a good financial planning, because you want to be able to get through the rest of your life and have the security of knowing you're financially sound. Right.   00:46 Exactly, exactly. So we'll make it we'll make it exciting. We'll give you some, some tidbits that you don't hear anywhere else. So   00:54 yes, excellent. Well, let's let's start out with what are a couple of tips for the audience, that you counsel people on when it comes to financial planning?   01:06 Yeah, so a lot of us to help is all about the technology, and we're there to guide them through it. And it's really geared around a lot of stuff that I learned when I was in wealth management. You know, everybody always talks about, oh, the problem in financial planning and financial education, and this and that. And basically, what I look at used to look at is everybody in the financial industry, they just double down on using the same stupid stuff. And then when the technology comes out, they just put some cute interface to it, and it just doesn't work. Okay. And there's, there's two areas that I could, you know, illustrate on that. One is like, on these apps, so like these budgeting apps, I won't name any names, I won't pick on anybody, but there's a lot of big popular apps out there. Or maybe you just use Excel. And a lot of times what they do is they just throw a bunch of stuff in basically an Excel sheet, and they put a user interface around that. And it's like, okay, well, where does all my money go? Like, this doesn't make any sense. So that's the first issue that we've seen in the second one, I used to joke around about this, this is where financial technology that I used to have, like, you know, a 60 year old client would come in with like, a stack of paperwork with like, an inch or two thick and say, Okay, what am I supposed to do? And to me, all FinTech did was take that makes file and put it on the internet. And just make a pretty little graph around it. It's like, okay, this doesn't tell me anything. Like, what if I want to buy a house versus rent? What if I want to pay off my loans versus well forget? How am I supposed to look at these things? Like, am I supposed to decide this? And so those are the two big areas that is like, how do you do this. And so the first big tidbit on financial planning to satisfy that first problem, just one big thrill plus, you got to think of things in almost buckets when you start stretching out your plan. So you have things like your income and your expenses. And I'm not talking about like your debt expenses. I'm literally talking about your day to day expenses, like food and rent and utilities. So that's like, step one is your income and your day to day expenses that is happening today. The second step is to say, Okay, how much is going towards investments and how much is going towards debt? And that's the step two is over the long term. And then step three is, well, what am I doing to protect my financial plan? Those are things like insurances. So life insurance, long term care, insurance, disability insurance, home insurance. And so the way you can think about it is, this is day to day, this is long term. And and this is risk management, because protection. And when you start thinking about it that way, it makes life a lot easier to do it. And then you know, we'll pause there, and then go into also, you know, what happens like, Well, what about projecting? What about managing this over time? What's an easy way to set this up from there, but that's the primary the main component of in terms of just setting up the plan itself, of those three buckets when you start thinking about this stuff?   04:09 Yeah. And so you suggest people kind of sit down and look at all of those things and kind of write them out. So they have they know their income, they know what their expenses are. They know what they have asset wise, debt wise. So when you're talking debt, can you be a little more specific? Are we talking long term debt like loans or short term debt like credit cards, or bony   04:32 any real debt, I mean, credit card. So with credit cards, if you're paying them off monthly, we don't even consider it that we just consider that day to day stuff. But we're talking about where like you have a monthly payment, so car loans, student loans, mortgages, if you do have credit card debt, and you refinance it, for example, into a personal loan, and you're paying that off over time, if you have business debt, whatever it may be, that's the debt that we're that we're talking about in that step two.   04:56 Yeah. Thank you. Thanks for the clarification on that. And then of course, All the insurances and things like that, that we all need, that we all should have moving forward, I would say especially if you're a physical therapist, and especially if you're in private practice, boy, do you need those insurances to be on point?   05:16 Yeah, exactly the biggest, like the most overlooked one is disability insurance. Because it's like, what do you do if you go to say, well, I can't do my profession anymore. It's like your financial plan completely just ruined if you don't have that. And that's the way you can think about insurance is okay, well, I did my step one, I did my step two. Step two happens over time. What happens if I don't have time because of whatever it is. So like, what happens if I become disabled? My financial plan crumbles. What if I'm married, and I pass away or my spouse passes away? Like we have children like our plan crumbles? What happens if I have a car and I don't have the proper car insurance and I get in a car accident? I don't, I can't buy another car. Now my plan crumbles because I gotta get all this auto debt for another car. So that's what you can think about insurance is protecting just in case time doesn't happen?   06:03 Yeah, fair. Okay, so great. Tip number one, just to recap is to break up into three areas, income expenses, assets, debt, and the third protection, or, and that's where all your insurances come in. Okay, what other what other tip do you have when it comes to financial planning?   06:22 This one is one of the most important and this, this makes life so much easier, both when you're setting up a plan. And also when you're actually like monitoring your plan. Oftentimes, somebody will come to me and say something like, you know, I'm paying $1,500 a month on my student loans. Is that a lot of money? And it's like, I don't know, like, Well, what do you mean, you don't know you're an expert? Don't you know if that's a lot? It's like, well, no, what I mean by that is, do you make $300,000? Or do you make $30,000? Because it's all relative to your income. And money is always relative. Another example of that, like investments, somebody can't come to me and says, I made $10,000 on my investment. And it's like, okay, is that good? It's like, I don't know, like, Did you invest? 20,000? I'm like, Yeah, I'll just do that. But if you invested a million and only made 10,000, like, that's horrible. Like, don't quit your day job, like, what are you doing? Right? So it really just depends on percentages. And you can take that knowledge and apply it to your financial plan. So when you're actually setting these things up, especially on step two, where you're saying, where's What am I investments? Or what am I debt, when you look at percentages of where your money is going and allows you to say, hey, like, I want to focus on, you know, paying off my mortgage? Well, if that's not your biggest percentage of where your money is going, and you're not focusing on that, okay, and this is like, it's funny, because people like, how did you come up with that percentage thing? And I'm like, well, one of the ways I did was when I first started working, I put all the percentages there. And I realized how much money was going to taxes. It was like, Holy crap, like, what can I do to reduce that? So I'm the financial dork that I am, I went and read the IRS tax code. But it's like, those percentages that I assume realized, from a financial planning aspect, it makes life easy, not just setting up your plan, but actually following it. Because if you say, Look, I have 20% going towards my student loans, I have 5%, going towards savings for a down payment for a house, I have 4% going towards my 401k. Over time, your income should be going up. So it makes it very easy. You don't have to think about how much of my money should be going where you just keep the percentages the same and increase how much you're doing in those categories. Or if you get a bonus or a tax return, say great, I take the percentage, I put it to those categories. If I want to do more, I'm fine. But I don't need to I can go out and actually enjoy this money if I want to and not feel guilty about it. Cuz I know I'm following my plan. And then once you're following that plan, let's just say you have a good life event happened. Like let's just say you paid off debt, you paid off a student loan, you paid off an auto loan, well, then great, you just look at the percentage and say, Okay, where do I move this now to meet my next goal? Very quick and easy. Or maybe you have a negative life event, like you get a car accident, You wrecked your car, and you need to buy a new one, where it's like, okay, well, I have I was focusing on this. But if I've moved this percentage and this percentage here, I'm good to go. And that's it. And then you can actually go out and simulate that and I'll talk about simulating that in a minute. But that's the key thing. One of the biggest takeaway that you can take from this podcast as percentages, what percentage of my money is going where and then from there, instead of tracking your dollars and cents, every single place that goes track the percentages are my percentage is going to where I said they're going to especially going towards your investments and your debt. Some people really like looking at those percentages on their day to day expenses too. That's fine if you want to go that into it for me, as long as you're following the assets and debt sureselect don't enjoy. That's the way I look at it. Because that second floor of the building assets and debt, that's the financial plan. So that's the key thing. There's that percentages, percentages, percentages. And, you know, I wish I could talk to everybody that's like 40 and 50 and 60 that have been doing like the dollar amount their entire life. And it's like, I just switched to this. It's easier, like, do that. Yeah. So that's the big takeaway is percentages.   10:26 Yeah, I switched over to percentages a couple of years ago, and it's like a no brainer. You know, so like, when, like you said, for example, a tax return comes in. So I had a tax return. I know it was last year, the year before. And I knew exactly where all of that money was going. Because it was in my percentages. Yep. So it just makes life so much easier. And you'll see you'll accumulate wealth in the places that you need to, because that's your plan.   10:53 Yep. And you'll realize, while if I focus on one, maybe two things, I'm going to accomplish things a lot faster. And so that's where the the behavioral side of finance comes in to. And it's a proven fact that more you concentrate on something that the sooner you're able to realize it. And so one of the big mistakes that we see people make, especially on that step two, they're like, Alright, I'm going to save in a Roth, I'm going to save in a 401k, I'm going to save for my child's 529 plan, I also need to save for a house and I want to save or pay off my student loans. And it's like, you're going to do none of those. Like, if you're trying to do all that good luck. Like seeing the percentages and how thin they are, and how long it's gonna take you to accomplish those is a red light to a lot of people, it's like holy cow, like, will instead I just focus on like, paying off my loans, for example. And your my retirement for the time being, you're gonna be able to accomplish a lot more sooner. And then you can get to those other things down the road. So that's another big takeaway is focus, focus, focus, focus.   11:55 Yeah. And it's okay to move those percentages around as your life changes. And as things change in life. It's good. Yeah. Okay, cool. Yep. So now, yeah. What I mean, this all sounds great. And I'm sure a lot of people are wondering like, oh, okay, how am I supposed to keep track of all this? How am I supposed to do all this? This sounds complicated. I don't work in Excel. QuickBooks makes me nauseous. What can I do? Like, so explain to us how fit books, can I help people with some of this financial planning stuff?   12:28 Yeah, this is where I'm so personally excited. Because this is where we always wanted to take the company even like, it was one of like, five years ago, I first came on the show on your podcast, we specifically we knew this technology was gonna take a long time to build. And so we specifically started the first piece of the technology around student loans to help students, new grads, and then we've been building it, especially during COVID, we've been building out more and more, as long as we don't lose engineers that COVID Every other week. But we've been building out more and more, and we launched the first version out of beta last November. And it literally does all that for you. So when you go to build your plan, like step one is income expenses that two is is your asset contributions, your debt contributions, that three goes into risk management. And then we took it a step further, actually, on step four, you can add in goals and life events. So everything from like getting married or buying a house, or whatever it is that you're going to do. And what that allows you to do is it allows you to say, Hey, this is the plan that I want to follow. And you can actually build out the entire thing and see in the long run what it does, or you can run simulation. So if you're trying to say Hey, should I pay off my loans versus loan forgiveness, or should I rent versus buy, or I'm married, and we just had a child should myself or my spouse stay at home instead of working so we don't have to pay for daycare, you can simulate all those to decide what you want to do. Okay. And then with the technology, once you say this is what I want to do, we take all these complex components, so like your income and your expenses and your assets and your debt. And we bought them all into one data point we called the fitbug score. So you can really easily compare everything and what the fitness score is in the short run, it looks like your risk and your profile and everything else. And then by the time you hit retirement is basically the probability of you hitting retirement and not running out of money. Okay. And so once you say this is the plan that I want to follow, you can then link your financial accounts into the hitbox profile, track yourself right on your profile, and it literally tells you step by step each month, are you doing this right or not. And then if you have one of those life events where you have to change your percentages around you just go back in and have your plan with the percentages around hit save and go back on with your life. So that's why I'm so excited because we've been building that literally for like two and a half years that that bigger technology and it's finally out. So I can actually smile and have a few more gray hairs because of it but it's out So that's where we're at right now.   15:03 Yeah, it sounds it sounds like definitely makes life a little bit easier. And now does this connect to your bank accounts or to your QuickBooks and all that kind of stuff so that it's constantly updating? How does that   15:17 work? Yeah. So it doesn't connect to QuickBooks, it connects to bank accounts, credit cards, some debt. So it connects almost everything not, you know, there's some credit union stuff that it doesn't link into. Some accounts are more thorough. So like the bank accounts, or the savings accounts are all in there. Some debts, like some companies, like first of all, some companies are there, some aren't. Even if they're not, you can still manually put them in. And I just tell people updated like once a month with your transactions. So it can up to date tell you, the big thing is, is making sure that your gross income is in the technology? Because that's how we base everything, are you following your your plan, based on these percentages, and the only way we know that percentage is if your gross incomes, they're not your net, your gross income. Because we want to see, we want you to see where your taxes are going and everything else in your entire paycheck. And so yeah, you can link your accounts, we do it through a company called plaid, which is, you know, the other major banks use them and everything. So that is who we use to link the accounts.   16:17 And can you quickly just for people who don't know, define gross versus net income?   16:24 Yeah, so gross income is what you get from your employer on quote, unquote, that top line, so it's what you're actually paid. And then from there, they deduct out things like your taxes, your Social Security taxes, your unemployment taxes, your Medicare taxes, any contributions to your 401k that you're making, anything that you're paying in terms of like medical care, dental care, whatever it is. And then after that is your net pay. So when you get a deposit into your bank account, that's what we see as net pay. And so you have to reconcile that the gross income. And so what we try to do on the technology to make it easy is is once you put in one of your gross incomes, so like if you get a net pay of like two grand, and then you reconcile it to say 3000. Next time we see $2,000, we automatically reconcile it for you. So you don't have to keep doing it. But yeah, we need that done a few times. So that way the technology updates and can start learning what that is and make those adjustments for you. But yeah, that's the difference between gross and net income.   17:27 Perfect. And let's say you're self employed, and maybe you're so you're not getting a steady paycheck, but maybe your pay can fluctuate slightly from month to month. So how does the technology work with that? Is it like, on our end, when it comes to a little   17:45 bit more, yeah, a little bit more, because you don't know what that income cash flow looks like. But what I tell everybody, like when you're setting up your plan, and you have variable income, so you might not even be self employed, you know, just be based on commission or commission. And what we tell people on that is be very conservative. So like, if you typically make like 80 grand a year and commission or self employed income, do your financial plan based on 60 grand, and do those percentages. And then every month, when you get those waves of money coming in, just take the percentages, and that's what you do. And so again, it makes life very easy. Like if you're putting money to the SEP IRA, or whatever it is, you just know what those percentages are. And that's what you put in. Instead, try where I see a lot of commission based or business owners where they make mistake is actually on twofold. They try to do everything monthly. And then they ended up in a month. It's like, oh shit, I don't have any money. Like, oh, or they go the opposite. They say, I'm gonna do this every six months, I'm gonna see where I'm at, I want to put money into these things. And then six months go by and they're so busy, they just forget. No, they don't do anything. And then all of a sudden, they have 50 or 100 grand sitting in cash, just not doing anything for them. And they don't even realize that it's sitting there. It's like, fantastic. And so, yeah, that's another place where those percentages come in into play big time.   19:09 And do you suggest people looking at, look at all of these percentages every month.   19:16 If they're following the percentages every month, the only real time you need to change them is when one of two things happen. The first one would be is if you have a major life event happen. So things like you get married, you have a child, there's a debt, you're inheriting money, whatever it is, those are major life events, that's when you go in and change it. Or you hit a major goal. So you pay off one of your debts or something like that, and you have a lot of money now that you need to move around. So those really are the two times and that's one of the big reasons why I'm so excited about the technologies because when I was in wealth management to me, it's like this whole model is messed up like you pay 1000 to $3,000 to a person to come up with a plan and then you walk out and it's completely obsolete. And in some of these guys charge $100 a month, but they don't track anything. They don't have any technology to actually even track anything. So what the hell are they doing for $100 a month? So we were like, Okay, well, we give out the financial planning technology, it's free to build your financial plan, you can even talk to a coach, and it's free to build it. And then when you track it, we could charge a monthly subscription fee, that's, you know, 20, or $30, whatever we charge on that. And it's there, you don't have to worry about spending $3,000 a year, any of that garbage. It's like, oh, it frustrates me so much when I talk about it, because the whole model is just like, completely upside down. And actually, the stuff we're coming out with Next, we just started working on it. As far as investment recommendations for allocations and how you had your investments allocated. And I had heart, I'm an investor, I mean, that's what I've been doing since I was like 12. And so I'm just starting to get my tea sharpened on that one, I'm hoping to have it out by March or April this year, where you can literally build your profile. And then it will tell you how your allocation should be on your investments, how much risk you shouldn't be taking. And the big part that's different, we didn't touch on this. We factor in this thing called human capital into our analytics. We ask everything from like, what's your profession to things? Like do you run marathons? Because that all goes to speak about behaviors. And just like healthcare 80% of outcomes and behaviors, it's the same thing in finance. And so there's no point in our technology saying, Hey, you should do this complex plan, when the behavior is not necessarily there yet. And so we factor all that into our algorithm. And that's part of what we're going to be coding next with the investment allocation. Which that's a whole minefield that to me, is that all traditional advice, like, Hey, you're young, like you can afford, you know, to put everything in the stock market. It's like, No, you can't like you know, what happens if you have $5,000 in emergency fund, and you have $5,000 in a 401k and COVID hits and your 401k goes down 50%. And you also just got laid off that $2,500 that just went out the door might be pretty valuable. So why were you aggressively invested at that point in time? Like, it makes no sense? Yeah, so I, yeah, I can go off for hours on that investment allocation stuff. But that might be a far whole nother podcast.   22:27 And that's okay. We'll have you back on. That's not a problem. Well, it sounds like a lot of exciting stuff and a lot of stuff that's really user friendly, and really good for people who aren't financial planners, right? Who like they didn't go to school for this. And they need a little bit of guidance, a little bit of coaching. And this certainly sounds like it makes it very easy for people to do that. Now, what are I know that you said this before? But I'll have you repeat it. If people take away anything from this, what is a big, big thing that you want people to take away from this talk?   23:01 Yeah, keep it easy in terms of how you set it up. So again, today, what's your expenses? What's your income today? What are you doing over time with your investments and your debt? And then the third piece is what am I doing to protect my financial plan, that's insurance. The second big takeaway is following your percentages of your income, it will make your life extremely, extremely easy. And then to your key point, caring. This stuff should be complementing your life not dictating it. And it should be easy. And again, that's one of the hours that retirement of it for a PT when I decided, yes, I'm going to launch the company. And the main reason was because I was like, I always wanted to invent something in terms of technology to help people like, but I'm not. I can't like I'm not Elon Musk, I'm not gonna build neuro link or some of these other companies, right? It's not gonna happen. But I know finances. And it's like, okay, well, if we can develop a technology that reduces the amount of time you need to think or stress about money, that means you can do what you're supposed to be doing when you're going to school, like being a PT. Or if you're an engineer, and you're the next Elon Musk, you don't have to think about money because that part of your life is actually taken care of. So it's my small contribution, if you will, to the technology world. Just funny because everyone's like, you're a founder of a technology company. I'm like, I'm a finance guy. I know algorithms. I know math, and I know money. And I'd like I give it to coders and engineers, right? They do it. Right, right, right.   24:31 Hey, listen, that's why it's we always work better as a team, right? It's hard to do everything on your own, if not impossible. And now where can people find more about all of this info and how to sign up and how to start using this?   24:45 Yeah, so Bostock comm just go on build, your profile is free to go on and you can build like all the tools are accessible to you to build your plan. You can schedule a call with a coach which we highly recommend because this version of the technology We built specifically for people to actually call us and have them help us walk you through the technology to make sure you're using it correctly. And then as we grow, we're building out more and more automation. So that way, it's easier. And then once you want to sign up and say, This is the plan I want to do, that's where you start the subscription and go from there.   25:19 Perfect. All right, so that's fit bucks fit bu x.com. Yep, you're right. All right. So before we end, before we wrap things up. Last question, I asked everyone, and that's knowing where you are now in life and career, what advice would you give to your younger self? I know you've answered this question before answer it again, come up with a new piece of content, you get to say more advice to your younger self instead of just one piece.   25:47 Yeah, this one, I touched on it earlier, and I can't stress it enough as focus. You know, I'm the type of person that like I was at CSM last week. And I pretty sure that I wrote down like seven or eight business ideas. And I'm the type of person that just wants to start working on everything. Like, I used to joke around with my wife. I was like, you know, this was back when I was doing my investment trading. I was like, if I come up with something, I will literally be up for 72 straight hours researching this and figuring out if it works or not. And sure enough, the very first time like, I came up with something, I stayed up, I was on our 71 I thought it was gonna work. And then our 72 is when I found out that it will work. But focus is we're so distracted with things. We're so distracted. You know, that's one of the behavioral things I'll share is like, when you start saying, This is what my focus is, and you have a fundamental reason of why you're doing it. And it's not because you're, you think you're gonna make a lot of money or you think you're gonna do this, but you have a real fundamental, real reason why you're doing it. Focus actually becomes very easy. Like you no longer care about watching TV, like I'm a big sports person. I haven't watched sports in about eight years. Just because there's like, I won't play I was watching a football game. I'm like, Well, this sucks. I'm wasting four hours. And the game's only an hour and a half and watching commercials. So let me TiVo it. And I started TiVoing. And I'm like, wow, they're still wasting an hour watching this thing. Like, I'd rather be doing something else, which I stopped watching sports. And so it's like, if I could go back, I just think about it. Like if I had that same mentality when I was like, 20, instead of getting that mentality when I was 28 or 29. I'm like, my life would be looking a lot different right now. So focus, focus, focus, focus.   27:36 Great advice. Joe, thank you so much for coming back on the podcast, giving us great tips for financial planning. I'm sure everyone will take a lot away from this podcast. So thanks so much for coming on. Yeah, thank you for having me. Anytime and everyone. Thanks so much for tuning in and listening and have a great couple of days and stay healthy, wealthy and smart.

In this episode we talk all things student loan repayment. Joseph discusses what plans are best for you when repaying your loans and provides some insight into when you should start. We had so much fun chatting about post-graduation finances that we had to make this a two part episode so be on the lookout for part 2! Resources discussed in this episode: Fitbux: https://www.fitbux.com COVID Federal student loans updates: https://studentaid.gov/announcements-events/coronavirus Public Service Loan Forgiveness: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service Dave Ramsey: https://www.daveramsey.com Host: Josie Kautsky PT, DPT Music by Scott Miller

Student loan debt is something most healthcare providers will have upon graduating, with the current total in the United States equaling $1.56 trillion. When compounded with credit card debt, saving for a house, and the cost of living, developing a financial plan can become very stressful. In this episode we are joined by Joseph Reinke, CFA, CEO and Founder of FitBUX to discuss options for repaying student loans, when to refinance, and general tips for staying financially stable during unpredictable times. https://www.fitbux.com/ Credit Summit. Student Loan Debt Statistics - Updated December 2020 - Average Debt Amounts. Credit Summit. https://www.mycreditsummit.com/student-loan-debt-statistics/. Published November 29, 2020. Accessed December 7, 2020.

In this episode of OTC, Paul and Karl talk with Joseph Reinke founder of FitBUX on the values entrepreneurs should hold when thinking of starting their business. He welcomes us into his business journey and grants us tips on how to look for red flags in your business that can save you money and resources. This episode is packed with detailed strategies, don't forget to click pause and replay to write them down.

Joseph Reinke got his start working in investments. During the runup to the mortgage market meltdown, he noticed that most of the professionals in the field didn't understand the basics, which led them to take truly absurd risks. He also noticed a segmentation problem in the financial arena that makes it hard for average Americans to get the help they need in order to make good money-related decisions. He saw young people graduating with student loan debt that equals, on average, twice what they can expect to gross in a full year of work.  This bleak situation inspired him to start FitBUX, a company that provides educational resources, tools, and personal coaching to help graduates take control of the student loan debt that threatens their dreams for the future. In this interview, Joseph explains how FitBUX combines individualized financial analysis with wise strategies to help people find the best approach to manage their student loan debt and reach their goals. We know many of our Cash-Based Practice Podcast listeners are struggling with student loan debt, so we encourage you to check out FitBUX today!

FitBUX's Joseph Reinke interviews Ashley. She is a FitBUX Member that graduated from Physical Therapy school with $220k in student loans and is on pace to pay them off in four years on a five figure income. She has already paid off $137k in just two years! See how she has been doing.

On this episode of the Healthy, Wealthy and Smart Podcast, I welcome Joseph Reinke on the show to discuss student loan debt solutions. Joseph Reinke is the CEO and founder of FitBUX, Inc which is introducing innovative finance products and technology to the student lending industry with a specific focus on physical therapists. In this episode, we discuss: -How family, work and financial goals effect your loan repayment options -Why refinancing public loans may not be an optimal strategy -Practical examples of loan forgiveness strategies -The personal and societal importance of financial literacy -And so much more!   Resources: FitBUX Website FitBUX Courses  A big thank you to Net Health for sponsoring this episode!  Check out Optima’s Top Trends For Outpatient Therapy In 2020!   For more information on Joe: Joseph Reinke is the CEO and founder of Fitbux, Inc. FitBUX is introducing innovative finance products and technology to the student lending industry with a specific focus on physical therapists. Thus far in FitBUX’s beta test, they have helped PTs develop financial strategies on over $11mn in student loans. Joe has been in the finance industry for over a decade and is one of the few CFA Charterholders in the world who has experience in both wealth management and business valuation (globally, there are only 120,000 CFA Charterholders). He has hosted numerous live chats about student loans with SPTs across the country, presented at the California Student Conclave, appeared on podcasts, and written numerous financial blogs.   Read the full transcript below: Karen Litzy:                   00:01                Hey Joe, welcome back to the podcast. I am happy to have you back. Joe Reinke:                   00:07                Glad to be here. It's been a few years. I know that we see each other at different conclaves and different events and stuff, but it's been a few years since I've been on the podcast. Karen Litzy:                   00:16                It has. I know, I'm happy to have you. And, we'll talk a little bit about what a difference a couple of years make in a second. But the first thing I want to get to is student loans. So let's talk about first, cause I know you have a lot of data on this. You have a huge data set within fit box. So what is the average debt? And we'll stick with physical therapists. We don't have to go across the board, but the average debt for physical therapists loan debt. Joe Reinke:                   00:45                Yeah. So PTs or student loan debt. So we now have about 7,400 students and our platform, it comes out to about $900 million of student loan debt. The average is about $144,000 for PTs. We have some other graduate students that we also work with too. Before PTs, it's about $144,000 in debt. And like you just said too, it's like a moral, I know when we first came on the podcast years ago, we had like $30 million or something like that on the platform. And when I tell people we have like 850 $900 million down there, like, you know, congratulations like you know all the growth that you've had. And I look at it, I'm like, that's disgusting. Like the fact that there's graduates and it's like, okay, $900 million of debt, that must be a lot of people. It's like, no, that's only 7,400 people. Karen Litzy:                   01:35                Yeah, it's criminal, it's criminal. So let's say you've got 900 million in loans, the average of $144,000 which is mind blowing. So what are the options for these students coming out to help repay that loan? Joe Reinke:                   01:54                And the first challenge is trying to figure out how these things even play a role in the bigger picture. But then the government doesn't do us any favors. So right now there's nine different student loan repayment options and it's a minefield trying to figure out which one you should use. How does it play a role? Like what happens if I do this? What happens to my retirement, what happens to family planning? Can I get a mortgage? All these different things. And instead of just being like, okay, I'll pay back my loans, here's the answer. You've got gotta dig through all these things and that's where people get lost. So what we've done is simplify that into two strategies. Either you’re going to pay off your loans, or B, you're going to go on some type of loan forgiveness strategies. And the pay off loans is really dominated by the headlines of refinancing because that's what we get bombarded by in terms of advertisements. Karen Litzy:                   02:38                And what exactly does that mean when someone says they're going to refinance? Joe Reinke:                   02:43                Yeah. So refinancing means you go to a brand new lender and they offer you a brand new rate and a brand new loan and you're literally replacing your old loans with a brand new loan to get a lower interest rate. Okay, so like I know PTs they get bombarded by low road, which is one of our partners, but they get bombarded by a low road because a low road has a partnership with a PTA. So they just get bombarded. So we get everybody, everybody comes to us and like, well, I'm thinking about refinancing. I was like, well, why? It's like, well, I've got these things. That's what I see in my mailbox. And on the other side of that, they hear all these headline news articles about loan forgiveness and public service loan forgiveness and whatnot. So those two things dominate the headlines. But really it's even upload from that is either you're going to do a payoff strategy or loan forgiveness strategy. Joe Reinke:                   03:34                And what I mean by a payoff strategy is what we typically think about when we get a loan. Like you get a mortgage or a car loan, you make payments over a certain amount of time after that, it's over. You could do different things to be strategic with that. Like instead of doing a 10 year plan, you can do a 25 year plan. So you can make prepayment strategically and save money. You can do refinancing, you can see if refinancing is right for you. And those are the big things with the payoff strategies is just figuring out what's the most effecient way to make my payments. Now, unfortunately, one of the problems is that the loan servicers don't always apply your prepayments correctly, so you got to stay on them and make sure they're doing the right thing. But that's, that's a whole nother topic on that. Karen Litzy:                                           So quick question. When you say making prepayments, can you define what that is? Joe Reinke:                   04:16                Yeah. So when you have a payoff strategy so most of us on average, so like when a DPT graduates, they actually have between 10 and 20 loans. So when I say $144,000 in debt, it's not just one loan, it's like 10 to 20 loans. They're all different sizes, they're all different interest rates. And so what a required payment is the payments. They add up every payment on those loans and then say here's your required payments. So they might say it's $1,000 a month. So on that required payment, you don't have any say on that. You have to make that payment every single month. And then you don't have a say where it goes. They just throw it across all your loans equally. Okay. A prepayment is like the complete opposite. Joe Reinke:                   05:06                You have a hundred percent control of it, meaning you determine the dollar amount, you determine when you do it, but most importantly you can determine which loan that you want to go towards. So like if you wanted to pay your higher interest rate loans faster because that would save you the most money, you can do that. So the trick with payoff strategies is just knowing that general idea of the difference between a repayment, a PR, a required payment. And a prepayment is, well, how can I drop my required payment so I can increase my prepayment? Right? And so that's a lot of the tricks that we go through and mix and match the different plans to allow people to do that. And then you throw a refinancing on top of that and you can save even more. So that's really the payoff strategies. Karen Litzy:                   05:58                Yeah, it would seem to me that everyone should refinance to a lower percentage but like why wouldn't someone do that? Joe Reinke:                   06:03                It really depends. I'll give you a few examples. We might work with a travel PT for example, and with travel PTs. First of all it's harder because of the stipend. This is for OTs and nurses as well. It's a stipend, so it's actually hard to get qualified because they don't qualify that as income. So like we have nine lending partners, only three of them will do travelers first of all. So that makes it a little bit harder. But in that situation you're traveling so you don't know the cost of living when you're moving from place to place. You don't know how long it's going to be between contracts and you don't know, most importantly what your income's going to be when you stop traveling. So it's really hard to lock yourself into a refinance loan, even though you can always refinance again later, you might not qualify later to refinance. Joe Reinke:                   06:54                So oftentimes we do do refinancing with that, those types of individuals, but it's more strategic. So instead of doing like a 10 year loan, we might do a 20 year loan and instead of doing all their federal loan debt and refinancing, it might only be three or four of their higher interest rate loans. So just in case there's something there that they can't do they're not obligated to this huge monster payment every single month. So that's one example. Another example we see often times is, I'll give you an example. I just actually talked to somebody today. She had about $210,000 in student loan debt and she's paying it off. Mmm. And my thing was the tail are like, look, you know, slow down. Because when you do your budget and you're doing paper and pencil, all the numbers always looked like they make sense. But this individual just started working. Joe Reinke:                   07:49                They've never had a budget in their life. They've never had like real expenses in their life. It's like wait three or four months because you might decide that you can't make those payments. You rather do a loan forgiveness strategy and if you refinance, you can't do a loan forgiveness strategy anymore because private loans don't qualify for loan forgiveness strategies anymore. So just different situations will dictate. Does it make sense? And then sometimes the refinance rates are just not that good. So it just doesn't matter. Yeah, exactly. It's like stay there and just chip away at your loans. And I'll give you one more example, Karen. When you refinance, you also consolidate your loans. What that means is you merge your loans into one big, big, big loan. Karen Litzy:                   08:37                Got it. So for instance, if you took a loan from a bank or a federal loan or whatever, when you refinance did, so let's say you have a federal loan, does that federal loan is no longer a federal loan, it becomes a private loan. Joe Reinke:                   08:54                That is correct. And instead of having like 10 you might only have one big, big, big loan. So sometimes what happens, you have to understand how federal loans work though too. Like I said earlier, you have 10 to 20 loans, so every time you pay off one of those loans, your required payment actually drops. With the refinance loan, it won't drop because you have one monster loan, you never pay it off until the whole balance is zero. So sometimes people come to us and say, look, what am I goals is to buy a house in five years? And so if that's the case, we might turn around and say, okay, we'll stick in your federal loan. Because if you keep making prepayments and you pay these specific loans off, your required payment would go from $1,000 down to like $500 when you want to buy your house. Joe Reinke:                   09:37                Why is that a big deal? They use the required payment in the ratios for qualifying for a mortgage. So a lower lower required payment on your student loans, the easier it is to qualify for a mortgage. So that's some of the analysis that we would do to say, okay, well how much does a refi actually save you versus are you better off just trying to drop your monthly payment over time so you can qualify for your number one goal buying a house? And so that's what I meant earlier when I said these things. It is more than just the student loan strategy. Karen Litzy:                                           You've got to look at how does this thing play a role in the bigger overarching strategy, right? Because oftentimes I would think the student loan debt isn't the only debt. So can you explain how maybe you have to work around other debt as well and how to navigate all of that? Joe Reinke:                   10:27                Yeah. And I'll give you an example. We just did a poll and we also took some of the data from our members as well. And it was something like 68% have more than one form of debt. So that could be cars, mortgages, credit cards. And again, another example, I just talked to somebody today, and actually we get this probably four or five times a week where somebody calls us to talk about their student loan debt and we noticed that they have credit card debt. Okay. And we're like, look, you want to do this strategically with your student loans to drop your required payment as low as you can and focus on paying off your credit card debt. And it's like, I didn't even think about that. It's like, yeah, credit card debt, socks, get all of that stuff like as fast as you can and use the flexibility of refrigerator loans. Joe Reinke:                   11:10                That's another reason why you might not run a refinance is because the federal loans are more flexible. There's more options of what you can do. So if you have other debt, it may be allow you to pay that off faster. And that's why sometimes people go into the student loan forgiveness plans also in the short run is the drop that lower payment focus on something else and then go back to their student loan strategy and say, okay, now I'm going to go focus on that. What do I need to do to focus on my student loans now. Karen Litzy:                                           Got it. So it's all part of a bigger plan. So let's talk about quickly the student loan forgiveness because that's been in the news lately. I feel like there's been rumblings of that. It may not exist anymore, Betsy Devoss may cut it or what's the story? Joe Reinke:                   11:51                Yeah, so there's actually two different forms of forgiveness. Okay. And this is where people get confused. The actual repayment plan you're on is called an income driven repayment plan. And the government also says that these are things our student loan forgiveness plans. Long story short on these plans, your payment is based as a percentage of your income. And the payments really low is like 300 $400 a month. But for most of us, that means that we're not paying the interest that's being charged on loans, which means the balance of your loan Rose. And that actually will happen for about 20 or 25 years. And then under normal loan forgiveness at that 20 year Mark or your loans are forgiven, but you have to claim it as income and pay taxes on it. Joe Reinke:                   12:44                So your balance of what you owe will grow because they just add the interest of your balance, just like in your differing interests cause you're not making payments. Happens in these plans. Okay. So then you worked for 10 years or 20 years or whatever, and then your loan is forgiven. So in these plans loan forgiveness, they last for 20 or 25 years. Department of education forgives them. Okay. However, in this country, it doesn't matter what type of loan it is, it can be an auto loan, a mortgage, student loan. If it's forgiven, you have to claim that as income. Yeah, so like let's just use that example. $144,000 is the average person on our platform. If, you're single for those full 20 years, just working, whatever it is, your loan balance might grow, does being worth $200,000 in 20 years? Joe Reinke:                   13:44                So at that 20th year, the $200,000 is wiped out. You don't have to pay it anymore. But you have to claim that $200,000 as income, which means your ordinary income that you made that year. It's just here it is. You got to pay it. And so the goal on these plans is like the complete opposite. You're not trying to pay it off as fast as you can. You're trying to save for that tax liability as fast as you can. Cause like what we always tell people the number one risk on those plans, you don't know what the tax rate is going to be. That's right. It could be 35% it could be 80% it could be 60% now you also factor in like we just moved from California, so if you had $200,000 plus you made 120 grand because you're, you know, 20 years in as a PT in California and federal taxes, you're going to be in a 35 and 40% federal tax bracket. As of right now, plus a 12% tax bracket in California doubled on top of that. You should definitely move to Texas. Joe Reinke:                   14:50                But that's a big thing there. So that's normal loan forgiveness. Now there's another form of loan forgiveness. And this is the part that's been dominating the headlines where if you're on one of these plans, but you work for a nonprofit hospital, a hospital, it could be a full time teaching job. I mean you can say I don't even want to be a PT, OT, whatever anymore and I want to go work at Goodwill full time. I mean it just has to be at a nonprofit full time. And if you're on one of these plans working full time and you make 120 payments, your loans are forgiven in 10 years cause that's 120 payments and you owe nothing in taxes. Okay. And so those have been dominating the news recently because there's been 110,000 people that applied and only about a thousand people have gotten it actually approved. Joe Reinke:                   15:40                And people are like, Oh well that's less than 1% so that's like the big headline. You know, Loan forgiveness is failing. But when you actually dig into the numbers, over 90% of the people that have applied for that, it should never have even applied. Meaning, they don't even work in a nonprofit or they do work at a nonprofit, but they haven't worked for 10 years. Mmm. So they're finding the people for forgiveness and that they shouldn't even been filing it yet. And so that's where the news kind of distorts that stuff. But then at the same time, you have that percentage, two, three, 4% that is told the wrong thing by fed loan servicing. That's the company that, that does this. They're told the wrong monthly payments. They're told that their payments are qualifying even though they're not there. We're told that their employment qualified even though it's not. Joe Reinke:                   16:26                And so that's where the mass confusion comes in on that. I'm actually shameless plug. We just rolled out a new technology that actually tracks all that for you to make sure if you're on public service loan forgiveness, you're actually doing everything you need to do to get it forgiven. And we rolled that out. We rolled that out specifically because of all the headline news of all this stuff. People getting this stuff forgiven. They have nowhere to go to get the answer. So it's like well we can build this pretty easily. And it took us about three months to ramp it up and build it and it's like here it is and we're actually going to release that. We just got done testing it. It's going to be out in about a week or two. So yeah I'm excited about, it's given me a lot of gray hairs and a lot of sleep aside. I'm excited for it. Karen Litzy:                   17:07                Well I mean that's such a gift though. That's such a gift for people because there are a lot of physical therapists who work in hospital systems that would be considered nonprofits and so if they can just sign up for that and have something else, keep track of it for you. Like automation is so much easier in our lives. So this is a way to kind of automate your student loan forgiveness programs so that you don't have to keep track cause we've got a million other things that you have to keep track on. Because like you said before, you've got student loan debt, but then you may have credit card debt, you may have mortgage debt or you have a car loan. And so there's so much that kind of goes into this puzzle. I mean to say I did not realize that it was so, all this is so complicated because I graduated like in the stone age, you know, so I didn't really have all, I didn't have $144,000 in loans. Joe Reinke:                   18:01                Yeah, I mean it's amazing. And, that's why the big thing that I'm excited about. So like the average person that's gotten their loans forgiven so far has basically saved $62,000 okay. That's a lot. We're rolling this plan out for $5 a month and when we roll it out for the full 10 years, we're just charging a one lump sum fee of $300 if you just want us to track it for all 10 years. And it's like, you know, and we did that cause it's like guys, yeah cause somebody has, some of the people that signed up to beta test it for us. They're like dude we pay like a thousand dollars a year for this. I'm like no, no, no, no, no, no. Like the technology doesn't cost us that much to run like this stuff needs to be out there because again it plays a role in a bigger picture and fast forward, we haven't really disclaim this to very many people cause I don't know when it's going to actually roll out but it's supposed to come out next year. Joe Reinke:                   18:50                Like you said, all this stuff plays a role in the bigger picture. We're developing a technology where instead of just tracking the student loans, we track everything. Like, we help you set up the plan and as your 401k your retirement, your budget, your student loan plan, everything. And so to me, like when we say, Hey look, we're only charging, you know, $5 a month for this thing, it's making sure that it works. So when we roll out that bigger plan, it's like we got this piece checked off. We don't have to worry about it anymore. Cause again, I bring up those gray hairs. It gives me something else to worry about. Karen Litzy:                   19:25                There's always something else to worry about. So just one little part of it. So now, so let's talk about something that you had mentioned before we went on the air and it's, people don't really understand money. Karen Litzy:                   19:42                Tell me why you said that and tell me what people can do to better understand it. And on that note, we're going to take a quick break to hear from our sponsor and be right back. Karen Litzy:                   19:57                This episode is brought to you by Optima, a net health company. Optima therapy for outpatient is a software solution enabling therapists and staff to do their jobs efficiently and accurately. Their software provides anytime, anywhere access to documentation, even while disconnected and workflows that streamline patient care and save valuable time. You can check out, optimize new on demand video to learn what's in store for outpatient therapy practices in 2020 with some of the biggest industry trends along with tips and best practices to successfully navigate these changes. Learn about these trends for the new year at go OptimaHCs.com/healthywealthy2020 Joe Reinke:                   20:36                Yeah, so we have this big thing that like if you watch our courses that we released or go on the new website that we just released, we talk about our method and it's understand, plan, implement those like the big three things. You've got to understand, you've got to have a plan, you've got to have a way to implement that plan. And there's been a lot of chatter because it's political season and we've seen all the stuff about, Oh, this politician is gonna forgive X amount of student loan debt. And then another politician wants to one up and then say, well we're gonna forgive X amount and another politician wants to one up them and say we're going to forgive everything. And so it's like, well, you know, went up in each other to see who can get the most votes for this. And you know, I get the question all the time is what do you think about these policies? Joe Reinke:                   21:18                And I just turn around and say to people, it doesn't really matter because they're missing the root of the problem. You can forgive all the student loan debt. But like I brought this statistic earlier, over 60% of the people on our platform have more than one form of debt is not just doing loan debt. And it's not like these things like money problems didn't exist before. Student loan debt. I mean just before this we had the mortgage crisis. Okay. Like before that we had savings crisis. We still have people savings crisis, like retirement savings. I mean we talked about baby boomers and stuff like baby boomers. Like it's something that I saw a report the other day that 65% of them don't have enough to last like more than five years. Karen Litzy:                   21:58                Yeah. And they don't have student loans. And then isn't it true that the majority of Americans don't even have like a retirement plan or don't have that savings? Joe Reinke:                   22:12                They don't have anything and that they're dependent on social security, which the social security was never meant to be a retirement plan. It's supposed to be a supplement to retirement. But for a lot of retirement age individuals, that is their retirement. And I'll give you even more. I discussed the statistic I was about to write an article about this. Is something like 43%. It's somewhere in the forties, I want to say the low forties. I've got to look at the article again. It's in the low forties, that the super, that percentage of people in this country don't have enough money in their bank account to cover a $400 expense. Okay. So when we sit there and we talk about, Oh, well, you know, if we just forgave student loans, the problems of the world would be over. Joe Reinke:                   23:03                And it's like, well, no, no, no, no. You know, like, I give this example in a workshop all the time. I used to work a lot with athletes and statistically 60, the 70% go bankrupt within three years of being out of league that's in the NBA and NFL. Well, in those three years that they work and play football or basketball, they will make more money than the average American makes their entire working life span. Yep. They go bankrupt. Within three years, they had the complete opposite problem. They had all the money in the world and they still went bankrupt. So it goes back to that fundamental root of not understanding. And that's actually one of the reasons why, like we used to do, or actually we still, I shouldn't say used to, we do workshops. Oh, it's the last time I came on the podcast, like it was, I don't think we had any workshops before that. Joe Reinke:                   23:55                And then we started doing them. I've done over 120 workshops at different DPT programs and conclaves different conferences. And that was one of the big things that like, everyone's like, we love his workshops. Well, where can we learn more? And it's like, how, how do you explain this? Understand, plan implementing? And I couldn't find anything. So I was like, well, we're just gonna roll out our own courses. So we rolled those out about two months ago kind of in a soft launch type of beta test. And the feedback that we've gotten off of them is fantastic. So that's like our new thing that we just rolled out was the courses. The next new thing is that that public service loan forgiveness solution and the next year is like the big solution that we're coming out with. So it's exciting. But yeah, those courses, it's fun to see people taking them and being like, Oh my God, like this stuff is, makes so much more sense now. And it's, it's actually simple. That's my big thing. Keep it simple. Don't make it complicated. So, that's the bigger thing when I see the student loan forgiveness hype and all these political things, like it doesn't matter what happens there. You got to get that understanding. You've got to develop your plan, you've got a whole way, have a way to implement it. Karen Litzy:                   25:02                Yeah. And just so if people want to learn more about it, if you go to the fitbux website, it's under monies. Joe Reinke:                   25:10                Yeah. That is cool. Yup. Karen Litzy:                   25:13                What would you say in your opinion and in your work with people, what are maybe one or two fundamental misunderstandings about money that people have? Joe Reinke:                   25:18                I don't even know. No, I will narrow it down. This is one of the big things and this how we start off our workshops now when we start explaining some of this stuff. So, you know, and this is about a minute or two explanation on this, but then when I was back in wealth management, I would ask people what are your goals? And I started bucking those into three main groups. They would basically say my family goals, I have my work goal and then financial security. And what I mean by like family is like, okay, I want to do this. I wanna be able to buy a house because I want to provide for my family, my daughter, whatever it is. My work, my work, I want to have my work, have a meaning on life and an impact. Joe Reinke:                   26:07                People like I joke around with all the time. No, none of you went to school because you couldn't wait to have student loan debt. You went to school because you wanted to help people. That's what I mean by career goals or life goals. And then the third one was financial security. And when I started asking people, yeah, rank these, it was always in that order, family, their work and then financial security. But when I would ask him, where do you spend the most of your time? They'd be like, well, I spend about 90% of my time on financial security. I'm like, well, that doesn't make any sense. That's like your third goal. Like that. And then I would ask them, here's like, when you say a misconception, I would say, what is financial security? And they kept telling me a lot of money and I'm like, wait, wait a second. Joe Reinke:                   26:47                I just gave you that example of NBA players and NFL players. Lottery winners are the same statistics. They all go bankrupt. They have all the money in the world and they can't manage it. I used to manage people money that had millions and they were financial train wrecks. I know guys on wall street that were making million dollar bonuses every year that are financial train wrecks, so that can't be the case. So then I started looking at it and saying, well, what is it? And that's where we came up with the understand plan implements. Like those things is you've got to have a simple understanding. I mean I give examples of people that I know that are, have been barbers for 40 years. I mean they have no college education, they have none of this stuff and they live in San Jose, California, the most expensive place in the country. Joe Reinke:                   27:30                And they’re millionaires, like they had an understanding, a simple understanding of money. They had a simple plan, you know, and I joke around all the time about my dad. Like when I was 22 years old, like I come home from college thinking I'm like this big investment guru guy, right? Cause I'm a 22 year old punk kid and I'm just like, Oh I'm going to tell my dad. I'm like dad, you know, his strategy was always just, you know, he started a business when he's 18. Yesterday, he started, he bought it from my grandma and you're just put money in the bank and they would buy a piece of property and that's all he did. He never did the stock market anything. I'm like, dad, dad, dad, check this out. Like, if you would have done it, you know, in the stock market it would've been worth like $10 million. Joe Reinke:                   28:09                And he's just like, I don't give a shit. Like I don't know anything about the stock market. All right. That was his plan. It was simple and it works for him. Great. And then you had a simple way of implementing it. That was a thing that really lacked Mmm. Is everybody that I knew that had an understanding it and had a simple plan, it would taking them hours to implement it because it would have to do their own Excel sheets or they had these files all over the place. I've got gotta do it all by hand, but they did that. But those are the three big things. And so actually that's why people always ask like what's the technology behind FITbux and why do we do this stuff for free? Like why do we actually have people call us? And if we walk through their plan for free because we say the understanding and part is free and then the technology that we're building, especially for next year is going to be the part that helps them implement it. So they have to spend hours and 90% of their time doing that and they can spend that time doing something else. You asked about the biggest misconception that is the biggest misconception is what is financial security? It's not having a lot of money. It's those three things. Understanding, planning and implementing. Karen Litzy:                   29:13                And if someone, let's say someone were like me, so I don't have any student loan debt or credit card debt or any debt really. So if I wanted to use this technology, like does it apply to someone like me who's like, well, I don't have any debt, but I definitely want to try and buy an apartment in New York city, which we know is like not cheap. I mean, in all seriousness, to buy an apartment in New York city to get a decent apartment is $650,000. Yeah. And that's a lot of money. If I want to get an apartment with two bedrooms, it's like over a million dollars. Joe Reinke:                   29:43                Yeah. I was going to sell our apartment in San Jose and they got appraised that $900,000. And instead I was like, I'm just going to rent it and it's like $3,000. And then like I tell people, so I moved to Texas cause really I wanted to have a backyard for my daughter. And we bought like, it's like 0.3 acres and it's almost a 4,000 square foot house. It was a way too ridiculous. Like I don't use half the house and it's just ridiculous. And it was like 300 grand but yeah they like the technology but really on the next year. Joe Reinke:                   30:37                Yeah, definitely for people like you, it's actually for anything, and this is why so many people, we talk about the student loan stuff, but we already have a piece of the technology out to help people plan. And this actually leads to like the number two misconception that I would have to say when we sit down and people talk about budgeting. They used to always come to me and they still come to me and say, Hey Joe, I spend like $1,200 a month on my student loans. Is that a lot? And it's like I have no idea. Right? Because $1,200 for one person might be nothing for somebody else. Okay. And so what that means is when it comes to money, absolute numbers mean absolutely nothing. It all has to be relative. And the way we do that as percentages, so like when people sit down and look at their budget, they always look at absolute numbers. Joe Reinke:                   31:23                So if you go onto these budgeting apps and all this stuff, it's all absolute numbers and it's like, Oh well I'm going to cut, stop drinking coffee, you know, and boil and make my own coffee. It's like, great, you save $2 you know, a day or $50 a month. Like that might be 0.04% of your budget, but you don't want to learn something about retirement savings and taxes. I can save you like 10% like learn the learn. And so when you start looking at percentages, you start seeing where you should focus your time on. And so that's number one thing. But the number two thing would that allows you to do is then we could sit there and say, look we break this down very easily here, right? So we say the first formula is income minus expenses equals discretionary income. With that discretionary income, you can then do two basic things. Joe Reinke:                   32:09                You can either build assets or pay off debt and before you even decide what to do with that, we can upload it and say, okay, on average, a new grad PT for example, can take 30% of their gross income and put it to those two groups, assets or debt. You just got to figure out how you want to do that. And so if you have no student loan debt like yourself, Karen, you'd be like, okay, well can I do 30% can I do 35% can I do 40% once you figured that out, then it's, well, now what do I do? Do I do my 401K you know, do I have self-employed income? So can I do a SEP IRA? What about a Roth IRA? What about HSA? What about just brokerage accounts? Oh, well I also want to say for a down payment for the apartment, what do I need to start saving for that? Joe Reinke:                   32:50                What do I prioritize first? And then that, so that's the part that we'll have the technology that we have built now what we're building for next year is where we can say once you say, okay, this percentage is going here, this percentage is going here, this percentage is going here, implement link all your accounts into the profile. And they would automatically track to make sure you're moving those percentages and that you're doing it correctly. And so yeah, right now we only help anybody with student loans. And then we track the student loan strategy to make sure they're doing it the efficient way. And then next year we're going to roll out the bigger piece of the technology. And that was part of the preview with the courses is the courses talk about all that stuff. And that was like the first phase of what we're launching for next year. Joe Reinke:                   33:35                We just got the courses down early and we're like, let's get 'em out. Like people are asking for them. So happy to get those out. But yeah, next year if you want to sit down and talk, let me know. Karen Litzy:                                           I think I might have, I'm thinking about a lot here. So is there anything else that we didn't cover that you're like, Oh, I definitely want to talk about this. I wanted to get this in. Joe Reinke:                                           Like we've talked about the percentages. The reason why I'm so adamant on that is because then it makes life easy. And what I mean by that is if you say, look, I know 5% is going here, 10% is going to here, percent going there. Joe Reinke:                   34:21                Well guess what? You get a raise every year, so all you have to do is calculate and say, okay, well no, I just have to increase how much I'm going into those, those different areas. It's automatic discipline. You don't have to think about it anymore. And not only that, but like if you get a bonus or a commission or a tax return. Yeah, you already know the percentages. Take this here, take this here, take this here, put it here, the rest I can go use on vacation. Hell have fun with it and you don't have to think about it anymore. Instead, I see a lot of people being like, Joe, I just got this $5,000 bonus. Like I'm stressing about, do I put it in my investments? Do I pay off my student loan debt? It's like, well, if he's had those percentages that you don't have to think about anymore, you already know what you're doing with it. Joe Reinke:                   35:00                So that's, you know, one more like they played it was one last thing to add. That's one of the big things is those percentages I strongly recommended. It doesn't matter who you are, where you're at, if you have student loan debt or not. If you're saving for a wedding, saving for college, saving for you know, kids. By the way, if you do have kids and you're saving for college for them, don't do it. Save for your retirement first please. They can fund college other ways. But make sure you fund your own retirement first before you can fund your kids. That's one of the biggest mistakes I see parents make. They want to fund their, call it kids' college education and their retirement is lacking. It's like no on your retirement first on their stuff later. So those are the big takeaways. Karen Litzy:                   35:42                Awesome. I mean, such good information. I really appreciate all of this. And now this question I been asking everyone lately who come on the podcast and it's given where you are now with your life, your business, what advice would you give to yourself as that 22 year old punk going home to his dad more than he does? Joe Reinke:                   36:03                I wish I would draw my ego level way before. That was, I was an athlete at that time too. So you get once, yeah, once you stopped playing sports and reality starts hitting then and all of a sudden it's like Mmm, well not on this pedestal anymore. You get shot down a little bit. But no, actually at that time for me, my big thing was I grew up around, you know, the rule of finance because that's what my degree was and everything. I was around wall street guys. Joe Reinke:                   36:41                I had a plan for money coming out of school, but it was simply just to make a lot of money. And you quickly find out that if your motivation is money, you're going to end up burning out. It doesn't matter what you do. If that could be going to take a certain PT job simply because it pays more because you need to pay off student loans. So I guarantee you, you didn't go to school for student loans. You went to school to be a PT. So if you're going for income and that's your only reason you're going to burn out. Okay. And like I said earlier, I've seen guys making half a million dollar bonuses on wall street that don't even work in finance anymore because they're so burned out off of it. And it took me a long time to realize that you're not money that shouldn’t motivate you. Joe Reinke:                   37:28                It's whatever you're trying to accomplish, that it'd be building a technology that'd be treating patients. And if all you do is strive to be the best at building that, that certain thing or focusing on those first two goals, I talked about your family and your work and you're really focusing on those, that the monetary side will take care of itself in the long run. Like stuff will happen and take care of itself if that's what your main focus is. And like, I mean, fitbux is the living proof of that. I've said it from day one to our investors and everything. Don't ask me about revenue. Don't ask me about shiny objects. Like we talk about business owners all the time. It's one of the hardest things to do because you see so many opportunities out there. You're like, Oh, if I just do that, just a little shiny object, it's going to make me a couple extra thousand dollars, but it's going to be a distraction. Joe Reinke:                   38:18                It is not part of your main thing. Now you're chasing money instead of being focused on why you are doing what you're doing. And so that was one of the big things that I had to learn was, you know, it's not about making a million dollars or $5 million or $10 million. It's focusing on what you love doing and the recipe, it will come true. I mean like Karen and you're, you're a perfect example of that. You love doing the podcast, you love getting out there doing that stuff and helping people and guess what you've been successful at doing it. You've been successful as your PT career, all that stuff falls in line. If you're focusing on the right things and money's not the right thing to focus on is the bigger picture. What does money actually represent to you? What does it mean to you? Why do you want it? Because you can have all the money in the world. Do you want it to do something? Focus on that. Do something first and then the money will come from that because you're going to be the best at what you do. Karen Litzy:                   39:10                Great advice. I love it. And now where can people find more information about you? Contact you find more about Fitbux. Joe Reinke:                   39:20                https://www.fitbux.com/ As the website. As you said with the courses, it's just underneath money school. If you drop down the header underneath solutions, there'll be money school on there. That talks about our courses. If you want to come on and, you already know for example, that you want to do the student loan forgiveness strategy and you just want to sign up for our $5 a month tracking solution. You just go into solutions and sign up. We have a payoff strategy. We also had the loan forgiveness strategy. If you want to go in and use our refinance service, it's free. All you got to do is build your profile and schedule a call. We'll walk through making sure that refinancing is right for you and then go shop nine lenders. And if you have no idea what you're doing Joe Reinke:                   39:59                And don't feel ashamed, about 70% of the people that come on our platform don't have a clue where to even start. And that's statistically true cause we asked them have you looked at anything? And they say, I have no idea. And so we, that's all free too. We'll have you come on, you build your profile, we go through the payoff options, we go through the loan forgiveness options. And then depending on which one you feel more comfortable with, we'd go deeper and deeper into how to actually implement that strategy. I mean that's all free too. You just go to the website and click join now and sign up, schedule a call and we'll be talking soon. Karen Litzy:                   40:30                Perfect. And just so if people aren't familiar, it's fitbux.com. So Joe, thank you so much for coming on. This was great info. I learned, I learned a lot. So thank you so much. Glad that we can teach and it's always fun and hopefully we'll see you at another conference or conclave or something soon and I'm sure talk more. And everyone, thanks so much for listening. Have a great, great couple of days and stay healthy, wealthy, and smart.   Thanks for listening and subscribing to the podcast! Make sure to connect with me on twitter, instagram  and facebook to stay updated on all of the latest!  Show your support for the show by leaving a rating and review on Apple Podcasts!

Joseph Reinke is a CFA on a mission to provide transparency to healthcare professionals on how to manage student debt. He also works with medical travelers through his company, FitBux. Listen to this episode as we cover specific problems travelers face and unique opportunities that you need to know to know about! 4:00 The background of FitBux 7:00 The big question to ask about student loans 9:00 Loan forgiveness plans 11:00 Financial discipline for healthcare professionals 14:00 Debt repayment specific to physical therapists 21:00 401K as a traveler 22:00 W2 vs. 1040 employee 24:00 Podcasts and books: StarTalk Radio https://www.startalkradio.net/ Astrophysics for People in a Hurry by Neil deGrasse Tyson http://amzn.to/2Chh6S8  Rich Dad, Poor Dad by Robert T. Kiyosaki http://amzn.to/2CtiJ2n  31:00 Time value 34:00 What are pre-payments? 38:00 Certified Financial Planners and knowledge of debt 41:00 How to start financially as a new graduate Contact Joe: Website: https://www.fitbux.com/  FitBux FaceBook Page: https://www.facebook.com/fitbuxofficial/ Podcast: www.newmedicalnomads.com/p/podcast Safe community for medical traveling questions: https://www.facebook.com/groups/newmedicalnomads/ Page for the latest episodes: https://www.facebook.com/NMNPodcast/ Youtube Channel: https://www.youtube.com/channel/UC6611EoYBQx3u_b18T5CJMA iTunes: https://itunes.apple.com/.../new-medical.../id1265522986... Stitcher: https://www.stitcher.com/.../the-new-medical-nomads-podcast/

As a financial advisor, the student loan problem is a major issue when building financial plans. On this episode of The Resilient Advisor Podcast, Joseph Reinke, CFA of FitBUX shares his thoughts on solutions to this issue. Connect With Joseph   Twitter: @Fitbuxofficial Facebook: @Fitbuxofficial Website: www.fitbux.com     About Joseph   Joseph Reinke is the CEO and founder of Fitbux, Inc. FitBUX is introducing innovative finance products and technology to the student lending industry. Joe has been in the finance industry for over a decade and is a CFA Charterholder. He has hosted numerous live chats about student loans with SPTs across the country, presented at the California Student Conclave, appeared on podcasts, and written numerous financial blogs.   Tags: Jay Coulter, The Resilient Advisor, The Resilient Retirement

Joined by our guest Joseph Reinke, CEO of FitBUX, in this episode we discuss what you need to know about loans, school debt, credit card debt, the financial questions you should be asking as well as what to consider now, as a future DPT student! We also address the purpose and value of FitBUX and Fit PT for Pre-PT and DPT students, as well as how you can get a free student loan analysis today and more!

What are wealthy people doing that the rest of us aren’t? Financial experts Joseph Reinke and Will Butler drop some massive truth on how you need to be thinking about priorities with your money and your time.

In this episode the Knowbodies host a relaxed and insightful episode with special guest Joe Reinke, CFA. Joe, the creator of www.fitbux.com, shares some incredibly important tips on how to tackle a budget. As so many young (and more experienced…) professionals learn the value of a dollar and plan for the big and small things in life, the frugal details of what makes financial sense can sometimes get lost or overlooked. We hope all our listeners find financial freedom. Adopting a healthy budgeting mindset can help pave that journey, and that’s exactly what Joe emphasizes in this episode. To learn more about Joe, his tremendously useful and EASY website, and to view the show notes, simply keep on reading below. Enjoy!   Joseph Reinke is the CEO and founder of Fitbux, Inc.  FitBUX is introducing innovative finance products and technology to the student lending industry with a specific focus on physical therapist.  Joe has been in the finance industry for over a decade and is one of the few CFA Charterholders in the world who has experience in both wealth management and business valuation (globally, there are only 120,000 CFA Charterholders).  He has hosted numerous live chats about student loans with SPTs across the country, presented at the California Student Conclave, appeared on podcasts, and written numerous financial blogs. Check out our initial podcast with Joe Reinke here! Show Notes Defining a budget and why we care The importance of mindset and behavior change to leverage time and money Quick tip to make a wedding cheaper Budget Formula 1: Income - expense = Discretionary income Budget Formula 2: Assets - debt = net worth. Take discretionary income and increase assists or decrease debt Defining the MODIFIABLE factors: assets; discretionary income; human capital The value of TIME is the MOST important budget component Improving income is limitless, cutting expenses is limited How to find out how much your time is worth Leveraging human capital to optimize time Book shout out to Benjamin Graham “Intelligent Investor” Good habits make good health, a good mindset makes good money   To learn more about Joe and how Fitbux can help you, please visit the following sources:             Online @ www.fitbux.com and www.fitpt.fitbux.com             Facebook @ fitbuxofficial             Twitter @ fitbuxofficial and @ fitptofficial

Show Notes:   Joseph Reinke is the CEO and founder of Fitbux, Inc.  FitBUX is introducing innovative finance products and technology to the student lending industry with a specific focus on physical therapist.  Joe has been in the finance industry for over a decade and is one of the few CFA Charterholders in the world who has experience in both wealth management and business valuation (globally, there are only 120,000 CFA Charterholders).  He has hosted numerous live chats about student loans with SPTs across the country, presented at the California Student Conclave, appeared on podcasts, and written numerous financial blogs.   In this episode Joe and the Knowbodies discuss: The development and back story of Fitbux and why Joe ventured into helping PT students What makes the PT so unique when dealing with student loans? What is “human capital” and why is it so important when determining the best repayment strategies What technology is being used to develop the best service for students planning for their future What are the important numbers and loan information you will need to get your strategy progress in motion A special case study with real numbers in a true scenario for a recent PT grad The step by step process of reaching a decision based on what is important to your specific needs How to target which loans to repay first Establishing federal versus private repayment plans Income driven repayment versus extended loans When to switch from one repayment option to another or how to refinance your current strategy, especially during life events such as weddings, children, moving etc. What impact will student loan repayment have on starting a business Is there an ideal method to plan for retirement or savings when facing significant student loan debt How to be less stressed and in more control of your debt by implementing a Fitbux strategy   The content Joe shares is truly information that the knowbodies support and hope to share with all that could benefit from it. Student debt is not a crippling monster, it is something that takes strategy and planning and with the right advice and guidance it can be managed. To learn more about Joe and how Fitbux can help you, please visit the following sources:             Online @ www.fitbux.com and www.fitpt.fitbux.com             Facebook @ fitbuxofficial             Twitter @ fitbuxofficial and @ fitptofficial

On this week’s episode, I had the pleasure of discussing financial strategies for Doctor of Physical Therapy student loans with Joseph Reinke. Joseph Reinke is the CEO and founder of FitBUX, Inc which is introducing innovative finance products and technology to the student lending industry with a specific focus on physical therapists. In this episode, we discuss: -Why FitBUX is in the business of aiding human capital development -Helpful and actionable strategies to manage student loan debt -Options for new graduates in debt that want to start their own business -Why student debt should not get in the way of a worry-free retirement -And so much more!   Joe recommends starting as early as possible on the road to entrepreneurship if that is your long-term goal. “Even if you're a student and you know you're going to be an entrepreneur, start networking at all these events with people who have podcasts or have private practices. Get into that setting so all that human capital that you are developing is geared toward being that business owner because the more you do of that the higher probability you will be successful.”   Joe has found that finance is more about discipline and delaying gratification. Developing strategies to tackle financial obstacles can help provide the extra discipline needed. Joe states, “The other thing you’re doing that is even more important is you’re developing discipline. That’s one of the hardest things to do in finance. We want instant gratification on everything. It doesn’t matter what you’re doing in finance, it can be paying off your loan, saving for retirement, buying a house and paying that off—there is no instant gratification...”   Joe cautions his clients to consider the downside. The more prepared people are for unexpected shocks, the less they will struggle with financial obstacles. He recommends, “Keep it simple and strategize… The stress a lot of people get financially will be gone or it will be a lot less because you'll be prepared. That’s when I see a lot of people get into financial stresses. They just get hit with a tsunami at some time and they are not ready for it and that’s when you start seeing people stress out about money.”   For more about Joe: Joseph Reinke is the CEO and founder of Fitbux, Inc. FitBUX is introducing innovative finance products and technology to the student lending industry with a specific focus on physical therapists. Thus far in FitBUX’s beta test, they have helped PTs develop financial strategies on over $11mn in student loans. Joe has been in the finance industry for over a decade and is one of the few CFA Charterholders in the world who has experience in both wealth management and business valuation (globally, there are only 120,000 CFA Charterholders). He has hosted numerous live chats about student loans with SPTs across the country, presented at the California Student Conclave, appeared on podcasts, and written numerous financial blogs.   Resources: FitBUX: Sign-up for the beta test that is testing FitBUX technology to help answer SPTs and DPTs questions about student loans such as “do I invest or prepay my loans?”, “do I pay down my loans or go onto a Federal Income Driven repayment plan?”, “what are my refinancing options and should I refinance?”…And the beta test is FREE! FitBUX Blog for Physical Therapists FitBUX Blog on Finance FitBUX videos on student loans PT Pintcast Episode NewGradPT: How Physical Therapy Careers are Changing   Social Media: FitBUX Twitter FitPT Twitter Facebook LinkedIn   Thanks for listening and subscribing to the podcast! Make sure to connect with me on twitter and facebook to stay updated on all of the latest! Show your support for the show by leaving a rating and review on iTunes!   Have a great week and stay Healthy Wealthy and Smart!   Xo Karen   P.S. Do you want to be a stand out podcast guest? Make sure to grab the tools from the FREE eBook on the home page! Check out my latest blog post on The Do's and Don'ts of Social Media!   P.S.S. Check out the inaugural Women in PT Summit here! Sign up now as space is limited!