In this episode, Jimmy interviews finance wiz and FitBUX founder and CEO Joseph Reinke (@FitBUXofficial ). Joe tackles Jimmy’s financial questions with a Jack Daniel’s at hand, while Jimmy celebrates summer with a Traveler Grapefruit Shandy. Jimmy and Joe discuss every #DPTstudent’s favorite topic, student loans and repayment plans. A chartered financial analyst, Joe graciously offers financial advice and breaks down the technology behind FitBUX’s Income Share Agreement that in terms anyone can wrap their heads around.
Contact Joseph Reinke and the FitBUX
Episode 90 Shoutouts
Ryan Haskins (@RyanHaskinsSPT): Brew and Q
Mike DPT18 (@MTMDPT2018): Brew and Q
Episode 90 Highlights
(4:15) Understanding the options and creating a hypothetical budget
(6:45) What are income driven repayment plans?
(8:45) What is Public Service Loan Forgiveness (PSLF)?
(11:45) What is RC11?
(16:25) What is FitBUX: What do you do and who do you work with?
(17:00) What is human capital?
(19:35) What is a Fitbux score and what does it mean to one’s financial future?
(20:15) Best strategies for #FreshPTs
(22:45) How is income share agreement different from income driven repayment plan?
(26:20) When do I have to start paying back student loans? What is the grace period?
(27:25) What is a reserve account and how much should be in it?
(29:25) Which loans should I pay off first?
Q and Brew
(34:40) Ryan Hamic (@PhxManual): Does anyone have good data on average student loan amounts for graduating dpt and ptas?
(35:30) What is average starting salary?
(36:30) How is paying off student debt different than a home loan?
(38:45) What is a debt-to-income ratio?
(40:00) Ryan Haskins (@RyanHaskinsSPT): What is best way to pay off loans ASAP?
(42:05) How do student loans affect your credit score?
(43:45) Do fellowships and residencies count as school for deferral purposes?
(45:00) Does public loan forgiveness program work with undergrad and master degree programs or just the PT degrees?
(48:15) Will cost of PT programs continue to rise?
(50:15) Mike DPT18 (@MTMDPT2018): Difference in managing payments for a student loan and doing the same for a mortgage or car loan?
(50:30) “Keep it simple” v “All debt is not equal”
(52:00)Rachel Jermann (@RJGotAGoni ) : How does loan consolidation work?
(54:00) Private companies and loans
#partingshots “Keep it simple and strategize”
Created by: Meghan Zwahlen