232: Joseph Reinke, CFA: From Student Loans to Retirement

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!