Jun 1, 2018
How one person amassed one million dollars in student loan debt, some thoughts on repayment and investing and a look at the pharmacy blogs, podcasts, and videos that you don't want to miss.
YouTube Video on Pharmacist Student Loan Repayment Options
Full Transcript:
welcome to the pharmacy leaders podcast
with your host Tony Guerra the pharmacy
leaders podcast is a member of the
pharmacy podcast network with interviews
and advice on building your professional
network brand and a purposeful second
income
welcome to the pharmacy leaders in hard
cash today I'm going to be talking about
an article that made me absolutely sick
it's in the article itself is in
Brookings on Brookings edu it's called
why the dentist with 1 million in
student loan debt spells trouble for
federal loan programs it was originally
picked up originally written I think in
the wash Wall Street Journal but the
crux of it is that this dentist one of
101 people owe more than a million
dollars in student loan debt to a single
person and I just it's just you know my
jaw kind of dropped and and I wanted to
read and kind of understand how that
that could happen and it really comes
down to the limits that there are no
limits on how much you can borrow and
he's not leading a bad life he
apparently has makes two hundred fifty
five thousand year quarter of million he
has a four hundred thousand dollar house
and drives a Tesla but he only has to
pay fifteen hundred a month on his
student loans and then his student loans
will actually be two million dollars in
twenty five years and his student loans
I guess the thing that just kind of blew
me away was that his student loans grow
by a hundred and thirty dollars a day
that just is insane to me
so I just I wanted to bring in somebody
that could talk intelligently about
student loans and then the madness that
kind of is going on with how do you how
do you figure out the best way to repay
now before I go to that I want to kind
of speak to the people that are going to
be applying to pharmacies
fools the early admissions deadline I
think is early September I want to say
September 4th or something like that
and I want to kind of give you the pros
and cons of early admission I think I'm
gonna do a full podcast episode for when
I'm away on family vacation but the kind
of two things that I want you to take
away is that the first thing that I
think most pharmacy students are most
people going into pharmacy school fear
is not getting accepted you know the
fear of rejection seems to trump
everything well a u.s. news article had
that more than 50 programs offered early
assurance and this is in 2017 I just
counted there's a hundred and twenty
schools that are now offering early
assurance so that means that you are
locked in that is the one school you can
apply to and that is the only school you
can go to if they accept you not why is
this good well it's good because you
know you're in you don't have to worry
about that you can get everything set up
for the next year why might this not
make a lot of sense in an environment
where we're having a bit of a crisis
with these student loans and the student
loan debt well what happens is that if
you are so scared of not getting
accepted and then you just take the
first one then it means that you haven't
seen how much it would have cost to go
to other schools so there's no real
market there you don't you don't know
how much you would have paid and who
usually applies for early assurance are
the a students who have the confidence
and the grades to get in you know at a
very high level but that means that the
a students might actually be paying a
lot more than the B - C students who
because maybe they're not sure if
they're gonna get in apply to many many
more schools so I'll talk in depth about
that I don't want to belabor that this
time but I think I'll talk in depth
about that the next time kind of a plan
for
applying to pharmacy school as I've been
looking at the farm caste numbers and
the farm caste website there are some
things that pharmacy schools have done
in the survey that are absolutely wrong
so the farm castes data is in many ways
completely unreliable especially as it
comes to a number of students that they
expect to admit and then the number of
students that will actually enroll and
that's the one of the most important
kind of markers of is this a top not a
tough quality school is this a school
that many people want to go to so if
somebody gets an acceptance to Harvard
most people are gonna take that
acceptance and the reasons they're not
going to might have been the money or
something like that but most people are
gonna take that so if you have a really
high number of people that take the
acceptance then that's saying okay well
most of them really really wanted to go
here this was their first choice if
however the yield is much much lower for
example you know it's for every five
people they accept only one person takes
it then that's a school that people
don't necessarily have as their top
choice so some things I'll talk about in
next episode I don't want to belabor
that lets talk about the mothership so
just a couple of episodes but some very
important ones the pharmacy Future
Leaders pharmacy practice experience B's
and I think Haley Ward with Johanna Pio
they talked about Hospital Epis and so
if you're in your early years in
pharmacy school I think that was pretty
valuable to to kind of better get an
insight of what's going on on the inside
and then Aaron Albert had an episode mid
career fellowships with founder of pro
fellow dr. Vicky Johnson and I'm talking
about how just as many people are like
well I can't go back to do a residency
which is kind of not true maybe a
fellowship would be something that would
be a choice rather than something like
that so again a good episode as
well from arendelle Albert who's coming
up this week this week I have two guests
and then I've kind of gone to this three
a week format rather than four it's it's
a it's where I feel comfortable but I
may increase it if I if I get some if I
get some more interviews I may go back
to for a week but for right now it's
three a week the first guest will be on
Monday and that's Eric Christensen who
started a new podcast if you don't know
his name you probably know med ed 101
and he's got a new podcast real life
pharmacology so where I teach
pharmacology really p1p2 year he kind of
takes the baton there and talks about p3
p4 year case studies as a clinical
practitioner and he's a Minnesota grad
with a ton of great experience and a
great content so I highly refer his
real-life pharmacology podcast then
someone I heard on BiggerPockets Money
podcast gosh I want to say it was just a
week ago
Travis Hornsby and he talked about his
path with his wife who's a physician and
how she had student dead and he didn't
and then it all went all the way to him
creating a company to help people pay
off student loans and I've got a video
that he made for me on my Tony pharmd
YouTube channel if you want to check it
out but he talks about in that video how
to maybe assess student loans and he's
responding to a Dave Ramsey video so
Dave Ramsey made a YouTube video hundred
thousand downloads that kind of told
this person who was having two hundred
forty five thousand student loan debt
don't even think about buying a house
get the loans paid off and then it's
time to buy a house and in that YouTube
video he goes Travis Hornsby takes the
time to to go through a spreadsheet and
kind of give a little more of an option
rather than this is it but you know
people that watch Dave Ramsey or listen
to Dave Ramsey kind of like that you
know he's just like this is what you
should do and
you know he doesn't say well you could
do this or you could do that it's just
like this
this is the way so I definitely
recommend you check out that YouTube
video thanks guys for listening again if
you put pharmacy leadership now in
Google I am actually the fourth hit out
of 281 million so that was kind of cool
to see again TLDR pharmacy had the new
FDA approval trigger so which is an HIV
medication with a completely different
mechanism of action than we've seen in
anything else so kind of cool that we've
got something new in that category
Jackie Boyle put a blog post up the own
this could be the only thing holding you
back and she's on now her blog post
around the happy farm decom and she
talks a little bit about imposter
syndrome she calls it something a little
bit different but I always love her blog
post cuz there's one page full of value
and done so I definitely recommend you
check that out I was listening to your
financial pharmacists podcast the last
two and we had dalton fabian on I don't
remember photos pharmacy leaders podcast
or pharmacy future leaders but he talked
about his road and and how it had a
little bump in it and how he made the
best of it with computer science and and
he talks in this yfp episode about a
graduate program that he's going to I'm
gonna guess it's the Coursera one
because I think Georgia Tech does have
master's degrees for about 10 grand they
managed to just take all the fluff out
of it and just give you know a very
valuable degree for about ten thousand
dollars if I remember right and he talks
about his student loan debt and kind of
his plans and they don't have any
consumer debt
I think he's newly married ish and kind
of how they're approaching their future
so that was kind of cool episode 48 and
then episode 49 really got the real
estate bug back
should I pay off my house early or
should I invest and and I kind of took a
look at mine and you know I'm kind of at
the point where if I wanted to I could
maybe pretty aggressive with paying down
the house and and so just to kind of
recap really quickly I have a primary
home with my wife and then I have a
rental property right now it has a 33 or
34 percent position maybe 40 percent
loan to value I think did I get it right
so 40 percent of its paid off 60 percent
I still owe and I could probably pay
that off in a couple years but is that
the best option and I just I just like
having money in the bank I like knowing
that I can pay for any emergencies that
come up I like knowing that I have rents
if nobody's you know renting it although
the the tenants are coming back next
year
you know I just like having money so in
the ass Tim and Tim should I pay off my
house or should I invest and my choice
was to invest but not in securities I
really don't understand securities I did
put you know the IRA max which is like
fifty five hundred in there this year
but I'm definitely gonna start looking
at houses and I thought about looking at
another house in my area but I think I'm
going to look in Baltimore to 1 2 3 oh
to 1 2 to 4 or Tempe Arizona eight five
two eight one eight five two eight four
both places I've lived both places I
know really well and I have in both
cases I would have a real estate agent
that I know very well and that can go
get the house for me without me actually
having to fly out there and there are
people that I trust and so in terms of
investing you know I think a lot of
times we we worry about the details but
if I've got somebody who's more
experienced than I am and this person
has 17 years of experience as a real
estate agent I trust her judgment
so when we're talking a deal we're
talking numbers we're looking at
pictures but you know I don't actually I
probably the first time I'll probably
see the house might be after my first
tenants been there a year that might be
the case so anyway my answer to the Tim
and Tim should I pay off my house early
or invest my decision was to invest even
though I think we might be at the top of
the market
I still think putting in you know even
20 percent and having that money come in
from somebody else that additional cash
flow just it just it's something I
understand I understand real estate
Richards Manu rx radio I think I talked
about this last time but Richards
monumental podcast in interview on
building brand and this advice came from
Blair Tila Meyer to you absolutely want
to be known for something so I think
people know me as the podcast guy or the
leadership podcast guy or the guy that
wrote a book and he's doing really well
or the guy but honestly if I were
described what my you know expertise is
my expertise is turning muddled and
difficult nonfiction content into
something that is audio and very
accessible so we'll see my audio book
memorizing pharmacology mnemonics it's
still in review it's been a couple days
I watch it every single day what's it
twice a day so hopefully that'll be
successful I'd really enjoyed working
with Mike Lynch who is not the voice
talent that did that he's a pharmacist
out in New York and will have two
episodes with him he's just really great
stuff so really excited to bring him on
the podcast in a couple of weeks
let's see talk to your pharmacist
podcast I think Blair I think I'd
mentioned that she had had an episode I
want to say two weeks ago but I always
loved the hearing Blair Tila Meyer and
hearing that story of how she had her
you know back against the wall
financially and came out to be an
entrepreneur who was absolutely killing
it Kevin Yi I real
like this video don't let the fear of
success hold you back I always love
listening to him he's such a straight
shooter and really just kind of is very
transparent puts himself out there and
love hearing his his YouTube channel and
did he break 5 yep five thousand and
eight subscribers so Kevin Yi Congrats
on breaking five thousand and then Brian
fun talks about why he started on
YouTube so i also recommend him paul
tran come on man make a video it's been
almost a month so i just just some guy
that i followed a lot and referred a lot
because I have so many pre-pharmacy
people so again the the YouTube video
that I mentioned I may not have actually
given you the title but it's called
pharmacy school student loans
forgiveness and other options a two
hundred and forty thousand case study
and it's on Tony pharmd YouTube you can
find it as the first video there alright
well have a good weekend hopefully some
of this content is valuable to you as
always it's easiest to hit me up on
facebook Messenger but you can tony
PharmD one but you can always reach me
my email a a gue RRA at DMACC edu as
well but yeah we'll hear from Eric
Christians and then we'll hear from
Travis Hornsby and then I will have a
pre-recorded video I'll be on vacation
for a week but there will be episodes at
least three days a week at that time
support for this episode comes from the
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