Ep 38. Getting Serious About Paying Down Debt w PT Money

9 Replies

Phillip Taylor studied to be a CPA in college, just like his dad. He graduated with some debt and decided to add to it by buying a house. In order to afford his new house, he didn’t max out his 401k—he didn’t even contribute enough to get the full company match!

By the time he got serious about paying down his debt, it totaled $95,000. PT decided to journal his experiences on a blog he called PTMoney.com. And something amazing happened. He found his tribe.

PT soon discovered that there was a whole community of people with financial problems who were willing to talk about it online.

PT wanted to meet these people in person, have live discussions about issues they were all facing, and share ideas. He started a conference that has blossomed into THE money conference to attend, FinCon.

PT shares his story of going from a finance guy who made bad decisions to a guy who helps others make great decisions about their own finances.

Listen here or on your favorite podcast app.

I usually really enjoy this podcast, and I enjoyed most aspects of this week’s episode. However, I have a huge issue with the health insurance topic brought up, specifically the discussion of the health share companies only banning “drunk driving”. NO Health share ministries allows same sex couples. This is a huge blind spot in the financial independence community. Would you buy health insurance from a place that doesn’t allow people of different races to buy health insurance from them? I would bet the answer is no, because it is blatantly discrimination. This needs to be talked about so that someone smarter than me can come up with a good solution. Please find or invent affordable healthcare that is not dependent on sexual orientation or other discriminatory factors.

@Jenessa NeSmith while I think you have a valid point, I think you're being a bit unfair. I had a similar reaction because I am in no way religious let alone a christian so I also wouldn't qualify.

But I think the overall concept of a large group sharing health care costs is a good one. Ironically 'health insurance' is that exact concept but because they seem to want to suck a large amount off the top and provide little in the way of benefits it doesn't end up working out.

I applaud these alternate solutions and I hope some of them work out. My wife is a healthcare professional and I assure you that service providers as well as people needing healthcare would love a solution to this problem.

My training is in things like finance and corporate strategy and my practical experience is in Information Technology and Real Estate. 

Based on that, I'd say the best chance we have to fix healthcare is truly to disrupt the current model and some of the best things I've heard are these medi-share or subscription type medical plans.

My biggest problem is the way it was addressed in this particular episode of the podcast...to flippantly say that as long as you don't drive drunk, Medi-share will cover you.  Religious health sharing systems are a much bigger issue than that.  This has always been a hot button topic for me because of the fact that how I was born I don't qualify for this "christian" health care plan.  I know that you say you aren't christian so you wouldn't qualify, you could still qualify for liberty share, which the podcast referred to as the choice for "non-religious people".  However, my wife and I would not qualify as a couple simply because of the way we were born.  This is discriminatory.  How exactly am I being unfair? 

I completely advocate for families doing what is best for their health and their circumstances.  However, if you choose to use a company like this, then you need to acknowledge you are supporting discriminatory practices.  Again, would you share health insurance with a group that doesn't allow certain races to participate?  

I agree that we need alternate solutions for healthcare. I am simply pointing out the flaws of the current alternate system to start a conversation, because this episode of the podcast did not. It is important that those with voices in the financial independence community also point out these flaws, because this is the only way that someone will take notice and come up with a better solution.  

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Jones’s a, I absolutely agree with your point of view and it is not only a sad fact of life, but very ironic to know there is such a harsh discrimination by such a group. I also agree with Jeff in that it seems the health insurance industry needs to be flipped upside down and major changes made. The same can be said for our society’s outlook/mindset on the self-accountability of our health. But I’ll not walk down that path. I will say I absolutely love the various discussions on the site and look forward to learning new things everyday I log in!

@Jenessa NeSmith   This discussion is very backwards.    If you want non-discriminatory healthcare you can purchase the big insurance names, the expensive stuff that covers everything.  For years, those of us who believe the message of the Bible were part of the big insurance pool.  But as government allowed people to make choices that Christians do not support, there was a dissatisfaction in the lack of choices.  These Health share ministries were born so that Christians have a place where they can feel comfortable that their money does not support things that violate our conscience.  It is a place where birds of a feather flock together, so to speak.  Evidently, it doesn't cost as much to insure us.

As for the use of the word discrimination.  We need to discriminate in the right ways.  There are hundreds of properties for sale.  If you'd like to buy one, you better discriminate wisely.  I need to buy a car soon.  There is Chrysler, Ford, Buick and a bunch of foreign makers.  Of the manufactures I named, one I'd never buy, one I love, the other is ok (in no certain order).  I like Raisin Bran for breakfast, but I don't buy the other brands. You can see from my picture to the left what race I am.  When I sit down at a table with a bunch of people and we begin to dialogue about something, I DON'T say to myself "I won't pay attention to that person because of the color of their skin."  I would quickly cover the eyes of my children to keep them from seeing some of the things that people choose to do in public. 

What do you think?

We are totally on the same page.  One of the best parts about this country is the freedom of religious beliefs.  You obviously believe the "message of the Bible", so you are free to choose a healthcare plan that follows your beliefs and only allows straight practicing sects of Christians to participate.  However, acknowledge that you are making this choice.  To say that this health share plan only prohibits drunk driving and smoking (like they say in the podcast) is false.  These health share plans directly discriminate against people who are gay.  

I can choose what kind of car or cereal to buy.  I can choose my religion.  However, I cannot choose my sexuality.  I was using race as a similar example, because it is also something you cannot change.  

I am absolutely not implying that you or anybody who participates in these is overtly homophobic or racist.  I am saying that you need to acknowledge that the company from which you purchase healthcare is homophobic (discriminating against people who are gay).  Acknowledging this issue leads to awareness, which leads to discussion and conversations, which leads to a solution.

If the financial independence community continues to bypass this issue in religious health share companies, we are being complicit in our silence.  Only by talking about it can we inspire someone to find a health care solution that is accessible to all types of people. I am simply saying that we need to talk about it. 

Wow! I thought this was going to be about paying down debt. And then I thought it must be a parrallel universe of some kind; nope, it is just bigoted folk being elitist about stuff including health care and excluding Jews and Gays from the program-is that really happening; and what does that have to do with the original thread? Just asking.

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