This episode also coincides with the show’s seventh birthday, making it the perfect time to pause, reflect, and tackle a topic that quietly influences every podiatrist’s career yet is rarely discussed openly: money.
Why Talk About Money on a Podiatry Podcast?
Money can feel like an uncomfortable topic in healthcare. Many of us entered podiatry to help people, not to talk about finances, lending, or wealth creation. Yet financial stress is one of the most significant contributors to burnout, career dissatisfaction, and poor life balance.
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That’s why I invited Andrew Jacobs onto the podcast. Andrew is an osteopath-turned-mortgage broker who specialises in working with allied health professionals. He understands how health practitioners think because he is one. He’s also the author of two books, PAID OFF and HEALTHY MONEY, both written specifically for health professionals who were never taught financial literacy at university.
This conversation isn’t about chasing flashy lifestyles or becoming obsessed with money. It’s about understanding how money works, so it stops working against you.
Financial Literacy Is A Form of Education
One of the strongest parallels Andrew shared is the similarity between money education and patient education. As podiatrists, we know that if a patient understands why a treatment matters, they’re far more likely to follow through. The same principle applies to finances.
Most people aren’t taught about interest, debt, cash flow, or lending structures in school. If your parents didn’t talk about money, you were left to figure it out yourself. That lack of understanding can quietly cost hundreds of thousands of dollars over a lifetime.
Andrew’s approach focuses on education first. Once practitioners understand the basics, they make better decisions, ask better questions, and stop blindly accepting whatever a bank puts in front of them.
Small Changes, Massive Long-Term Impact
We discussed how small adjustments can create enormous long-term benefits. Simple changes such as repayment frequency, offset accounts, or making modest extra repayments can significantly reduce loan terms and interest paid over time.
The banks won’t volunteer this information. Their business model depends on loans running for as long as possible. That doesn’t make them evil, but it does mean podiatrists need to be informed consumers.
Understanding how these systems work gives you leverage. It allows you to decide whether to pay off debt faster, invest strategically, or create greater flexibility in your working life.
Why Banks Actually Like Podiatrists
A surprise to many listeners is that podiatrists are considered low-risk borrowers. The profession is stable, in demand, and unlikely to disappear. As a result, many lenders offer profession-specific policies that podiatrists may not even know exist.
These can include reduced deposit requirements, lending flexibility, interest-only structures, and more favourable serviceability assessments. The challenge is that these options are rarely advertised, and loyalty to one bank can quietly become expensive.
This is where working with someone who understands both podiatry and lending can make a significant difference.
Delayed Gratification and the Long Game
Another key theme of this episode is delayed gratification. Many practitioners delay financial planning in favour of short-term comfort, thinking they’ll “sort it out later.” The problem is that time is the one thing money strategies rely on most.
Starting early doesn’t mean sacrificing everything. It means being intentional. A few smart decisions early in your career can create decades of flexibility later. That flexibility might look like working fewer days, reducing stress, or having the freedom to choose how and where you practise.
This Episode Is About Choice
Ultimately, this episode isn’t about becoming wealthy for the sake of it. It’s about creating options.
Financial literacy gives you a choice. Choice over workload, choice over lifestyle, and choice over how long you want to stay in clinical practice.
Whether you’re a student, a new graduate, a clinic owner, or approaching the later stages of your career, this conversation offers a powerful reminder: understanding money is not optional if you want a sustainable, fulfilling career in podiatry.
Take Some Action Today
I encourage you to take action. Learn, ask questions, and remember that financial clarity is not about greed. It’s about peace of mind.
You can connect with Andrew Jacobs via his website www.mortgagechoice.com.au/andrew.jacobs. From there, you can gain access to his two books, PAID OFF and Healthy Money, and learn more about how he works with allied health professionals.
And if you’d like support with goal setting, business direction, or mapping out the next stage of your podiatry career, you can always reach me at www.tysonfranklin.com. There you’ll find my coaching page and the option to book a free 30-minute Zoom call.
Thanks again for listening, for supporting the podcast over the years, and for being part of the Podiatry Legends community.
If you’re looking for a speaker for an upcoming event or a facilitator to run a pre-conference workshop, please visit my Speaker Page to see the range of topics I cover.
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PODCAST TRANSCRIPT (unedited)
Tyson E Franklin: [00:00:00] Hi, I am Tyson Franklin, and welcome to this week’s episode of the Podiatry Legends Podcast, the podcast design to help you feel, see, and think differently about the Podiatry profession. With me today is Andrew Jacobs. Andrew is an osteopath turned mortgage broker who specializes in allied health practitioners refinance or secure new home loans for their homes, investment properties, and business.
He’s also known as the Allied Health Lending Specialist, and he’s the author of two books. One is called Paid Off, and the other one is healthy money. And we are gonna dig really deep into these. So Andrew, welcome to the podcast.
Andrew Jacobs: Tyson, thank you for having me. It’s a pleasure to be on the podcast.
Tyson E Franklin: This is gonna be fantastic because it’s a topic I have not discussed on this podcast yet.
I think it’s one that Podiatry, doesn’t matter which country they’re in. Yeah, we’re based in Australia, but in general, money is money. So I’m looking forward to digging into this.
Andrew Jacobs: At the end of the day, money is [00:01:00] money. And if you’re in Australia or anywhere around the world, it’s important to understand it.
It shouldn’t be your life or some people it is and that’s okay. But it’s important to understand it. And I think a lot of people don’t get that financial literacy from school or from their parents. And if you don’t go out and look for it, it can really put yourself backwards. And if you ultimately understand money, it will really make you make better decisions and get you ahead in life.
So it’s something that’s really important to understand.
Tyson E Franklin: So there’s the one thing you’ve noticed. People in the health industry, if they’ve come from a family that have maybe had businesses or a finance background, they seem to be more in tune with doing the right thing compared to people that have never had that exposure.
Andrew Jacobs: I think that’s in every industry. Not only just healthcare. If your parents talk about it at the dining room table, yeah. You are ultimately gonna be more comfortable with it. You have a better understanding of it if you introduce yourself to it. I know myself and with my kids, we do money school. They’re six and nine and we talk about concepts of money every weekend.
It’s tied to their pocket money and [00:02:00] they do little chores and everything for that. What’s Money School?
Tyson E Franklin: That’s just
Andrew Jacobs: something that I’ve created. Yeah. It’s just teaches them a concept about money. So, my 6-year-old, if you come up to, if you ask him what interest is or what a dividend is he’ll be able to talk to you about, what to do with your savings and why you’re saving.
He’ll be able to tell you about good debt and bad debt. Just all these basic concepts that should really learn early days. Yeah. And then we make it practical. We started off with, money Jar where they got money. ’cause it’s really hard to understand when you’re young, numbers, digital numbers.
But we started with cash coins and they were given money, they got to put it in their savings accounts, which were just two jars with cuts in the lid. And ultimately they just had to learn that when you get paid, you don’t just. Go and spend it all. You save some, you spend some, and that’s okay. So we always looked at it that way and they were literally physically putting money into those jars when they were real young.
And now they’ve upgraded to cards. So they’ve got their own little debit card. They’ve got their savings account and their spending account, and they’re just, practicing using [00:03:00] money that way. And anytime they go out to the shops, I don’t pay for anything for them. They use their card ’cause they need to learn to okay manage that.
And a lot of people say, oh, what about if they lose their card or anything? I’d rather them lose it now when they’ve only got a couple hundred dollars in it. But it’s the concept it’s learning to communicate with it and knowing how to tap on or how to use the card, but it’s also interacting with the person at the shop and everything like that.
So just all these little life skills. Which is really important and a lot of families, don’t go through this. And I think it’s really important. And that’s the basis of, healthy money was just a lot of these concepts that I touch on in the book to just help educate people and bring their financial literacy up a little bit more.
Because if you do understand a lot of these basic concepts, it can make a big difference in your life.
Tyson E Franklin: Oh yeah. I definitely, I think anyone listening to this who’s got kids needs to follow that idea. I know with my kids, we, robert Kiyosaki, rich Dad, poor Dad, and met him 20 something years ago.
He was, happened to be in Cairns and he put on this small [00:04:00] workshop and from that he had a game called Cashflow for Kids. So we used to play that with our kids, so they could try and get an idea of how money worked. Plus, I think the other advantage is my wife’s Italian, so it’s in their DNA to be good cashflow managers.
Andrew Jacobs: Definitely cash flow’s a great game. So is Monopoly. Yeah. Little things like this where you can just make it a bit of fun. And that’s where, when they’re in a safe space and they can learn and you just put basic concepts with it all as well. So, but not everyone has that financial, literacy early on and have parents that can share that to ’em.
So, a lot of people that I work with, , they’re learning it for the first time as well, but then they start to pass it down, which is amazing. And as we all understand it more, hopefully we can educate more of the young ones and then coming through that make a big difference.
Tyson E Franklin: So you mentioned Monopoly. You played Monopoly with your kids. Was that one of Definitely the first things you said, did you smash ’em?
Andrew Jacobs: Of course.
Tyson E Franklin: Yeah. So yeah, I used to do the same thing. I go take no prisoners. I go, I am gonna annihilate you in this game until you understand it. Yeah, the
Andrew Jacobs: scary part is when they start beating you and you are [00:05:00] actually trying, and you’ve gotta pretend, oh, I just let you win in this one.
But yeah, they it’s amazing. Kids are so adaptable and they learn so quickly, they’re sponges and it’s amazing. You see it in kids’ sport, you see ’em, they can barely bounce a basketball, shoot a net ball, kick a football. Give them a year, they’re running around doing this. And the same with money.
Like they pick ’em up so quickly and these games like Monopoly they just, they’re so, they’re sponges and they really pick up concepts really quickly. And it’s a great, it’s a great way to learn when you’re young. It’s have a bit of fun and you’re learning concepts that will stay with them hopefully forever.
Tyson E Franklin: Yeah. And what I loved about the game when we played like the cashflow for kids with my kids when they were younger. Was for them to understand. You might have one person who makes a really high income, might’ve been a, an airline pilot, and you had somebody else who had a basic job only earning about a third of what the other person was.
But as the game went on, the person who earned less ended up winning the game of life because they managed the money better and they didn’t [00:06:00] spend it thinking the money was always gonna be there.
Andrew Jacobs: And that happens in reality these days as well. Yeah, you see it a lot. I think we talked about before that a lot of gps get themselves in trouble because they get a high cash flow and high income.
But if you don’t, if you’re not good with how you spend that and the difference between good debt and bad debt suddenly you can find yourself in trouble. So, for me, one of the biggest things was education. And that I know when I was an osteopath, I spent a lot of times with clients.
Patients educating ’em on injuries and all the pods out there would would understand, like if your patient understands the concept of the treatment that you are implementing, yeah, they’re gonna really take that on board and actually and do it correctly. Whereas if you just say, go do this, and they don’t understand why they’re never gonna do that.
And that was one of the big things that I wanted to do was educate people on money and on obviously their home loans and how the banks utilize it to take advantage of most people and make billions of dollars in profit. How the systems work and then just reverse engineer ’em.
And if you do them and put things in place, you can actually save yourself a lot of [00:07:00] time paying off a home loan. Or putting yourself in a bad situation where you’ve got bad debt or anything like that. It all just comes down to education. And so for me, when I transitioned across from osteo, I wanted to bring that kind of concept with me and really bring a real education point of view to things because.
I just, I’m just a big believer that if someone understands something and they’re educated on it, then they’re gonna implement it so much better.
Tyson E Franklin: So where do you start with clients? If somebody reached out to you, someone’s in the health industry, and this is why I got you on here, because I think this is really important information for podiatrists.
What’s the starting process? Somebody reaches out to you ’cause they want to get a loan or they’ve already got loans and they want to consolidate or they wanna understand and manage the money better. Where does it all start?
Andrew Jacobs: Ultimately it’s understanding where they’re at and where they want to be.
That’s the thing that I ask first and want to understand first if I understand who you are, because everyone’s different. And that’s one thing I’ve learned, that every everyone has a different financial position. Everyone’s had a different story. So for me it’s just really understanding [00:08:00] who that person is, where they’re at now, and where they want to be.
And then my role is to help fill that gap and create a pathway towards that outcome that they’re wanting to do. , A lot of times initially, if they contact me, we’ll have an initial call. And it’s just me asking questions, trying to really understand, just like you would with a patient.
You just, you’re wanting to understand, okay, how did you get that injury? What did you do? And you are asking lots and lots of questions to understand because the better you understand them, the better the treatment’s gonna be, the better outcomes they’re gonna be, and they’re more likely to connect with you and get a better outcome.
So ultimately it’s just understanding because everyone is different. And how one practitioner, they might be at the same job doing the same role, but they’ll have two different financial lifestyles or their partners does something else and there’s so many different outcomes that they would may want to achieve as well.
So it’s really just understanding what they want to do and where they want to be, and then taking ’em from where they are to where they’re gonna be.
Tyson E Franklin: And are people talking to you purely for mortgages for their home or are they talking for for business loans as well? [00:09:00]
Andrew Jacobs: We get a lot of variety.
So obviously most of people are just allied health practitioners ’cause we specialize in it. There’s lots of policies within banks that, really benefit and give practitioners an advantage over the normal person, which is amazing. And that’s one of the benefits of, specialising in that because.
I know all the niches and all the policies that I can direct people to, but a lot of it is um, owner homes. So they’re own occupied homes, so they just want to either buy a home or refinance their home to a better rate. But we’re starting to see a lot more practitioners now starting to want to build portfolios.
So property portfolios, majority of them, probably 60%. There’s, I find there’s about 30% of people that just wanna buy a home and that’s it. They’re happy with that. Very simple, easy. There’s about 60% now that want to , buy their home, pay it off, but also have a few investment properties ’cause they understand debt and leverage.
And the benefits of having that over long term and getting, capital growth and capital value in that. And then we’ve got about a 10% of the population of people that kind of speak to me [00:10:00] that are really aggressive investors that are doing property development are wanting to really push the boundaries on serviceability and everything like that.
, And they’re moving more into commercial properties and self-managed super funds lending but the bulk is within either buying a home or buying a home and maybe one or two investment properties.
Tyson E Franklin: Yeah, well, you’ve gotta start somewhere. So I’m thinking a lot of, and I think this is really important for younger podiatrists now who new and recent graduates who are earning the first wages and they’re starting to save some money and they’re, maybe they’ve got a partner and they’re thinking about buying a property.
I think this is when they need to start talking to someone like yourself and just, if they don’t already know what to do is start learning how this works. ’cause I mentioned to you, and I’ll tell the story that. When my wife and I met and we bought our first home, our goal was to pay the thing off as fast as possible, and it took us two years and seven months to pay it off.
Then when we bought our next house where we live now, we just put everything into the as [00:11:00] well, and by the time the house was built, we owned it outright. But then I remember saying to my wife one day. All my friends had flat screen TVs at the time, and back then the day they were 40 inch, that was as big as you were gonna get ’em.
And I said, oh, this is unfair. Everybody I know has got a flat screen TV except us. We’ve got this big boxy thing. And I was really annoyed. And then my wife turned around to me and said, do you know we’re also the only people that don’t have a mortgage? And I went,
Andrew Jacobs: yeah, aha. That’s,
Tyson E Franklin: and that, that was an amazing point.
And that is something that I have taught my kids.
Andrew Jacobs: And it’s such an important thing and a lot of people don’t appreciate the value of having and owning your own home and it’s such an important thing. And life really doors open up when you do pay, own your home and you don’t have a mortgage anymore.
It’s a lot spare cash flow that you can utilize. But, I spend a lot of time with strategies with practitioners. So even when they’re not ready to buy a home right now. We spend a lot of time setting them up. ’cause there’s a lot of things you can do to really make it really [00:12:00] hard for yourself to get a loan.
Yeah. A lot of bad debt, credit cards, car loans, all these things that really reduce the serviceability that make it really difficult. And there’s strategies that we can put in place that actually get people into the market quicker. But these days it’s really hard to buy your own home.
Because of the serviceability buffers. So, yeah, ASIC make us put 3% buffer. So make the banks put 3% buffer on top of what you’re going to get. And so from a serviceability point of view, it’s really hard. So, we’re seeing a lot of practitioners do rent vesting and other strategies like that.
But you need to have an awareness and education around that so you can start setting yourself up for that. Because ultimately, if you know where you want to be and there’s someone there to help guide you towards that, you’re gonna achieve those goals so much faster. So we spend a lot of time with strategies with people.
So it might be 12, 18, 24 months strategies of, okay. You are here, you’re not ready yet, but this is what you need to do to get there. And we prepare them. We educate them on, okay, this is what you need to be doing. This is what you need to be earning. And that really makes a big difference. And everyone that kind of puts a strategy together, they’ve got something to work [00:13:00] towards.
And by the time their strategy’s ready, they’re either gonna get to it early or they’re on right on time to, to achieve that strategy and implement implement the strategy to ultimately get the loan that they need to buy that property that they wanted.
Tyson E Franklin: So pretty much the earlier someone talks to someone like yourself and starts putting that strategy in place, because I think it’s also important to point out to ’em every time you’re spending money in one area, there could be money that you’re saving that could go towards a first home loan or an investment property or something else.
And the same as like when my wife and I got married, we had a honeymoon. We went overseas, we spent a bit of money on it, we had a bit of fun, kept it within a certain budget, but we didn’t actually take. Another overseas holiday or any major trip for probably a decade later because we put everything into a home and into our business and cashflow wise, that set us up really well.
Andrew Jacobs: Yeah, and that’s the thing. It’s, and everyone’s life is different. So some people want to be really aggressive like you guys and achieve it really quickly. Some people want to kind of get a bit of a [00:14:00] mix. They still want to go on some of those holidays. Yeah. But it’s just when and the timing, because ultimately, you do it all at the start, you’re gonna delay.
Your, your journey to getting into the market and then, it’s really hard to out save some of those markets, especially if you are in, in Queensland or WA in Perth and Brisbane. They are just going gangbusters and if you are trying to save up the market’s going. Further forward than you can, faster than you can save.
So, at some stage, delaying that gratification is such an important thing and it’s something that you know, a lot of people, who can do it, get a lot of benefit from it because it sets them up early and then they can, ride the equity wave as property goes up over time.
Tyson E Franklin: What you’re saying. A lot of younger people too, if they go, oh yeah, but the first four or five years of work, I really just wanna go to work. I just wanna take holidays at the near. I wanna really enjoy myself for five years, then I’m gonna start buckling down and doing something that five year delay.
And I was talking to someone, oh, about three weeks ago, and their parents were looking [00:15:00] at a property at Broad Beach on the Gold Coast. There were these apartments there, and they’re looking at ’em about three years ago, and they were worth about 1.2 million. And they’re like, oh, I should we or shouldn’t we, should we or shouldn’t we.
So they held off three years later, 2.5 million. Same apartment. And now they can’t afford it. It’s just, it’s out of their price range. ’cause they’re in that age group where they’re about to retire and then went, damnit, we can’t have it now.
Andrew Jacobs: And that’s one of the things that, you work so hard, as a podiatrist . But what’s the point of that? And it’s really, if you can sacrifice early and put that into a property , there’s very few people that look back and go, oh, I wish I didn’t buy that property 10 years ago.
You might get a few say, I dunno, anyone that says
Tyson E Franklin: that,
Andrew Jacobs: you might get a few people that say, I wish I didn’t buy that property one or two years ago. Because property’s a long-term whole, you don’t do it for a quick flip . But, some people try, but it, the system’s really working against you and but if you hold property for a long period of time, you are generally gonna do very well out of it.
So if you can do it for 10 years, you’re gonna do well. 20 years. Amazing. 30 years while [00:16:00] you are kicking absolute goals. So, it’s a long-term play, but the sooner you do it ultimately, the quicker it’s gonna set you and your family up and make your life so much easier when you’re older.
Tyson E Franklin: So your two books that you wrote, the Healthy Money, that was the first book, was it?
Andrew Jacobs: Yes. Correct.
Tyson E Franklin: What’s the emphasis on healthy money?
Andrew Jacobs: So healthy money was just pretty much breaking down concepts of money. It’s a money guide. So it goes through money psychology and it was all written specific for allied health practitioners. ’cause as practitioners we think differently.
Yeah. Ultimately, where we’ve got this really caring nature to us. And dirty and profit and money seems a dirty word in the industry, but it shouldn’t be the case. So it breaks down a lot of that money psychology. And then just talks through things like setting goals budgeting, how to save things like good debt and bad debt, and breaks down the difference between ’em all.
And also just looks at, what inflation is and how money our governments devalue money. And, why saving these days just, sets you backwards and how important it is to, to buy assets and things that will appreciate over time and not [00:17:00] just get devalued with inflation.
And then things like how do you how to make your money work for you. And then ultimately, what’s the whole point of it all? It’s to buy back your time and give you. At the end of the day, that’s what money does give you. It’s it doesn’t, it’s not about just Ferraris and mansions.
It’s ultimately about how you spend your life and who you spend it with. , If you can buy back time, that might be just working four days a week instead of five days a week. Or it could be, having the choice to, to go on a holiday instead of having to work and burn out. So it’s all these things that, money gives you those options, but it’s just really having that education and it’s all these concepts that probably we all should have learnt early in our life, but some people didn’t.
So it’s, it just helps fill that gap. And I find a lot of younger practitioners enjoy it, and there’s still a lot of old, older people and older practitioners get a lot of benefit from it because they’re like, oh, I never really thought about it that way, or, no one ever taught me this concept. So it’s a bit of a.
There’s no pictures or anything, so it’s not as fun. But it, it’s just really simple way to learn and it breaks it down into, different categories and different chapters to, to [00:18:00] really understand the concepts of money just to, to make it really simple for people.
Tyson E Franklin: Yeah. Have you ever read that book, the Millionaire Next Door?
Andrew Jacobs: No, I haven’t.
Tyson E Franklin: Okay. It’s along the same concept, what you’re talking about that, but one of the things from that book that. Really struck home with me was a lot of people when you said they think when people are wealthy it’s driving a Porsche or it’s having a flash home or really nice jewelry or traveling business class.
And they were talking about the average millionaire is a meat and potato sort of person. And those that are, most of the people that are quite well off and quite secure, you wouldn’t know. You wouldn’t know it. They don’t drive around in super flash cars, they. They live within their means. They don’t try and keep up with the Joneses or try and show off in any way.
They just get ’em with what it is they need to do, and they set themselves up really well.
Andrew Jacobs: I see it all the time. Obviously being a mortgage broker, I see the financials behind it. All my clients and the ones that look like they’re doing really well, a lot of times aren’t. There’s a lot of bad debt in [00:19:00] there, car loans and things that look good from the outside.
But when you pull back the hood it’s actually not doing so well, whereas. The people that actually are very wealthy, they don’t want people to understand that they are wealthy because if you tell everyone that you’re wealthy, it puts a target on your back. So a lot of those people will drive around with really, older, like reliable, but older cars.
One, because they understand, where they can actually put money to, to work for them, not against them. But also they just don’t want to let everyone know how well they’re going. , It’s interesting, it’s smoke and mirrors a lot of times with how people show off their finances.
Some people would just do really well and wanna show it. Yeah. But a lot of people who are, it is , I get that concept, the millionaire next door, you wouldn’t even know. But they own their home. They’ve paid off all their cars and, they’re enjoying life.
Tyson E Franklin: Yeah. I remember having a young podiatrist coming where I live now, to this house. I remember him turning up and we’re sitting at the back around the pool. He looks around at the house, he goes, no, I thought your house would’ve been bigger. And I went, you prick. [00:20:00] I just, ’cause I’m thinking I love my house and be, a lot of friends come over and they go, you’ve got the best bar area we’ve ever seen.
Everybody’s house. But for some reason he just thought I’d have this massive big flash house and we’ve got a nice house and it ticks every box that I could possibly want.
Andrew Jacobs: It’s the concept that people have in their head that ultimately a bigger house means you’re doing well. Like most. Yeah. The most of the wealthy people I know have smaller houses, but heaps of investment properties. They’re like, my house isn’t generating me money. Why would I want something so much money into one house when I can just split that up, have a smaller property, less maintenance, less heating, less cost overall.
I can’t live in 10 bedrooms. I can only, sleep in one at a time. So if I have a smaller home, I’m not , not putting a target on myself, but I’ve got all these other then investment properties that are bringing in money. So while I’m sleeping, these are generating money for me.
That’s a lot of the way, the wealthy people think, they think, okay, how can I use my equity and what I have to earn me money instead of me [00:21:00] having to go out and treat more patients? For example,
Tyson E Franklin: it was like Warren Buffet. He still, I think he still lives in the same home he bought in 1957.
Just in this little suburban three bedroom home, and the guy’s a billionaire still drives an old pickup truck because he said none of them making money. He just keeps reinvesting it and does other things with it.
Andrew Jacobs: Yeah. And it’s amazing. Like I’ve got my own podcast called the successful Allied Health Practitioner podcast, and it talks about the concept of what’s success Yeah.
For people and everyone’s definition of success is different. And that’s what will come to the conclusion that it’s not, you have to have millions of dollars to be successful. Success is generally a journey, and your definition of success will change over that journey. But a lot of times, people just don’t, being a millionaire or having all this money isn’t really high on a lot of people’s agenda for being successful, but for some people it is.
And that’s fine. It’s just understanding who you are and what you think is successful and understanding that success will change over time as well. And that’s okay as well because when you’re a practitioner, when you first come out, success is [00:22:00] probably, you just want to get fully booked.
And then as you get bigger, older, and you maybe have a business, you want to, bring on a few employees and build that business up and that’s successful. And then as you get past that, you act, actually, I wanna work less. All these things, and that’s okay. Everyone has a different definition of success.
They’re the same as wealth. Everyone has a different level and different definition of wealth and what they’re wanting to achieve. It’s ultimately just having someone that can understand what your definition is and what you’re wanting to do and put a game plan and a strategy behind it to help you achieve it.
Tyson E Franklin: Yeah, I think this is such good advice. I was talking to someone earlier today and we were talking about the Hungry Ghost. Have you had that concept? It is just when people, they make a certain amount of money and it doesn’t matter what they make, they keep thinking they need to make more to be happy and they just keep feeding themselves.
It doesn’t matter how much they make, they’re never going to be happy. They’d need to realise there’s more to life than just making money. But you still need to make it, you still need to make a certain amount. You still need to get yourself in a really good financial position. So your other book.[00:23:00]
Paid off, what’s the concept of that one compared to the healthy money?
Andrew Jacobs: Yeah, so health and money was all about money and understand the basis of money. And it’s pretty much a money guide. Yeah. Whereas paid off is strategies written specific for allied health practitioners to pay off their home.
And you can take that concept. You don’t have to just pay off your home if you’ve got different loans and whatnot. You can use the same strategies. But we pretty much, I pretty much break it down into three different categories. , They pay down strategies. Cash flow strategies and equity strategies.
So you can use any of these strategies and stack ’em together. And that’s where you generally get the most compounding effect of it. So if you use multiple strategies together, you get a bigger compounding effect.
Yeah. But
it’s ultimately just ways that you can go about paying off your home really fast.
So, the whole concept is that everyone is different. It’s not like, okay, do this and this is how you do it, because everyone’s life is different. You need to have variety in it all. And people, some people will resonate with some strategies and others won’t. So when I was writing it, these are concepts and strategies I pretty much implement with all my clients.
Anyway. But I wanted to give it [00:24:00] a framework so I can give one so people can go educate themselves by themselves. But also they can, refer back when we have a conversation during a meeting. But it’s just simple things like one of the pay down strategies is changing from monthly repayments.
To fortnightly payments. If you’ve got a million dollar loan paying, 6% interest, if you change from monthly to fortnightly, you’ll save just under $250,000 in interest alone. Yeah. And that’s not changing much. Like that’s a pretty simple change. And I know myself earning $250,000 is really hard.
So if you can just simply switch from paying monthly to fortnightly and you’re saving $250,000 of over the duration of your loan, that’s incredible. There’s other things like, paying an extra $50 a week into your mortgage, like $50. It’s not that much when you think about it, but over, the lifetime alone, you’re gonna save $123,000.
So just a simple change can make a big difference. And then if you bump that up even further, you maybe treat one or two extra patients on the weekend and instead of putting $50 a week, you put [00:25:00] in $200 a week, you know that’s gonna save you over $360,000 in interest over the life on the loan.
So you suddenly stack that strategy with your fortnightly repayments. Yeah. It’s really cutting into the loan term and also the amount of interest that you’re paying back. And there’s so many other things like utilizing an offset account. And if you only have, say you put $20,000 in your offset account over the time again, it’s gonna save you about $70,000.
You bump that up to $50,000 you’re nearly you are nearly saving $190,000 in interest. All these little strategies and the book goes through each one of them. It gives you kind of graphs, Pictures tables and breaks it all down. And I’ve done it in a really unbiased way. So it’s just giving you, given you the numbers to it all.
And the whole point is to understand the concept and then implement it into your own strategy. And then essentially making your own strategy by stacking them all together. But if you just utilizing one of the strategies alone would save someone thousands and thousands of dollars, you stack them all.
You’re in the hundreds of thousands of dollars of savings. And [00:26:00] that’s the difference between, if you’re wanting to retire, that’s, 10, 20 years early, paying off your home loan a lot quicker. You know these simple things that the banks aren’t gonna come out and tell you because that’s how they make their money.
Yeah. They make their money by you paying off your home loan over 30 years. So if you can pay it off quicker, you are taking money away from the bank. So they’re not gonna tell you this stuff, they’re giving you the product. And not teaching you how to use it properly because they benefit from you not using it properly.
And this book essentially breaks that down, pulls the curtain down and shows you how to do it to make a huge difference in your life.
Tyson E Franklin: And I know there’s probably people listening to this podcast who are going, well, I already know all this. That’s great, but there’s gonna be a ton of people who only know part of this.
They don’t know everything, or they’re not doing any of this. Especially some of the younger pods that, like you said, they haven’t come from. Business backgrounds, which I didn’t, I just had to learn this as I went along that some of this is all gonna be new to ’em. So your books, they’re all available on Amazon, I take it?
Andrew Jacobs: Yeah, so you can get ’em on [00:27:00] Amazon, but I pretty much, I’m a big believer of I don’t wanna hold things back from people, so I just make ’em free on my website. Oh, cool. Okay. We can leave, give us a
Tyson E Franklin: detail. Give us, no, give us the details of your website now and all your contact details in case we forget towards the end, which I don’t normally Yes.
But just in case. Definitely.
Andrew Jacobs: So I run a Mortgage Choice franchise. So if you go directly to www.mortgagechoice.com.au/andrew.j acobs you’ll find all the links on there. And you can just download them free or you can jump on Amazon and pay me $12. Either way, I’m happy. Oh, I’m
Tyson E Franklin: paying $12.
Give Andrew your money.
Andrew Jacobs: So yeah, at the end of the day I’m big on just education. I don’t wanna hold something back from people. So, if someone just floats across and finds on Amazon, great, they can pay me $12. If they connect with me, I always send it to them anyway. All my clients have this. It’s all about education and anyone else, I’m happy to open it up and share it with everyone.
So that’s why they’re free. It’s about educating practitioners ’cause I know myself. If I if I can help more practitioners, then they can help more [00:28:00] patients and then the world’s a better thing and it’s all about giving more than taking. So, that’s, it’s my little contribution to the world as well.
So just trying to pass on as much information as I can.
Tyson E Franklin: Okay. And what was the name of your podcast again? May as well give that another the
Andrew Jacobs: Successful Allied Health Practitioner
Tyson E Franklin: podcast. There you go. And somebody, I’ve had somebody once said to me, how come you have other people come on that actually have podcasts?
And I went, well, why not? I said, it’s all about sharing this information around, and this is where you, some people may have a, like a scarcity mentality, an abundance mentality, and I have an abundance mentality. I think there’s plenty of people out there that are listening to podcasts, and you, everyone’s got plenty of time, so I, they can listen to your podcast and mine
Andrew Jacobs: Exactly right. I think if you can learn from anyone and everyone, and that’s a good thing. And it’s amazing how, suddenly I’ll be sharing this on my socials and then yeah, some of my listeners will come to your podcast and, that’s how everyone at the end of the day sharing is caring and that helps the world.
Tyson E Franklin: So for podiatrists listening to this now, would you like them to go to your website? Download the [00:29:00] book for starters. Then after they’ve read the book, just reach out to you. That’s the easiest way to get going.
Andrew Jacobs: Yeah. Ultimately it depends on where they are in their journey. Yeah. If they want to speak to someone.
Some people like to speak to people rather than reading something. Yeah. I know. I’m a, I’d rather speak to someone and build a relationship with someone than read a book. And if that’s you, then reach out, gimme a call. Or send me an email if you wanna read the book and you don’t want someone to speak to, then read the book.
It depends on where they are at their journey. And ultimately it’s just understanding where they want to be. And then it’s just how to fill in those gaps essentially. So it’s up to the person that wants to, how they want to interact and, either way is fine.
Tyson E Franklin: And like you said, suppose it depends where they are on that financial journey as well.
Are they beginning of their career and not quite sure what to do. So they’ve got a lot of questions. Someone might be partway through the career and they think they’ve got things in place, but they might need a little bit of guidance, and you’re getting other people who are maybe towards the end of the career, but they still want to know, have I got everything?
Have I ticked all the [00:30:00] boxes? Is there anything else I’m actually missing?
Andrew Jacobs: And you mentioned before that there’s some of these within the book, there’s probably strategies that some people already know and they go, all right, I know that. But , one of the benefits of being a Podiatry, and I assume most of the listeners here are podiatrists that, banks really love podiatrists.
They love the industry, they know it’s secure, that it’s not going anywhere. So they’ll have special policies and and deals for practitioners and podiatrists to, to entice them to bank with them. , You may understand the concepts of the strategies, but then it’s how to implement them and how to implement it to take advantage of that.
, We’ve got lenders that will give instead of needing the 20% LMI or the 20% deposit, they’ll give a 10% LMI waiver. So you only need a 10% deposit to buy a property. , That gets people into the market quicker. Yeah. But the benefit of that is it’s not just owner occupied homes, it’s investment properties as well.
So yes, the government now has a 5% guarantee where you can get in with a 5% deposit, that’s great, but that’s only if you living it. Whereas, the banks now, they appreciate and understand [00:31:00] Podiatry and they’ll go, okay, we only need you to have a 10% deposit. Because they understand the industry.
That can be 10% on your home and then you can actually leverage that quickly to get into your next investment property. ’cause that only needs a 10% deposit. And then you can only, you only need a 10% deposit on your own occupied. So suddenly you can buy two properties even faster. So, there’s benefits like that.
There’s, some banks. We will give podiatrists 10 year interest only loans instead of five years that for the normal person instead of having to show two years financials they only have to show 12 months financials. And we’ve got some banks who will actually say, we don’t even need to see 12 months.
If you follow these certain policies, we will, if you pay it yourself in this way, will take six months of that. , You don’t have to actually, do what most people need to do to get a loan. And that’s where, the benefit of being a specialist in the industry and really understanding the niches and understanding the policy can really implement, help me implement it for practitioners.
So, you don’t have to show your genuine savings of [00:32:00] 5%. There’s people that instead, if you’re running your own business, instead of being self-employed and you have to show all your business financials, they’ll just treat you as A-P-A-Y-G employee. And you can just show your wage.
There’s one that will remove HECS. So they just don’t, if you can show that you can pay your HECS off within five years they’ll actually reduce your serviceability buffer. Instead of it being 3%, they’ll take it down to 1%. Or if we can show that we can pay off your HECS within five years, they’ll just take your HECS off it all and everything as well.
So there’s amazing different kind of benefits of being a podiatrist and, having a specialist that actually understands it all. You may understand the strategy, but then how to go about implementing it can be a different thing.
Tyson E Franklin: You really get off on all this, don’t you? I can tell just, but it’s, and I mean that in a really positive way that, so I take it you’re not working as a, as an osteopath at all anymore, are you?
Andrew Jacobs: Every now and then. Okay. I keep my registration. Yeah. Because one, I just feel like I can connect and resonate with practitioners better. Yeah. And that’s one of the benefits of it is I understand [00:33:00] I was treating for 16 years, so there’s just some people that that you build professional relationships with.
And brokering is a job where you sit at a computer all day, every day, like I love getting out and speaking to clients. Yeah. But at the same time you’re sitting all the time. So I actually it’s just a few times a week get out. Instead of going for a walk, I’ll just go treat a few patients like late at night treat a few patients.
So I keep my professional qualification and to me that’s important. So. If I’m going to resonate with the people that I work with, I should be a practitioner. And if I totally like close down my registration, then I’m not a practitioner anymore. That’s true. So that’s one of the biggest driver to that.
So I still have my qualification. I’m still a qualified osteopath. But yes it’s very low numbers these days.
Tyson E Franklin: Oh no. I just, I love the passion I think it’s great because. If you go and talk to your bank manager, that’s if they have bank managers anymore.
If you go and talk to your bank lender, whoever it is, they will not show a 10th of the passion that you just did about all the different options that could be available to [00:34:00] podiatrist . So yeah,
Andrew Jacobs: I think I look at it, yeah, past just the policy. Like to me, I just see the life changing aspect of it all , you can make these simple changes and have such a huge impact on someone’s life.
Like what we did as practitioners that, if someone comes in with a chronic ankle problem or a chronic foot problem and you can, fix that and you make a difference, they walk out there, you’ve literally changed that person’s life. So, ultimately that’s, I can still do that, which is amazing.
That’s, that gives me that good feeling every day. And it’s just trying to share that with as many people as possible because ultimately, there are these amazing advantages that practitioners can take advantage of, but a lot of ’em don’t know. And if they did know, they could either, they could have got into their home quicker or they could pay it off quicker or they could set themselves up or their, the next generation set them up.
There’s just so much impact that it can make in society. Ultimately I think that’s what drives me a lot of the times is just the big impact that it can make.
Tyson E Franklin: Yeah, and it’s also too, I think it’s looking at side of, I’ll use my wife as an example. I know [00:35:00] that the bank we initially banked with was the bank that her parents banked with.
They were the initial accounts that were set up. So all that banking was done through them initially, all the way through. And even though, yes, we paid off our loans really fast, but then when it came to investment stuff later, we’re going, hang on, this bank isn’t, they’re not even gonna look after us.
We were telling ’em what we wanna do and they’re going, yeah, we’re don’t if we’ll give you the money or not. So we started looking outside of that and that’s when you start realising there’s a lot more deals out there than what you think. So I think it’s important. I think like with what you’re doing, someone talking to you and getting all the options and not just keeping blinkers on and just dealing with what they’re used to.
Try something a little bit different.
Andrew Jacobs: Yeah. There’s a massive loyalty tax these days that you staying loyal to a lender. Will cost you a lot in the end that, you see it a lot with Commonwealth Bank, all the Dollarmight kids. Yeah. Back in the nineties
they all still bank with Commonwealth Bank and they’re getting, taken for a ride for a very long time that, the whole loyalty [00:36:00] tax is, they’re not loyal to you and you need to keep looking at, and that’s where, part of the service that me and my team provide is we revalue.
And reprice loans every six months. So just like your house insurance and, private health insurance there’s nothing worse having to do that every 12 months. And you’re like, oh, gonna compare the rest of them. So we do that every six months ’cause we see, property values going up.
And what a lot of people don’t realise is that. Banks price based on the amount of equity that’s within the home and within the property. So if you’ve got a 20% equity so you’ve got 80% loan, your pricing will be set at a certain amount. But if you drop that down to 70% or 60% or 50%, your pricing actually drops down as well.
But if you don’t actually ask for it, they won’t pass it on. ’cause again. They’re not gonna pass on a discount for no reason. Yeah. So we constantly re revalue and reprice our properties to look for those property tier drops. And then if we get that, we can request a lower interest rate, and then obviously saves clients a lot of money over time.
And then if they’re not, if the lender that they’re with. [00:37:00] Willing to do lower pricing, then we can look at different refinance options because again, it’s that loyalty tax. Sometimes people and banks will, will reward new clients to, to the bank versus existing clients. So, they’ll have deals for new clients.
Exclusive for new. And as a consequence the existing clients don’t get the benefits of that. So, for us it was really important. No one wants to constantly look at all the different lenders and do all that, every six months or 12 months. So we’ve got a team that does that ourselves.
And we do that automatically for all of our clients. Just so you know, every six months they get a call from me saying, yep nothing’s changed today. Or actually, we’ve gotta got you a lower price or. Your bank won’t do anything but we’ll found these other banks and they’re willing to give you this interest rate.
, It’s just a peace of mind for a lot of clients that go, oh, great, Andrew’s looking after it. I don’t have to worry. ’cause he, I know that, someone is looking at this every six, 12 months and making sure that my loan is staying as sharp as possible.
Tyson E Franklin: I think that’s good advice across the board though, whether it’s house insurance, health [00:38:00] insurance, whether it’s your car insurance and even your telcos.
Anything that’s always constantly being renewed, I think you need to check and see is there a better deal that you’re getting. I guarantee nearly every time you contact them, it will be a better deal. You just gotta find out what it is.
Andrew Jacobs: Yeah, you see it all the time and it’s it’s the worst when I have to go do my own, home insurance and you’re comparing lenders and everything.
Yeah. It is annoying, but you can save a lot of money and they just tend to, again they’ll tend to push the pricing up after you stay for one or two years. So that’s just something you’ve gotta keep on top of. And for me it was frustrating to do it with house insurance and private health insurance as well.
, That’s why we implemented that model to, to help our clients and it’s just another added service that we can provide to make their life easier because we’re all busy. So it’s just how to, how do we take another thing that they have to do off their hands?
Tyson E Franklin: No, I think that’s fantastic.
So can people find you on social media as well?
Andrew Jacobs: So on LinkedIn and on a bit of Instagram, what I’ve found these days is that you’re best [00:39:00] off to just stay on one channel. I was doing a bit of Instagram, bit of LinkedIn, bit of Facebook. LinkedIn is where I get most of my most practitioners reaching out.
A lot of professionals are out on LinkedIn. I feel a lot of people are using social media less and less these days. So, LinkedIn is generally the one we’ll add the links in but it’s pretty much, just search Andrew Jacobs. On LinkedIn or we go Andrew Jacobs allied Health lending specialist.
And you’ll find me on LinkedIn. I’m probably already connected to quite a few people or I’ve got connections that are already connected to you. So, just reach out, send me a dm if you’ve got any questions. If you want a copy of the book, I’ll just shoot you through it through a PDF version, ebook version through email or through LinkedIn.
And easy way to connect that way.
Tyson E Franklin: And I’ll put all your details in the show notes so people remember to go and check out Podiatry Legends dot com. Go and look at the episodes and that’s where we have all the notes and a few extra things. So Andrew, I wanna thank you for coming on the Podiatry Legends Podcast.
Is there anything you wanna say before we wrap up?
Andrew Jacobs: No, just thank you very much for the [00:40:00] opportunity and just, yeah, just educate yourself, put yourself in positions where you can do really well. But at the end of the day if you understand what you’re doing, you’re gonna do better off. , And the earlier start the better you’re gonna be.
Tyson E Franklin: Okay. I reckon there’s absolutely fantastic advice. So, Andrew, thank you very much for coming on.
Andrew Jacobs: Thank you very much.