In this episode, Coach JPMD talks with his medical assistant and soon to be LPN, Michelle Lynch. Michelle has twenty years of experience working in healthcare for general practitioners and internal medicine physicians. She has been working diligently to obtain her LPN license after waiting years so she could ensure her family was cared for first. Coach JPMD highlights a story of inspiration and awareness that transformed Michelle’s financial life and wellbeing. Not only have these lessons transformed her original way of thinking but has helped to transform her family's. Tune in to hear more about Michelle’s transformation and how YOU can transform your life.
Welcome to the practice impossible podcast. Where your host, Jude Pierre MD, also known as Coach JPMD discusses medical practice topics that will guide you through the maze that is the business of medicine, and teach you how to increase profits and help populations live long. Your mission should you choose to accept is to listen and be transformed. Now, here's your host, Coach JPMD.
Coach JPMD 0:24
So welcome to the Practice Impossible Podcast with your hosts Coach JPMD. That's me. And today, we have a special guest, a guest that has been with me for several years. And it's more of an inspirational episode, I think, because about a year ago, Michelle, Michelle Lynch, our guest today showed me something that really, really touched my heart. And I said, you know, what, how do I share this story? How do I share this so that other people can hear it so that physicians can see, it's not just us, as physicians that are struggling? It's the rest of our staff and the people that we work with the people that we lead. And for me, it was an inspirational story. And I hope it's an inspirational story for you. So I'm not going to give the whole story because I'll let Michelle do that. And Michelle, why don't you introduce yourself? Let us know who you are, and what you do. And we'll take it from there.
Michelle Lynch 1:13
Sure. So my name is Michelle Lynch, 43 years old, and I've been with Dr. Jude Pierre, for going on seven years in November. Been a medical assistant for about 20 years. So I've seen a lot of different things, exciting things. Not so exciting things, but been in the medical field for a very long time. Still enjoy doing it.
Coach JPMD 1:37
Yeah, I don't know if I knew about the 20 years. Have you really been? What was it always in Florida? Or was it? I think you're from Tennessee, right? Because that's...
Michelle Lynch 1:46
No, no, no, technically No. Nope. Not from Tennessee from Tampa, Florida, town and country area. Lived there all my life. But no, yeah, I have lived in Tennessee for eight years. So I've been a medical assistant there in Tennessee as well. And like I said, been a medical assistant for general practice. Internal Medicine. Been in always always in a doctor's office.
Coach JPMD 2:09
Yeah. So I know that you're you've embarked on a new journey, and that's to be an LPN. So tell me about that journey. Why did you decide to do that?
Michelle Lynch 2:17
Yes. So I have been wanting to be a nurse for a very long time. And as life gets in the way, certain things happen, children come along, you stop your dreams, and you make sure you take care of the family. They're number one. And so it's always been the children. And now that they are grown, and doing their own thing, now it's Michelle's turn. So finally embarking on what I've been wanting to do. And being this far I've close. So and again, with things stopped starting, stop starting, and now I'm finally going, you know, full force with it.
Coach JPMD 2:56
How many more years yet? Or is it more months?
Michelle Lynch 2:59
Until December. Fingers crossed. Fingers crossed is not easy. I'm not gonna say it's easy. It's been difficult. But yeah, I'm making do.
Coach JPMD 3:08
That's awesome. So here, we have to ask a question your medical assistant learning to be an LPN. This is a practice impossible podcast where we teach physicians the business of medicine, and so why are you here? Why do you think you're here?
Michelle Lynch 3:22
To tell my story, being as a medical assistant, you know, pay grades different, we do our best. And with the teaching and the knowledge, like I said, or when we've had our meetings at work, having the Dave Ramsey communication, the book, you know, have you read the book, and kind of like, okay, what is what is Dr. Pierre talking about? You know, why is he beating this into our heads, there's got to be something that he's that he knows. And he's trying to tell us. And it's knowledge. And, you know, you have to read the book, to know what it's about, but we're so hard headed. And so in our set in our ways, that you know, that sounds weird. Yeah, trying to save money. That sounds weird.
Coach JPMD 4:10
Yeah. Trying to pay off debt. Yes. Weird. That's weird. Yeah. So, you know, for me, it started when you came to me, after a couple years of me, I guess, pounding or beating, preaching. Preaching. You came to me with a picture of something from Carvana. And I was I was pretty much floored, because I was like, Okay, what is this? Did you really do this? So can you can you share that that day with me? Yes. So
Michelle Lynch 4:38
Because we were wanting to get rid of a debt and get rid of a payment, which was way too much. We said we finally decided okay, let them take the car, let them get it and that saved, you know, as a good amount and just finally getting rid of that car payment and just excited to tell you and show you like, look, what you've taught us and what you've talked about, it's sinking in. And we finally made that decision to get rid of that, you know, get rid of that payment, the money saved, we were able to buy a car, that was cash, and no more debt.
Coach JPMD 5:18
That's wonderful. And that that's what inspired me. Because, you know, sometimes you we, or at least I do things in the office, and sometimes I'm, I'm not 100% sure if I'm clear. And if I'm being more of the command and control boss, and that I think I was and I probably still am, at some point, I just read the book by Stephen Covey, and let's call it and I'll share that that book with you guys in the show notes, but command and control versus trust and inspire boss or trust inspire leader. And, you know, it's never, that was verification. To me, that was a validation that I did have some impact on my team members. And that's why I invite others, I invite physicians to understand that they have a role and leadership role in the practice that they can help help transform lives, just like they can transform their patients lives. But I think if you can transform your team members lives in a positive way that will in turn lead to better patient care, less stress. And now you're debt free. And you know, it's a wonderful thing. And I think if once you get to that point, if you haven't gotten there, I think, you know, the freedom that you you have, is like no other. So tell me about the steps. I mean, we you mentioned Dave Ramsey, you mentioned, you know, things I the books, which I'll also references as well, tell me about the baby steps, what did you find intriguing or compelling to do it.
Michelle Lynch 6:46
So just just to have the $1,000 in your emergency fund, I mean, just having that. Now, I gotta say, it's not easy. I mean, this, this is not a, it's not something that you can just flip the switch. And it works. It takes time and takes dedication, but mainly the, the $1,000 in your emergency fund just to have that and you have a flat tire, or you got to go out or no, we had to buy a new dishwasher. And guess what cash and savings, no credit card, it was, that was intriguing to me just to have that small amount helps wonders. And that's just the first step in when you follow the rest of the steps. And it just become easy. But like I said, for me the most intriguing was the $1,000 in the in the savings account, and you know, something comes up, oh, credit card, I don't have it, but I've got the cash. And that was now that's been our motto is cash is everything. If we don't have the money for any account, it weren't it, we don't need it, or we wait till we save up the cash to get it.
Coach JPMD 7:52
Yeah. And that's, that's something I've learned into the steps as well. And I know this sounds like a infomercial for a Dave Ramsey, but it's a it's really a stepwise process of getting out of debt and living freer. And to hear Michelle go through it and to hear all the people that I've helped go through it as just for me is inspiring, and, and also helps you stay connected with your your spouse. So how how did it what did it mean to you, your family and your life? And, and getting to that point where you're able to follow simple steps.
Michelle Lynch 8:27
So, yep. So like I said before, it's not something, you know, it takes conversations, it takes, you know, to get that, you know, the Dave Ramsey book to have him, you know, read it. To have the kids read it. It was total hesitation, because again, we're conditioned in a society that in order to get something that you don't need, you need to have a credit card. And if we don't have the money, you need a credit card. So we've learned and had conversations, we've got rid of the credit cards, but yet, have a conversation with your spouse, talk to them, let them see your side of the story, then, of course you want them you want to hear their side of the story. And you want to let them know that this is a good thing. It's not a bad situation. You just have to get each other compromise to have a conversation. Kids. When we started it they were older so they understood they would make fun of us every now and then you know, we gotta get cash. Cash is king. I'm like, yeah, if you don't have the cash, and then you don't need it. But it's been fun. The kids they understand, you know, they don't have credit cards now. They're working money they have if they need something, it's cash. So little baby steps again, but it just takes a conversation family talking to each other and know the pros and cons on both.
Coach JPMD 9:52
Yeah, of course. I have to mention that we do have a guest that also spoke a lot of these things. In a podcast, I can't remember if it was episode three or four. I'll reference that. It was with Sonya Palomino. She was my financial coach had helped me through the steps as well. So of the process, how it affected you, what would be the thing that that your kids saw in you that? What was their reaction was more crazy? Was it fun? Was it confusing, hesitant? Well, what do you what would you say?
Michelle Lynch 10:24
Well, like I said, like they wouldn't, they would kind of like, make jokes make fun, no cash is king, or, you know, we would say, well, we can't get that because it's, you know, we got we don't, I don't have the cash word. But like I said, they're older. So they understand. And like I said, when we were trying, when we're trying to tell them not to get the credit card. And again, they're not going to as far as in my house, but whatever they do outside, you know, I can't, can't tell him what to do.
Coach JPMD 10:56
Yeah, the best thing you can do is inspire them and see how you're living. And if they see how you're living free of, you know, all the the pressures of paying off stuff, then I certainly think it's it's definitely a positive impact on my kids. And so why do you think it's hard for physicians? Why do you think it's hard for other people to do the same thing that you did?
Michelle Lynch 11:19
Probably, because they don't have somebody that can tell them about it, maybe they're just set in their ways. Like I said, before, the society is telling you, you need a credit card in order to buy something. So they don't have maybe that somebody on their shoulder saying, Hey, you probably don't need that. Or have the surroundings of people who there's like a whole group of people spending money and you don't want to be left out, you want to spend money because they're spending money. You don't want to be the naysayer and be like, No, I don't want to spend the money because you know, I'm frugal, you know, you might be an appearance type thing. They just don't ...
Coach JPMD 11:55
Yeah that's a big pressure.
Michelle Lynch 11:56
Coach JPMD 11:57
And there's big pressure, there's a big pressure on the on the banking side as well, because, you know, it kind of hit me a couple of a couple of weeks ago, and I probably should have realized this. But even if you have a credit card, and you don't use a credit card, or when you use it, you pay it off. The credit card companies always make money, whether you carry a load or carry a debt load, or if the merchant pays a service fee to that credit card company to be able to accept that card. So some of the fees are 2.9% 2.5%. So every time you swipe that card, that bank is making money off of the swipe, and also off of your interest if you carry a balance, which is something that I think people should kind of be aware of, because there's really no incentive.
Michelle Lynch 12:42
No. Speaking of that, we're constantly getting credit card things in the mail. While this one is a premier credit card that we got. My husband went opened it took it out and went and took our son said look 16% interest rate, and you $400 credit line, annual fee of $99 that they take from that card on top of 16%. And in that he so he's explained it himself. This is why you don't want a credit card, because they're charging you $200 already that you haven't even got to use. So it's...
Coach JPMD 13:17
Absolutely right. Absolutely. Right. You mentioned something I briefly heard you say something about the GEICO story that that was actually pretty interesting. Because once you start on this process, and you see where your monies are going through budgeting, and to, you know, just communication, tell me about the Geico story.
Michelle Lynch 13:35
So last week, I just got a letter in the mail or a letter in the mail from GEICO stating that the premiums are increasing for the next six months. Well, the last six months, they were at 393 a month for six months. And so with what I saw what it was increasing to four $414 For the next six months, comes to like 20 something 100 for six months of car insurance. And my husband's like, let's figure this out. So he went on, I think on progressive, got a quote, for car insurance and was able to get to be $115 a month for six months. And we're like, Sign us up. So it's, I mean, we're good drivers, you know, nothing too bad tickets or anything. But I mean, it's like we're not, we're driving from work to home. And there's no reason that we have to spend that extra $300 on insurance that we're on driving 20 minutes to work. He might be he's driving an hour, but still, it's there's no reason to pay an extra $300. So that's going to go right into the checking account.
Coach JPMD 14:50
And that's what happens when you start paying attention. That's exactly what happens and you'll find you'll find lots of things like that when you actually started looking at your budget and looking at things differently. So, you know, you've been an awesome journey, you've You've obviously done very well. And I'm so so proud of you. So happy for you to pursue your career, your, what you wanted to do as an LPN. So what would be the one thing that you would have done differently with your finances? Let's say 15-20 years ago?
Michelle Lynch 15:20
Save, save, save and save. I know, you and I had a conversation earlier. It's like, you know, when you're 18, or even younger than that, you've got these odd jobs, babysitting, going to people's houses and cleaning. I mean, even it's little amounts, but as long as she for whatever, birthday money, Christmas money, all that why wasn't someone there then saying, hey, why don't you put that away? Why don't you put that in savings. And so that they're where my kids are now, where they're the age they're at? Any birthday money, put it away? Least put $100 in your checking account savings account, you know, yes, buy something for yourself, but put $100 or something in your checking account, build that savings, put $1,000 in there. So that's the one thing I think I wish I could have done in the past was all that free money that we were getting as kids. Just save it. Save it.
Coach JPMD 16:18
Michelle you're awesome. Thank you so much for doing this. And I know that you were nervous initially but this is fine, you did awesome. So yeah, I want to thank you for coming on the practice impossible podcast. Hopefully you have inspired others. Not only doctors but also team members, also medical other medical assistants and nurses and kids out there who might be listening to the podcast. Because, you know, this is what we do. And if you haven't done so yet, subscribe to the podcast, share it with a friend and keep practicing possible. See you in two weeks.