Shifting the Care Plan: From Patients to Portfolios with Barb Gleason (Ep. 26)

Welcome to Ideas by Mike, the podcast with Mike Milligan, where you will find one-of-a-kind financial planning advice for your one-of-a-kind life. With over 22 years of experience as a certified financial planner, Mike shares experiences and advice on crafting simple, easy-to-understand financial plans based on your values and priorities. He believes that taking a personalized approach is the best way to prepare for the future and give meaning to your finances. So, follow along as Mike, and from time to time, his guests, explore different strategies and tools that could help you secure your financial future in retirement. Now, onto the show. Hello and welcome to the Ideas by Mike podcast with your host, Mike Milligan. I'm Wendy McConnell. Hey there, Mike. How are you?

I'm doing great. It's amazing that we are kind of pushing through to 2025, Wendy. And we are, you know, it's just amazing to see what this year is bringing for Ideas by Mike. And I'm looking forward just to continuing to see how great a year this is going to be. I know a lot of people are struggling this year, Wendy, and you see it too, right?

Yeah.

That just, just with what's going on with the federal government, what's going on on our day-to-day. But here we are, and we're going to talk about what one-of-a-kind living is and how we execute one-of-a-kind financial plans. And so, I'm excited for this episode because it's a chance to welcome another member of the Ideas by Mike team, to introduce her, and for her to tell her story, and for us to be able to be inspired again by another member of our team living a one-of-a-kind life. So, I'd like to welcome Barb Gleason to our— to the Ideas by Mike podcast. Welcome, Barb.

Thanks, you guys. It's really great to be here. Thank you for having me. I have been working in healthcare for many years now, and a while back I got divorced, and that financial disaster that occurred had me reading a lot of finance books to figure out how am I going to survive from this. And then I also years later realized, well, I'm probably not— due to my financial situation, I'm not going to be able to retire in my 60s. And I can't necessarily work in healthcare until I get into my 70s. So I thought, well, what am I going to do? And since I was surrounded by finance books in my house, I thought, well, maybe I should consider working in finance. So I went to ODU and took their executive certificate in financial planning course, and here I am.

Well, that's how— that's actually how we connected, right, Barb?

Absolutely. So the last Teacher in my course was you, and what I really loved because I had no idea was I gonna like work in finance after I got this? Like what was gonna happen? I really loved all your enthusiasm about financial planning, and I also liked how important educating your clients is to you. So just overall, I just I really liked your focus. And so it was the end of class, and we were talking about my finances and what should I do and blah blah blah. And you're like, well, you could work part time, you know, in healthcare. I'm like, no no no, done. want to do something completely different. I want to be a financial planner. And you're like, you do? Well, come work for me. So that, that was just a super cool ending.

You know, and most people who listen to the show, you know, we used to do a segment called What Does Professor Mike Say, right? And so most people know that I am a professor at Old Dominion, practicing financial planner, leader of Ideas by Mike. But Barb, one of the most important things is the story that our team can tell, but also listening to the stories of our clients, right? So I do want to talk to you about your story a little bit more, right? Because you unpacked a lot there after we said hello to you. And I love, I love how you dove in, right? Because it's who you are. You see an opportunity, and I know you, right? You see an opportunity and you go to execute. But you mentioned like going through a divorce, being a healthcare worker. You talked about needing to get control of what you control, and that was your finances. Walk us through a little bit about some timing on that. How long have you been in the healthcare Sure. Talk to us a little bit about what's— what over half of us go through, and that's divorce, and how you kind of overcame that.

So I was— when I got divorced, I was really surprised at the financial impact it had on me and my kids, which was terrifying at the time. And actually, one of the first books I read was Prince Charming's Not Coming: How Women Can Get Their Act Together. And that really spoke to me as much as I never really thought that way as a female. So I'm like, Barb, no one's coming. Get it together. So, and of course, providing for my children is so important that that also really motivates you to figure something out. So that's when I started reading finance books and realized that a lot of the people I talked to don't read finance books. It's not like a fun thing for people. And then I just started, you know, talking to other women and realizing that a lot of other women besides me really don't understand their finances. Some of the words that we use and stuff, people don't really know and I thought, well, if I could take this opportunity that sort of kicked my butt and turn it around and be able to help others. So as a physical therapist, my focus is connecting with my patients, really trying to build trust with them because I have to convince them to get out of bed even though they just had surgery today and their leg is broken and they are in a lot of pain. So they really have to trust me. And that's the part of being in healthcare that I love. So it would— so I was trying to figure out, well, what am I going to do in the future that would have that aspect to it? Because I have to be helping people. And since that's what I— I mean, there's more similarities with healthcare and finance planning than I ever thought, how you're really listening to people and helping them get to where they really want to go, helping them achieve their goals. So it was a nice— Segue.

So you see, I mean, I— that's the first time— and listen, we've known each other for a while now— that's the first time I've ever heard you compare what being a physical therapist to being like in finance is. And I literally have goosebumps because you said you have to convince people to get out of bed at some of their lowest points, right, to get back to recovery. I, you know, do you have I mean, I'm sure on the other side of convincing people to get out of the bed, you have thousands of success stories. Can you just talk about what, like, as a financial therapist, it means to be able to help people regain life or regain vitality?

You know what I think is interesting is that when, when people have had a trauma and there's so much emotion There. I mean, there's levels of emotion that's not really exactly related to their injury. And I was surprised with finances how it's similar. There's a lot of emotional baggage with finances, and sometimes you have to get through the emotional baggages, which can stop people from achieving their goals. And so you need time to talk to someone, you need to build trust to help them get through those blockages. In a way, maybe my— do you want a story from healthcare?

Yeah, would love that.

Okay, so my favorite— one of my favorite stories is I was working in an inpatient rehab, and that's where you get people with like strokes and spinal cord injuries and really heavy-duty stuff. And I had a young woman who had been in a car accident and had her legs amputated above the knee. She was bilateral above the knee, and she was late 20s. No one could get her out of bed. She would just become— and so when I went to treat her, we would move a centimeter, she would sob. She said she was sobbing about her physical pain, but it was, it was so much deeper than that. So it took me 45 minutes to get this young woman from bed to a wheelchair, but we did it. And then, and when we were done, she was so proud of herself. And we just developed a connection that, which I was just patient with her. I'm like, yes, I know this is really difficult. Let's take our time. We'll do a little bit. You need to sob, you sob. Then we'll do a little bit more. And she, she was amazing. She ended up just being amazing. And so it's really wonderful to think that you can help people in that kind of way, that someone could be struggling with something or having difficulty with something, and you can sit there and be present for them and help them get to where they want to go.

That, that story very much reminds me of a story that I have, Barb, in finances. And you guys have heard me say this in the office. I don't think I've ever shared it on the podcast. But the short version of it is, after meeting with a female who's in her 60s, I asked her why she hoards so much cash. And the first, the first time she gave me the answer, it was just, you know, it's my rainy day, until we got to a later meeting. And she said, Mike, I was not sure that I was going to work with you. But let me tell you why I hoard cash. It's because I remember as a 7-year-old coming home from school and my parents putting me to bed because we didn't have money to put dinner on, or they didn't have money to put dinner on the table. And so, as opposed to hearing us ask, knowing they couldn't provide, they just put us to bed. And I asked the client, it's 6— that's been 60 years ago. Don't you think we're past that now? And she said, I think we are. But it was, it was a 60-year-old memory that she had. And it's the same thing whether you're trying to help people rehab from an injury or trying to help them rehab from financial trauma or financial struggles, you know, we're doing the same thing. And I think you bring one of the most absolute unique perspectives to financial planning because of that rehab you've helped from physical. And now, right, you're— you, you want to help healthcare workers, right?

Right.

And talk to us about some of the things healthcare workers Struggle with? Not financially, just on a day-to-day basis.

Sure. So I think most of us are there because we really want to help people. So because of that focus, we'll put up with like long hours, really intense work, weekends, holidays, not seeing our family. So we'll make those sacrifices because helping people is really, really important to us. But over time, it kind of wears you down. And It would be nice to work with healthcare workers to make sure that they have a really good retirement plan in place for themselves. Everyone deserves a good retirement plan, but certainly when you're working with people and really giving so much of yourself, it would be nice to know to take the time sort of to focus on yourself and make sure that you're going to be taken care of.

When you talk to coworkers or people in the healthcare field, What are some of the questions that you hear healthcare workers asking you about money?

Sometimes it's really basic, like, what's the difference between an IRA or a Roth IRA? Yeah, sometimes it's just really basic stuff. And will I have enough to retire? And because I've been working so hard, I would like to retire maybe earlier at 62 and not wait until 67 or something. And will I be able to do that?

Yeah. And I mean, it's not, it's not revolutionary stuff, right? life or death. It's more like, it's more like just basics, right? It's—

How do I know I can retire? Am I on the right road to retire? Am I doing the right things? Like, I don't want to be making a mistake and in my 60s realize, oh my God, I blew it when I had the chance to get my ducks in a row.

When you, your hope, right, in making the transition from physical therapist to financial planner, What's the hope in working with healthcare workers there?

Because I identify with them so strongly, because I know how much they give of themselves, that I could help them put the focus on themselves and plan for their retirement. They give a lot and they, you know, deserve a lot in return.

When you, when you say they give a lot, explain that to people who don't know what healthcare workers give.

It's just kind of a crazy environment being in a hospital. Sometimes you don't have time for lunch. Sometimes you don't have time to go to the bathroom. You have to, you know, there's a stat on a patient, you have to go see them. You work holidays and weekends. And that's just, that's just what the job is, you know. So you're not seeing your family and stuff. So there's just, and it's also the job, not only is it physical, but it's emotional. You're dealing with a lot of emotional situations with people. who come in who are homeless and or just discovered a really bad diagnosis. And again, you're trying to work with them. So it's just, it's a tough job, which is why it's rewarding. You know, if it, if it was easy, then it probably wouldn't be as rewarding as it is.

That's right. Is it, is being in healthcare financially rewarding? That's about, that's about as genuine of an answer as you can give. Because there is, there is truth to that because we obviously have a lot of clients who are in the financial profession.

Right.

But the, the answer that you just gave by not giving an answer tells me 3 things. One, um, a lot of financial, uh, a lot of people, a lot of healthcare workers, when they're talking about finances, Just don't know how to answer it. That's the first thing it tells me. Number 2 is, and you and I both have this experience, is most healthcare workers don't know what their finances look like.

Yeah.

They work 12-hour shifts, which if you work a 12-hour shift, it requires about an hour and a half before that shift to get ready for it, and a transition time of about an hour and a half, 2 hours afterwards, right? And so really, on a, on a 12-hour shift day, your whole day involves sleep and giving care. That's all it is.

There's a lot of energy when you get home and then, you know, you have your family. So, yeah.

No, right. And then the third thing it tells me is that, like you said, a lot of healthcare workers just don't know.

Right.

You're— and we've, we, I think we've laid out that you're passionate about health, health helping healthcare workers. Barb, uh, not only do you work with us, but you're also a client, and you have all of the history of being in physical therapy and being in the healthcare world. But do you know beyond a shadow of a doubt that you're going to be okay financially now that you're in the financial planning field and you have a financial planner next to you?

I do, and it's an awesome feeling. It's a wonderful sense of peace that I know that My future is organized, and my money will be there when I'm ready to tap into it. I also like that my plan that you gave me was just was just typed out words. It wasn't graphs. It wasn't pie charts, which mean nothing to me. It was typed out like, "Hey, we're going to put your money here. Do this. It's going to cost you this. We're going to put your money here. We're going to do this. It's going to cost you this." All on a piece of paper that I could read, that anybody could easily read. And it wasn't like I was going to have to go through my statements to find out what am I being charged for this. I was told. So yes, it was very clear what my plan is. And I'm very happy about it.

As you're talking with individuals, because you're still, you still got a foot in the healthcare world, you still got it and you're, You're starting to take steps in the financial planning world. When you are talking to people and to now to translate for them over from a healthcare terminology to a financial terminology, are you starting to feel comfortable that you can give the peace that we gave you to other people in the healthcare world?

Yes, and what I really like is that it's just very clear, so it's easy. I like that it's going to be easy for the person I'm giving it to to read it and figure it out and understand what plan that we have for them.

So if you could speak right now to anybody in the healthcare world, right, who is interested in discussing a financial plan or putting a financial plan together, what would you say to them?

Absolutely. Please come and talk to me. We're just talking. We're having a chat. We're discovering what money you have, what money you don't have, where you are now, where you would like to go, and how I can help you along the steps. But I really feel it's a— it starts with a conversation. We just sit down and we have a conversation.

And, and when that conversation is had, what I tell people who you have spoken with is that we have a team of 21 professionals behind Barb. Just like, just like Barb, as being a physical therapist, has, you know, medical billers, right?

Right.

And health and insurance specialists and doctors who perform surgeries and nurses who provided care after your, after your surgery that got you eventually to Barb, who provided the service. We have a team like that in place. And one of the things that we execute is one-of-a-kind financial plans. And we're committed to the healthcare service field. Because, because you're tired and you're not retired. Yet.

Yet.

It's what we talk about all the time is that because when we see healthcare workers, whether they work in the VA hospitals or they're working at Sentara or they're working in private practice, is man, they are just mentally and physically exhausted. And the last thing they want to talk about is what the stock market is doing, or what a tariff is, or what, you know, they just, they want to know that beyond today, they have a simplified plan that can answer the question, can I retire?

Right.

And will I be okay?

Right.

And that's what we do, right, Barb?

Absolutely.

Barb, I thank you for being on the Ideas by Mike podcast. More importantly, I appreciate like where your heart is. for helping people. In the middle of the show today, you said something I thought was just totally endearing when talking about healthcare workers. You said, we.

Oh.

You did not say, as a healthcare worker, or you didn't say, you. You said, we, because one of the biggest impacts I think you're going to make in the healthcare world is to be able to bring peace and comfort to people in their financial plans. And I believe in that mission you have. Is there anything you would like to say about the mission to help healthcare workers?

I look forward to people coming and talking to me and having a chat about their financial situation and their fears and concerns. And you have a place, a goal that you want to get to. And as a physical therapist, we make a treatment plan based on your goals, and that's what we work towards. So I'm hoping you'll come and talk to me and we can work towards your goals.

Yeah, and then ultimately we'll build a one-of-a-kind financial plan that's based around tax planning, retirement income, investments, long-term care, right? So everybody in the healthcare field knows what that is. Then we'll create a legacy plan. And so I would tell everybody, uh, the easiest way to get in touch with Barb is by looking on our website ideasbymike.com. You can reach out and comment on the podcast today on YouTube. We'll make sure to get her there too. You can follow more for more education material from Ideas by Mike on Instagram @ideasbymike.com or @ideasbymike. And then on our website, ideasbymike.com. Barb, thank you for coming on today. I know, I know you are I know your passion to help healthcare workers is real. And when you say we are going to do it together, you mean you, in your transition into financial planning, is going to be able to help people that you love and care about, who's given support, who are tired. You're going to find a way to help get them retired.

Absolutely.

I appreciate you.

Thank you.

Thank you for tuning in to Ideas by Mike, the podcast, the show where ideas turn into money If you enjoyed today's episode, make sure to click the follow button to stay up to date on future releases. For additional information on becoming a part of the Ideas by Mike community, check out our website at ideasbymike.com. Don't forget to take a look at the show notes, and for more financial insights, subscribe to the Ideas by Mike YouTube channel or visit the website to find one of the upcoming webinars. Also, connect on Instagram or Facebook @ideasbymike. Ideas by Mike is an LLC headquartered in Virginia with offices in 42 cities. The company owns an insurance agency registered in all states directly or through affiliate companies. Mike is an investment advisor representative with JB Wealth Advisors. Any financial planning information shared on the show should not be construed as financial advice for you personally. For your one-page financial plan, please reach out to Ideas by Mike through the website. The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Ideas by Mike. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investment advice. Any financial planning information shared on the show should not be construed as financial advice for you personally. For your one-page financial plan, please reach out to Ideas by Mike through the website.