Home Is Where The Heart Is

Subscribe and Listen on Mobile
Apple Podcasts | Google Podcasts | Stitcher | Spotify

The BIF Bites podcast covers topics that are important to those seeking CFP® certification and really anyone that wants to better understand the financial services industry in general.

Jerry Mee, CFP® is the Director of Student Support at the Boston Institute of Finance (BIF) and has nearly a decade’s worth of experience in the financial services industry.

Adam Scherer, CFP®, MS is the Co-Director of Curriculum at the Boston Institute of Finance (BIF) and has over decade's worth of experience in the financial services industry.

Summary: CFP Skills and Real-World Home Buying Insights   

In this episode of BIF Bites, Jerry Mee shares his personal journey of buying a home in today’s volatile housing market—while also examining how CFP® skills can be applied both professionally and personally. Co-host Adam Scherer flips the script by interviewing Jerry, leading to a dynamic and practical discussion about real estate finance, behavioral economics, and opportunities to bridge the gap between theoretical concepts in CFP curriculum and real-life applications. 

BIF Bites – CFP Skills and Real-World Home Buying Insights   

In this episode of BIF Bites, Jerry Mee shares his personal journey of buying a home in today’s volatile housing market—while also examining how CFP® skills can be applied both professionally and personally. Co-host Adam Scherer flips the script by interviewing Jerry, leading to a dynamic and practical discussion about real estate finance, behavioral economics, and opportunities to bridge the gap between theoretical concepts in CFP curriculum and real-life applications. 

Key Highlights & CFP Skill Tie-ins:   

1. Real-World Application of CFP Skills   

• Jerry discusses using CFP principles like financial statements, amortization, tax planning, and budgeting during his personal home-buying process.   

• He emphasizes the importance of staying within budget, preserving emergency funds, and avoiding the “house-rich, cash-poor” trap.   

2. Behavioral Finance in Action   

• The emotional and psychological aspects of home buying—even for trained professionals—were explored.   

• Anchoring bias, fear of missing out, and market timing concerns were key behavioral elements.   

3. CFP Curriculum Gaps   

• Jerry suggests adding “HOA fees” to the traditional PITI (Principal, Interest, Taxes, Insurance) framework, creating “PITIH.”   

• It emphasizes many modern home costs—HOAs, PMI, rising interest—are underrepresented in current CFP study materials.   

4. Interest Rates and Mortgage Strategy   

• With rates doubling in recent years, Jerry advises caution and encourages clients and students to model payments using amortization schedules.   

• Emphasizes that refinancing shouldn’t be assumed but may be a future tool.   

5. Alternative Loan Programs   

• USDA rural housing loans were discussed as viable first-time buyer options—allowing lower down payments in non-urban areas.   

• Important reminder that programs like this can reduce PMI and improve affordability.   

6. Tax Implications for CFPs   

• Mortgage interest deductibility (available when itemizing) and the “Augusta Rule” for tax-free rental income were discussed as relevant topics students may see on the CFP exam.   

7. Estate Planning Connections   

• The personal residence can be transferred via trusts (e.g., QPRT – Qualified Personal Residence Trust) to remove the property from an estate and reduce estate tax exposure.   

• This ties directly into core CFP content domains.   

Exam-Relevant Concepts    

• Amortization calculations using financial calculators (e.g., HP 12C).   

• PITI and proposed PITIH as budgeting fundamentals.   

• PMI and HOA fees as real-world financial planning challenges.   

• Loan affordability vs. pre-approval temptation.   

• Behavioral finance biases influence decisions.   

• Estate planning tools like QPRTs.   

• Tax rules around mortgage interest and rental income.   

Conclusion:   

This episode provides a grounded, personal perspective that brings the CFP curriculum to life. It emphasizes that being a financial planner means practicing what you teach—and understanding that emotions and hidden costs can shape a client’s reality. Candidates for CFP Certification and CFP professionals alike are encouraged to:   

• Use their tools (e.g., amortization functions and financial calculators) to model decisions.   

• Understand evolving market dynamics.   

• Stay current through continuing education and real-world exploration.   

Start applying your CFP knowledge now—whether for your clients, your family, or yourself.