YFP 349: Your Top 3 Questions Answered by a CERTIFIED FINANCIAL PLANNER™

YFP’s Tim Baker addresses key questions from the community, covering retirement savings, cost of living, and the importance of the nest egg calculation.

Summary

On this week's episode of the YFP Podcast, host Tim Ulbrich is joined by YFP Co-Founder and Certified Financial Planner, Tim Baker, to dive into some of the most common questions from the YFP community. He covers topics ranging from debt repayment to investing and retirement planning in three key questions:

• How much do I need to save in order to retire? How do I determine what is enough?

• The intricacies of cost of living and understanding the income you'll have in retirement.

• Why the nest egg calculation is crucial in financial planning.

Our discussion also delves into the pros and cons of paying off low-interest debt, such as student and auto loans, versus investing. Tim Baker also shares the strategies for prioritizing debt repayment, retirement savings, and saving for a house down payment.

In a particularly insightful segment, Tim and Tim tackle a question from a listener with a $200,000 student loan balance, where Public Service Loan Forgiveness (PSLF) isn't an option. Tim Baker shares his perspective on weighing the decision between paying off the loans and pursuing forgiveness over 20-25 years, including the potential tax implications.

Join us as we navigate the complexities of financial planning and empower you to make informed decisions for a secure financial future.

About Today's Guest

Tim Baker is the Co-Founder and Director of Financial Planning at Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 12,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. 

Tim attended the United States Military Academy majoring in International Relations and branching Armor. After his military career, he worked as a logistician with a major retailer and a construction company. After much deliberation, Tim decided to make a pivot in his career and joined a small independent financial planning firm in 2012. In 2016, he launched his own financial planning firm Script Financial and in 2019 merged with Your Financial Pharmacist. Tim now lives in Columbus, Ohio with his wife (Shay), two kids (Olivia and Liam), and dog (Benji).

Mentioned on the Show

• Episode 272 - How Much is Enough
• YFP Planning - www.yfpplanning.com 
• YFP+ - yourfinancialpharmacist.com/membership 
• Subscribe to the YFP Newsletter
• YFP Open House on March 14, 2024 at 8:30pm EST - yourfinancialpharmacist.com/openhouse 
• YFP Disclaimer
• Tim Ulbrich on LinkedIn
• Tim Baker on LinkedIn