YFP 247: 10 Common Financial Mistakes Pharmacists Make

YFP Co-Founder & CEO, Tim Ulbrich, PharmD, talks about ten common financial mistakes that pharmacists make.

Key Points From This Episode

• The number one mistake on our list: paying too much interest on your student loan debt.
• Tim shares the way to shift your mindset away from the 'monopoly money' feeling. 
• Diving into student loan strategy and the different buckets to consider. 
• Talking about service loan forgiveness and PSLF strategy, and how to maximize these.
• Why emergency funds take a back seat and how to avoid delaying getting one. 
• Some tips on starting your emergency fund.
• Mistake number four: protecting your income.
• Accepting your income is fixed, and factoring in inflation and debt loads.
• Putting numbers to the retirement savings saying of 'save early, save often.’
• Investing in a way that maximizes your tax savings!
• A reminder of why it's crucial to create a tax strategy and do your tax planning.
• Talking about saving out of order for kid's college.
• How to get a certified financial planner who has your best interests at heart.

Links Mentioned in Today’s Episode

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• Join APhA - Get 25% Off Your Membership with Code: YFP
• The Ultimate Guide to Pay Back Pharmacy School Loans
• Learn More About Our 1:1 Student Loan Analysis with a CFP®
• Insurance for Pharmacists
• 19 Ways to Make Extra Money as a Pharmacist in 2020 
• YFP 072: Investing Mind Tricks: How Behavioral Bias Affects Our Decisions 
• YFP 073: How to Determine the Priority of Investing
• YFP 074: Evaluating Your 401k Plan
• YFP 075: DIY, Robo or Hire a Planner?
• YFP Tax
• YFP 233: Tax Moves to Consider Before 2022
• YFP 211: The Ins and Outs of the 529 College Savings Plan
• YFP 015: Financial Planning Series: Interview w/ Tim Baker (West Point to CFP)
• YFP 016: Financial Planning Series: Benefits of a Financial Planner
• YFP 017: Financial Planning Series: Questions to Ask Your Financial Planner
• Your Financial Pharmacist Disclaimer and Disclosures