Your Financial Pharmacist

Tim Ulbrich, PharmD covers 10 practical year-end financial moves to reduce tax burden, build clarity, and start 2026 with confidence—plus a bonus step most people overlook. Episode Summary As 2025 winds down, it's tempting to push financial decisions into January. But some of the most impactful moves you can make happen before the calendar turns. In this episode, YFP Co-Founder & CEO Tim Ulbrich, PharmD walks through 10 practical, foundational financial moves to make before 2026 to help you reduce tax burden, invest with intention, organize your financial life, and enter the new year with clarity and momentum. The episode wraps with a bonus step that isn't on most year-end checklists but may be one of the most leveraged decisions you can make heading into 2026: evaluating whether it's time to hire a financial planner or reassess your current advisory relationship. This is your financial "closing shift" for 2025—simple, intentional moves that quietly build confidence and long-term wealth. What you'll learn in this episode: How to perform a year-end financial inventory and why tracking net worth is one of the most powerful planning habits. Which tax-advantaged accounts need attention before December 31 and how to prioritize last-minute contributions. The importance of rebalancing your investment portfolio and prepare for paycheck changes heading into a new year. Why organizing estate documents, beneficiaries, and a "legacy folder" creates clarity and peace of mind. How to set meaningful financial goals for 2026 and evaluate whether it's time to hire (or reassess) a financial planner. Mentioned on the Show YFP Legacy Folder Checklist

Tim & Tim discuss how to handle a windfall or inheritance with clarity emotionally, financially, and strategically during the biggest wealth transfer in U.S. history. This episode is brought to you by the American Pharmacists Association (APhA). Episode Summary Handling a windfall or inheritance isn't just about the money—it's an emotional, relational, and identity-level shift. Whether it's an inheritance, equity payout, stock options vesting, or another financial surprise, the "right" next step can feel overwhelming. Many people think the challenge is how to invest a large sum… but the real challenge often begins much earlier: Who am I now that money is no longer the limiting factor? In this episode, Tim Ulbrich, PharmD, and Tim Baker, CFP®, RICP®, RLP® break down how to prepare for, navigate, and thoughtfully plan through sudden wealth. They talk about the emotional side of receiving money, how to avoid rushed decisions, the importance of building the right team, tax considerations, and how to align a windfall with your goals, values, and relationships. With the largest wealth transfer in U.S. history underway, this is a conversation every generation needs to hear. If you've received a windfall, expect one, or simply want to understand how to handle one wisely, this episode will help you slow down, think clearly, and make decisions you won't regret. What you'll learn in this episode: Why sudden wealth creates emotional, identity, and relational shifts—not just financial ones The most common types of windfalls and why they require different planning strategies How to avoid rushed decisions and use a "90-day pause" to regain clarity The key professionals you need on your team before making major moves How taxes, investment priorities, and giving strategies change when a windfall enters the plan Mentioned on the Show Mom and Dad, We Need to Talk by Cameron Huddleston Cerulli Associates "Great Wealth Transfer" data "Die With Zero" by Bill Perkins YFP Episode: 5 Key Questions to Ask Before Hiring a Financial Planner

Pharmacist and entrepreneur Peyton Gilbert shares how intentional living, saving 50% of income, and family business ownership created flexibility and freedom. Episode Summary In this episode of the YFP Podcast, Tim Ulbrich sits down with Dr. Peyton Gilbert—a pharmacist, entrepreneur, and small-business owner whose story is a masterclass in intentional living. Peyton shares how he and his wife saved and invested over 50% of their income early in their careers, the mindset shift that allowed them to build a strong financial foundation, and how living "like a resident" created flexibility for major life decisions. What you'll learn in this episode: How Peyton and his wife saved over 50% of their income early in his career—and the mindset that made it possible. Why living "like a resident" for a season can create massive long-term financial flexibility. How Peyton navigated buying a home in a high-interest-rate environment and what he learned along the way. The story behind taking over his family's small business and how he balances entrepreneurship with a full-time industry role. How his mother's cancer journey shaped his purpose, career path, and the way he defines a "rich life" today and tomorrow. Mentioned on the Show (Book) So Good They Can't Ignore You by Cal Newport (Book) The Millionaire Next Door by Dr. Tom Stanley (Book) Die With Zero by Bill Perkins First Horizon White Coat Investor

Tim & Tim discuss whether to pay off your mortgage early or invest, breaking down math, mindset, and goals for 2025's financial landscape. This episode is brought to you by First Horizon. Episode Summary In this episode of the YFP podcast, co-hosts Tim Ulbrich, PharmD, and Tim Baker, CFP®, RICP®, RLP® revisit the frequently asked question: 'Should I pay off my mortgage early or invest the difference?' They discuss how the changing financial landscape, including rising interest rates, market volatility, and inflation, impacts this decision in 2025. They explore the math, emotional factors, and personal financial goals to provide a balanced approach. What you'll learn in this episode: How to evaluate whether paying off your mortgage early or investing the difference makes more sense in today's higher-rate environment. Why the math (interest rates, investment returns, tax impact) and the emotion (stress, freedom, flexibility) both matter when making this decision. How shifts in interest rates, inflation, and cash flow pressures since 2018 change the calculus for pharmacists in 2025. The role of discipline and behavior—why "investing the difference" only works if you actually do it. How a financial planner helps balance data and emotion to build a plan that aligns with your goals, values, and risk tolerance. Mentioned on the Show Your Financial Pharmacist Book a Free Discovery Call with YFP YFP Episode 49 "Should I Pay Off My House Early of Invest?" YFP Episode 68 "Pros/Cons of the Dave Ramsey 7 Baby Steps" YFP Episode 427: "Passive vs Active Investing: Is the Debate Over" YFP Episode 274: "Risk Tolerance vs Risk Capacity (Retirement Planning)"

Tim & Tim unpack passive vs. active investing, fees, behavior, and why YFP takes an "actively passive" approach to help pharmacists reach goals. Episode Summary In this episode of the YFP podcast, co-hosts Tim Ulbrich, PharmD and Tim Baker, CFP®, RICP®, RLP® dive into the ongoing debate of passive versus active investing. They break down the definitions of each strategy, discuss where each might fit into a pharmacist's financial plan, and analyze the impact of fees and behavioral factors. Drawing insights from Charles Ellis's The Index Revolution and Dr. Daniel Crosby's The Behavioral Investor, they explore YFP's own investment philosophy and the benefits of an actively passive approach. The episode covers the importance of long-term planning, the impact of fees on investment returns, and why human behavior often works against successful investing. Tune in to see why YFP advocates for a passive approach while actively managing portfolios to align with clients' financial goals. What you'll learn in this episode: The key differences between passive and active investing—and where each approach fits within a pharmacist's financial plan. How investment fees and human behavior can significantly impact long-term returns. Why YFP believes in an "actively passive" investment philosophy that balances discipline with adaptability. Practical takeaways from The Index Revolution and The Behavioral Investor to help you become a more confident, informed investor. Mentioned on the Show Your Financial Pharmacist Your Financial Pharmacist on YouTube The Index Revolution by Charles Ellis Vanguard Research Brief (2020): Putting a value on your value: Quantifying Vanguard Adviser's Alpha The Behavioral Investor by Dr. Daniel Crosby YFP Episode 124: The Behavioral Investor with Dr. Daniel Crosby

Is your financial success tied too closely to your income? A stark revelation shifts the perspective of the host, who learns that a six-figure salary can still lead to a $225,000 negative net worth. Discover why net worth is a more accurate measure of financial health. Learn how tracking net worth monthly instills clarity, momentum, and motivation while transforming your financial mindset. This insightful discussion challenges conventional beliefs and empowers listeners to redefine success beyond just income.

Tim Baker, a Certified Financial Planner and Registered Life Planner, joins Tim Ulbrich to discuss the deeper aspects of retirement planning that go beyond finances. They delve into the identity shifts retirees face, emphasizing how life planning can help define purpose and joy in this new phase. Key topics include the EVOKE methodology for goal-setting, aligning values with financial decisions, and creating a fulfilling retirement schedule. The conversation encourages listeners to consider not just monetary readiness, but what truly brings passion and meaning to their lives.

Is it possible for a pharmacist to save $1M by 40? In this episode, we break down the math, explore money mindsets, and share my journey from –$225K in debt after residency to reaching millionaire status with practical strategies to build wealth. Episode Summary In this episode, we tackle one of the most common (and debated) money questions: Is it realistic for a pharmacist to reach $1 million by age 40? YFP Co-Founder & CEO, Tim Ulbrich, PharmD breaks down the math, explores the mindset shifts that matter most, and shares some of his own story of going from –$225,000 in net worth after residency to crossing the seven-figure mark. You'll learn: ✅ How to calculate what it actually takes to hit $1M ✅ Why your money beliefs may help or hold you back ✅ Strategies like automating savings, tracking net worth & boosting financial IQ ✅ The importance of "playing financial defense" with debt and expenses This episode isn't just about hitting a number, it's about what that milestone means for your financial independence, freedom, and peace of mind. Mentioned on the Show YFP Compound Interest Calculator The Millionaire Next Door by Dr. Tom Stanley Watch the Your Financial Pharmacist Podcast on YouTube Learn More About Your Financial Pharmacist

Taking risks with your money, career, or life goals isn't easy, especially if you don't feel secure. In this episode, Tim Ulbrich, PharmD, explores how to build both the financial and emotional foundation you need to step out of survival mode and start taking calculated risks with confidence. Episode Summary Without security, it can be difficult to take risks. In this episode, YFP Co-Founder & CEO, Tim Ulbrich, PharmD, shares how to build the financial and emotional foundation you need to move past survival mode and take bold, calculated risks You'll learn: ✅ Why having a financial "floor" is essential before taking risks ✅ How emotional security plays into financial decision-making ✅ Practical steps to create stability so you can pursue opportunities ✅ The balance between playing it safe and going after bold goals Whether it's investing, starting a new business venture, or chasing a dream, this conversation will help you create the security you need to move forward. Mentioned on the Show Watch the Your Financial Pharmacist Podcast on YouTube Learn More About Your Financial Pharmacist

Health Savings Accounts (HSAs) are a modest but mighty tool for healthcare and retirement planning with a rare triple-tax advantage. Tim Ulbrich and Tim Baker share 2025 limits, key benefits, and common mistakes pharmacists make. This episode is brought to you by First Horizon. Mentioned on the Show First Horizon's Pharmacist Home Loan YFP Blog: Why I'm Not Using My Health Savings Account to Pay for Medical Expenses YFP 165: The power of a Health Savings Account Reference: Investment News Barron's YFP 124: The Behavioral Investor with Dr. Daniel Crosby Your Financial Pharmacist Your Financial Pharmacist on YouTube Episode Summary Health Savings Accounts (HSAs) are a modest but mighty tool for both healthcare and retirement planning, offering a rare triple-tax advantage: tax-deductible contributions, tax-free growth, and tax-free qualified withdrawals. But despite these benefits, many pharmacists aren't maximizing their HSA—or worse, are making costly mistakes. In this episode of the Your Financial Pharmacist Podcast, Tim Ulbrich and Tim Baker break down: ✅ What HSAs are, how they work, and 2025 contribution limits ✅ Why HSAs can serve as a "stealth" retirement account ✅ Common mistakes like non-qualified expenses and poor record-keeping ✅ How to choose the right HSA provider and designate beneficiaries ✅ Tips for investing your HSA funds for long-term growth Whether you're just starting out with your HSA or looking to fully optimize this powerful account, this episode is packed with insights to help you avoid pitfalls and maximize your benefits.