Your Financial Pharmacist

Tim Ulbrich and Sean Richards, CPA, discuss the tax preparations listeners should be considering ahead of the 2023 filing. Summary In this episode, Tim Ulbrich and Director of YFP Tax, Sean Richards, CPA, discuss the tax preparations listeners should be considering ahead of tax season and the 2023 filing. Whether you DIY your taxes or work with a professional, there are documents that need to be on hand to file your taxes. Sean shares essential tax moves for the year, emphasizing the significance of being proactive for the 2024 tax season. Sean also discusses the value of a year-round approach to taxes and the in-house services by episode sponsor, YFP Tax, showcasing the value of personalized, holistic tax planning.  About Today's Guest Sean Richards, CPA, received his undergraduate degree in Corporate Finance and Accounting, as well as his Master of Accountancy, from Bentley University in Waltham, MA. Sean has been a Certified Public Accountant (CPA) since 2015 and is currently pursuing his Enrolled Agent certification. Prior to joining the YFP team, Sean was the Senior Treasury Manager at PRA Group, a global debt buyer based in Norfolk, VA. He began his career at American Tower Corporation where, over 10 years, he held several positions in audit, treasury and accounting. As the Director of YFP Tax, Sean focuses on broadening the company’s existing tax planning and preparation operations, as well as developing and launching new accounting offerings, including bookkeeping, payroll, and fractional CFO services. Mentioned on the Show YFP Tax Tax Checklist Your Financial Pharmacist Your Financial Pharmacist on Facebook  Your Financial Pharmacist on Instagram Tim Ulbrich on LinkedIn Sean Richards on LinkedIn YFP Disclaimer YFP Newsletter Book a discovery call with Tim Baker

Hosts Nate Hedrick and David Bright discuss the benefits of Real Estate Professional Status (REPS) - what it is and how you can use it for tax advantages. Summary In this episode, pharmacists and real estate investors Nate Hedrick and David Bright share insights into balancing pharmacy work with real estate investing. The podcast explores part-time pharmacy work and real estate strategies, emphasizing the benefits of Real Estate Professional Status (REPS) for tax advantages. How much time you spend and what you do with that time in real estate can open a lot of doors and create some enormous benefits, particularly if you can meet criteria as a REPS. Nate and David highlight the importance of tracking hours for tax benefits, and consulting accountants for sound tax strategy advice for anyone interested in REPS. About Today's Guests Nate Hedrick is full-time pharmacist by day, husband and father by evening and weekend, and real estate agent, investor, and blogger by late night and early morning. He has a passion for staying uncomfortable and is always on the lookout for a new challenge or a project. He found real estate investing in 2016 after his $300,000+ student loan debt lead him to read Rich Dad Poor Dad. This book opened his mind to the possibilities of financial freedom and he has been obsessed ever since. After earning his real estate license in 2017, Nate founded Real Estate RPH as a source for real estate education designed with pharmacists in mind. Since then, he has helped dozens of pharmacists around the country realize their dream of owning a home or starting their investing journey. Nate resides in Cleveland, Ohio with his wife, Kristen, his two daughters Molly and Lucy, and his rescue dog Lexi.    David Bright is a pharmacist with a heart for teaching. He’s been a full-time professor since 2009 with a passion for implementing and improving pharmacy services. Themes of “implementing and improving” in the pharmacy space are quite similar to themes of “building and fixing” in real estate, which has been a growing hobby for David and his wife, Heather, who bought their first house more than ten years ago. That fixer-upper house became a live-in house flip, which they sold a few years later, only to repeat the process with their next house. When David and Heather got sick of perpetually living in a construction zone, they pivoted to fixing up rental properties in West Michigan, where they now live.  David invests in real estate as a way to bring greater diversity to financial planning and to fund memorable life experiences with family and friends. Mentioned on the Show Subscribe to the YFP Newsletter YFP Disclaimer Your Financial Pharmacist YFP Real Estate Investing Facebook Group Nate Hedrick on Instagram David Bright on Instagram YFP Real Estate Investing Website David Bright on LinkedIn Nate Hedrick on LinkedIn YFP Tax YFP Real Estate Investing Podcast: Episode 109 YFP Real Estate Investing Podcast: Episode 113

Kristen & Nate Hedrick share their journey paying off $250k student loan debt from the motivation to the role of side hustles and real estate investing. Summary How do you go about aggressively paying off a $250,000 student loan debt without feeling overwhelmed? To help answer that question, YFP Co-Founder & CEO, Tim Ulbrich, PharmD, is joined by fellow pharmacists Nate Hedrick, PharmD, and Kristen Hedrick, PharmD, BCACP. The Hedricks tell us how they successfully paid off over $250,000 in student loan debt, their motivation for tackling that debt, the pivotal moment that sparked making repayment a priority, and the role a side hustle and real estate investing played in their journey. After a brief history of Kristen’s background, listeners will hear what motivated the couple to take an aggressive stance on their debt repayments, how a life-changing event and one book altered their financial philosophy, and how the pandemic helped them focus on their strategy. Nate and Kristen share their reasons behind paying their debt off now instead of putting their money toward investments and how they found an additional $3,443 per month to make their goal attainable by reducing expenses and increasing their income. This earnest conversation takes us through the possibilities of working full time, raising a family, making investments, and paying off a huge debt, all at the same time. Nate and Kristen talk about their life after paying off this debt and share some advice for pharmacists who may be struggling with a similar debt situation.  About Today's Guests Nate and Kristen Hedrick met at Ohio Northern University and were married in 2013. Nate is a pharmacist with Medical Mutual and a real estate agent with Berkshire Hathaway. Kristen is a pharmacist with Bon Secour Mercy Health. Together, they graduated with over $300,000+ in student loan debt. They enjoy visiting National Parks as a family. Today they live in the suburbs of Cleveland, Ohio, with their two daughters, Molly and Lucy, and their rescue dog Lexi. Nate is also the co-host of the YFP Real Estate Investing Podcast.  Mentioned on the Show Subscribe to the YFP Newsletter YFP Disclaimer YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning YFP Real Estate Investing Podcast Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki Real Estate RPh YFP Real Estate Concierge Service BiggerPockets Your Financial Pharmacist YFP Real Estate Investing Facebook Group Nate Hedrick on Instagram Nate Hedrick on LinkedIn

Tim Ulbrich, YFP CEO, shares 5 key moves for financial success, emphasizing automation, proactive tax planning, document organization, and continuous learning. Summary In the first episode of the New Year, YFP CEO and financial educator, Tim Ulbrich, unveils a financial roadmap for 2024, emphasizing five key moves for achieving financial success and living a rich life. Tim highlights the pivotal role of automation in financial planning, proactive tax planning, the importance of organizing financial documents and the significance of continuous learning. He shares his personal financial goals and the systems he uses to organize and prioritize his financial goals. Tune in to gain insights and actionable steps for mastering your finances in 2024. About Today's Guest Tim Ulbrich is the Co-Founder and CEO of Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 15,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. To date, YFP has partnered with 75+ organizations to provide personal finance education. Tim received his Doctor of Pharmacy degree from Ohio Northern University and completed postgraduate residency training at The Ohio State University. He spent 9 years on faculty at Northeast Ohio Medical University prior to joining Ohio StateUniversity College of Pharmacy in 2019 as Clinical Professor and Director of the Master’s in Health-System Pharmacy Administration Program. Tim is the host of the Your Financial Pharmacist Podcast which has more than 1 million downloads. Tim is also the co-author of Seven Figure Pharmacist: How to Maximize Your Income, Eliminate Debt and Create Wealth. Tim has presented to over 200 pharmacy associations, colleges, and groups on various personal finance topics including debt management, investing, retirement planning, and financial well-being. Mentioned on the Show January 8th webinar YFP Bonus Episode: How A Couple Left Their Careers to Travel the World YFP 079: Is It Time to Redefine Retirement w/ Nick Ornella IRS Form 1040 (2023) YFP 309: Top 10 Tax Blunders Pharmacists Make YFP Tax Subscribe to the YFP Newsletter I Will Teach You To Be Rich by Ramit Sethi Financial Peace University Ally Banking YFP Disclaimer Tim Ulbrich on LinkedIn

This episode revisits our 2023 predictions! We also discuss property trends, interest rates, investor insights, realtors' role, and 2024 strategies. Episode Summary At the end of 2022, we published an episode on our 2023 predictions. During this episode, we discuss how the year has unfolded, all the contributing factors, and how they are likely to influence the year to come. Tune in to hear our insights on the changing motivations to purchase property, what we expect may unfold in terms of interest rates, investor attitudes, and rental rates, and changes that may affect all of these factors in 2024. We discuss the value of a good realtor in a changing world, unpack how to prepare for the unpredictable nature of the real estate investment space, and reflect on the unique period between 2020 and 2022 and its impact on investors. We touch on refinancing, focusing on reserves, and why it’s so important to have a robust strategy in a complex environment. Listen in to hear all this and more today! About Today's Guests Nate Hedrick is full-time pharmacist by day, husband and father by evening and weekend, and real estate agent, investor, and blogger by late night and early morning. He has a passion for staying uncomfortable and is always on the lookout for a new challenge or a project. He found real estate investing in 2016 after his $300,000+ student loan debt lead him to read Rich Dad Poor Dad. This book opened his mind to the possibilities of financial freedom and he has been obsessed ever since. After earning his real estate license in 2017, Nate founded Real Estate RPH as a source for real estate education designed with pharmacists in mind. Since then, he has helped dozens of pharmacists around the country realize their dream of owning a home or starting their investing journey. Nate resides in Cleveland, Ohio with his wife, Kristen, his two daughters Molly and Lucy, and his rescue dog Lexi.    David Bright is a pharmacist with a heart for teaching. He’s been a full-time professor since 2009 with a passion for implementing and improving pharmacy services. Themes of “implementing and improving” in the pharmacy space are quite similar to themes of “building and fixing” in real estate, which has been a growing hobby for David and his wife, Heather, who bought their first house more than ten years ago. That fixer-upper house became a live-in house flip, which they sold a few years later, only to repeat the process with their next house. When David and Heather got sick of perpetually living in a construction zone, they pivoted to fixing up rental properties in West Michigan, where they now live.  Mentioned on the Show Rental Market Trends in the US Three (Likely Wrong) Predictions for 2023 Real Estate Your Financial Pharmacist YFP Real Estate Investing Facebook Group Nate Hedrick on Instagram David Bright on Instagram YFP Real Estate Investing Website David Bright on LinkedIn Nate Hedrick on LinkedIn Real Estate RPH   

Dylin Redling and Allison Tom discuss their journey to FIRE and their book for kids on investing and personal finance, sharing practical advice and tips. Summary On this episode Tim Ulbrich welcomes Dylin Redling and Allison Tom, creators of Retireby45.com and authors of two books, Start Your F.I.R.E. (Financial Independence Retire Early): A Modern Guide to Early Retirement and Investing for Kids: How to Save, Invest and Grow Money. Dylin and Allison achieved ‘financial independence retire early’ status in 2015 when they were in their early 40’s. Have you ever thought to yourself, I wish I had learned more about the topic of personal finance sooner? If so, that’s exactly what today’s show is all about as Tim interviews Dylin and Allison about their work with their book, Investing for Kids. They discuss practical advice and meaningful activities to help with teaching kids about money and investing. About Today's Guests Dylin Redling and Allison Tom are a married couple living in Oakland, California. After working for 17 years in the tech industry in San Francisco, they left the workforce in January 2015 and never went back. They own and operate the website RetireBy45.com, which provides inspiration, tips, and resources for achieving FIRE (Financial Independence / Retiring Early) and making the most of the FIRE lifestyle. In 2020, they wrote and published two books: "Start Your FIRE: A Modern Guide to Early Retirement" and the best-selling "Investing for Kids." They love food, fitness, and travel. Their goal of "60 by 60" is to visit 60 countries by the age of 60. Mentioned on the Show Retire by 45 Start Your F.I.R.E. (Financial Independence Retire Early): A Modern Guide to Early Retirement by Dylin Redling and Allison Tom Investing for Kids: How to Save, Invest and Grow Money by Dylin Redling and Allison Tom Register for the Free Webinar: Developing an Investing Plan for Financial Independence  Seven Figure Pharmacist by Tim Church, PharmD and Tim Ulbrich, PharmD Retire by 45 Blog Our $10K Investment Experiment: Testing 5 Very Different Options Over 12 Months YFP Planning: Financial Planning for Pharmacists The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J. L. Collins I Will Teach You To Be Rich by Ramit Sethi Follow Retire by 45 on Instagram: @retire_by_45 Follow Retire by 45 on Twitter: @retire_by_45 Join the YFP Facebook Group Subscribe to the YFP Newsletter Tim Ulbrich on LinkedIn YFP on Instagram  

Tim & Tim talk about negotiation, why it’s an important part of the financial plan, the goals of negotiation, and tips for conducting an effective negotiation. Summary Tim Baker joins Tim Ulbrich on this episode to dig into all things negotiation. Negotiation is the process of discovery and a way to advocate for yourself and what your needs are. Tim Baker explains that negotiation is an important part of your financial plan for many reasons. He explains that settling for a lower salary can have a significant impact on your present and future finances because you may accrue less in retirement savings and potentially other investments. However, negotiation doesn’t just lie in your salary. You can also negotiate benefits like flex scheduling, paid time off as well as potentially parental leave and professional development opportunities, among others.  Tim Baker shares that 99% of hiring managers are expecting new hires to negotiate and build their initial offer as such. Many don’t end up negotiating because they don’t want to risk the offer being revoked, but Tim says that the majority of the time you should present a counter offer.  Tim then digs into the stages of the negotiation process that include the interview, receiving an offer, presenting a counter offer and accepting the offer and position. He shares many strategies and tips for each stage as well as additional techniques to use throughout the process. 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 YFP Planning Never Split the Difference: Negotiating as if Your Life Depended on It by Chris Voss SHRM (Society for Human Resource Management) Journal of Experimental Social Psychology Join the YFP Facebook Group Subscribe to the YFP Newsletter Tim Ulbrich on LinkedIn YFP on Instagram Tim Baker on LinkedIn

Dr. Christina Fontana, creator of The Pharmacist Coach, shares her journey from pharmacy to entrepreneurship, healing from trauma, and setting goals. Summary In this episode of the YFP Podcast, we welcome Dr. Christina Fontana, PharmD, the visionary creator of The Pharmacist Coach. Dr. Fontana shares her inspiring journey from pharmacy to entrepreneurship, revealing the impact of her early experiences and the resilience that fueled her pursuit of a purpose-driven path. From navigating personal challenges like eating disorders and anxiety to healing from childhood trauma, Dr. Fontana discusses her commitment to inner work and counseling as essential components of her transformative process. The episode also explores the intertwined nature of personal growth and business development, with insights into Dr. Fontana's methodology of "structured flexibility." The discussion concludes with a focus on mindset and goal-setting strategies for pharmacists, encouraging alignment with one's true desires and an embodiment of authenticity. Tune in for a captivating exploration of career empowerment, resilience, and setting ambitious goals for the year ahead. About Today's Guest Dr. Christina Fontana, AKA The Pharmacist Coach, is a pharmacist, holistic healer, rapid transformation business coach, speaker, and 5-time author. She helps spiritually-driven women to 'Reignite Your Light' and shine in your brilliance, confidence, and true essence.  She started her entrepreneurial journey 11 years ago being disempowered, homelessness, broke, with eating disorders, PTSD, and anxiety and has since transformed, turning her pain into purpose, empowering women all over the world to step into more purpose, power, and prosperity. Over the last 11 years, Dr. Christina has been providing uplifting, transformational content through her Youtube videos, books, courses, programs, and Conferences. Her mission is to empower more healers and business owners unlock their innate gifts to create a domino effect of healing on the world. Mentioned on the Show Subscribe to the YFP Newsletter The Pharmacist Coach® Subscribe to the YFP Newsletter Christina’s LinkedIn  Monetize Your Magic Facebook group  Christina’s Books  The Pharmacist Coach on Instagram  Christina’s YouTube Channel YFP Disclaimer Tim Ulbrich on LinkedIn

Join us as we chat with CPA power duo, Amanda Han and Matt MacFarland from Keystone CPA, Inc. Dive into the tax implications of short-term rentals, explore the benefits of holiday homes, and learn key strategies for maximizing tax benefits in real estate investments. Plus, discover the importance of planning your taxes before year-end. Episode Summary In this episode, we explore vacation homes and what they could mean for you and your taxes. We decided to go all-in and dive into the tax implications relating to short-term rentals, and we couldn’t think of a better pair to join us for this conversation than the vastly experienced and widely knowledgeable CPA duo, Amanda Han and Matt MacFarland! Amanda and Matt are the founders and managing directors of Keystone CPA, Inc., a financial advisory firm centered on the tax strategies of real estate investing. Join us as we define “depreciation” and “short-term rental,” compare the tax benefits of short-term and long-term, find out how holiday homes fit into the picture, tell you everything you need to know about material participation, and discuss the benefits of doing your tax planning and research before the end of the year. We also learn about the implications of changing your property from short- to mid- to long-term rentals, and after honing in on the strategies for maximizing tax benefits in investment partnerships, Amanda and Matt still have some tricks up their sleeve as they share more valuable tax-saving advice! About Today's Guest Amanda Han & Matt MacFarland are CPAs and tax strategists who specialize in helping people use real estate to save massive amounts in taxes and keep their hard earned money. They help educate investors on how to maximize tax write-offs, legal entity strategies, tax-efficient ways to access profit, how to use 401K money for real estate, and much more. They are authors of the highly rated book Tax Strategies for the Savvy Real Estate Investor and they have been featured in prominent publications including the Forbes Finance Council,  Money Magazine, Talks at Google,  CNBC’s Smart Money Talk Radio as well as the BiggerPockets podcasts. Today, Amanda & Matt have helped thousands of investors nationwide to save on taxes with proactive tax planning. Mentioned on the Show Amanda Han Amanda Han on LinkedIn Amanda Han on Instagram Amanda Han on X Matt McFarland LinkedIn Keystone CPA, Inc.  The Book on Tax Strategies for the Savvy Real Estate Investor ‘Episode 109: How Two Pharmacists Pay No Income Tax through Real Estate’  ‘Episode 18: Tax Strategies for Real Estate Investing’  Animals for Armed Forces  Airbnb Vrbo  ‘Episode 54: Using Cost Segregation to Optimize Real Estate Tax Benefits’ Nate Hedrick on Instagram David Bright on Instagram Your Financial Pharmacist YFP Real Estate Investing Facebook Group

Join Tony Umholtz from First Horizon Bank as he forecasts 2024 housing market trends and offers expert insights. Sponsored by First Horizon Bank. Summary With inflationary pressures historically high and inventory tight, many people are feeling understandably nervous about the housing market as 2023 comes to a close. But what can homeowners and homebuyers expect in 2024? To help us answer this question, we are joined once again by Tony Umholtz, a mortgage loan officer with First Horizon Bank. In this episode, we tap into Tony's 20-plus years of experience in the industry to get his input on current trends in the housing market, what makes this cycle different from 2008-2009, the correlation between presidential election years and interest rates, and what prospective homebuyers should be doing right now to get ready to buy a home in the new year, plus so much more! For a comprehensive overview of the key market trends that pharmacists and healthcare professionals need to consider when buying a home, be sure to tune in today. Episode sponsored by First Horizon Bank. About Today's Guest Tony Umholtz graduated Cum Laude from the University of South Florida with a B.S. in Finance from the Muma College of Business. He then went on to complete his MBA. While at USF, Tony was part of the inaugural football team in 1997. He earned both Academic and AP All-American Honors during his collegiate career. After college, Tony had the opportunity to sign contracts with several NFL teams including the Tennessee Titans, New York Giants, and the New England Patriots. Being active in the community is also important to Tony. He has served or serves as a board member for several charitable and non-profit organizations including board member for the Salvation Army, FCA Tampa Bay, and the USF National Alumni Association. Having orchestrated over $1.1 billion in lending volume during his career, Tony has consistently been ranked as one of the top mortgage loan officers in the industry by the Scotsman’s Guide, Mortgage Executive magazine, and Mortgage Originator magazine. Mentioned on the Show Subscribe to the YFP Newsletter Tony Umholtz First Horizon Tony Umholtz on LinkedIn Tony Umholtz on Instagram First Horizon Pharmacist Home Loan  YFP 285: Cracking the Code on Home Buying Loan Options YFP Planning: Fee-Only Financial Planning for Pharmacists YFP Real Estate Investing Facebook Group YFP Disclaimer Tim Ulbrich on LinkedIn