Your Financial Pharmacist

Episode Summary No matter where you are in your career journey, it's never too early to start optimizing your retirement plan. One important factor to consider when building your retirement paycheck is Required Minimum Distributions (RMDs). RMDs refer to the minimum amount that you must withdraw from certain retirement accounts each year after reaching a certain age. On this week's episode, YFP's Co-founder and Director of Financial Planning, Tim Baker, CFP®, RICP®, RLP® unpacks the many intricacies of RMDs, like which accounts demand RMDs, which ones don't, and what to consider when planning how to build your retirement paycheck. You'll learn about how RMDs are calculated, the penalties you can expect when you don't fulfill RMD requirements, how to optimize and reduce the impact of RMDs, and why optimizing your retirement strategy starts in the accumulation phase. Links Mentioned in Today's Episode Free Checklist: What Issues Should I Consider When Reviewing My Investments? YFP 313: 4 Reasons Your Financial Planner Should Manage Your Investments Book a Free Discovery Call: YFP Planning Subscribe to the YFP Newsletter YFP Disclaimer

Summary Venturing into real estate is often a carefully formulated plan backed by a healthy savings account. But as today's guest has proven through his real estate journey, sometimes it's best to jump straight in with both feet! Khoa Nguyen is a pharmacist and real estate investor from Vietnam who has now settled in Oklahoma City as the Founder, CEO, and Managing Partner of KNN Capital Partners. After catching the real estate bug in college, Khoa describes his first deal and what he learned from the experience. We learn how and why he pivoted to multifamily, the benefits of investing in multifamily that can't be found in single-family, where and how to find multifamily deals, and Khoa's method for evaluating the best multifamily deals. We also discuss the ins and outs of syndication, the roles of a general partner versus a limited partner, what's important when vetting different syndicators, and how interest rates affect property evaluations. About Today's Guest Khoa Nguyen, PharmD founded KNN Capital Partners based in Oklahoma focusing on Multifamily acquisitions and investor relations. With a strong background in leadership and analyzing numbers, Khoa excels at underwriting deals as well as building power teams. Khoa led his team to become a trusted "boot on the ground" partner in Oklahoma. Khoa has used his sharp skills to find different solutions to acquire the properties, maximize investors' return, and execute the project plan within expected timeline. With a medical background, Khoa has created a rapidly growing medical community, exclusively for pharmacists, that focuses on multifamily investing where he helps many of his fellow pharmacists build up their passive income to achieve financial freedom. Together with his trusted partners and investors, KNN Capital Partner currently owns and operates a total of 170 units. Links Mentioned in Today's Episode Khoa Nguyen on LinkedIn KNN Capital Partners KNN Capital Partners on Facebook PharmD to Freedom on Facebook 'YFP REI 49: Scaling Big from a Single Family House with the Flying Investor' 'YFP REI 53: Understanding and Vetting Syndications with Senate Eskridge' Danny Mah Rich Dad Poor Dad Your Financial Pharmacist YFP Real Estate Investing Facebook Group

Episode Summary Financial planners often get a bad reputation because people either don't trust them or they feel like planners are a waste of time — they could be doing the job themselves. So on today's episode, sponsored by First Horizon, YFP's Co-founder & Director of Financial Planning, Tim Baker is here to discuss the four reasons why having a financial planner is crucial for managing your investments. From our conversation, you'll gain a better understanding of the type of accounts that a financial planner could manage on your behalf, what an Investment Policy Statement (IPS) is, and why it's vital for your financial plan. Then, we dive into the 4 reasons why, if it is the right fit, having a financial planner manage your investments is a good idea. Spoiler alert…hiring a financial planner to beat the market didn't make the list! Links Mentioned in Today's Episode 'What Issues Should I Consider When Reviewing My Investment' 'YFP 275: How to Build a Retirement Paycheck' 'YFP 213: 5 Investing Considerations for a Volatile Market' Investing for Dummies YFP Planning: Fee-Only Financial Planning for Pharmacists YFP Disclaimer Tim Baker on LinkedIn Tim Baker on Twitter Tim Ulbrich on LinkedIn First Horizon's Pharmacist Home Loan Subscribe to the YFP Newsletter

Episode Summary Navigating the world of financial advice can be a tricky thing. You're often confronted with baffling jargon, an overwhelming amount of choice, and a lack of transparency, which will typically leave you feeling more confused than when you started. Here to help us unpack these topics today is YFP team member, Justin Woods, PharmD, MBA who has had over 350 financial conversations with pharmacists! We talk with Justin about why pharmacists tend to be skeptical when it comes to hiring a financial planner, the various terms and titles used in the financial services industry, and what outcomes you should expect as part of the financial planning process. Tuning in you'll learn about key factors that hold people back from pursuing financial advice — like previous negative experiences — as well as an overview of how the financial services industry has changed over the years, and how this impacts clients. We also discuss key terms, like "fiduciary", and how understanding their implications can help you navigate the industry, before unpacking the four factors of financial decision-making and how planning can help you live a rich and meaningful life. Links Mentioned in Today's Episode Webinar: A Pharmacists Perspective And Evaluation of the Practice of Financial Planning YFP 250: 10 Takeaways from 50 Financial Conversations with PharmacistsSeven Figure PharmacistYFP 208: Why Minimizing Fees On Your Investments Is So Important Unshakeable by Tony Robbins John Oliver Fiduciary Justin Woods on LinkedIn Justin Woods on Twitter Pyrls YFP Planning: Fee-Only Financial Planning for Pharmacists YFP Disclaimer Subscribe to the YFP Newsletter

Summary Less than half of parents feel confident in what they are teaching their children about money. Even fewer regularly discuss money with their kids. Julia Myers is a practicing pharmacist and pharmacy leader at the University of Missouri Healthcare. During this episode, sponsored by First Horizon, we discuss how the type of money household you grew up in influences your financial management today. We explore strategies to teach your children about money across the full spectrum of ages, from early childhood to young adulthood. Julia weighs in on the loss of generational wealth, why mistakes are the best teachers, and how self-reflection can lead you to better equip your children to build their financial futures. Throughout the show, Julia offers practical tips on approaching money conversations with your family and empowering your children. About Today's Guest Julia Myers is a practicing pharmacist and pharmacy leader at the University of Missouri Health Care in Columbia, Missouri. Julia received her Doctor of Pharmacy degree from the University of Wyoming School of Pharmacy and her Masters in Business Administration from the University of Tennessee- Knoxville. Her 15-year career encompassed clinical and leadership roles in community pharmacy, ambulatory care, health system, and specialty pharmacy. In 2020, Julia was recognized as a member of the Class of 20 Under 40 by Columbia Magazine for her achievements in medication affordability, specialty pharmacy, and overall community impact. After experiencing a life-changing medical event, Julia semi-retired in May 2022 and is now pursuing her best life focusing on family, lifelong learning, and travel. Julia enjoys spending time outdoors, reading and writing, and raising 5 children with her husband Brad. Follow her on social @Juliamyersrx Links Mentioned in Today's Episode Julia Myers Julia Myers on LinkedIn Julia Myers on Twitter University of Missouri Healthcare First Horizon Bank 5 Easy Steps to Get a Home Loan Dave Ramsey Robert Kiyosaki YFP Planning: Fee-Only Financial Planning for Pharmacists YFP Disclaimer 5 Family Financial Conversation Starter Questions Subscribe to the YFP Newsletter

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, RLP®, RICP®, takes this question from Keith in Ohio: What's the catch with these new savings accounts that have 4%+ APY? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Record your questions here or send them via email to info@yourfinancialpharmacist.com Your Financial Pharmacist Disclaimer and Disclosures: This podcast is intended for educational purposes and should not be considered financial or investment advice as we do not know all the variables to one's personal situation when answering a question. For more information visit https://yourfinancialpharmacist.com/disclaimer/

Summary On this episode of YFP Real Estate Investing Podcast, co-hosts David Bright and Nate Hedrick provide a mid-year check on the REI market, including how they are evaluating opportunities and what they are seeing in their own real estate portfolio. They discuss how the 1% rule applies in today's market, considerations for converting your primary residence into a rental, and how future mortgage qualifications are affected by past and present properties you own and have owned. Links Mentioned in Today's Episode YFP Real Estate Investing Property Analysis Spreadsheet Free Download YFP Real Estate Investing Episode 50: Deep Dive into Spreadsheet Analysis YFP Real Estate Investing Episode 41: Deep Dive: Repairs and Capital Expenditures YFP Real Estate Investing YFP Real Estate Investing Facebook Group Nate Hedrick on Instagram Nate Hedrick on Facebook Real Estate RPH David Bright on Instagram David Bright on Twitter David Bright on Facebook

Episode Summary On this week's episode of the YFP Podcast, we tackle getting your estate plan buttoned up. We're joined by Tim Baker, CFP®, RICP®, RLP®, Co-Founder of Your Financial Pharmacist, to talk about estate plan preparations. We go through why it's important to plan your estate, what an estate plan includes, and what happens if you do not have one in place. Tim then shares his thoughts and insights on three action areas; documentation, beneficiaries, and legacy folders. Links Mentioned in Today's Episode American Pharmacists Association Caring.com's 2023 Wills Survey Episode 222: Why Estate Planning is Such an Important Part of the Financial Plan I've Still Got Me: A Widow's Journey to Love, Happiness & Financial Independence YFP Planning: Fee-Only Financial Planning for Pharmacists YFP Disclaimer Tim Baker on LinkedIn Tim Ulbrich on LinkedIn Subscribe to the YFP Newsletter

Episode Summary The tax filing deadline is behind us so time to sit back and relax, right?! As YFP Director of Tax, Sean Richards, CPA, EA, tells us today, it's important we are keeping tax front of mind year-round to avoid common blunders that show up during tax filing season. During this episode, Sean outlines ten of the most common mistakes he saw pharmacists make throughout the tax season including his thoughts on how year-round planning can help mitigate these mistakes. About Today's Guest Sean Richards, CPA, EA, 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 received his Enrolled Agent certification earlier this year. 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. Links Mentioned in Today's Episode Subscribe to the YFP Newsletter YFP Comprehensive Tax Planning Service Sean Richards on LinkedIn RITA Inflation Reduction Act (IRS) Most Common Tax Mistakes (Made by Pharmacists) Download First Horizon Pharmacist Home Loan Requirements YFP Disclaimer

Episode Summary If we don't earmark our cash for specific items, we're very likely to spend it. In this YFP Planning Case Study, Tim Baker, CFP®, RLP®, Kelly Reddy-Heffner, CFP®, CSLP®, CDFA®, and Angel Melgoza, MS CFP® use a hypothetical couple (Joe and Jane Script) to discuss balancing retirement savings with a major purchase and education planning. After being provided with an overview of the couple's finances and their goals for the future, Kelly and Angel pick apart their investment approach and offer advice for how they could make it more sound. From the importance of saving with the intention of avoiding getting hit with a surprise tax bill, this episode will make you think more deeply about the way you approach your financial plan! Links Mentioned in Today's Episode RightCapital YFP Planning: Fee-Only Financial Planning for Pharmacists YFP Disclaimer Tim Baker on LinkedIn Angel Melgoza on LinkedIn Kelly Reddy-Heffner on LinkedIn Subscribe to the YFP Newsletter