Your Financial Pharmacist

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, RLP® takes this question from James in Bellingham, WA: What is an Exchange Traded Fund (ETF) and how does it compare to a mutual fund? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Send in your questions here or to info@yourfinancialpharmacist.com Your Financial Pharmacist Disclaimer and Disclosures Disclaimer: 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.

Paul Hinckley, PharmD, CSPI, makes his second appearance on the podcast, sharing his most recent rental portfolio growth and best practices for success in partnerships for long-term rental investments. Key Points From This Episode An introduction to Paul Hinckley and his professional background. The motivation behind Paul's decision to scale his real estate portfolio. How Paul was able to find the real estate investment property he recently purchased. The importance of being patient when purchasing a property. Paul's strategy for funding real estate purchases. Why Paul chose to deviate to a triplex real estate. Benefits from investing continually in one area. What Paul's pet policy is and how this fills a gap in the market. Methods to ensure that inherited tenants will not become a problem. Details about Paul's current partnership in real estate investing. Peace of mind that comes with working with a partner. The agreements to be put in place when working with family and friends. The approach that Paul has taken to handle future problems. Experience Paul has with single-family home purchases and renovations. A brief highlight of the rental market in Paul's investment area. Future real estate investment plans that Paul has. Advice that Paul has for people looking at forming a partnership. Links Mentioned on Today's Episode YFP Real Estate Investing 16: Starting with Single Family Rentals MLS Multiple Listing Service BiggerPockets YFP Real Estate Investing Join the YFP Real Estate Investing Facebook Group Your Financial Pharmacist Disclaimer and Disclosures

YFP Co-Founder & Director of Financial Planning, Tim Baker, CFP®, RLP® is joined by YFP Planning Lead Planners, Kelly Reddy-Heffner, CFP®, CSLP®, CDFA®, and Robert Lopez, CFP® to walk you through a financial planning case study on growing a family, paying off student loans, and buying a house. Key Points From This Episode Introducing YFP Lead Planners, Kelly Reddy-Heffner and Robert Lopez. Describing the fictitious family of today's case study: Jason and Lauren Jones. The Joneses' earnings, expenses, and debt. Their goals and concerns. How their cash position fits in the context of their goals and debt. The question of whether or not to go the PSLF route. The tendency to get caught up emotionally without considering the mathematics. How the Joneses should tackle the wealth-protection aspect of their financial planning. Speculation of whether a whole life policy is necessary. The benefits of having one joint credit card per family. What the Joneses should consider with regards to the mortgage conversation. The power of financial planning. The wealth-building opportunities for the Joneses' emergency fund. The ideal amount to put aside as an emergency fund. Investment options and recommendations. How to approach college education funds. The future prospects of a supplemental income for the Joneses. Links Mentioned in Today's Episode YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning Case Study #1 Summary Sheet Insuring Income: Get Quotes and Apply for Term Life and Disability Insurance YFP 248: How 3 Pharmacists Had $700,000 of Student Loans Forgiven Your Financial Pharmacist Disclaimer and Disclosures

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, RLP® takes this question from a member of the YFP Facebook Group: Is non-PSLF forgiveness an option for a non-retail pharmacist? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Join the Your Financial Pharmacist Facebook Group Your Financial Pharmacist Webinars Learn More About Our 1:1 Student Loan Analysis with a CFP® YFP 248: How 3 Pharmacists Had $700,000 of Student Loans Forgiven Send in your questions here or to info@yourfinancialpharmacist.com Your Financial Pharmacist Disclaimer and Disclosures Disclaimer: 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.

Todd Strumpfer, a senior account executive at Cost Segregation Services, Inc., discusses depreciation, its importance in real estate investing, and why pharmacist real estate investors should consider cost segregation services for their properties. Key Points From This Episode Welcome to Todd Strumpfer, senior account executive at Cost Segregation Services, Inc. What depreciation is from a tax standpoint, and how it differs from the property dropping in value. Breaking down the lump depreciation value into individual costs. Why cost segregation is beneficial to owners in the short term. How tax cuts accelerate depreciation further. Why the state of a property when bought doesn't affect the tax benefits. The common mistakes and misunderstandings Todd sees in this field. The relationships between CPAs and tax planners, and how they differ. Todd's suggestions on how to optimize your tax situation: why vacation properties are so beneficial. Links Mentioned on Today's Episode YFP Real Estate Investing 18: Tax Strategies for Real Estate Investing Cost Segregation Services Incorporated Your Financial Pharmacist The Your Financial Pharmacist Podcast Call Todd Strumpfer: (888) 303-4874 Find out if your property qualifies for cost segregation Contact CSSI YFP Real Estate Investing Join the YFP Real Estate Investing Facebook Group Your Financial Pharmacist Disclaimer and Disclosures

Emlah Tubuo, the owner and pharmacist in charge at Powell Pharmacy & founder of Emlah Naturals, a pharmaceutical-grade supplement line, shares why she decided to start her own business, the challenges she has had to overcome in starting and running a business, and how she defines personal and professional success. Key Points From This Episode Emlah's professional background and training. How Emlah was able to study abroad to further her career. The first job Emlah had after graduating and what her role was. Highlights of Emlah's approach to pharmacy and health care. What motivated Emlah to start her own business. The first steps Emlah took when starting her business. Tim and Emlah discuss when the best time is to start a business. The impact of the COVID-19 pandemic on the business and lessons learned. How Emlah keeps motivated to do her best every day. We find out more about Emlah's new business, Emlah Naturals. Why people should implement lifestyle changes along with taking medication. What Emlah's definition of success is, both personally and professionally. Links Mentioned in Today's Episode Powell Pharmacy Emlah Naturals YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning Refinance Your Student Loans with Splash Financial ​​The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber Ohio Pharmacists Association Annual Conference Connect with Emlah Naturals on Facebook Follow Emlah Naturals on Instagram: @emlahnaturals Your Financial Pharmacist Disclaimer and Disclosures

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, RLP® takes this question from a member of the YFP Facebook Group: How should we handle money the kids get considering their 529 accounts are well funded? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Join the Your Financial Pharmacist Facebook Group The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money by Ron Lieber YFP 202: How to Teach Your Kids About Money and Investing Investing for Kids: How to Save, Invest and Grow Money by Dylin Redling and Allison Tom YFP 211: The Ins and Outs of the 529 College Savings Plan 7 Things to Consider Before Starting a 529 Plan Send in your questions here or to info@yourfinancialpharmacist.com Your Financial Pharmacist Disclaimer and Disclosures Disclaimer: 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.

Senate Eskridge, a professional real estate investor, talks about what real estate syndication is, how it works, and what a professional real estate investor looks like. Key Points From This Episode Introduction and brief outline of today's show. We find out more about Senate's professional background. Benefits that investors will get when working with Senate in real estate. Skillsets and personal qualities required for Senate's line of work. What the difference is between a limited and general partner. Role of an operator within a syndicate and how it is different from a property manager. Senate expands on his roles and responsibilities within a syndicate. Important metrics to consider when making an investment. Tax benefits for a limited partner when making an investment in multi-family real estate. Biggest differences between multi-family depreciation and a single-family depreciation. An example of a typical syndicate operation Senate has been involved in. How return on investment works for a limited partner. Breakdown of strategies to protect investors in a volatile market. Evaluation criteria Senate recommends before you make your investment. Resources for people who want to learn about real estate syndicates. Links Mentioned on Today's Episode YFP Real Estate Investing 26: Leveraging Partnerships for Passive Investing Cost Segregation Services Incorporated Passive Investing Made Simple: How to Create Wealth and Passive Income Through Apartment Syndications by Anthony Vicino and Dan Krueger BiggerPockets Senate Eskridge Email Senate Eskridge: senate@senateeskridge.com Schedule a meeting with Senate Eskridge YFP Real Estate Investing Join the YFP Real Estate Investing Facebook Group Your Financial Pharmacist Disclaimer and Disclosures

Nate Hedrick and David Bright, co-hosts of the YFP Real Estate Investing Podcast, share their top tips and strategies for getting started in real estate investing. Key Points From This Episode An update from David and Nate regarding their coaching program. The importance of having a strong personal financial foundation. How to break down real estate investing. Categories best suited for first-time investors. Nate shares the team aspect of real estate investing to bring down the stress and reduce the barriers to entry. Where to find a good investment property: off-market. The importance of being able to define and state your criteria to a real estate agent. Using math to evaluate an investment and what that looks like; setting up categories. FAQs you'll hear when starting in real estate investing. Links Mentioned in Today's Episode YFP Real Estate Investing Podcast YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning Insuring Income: Get Quotes and Apply for Term Life and Disability Insurance None to One Group Coaching Program YFP 241: The Top 5 Objections to Investing in Real Estate YFP 212: Checklist for Building a Strong Financial Foundation YFP Real Estate Investing 46: Building a Family Business Around Motel Hacking Download a FREE copy of the YFP Property Analysis Spreadsheet for Pharmacist Real Estate Investors YFP Real Estate Investing 50: Deep Dive Into Spreadsheet Analysis Join the YFP Real Estate Investing Facebook Group Your Financial Pharmacist Disclaimer and Disclosures

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, RLP® takes this question from Andrew in the YFP Community: What is tax loss harvesting and when/how should this strategy be used? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists The Snowball: Warren Buffett and the Business of Life by Alice Schroeder Send in your questions here or to info@yourfinancialpharmacist.com Your Financial Pharmacist Disclaimer and Disclosures Disclaimer: 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.