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 a member of the YFP Facebook Group: Where should I start investing if I have disposable income available? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Join the Your Financial Pharmacist Facebook Group 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? Seven Figure Pharmacist by Tim Church, PharmD and Tim Ulbrich, PharmD YFP 096: How to do a Backdoor Roth IRA 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.

Nate Hedrick and David Bright do a deep dive into real estate investing spreadsheet analysis, covering how to analyze a property with different angles, strategies, and methods. Key Points From This Episode The advantages of a simple starting point when investing. Highlights of the current success of the ‘None to one’ course. The focus of today’s episode: financial planning for real estate investing. Nate tells us about an interesting investment in the Cleveland area. What the 1% rule is and why to consider it when investing in property. The common misconception regarding the rental and mortgage of a property. How to calculate your mortgage based on the principle and the interest. The incorporation of property taxes and insurance into your expenses.  What Nate regards as negotiable expenses. Property management rates as an expense and what they are based on. Why it is important to account for vacancy as an expense. What repairs and capital expenditures are.  Examples of unexpected fees in the property sector. How to manage cashflow and why it is important to have reserves.  Some of the upfront costs to factor in when buying a property. Cash on cash return and how to calculate it. Aspects to consider when making an investment. Links Mentioned in Today’s Episode None to One Group Coaching Program Download a FREE copy of the YFP Property Analysis Spreadsheet for Pharmacist Real Estate Investors Example Property for this Episode’s Anaylsis YFP Real Estate Investing 41: Deep Dive: Repairs and Capital Expenditures Join the YFP Real Estate Investing Facebook Group YFP Real Estate Investing Your Financial Pharmacist Disclaimer and Disclosures

Robert Lopez, CFP® and YFP Planning Lead Planner, discusses the current state of the PSLF program, plus three pharmacists share their PSLF success stories. Key Points From This Episode Introducing today’s topic: the PSLF success stories of three pharmacists. A reminder of who Robert Lopez is and his role at Your Financial Pharmacist.  An overview of the first and second half of the show and what we will cover. The basics of PSLF, Public Service Loan Forgiveness, and who qualifies. Which changes were made to the rules of PSLF.  What the big news comes down to: you don’t have to rule out forgiveness. What the limited waiver meant for those in the military. Optimization strategy with PSLF and how Robert recommends you reallocate your finances. The benefit of switching to a lower payment plan while achieving a long-term forgiveness plan. An introduction to Kimberly Gale’s journey into the world of pharmacy. The amount of debt she graduated with and how much was ultimately forgiven. How she discovered PSLF through a friend’s recommendation. Challenges she faced along the way, including communication at the beginning.  How PSLF helped her to afford the lifestyle she wanted for her family. Ashley Hicks’ story of gravitating towards pharmacy because of her love for people. How much Ashley ultimately had forgiven through PSLF. The challenge that uncertainty and anxiety posed within her PSLF process. How optimization and strategy can help navigate late discovery loans. The opportunities that PSLF opened up for her and her husband to focus on other goals. Meet Kyle Sobecki and learn about his work as a pharmacist in a nonprofit hospital. Kyle’s story of having had exactly $189,038.72 forgiven. Homework he has done along the way leading up to choosing PSLF. How PSLF works when you work for a non-profit. Uncertainties and challenges he had along the way.  His advice with regards to filing your paperwork on time each year. Goals the PSLF plan freed Kyle up to pursue including paying off personal debt. Links Mentioned in Today’s Episode YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning YFP 214: How Anna Got $127k Forgiven Through PSLF Ask a YFP CFP® 090: How can I decide if pursuing PSLF will be beneficial for me at this point in my payoff journey? PSLF Help Tool The Your Financial Pharmacist Podcast Learn More About Our 1:1 Student Loan Analysis with a CFP®: use code YFP for 10% off 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: Can I contribute to my Roth IRA if I'm over the income limit this year? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Join the Your Financial Pharmacist Facebook Group 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.

Drew Wiard, The Flying Investor, discusses his prolific success in real estate investing, scaling from single family homes to multi-million dollar syndication deals. Key Points From This Episode Jumping in with Drew Wiard's background and real estate career. He shares the 'why' behind his prolific success. The stepping stones that took him from one house to multifamily syndicated deals. The focus of his first few years and the type of unit that became his bread and butter.  What drew him to commercial property and what got easier (and more difficult).  Pushing back on the fear that real estate will eclipse everything in your life.  The differences between being a real estate operator or an investor. Specific areas that Drew found success in as a more passive investor. The importance of reaching out to your local REIA. Why making mistakes is good; you can adapt in real estate in ways you can't in pharmacy. Syndication and Drew’s approach to this kind of collaboration. Hear about the 163 unit project he just finished in Phoenix. Drew shares how he got started with acquiring bigger funding and what to avoid. How Drew deals with risk management at scale. How buying more houses mitigates risk rather than increasing it.  Why playing 'feel' estate is a recipe for disaster.  Drew explains his persona: The Flying Investor. His top strategy to make investing work hand-in-hand with being a pharmacist and family man. Daily journaling, habit-tracking, and his top advice if you're just starting out. Links Mentioned on Today’s Episode Clear Sky Properties National Real Estate Investors Association Drew Wiard, The Flying Investor Youtube Channel Connect with Drew Wiard on Facebook Connect with Drew Wiard on Instagram: @theflyinginvestor YFP Real Estate Investing Join the YFP Real Estate Investing Facebook Group Your Financial Pharmacist Disclaimer and Disclosures

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

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 Brian in Buffalo, New York: What tax implications are there when using HSA funds as "play money"? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists YFP 165: The Power of a Health Savings Account 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.

Nate Hedrick and David Bright, your podcast hosts, discuss seven frequently overlooked rental property expenses that real estate investors should consider. Key Points From This Episode The opportunity we have during tax season to evaluate what we have done. How certain things get overlooked when a property has not been tenanted.  An introduction to today’s topic: the often overlooked expenses attached to real estate. Why tenant turnover cost is a factor: marketing, applications, open houses, and more. How to mitigate the costs: host viewings while it is tenanted, for example. What seasonal demand means.  Zoning considerations and why there is a cost attached to this. Loan considerations and how they turn into unexpected or unanticipated costs. Why it is important to know that repairs happen and setting money aside for them. Why it is beneficial to be more judicious in your research. The constant: there will always be property taxes and they will often go up. What we have seen in terms of local property taxes. How reasonable planning can help you create a more intelligent path forward. Links Mentioned in Today’s Episode YFP Real Estate Investing 41: Deep Dive: Repairs and Capital Expenditures YFP Real Estate Investing Find an Investor-Friendly Agent Join the YFP Real Estate Investing Facebook Group Your Financial Pharmacist Disclaimer and Disclosures

Dr. Lisa Faast, Founder & CEO of DiversifyRx, discusses her mission to make pharmacy profitable again. Key Points From This Episode Hear the story of Lisa's grandmother and how she was drawn into this profession. The roundabout path from her first job out of pharmacy school to pharmacy ownership. What gave her the confidence to take a leap of faith and start Faast Pharmacy. The biggest lessons she learned as an entrepreneur and business owner! Juggling life as a first-time mom and first-time business owner. About selling the business and making marketing her best friend. How she started DiversifyRx and created a profitable buffet table for pharmacy owners.  How pharmacists often have different priorities to business people.  Scaling the business to reach more pharmacists at once.  Hear about Pharmacy Badass University. About all the free content Lisa puts out and where you can find it. How characteristics that help you in pharmacy school can hinder you in business. Tackling ideas of what failure is and how perfectionism impacts business. Links Mentioned in Today’s Episode YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning The 4-hour Work Week By Timothy Ferriss DiversifyRx DiversifyRx YouTube Channel Connect with DiversifyRx on LinkedIn Follow DiversifyRx on Instagram: @diversify_rx Becoming a Pharmacy Badass Podcast Pharmacy Badass University Tribes: We Need You to Lead Us by Seth Godin Pharmacy Profit Summit National Community Pharmacists Association Smart Passive Income Email Dr. Lisa Faast: info@diversifyrx.com Connect with Dr. Lisa Faast on LinkedIn 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 Martika in Owensboro, Kentucky: What financial considerations should my fiancé and I think about before getting married? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning 10 Financial Discussions Every Couple Should Have 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.