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 Michelle in Walkerton, Indiana: Where should I invest if my income is too high for a Roth and I'm maxing out my 401(k)? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning YFP 096: How to Do a Backdoor Roth IRA Why Most Pharmacists Should 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 discuss case studies in this week's deep dive into investment property renovations. Key Points From This Episode Recapping the last episode's main points. A brief background on David's property including location, rent, and how he found it. Nate updates us on a tricky point-of-sale inspection required by the community. Talking structural safety and Nate's big unknown wild card. What he has planned that will make this property stand out from the crowd. About Nate and his wife's agreement to make every rental something they would live in. He explains his BRRRR strategy plus two things to really make the property bulletproof. Moving on to David's property, we hear about the solid bones of his investment. Why, in his case, the cosmetic rehab is tougher than the safety side. David talks us through his overall rehab cost target. The advantages of the built-in equity on a conventional loan. The dangers of over-improving on a rehab. Links Mentioned in Today's Episode REI 44: Deep Dive: Investment Property Renovations - 3 Key Considerations (Part 1) Join the YFP Real Estate Investing Facebook Group YFP Real Estate Investing Your Financial Pharmacist Disclaimer and Disclosures

Derek Borkowski, PharmD, founder and CEO of Cosmas Health and creator of the Pyrls app, talks about how and why he built the Pyrls app, what problem he was trying to solve, and some of the challenges he faced in the early days of being an entrepreneur. Key Points From This Episode Introducing today's guest, Derek Borkowski, and what drew him into this profession. Hear about the moment he realized he wanted a more non-traditional path in pharmacy. The opportunity he found and pursued that pushed him into the tech space. Skill stacking and what can come out of an intersection of expertise. Derek shares one of the opportunities available under the umbrella of digital healthcare. How he first acquired and developed these skills and some advice from his experiences. How his love of technology sparked his entrepreneurship goals. About the regret minimization framework and taking the leap to start Cosmas Health. Some of the struggles he overcame in the first year. Finding the right lens to market to your audience. What makes Pyrls really stand out from the crowd as a resource to invest in. Hear about the incredible support he's received from the pharmacy community. Links Mentioned in Today's Episode Cosmas Health Pyrls Follow Pyrls on Instagram: @pyrls.app Join the YFP Tax Waitlist MyMeds Khan Academy Connect with Derek Borkowski, PharmD 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 Tyler in Iowa City, Iowa: How many investment options should I have in my portfolio? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J L Collins FIRE Rx: The Pharmacist's Guide to Financial Independence by Jeff Keimer, PharmD A Crash Course in 401k Planning Part 1 A Crash Course in 401k Planning Part 2: An Intro to Stocks, Bonds, and Funds 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 deep dive into three key factors to take into consideration when renovating your investment properties. Key Points From This Episode Why you don't always have to spend thousands of dollars on a rehab. The first foundational factor of running a rehab: structural safety for your tenants. A parallel between clinical and building guidelines to ensure safety. Why the roof remains top of mind. Learning to manage risk during a rehab process. Why it is important never to over-rehab a house. Why you should always compare rates to other rentals and purchases in the area. The importance of finding a balance when you rehab a house. How to use online comps as a road map to decide what to do in a neighborhood. An introduction to the two case studies discussed in the next two episodes. Links Mentioned in Today's Episode BiggerPockets 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

YFP Co-Founder & Director of Financial Planning, Tim Baker, CFP®, RLP®, talks about social security retirement benefits, how they are funded, how to determine eligibility and considerations for receiving benefits. Key Points From This Episode An introduction to today's topic and a reminder that we can help you with your tax. Addressing why people aren't having enough conversations about social security retirement benefits. Hear some intense statistics about retirement and working longer that will blow your mind. Talking about the history of social security and the difference between that and a 401(k). Being protected against inflation by being inflation-adjusted. Tim talks us through some annuities and numbers in a basic scenario. Discussing our huge year next year from an inflation perspective. How retirement is not just a money decision, it's an emotional decision. Tim digs a little into the different ways scarcity fear can arise during retirement. Looking at your pay stub: explaining credit and payroll taxes. The outcomes of the three ages of retirement: early, full, and delayed. Touching on some of the nuances around health and spousal benefits. Links Mentioned in Today's Episode File Your Taxes with YFP Tax The Social Security Act The Biggest Mistakes People Make With Social Security My Social Security Account YFP Planning: Financial Planning for Pharmacists 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®, takes this question from Dalton in West Des Moines, Iowa: Does my side hustle income get treated any differently than my W-2 income? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists YFP 048: Mo Money Mo Problems: Making the Financial Transition to New Practitioner Life Partnership Charter by David Gage Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble by Bernard B. Kamoroff C.P.A. 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.

Jenny and Myke White share their experience of purchasing a new home and transitioning their former primary residence to a rental property. Key Points From This Episode Myke and Jenny update us on what they've been up to with their new primary residence. Talking about their decision to keep their old house as a rental and why it was a good fit. Walking us through the numbers of payments, cash-flow, and rent expectations. Having seller's regret for their house in Washington. They walk us through using a VA loan to get the most bang for their buck. Being patient in the hot and competitive market for the right opportunity to come up. How they landed their new primary residence with it's mother-in-law suite. Clarifying the floor plan layout of the in-law suite and how it differs from a duplex. Discussing Airbnbing the suite and what permits are needed in their area. They share their plans and multiple exit strategies. Some top advice for anyone wanting to do a short-term rental as part of the primary. Decisions on cleaning and tenant/guest management if the Airbnb route pans out. Making sure the big picture works first and then figuring out the details. Some of the things they've learned and how it's changed their criteria for future houses. Links Mentioned in Today's Episode YFP Real Estate Investing 05: None to One: How to Get Your FIRST Investment Property YFP Real Estate Investing Join the YFP Real Estate Investing Facebook Group Your Financial Pharmacist Disclaimer and Disclosures

David Bright and Nate Hedrick talk through five common objections to getting started in real estate investing. Key Points From This Episode An introduction to today's guests, hosts of the YFP Real Estate Investing Podcast, David Bright and Nate Hedrick. Addressing Objection number 1: I don't have enough time! Why hiring a property manager saves you money and saves you time. The second common objection: not knowing where to get started. What David's strategy has been at the forefront of his plan. Responding to the objection that managing just one property is already overwhelming. Answering the objection that the market is volatile. How there is no way to time the market and the best call is to make sure the numbers work no matter what. David's response to the objection that folks don't know how to build a real estate team. How connecting with a real estate agent can be the first step to putting together the team you need. Why they launched the YFP Real Estate Concierge: to help you find investor-friendly agents. Nate's biggest takeaway from hosting the podcast: the interesting ways that pharmacists are investing. What David has learned through hosting the podcast: getting out of his own head and into the community with others is critical. What listeners can expect from the YFP Real Estate Investing Podcast going forward including the None to One Group Coaching program. Links Mentioned in Today's Episode Listen to the YFP Real Estate Investing Podcast YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning YFP 167: Must Know Real Estate Terminology None to One Group Coaching Program BiggerPockets Podcasts Roofstock: 20 surprising rental property owner statistics [2022 Edition] Join the YFP Real Estate Investing Facebook Group YFP Real Estate Investing YFP Real Estate Concierge Service Find an Investor-Friendly Agent Download The Pharmacist's Guide to Real Estate Investing 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®, takes this question from Jonathan in Southern California: Should I sell assets from my brokerage accounts to fund real estate investment properties? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists YFP Real Estate Investing Podcast YFP Real Estate Investing Download The Pharmacist's Guide to Real Estate Investing Find an Investor-Friendly Agent 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.