Your Financial Pharmacist

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 a member of the YFP community: Should I defer my student loans during residency? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Learn More About Our 1:1 Student Loan Analysis with a CFP® and use code YFP for 10% off 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.

Eric Geyer of Political Pharmacist details his last decade in real estate and shares how to scale your business from house hacking to making passive income. Key Points From This Episode Get to know our guest, Eric, and his pharmacy story. Hear about his first buy in 2010 and how the ball started rolling from there. Eric shares some of the challenges of their second buy; a 10-unit apartment building.  Using pharmacy skills to do the math, and the difficulty of getting a commercial loan.  He shares a problematic thing he quickly discovered when buying commercial property.   Outlining the financial details of their loan and how they made it work. How and why the banks view the property as a business. One thing Eric recommends doing that provides legal protection. The different skill sets of Eric and his partner, and the importance of having your team to back you up. Some technology organizational tools that they used.  When you should hire a property manager, and when you can do it on your own! How they sold the second property, and the process of upgrading to a bigger building.  What a triple net lease is, and the balance of profitability versus time and effort.  The third property purchase, and a bit more about amortization and early penalties.  What Eric's next goal is.  Eric shares a tangible strategy for making sure your investing works with your pharmacy career. Eric's top resources and some great advice that helped him on his successful journey.  Links Mentioned in Today’s Episode Apartments.com LoopNet BiggerPockets Political Pharmacist Follow Eric Geyer on Twitter: @political_rx YFP Real Estate Investing Join the YFP Real Estate Investing Facebook Group Your Financial Pharmacist Disclaimer and Disclosures

YFP Planning Lead Planner, Kelly Reddy-Heffner, discusses commonly asked questions regarding refinancing student loans. Key Points from this Episode An introduction to Kelly Reddy-Heffner, and recapping her previous YFP episode.  How it's a complicated decision to choose the right repayment plan for you.  The two distinct categories of who refinancing is not a good fit for. A reminder that refinancing is a one-way street from federal to private.  Do checking rates impact my credit score? Be aware of the language used! Unpacking the option of refinancing more than once. Reading the fine print on what happens to the loan in the event of death or disability. Picking a time horizon and monthly payment amount that's doable. Fixed-rate or variable? Kelly recommends what to do in the current climate. We break down the difference between consolidation and refinancing.  Pursuing income-based repayment options, and some challenges with private loans. Hear about a partial refi of a federal loan. We reflect on some of the past rates etched in Tim's mind from his repayment journey. Thoughts on the upcoming end of administrative forbearance and unlikely extensions. Kelly shares some parting advice for December that we all need to hear! Links Mentioned in Today’s Episode Student Loan Refinancing YFP Planning: Financial Planning for Pharmacists YFP 220: Student Loan Forbearance Extension - Now What? Student Loan Refinance Calculator Student Loan Refinancing Offers and Refinance Spreadsheet 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®, takes this question from Andrew in Iowa: Can I contribute additional funds to a 457 retirement account? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Robinhood 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 076: Investing Rapid Fire Q&A 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.

Young Park is back for his second appearance on the YFP Real Estate Investing Podcast to share encouraging stories about his achievable wins and how to make connections through local real estate meet-ups. Key Points from this Episode Young updates us on his three new purchases since his last appearance on the show.  Living proof that you don't have to only go off-market to find deals right now.  Young explains the ins and outs of a delayed cash-out refinance. Using a general contractor when you invest in a different location from where you live. He reflects on his experiences of needing to trial a new contractor. Young explains his negotiating technique and shares the numbers on a recent purchase. How the BRRR game shouldn't be viewed through the lens of failure versus perfection.  How Young always makes the deals as if he's taking them down himself. Bringing down the fear at the offer stage, and walking away when it's not the right fit.  Some crucial questions you need to be asking and working into the contract. Young outlines the three big things for due diligence; legal, physical, and financial. A golden tip on transparency when it comes to working with and learning from tenants. Some great advice for nervous first-timers preparing to join the networking scene. Hear how a meetup connection of Young's resulted in a win/win situation. How comparison is the thief of joy; don't compare yourself to veterans of real estate.  The best ways to find a meet-up near you. Young's parting wisdom; “Growth only comes from being uncomfortable.” Links Mentioned in Today’s Episode YFP Real Estate Investing 15: Long-Distance Rental Property Investing MLS Never Split the Difference: Negotiating as if Your Life Depended on It by Chris Voss Connect with Young Park on Instagram: @young_j_park BiggerPockets Real Estate Events and Happenings Meetup National Real Estate Investors Association YFP Real Estate Investing Join the YFP Real Estate Investing Facebook Group Your Financial Pharmacist Disclaimer and Disclosures

Paul Eikenberg, YFP CFO and Director of YFP Tax, discusses how pharmacists can optimize their tax strategy. Key Points from this Episode Paul and Tim catch us up with some exciting happenings in the YFP tax team.  Understanding the important difference between tax preparation and tax planning.  Differentiating your marginal tax rate and effective tax rate as a decision-making tool. Paul explains the implications of AGI and how to arrive at that number. Touching on the complicated system of student loans and pursuing loan forgiveness. Some common tax blunders that you should look out for! Key credits and deductions that you might not be taking advantage of. What is going to be available moving forward with child-care and dependent care. Explaining donor-advised funds and a potential strategy around bunching. Two exciting tax services: reporting only and year-round planning and reporting Links Mentioned in Today’s Episode Join the YFP Tax Waitlist Join APhA - Get 25% Off Your Membership with Code: YFP YFP 165: The Power of a Health Savings Account Why I’m Not Using My Health Savings Account to Pay for Medical Expenses YFP Planning: Financial Planning for Pharmacists Ask a YFP CFP #85: How can I maximize the tax benefits of donor advised funds? YFP 211: The Ins and Outs of the 529 College Savings Plan 7 Things to Consider Before Starting a 529 Plan Your Financial Pharmacist Disclaimer and Disclosures End of Year Tax Checklist Project your income, taxes, and withholding Maximize your HSA contribution Know your FSA carryover limits and spend accordingly Consider 529 account contributions Document side business expenses - Mileage Logs** Have and execute a charitable contribution strategy Correct any over contributions to 401K/403B/IRAs Manage your capital gains Look for IRS Letter 6419 Advanced Child Credit & Notice 1444-C Have a system for organizing your tax documents Select & engage your tax preparation method

Nate Hedrick and David Bright do a deep dive into seller financing and how it can be a win-win for both buyer and seller.  Key Points From This Episode Nate gets us up to speed on a rehab deal he's started work on.  Introducing today's hot topic; seller financing! Touching on 'subject to' seller financing and why it's a little less prevalent at the moment. We first define seller finance and cover the basics of how it works. A reminder to send in your questions; we want to cover what matters to you! Unpacking a case study, we get into detail with structure and when it's the right fit. Transparency and putting money in straight away to get the equity up. Discussing the freedom to create a win-win situation for you and the seller. Recognizing the ways the seller will be acting like a bank. David shares some risk-mitigation nuggets for this kind of deal. We get specific with the numbers and see how David came out on top. How having a team ready to go made all the difference! Hear about the cons and risks; paying above market value, prepayment penalties, and more! What scenarios might make a seller interested in this, and aligning your incentives. David shares some parting advice on how both sides can protect themselves. Links Mentioned in Today’s Episode Join the YFP Real Estate Investing Facebook Group BiggerPockets Podcast 527: 300 Doors, 100% Creative Financing with Pace Morby YFP Real Estate Investing Your Financial Pharmacist Disclaimer and Disclosures

Cynthia Knapp Dlugosz discusses the intersection between mindfulness and money. Key Points From This Episode Getting to know Cynthia, starting with the pivots and arc of her career. Discussing how her 20 years of mindfulness training began intersecting with pharmacy.  How the topics of burnout, resilience, and wellness have only recently gained traction. Cynthia shares her turning point from irresponsible money management to intentionality. Using the analogy of the Weight Watchers approach to get real with your spending. A step-by-step outline of how she first took control of her finances. How our relationship with money has changed in the age of automation and plastic. Defining mindfulness and how meditation trains us to live in the present moment.  The various purposes and ways meditation can be practiced. Debunking a common misconception about meditating. Exploring different ways to use breathing as an anchor for your attention.  How mindfulness meditation is like a bicep curl. How being present and mindful is key to making the right decisions with your money. Peeling back the onion of our emotional baggage and unconscious script around money. The importance of acknowledging our underlying fears and getting curious about them. Dealing with the changing goalposts on the question, “Do I have enough?” The concept of hedonic adaptation; we get used to what we already have.  Setting yourself up with a solid foundation and then giving yourself permission to spend. Cynthia shares some resources from her website, and some exciting future offerings!  Links Mentioned in Today’s Episode YFP Planning: Financial Planning for Pharmacists Book a free Discovery Call with YFP Planning Create a Comprehensive Estate Plan with Thoughtful Wills ASHP NACDS ASCP Join APhA - Get 25% Off Your Membership with Code: YFP headspace Omega Institute Jon Kabat-Zinn Mindfulness Based Stress Reduction The Pema Chödrön Foundation Thich Nhat Han Sharon Salzberg Jack Kornfield Your Financial Pharmacist Weight Watchers Jenny Craig Cynthia Knapp Dlugosz Pharmacy Work/Life Matters Sign up for the Pharmacy Work/Life Matters Newsletter Your Financial Pharmacist Disclaimer and Disclosures Cynthia's Recommended Books Dollars and Sense: How We Misthink Money and How to Spend Smarter by Dan Ariely and Jeff Kreisler Mindful Money: Simple Practices for Reaching Your Financial Goals and Increasing Your Happiness Dividend by Jonathan K. DeYoe Mind over Money: The Psychology of Money and How to Use It Better by Claudia Hammond The Art of Money: A Life-Changing Guide to Financial Happiness by Bari Tessler

Jamie Wilkey discusses how she built her pharmacy consulting business and how she teaches and empowers other pharmacists to do the same.  Key Points From This Episode Nate shares how he is peaking as a real estate agent at exactly the wrong time of year. David and Nate weigh in on how hard it is to get anything without going over list price. How real estate is a more time-intensive investment strategy than the traditional forms. An introduction to today’s guest, pharmacist and entrepreneur, Jamie Wilkey.  The story of how she started out as a side hustle before creating a full-time opportunity for herself. Why she considers the personal development aspect of her career to be the most important. How creating a side hustle allows for creativity without the pressure of building a career. The bottleneck effect that you create when you try to do everything yourself. What bringing a team on board has enabled her to do: free up her time and be a leader. $10 tasks, how she defines them and how they benefit your business by freeing up time. The benefit that hiring a virtual assistant to do your $10 tasks can bring to your business. What she has gained by reaching out to strangers and asking them to share their wisdom. How acting, asking questions and just taking the first step gives you confidence. Why there is no wrong choice and picking something that appeals to you pays off. Her recommendation that you find what you love in life. Why looking for the quickest buck only gets you so far in comparison to loving what you do. A strategy she uses to stay working on the business, not in the business: time blocking. The most helpful non-pharmacy resource she has used: LinkedIn. Jamie’s advice for pharmacists considering entrepreneurship: believe in yourself that you can do it and to take an action every day that moves you closer to that goal. Links Mentioned in Today’s Episode PGx Consulting Confidence Academy National Small Business Association LinkedIn Connect with Dr. Jamie Wilkey on LinkedIn Email Jamie Wilkey: jamie@archeshealthgroup.com Join the YFP Real Estate Investing Facebook Group YFP Real Estate Investing Your Financial Pharmacist Disclaimer and Disclosures

Rosie Chhun talks about how her side hustle turned main hustle afforded her the ability to pay off $180k in student loans.  Key Points From This Episode Hear about Rosie's roots as a pharmacy technician and her journey in pharmacy school. Having to re-evaluate how she was moving forward and paying off her $180,000 debt. How paying the minimum hardly touched the interest accruing every month. How Rosie's love of calligraphy intersected with starting a business to pay off her debt. What galvanized her to take action and become financially literate. Reinvesting back into her business every time things were going well! Arriving at her successful business model with virtually no overhead costs. Just getting started, and continuing to learn and evolve as things go on. The two different pillars that make up Rosie’s business: live events and coaching! The gradual transition from an expensive hobby to a flourishing business. How the stress and burnout of the pandemic was the final motivator to leave pharmacy and commit to full-time entrepreneurship. Developing resiliency and not being afraid to take calculated risks. Intentionally growing as the demand increases and getting a supportive team. Links Mentioned in Today’s Episode Wander Crafter Calligraphy & Signs YFP Planning: Financial Planning for Pharmacists Book a free Discovery Call with YFP Planning Create a Comprehensive Estate Plan with Thoughtful Wills Dave Ramsey Craft Academy Follow Rosie Chhun on Instagram: @wandercrafter Follow Rosie Chhun on TikTok: @wandercrafter  Rosie Chhun|Wandercrafter Youtube Your Financial Pharmacist Disclaimer and Disclosures