Your Financial Pharmacist

In today's episode, we're diving into one of Tim Baker's favorite topics (cue sarcasm and an annoyed face): backdoor Roth IRAs. You've probably heard the term thrown around, but what exactly is a backdoor Roth IRA, and is it something you should consider? More importantly, should you tackle it on your own or leave it to the professionals? We break down the basics of what a backdoor Roth IRA is, who it might benefit, and the potential pitfalls to watch out for. Mentioned on the Show: Submit a Question to Be Featured on Rx Money Roundup YFP Book a Discovery Call: Financial Planning Services Subscribe to the YFP Newsletter YFP Disclaimer

In part two of their cryptocurrency series, YFP Co-Founders Tim Baker and Tim Ulbrich discuss spot Bitcoin ETFs, the IRS's stance on cryptocurrency, and strategies for incorporating digital assets into long-term portfolios. This episode is brought to you by First Horizon. Summary This week in part two of the series on cryptocurrency and digital assets, YFP Co-Founders Tim Baker, CFP and Tim Ulbrich, PharmD explore the recent introduction of spot Bitcoin ETFs and how they differ from investing directly in Bitcoin. Tim and Tim also discuss the IRS's perspective on cryptocurrency and key considerations for including digital assets in your portfolio as part of a long-term investment strategy. Mentioned on the Show YFP Podcast #386: Cryptocurrency & Digital Assets: Definitions, Origins, and Risks First Horizon Pharmacist Home Loan YFP Book a Discovery Call YFP Disclaimer Ask a financial question to YFP Subscribe to the YFP Newsletter Tim Ulbrich on LinkedIn Tim Baker on LinkedIn YFP on Instagram YFP Facebook Group

In this episode, YFP Co-Founders Tim Baker and Tim Ulbrich break down the intricacies of 401(k) loans, explaining how they function, how interest is calculated, and the key factors to consider when determining if they're a smart financial decision. Mentioned on the Show: Submit a Question to Be Featured on Rx Money Roundup YFP Book a Discovery Call: Financial Planning Services Subscribe to the YFP Newsletter YFP Disclaimer

Naeem Farokhnia, an engineer-turned-real estate investor and CEO of TheSFPropertyManagement Inc, shares his journey into real estate investing to eventually launching his own property management company. Summary In this episode, hosts Nate Hedrick and David Bright welcome Naeem Farokhnia, an engineer-turned-real estate investor and founder and CEO of TheSFPropertyManagement Inc, a technology enabled property management company providing top notch services to tenants and landlords. Nareem shares his inspiring journey of moving to the U.S. and eventually launching his property management company. He dives into the challenges of managing properties in high-risk neighborhoods, the value of vetting tenants and property managers, and how technology, like virtual tours, has transformed his operations. About Today's Guest Naeem Farokhnia is a serial entrepreneur with 19 years of experience in engineering and technology working at high growth startups and fortune 500 companies. Farokhnia worked at Vicor Corporation for a stint before joining Apple on their Power Management and MacBook Pro teams as an Engineer. Farokhnia is now the founder and CEO of TheSFPropertyManagement Inc, a technology enabled property management company providing top notch services to tenants and landlords. His company has managed over 100 doors and 1,000 tenants combined. Naeem entered the multifamily space through his company, The Multifamily Holdings, where he helps business owners and engineers who are worried about stock market volatility and want more stability in their investments to passively invest in real estate without the hassle of managing properties, finding tenants, or handling maintenance and repairs. Mentioned on the Show YFP Real Estate Investing 109: How Two Pharmacists Pay No Income Tax Through Real Estate https://themultifamilyholdings.com Naeem Farokhnia on LinkedIn YFP Real Estate Investing Facebook Group YFP Real Estate Investing Website Nate Hedrick on Instagram David Bright on Instagram Nate Hedrick on LinkedIn David Bright on LinkedIn Subscribe to the YFP Newsletter YFP Disclaimer

Tim Ulbrich and Tim Baker discuss cryptocurrency, examining its advantages like decentralization and transparency and risks such as volatility and regulatory uncertainty. Summary In this first episode of a two-part series on cryptocurrency and digital assets, YFP Co-Founders Tim Ulbrich and Tim Baker explore the world of digital finance and its relevance in today's financial landscape. Tim and Tim unpack essential terms and explore how the 2008 financial crisis served as a catalyst for the rise of cryptocurrency, with Bitcoin leading the charge. The discussion highlights the unique advantages of digital assets, such as decentralization, transparency, and their fixed supply, contrasting these features with traditional currencies. Tim and Tim also address critical risks, including market volatility, security concerns, and regulatory uncertainties. Mentioned on the Show Whitepaper "Bitcoin: A Peer-to-Peer Electronic Cash System" Too Big to Fail by Andrew Ross Sorkin YFP Book a Discovery Call YFP Disclaimer Ask a financial question to YFP Subscribe to the YFP Newsletter Tim Ulbrich on LinkedIn Tim Baker on LinkedIn YFP on Instagram YFP Facebook Group

Tim Ulbrich revisits his 2019 conversation with David Burkus, author of Friend of a Friend, to explore how we can rethink networking and build relationships that unlock new opportunities. This episode is brought to you by First Horizon. Summary In this week's episode, YFP Co-Founder Tim Ulbrich revisits a 2019 conversation with David Burkus, best-selling author of Friend of a Friend, to explore how we can rethink networking and build relationships that unlock new opportunities. David, an expert in organizational behavior and network science, challenges traditional networking advice and highlights the surprising value of "weak ties"—connections we interact with less often but that can open unexpected doors. He also explains the power of "dormant ties," structural holes, super connectors, and the importance of authentic engagement. Tune in for an insightful discussion on leveraging your network to drive success, both professionally and personally. About Today's Guest David Burkus is a best-selling author, a sought after keynote speaker, and Associate Professor of Leadership and Innovation. In 2017, he was named as one of the world's top business thought leaders by Thinkers50. His book, Friend of a Friend, offers readers a new perspective on how to grow their networks and build key connections—one based on the science of human behavior, not rote networking advice. He is also the author of Under New Managementand The Myths of Creativity. David is a regular contributor to Harvard Business Review and his work has been featured in Fast Company, the Financial Times, Inc magazine, Bloomberg BusinessWeek, and CBS This Morning. David's innovative views on leadership have earned him invitations to speak to leaders from a variety of organizations. He's delivered keynote speeches and workshops for Fortune 500 companies such as Microsoft, Google, and Stryker and governmental and military leaders at the U.S. Naval Academy and Naval Postgraduate School. His TED talk has been viewed over 2 million times. Mentioned on the Show First Horizon YFP Planning David Burkus Friend of a Friend: Understanding the Hidden Networks that can Transform Your Life and Your Career by David Burkus David Bukus' TED Talk Nicholas Christakis James Fowler Duncan Watts How to Win Friends & Influence People by David Carnegie Adam Rifkin Derek Coburn Levitate Contactually Ronald Burt Adam Grant YFP Book a Discovery Call YFP Disclaimer Subscribe to the YFP Newsletter Tim Ulbrich on LinkedIn YFP on Instagram YFP Facebook Group

Life insurance is essential for pharmacists to safeguard loved ones, cover student loans, and secure financial stability in the face of unexpected events. With significant debt and financial responsibilities, pharmacists require tailored coverage to meet their unique needs. In this episode, we tackle a listener's question about what to do once a 30-year term-life insurance policy ends. Mentioned on the Show: Submit a Question to Be Featured on Rx Money Roundup YFP Book a Discovery Call: Financial Planning Services YFP Life Insurance for Pharmacists: The Ultimate Guide Subscribe to the YFP Newsletter YFP Disclaimer

YFP Co-Founders Tim Baker and Tim Ulbrich discuss essential negotiation skills inspired by Chris Voss's book Never Split The Difference, covering key strategies to boost your financial plan, mindset, and confidence. Summary In this episode, YFP Co-Founders Tim Baker and Tim Ulbrich have a valuable conversation on negotiation—an essential skill that impacts not only finances but also mindset and confidence. Inspired by Chris Voss's book Never Split The Difference, Tim and Tim explore negotiation techniques drawn from Voss's experience as a former FBI hostage negotiator and break down why negotiation is vital for your financial plan, key goals, and practical strategies for navigating each step. About Today's Guests Tim Baker is the Co-Founder and Director of Financial Planning at Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 12,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. Tim attended the United States Military Academy majoring in International Relations and branching Armor. After his military career, he worked as a logistician with a major retailer and a construction company. After much deliberation, Tim decided to make a pivot in his career and joined a small independent financial planning firm in 2012. In 2016, he launched his own financial planning firm Script Financial and in 2019 merged with Your Financial Pharmacist. Tim now lives in Columbus, Ohio with his wife (Shay), three kids (Olivia, Liam and Zoe), and dog (Benji). Tim Ulbrich is the Co-Founder and CEO of Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 15,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. To date, YFP has partnered with 75+ organizations to provide personal finance education. Tim received his Doctor of Pharmacy degree from Ohio Northern University and completed postgraduate residency training at The Ohio State University. He spent 9 years on faculty at Northeast Ohio Medical University prior to joining Ohio State University College of Pharmacy in 2019 as Clinical Professor and Director of the Master's in Health-System Pharmacy Administration Program. Tim is the host of the Your Financial Pharmacist Podcast which has more than 1 million downloads. Tim is also the co-author of Seven Figure Pharmacist: How to Maximize Your Income, Eliminate Debt and Create Wealth. Tim has presented to over 200 pharmacy associations, colleges, and groups on various personal finance topics including debt management, investing, retirement planning, and financial well-being. Mentioned on the Show Your Financial Pharmacist Book a Discovery Call Never Split the Difference: Negotiating as if Your Life Depended on It by Chris Voss SHRM (Society for Human Resource Management) Journal of Experimental Social Psychology YFP Disclaimer Ask a financial question to YFP Subscribe to the YFP Newsletter Tim Ulbrich on LinkedIn Tim Baker on LinkedIn YFP on Instagram YFP Facebook Group

In this episode, we tackle a common question: what's the best way to create and stick to a budget? There's no one-size-fits-all answer, so it's about finding a method that works for you. We'll explore three popular approaches—No Budget, the 50/30/20 rule, and more—to help you discover a budgeting style you can stick with over time. Mentioned on the Show: YFP Budget Template Submit a Question to Be Featured on Rx Money Roundup Subscribe to the YFP Newsletter YFP Disclaimer

Tim Ulbrich, YFP CEO, explores five often-overlooked areas of financial planning from credit, tax planning, emergency funds, insurance, and estate planning. Summary YFP CEO Tim Ulbrich dives into five critical—but often overlooked—areas of financial planning that deserve more attention. While these topics might not be as thrilling as investing, making big purchases, or debt reduction, they're essential for a strong financial foundation. Tim covers the importance of: building and maintaining credit; proactive tax planning; establishing an emergency fund; reviewing health, life and disability insurance policies; and estate planning. Learn how to give these areas the attention they deserve, helping you create a more resilient and well-rounded financial plan. About Today's Guest Tim Ulbrich is the Co-Founder and CEO of Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 15,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. To date, YFP has partnered with 75+ organizations to provide personal finance education. Tim received his Doctor of Pharmacy degree from Ohio Northern University and completed postgraduate residency training at The Ohio State University. He spent 9 years on faculty at Northeast Ohio Medical University prior to joining Ohio State University College of Pharmacy in 2019 as Clinical Professor and Director of the Master's in Health-System Pharmacy Administration Program. Tim is the host of the Your Financial Pharmacist Podcast which has more than 1 million downloads. Tim is also the co-author of Seven Figure Pharmacist: How to Maximize Your Income, Eliminate Debt and Create Wealth. Tim has presented to over 200 pharmacy associations, colleges, and groups on various personal finance topics including debt management, investing, retirement planning, and financial well-being. Mentioned on the Show Episode 380: Understanding and Improving Your Credit IRS Form 1040 (Individual Income Tax Return) YFP 309: Top 10 Tax Blunders Pharmacists Make YFP Blog: Life Insurance for Pharmacists: The Ultimate Guide YFP Blog: Disability Insurance for Pharmacists: The Ultimate Guide Caring.com 2023 Wills and Estate Planning Study Episode 310: Dusting Off the Estate Plan YFP Legacy Folder Checklist YFP Book a Discovery Call YFP Disclaimer Subscribe to the YFP Newsletter Tim Ulbrich on LinkedIn YFP on Instagram YFP Facebook Group