PharmD Money

The podcast is growing and with that there have been many questions from listeners emailed into the [email protected] inbox. So, in this episode, Derek is going to answer 5 of those questions that listens have inquired about.

Join in as Derek provides answers and context to the questions:

- Do I hold the same philosophy about college as Gary V? Is going to college a waste of money?
- If you could only recommend 1 thing to get some ones financial life in better order, what would it be?
- What is cryptocurrency and should I buy it?
- What is a good rule of thumb for how much I should have saved for retirement?
- Do you manage your own finances the same way you coach others to do?

Enjoy the episode!

You can connect with Derek on social media at:
 
https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

Or by email at:
[email protected]

In life there is always a beginning and an end. I'm sure all of us have had a loved one pass away at some point in our lives. But what happens when you are left with an inheritance?

The amount of wealth that will pass to the next generation is projected to be anywhere between 30 and 70 trillion dollars. It is being called the great wealth transfer. So it's important to understand what opportunities, challenges and decisions you will encounter if you find yourself as an inheritor.

In this episode, Derek will walk through considerations you should be aware of when inheriting

- IRAs & 401(k)s
- Capital Assets (money not in IRAs or 401(k)s)
- Annuities

You can find Derek at:

[email protected]
Twitter: https://twitter.com/derekjdelaney 
LinkedIn: https://www.linkedin.com/in/derekdelaneypharmdfp/ 
Facebook: https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

To say that taxes are confusing is an understatement. With over 2,600 pages of Internal Revenue Code and approximately 800 different schedules and forms, I think it's safe to say that tax code could be considered one of the greatest puzzles of all time. 

However, it's one of the biggest levers we have to manage in financial planning. And for pharmacists, it's important to mange your tax liability and exposure continuously.  

So, in this episode, Derek will walk you through one of the most common tax forms most people are exposed to. Form 1040. How it works, what information is important, and a few different ways you can directly influence how much tax you're required to pay.

Whether you like it or not, everyone has a financial plan. Not doing anything is a financial plan. Planning by yourself using simple or complex software is financial planning. Working with a financial professional to help build a financial plan is financial planning. 

There is nothing wrong with wanting to create a financial plan on your own. However, it can be tricky trying to figure out how to get started and what actions are needed to move forward. 

So, in this episode, Derek walks through the 5 steps he believes any individuals can take to create their own financial plans.

The world of pharmacy has changed a lot over the last 8 years. There are more pharmacy schools than ever, jobs are harder to come by, pay for new grads is getting lower, and the pharmacy industry as a whole is trying to work through the adoption of increased technology. 

So, with all of that going on, I thought it would be appropriate to bring on a guest. Kortney Delaney - PharmD, talks about the last 8 years of her pharmacy career, what she anticipates seeing in the future within the industry, and some advice for new grads getting ready to start their careers.

With the implementation of zero trading costs, it has become more common than ever for retail investors to open their own trading accounts and start investing. The thrill of earning a profit when an investment works out, is phenomenal!

But don't forget that whenever you earn a profit, the IRS will be waiting. So in this episode Derek will discuss capital gains taxes. What are they? When will you owe them? And, how do they affect the other taxes you owe throughout the year?

Enjoy the episode!

A piece of the American dream is homeownership. For most, buying a home fits that narrative. And doing so has become pretty commonplace in America. However, some take it a step further and decide to build their own dream house. This is much less common, and for some, a completely foreign concept. So in this episode, Taylor Herman joins the podcast to talk about the process of building a new home. From working with a bank, contractors, and more. He also details what your expectations of the process should be.

Taylor Herman is a VP of business banking. He has 10+ years in the banking profession.

Enjoy the episode!

It's rare these days for someone to work their entire life with one company. It's also uncommon these days to find a company that is going to provide you with a pension. This forces people to take advantage of other retirement plans, like a 401(k). So in this episode Derek is going to walk you through a common decision people find themselves having to make. Do you keep your money inside your 401(k) after a job change, or move it into an IRA?

Some of the first type of interactions a young pharmacist may have with a "financial advisor" may very well be around the topic of life insurance. Life insurance is a useful product but many times the sale of life insurance can blur the lines between a beneficial product or a regrettable buying experience. 

In this episode, Derek will go over the basics of life insurance. He'll touch on some of the benefits you should be aware of, common features, and how to identify if your current life insurance is still appropriate for you.

One of the biggest financial stressors for a young pharmacists is student debt. It's confusing to figure out what you have, what your repayment options are, and how to get to the finish line of paying them off as efficiently as possible. 

In this episode, Derek will breakdown what common questions pharmacists will face when it comes time to repaying their student loans. He will also provide some insight into a few of the many different area's of student loan planning.