PharmD Money

A valuable tool pharmacists can use when it comes to preparing for retirement (among other things) is the ROTH IRA. It's a common account that seems pretty easy to navigate. However, there always seems to be a few  details that end up tripping pharmacists up. 

In this episode, we are going to cover some of the basics of ROTH IRAs that pharmacists should be aware of. Because if you haven't already, you could find yourself running into these in the future.

Money is complicated. You spend a large part of your life pursing it while simultaneously trying not to lose it. In the episode, Derek concentrates on 3 areas where pharmacists tend to find themselves experiencing those financial roadblocks and ways they can navigate their way out as quickly as possible.

Roadblock# 1: Digging out of debt
Roadblock #2: FOMOA (Fear of Missing Out, Again)
Roadblock # 3: Buyer's Remorse 

A career as a pharmacist isn't a normal 9 - 5 profession. It can difficult to determine if you are on the right track. It can even be more stressful when you start comparing yourself to others. That is why in this episode, Derek gives you an idea of what a "typical" financial progression looks like for a pharmacist professional. 

Everyone's financial situation is different and unique, but this episode will attempt to provide an idea of what you could potentially anticipate in your financial life. 

Stage 1: New Grad Stage
Stage 2: Growth and Opportunity Stage
Stage 3: Financial Maturity Stage
Stage 4: Golden Years Stage

Financial Wellness can mean many things to different people. In this episode, Derek breaks down what his 5 core money principles are. They are not universal, but are a great place to start if you are trying to build a stronger relationship with money!

#1: Money is a tool, not a goal
#2: You can't manage what you don't measure
#3: Discipline equals freedom, motivation equals a mirage
#4: Ignore and avoid status games
#5: If you don't have health, you don't have anything

On this episode of the PharmD Money podcast, host, Derek Delaney discusses his motives for starting the PharmD Money podcast. He also explains what his intent for the podcast is and what he is hoping to provide to the pharmacist community. Finally, Derek gives a brief background of his financial planning firm, PharmD Financial Planning and what makes it different compared to the many other financial planning firms pharmacists have access too.