PharmD Money

With all the craziness that is happening in our investment markets and economy, how confident should current or future retirees be about their chances of retirement success?

It's a great question and one that most people ask themselves often. In this episode, Derek breaks down his thoughts. We start by comparing where we are today to where we were just a few years ago.

We also talk about the pro's and con's that retirement in 2023 has compared to retirement pre-COVID. And at the end, Derek gives his final verdict.

Enjoy the show!

I see it discussed often. "How many investments should I own in my portfolio?" The answer, like most in personal finance, is it depends.

In this podcast episode, Derek talks about why someone would want to own 25 ETFs in their investment account or why someone may ultimately chose to use just 1 broad based mutual fund.

Enjoy the show!

Finances can be tricky. It becomes a lot more difficult when you're tasked with combining your own financial preferences and ideologies with someone else's. However, this happens whether we like it or not when we combine finances with our spouse or significant other.

Is the answer to always have joint bank accounts? It doesn't have to be. In this podcast episode, Derek talks about what criteria needs to be met to create financial success with someone else regardless of whether you have joint accounts or not.

Enjoy the show!

From the great financial crisis to the COVID pandemic, investment markets had been on a secular bull market run. Investment performance was wonderful.

Now, as we sit in 2023, our investment environment has changed dramatically. From risking interest rates, to Federal Reserve economic tightening, to inflation, things look very different.

So what does that mean for long-term investors?

In this podcast episode, we take a look back at what made investment performance so strong from 2009 - 2020 and what common factors (or lack there of) will drive investment market performance in the next handful of years.

Enjoy the show!

Paying off your mortgage early can seem vey enticing. Knowing you own your home and won't have to make a mortgage payment anymore is a tremendous accomplishment.

But could getting to this point earlier in the life of your mortgage be hurting your long-term financial wellbeing?

In this podcast episode, Derek talks about the pro's and con's of paying your mortgage off early and what he is doing personally. 

What is the top metric that measures whether you're moving in the right direction when it comes to your future retirement? Most people would say the balance of their retirement accounts. That isn't a bad answer, but it's also not the best answer.

Retirement preparedness should be measured by the future retirement income you can afford, in today's dollars. A bigger nest egg doesn't necessarily equal greater income. So make sure your retirement planning decisions are focused on increasing your future income and not just your account balance. 

In this podcast episode, Derek talks about this in more depth.

Enjoy the episode!

The last 24 - 36 months have produced crazy results in the vehicle market. Prices for used vehicles skyrocketed due to shortages of inventory all over the United States.

Now that prices have come down, many people find themselves underwater on their car loans. This, mixed with an economic recession in 2023 could be disastrous for consumers.

So, in the podcast episode, Derek breaks down what you can expect from the vehicle market in 2023 and how you may have an opportunity for some great deals if you're prepared.

Enjoy the episode!

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As we approach the end of 2022, I like to reflect back on all the financial events that have taken place over the past 12 months. However, there is one popular piece of advice that I believe deserves the top spot of worst financial advice given this year.

It's the serial advice from insurance brokers to buy Index Universal Life Insurance (IUL). This advice is alive and well on social media and being pushed by people with very little financial education all over the US.

So, in this podcast episode, Derek explains what an IUL is and what makes this type of product so dangerous for individuals. 

Enjoy the show!

On this podcast episode, we share the recording of Derek's November Office Hours event hosted on the RPhAlly platform.

During this episode, Derek answers 4 questions from viewers.

- What do I need to know when inheriting an investment account?
- How do taxes on an annuity work?
- I just paid off a bunch of debt. Now what should I do what all my excess cashflow?
- What would you do differently with your money if you could turn back time?

Enjoy the show!

Recession's are scary. They usually come with falling investment markets, slower economic activity, and rising unemployment. News headlines and media outlets stoke those fears and create a lot of anxiety for people.

With all that being said, what are the people who planned to retire supposed to do? If we experience a recession in 2023, does that mean everyone should put off their retirement plans?

The answer to this question might surprise you. In this podcast episode, Derek answers this question and more.

Enjoy the episode!