At some point in our society, the term budget turned out to be the magic cure for anyone with financial troubles. You don't have enough money? Well you need to budget better. You which you and your spouse could get on the same page when it comes to money? Great, start a budget.  You have to control your spending in retirement? A budget is what you need!

This all seems like pretty standard advice. But it's not going to work. Budgets in general don't work. They serve the same purpose as new years resolutions. They make us feel good in the moment but don't actually end out producing the desired outcome we had originally hoped. And it's not your fault this happens!

In this episode, Derek goes over why budgets don't work. What specifically about budgets are ultimately setting you up for failure. Finally, he finished the episode with what you can do instead. How you can end up creating  greater long-term and sustainable  success.

Enjoy the show!

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]

Today I am excited to interview Ross Klein, founder, managing member, and chief investment officer of Changebridge Capital, LLC. 

In this episode we take a deeper look into a few of the more popular areas of investment management.  We touch on the importance of diversification and how we can't rely on the S&P 500 as our only form of diversification.  We also discuss the growing popularity of ESG investing and ways investors should be approaching this space. And finally, Ross gives us a few tips on how we can better evaluate active investment managers and not rely so heavily on just past performance data. 

You can find more information about Changebridge Capital LLC at:

www.changebridgecapital.com
www.changebridgefunds.com

If you're looking to follow or connect with Ross on social media, you can find him on:

LinkedIn: https://www.linkedin.com/in/ross-klein-cfa-1645a46/
Twitter: @RKleinCFA

Or contact Ross directly at:

[email protected]

Enjoy the show!

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]

As you approach the end of any calendar year, you most likely will be presented with opportunities to make changes to all of the employer benefits you have access too. One of the most common employer benefits that employees take advantage of are employer sponsored retirement plans. In most cases, this is a 401(k).

So as you approach the end of the year, planning and optimizing your 401(k) becomes very important. However, it can seem like a hassle. Investment options, contribution percentages, paperwork, login's, etc. can seem overwhelming for a lot of people. But that doesn't make giving your 401(K) attention less valuable.

So in this episode, Derek covers what year end 401(k) planning steps you should be taking to make sure your 401(k) is being utilized to it's maximum potential.

We cover:
- Automatic Enrollment
- Investment Options and how to analyze them
- Your individual investor profile
- Learning about new features of your 401(k)
- Contribution increases
- Beneficiary reviews.

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]

It's widely considered prudent financial management to leave retirement money alone. You should never be using those dollars until you actually reach retirement. After all, it's why you saved the money in the first place.

But sometimes reality gets in the way. We may encounter many reasons in life to withdraw money from our retirement accounts before we reach retirement. And if you ever get to this point, it can be confusing trying to figure out what options are available to you.

In this episode, Derek talks about the different avenues you can explore when trying to determine the best way to take an early withdraw from a retirement account, like a 401(k). 

In this episode Derek talks about:

- In-Service Withdraws
- Taking a 401(k) loan
- Rule of 55
- 10% early withdraw penalty exceptions
- Much more!

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]

Are you utilizing the backdoor Roth IRA conversion strategy? Do you see a tax form numbered 8606 with your tax return every year? Are you reading this and already thinking to yourself how boring and confusing tax planning is? You're not alone! But this is something you're going to want to take note of.

Reducing the amount of tax documents you are required to file every year could be a great way to save a little bit of money on your tax preparation costs. So if you find yourself with IRS form 8606 every year, this episode is for you!

Non-deductible IRA contributions can inadvertently happen in a tax year. But the basis of those contributions will stay with you forever. And to make matters worse, it can be complicated to get rid of!

In this episode, Derek takes a closer look at backdoor Roth conversions and what it means to have IRS form 8606 filed every year and what you can do about it. He also ends the episode with an action item all listeners should take!

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]

Real estate has been appreciating at a rapid rate for the last 12 - 18 months. With a shortage of home prices and an increase in demand, owning real estate has been a great way to grow your net worth.

Owning rental real estate also provides for the opportunity to collect rental income as well. These two benefits have increased the amount of PharmDs who have become interested in giving real estate investing a try. But where do you begin and how do you start? It may sound good in theory, but what steps can you take to make it a reality?

In this episode, Derek talks about the first steps pharmacists should take if they are thinking about getting into real estate investing and rental ownership. Getting started on the right track can help accelerate all of the wonderful benefits of owning rental real estate and avoid the common mistakes many have already made. 

Enjoy the show!

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]

Inflation has been a hot topic over the last several months in the finance world. Experts are worried that the dramatic increase in prices are going to affect the long-term viability of the economy. So what is actually going on with inflation and should it be something that you should be concerned about as an investor?

In this episode, Derek will explain how consumers should be viewing inflation. He will explain:
- What inflation is
- How it's measured
- How inflation today compares to historical averages
- What controls inflation
- What you can do as an investor to protect yourself from rising inflation

Referenced in the show is JP Morgan's Guide to the Markets. Here is a link to the referenced information.

https://am.jpmorgan.com/us/en/asset-management/protected/adv/insights/market-insights/guide-to-the-markets/

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]

Do you find yourself with the opportunity to purchase your employer's stock in your retirement account? It may seem like a great opportunity. You get to own shares of the company you work for and  as the company continues to grow and increase in profitability (hopefully thanks in some part to you) the share price goes up. It's a win-win.

 But the real advantage could come in the form of unique tax savings when it comes time to sell those shares and withdraw your money. That is when Net Unrealized Appreciation becomes important.

In this episode, Derek will dive into the benefit of Employer Stock Ownership Plans (ESOPs) and the value that net unrealized appreciation could provide to you from a tax planning standpoint.

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]

Being rich in American is a stoic title. Being among the wealthiest within one of the wealthiest countries in the world is a common financial goal. But what is rich? Who gets to define it? And should we all being pursing that same definition?

Most Americans say that to be considered wealthy in America, you need 1.9 million in Net Worth. But that range changes depending on who you are talking too and what generation they fall into. The specific way of defining being rich also changes a lot depending on the person you are speaking with and what generation they fall into.

In this episode, Derek breaks down his two definitions of rich, how much you need to have to be considered rich by your peers, and why we should all be changing the way we evaluate wealth in America.

Enjoy the show!

**In this episode, Derek uses data from a CNBC article that was published in 2021. Here is a link to that article.

 https://www.cnbc.com/2021/05/12/net-worth-to-be-considered-wealthy-in-2021.html

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]

For many of us, summertime is a time of action. Traveling, weddings, vacations, etc. It can put a strain on even the best financial situations. So how can you get back on track when summer ends and you find that you spent more money than you think you should have.

In the episode, Derek covers just that. He talks about immediate actions you can take to help get yourself back on track financially. 

1.) Create Perspective
2.) Avoid Blame
3.) Get Rid Of Bad Debt
4.) Pace Yourself
5.) Find Your Forcing Mechanism 
6.) Create Positive Reinforcements

Enjoy The Show!

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]