Scripted Wealth | Money & Meaning for Pharmacists

This week, Tim Ulbrich, PharmD, and Tim Baker, CFP®, RLP®, RICP®, discuss a question from the YFP community raised during a recent webinar: "What are the best ways to plan for healthcare costs in retirement?"

Mentioned on the Show:

• Submit a Question to Be Featured on Rx Money Roundup
• Subscribe to the YFP Newsletter
• YFP Disclaimer
• YFP 329: Medicare Selection & Optimization
• YFP 296: 5 Key Decisions for Long-Term Care Insurance
• YFP Blog: Why I'm Not Using My Health Savings Account (HSA) for Medical Expenses

Nate Hedrick, the Real Estate RPh, discusses six key steps in the homebuying process for first time buyers.

This episode is brought to you by Real Estate RPh.

Summary

Nate Hedrick, the Real Estate RPh, joins the show to talk about the pharmacist's playbook to buying your first home. He discusses six key steps in the homebuying process including:

• How to determine if you're ready to buy
• Getting clear on what is most important in a home purchase
• Key individuals to have on your homebuying team
• Factors to consider in choosing a loan
• What is/not negotiable in today's market
• What to know when it comes to inspections, insurance, and closing

About Today's Guest

Nate Hedrick is full-time pharmacist by day, husband and father by evening and weekend, and real estate agent, investor, and blogger by late night and early morning. He has a passion for staying uncomfortable and is always on the lookout for a new challenge or a project. He found real estate investing in 2016 after his $300,000+ student loan debt lead him to read Rich Dad Poor Dad. This book opened his mind to the possibilities of financial freedom and he has been obsessed ever since. After earning his real estate license in 2017, Nate founded Real Estate RPH as a source for real estate education designed with pharmacists in mind. Since then, he has helped dozens of pharmacists around the country realize their dream of owning a home or starting their investing journey. Nate resides in Cleveland, Ohio with his wife, Kristen, his two daughters Molly and Lucy, and his rescue dog Lexi.

Mentioned on the Show

• New York Times Rent vs Buy Calculator
• Real Estate RPh
• YFP Find an Agent
• YFP Homebuying Quick Start Guide
• YFP Real Estate Investing Podcast Episode 124: Insurance Updates and Scaling a Business with Bryan Neal
• YFP Podcast Episode 361: Four Timely Questions for Homebuyers
• YFP Podcast Episode 353: Avoiding the Trap of House Poor: Evaluating the True Cost of Home Ownership
• YFP Podcast Episode 348: 2024 Housing Market Trends, Buy Now vs. Wait, & Assumable Rate Mortgages
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group
• YFP Real Estate Investing Facebook Group
• Nate Hedrick on Instagram
• Nate Hedrick on LinkedIn

In the book The Millionaire Next Door, Dr. Tom Stanley writes: "One of the reasons that millionaires are economically successful is that they think differently." So what is it that makes millionaires think the way they do and how can we learn to share a similar perspective?

Tim Ulbrich, YFP Co-Founder and CEO, breaks down the mindset of millionaires as shared in The Millionaire Next Door and how we can use Dr. Stanley's observations to help us on our path toward financial success and freedom.

Mentioned on the Show:

• The Millionaire Next Door by Dr. Tom Stanley
• Submit a Question to Be Featured on Rx Money Roundup
• YFP Fee-Only Financial Planning
• Subscribe to the YFP Newsletter
• YFP Disclaimer

Tim Ulbrich, YFP CEO, talks with the five recipients of the first YFP Gives scholarships.

Summary

This episode is filled with inspiration as we share the stories of the five winners of the first YFP Gives scholarship.

Let this episode be a ray of sunshine amidst some of the cloudy skies plaguing the pharmacy profession. If the future is in the hands of these outstanding students and new practitioners, then the future is bright. In this episode, you'll meet:

• Alyssa Falleni, clinical pharmacist who specializes in addiction treatment, HCV, and HIV and is currently working in HIV outpatient care at Hartford Healthcare

• Momitul Talukdar, who after working in the radiology department at a hospital, discovered her calling as a nuclear pharmacist. Momi currently works at PETNET in Cleveland, OH

• Perrigrine Garner, a pharmacy student at the University of Toledo with a passion for helping those in need and a dream of owning an independent pharmacy that caters to those with chronic medical conditions and disabilities

• Ruth Adeyemi, a fourth-year PharmD/MPH Nigerian International student at the University of Florida College of Pharmacy and College of Public Health and Health Professions, with a deep-rooted commitment to improving health outcomes in underserved communities, particularly in her home country, Nigeria.

• Ai Len Nguyen Phan, a Rutgers Industry Fellow at Roche Genentech in San Francisco, with a desire to work in medical affairs and give back to the pharmacy community through her mentorship to the Rutgers pharmacy students

About Today's Guests

Alyssa Falleni is a clinical pharmacist who specializes in addiction treatment, HCV, and HIV. After graduating from the University of Rhode Island, Alyssa went on to complete an ambulatory care residency at Hennepin Healthcare in Minneapolis, MN. Following residency, Alyssa completed a two-year VA Advanced Fellowship in Health Professions' Education, Evaluation, and Research (HPEER) at the VA in West Haven, Connecticut. She will be continuing her teaching with the Yale School of Medicine as she begins a new HIV specialty position with Hartford Healthcare.

Momi Talukdar, MS, PharmD Candidate 2024 is a graduate of Northeast Ohio Medical University College of Pharmacy. She's an incoming nuclear pharmacist at PETNET in Cleveland, OH. Along with her passion for nuclear pharmacy, she loves teaching nuclear pharmacy as an adjunct faculty at University of Wisconsin LaCrosse. In her spare time, Momi enjoys watching new films and art shows and trying out local coffee shops.

Ai Len (Aileen) Nguyen Phan is a second-year Rutgers Pharmaceutical Industry Fellow at Genentech, Inc. - Rare Blood Disorders Medical Science Liaison. She graduated from the University of Maryland, School of Pharmacy with her Pharm.D. and M.S. in Regulatory Sciences in 2023. She supported the US Medical Information & Communication Target Therapies teams during the first year of her fellowship. While Aileen has just recently started her industry career, she continues to give back to the pharmacy community through her mentorship to the Rutgers pharmacy students, such as supporting their scientific research on using artificial intelligence to assess oncology treatments.

Perrigrine Garner, a non-traditional student, and mother of three amazing daughters, is currently a P4 at the University of Toledo's College of Pharmacy and Pharmaceutical Sciences. Perrigrine is passionate about advocating for people with disabilities, especially in healthcare, as she is also a person with physical disabilities. Upon graduation, her dream is to help advance inclusivity in her community by opening an independent pharmacy that caters to those with chronic medical conditions and disabilities.

Ruth Adeyemi, a fourth-year PharmD/MPH Nigerian International student at the University of Florida College of Pharmacy and College of Public Health and Health Professions. Her journey in pharmacy is fueled by a deep-rooted commitment to improving health outcomes in underserved communities, particularly in my home country, Nigeria.

With this passion, she started The Compassionate Pharmacy Practice Project (TCPPP), a project dedicated to transforming the Nigerian pharmacy practice system. The goal is to ensure that Good Pharmacy Practice (GPP) and Compassionate Care are not just concepts but realities in both urban and rural areas, significantly improving health outcomes in these communities.

While Ruth is Nigerian, her commitment to improving health equity in underserved communities extends beyond borders. She is dedicated to her goal of ensuring that all patients, regardless of their neighborhood and built environment, receive the patient-centered, optimal, and compassionate care they deserve.

Mentioned on the Show

• YFP Gives
• Ruth Adeyemi LinkedIn
• Alyssa Falleni LinkedIn
• Perrigrine Garner LinkedIn
• Momitul Talukdar LinkedIn
• Ruth Adeyemi Links:
  • https://sarmlife.com/
  • Books
    • [Mastering the Art of Blogging for Your Brand]
    • [Mastering the Art of SEO for Brand Growth]
    • [Book Bundle - Discounted Price for purchasing both books]
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group

Tim Ulbrich, PharmD and Tim Baker, CFP®, RLP®, RICP® tackle a question received from a pharmacist on how confident we should or shouldn't be in planning on social security benefits as a part of our retirement planning.

Mentioned on the Show:

• Submit a Question to Be Featured on Rx Money Roundup
• YFP Fee-Only Financial Planning
• Subscribe to the YFP Newsletter
• YFP Disclaimer

Tim Ulbrich, YFP Co-Founder and CEO shares five wealth-building strategies to include in your own financial plan.

Summary

In this episode, Tim Ulbrich, YFP Co-Founder and CEO, shares five wealth-building strategies you can incorporate into your own financial plan. Drawing from his own financial journey, these strategies have been tested, refined, and used by Tim and his wife, Jess.

From setting savings goals to tracking net worth monthly to increasing your financial IQ, Tim makes setting up your financial path for success more attainable.

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

• Toolbox: https://yourfinancialpharmacist.com/toolbox
• YFP Planning
• The Millionaire Next Door by Tom Stanley
• YFP Compound Interest Calculator
• YFP Podcast Episode 351: Legacy Planning 101: How to Build Your Legacy Folder and Why It's Important
• The Compound Effect by Darren Hardy
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group

Tim Ulbrich, PharmD and Tim Baker, CFP®, RLP®, RICP® discuss a recent USA Today article titled, "Do we really need $1M in retirement savings? Not even close, one top economist says."

Mentioned on the Show:

• USA Today Article: "Do we really need $1M in retirement savings? Not even close, one top economist says"
• Survey of Household Economics and Decisionmaking, Board of Governors of the Federal Reserve System
• Submit a Question to Be Featured on Rx Money Roundup
• Subscribe to the YFP Newsletter
• YFP Disclaimer

Bryan Neal, insurance agent, talks about the shifts in the insurance landscape and what real estate investors should consider to make sure their investments are protected.

Summary

Bryan Neal, insurance agent, returns to the YFP Real Estate Investing Podcast to talk about the shifts in the insurance landscape after COVID and what real estate investors should consider to protect themselves and their properties. He also shares his journey growing his own insurance business.

About Today's Guest

Bryan Neal, originally from Jonesboro, Arkansas, earned his bachelor's degree from the University of Arkansas in Fayetteville. His career in the insurance industry began with a State Farm Agency, where he discovered his passion for the field. After a brief tenure with Farm Bureau, Bryan co-founded NRG Insurance. In 2021, Bryan sold NRG as he transitioned to launching a new agency, Treblestone Insurance.

Bryan and his wife, Rachel, welcomed their son, Nathan, in November 2020, and their daughter, Emma, in 2024. Bryan continues to expand Treblestone Insurance, with current focused marketing efforts in Tennessee.

Mentioned on the Show

• YFP Real Estate Investing Podcast #14: Protecting Your Investments
• TrebleStone Insurance
• TrebleStone on Instagram
• TrebleStone on Facebook
• Subscribe to the YFP Newsletter
• YFP Disclaimer
• YFP Real Estate Investing Facebook Group
• Nate Hedrick on Instagram
• David Bright on Instagram
• YFP Real Estate Investing Website
• David Bright on LinkedIn
• Nate Hedrick on LinkedIn

Tim Baker, CFP and YFP Director of Planning answers questions from the YFP community on saving and preparing for retirement.

This episode is brought to you by First Horizon.

Summary

Planning and preparing for retirement can feel overwhelming. In this episode, Tim Baker, CFP®, RICP®, RLP®, makes the steps to planning for retirement more manageable. He answers three questions from the YFP community on retirement planning, including:

• How to determine the optimal amount to save for retirement
• Strategies for dealing with market downturns during retirement
• How different investment options impact retirement savings

This episode is brought to you by First Horizon.

About Today's Guest

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).

Mentioned on the Show

• First Horizon's Pharmacist Home Loan
• Die with Zero by Bill Perkins
• YFP Retirement Planning Series (Episodes 272-275):
  • YFP Episode 272: How Much is Enough? (Retirement Planning)
  • YFP Episode 273: Alphabet Soup of Retirement Accounts (Retirement Planning)
  • YFP Episode 274: Risk Tolerance vs Capacity (Retirement Planning)
  • YFP Episode 275: How to Build a Retirement Paycheck (Retirement Planning)
• YFP Episode 305: Understanding Annuities: A Primer for Pharmacists
• YFP Free Guide: Retirement Roadblocks: Identifying and Managing 10 Common Risks
• The Power of Working Longer (2018, Stanford Institute for Economic Policy Research)
• YFP Book a Discovery Call
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group
• Tim Baker on LinkedIn

Sean Richards, CPA and Director of YFP Tax, talks about the 10 common tax blunders he saw and how to remedy those mistakes to optimize taxes in the year ahead.

Summary

July might not seem like the time of year to think about your taxes, but for Sean Richards, CPA and Director of YFP Tax, it's a great time to make projections for the year ahead and remedy any blunders from last year's return.

Reviewing 10 common mistakes he saw made with taxes in 2023, Sean breaks down ways to optimize your tax plan from utilizing HSAs, to adjusting withholdings, to making sure any side-income is planned for appropriately. Sean's biggest piece of advice: planning ahead can help avoid these mistakes and can optimize your tax situation.

About Today's Guest

Sean Richards, CPA, received his undergraduate degree in Corporate Finance and Accounting, as well as his Master of Accountancy, from Bentley University in Waltham, MA. Sean has been a Certified Public Accountant (CPA) since 2015 and is currently pursuing his Enrolled Agent certification. Prior to joining the YFP team, Sean was the Senior Treasury Manager at PRA Group, a global debt buyer based in Norfolk, VA. He began his career at American Tower Corporation where, over 10 years, he held several positions in audit, treasury and accounting.

As the Director of YFP Tax, Sean focuses on broadening the company's existing tax planning and preparation operations, as well as developing and launching new accounting offerings, including bookkeeping, payroll, and fractional CFO services.

Mentioned on the Show

• YFP Podcast 165: The Power of a Health Savings Account
• YFP Blog: Why I'm Not Using My Health Savings Account to Pay for Medical Expenses
• YFP Tax - www.yfptax.com
• Your Financial Pharmacist
• Your Financial Pharmacist on Facebook
• Your Financial Pharmacist on Instagram
• Tim Ulbrich on LinkedIn
• Sean Richards on LinkedIn
• YFP Disclaimer
• YFP Newsletter