Scripted Wealth | Money & Meaning for Pharmacists

Tim Baker helps parents navigate saving for their child's college education, from projecting costs and balancing goals to 529 plans.

This episode is brought to you by First Horizon.

Summary

Most parents desire to contribute toward their child's college tuition; however, knowing how much to save and plan for can be a bit of a moving target. How much is enough to save for college?

Tim Baker, YFP Co-Founder and Director of Financial Planning, lays out the financial roadmap to help parents navigate the complexities of college savings. Tim emphasizes the importance of prioritizing college savings, projecting future costs, and balancing these savings with other financial goals. He also breaks down the benefits of starting early and making consistent contributions to make the goal more attainable.

Learn more about education savings options, including 529 plans and Coverdale education savings accounts. Tim also shares the ⅓ rule for funding college education that listeners may find make the reality of saving for their child's future education more attainable.

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 Pharmacist Home Loan
• YFP 211: The Ins and Outs of the 529 College Savings Plans
• YFP 195: How to Save for Your Child's Education
• YFP Blog: 7 Things to Consider Before Starting a 529 Plan
• YFP Gives - www.yfpgives.org
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group
• Tim Baker on LinkedIn

Nate Hedrick and David Bright outline six essential steps for maintaining and preparing properties between tenants to help minimize vacancy and maximize profitability.

Summary

In this episode, Nate Hedrick and David Bright delve into the intricacies of managing vacant rental properties. They outline essential steps for maintaining and preparing properties between tenants, emphasizing the importance of thorough inspections and necessary repairs or upgrades. The discussion includes:

• Property Inspections: Conducting detailed video walkthroughs to document property conditions and compare them to original move-in lists.

• Market Understanding: Analyzing market rent trends and comparable properties to set optimal rent prices.

• Security Deposits: Managing security deposits in compliance with state laws to avoid legal issues and ensure fair treatment of tenants.

• Property Upgrades: Planning and executing upgrades in advance to enhance property value and minimize vacancy periods.

• Expense Tracking: Keeping detailed records of all expenses, including receipts and maintenance costs, for tax purposes.

Nate and David highlight the importance of being active in the management process to reduce vacancy periods and ensure a profitable investment. They also touch on the decision-making process between self-management and hiring a property manager, depending on personal preferences and circumstances.

Treating rental properties like a business, setting aside time for proper planning and execution during tenant turnover can help maximize profitability and create a safe living environment for future tenants.

About Today's Guests

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.

David Bright is a pharmacist with a heart for teaching. He's been a full-time professor since 2009 with a passion for implementing and improving pharmacy services. Themes of "implementing and improving" in the pharmacy space are quite similar to themes of "building and fixing" in real estate, which has been a growing hobby for David and his wife, Heather, who bought their first house more than ten years ago. That fixer-upper house became a live-in house flip, which they sold a few years later, only to repeat the process with their next house. When David and Heather got sick of perpetually living in a construction zone, they pivoted to fixing up rental properties in West Michigan, where they now live.

David invests in real estate as a way to bring greater diversity to financial planning and to fund memorable life experiences with family and friends.

Mentioned on the Show

• YFP Real Estate Investing Podcast 61: Keeping vs. Selling in a Hot Market
• Subscribe to the YFP Newsletter
• YFP Disclaimer
• Your Financial Pharmacist
• 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

Dr. Helen Sairany discusses the prevalence of burnout and trauma among pharmacists and the importance of addressing the root cause of trauma to lead to a path of healing.

Summary

Discussing the intersections of trauma, resilience, and identity, Helen Sairany, a pharmacist and author, explores the impact of childhood trauma on workplace functioning. Dr. Sairany discusses the prevalence of burnout and trauma among pharmacists and the need to address the root causes to ensure the well-being of the profession.

In this beautiful and powerful conversation, Dr. Sairany emphasizes the importance of recognizing the depth of human experience beyond labels and embracing coexistence, tracing back beliefs to their origins to overcome financial conflicts, and addressing the root causes of trauma to build healthier relationships.

About Today's Guest

As a 7-year-old Kurdish child in Iraq, a country torn by war and conflict, Helen was spotted by a U.S. Marine deployed to her country with a grenade in her hand, who saved her life by exchanging the grenade for a bag of candy. He later escorted her family and her out of war to seek refuge in the U.S.

Because of her turbulent childhood, she was diagnosed with complex PTSD in 2013. Thus, she aspire to live in a world where the vast majority are trauma-informed, feel psychologically safe and valued for the work they put out, and return home fulfilled.

Since the outbreak of the COVID-19 pandemic began, Helen have been open about her dormant childhood trauma. She have been traveling worldwide to give talks on topics such as trauma-informed care, leadership, and the workforce.

After having traveled to more than 100 countries worldwide, she developed an appreciation for the diverse mix of cultures, people, and traditions.

Her interest in trauma stems from personal experiences of living through wars, navigating complex relationships, and continually learning what it means to be human.

Mentioned on the Show

• Website - https://helensairany.com/
• Certificate Training Program - https://helensairany.com/certificate-training/
• Trading Grenades for Candy by Dr. Helen Sairany
• The We You Don't See by Dr. Helen Sairany
• The Myth of Normal by Gabor Mate
• Register for July 24th 12-1pm YFP/APhA Webinar: Retirement Income Planning: How Much is Enough and How to Pay Yourself In Retirement (With Live Nest Egg Calculation)
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group

Tim Baker, YFP Director of Financial Planning, breaks down Medicare and long-term care insurance and what to consider when deciding on a policy.

Summary

Tim Baker, YFP Director of Financial Planning, breaks down the importance of long-term care insurance in retirement planning, highlighting the need to carefully consider the cost of these policies and how they fit into one's overall financial plan.

Tim also discusses Medicare parts A, B and D and the importance of understanding the enrollment period to avoid paying penalties.

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

• Learn More About Your Financial Pharmacist and Book a Free Discovery Call
• Episode 329: Medicare Selection & Optimization featuring Certified Insurance Counselor, Josh Workman
• Episode 296: 5 Key Decisions for Long-Term Care Insurance
• Episode 321: Navigation Financial Conversation with Aging Parents
• Episode 305: Understanding Annuities: A Primer for Pharmacists
• Free to Focus by Michael Hyatt
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• Tim Baker on LinkedIn
• YFP on Instagram
• YFP Facebook Group

Mike Byers, PharmD shares how he was able to achieve financial freedom and replace his retail pharmacist income through savings and real estate investments.

Summary

In this episode, Michael Byers, PharmD shares how he was able to achieve financial freedom and step away from his job as a retail pharmacist at age 42. Mike outlines how he went from a position of financial weakness to a position of financial strength through frugality and real estate investing. A father of two young boys, Mike talks about the importance of having options and flexibility in this season as he and his wife raise their family.

About Today's Guest

Mike Byers is a 2008 graduate of the University of Pittsburgh School of Pharmacy. He spent 16 years as a retail pharmacist for Giant Eagle where he worked as a staff pharmacist, a pharmacy team leader and a floater. After successfully investing in real estate for over 10 years, Mike decided to take a break from pharmacy in 2023 to spend time with his wife and two young boys. He loves his family, houses, outdoor adventure, and trying to find the right balance between YOLO and delayed gratification. He can be found on Instagram @DIYrentalGuy.

Mentioned on the Show

• Mike Byers on Instagram: DIYRentalGuy
• Mr. Money Mustache
• YFP Real Estate Investing Podcast 119: House Hacking with the House Hacking MD
• YFP Podcast 354: From PharmD to Debt Free to FIRE
• Rich Dad, Poor Dad by Robert Kiyosaki
• Die with Zero by Bill Perkins
• Millionaire Next Door by Tom Stanley
• Bigger Pockets
• Tax Free Wealth by Tom Wheelwright
• Tim Ulbrich on LinkedIn
• Subscribe to the YFP Newsletter
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• YFP Disclaimer
• YFP on Instagram
• YFP Facebook Group

David Bright and Nate Hedrick share four creative strategies to consider when looking for investment properties in 2024.

Summary

As the housing market continues to be competitive with low inventory and high home prices, it can be hard to find those good investment deals. Drawing from their own experiences, David Bright and Nate Hedrick share four strategies to consider when looking for investment properties in 2024.

From looking at properties with problem tenants that landlords are looking to move on from; to properties that have been on the market for several days; to properties that are back on the market after failed inspections to finding properties with hidden potential, David and Nate share creative ways to find deals in this competitive real estate climate.

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.

David Bright is a pharmacist with a heart for teaching. He's been a full-time professor since 2009 with a passion for implementing and improving pharmacy services. Themes of "implementing and improving" in the pharmacy space are quite similar to themes of "building and fixing" in real estate, which has been a growing hobby for David and his wife, Heather, who bought their first house more than ten years ago. That fixer-upper house became a live-in house flip, which they sold a few years later, only to repeat the process with their next house. When David and Heather got sick of perpetually living in a construction zone, they pivoted to fixing up rental properties in West Michigan, where they now live.

David invests in real estate as a way to bring greater diversity to financial planning and to fund memorable life experiences with family and friends.

Mentioned on the Show

• YFP Real Estate Investing Podcast 120: Deep Dive: Use Conversion
• Subscribe to the YFP Newsletter
• YFP Disclaimer
• Your Financial Pharmacist
• 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

Dr. John Muchka, Founder of Pharm to Tables, talks about how he started the non-profit and its mission of helping end the hunger crisis in local communities.

This episode is brought to you by First Horizon.

Summary

In this episode, Tim talks with Dr. John Muchka, Founder of Pharm To Tables, a charitable organization uniting pharmacy professionals in a singular, focused mission of helping end the hunger crisis of our local communities

Dr. Muchka talks about how his service learning project during pharmacy school inspired the idea for Pharm To Tables, the why behind his passion to end hunger in local communities, how he was able to get his vision off the ground, and the lessons he has learned along the way.

About Today's Guest

Dr. John Muchka received his Bachelor's degree in biochemistry from the University of Wisconsin- Madison followed by his Doctor of Pharmacy from South University School of Pharmacy in 2010.

Dr. Muchka is a seasoned clinical pharmacist with over 13 years of extensive experience in the healthcare field. Throughout his career, he has demonstrated a steadfast commitment to advancing pharmacy practice and improving patient care.

As a Pharmacy Residency Program Director, Dr. Muchka plays a pivotal role in shaping the next generation of pharmacy professionals. His dedication to mentorship and education has empowered countless pharmacists to excel in their careers and make meaningful contributions to the field.

In addition to his role as a clinical pharmacist and Residency Program Director, Dr. Muchka is also the Co-founder and president of Pharm to Tables Charitable Organization Inc. Under his visionary leadership, Pharm to Tables has emerged as a driving force in promoting overall community health by helping to end food insecurity.

Dr. John Muchka is a respected voice within the pharmacy community on a local and national level. He currently serves on the Pharmacy Society of Wisconsin Board of Directors. Dr. Muchka also represents Wisconsin in the American Society of Health-System Pharmacists House of Delegates. Through his active involvement in these organizations, Dr. Muchka advocates for policies and initiatives that elevate the profession of pharmacy and enhance the quality of patient care on a local, national and global scale.

Outside of work, John loves spending time outdoors with his wife Lindsey and two sons, Luke and Noah.

Mentioned on the Show

• Pharm to Tables
• Dr. John Muchka on LinkedIn
• Pharm to Tables on Facebook
• First Horizon Pharmacist Home Loan
• YFP Gives
• Tim Ulbrich on LinkedIn
• Subscribe to the YFP Newsletter
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• YFP Disclaimer
• YFP on Instagram
• YFP Facebook Group

YFP CEO Tim Ulbrich talks with his dad, Tom Ulbrich, on entrepreneurship, fatherhood, and finances.

Summary

In celebration of Father's Day, Tim Ulbrich talks with his own dad, Tom Ulbrich, to have a conversation on entrepreneurship, fatherhood, and finances.

During this wisdom-packed dialogue, Tom shares his career journey starting with running a family business, to developing an e-commerce business out of the basement of his home, to achieving his MBA in his 40's, to his time in academia, and to now leading a large nonprofit in Western New York. Tom shares his thoughts on his two sons going from traditional to non-traditional career paths, how he and his wife, Lynn, have defined what it means to be living their rich life, and his take on redefining retirement and why it shouldn't be a one-size fits all approach.

This special conversation highlights the generational throughline in the Ulbrich family of entrepreneurship and how career and life choices are about the journey, not the destination.

About Today's Guest

As a passionate advocate for small business and a former business owner himself, Tom Ulbrich intimately understands the power that entrepreneurship has to unlock human potential, create jobs, inspire wealth, and invigorate economies and communities across the globe.Tom is an entrepreneurial leader with broad-based management experience in both the for-profit and non-profit sectors. His passion for social innovation is focused on nurturing strong relationships and building consensus across diverse groups of stakeholders in the academic, for-profit, non-profit and government sectors.

During his prior tenure as an assistant dean at the University at Buffalo's School of Management and School of Social Work he did extensive work in the field of social entrepreneurship with a focus on the emerging concept of the "entrepreneurial non-profit". He retains an appointment at the UB School of Management as Executive in Residence for Entrepreneurship. He is a speaker and writer with a weekly newsletter titled Soar, Don't Settle where he shares his thoughts about business, leadership and life. He is also a member of the Forbes Non-Profit Council and contributes content that you can find on Forbes.com. In May 2020, he became President and CEO of Goodwill of Western New York where he is working with a dedicated team to apply an interdisciplinary approach to social innovation in a real world setting.

Mentioned on the Show

• Tom Ulbrich on LinkedIn
• Tom Ulbrich's Newsletter: Soar, Don't Settle
• The Medici Effect by Frans Johansson
• Happy Money by Ken Honda
• I Will Teach You to Be Rich by Ramit Sethi
• Tim Ulbrich on LinkedIn
• Subscribe to the YFP Newsletter
• YFP Disclaimer

Cory Jenks, PharmD, author, speaker and comedian talks about his newest book on fatherhood titled, "So I Guess I'm a Dad Now."

Summary

On this episode, Tim talks with Cory Jenks, PharmD, a comedian, pharmacist, author, and speaker who helps create more adaptable, empathetic, and humanizing healthcare experiences. Cory shares his journey of writing his second book 'I Guess I'm a Dad Now', why he chose to write a book on fatherhood, the strategies he has employed in his journey of being a dad to three kids ages six and under, and why he and his wife Cassie used a Coast FIRE approach for their financial plan.

About Today's Guest

Cory Jenks is a convention breaking pharmacist, comedian, author, speaker, and dad from Tucson Arizona. Since earning his Doctor of Pharmacy degree in 2011 from the University of South Carolina, he has been on a mission to help people get off medications through lifestyle. Since 2013, he has taught, coached and performed improv comedy for thousands of people. And since 2022 when his 1st book Permission to Care: Building a Healthcare Culture that Thrives in Chaos, came out, he has been making readers laugh out loud while reading. His newest book, I Guess I'm a Dad Now, provides practical and hilarious tips, tricks, and stories to help new dads earn that "#1 Dad" shirt they will inevitably be gifted on Father's Day. With the little spare time he has, Cory enjoys harvesting rainwater, raising chickens, and attempting to play various sports with variable success. He is currently earning his Master's Degree in Dad Jokes with the help of his daughter and two sons.

Mentioned on the Show

• YFP Planning
• YFP 134: One Couple's Coast FI Journey
• YFP 196: How Cory Uses Improv to Create a Better Healthcare Experience
• YFP 356: How to Successfully Navigate Finances with Your Partner
• I Guess I'm A Dad Now by Cory Jenks
• Cory Jenks
• Cory Jenks on LinkedIn
• Cory Jenks on Instagram
• Tim Ulbrich on LinkedIn
• Subscribe to the YFP Newsletter
• YFP Disclaimer

Tony Umholtz, Senior Vice President of Mortgage Banking at First Horizon, returns to discuss four questions prospective home buyers should consider.

This episode is brought to you by First Horizon.

Summary

Tony Umholtz, Senior Vice President of Mortgage Banking at First Horizon returns to discuss four questions that prospective home buyers must answer including buy now versus wait, rules of thumb lenders are using to determine lending limits, the potential impact of the recent settlement from the National Association of Realtors, and the current state of how student loan payments are being factored into the lending calculations.

About Today's Guest

Tony Umholtz is the Senior VP of Mortgage Banking at First Horizon. He graduated Cum Laude from the University of South Florida with a B.S. in Finance from the Muma College of Business. He then went on to complete his MBA. While at USF, Tony was part of the inaugural football team in 1997. He earned both Academic and AP All-American Honors during his collegiate career. After college, Tony had the opportunity to sign contracts with several NFL teams including the Tennessee Titans, New York Giants, and the New England Patriots.

Being active in the community is also important to Tony. He has served or serves as a board member for several charitable and non-profit organizations including board member for the Salvation Army, FCA Tampa Bay, and the USF National Alumni Association. Having orchestrated over $1.1 billion in lending volume during his career, Tony has consistently been ranked as one of the top mortgage loan officers in the industry by the Scotsman's Guide, Mortgage Executive magazine, and Mortgage Originator magazine.

Mentioned on the Show

• First Horizon Pharmacist Home Loan
• YFP Podcast 348:2024 Housing Market Trends, Buy Now vs. Wait, & Assumable Rate Mortgages
• YFP Podcast 353: Avoiding the Trap of House Poor: Evaluating Cost of Home Ownership
• Tony Umholtz
• First Horizon
• Tony Umholtz on LinkedIn
• Tony Umholtz on Instagram
• Tim Ulbrich on LinkedIn
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• YFP Planning: Fee-Only Financial Planning for Pharmacists