Scripted Wealth | Money & Meaning for Pharmacists

Loan officer Jack Bowers (NMLS# 1957264) joins the show to talk about the evolving lending landscape and changes in house hacking investing.

Episode Summary

As we near the end of 2023 and anticipate 2024, the lending landscape is undergoing significant changes. Conventional mortgage underwriting guidelines are evolving, impacting down payments and cash-out refinance considerations, especially for owner-occupants in small multifamily houses. Today, we're joined by Jack Bowers (NMLS# 1957264), a loan officer from Union Home Mortgage, who provides some key insights into these changes. In our conversation, we explore historical interest rates in relation to where they are now, house hacking, and corresponding lending options, along with nuances in different loan programs. Jack also outlines Ohio-specific programs for first-time homebuyers and walks us through a practical example. He advises on buying fixer-uppers and the shifting cash-out refinance strategy, and shares valuable advice for those considering the real estate investment journey!

About Today's Guest

Jack Bowers is a Loan Officer with Union Home Mortgage who has been in the mortgage industry for over 3 years and has helped hundreds of families directly & through his work on a top-producing team. Jack grew up in Northeast Ohio and earned his Bachelor of Science (Major in Fashion Merchandising, Minor in Marketing) from and played rugby for Kent State University.

Mentioned on the Show

• Jack Bowers on LinkedIn
• Jack Bowers Email
• Jack Bowers Phone — (330) 848-7203
• Union Home Mortgage
• Ohio Housing Finance Agency
• Ohio Heroes
• Grants for Grads Program
• Apply for Grants for Grads
• YFP REI 95: Investing Ideas: House Hacking, 401k Real Estate, and Glamping
• YFP REI 85: Pharmacist House Hacking in a HCOL State
• YFP REI 30: Short-Term Rental House Hacking
• YFP REI 10: Getting Started Through House Hacking
• Your Financial Pharmacist
• YFP Real Estate Investing Facebook Group

On this episode, Jackie Boyle, PharmD, MBA and Paul Boyle share their journey paying off $208k of student loans.

Summary

Debt can be an overwhelming weight on one's shoulders, but imagine paying off an astounding $208,000 of it! This week on the podcast, we are joined by the inspirational duo, Jackie and Paul Boyle. They recount their journey from being neck-deep in student loans to paying them off entirely. This episode delves into their personal and collective strategies, their highs and lows, the financial compromises made, and how they kept the momentum to reach the finish line. From Paul's decision to be a stay-at-home dad to Jackie's reflections on missed opportunities with the PSLF program, their experiences provide invaluable insights for anyone navigating their own debt repayment process. We also dive into the emotional and financial challenges they encountered, especially when transitioning to a single-income household. Yet, their story isn't just about the hurdles; it's brimming with actionable takeaways and advice for those on similar paths. As Paul and Jackie demonstrate, with determination, strategic financial planning, and mutual support, even the heftiest of student loans can be overcome. So whether you're struggling with student loans, seeking motivation, or just curious about the Boyles' debt-free journey, this episode is a must-listen. Join us and discover how you too can rewrite your financial story!

About Today's Guest

Jackie Boyle is a pharmacy educator by day and coaches pharmacists and pharmacies in a part-time capacity. She received her Doctor of Pharmacy from Northeast Ohio Medical University in 2012, MBA from University of Findlay in 2016, and Master and Bachelor degrees from THE Ohio State University (O-H!) She is highly involved in professional organizations including ASHP and AACP, and also loves spending time with her husband and two daughters, Gianna and Giulia. In her free time, she loves spinning, yoga, and enjoying a warm cup of coffee.

Paul Boyle is a Client Service Associate out of the Cleveland, Ohio area where he has had a diverse career of over 20 years, mostly taking care of customers and clients in various fields of service ranging from manufacturing to professional baseball. He received a Bachelor's degree in Sport Management from The University of Akron in 2020, while taking time away from the workforce to raise his children. Paul spends most of his free time with his wife, Jackie, and two daughters, Gianna and Giulia. An avid Cleveland sports fan, musician and aspiring podcaster. When not supporting his local teams he likes to enjoy the occasional motorcycle ride, which is another longtime passion.

Mentioned on the Show

• Jackie Boyle on LinkedIn
• Paul Boyle on LinkedIn
• YFP Planning: Fee-Only Financial Planning for Pharmacist
• Subscribe to the YFP Money Matters Newsletter

On this episode, sponsored by FirstHorizon, Brenna Roth, MD, MPH, shares her journey having over $550k of student loans forgiven tax-free via PSLF.

Summary

Are student loan forgiveness programs a beacon of hope for graduates drowning in debt? Joining us this week is Brenna Roth, MD, MPH; a physician who achieved an incredible financial milestone - over $550,000 of student loans wiped clean through the Public Service Loan Forgiveness (PSLF) program. In our conversation, Brenna discusses her background in medicine, the accumulation of her student loan debt, her initial feelings about the debt, and her journey to tax-free forgiveness. She also shares advice for individuals facing high student loan debt and considering PSLF as an option. We also unpack the challenges of dealing with loan servicing companies, the impact of the COVID-19 payment freeze, and the benefits of lower monthly payments through income-driven repayment plans for those pursuing PSLF. If you're curious about the PSLF program or facing significant student loan debt, Brenna's inspiring story sheds light on the potential benefits of pursuing loan forgiveness and highlights the changing landscape of student loan repayment.

About Today's Guest

Brenna Roth, MD, MPH is an infectious disease doctor and public health specialist who works in academic global health and research. She lived and worked in Tanzania for 3 years and has continued to work on international programs and research projects across sub-Saharan Africa since. She has successfully navigated the Public Service Loan Forgiveness Program across multiple loan servicers, jobs, and continents.

Mentioned on the Show

• Brenna Roth, MD, MPH on LinkedIn
• Federal Student Aid
• YFP 248: How 3 Pharmacists Had $700,000 of Student Loans Forgiven
• Episode Sponsor: First Horizon
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• Tim Baker on LinkedIn
• Tim Ulbrich on LinkedIn
• YFP Disclaimer
• Subscribe to YFP Newsletter

On this week's podcast, sponsored by APhA, Certified Insurance Counselor, Insurance Agent, and Medicare Specialist, Josh Workman, joins the show to cover Medicare 101 and considerations for selecting your Medicare coverage plan.

Summary

Many people (including pharmacists!) aren't fully informed about Medicare, the options they need to consider, and the pros and cons of each option. That's why, in this week's episode of the podcast, we brought on Certified Insurance Counselor, Insurance Agent, and Medicare Specialist, Josh Workman to give us a Medicare 101! Tuning in, you'll hear about Josh's role in the world of helping seniors navigate Medicare benefits, options for coverage, and the five main differences between Medicare Advantage and Supplement plans. Finally, he shares some words of wisdom for pharmacists struggling to answer Medicare questions for themselves, family members, and even clients.

About Today's Guest

Located in the Akron Ohio area Josh Workman has been an insurance agent since 2010 with Medicare planning being his main area of focus. He started his career with Nationwide, but then moved to an Independent agency in 2014. Aside from helping individuals who are new to Medicare, he also works with professionals such as care facility coordinators, doctors and pharmacists as they assist their patients with Medicare plan decisions. Medicare can be extremely confusing so instead of the salesman angle, Josh takes an educational approach when helping his clients with Medicare Supplements, Part D Plans and Medicare Advantage Plans. One of his favorite parts of the job is teaching Medicare 101 classes to people who are new to Medicare.

Mentioned on the Show

• Joshua Workman on LinkedIn
• Joshua Workman Email Address
• McMichael Insurance
• Use Coupon Code YFP to Get 25% off at APhA Membership
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• Tim Ulbrich on LinkedIn
• YFP Disclaimer
• Subscribe to the YFP Newsletter

Co-hosts David and Nate take a look at how you can accurately calculate your cash-on-cash returns and returns on equity given the current market conditions.

Episode Summary

The global pandemic has led to massive shifts in the real estate investing market. So today, co-hosts David and Nate take a look at how you can accurately calculate your cash-on-cash returns and returns on equity given the current market conditions. After briefly talking through the common pains of evictions, they assess current property market conditions and why and how they've changed so drastically since 2020. They discuss why property conversions are usually the smarter play before revisiting the BRRRR method, unpacking how to measure returns on equity, and exploring some key strategies for maximizing equity gains. As a bonus, they share what you should be thinking about before jumping to sell in favorable market conditions, and end with noteworthy advice on the importance of yearly check-ins on your long-term investments.

Links Mentioned in Today's Episode

• Episode 50: Deep Dive Into Spreadsheet Analysis
• Episode 75: Market Check-In: Is BRRRR Dead?
• Nate Hedrick on Instagram
• David Bright on Instagram
• YFP Real Estate Investing Website
• YFP Real Estate Investing Facebook Group

Tim Baker, CFP, RICP, RLP joins Tim Ulbrich, PharmD to discuss open enrollment & evaluating employer benefits.

Summary

This week on the podcast, Tim Ulbrich, PharmD sits down with YFP co-owner and Director of Financial Planning, Tim Baker, CFP, RICP, RLP to discuss open enrollment and the process of evaluating employer benefits. They discuss considerations for choosing a health insurance plan, how to determine whether or not your employer-provided life and disability insurance is sufficient, the differences between an FSA, Dependent Care FSA, and HSA, and what to be looking for when putting money into your employer-sponsored retirement plan.

Mentioned on the Show

• YFP Planning: Financial Planning for Pharmacists
• Book a free Discovery Call with YFP Planning
• YFP 044: How to Determine Your Life Insurance Needs
• YFP 045: How to Determine Your Disability Insurance Needs
• Your Financial Pharmacist
• YFP 165: The Power of a Health Savings Account
• Why I'm Not Using My Health Savings Account to Pay for Medical Expenses
• Ask a YFP CFP© #84: What can I do about the fees on my HSA account?
• YFP 074: Evaluating Your 401k Plan
• YFP 208: Why Minimizing Fees On Your Investments Is So Important
• Your Financial Pharmacist Disclaimer and Disclosures

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, RLP®, RICP®, takes a question from an individual in the YFP Facebook Group.

Submit Your Question: Have a question you would like us to feature on an upcoming episode? Send us an email at [email protected] or record your question at www.yourfinancialpharmacist.com/askyfp

Your Financial Pharmacist Disclaimer and Disclosures: This podcast is intended for educational purposes and should not be considered financial or investment advice as we do not know all the variables to one's personal situation when answering a question. For more information visit https://yourfinancialpharmacist.com/disclaimer/

On this segment of the Pharmacy Innovators, sponsored by Pyrls, Pharmesol co-founder & CEO Dr. Natalie Park joins host Dr. Corrie Sanders.

Summary

With the rise of AI and the increasing use of technology in our daily lives, there is an opportunity to improve the pharmacy world and patient care. On this segment of the Pharmacy Innovators sponsored by Pyrls, Dr. Natalie Park, Co-founder and CEO of Pharmesol, joins host Dr. Corrie Sanders, to discuss how Pharmesol leverages technology and AI to optimize patient communication and follow-up care. Natalie shares her unconventional career path, what Pharmesol is, what inspired her and her co-founders to start it, and how it is improving patient care. She also discuss the highs and lows of starting a business before delving into the importance of value-based care, what pharmacy will look like in the future, and how we can embrace the inevitable technological changes.

About Today's Guest

Dr. Natalie Park is a pharmacist with a background in conducting health economics and outcomes research in the pharmaceutical industry. Natalie is co-founder and CEO of Pharmesol, an automated and proactive medication assistant tool that leverages pharmacist expertise and artificial intelligence to enhance patient experience after direct interaction with the healthcare team.

Mentioned on the Show

• Dr. Natalie Park on LinkedIn
• Dr. Natalie Park Email Address
• Pharmesol
• Entrepreneurs Roundtable Accelerator Demo Day
• Pyrls
• Dr. Corrie Sanders on LinkedIn
• YFP Disclaimer

Drs. Lindsey Childs-Kean and Britny Brown share their work with #PharmGradWishlist to support emerging racially and ethnically minoritized pharmacy trainees.

Summary

It is no secret that there are minorities underrepresented in pharmacy despite the evidence suggesting that racial concordance matters. Joining us today are two individuals, Lindsey Childs-Kean and Britny Brown, who are committed to improving representation by supporting emerging racially and ethnically minoritized pharmacy trainees. You'll hear about the incredible PharmGradWishlist organization, what its mission is, why it's important, and how to get involved.

About Today's Guest

• Lindsey Childs-Kean is a Clinical Associate Professor in the Department of Pharmacotherapy and Translational Research with the University of Florida College of Pharmacy. She earned her PharmD degree from University of Florida and completed a PGY1 residency at Tampa General Hospital and a PGY2 Infectious Diseases residency at the South Texas Veterans Healthcare System. Her teaching, research, and practice interests include infectious disease pharmacotherapy and professional development of students and new practitioners. She is active in many professional organizations, including being a member of the PharmGradWishList Leadership Team and an Associate Editor for the American Journal of Pharmaceutical Education.

• Britny Brown, PharmD, BCOP is a Clinical Associate Professor at the University of Rhode Island. Her clinical practice site is Smilow Cancer Center in Westerly, RI, where she focuses on the management of patients receiving oral anticancer therapy. Britny also has a passion for health equity. She is co-chair of the Diversity and Globalization Committee within URI's College of Pharmacy, is a leadership team member for PharmGradWishlist, and is a member of the HOPA DEI Advisory Group.

Mentioned on the Show:

• PharmGradWishlist
• JAPhA Article: 'Brighter Horizons: The Necessity of Concentrated Sponsorship Targeted Toward Minoritized Student Pharmacists'
• PharmGradWishlist Email Address
• PharmGradWishlist on LinkedIn
• PharmGradWishlist on Facebook
• PharmGradWishlist on X
• PharmGradWishlist on Instagram
• Lindsey Childs-Kean on LinkedIn
• Lindsey Childs-Kean on X
• Lindsey Childs-Kean on Instagram
• Britny Brown on LinkedIn
• Britny Brown on X
• Tim Ulbrich on LinkedIn
• YFP Blog: 'Money Talks: The Price of the Pharmacy Residency Quest'
• YFP Disclaimer
• Subscribe to the YFP Newsletter

Pharmacist real-estate investors Julia & Brad Myers talk about what inspired their journey in real estate including the unique aspect of tax deductions and savings in the short-term rental market.

About Today's Guest

Julia Myers is a semi-retired pharmacy leader and public speaker on the topics of financial literacy and generational wealth. Julia received her Doctor of Pharmacy degree from the University of Wyoming School of Pharmacy and her Masters in Business Administration from the University of Tennessee- Knoxville. She has over 15 years of experience in clinical and leadership roles in community pharmacy, ambulatory care, health system, and specialty pharmacy. In 2020, Julia was recognized as a member of the Class of 20 Under 40 by Columbia Magazine for her achievements in medication affordability, specialty pharmacy, and overall community impact. Julia enjoys spending time outdoors, reading and writing, and raising her five children with her husband Brad. You can follow her on social media @Juliamyersrx.

BradMyers is currently the Vice President, McKesson Health Systems. Brad received his Doctor of Pharmacy degree from University of North Carolina in Chapel Hill and his Masters in Business Administration from American University. He completed a PGY1 Residency and has spent over 20 years practicing pharmacy and in health system leadership roles. Before joining McKesson, Brad served as the pharmacy executive at the University of Missouri Health Care for 8 years. Brad enjoys running, cheering for UNC Tarheels, and traveling. Find him on LinkedIn.

Mentioned on the Show

• Julia Myers on LinkedIn
• Julia Myers on X
• Brad Myers on LinkedIn
• YFP 311: Raising Money-Savvy Kids
• YFP REI 96: Managing Risk and Taxes through a Real Estate Team with Thomas Castelli
• YFP REI 54: Using Cost Segregation to Optimize Real Estate Tax Benefits
• YFP REI 18: Tax Strategies for Real Estate Investing
• BiggerPockets
• Rachel D. Gainsbrugh on LinkedIn
• Realtor
• Zillow
• Jumpstart Your Tax Savings On-Demand Course
• Amanda Han on LinkedIn
• OBX Landing
• Your Financial Pharmacist
• YFP Real Estate Investing Facebook Group