Scripted Wealth | Money & Meaning for Pharmacists

Episode Summary

Navigating the world of financial advice can be a tricky thing. You're often confronted with baffling jargon, an overwhelming amount of choice, and a lack of transparency, which will typically leave you feeling more confused than when you started. Here to help us unpack these topics today is YFP team member, Justin Woods, PharmD, MBA who has had over 350 financial conversations with pharmacists! We talk with Justin about why pharmacists tend to be skeptical when it comes to hiring a financial planner, the various terms and titles used in the financial services industry, and what outcomes you should expect as part of the financial planning process. Tuning in you'll learn about key factors that hold people back from pursuing financial advice — like previous negative experiences — as well as an overview of how the financial services industry has changed over the years, and how this impacts clients. We also discuss key terms, like "fiduciary", and how understanding their implications can help you navigate the industry, before unpacking the four factors of financial decision-making and how planning can help you live a rich and meaningful life.

Links Mentioned in Today's Episode

• Webinar: A Pharmacists Perspective And Evaluation of the Practice of Financial Planning
• YFP 250: 10 Takeaways from 50 Financial Conversations with PharmacistsSeven Figure PharmacistYFP 208: Why Minimizing Fees On Your Investments Is So Important
• Unshakeable by Tony Robbins
• John Oliver Fiduciary
• Justin Woods on LinkedIn
• Justin Woods on Twitter
• Pyrls
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• YFP Disclaimer
• Subscribe to the YFP Newsletter

Summary

Less than half of parents feel confident in what they are teaching their children about money. Even fewer regularly discuss money with their kids. Julia Myers is a practicing pharmacist and pharmacy leader at the University of Missouri Healthcare. During this episode, sponsored by First Horizon, we discuss how the type of money household you grew up in influences your financial management today. We explore strategies to teach your children about money across the full spectrum of ages, from early childhood to young adulthood. Julia weighs in on the loss of generational wealth, why mistakes are the best teachers, and how self-reflection can lead you to better equip your children to build their financial futures. Throughout the show, Julia offers practical tips on approaching money conversations with your family and empowering your children.

About Today's Guest

Julia Myers is a practicing pharmacist and pharmacy leader at the University of Missouri Health Care in Columbia, Missouri. 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. Her 15-year career encompassed 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. After experiencing a life-changing medical event, Julia semi-retired in May 2022 and is now pursuing her best life focusing on family, lifelong learning, and travel. Julia enjoys spending time outdoors, reading and writing, and raising 5 children with her husband Brad. Follow her on social @Juliamyersrx

Links Mentioned in Today's Episode

• Julia Myers
• Julia Myers on LinkedIn
• Julia Myers on Twitter
• University of Missouri Healthcare
• First Horizon Bank
• 5 Easy Steps to Get a Home Loan
• Dave Ramsey
• Robert Kiyosaki
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• YFP Disclaimer
• 5 Family Financial Conversation Starter Questions
• Subscribe to the YFP Newsletter

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, RLP®, RICP®, takes this question from Keith in Ohio: What's the catch with these new savings accounts that have 4%+ APY?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Record your questions here or send them via email to [email protected]
• 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/

Summary

On this episode of YFP Real Estate Investing Podcast, co-hosts David Bright and Nate Hedrick provide a mid-year check on the REI market, including how they are evaluating opportunities and what they are seeing in their own real estate portfolio. They discuss how the 1% rule applies in today's market, considerations for converting your primary residence into a rental, and how future mortgage qualifications are affected by past and present properties you own and have owned.

Links Mentioned in Today's Episode

• YFP Real Estate Investing Property Analysis Spreadsheet Free Download
• YFP Real Estate Investing Episode 50: Deep Dive into Spreadsheet Analysis
• YFP Real Estate Investing Episode 41: Deep Dive: Repairs and Capital Expenditures
• YFP Real Estate Investing
• YFP Real Estate Investing Facebook Group
• Nate Hedrick on Instagram
• Nate Hedrick on Facebook
• Real Estate RPH
• David Bright on Instagram David Bright on Twitter
• David Bright on Facebook

Episode Summary

On this week's episode of the YFP Podcast, we tackle getting your estate plan buttoned up. We're joined by Tim Baker, CFP®, RICP®, RLP®, Co-Founder of Your Financial Pharmacist, to talk about estate plan preparations. We go through why it's important to plan your estate, what an estate plan includes, and what happens if you do not have one in place. Tim then shares his thoughts and insights on three action areas; documentation, beneficiaries, and legacy folders.

Links Mentioned in Today's Episode

• American Pharmacists Association
• Caring.com's 2023 Wills Survey
• Episode 222: Why Estate Planning is Such an Important Part of the Financial Plan
• I've Still Got Me: A Widow's Journey to Love, Happiness & Financial Independence
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• YFP Disclaimer
• Tim Baker on LinkedIn
• Tim Ulbrich on LinkedIn
• Subscribe to the YFP Newsletter

Episode Summary

The tax filing deadline is behind us so time to sit back and relax, right?! As YFP Director of Tax, Sean Richards, CPA, EA, tells us today, it's important we are keeping tax front of mind year-round to avoid common blunders that show up during tax filing season. During this episode, Sean outlines ten of the most common mistakes he saw pharmacists make throughout the tax season including his thoughts on how year-round planning can help mitigate these mistakes.

About Today's Guest

Sean Richards, CPA, EA, 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 received his Enrolled Agent certification earlier this year. 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.

Links Mentioned in Today's Episode

• Subscribe to the YFP Newsletter
• YFP Comprehensive Tax Planning Service
• Sean Richards on LinkedIn
• RITA
• Inflation Reduction Act (IRS)
• Most Common Tax Mistakes (Made by Pharmacists) Download
• First Horizon Pharmacist Home Loan Requirements
• YFP Disclaimer

Episode Summary

If we don't earmark our cash for specific items, we're very likely to spend it. In this YFP Planning Case Study, Tim Baker, CFP®, RLP®, Kelly Reddy-Heffner, CFP®, CSLP®, CDFA®, and Angel Melgoza, MS CFP® use a hypothetical couple (Joe and Jane Script) to discuss balancing retirement savings with a major purchase and education planning. After being provided with an overview of the couple's finances and their goals for the future, Kelly and Angel pick apart their investment approach and offer advice for how they could make it more sound. From the importance of saving with the intention of avoiding getting hit with a surprise tax bill, this episode will make you think more deeply about the way you approach your financial plan!

Links Mentioned in Today's Episode

• RightCapital
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• YFP Disclaimer
• Tim Baker on LinkedIn
• Angel Melgoza on LinkedIn
• Kelly Reddy-Heffner on LinkedIn
• Subscribe to the YFP Newsletter

Summary

Danny Mach, PharmD joins the YFP Real Estate Investing Podcast to talk about his journey from purchasing his first single-family home in 2019 to growing his portfolio to include four single-family homes and being a partner in an 11-duplex deal. During this episode, you'll hear about Danny's career track in pharmacy, how and why he got started in real estate investing, and the lessons he has learned along the way. Finally, Danny explains the importance of prioritizing your pharmacist job, shares his love for Bigger Pockets, and reminds us to take action!

About Today's Guest

Daniel Mach, PharmD is a clinical informatics pharmacist and a small-time real estate investor who is on a mission to achieve financial freedom. After graduating from the University of Oklahoma College of Pharmacy in 2017, Danny dove headfirst into the world of healthcare. At the time, he did not have any interest in real estate investing but wanted to explore other avenues for building wealth and achieving financial stability. His drive to work was over an hour one way and he decided to make good use of that time by educating himself through podcasts including BiggerPockets. This led him to the world of real estate investing, where he purchased his first single-family home in 2019. Since then, he has grown his portfolio to include four single-family homes and partnered with other investors on an 11-duplex deal. While he still considers himself a small-time investor, he's incredibly proud of the progress he has made in building a profitable portfolio that supports his long-term financial goals.

Links Mentioned in Today's Episode

• Daniel Mach on LinkedIn
• Daniel Mach Email Address
• Daniel Mach on Instagram (@dannymach)
• Bigger Pockets
• YFP Real Estate Investing Website
• YFP Real Estate Investing Facebook Group

Summary

On this episode of The Pharmacy Innovators segment of the YFP podcast, sponsored by First Horizon, Dr. Izabella Wentz (The Thyroid Pharmacist) joins Dr. Corrie Sanders. Izabella is a pharmacist turned business owner and best-selling author. After being diagnosed with Hashimoto's disease, Izabella took steps to turn her own questions into an answer for others, founding two companies, and writing three books!

About Today's Guest

Izabella Wentz, PharmD, FASCP, is an internationally acclaimed thyroid specialist and a licensed pharmacist who has dedicated her career to addressing the root causes of autoimmune thyroid disease after being diagnosed with Hashimoto's thyroiditis in 2009. She is the author of three books on Hashimoto's: Hashimoto's Thyroiditis Lifestyle Interventions for Finding and Treating the Root Cause, Hashimoto's Food Pharmacology, and Hashimoto's Protocol, which became a #1 New York Times bestseller.

Links Mentioned in Today's Episode

• YFP Home Loan Page: 5 Easy Steps to Get a Home Loan
• Thyroid Pharmacist
• Izabella Wentz on Instagram
• Adrenal Transformation Protocol
• The Thyroid Secret
• Hashimoto's Protocol
• Rootcology
• Dr. Mark Hyman
• GSK
• Morningstar
• IFM
• A4M
• Dr. Alan Christianson
• JJ Virgin
• Mindshare Collaborative
• HarperOne
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• YFP Disclaimer

Episode Summary

Investing your money is one thing, but people often overlook the fact that they should also be investing in themselves. An article in the Wall Street Journal in late 2022 suggested that "The Best Investment to Make in 2023 Is in Yourself" and that people should treat their own career development like they do their investment portfolios. To discuss this, we are joined by Erin Albert, PharmD, JD, MBA. Erin is the vice president of pharmacy relations and the chief privacy officer at Mark Cuban Cost Plus Drug Company. In addition to being a pharmacist, she's an attorney, author, and podcaster. She explains the concept of investing in oneself by building a portfolio of how we spend our time and money and how she applies this to her own life. She talks about the five categories that make up her professional development portfolio, how often she revisits this framework, and what it looks like to pay herself dividends along the way. She also talks about what she looks for in education and training programs and how her personal brand and network have accelerated the achievement of her goals.

About Today's Guest

Erin L. Albert is Vice President of Pharmacy Relations and Chief Privacy Officer at Mark Cuban Cost Plus Drug Company, PBC. She is both a pharmacist and an attorney. Prior to joining Mark Cuban, she worked in a variety of pharmacy roles, including pharmacy benefits, taught pharmacy students at Butler University College of Pharmacy and Health Sciences for over a decade, served as a director of content for two different ACPE accredited Continuing Pharmacy Education programs, consulted in both fee for service and managed care Medicaid, worked in the pharmaceutical industry in a variety of roles—(including pharmacovigilance, clinical trials, medical affairs, and medical marketing), and in community practice pharmacy as a staff pharmacist and pharmacist-in-charge. She is also a freelance writer and author of over a dozen books, and podcaster (at The Edutainer Podcast.)

Links Mentioned in Today's Episode

• Erin Albert
• Mark Cuban Cost Plus Drugs Company
• Shark Tank
• "The Best Investment to Make in 2023 Is in Yourself"
• Book: Find Your Unicorn Space by Eve Rodsky]
• Book: Strengths Finder by Don Clifton
• The Team Cuban Card
• Survey: Team Cuban Benefits Card
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• YFP Disclaimer