Scripted Wealth | Money & Meaning for Pharmacists

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, RLP® takes this question from David in Michigan: Should I consider an adjustable rate mortgage for a real estate investment property?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• YFP Real Estate Investing Podcast
• Download the Property Analysis Spreadsheet
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Send in your questions here or to [email protected]
• Your Financial Pharmacist Disclaimer and Disclosures

Disclaimer: 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.

Tyler Dalton, PharmD, shares his real estate investing experience, how he purchased 10 houses in his first two years as a real estate investor, and how he continues to grow his portfolio toward the ultimate goal of replacing his pharmacy salary.

Key Points From This Episode

• Tyler's background: how he got into both pharmacy and real estate.
• Why he chose real estate and his passion for it.
• How our guest found success after his ambitious start in real estate.
• Using hard money lenders and investing without putting up capital.
• Tyler explains what a hard money lender is.
• Why he chooses to buy 'fixer-upper' properties.
• What Tyler learned in the process of flipping houses and what he would do differently now.
• The importance of comprehensive property analysis and vetting contractors.
• Correlations between location and price point.
• How our guest was able to manage so many properties while being a full-time pharmacist.
• The type of work that needs to be done to successfully flip a house.
• Discussing the time value of money.
• How to approach with caution and recognize the warning signs of an untrustworthy contractor.
• Some tips on how to find the right contractors.
• Why Tyler says that project number 10 was much more efficient than the previous nine.
• Why he decided to switch to short-term rentals and a breakdown of the 1031 exchange.
• How to boost your cash flow and multiply it by 10.
• Insight into Tyler's five-year plan.
• Parting words of advice from our guest and a podcast that inspired him.

Links Mentioned in Today's Episode

• Join the YFP Real Estate Investing Facebook Group
• BiggerPockets
• BiggerPockets Podcasts
• Follow Tyler Dalton on Instagram: @drtylerdalton
• YFP Real Estate Investing
• Your Financial Pharmacist Disclaimer and Disclosures

Kristen & Nate Hedrick to discuss their journey in paying off $250k of student loan debt, their motivation and why for aggressively paying off the debt, and the role a side hustle and real estate investing played to help them achieve their goal.

Key Points From This Episode

• Kristen's background, how she ended up in pharmacy, and what she's doing now.
• What their student loan debt looked like at its peak.
• How student debt can creep up and surprise you.
• The initial feelings the couple had towards their debt and their plans to pay it off.
• What motivated our guests to come up with an aggressive plan for paying back their debt.
• How a life-changing event (and a book) in 2016 changed everything.
• The global pandemic as a moment of inspiration.
• What they had to change in their lives to be able to make the monthly repayments.
• Paying off debt now versus investing for the future.
• The way the couple used 'double motivation' to reconcile an age-old debate.
• How our guests were able to raise a child, invest, and pay off a huge debt at the same time.
• Nate's decision to pursue real estate investing and what that meant for their debt repayments.
• The approach the couple has taken to make real estate investing work for their family.
• Other strategies that helped to pay off the debt aside from cutting expenses and real estate investments.
• The benefits of receiving objective, third-party advice.
• What life is like now after paying off their massive debt.
• How paying off the debt helped Nate make an important career decision.
• Kristen's advice for the pharmacist struggling with debt.
• Nate's parting words of wisdom.

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• YFP Real Estate Investing Podcast
• Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
• Real Estate RPh
• YFP Real Estate Concierge Service
• BiggerPockets
• 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® takes this question from Kayla in New Orleans, Louisiana: Should I refinance my federal student loans with the possibility of some student loan cancellation happening?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• Learn More About Our 1:1 Student Loan Analysis with a CFP®
• Send in your questions here or to [email protected]
• Your Financial Pharmacist Disclaimer and Disclosures

Disclaimer: 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.

Nate Hedrick, PharmD, and David Bright, PharmD, MBA, BCACP, FAPhA, FCCP, your YFP Real Estate Investing Podcast hosts, unpack the process of purchasing real estate remotely.

Key Points From This Episode

• A quick recap of Nate's current property dilemma: Flip or rent.
• The different processes of purchasing a rental property versus a primary residence.
• How to act quickly on a property that is outside your market.
• What the realtor experiences when trying to assist investor clients from other markets.
• How to buy a house without going inside it.
• Three key topics of conversation: people, criteria, and making the offer.
• Who the right people are to walk a property on your behalf.
• Why a realtor is the perfect fit.
• Inspectors and contractors as costly second options.
• The advantages of letting the pros do it.
• How to thoroughly vet a property, and what to look out for.
• What an inspection contingency is and why it's smart to include one in your offer.
• Other contingencies such as appraisal/verification contingency.
• Estoppel agreements and other important documents.
• The importance of doing background work before purchasing a property.
• Why you should have a conversation with your realtor before making an offer.

Links Mentioned in Today's Episode

• Lima One Capital: The Nation's Premier Lender for Real Estate Investors
• YFP Real Estate Investing 50: Deep Dive Into Spreadsheet Analysis
• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing
• Your Financial Pharmacist Disclaimer and Disclosures

YFP Co-Founder & Director of Financial Planning, Tim Baker, CFP®, RLP® is joined by YFP Planning Lead Planners, Kelly Reddy-Heffner, CFP®, CSLP®, CDFA®, and Robert Lopez, CFP® to walk you through a financial planning case study on planning for retirement, saving for kids' college, and paying off debt.

Key Points From This Episode

• Getting to know Fiona and Rob Anderson.
• The home, work, and financial portfolios of our case study couple.
• Fiona and Rob's investment accounts and insurance policies.
• Diving into tax concerns.
• Your children's education versus building your retirement fund – conflicting goals.
• How to prioritize conflicting goals.
• Some innovative ways to lower the costs of college/university.
• How to use 401Ks, RSUs, and other investment accounts wisely, for investing in your goals.
• Delaying retirement and waiting to claim Social Security.
• A closer look at whether their particular investment accounts work for their specific goals.
• Unpacking the target date fund and traditional IRA.
• What to consider when paying a mortgage in retirement.
• Your age concerning your debt, and if there is reason to panic.

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• Insuring Income: Get Quotes and Apply for Term Life and Disability Insurance
• YFP Planning Case Study #2 Summary Sheet
• 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® takes this question from the Fritsches in Troutdale, OR: How do we build wealth after paying off our student loans?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• YFP Tax
• Send in your questions here or to [email protected]
• Your Financial Pharmacist Disclaimer and Disclosures

Disclaimer: 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.

Blake Johnson, PharmD, and Zac Hendricks return to the YFP Real Estate Investing Podcast to discuss their investment strategy and how they manage risk in a changing real estate market by returning to the fundamentals.

Key Points From This Episode

• A welcome back to Blake and Zac.
• An overview of the guests, their careers, and their real estate background.
• Looking at the changes in the market over the last year and how to adjust your strategies.
• Blake's endless energy and inability to stop buying properties.
• The importance of building a relationship with wholesalers.
• The difference between buying something off the MLS with the realtor or working with a wholesaler.
• Strategies Blake and Zac have used to handle the increase in interest rates.
• The effects of price appreciation on Blake and Zac's rentals.
• Power that lies in running your own numbers and running your own race.
• Predicting and dealing with the rising costs of rehabbing a house and potential supply chain issues.
• Why you should always shop around to decrease maintenance costs.
• A brief look at how to run a cash flow equation.
• Blake and Zac's prediction of the market change over the next six to eight months.
• Advice for new investors.

Links Mentioned in Today's Episode

• YFP Real Estate Investing 03: Running the Rental Numbers with Blake and Zac
• Your Financial Pharmacist Podcast
• Baker's Dirty Dozen: Principles for Financial Independence by Joe Baker, MBA with Lindsey Jordan Baker
• Smith Family Pharmacy
• Email Blake Johnson: [email protected]
• Follow Zac Hendricks on Instagram: @hendricks_remodeling
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Key Points From This Episode

• Robin's real-world example of unconscious bias.
• The gender-based stereotypes surrounding finances.
• How day-to-day and long-term financial planning responsibilities differ in a household.
• Why a woman's lifespan is an important consideration.
• The biggest obstacles facing women who want to take control of their finances.
• How women outperform men when it comes to investing.
• The psychology of confidence.
• Negotiation and gender perception.
• When financial literacy should be taught to women, men, and teenagers.
• The pain of paying.
• Why it's mostly men who are the educators of financial literacy.

Links Mentioned in Today's Episode

• $avvy
• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• Join APhA - Get 25% Off Your Membership with Code: YFP
• CODE: Debugging the Gender Gap
• bias
• Running for Jim
• Tino
• TEDxMarin: Robin Hauser: The likability dilemma for women leaders
• Connect with Robin Hauser on LinkedIn
• Follow Finish Line Features on Instagram: @finishlinefeaturefilms
• Finish Line Features
• 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® takes this question from Rachel in Spartanburg, SC: What options do I have if I am on FMLA leave for an extended period of time without income?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• Send in your questions here or to [email protected]
• Your Financial Pharmacist Disclaimer and Disclosures

Disclaimer: 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.