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 a member of the YFP Facebook Group: Is non-PSLF forgiveness an option for a non-retail pharmacist?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Join the Your Financial Pharmacist Facebook Group
• Your Financial Pharmacist Webinars
• Learn More About Our 1:1 Student Loan Analysis with a CFP®
• YFP 248: How 3 Pharmacists Had $700,000 of Student Loans Forgiven
• 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.

Key Points From This Episode

• Welcome to Todd Strumpfer, senior account executive at Cost Segregation Services, Inc.
• What depreciation is from a tax standpoint, and how it differs from the property dropping in value.
• Breaking down the lump depreciation value into individual costs.
• Why cost segregation is beneficial to owners in the short term.
• How tax cuts accelerate depreciation further.
• Why the state of a property when bought doesn't affect the tax benefits.
• The common mistakes and misunderstandings Todd sees in this field.
• The relationships between CPAs and tax planners, and how they differ.
• Todd's suggestions on how to optimize your tax situation: why vacation properties are so beneficial.

Links Mentioned on Today's Episode

• YFP Real Estate Investing 18: Tax Strategies for Real Estate Investing
• Cost Segregation Services Incorporated
• Your Financial Pharmacist
• The Your Financial Pharmacist Podcast
• Call Todd Strumpfer: (888) 303-4874
• Find out if your property qualifies for cost segregation
• Contact CSSI
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Emlah Tubuo, the owner and pharmacist in charge at Powell Pharmacy & founder of Emlah Naturals, a pharmaceutical-grade supplement line, shares why she decided to start her own business, the challenges she has had to overcome in starting and running a business, and how she defines personal and professional success.

Key Points From This Episode

• Emlah's professional background and training.
• How Emlah was able to study abroad to further her career.
• The first job Emlah had after graduating and what her role was.
• Highlights of Emlah's approach to pharmacy and health care.
• What motivated Emlah to start her own business.
• The first steps Emlah took when starting her business.
• Tim and Emlah discuss when the best time is to start a business.
• The impact of the COVID-19 pandemic on the business and lessons learned.
• How Emlah keeps motivated to do her best every day.
• We find out more about Emlah's new business, Emlah Naturals.
• Why people should implement lifestyle changes along with taking medication.
• What Emlah's definition of success is, both personally and professionally.

Links Mentioned in Today's Episode

• Powell Pharmacy
• Emlah Naturals
• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• Refinance Your Student Loans with Splash Financial
• ​​The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber
• Ohio Pharmacists Association Annual Conference
• Connect with Emlah Naturals on Facebook
• Follow Emlah Naturals on Instagram: @emlahnaturals
• 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 a member of the YFP Facebook Group: How should we handle money the kids get considering their 529 accounts are well funded?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Join the Your Financial Pharmacist Facebook Group
• The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money by Ron Lieber
• YFP 202: How to Teach Your Kids About Money and Investing
• Investing for Kids: How to Save, Invest and Grow Money by Dylin Redling and Allison Tom
• YFP 211: The Ins and Outs of the 529 College Savings Plan
• 7 Things to Consider Before Starting a 529 Plan
• 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.

• Introduction and brief outline of today's show.
• We find out more about Senate's professional background.
• Benefits that investors will get when working with Senate in real estate.
• Skillsets and personal qualities required for Senate's line of work.
• What the difference is between a limited and general partner.
• Role of an operator within a syndicate and how it is different from a property manager.
• Senate expands on his roles and responsibilities within a syndicate.
• Important metrics to consider when making an investment.
• Tax benefits for a limited partner when making an investment in multi-family real estate.
• Biggest differences between multi-family depreciation and a single-family depreciation.
• An example of a typical syndicate operation Senate has been involved in.
• How return on investment works for a limited partner.
• Breakdown of strategies to protect investors in a volatile market.
• Evaluation criteria Senate recommends before you make your investment.
• Resources for people who want to learn about real estate syndicates.

Links Mentioned on Today's Episode

• YFP Real Estate Investing 26: Leveraging Partnerships for Passive Investing
• Cost Segregation Services Incorporated
• Passive Investing Made Simple: How to Create Wealth and Passive Income Through Apartment Syndications by Anthony Vicino and Dan Krueger
• BiggerPockets
• Senate Eskridge
• Email Senate Eskridge: [email protected]
• Schedule a meeting with Senate Eskridge
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Key Points From This Episode

• An update from David and Nate regarding their coaching program.
• The importance of having a strong personal financial foundation.
• How to break down real estate investing.
• Categories best suited for first-time investors.
• Nate shares the team aspect of real estate investing to bring down the stress and reduce the barriers to entry.
• Where to find a good investment property: off-market.
• The importance of being able to define and state your criteria to a real estate agent.
• Using math to evaluate an investment and what that looks like; setting up categories.
• FAQs you'll hear when starting in real estate investing.

Links Mentioned in Today's Episode

• YFP Real Estate Investing Podcast
• 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
• None to One Group Coaching Program
• YFP 241: The Top 5 Objections to Investing in Real Estate
• YFP 212: Checklist for Building a Strong Financial Foundation
• YFP Real Estate Investing 46: Building a Family Business Around Motel Hacking
• Download a FREE copy of the YFP Property Analysis Spreadsheet for Pharmacist Real Estate Investors
• YFP Real Estate Investing 50: Deep Dive Into Spreadsheet Analysis
• Join the YFP Real Estate Investing Facebook Group
• 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 Andrew in the YFP Community: What is tax loss harvesting and when/how should this strategy be used?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• The Snowball: Warren Buffett and the Business of Life by Alice Schroeder
• 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 and David Bright reflect on the past year, what they have learned, and share six considerations for making an offer and getting the deal.

Key Points From This Episode

• Reflections on a year of this podcast and the growth that our hosts have seen.
• The common theme that pharmacists are detail-oriented and risk-averse.
• Today's topic: how to avoid analysis paralysis and get started in real estate investing.
• The first of the six things to help with rapid-fire decision-making: setting your criteria.
• The second step: knowing your numbers, and where you can find helpful resources.
• A helpful rule of thumb: the 1% rule and how it works.
• The third step: understanding your area and what to consider when it comes to location.
• The fourth step: giving yourself an out and how this relates to writing the offer.
• The fifth step: gathering the data about the property.
• How to investigate properties from a remote location.
• The value of opinions from realtors, contractors, and home inspectors.
• The sixth step: making a team decision and how this plays out differently in pharmacies and real estate.
• Tips on how to go about building a team and some resources that may help.

Links Mentioned on Today's Episode

• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing 47: 5 Things to Know Before Walking a House with Your Realtor
• YFP Real Estate Investing 03: Running the Rental Numbers with Blake and Zac
• YFP Real Estate Investing 50: Deep Dive Into Spreadsheet Analysis
• Download a FREE copy of the YFP Property Analysis Spreadsheet for Pharmacist Real Estate Investors
• YFP Home Buying Quick Start Guide
• YFP Real Estate Investing
• YFP Real Estate Investing 08: Ten Terms for Today's Market
• YFP Real Estate Investing 15: Long-Distance Rental Property Investing
• YFP Real Estate Investing 31: What Makes an Investor-Friendly Agent With HGTV's Lauren Risley
• Buying a home? Check out YFP's Real Estate Concierge Service to Find a Vetted Real Estate Agent in Your Area
• Find an Investor Friendly Agent
• Your Financial Pharmacist Disclaimer and Disclosures

Key Points From This Episode

• What YFP Planning has to offer clients and what discovery calls are.
• Why people feel guilty about their financial situation when seeking advice.
• The concerns clients have regarding saving up for retirement.
• The prevalence of questions and interest that Justin experiences regarding real estate.
• A brief outline of the concerns around repayment of student debt and the PSLF program.
• Why YFP Planning services are suited for non-pharmacists as well.
• The importance of involving both partners in the planning process.
• When is the best time to begin the financial planning process.
• Justin outlines some of the fees associated with the planning process.
• An explanation of the "fee-only" model that YFP Planning uses.
• Challenges around estimating the return on investment for clients.
• The benefits of coupling your financial plan with a tax plan.

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• Refinance Your Student Loans with Splash Financial
• SPIVA Data
• YFP 247: 10 Common Financial Mistakes Pharmacists Make
• YFP Real Estate Investing Podcast
• YFP Real Estate Investing 01: Intersection Between Financial Planning and Real Estate
• YFP 248: How 3 Pharmacists Had $700,000 of Student Loans Forgiven
• YFP Tax
• 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 YFP Facebook Group: Should I invest in my company 401(k) given my limited hours and associated fees?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Join the Your Financial Pharmacist Facebook Group
• YFP 208: Why Minimizing Fees On Your Investments Is So Important
• 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.