Scripted Wealth | Money & Meaning for Pharmacists

Key Points From This Episode

• Jumping right in with Dr. Wolowiecki's varied pharmacy career.
• Becoming a pharmacist in a time when it was a much more male-dominated field.
• What drew her to entrepreneurship and the low-risk low-barrier way she entered the field.
• Discussing burnout and the realizations that many people had during COVID, particularly women.
• About creating a life by design and not by default.
• A top exercise she does with helping people figure out what they want.
• Some of the entrepreneurial ways pharmacists have designed their life.
• Hear about some of the blocks she sees, and some steps to creating your steps.
• A good lesson she learned early on in her property investment career.
• What she's learned in the last 10 years that have become her cardinal rules.
• The top strategy to juggle her commitments: time blocking.
• Her top podcast by Julie Ciardi, and her love of the classic financial empowerment books.
• Closing advice for the risk-averse: just start, take baby steps, and get going.

Links Mentioned on Today's Episode

• BiggerPockets
• Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
• Rich Dad's CASHFLOW Quadrant: Rich Dad's Guide to Financial Freedom by Robert T. Kiyosaki
• The Your Financial Pharmacist Podcast
• YFP Real Estate Investing Podcast
• Think and Grow Rich by Napoleon Hill
• Ignite Her Mind Podcast with Julie Ciardi
• Connect with Dr. Louisa Wolowiecki on LinkedIn
• Follow Dr. Louisa Wolowiecki on Instagram: @dr.louisa.pharmd
• Book a Pivot Your Paradigm Clarity Call with Dr. Louisa Wołowiecki
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

YFP Co-Founder and Director of Financial Planning, Tim Baker CFP®, RLP®, talks about the three silent killers of your investment pie and how to keep your investment portfolio fit.

Key Points From This Episode

• An introduction to today's topic.
• The importance of including tax in your financial plan.
• How tax permeates all parts of your financial plan.
• Tim Baker shares some of his experiences regarding tax, working as a financial planner.
• Some examples of simple tax reduction strategies.
• How to ensure the withdrawal of investments after retirement in terms of tax.
• A discussion on inflation trends.
• Why it is important to consider inflation in your financial plan and investments.
• We learn how investments can help you get ahead of inflation.
• A detailed discussion on the issues and impact of fees on your investment.

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
• Book a Speaking Event
• Email Your Financial Pharmacist: [email protected]
• YFP Tax
• YFP 233: Tax Moves to Consider Before 2022
• YFP 248: How 3 Pharmacists Had $700,000 of Student Loans Forgiven
• YFP 239: Two Financial I's You May be Overlooking
• YFP 208: Why Minimizing Fees On Your Investments Is So Important
• Are You Making This $1 Million Mistake?
• 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: Where should I start investing if I have disposable income available?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Join the Your Financial Pharmacist Facebook Group
• YFP 072: Investing Mind Tricks: How Behavioral Bias Affects Our Decisions
• YFP 073: How to Determine the Priority of Investing
• YFP 074: Evaluating Your 401k Plan
• YFP 075: DIY, Robo or Hire a Planner?
• Seven Figure Pharmacist by Tim Church, PharmD and Tim Ulbrich, PharmD
• YFP 096: How to do a Backdoor Roth IRA
• 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

• The advantages of a simple starting point when investing.
• Highlights of the current success of the 'None to one' course.
• The focus of today's episode: financial planning for real estate investing.
• Nate tells us about an interesting investment in the Cleveland area.
• What the 1% rule is and why to consider it when investing in property.
• The common misconception regarding the rental and mortgage of a property.
• How to calculate your mortgage based on the principle and the interest.
• The incorporation of property taxes and insurance into your expenses.
• What Nate regards as negotiable expenses.
• Property management rates as an expense and what they are based on.
• Why it is important to account for vacancy as an expense.
• What repairs and capital expenditures are.
• Examples of unexpected fees in the property sector.
• How to manage cashflow and why it is important to have reserves.
• Some of the upfront costs to factor in when buying a property.
• Cash on cash return and how to calculate it.
• Aspects to consider when making an investment.

Links Mentioned in Today's Episode

• None to One Group Coaching Program
• Download a FREE copy of the YFP Property Analysis Spreadsheet for Pharmacist Real Estate Investors
• Example Property for this Episode's Anaylsis
• YFP Real Estate Investing 41: Deep Dive: Repairs and Capital Expenditures
• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing
• Your Financial Pharmacist Disclaimer and Disclosures

Robert Lopez, CFP® and YFP Planning Lead Planner, discusses the current state of the PSLF program, plus three pharmacists share their PSLF success stories. Key Points From This Episode

• Introducing today's topic: the PSLF success stories of three pharmacists.
• A reminder of who Robert Lopez is and his role at Your Financial Pharmacist.
• An overview of the first and second half of the show and what we will cover.
• The basics of PSLF, Public Service Loan Forgiveness, and who qualifies.
• Which changes were made to the rules of PSLF.
• What the big news comes down to: you don't have to rule out forgiveness.
• What the limited waiver meant for those in the military.
• Optimization strategy with PSLF and how Robert recommends you reallocate your finances.
• The benefit of switching to a lower payment plan while achieving a long-term forgiveness plan.
• An introduction to Kimberly Gale's journey into the world of pharmacy.
• The amount of debt she graduated with and how much was ultimately forgiven.
• How she discovered PSLF through a friend's recommendation.
• Challenges she faced along the way, including communication at the beginning.
• How PSLF helped her to afford the lifestyle she wanted for her family.
• Ashley Hicks' story of gravitating towards pharmacy because of her love for people.
• How much Ashley ultimately had forgiven through PSLF.
• The challenge that uncertainty and anxiety posed within her PSLF process.
• How optimization and strategy can help navigate late discovery loans.
• The opportunities that PSLF opened up for her and her husband to focus on other goals.
• Meet Kyle Sobecki and learn about his work as a pharmacist in a nonprofit hospital.
• Kyle's story of having had exactly $189,038.72 forgiven.
• Homework he has done along the way leading up to choosing PSLF.
• How PSLF works when you work for a non-profit.
• Uncertainties and challenges he had along the way.
• His advice with regards to filing your paperwork on time each year.
• Goals the PSLF plan freed Kyle up to pursue including paying off personal debt.

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• YFP 214: How Anna Got $127k Forgiven Through PSLF
• Ask a YFP CFP® 090: How can I decide if pursuing PSLF will be beneficial for me at this point in my payoff journey?
• PSLF Help Tool
• The Your Financial Pharmacist Podcast
• Learn More About Our 1:1 Student Loan Analysis with a CFP®: use code YFP for 10% off
• 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: Can I contribute to my Roth IRA if I'm over the income limit this year?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Join the Your Financial Pharmacist 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.

Drew Wiard, The Flying Investor, discusses his prolific success in real estate investing, scaling from single family homes to multi-million dollar syndication deals.

Key Points From This Episode

• Jumping in with Drew Wiard's background and real estate career.
• He shares the 'why' behind his prolific success.
• The stepping stones that took him from one house to multifamily syndicated deals.
• The focus of his first few years and the type of unit that became his bread and butter.
• What drew him to commercial property and what got easier (and more difficult).
• Pushing back on the fear that real estate will eclipse everything in your life.
• The differences between being a real estate operator or an investor.
• Specific areas that Drew found success in as a more passive investor.
• The importance of reaching out to your local REIA.
• Why making mistakes is good; you can adapt in real estate in ways you can't in pharmacy.
• Syndication and Drew's approach to this kind of collaboration.
• Hear about the 163 unit project he just finished in Phoenix.
• Drew shares how he got started with acquiring bigger funding and what to avoid.
• How Drew deals with risk management at scale.
• How buying more houses mitigates risk rather than increasing it.
• Why playing 'feel' estate is a recipe for disaster.
• Drew explains his persona: The Flying Investor.
• His top strategy to make investing work hand-in-hand with being a pharmacist and family man.
• Daily journaling, habit-tracking, and his top advice if you're just starting out.

Links Mentioned on Today's Episode

• Clear Sky Properties
• National Real Estate Investors Association
• Drew Wiard, The Flying Investor Youtube Channel
• Connect with Drew Wiard on Facebook
• Connect with Drew Wiard on Instagram: @theflyinginvestor
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

YFP Co-Founder & CEO, Tim Ulbrich, PharmD, talks about ten common financial mistakes that pharmacists make.

Key Points From This Episode

• The number one mistake on our list: paying too much interest on your student loan debt.
• Tim shares the way to shift your mindset away from the 'monopoly money' feeling.
• Diving into student loan strategy and the different buckets to consider.
• Talking about service loan forgiveness and PSLF strategy, and how to maximize these.
• Why emergency funds take a back seat and how to avoid delaying getting one.
• Some tips on starting your emergency fund.
• Mistake number four: protecting your income.
• Accepting your income is fixed, and factoring in inflation and debt loads.
• Putting numbers to the retirement savings saying of 'save early, save often.'
• Investing in a way that maximizes your tax savings!
• A reminder of why it's crucial to create a tax strategy and do your tax planning.
• Talking about saving out of order for kid's college.
• How to get a certified financial planner who has your best interests at heart.

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• Join APhA - Get 25% Off Your Membership with Code: YFP
• The Ultimate Guide to Pay Back Pharmacy School Loans
• Learn More About Our 1:1 Student Loan Analysis with a CFP®
• Insurance for Pharmacists
• 19 Ways to Make Extra Money as a Pharmacist in 2020
• YFP 072: Investing Mind Tricks: How Behavioral Bias Affects Our Decisions
• YFP 073: How to Determine the Priority of Investing
• YFP 074: Evaluating Your 401k Plan
• YFP 075: DIY, Robo or Hire a Planner?
• YFP Tax
• YFP 233: Tax Moves to Consider Before 2022
• YFP 211: The Ins and Outs of the 529 College Savings Plan
• YFP 015: Financial Planning Series: Interview w/ Tim Baker (West Point to CFP)
• YFP 016: Financial Planning Series: Benefits of a Financial Planner
• YFP 017: Financial Planning Series: Questions to Ask Your Financial Planner
• 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 Brian in Buffalo, New York: What tax implications are there when using HSA funds as "play money"?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• YFP 165: The Power of a Health Savings Account
• 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

• The opportunity we have during tax season to evaluate what we have done.
• How certain things get overlooked when a property has not been tenanted.
• An introduction to today's topic: the often overlooked expenses attached to real estate.
• Why tenant turnover cost is a factor: marketing, applications, open houses, and more.
• How to mitigate the costs: host viewings while it is tenanted, for example.
• What seasonal demand means.
• Zoning considerations and why there is a cost attached to this.
• Loan considerations and how they turn into unexpected or unanticipated costs.
• Why it is important to know that repairs happen and setting money aside for them.
• Why it is beneficial to be more judicious in your research.
• The constant: there will always be property taxes and they will often go up.
• What we have seen in terms of local property taxes.
• How reasonable planning can help you create a more intelligent path forward.

Links Mentioned in Today's Episode

• YFP Real Estate Investing 41: Deep Dive: Repairs and Capital Expenditures
• YFP Real Estate Investing
• Find an Investor-Friendly Agent
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures