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 Tyler in Iowa City, Iowa: How many investment options should I have in my portfolio?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J L Collins
• FIRE Rx: The Pharmacist's Guide to Financial Independence by Jeff Keimer, PharmD
• A Crash Course in 401k Planning Part 1
• A Crash Course in 401k Planning Part 2: An Intro to Stocks, Bonds, and Funds
• 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

• Why you don't always have to spend thousands of dollars on a rehab.
• The first foundational factor of running a rehab: structural safety for your tenants.
• A parallel between clinical and building guidelines to ensure safety.
• Why the roof remains top of mind.
• Learning to manage risk during a rehab process.
• Why it is important never to over-rehab a house.
• Why you should always compare rates to other rentals and purchases in the area.
• The importance of finding a balance when you rehab a house.
• How to use online comps as a road map to decide what to do in a neighborhood.
• An introduction to the two case studies discussed in the next two episodes.

Links Mentioned in Today's Episode

• BiggerPockets
• 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

YFP Co-Founder & Director of Financial Planning, Tim Baker, CFP®, RLP®, talks about social security retirement benefits, how they are funded, how to determine eligibility and considerations for receiving benefits.

Key Points From This Episode

• An introduction to today's topic and a reminder that we can help you with your tax.
• Addressing why people aren't having enough conversations about social security retirement benefits.
• Hear some intense statistics about retirement and working longer that will blow your mind.
• Talking about the history of social security and the difference between that and a 401(k).
• Being protected against inflation by being inflation-adjusted.
• Tim talks us through some annuities and numbers in a basic scenario.
• Discussing our huge year next year from an inflation perspective.
• How retirement is not just a money decision, it's an emotional decision.
• Tim digs a little into the different ways scarcity fear can arise during retirement.
• Looking at your pay stub: explaining credit and payroll taxes.
• The outcomes of the three ages of retirement: early, full, and delayed.
• Touching on some of the nuances around health and spousal benefits.

Links Mentioned in Today's Episode

• File Your Taxes with YFP Tax
• The Social Security Act
• The Biggest Mistakes People Make With Social Security
• My Social Security Account
• YFP Planning: Financial Planning for Pharmacists
• 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®, takes this question from Dalton in West Des Moines, Iowa: Does my side hustle income get treated any differently than my W-2 income?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• YFP 048: Mo Money Mo Problems: Making the Financial Transition to New Practitioner Life
• Partnership Charter by David Gage
• Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble by Bernard B. Kamoroff C.P.A.
• 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

• Myke and Jenny update us on what they've been up to with their new primary residence.
• Talking about their decision to keep their old house as a rental and why it was a good fit.
• Walking us through the numbers of payments, cash-flow, and rent expectations.
• Having seller's regret for their house in Washington.
• They walk us through using a VA loan to get the most bang for their buck.
• Being patient in the hot and competitive market for the right opportunity to come up.
• How they landed their new primary residence with it's mother-in-law suite.
• Clarifying the floor plan layout of the in-law suite and how it differs from a duplex.
• Discussing Airbnbing the suite and what permits are needed in their area.
• They share their plans and multiple exit strategies.
• Some top advice for anyone wanting to do a short-term rental as part of the primary.
• Decisions on cleaning and tenant/guest management if the Airbnb route pans out.
• Making sure the big picture works first and then figuring out the details.
• Some of the things they've learned and how it's changed their criteria for future houses.

Links Mentioned in Today's Episode

• YFP Real Estate Investing 05: None to One: How to Get Your FIRST Investment Property
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

• An introduction to today's guests, hosts of the YFP Real Estate Investing Podcast, David Bright and Nate Hedrick.
• Addressing Objection number 1: I don't have enough time!
• Why hiring a property manager saves you money and saves you time.
• The second common objection: not knowing where to get started.
• What David's strategy has been at the forefront of his plan.
• Responding to the objection that managing just one property is already overwhelming.
• Answering the objection that the market is volatile.
• How there is no way to time the market and the best call is to make sure the numbers work no matter what.
• David's response to the objection that folks don't know how to build a real estate team.
• How connecting with a real estate agent can be the first step to putting together the team you need.
• Why they launched the YFP Real Estate Concierge: to help you find investor-friendly agents.
• Nate's biggest takeaway from hosting the podcast: the interesting ways that pharmacists are investing.
• What David has learned through hosting the podcast: getting out of his own head and into the community with others is critical.
• What listeners can expect from the YFP Real Estate Investing Podcast going forward including the None to One Group Coaching program.

Links Mentioned in Today's Episode

• Listen to the YFP Real Estate Investing Podcast
• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• YFP 167: Must Know Real Estate Terminology
• None to One Group Coaching Program
• BiggerPockets Podcasts
• Roofstock: 20 surprising rental property owner statistics [2022 Edition]
• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing
• YFP Real Estate Concierge Service
• Find an Investor-Friendly Agent
• Download The Pharmacist's Guide to Real Estate Investing
• 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®, takes this question from Jonathan in Southern California: Should I sell assets from my brokerage accounts to fund real estate investment properties?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• YFP Real Estate Investing Podcast
• YFP Real Estate Investing
• Download The Pharmacist's Guide to Real Estate Investing
• Find an Investor-Friendly Agent 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.

• An introduction to today's guest, Tanh Truong, and his five million dollar investment.
• The building's location, size, tenants, and price.
• How he discovered the deal on a poorly marketed website.
• The two anchor tenants: Dollar Tree and Loman's Furniture.
• What led him to consider investing in commercial property over residential homes.
• How cap rates are used to measure how well a property is doing.
• Why a higher cap rate usually means that a property is operating well.
• Which cap rate you should look for and what you should base this on.
• The total expenses involved in the five million dollar deal and what this translates to.
• How bringing tenants into a space and getting the rents up increases the value of the property.
• How the deal flow differs between single and multi-family property and commercial property.
• How Tanh had to leverage his partners in order to qualify for the loan he needed.
• Why traffic count is important for your plaza to actually succeed.
• Navigating the due diligence phase in commercial investments.
• Why he sees his role as a landlord as helping his tenants to succeed.
• How Tanh feels about the future of cap rates.
• The typical division of ownership among partners.
• Why Tanh is choosing to focus his energy on the commercial realm.

• YFP Real Estate Investing 04: How (and WHY) One Pharmacist Got Started in Real Estate Investing
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Dr. DeLon Canterbury recounts how early setbacks motivated him to start a business in the middle of a pandemic and how his personal 'why' shaped the work he is doing to help solve the problem of mismanaged medications in the senior population.

Key Points From This Episode

• How DeLon's love of medicine was inspired by his mother's expertise in herbology.
• What moved him to get his Board Certified Geriatric Pharmacy degree.
• The recognizable dark road that almost led him out of the profession.
• How the experience of not getting into residency turned out to be a blessing in disguise.
• How DeLon's involvement with community helped him learn to lead by service.
• The pivot point that reinvigorated his passion for pharmacy.
• The power of patient advocacy and teaching patients to advocate for themselves.
• About his work with a local nonprofit for older patients and what services they provide.
• Hear about the care GeriatRx provides, from advocacy to deprescribing methods.
• DeLon's moving story of his 'Why' and becoming the voice for caregivers and patients.
• Some of the groups he works with and their incredible service to underserved people.
• A story of being an expert medical witness and the ugly part of families and elderly care.
• Getting into the finances; how he got the capital to create this business.
• Learning to articulate his value when he was starting out.
• DeLon shares some great entrepreneurship advice for his fellow pharmacists out there.

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• GeriatRx: Senior Care Consulting
• Senior PharmAssist
• Alzheimer's Association
• Parkinson's Association of the Carolinas
• Dementia Alliance of North Carolina: Support Groups
• Connect with GeriatRx on Facebook
• Connect with DeLon Canterbury on LinkedIn
• Follow DeLon Canterbury on Twitter: @GeriatRx
• Follow DeLon Canterbury on Instagram: @geriatrx
• Email DeLon Canterbury: [email protected]
• 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®, takes this question from Nicole in Cincinnati, Ohio: Are computer-managed investments better than an individual managing your account?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• YFP 075: DIY, Robo or Hire a Planner?
• Create a Comprehensive Estate Plan with Thoughtful Wills
• 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.