Scripted Wealth | Money & Meaning for Pharmacists

Nate Hedrick and David Bright discuss how to determine your repair and capital expense budget for your properties and how these two budget lines can make or break your investment.

Key Points From This Episode

• A reminder to keep repairs and capital expenditures separate when budgeting.
• Defining the two categories and some example issues of each.
• Some different theories and approaches, and the advantages/disadvantages of each.
• Three quick tips to keep in mind when trying to estimate repairs.
• Some examples of what we've done to minimize things that could go wrong.
• How to take into account the age of the property and fixtures.
• Ways to use your sinking fund, plus a reminder to be flexible to include inflation.
• Four market-dependent CapEx points to be intentional about when finding houses.
• The importance of talking to a local expert when evaluating rent prices.
• Some great resources for you, from articles to podcast episodes to a free guide.

Links Mentioned in Today's Episode

• YFP Real Estate Investing 06: Picking (and Switching) Property Managers
• YFP Real Estate Investing 14: Protecting Your Investments
• YFP Real Estate Investing 35: Making Connections Through Local Real Estate Meetups
• Register for a Your Financial Pharmacist Webinar
• How to Estimate Future CapEx Expenses on a Rental Property by Brandon Turner
• YFP Real Estate Investing
• Find an Investor-Friendly Agent
• YFP Real Estate Investing 18: Tax Strategies for Real Estate Investing
• Download The Pharmacist's Guide to Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Tim Baker talks through two I's that you might be overlooking as it relates to your financial plan: inflation and I-Bonds.

Key Points From This Episode

• Kicking off with inflation; what the term actually means and why it's the current hot topic.
• Breaking down the inflation statistics and how it's affecting your buying power over time.
• Encouraging the listener to start by listening to Ask a YFP CFP® episode 93
• Introducing I-Bonds, not to be confused with E-Bonds.
• Who the I-Bond is suitable for, and the big potential drawback: the holding period.
• Some of the interesting and quirky rules of I-Bonds.
• Why methods to protect you against inflation are important.
• How folks often underestimate their nest egg needs because of not considering inflation.
• Talking about inflation in the context of an emergency fund.
• Tim offers some different ways you can slice the apple, depending on the scenario.

Links Mentioned in Today's Episode

• Join the YFP Tax Waitlist
• Investopedia: What is inflation?
• Your Financial Pharmacist Webinars
• Ask a YFP CFP® #93: Is it ok to have a portion of my emergency fund in electronic U.S. Treasury Savings Bonds?
• TreasuryDirect
• Series I Savings Bonds: End-Of-Year Strategies To Take Advantage Of The Current High Interest Rate
• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• 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 Andrew in Cincinnati, Ohio: Should I use a 15-year or 30-year mortgage when buying or refinancing a home?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Homebuying Resources
• 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.

Josh Ebbing talks us through his last few years in real estate and what he's done to both find and fund the deals that have allowed him to scale so quickly.

Key Points From This Episode

• Introducing Josh Ebbing, a fellow real estate investor who is doing incredible things.
• How he jumped right into real estate and how his portfolio has shifted since then.
• Overcoming deal paralysis and accepting that it's always going to be a leap of faith.
• The two common factors that galvanized him to get his real estate license.
• How the pharmacy traits of ethical prowess – and record-keeping – have helped him.
• Falling in love with the passive income and tangible results of real estate.
• Josh's advice for anyone starting out.
• Hear about the moment he ditched the do-it-yourself, sweaty equity approach.
• Finding the work-life balance, and how Josh works with his goals.
• We dig into cash flow in single families versus multifamily units.
• Hear a story of a great multifamily purchase he made from the for-sale sign on the lawn.
• Finding and funding the deals that have led to his exponential growth and success.
• Josh's overarching goal for 2022 and some sage advice around planning.

Links Mentioned in Today's Episode

• YFP Concierge Service
• BiggerPockets
• Reddit: Real Estate Investing
• TikTok
• Ohio Housing Finance Agency
• Follow Josh Ebbing on Instagram: @realtorjoshebbing
• Red Oak Realty
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Mike Koelzer, CEO of Kay Pharmacy and host of The Business Pharmacy Podcast, discusses the mindset, habits, and behaviors of successful pharmacy influencers and entrepreneurs.

Key Points From This Episode

• How the family business started.
• Hear about the creation of The Business of Pharmacy podcast.
• Mike's approach to maximizing his time each day, and how to use lists more efficiently.
• What common threads Mike's guests have, striving to achieve something great.
• How focus and goal-setting are like sailing.
• The amazing ways we are now able to receive feedback faster and pivot quicker.
• Mike shares some actionable advice about how to get started with any new idea.
• The general outlook most guests have on the pharmacy profession.
• Talking about luck versus hard work.
• A common thing that takes people out of just being satisfied with the status quo.
• Mike's strong advice for those who have dreams but are struggling financially.

Links Mentioned in Today's Episode

• Kay Pharmacy & Home Medical Equipment
• The Business of Pharmacy Podcast
• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• The Business of Pharmacy Podcast: Is Pharmacy School Worth It?
• Procrastinate on Purpose: 5 Permissions to Multiply Your Time by Rory Vaden
• Getting Things Done: The Art of Stress-Free Productivity by David Allen
• How I Built This with Guy Raz
• 17 Questions That Changed My Life by Tim Ferriss
• The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss
• Start.: Punch Fear in the Face, Escape Average, and Do Work That Matters by Jon Acuff
• Tribe Of Mentors: Short Life Advice from the Best in the World by Tim Ferriss
• 12 Rules for Life: An Antidote to Chaos by Jordan B. Peterson
• Beyond Order: 12 More Rules for Life by Jordan B. Peterson
• Connect with Mike Koelzer on LinkedIn
• 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 Jacob in Lancaster, Ohio: Should I max out my contributions to my 401(k) or 403(b) before contributing to other retirement accounts?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Department of Labor EFAST Form 5500 Search
• YFP 073: How to Determine the Priority of Investing
• YFP 208:Why Minimizing Fees on Your Investments is so Important
• 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.

Jared Wonders returns to the show to share how he manages tenant turnover as a real estate investor and busy full-time pharmacist.

Key Points From This Episode

• Jared explains how a new multi-family property meant multiple new tenants and tackling the turnover all at once.
• Some details about these two types of properties, and communicating with the tenants.
• Doing an Estoppel Certificate, and knowing your market rents when inheriting tenants.
• What action steps Jared took when two of the three tenants gave their 30-day notices.
• Talking about turnover; septic, new windows, appliances, and supply chain issues.
• Jared chats about the repair standpoint specifically and having a flexible timetable.
• How previous experience will give you the confidence to tackle the next property.
• Some creative options to solve supply chain problems.
• What is LVP, how to get great pictures, and why he did only one property at a time.
• How and when Jared listed the properties for rent again.
• Hear about the time frame before the first showing and what factors affected this.
• Scheduling viewings outside professional hours, and why he likes individual showings.
• The importance of following the Fair Housing guidelines, and having clear criteria.
• Jared talks about his tenant application process and verifying their income.
• Taking care of deferred maintenance by dealing with it during tenant turnover.
• Jared's final words of advice on screening and how to treat the tenant like your client.

Links Mentioned in Today's Episode

• Learn More About the None to One Group Coaching Program
• Email the YFP Real Estate Investing Podcast: [email protected]
• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing 38: New Years Goals for Real Estate Investing
• Your Financial Pharmacist Webinars
• YFP Real Estate Investing 02: Long Term vs. Short Term Rental Property Investing - One Pharmacist's Perspective
• YFP Real Estate Investing 28: Property Management Fundamentals: Criteria and Pets
• Apartments.com
• BiggerPockets: Leases
• YFP Real Estate Investing
• Your Financial Pharmacist Disclaimer and Disclosures

Tim Ulbrich talks through 5 financial moves you should consider making in 2022 to accelerate your financial plan.

Key Points From This Episode

• How to take advantage of this time to reset, refocus, or create your financial plan.
• Finding the balance between your qualitative and quantitative goals.
• Tim offers to be your accountability partner.
• How to take your tax strategy to the next level.
• Updating your important financial documents: what is a legacy folder and why you should get one.
• Revisiting your student loan game, plus some great resources to help.
• Set your personal learning plan with our top book and podcast recommendations.
• A reminder of the YFP services and community available to support your financial journey

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• Seven Figure Pharmacist by Tim Church, PharmD and Tim Ulbrich, PharmD
• YFP Real Estate Investing Podcast
• Email Tim Ulbrich with Your 2022 Goals and Why: [email protected]
• YFP 233: Tax Moves to Consider Before 2022
• Join the YFP Tax Waitlist
• Financial Peace University
• YFP 222: Why Estate Planning is Such an Important Part of the Financial Plan
• Create a Comprehensive Estate Plan with Thoughtful Wills
• YFP 236: Gen X Pharmacists: Financial Challenges and Money Strategies
• Learn More About Our 1:1 Student Loan Analysis with a CFP® - Use coupon code YFP for 10% off
• 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
• The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D.
• The Compound Effect: Jumpstart Your Income, Your Life, Your Success by Darren Hardy
• The Truth About Money by Ric Edelman
• Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright
• The Automatic Millionaire, Expanded and Updated: A Powerful One-Step Plan to Live and Finish Rich by David Bach
• The Behavioral Investor by Daniel Crosby
• Happy Money: The Science of Happier Spending by Elizabeth Dunn and Dr. Michael Norton
• Join the Your Financial Pharmacist Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Tim Ulbrich and Tim Baker discuss goal setting, the importance of your 'why,' and translating each to a realistic plan toward real estate strategy in 2022.

Key Points From This Episode

• How to start the year off with strong goals and taking the time to revisit your 'why'.
• Some examples of realistic goals and why they matter in day-to-day reality.
• Why having a planner who asks the right questions is crucial.
• The importance of the act of recurring planning as opposed to having a static plan.
• How humans grow and change over time; and your financial plan should too!
• Steps to overcome the dilemma of saving versus paying towards your goals.
• Tim Baker shares some ways to tackle the fear around concepts of debt.
• Hear about some observations of the benefits of having a community or a coach.
• Tim Ulbrich gives a healthy reminder about avoiding comparisons.
• What one-on-one coaching really does for you, and why YFP planning is different.
• The one thing to start with if you're a pharmacist who has decided to take the plunge.
• Including things in your budget that are just for you, like quality time with your spouse.
• Tim Ulbrich recommends a book that created a pivotal moment in his journey.
• How you can just cannonball into the water sometimes and figure it out as you go.
• An exciting announcement: how you can apply for our first group coaching class!
• Who would be a good fit for this course, and what we're planning for the future.

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• The 4-hour Work Week by Timothy Ferriss
• YFP Real Estate Investing Podcast
• Ally Online Savings Account
• Your Financial Pharmacist Webinars
• Learn More About the None to One Group Coaching Program
• Start.:Punch Fear in the Face, Escape Average, and Do Work That Matters by Jon Acuff
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Tim Baker talks through the unique financial needs and considerations of Generation X.

Key Points From This Episode

• An introduction to today's topic of Gen X; the sandwich generation.
• How Gen Xers are often providing for their parents, plus a young child or a child over 18.
• How these financial expectations are often overlooked or pushed to the side.
• We talk about average incomes, the rising cost of education, and what their debt load is.
• The impact of the ups and downs in the last few years on their financial mindsets.
• How Gen X wants stability but might not have the financial plan or means to get it.
• You can take out education loans for your kids, you can't get retirement loans.
• Hear how Tim Baker follows the one-third plan and a reminder of what that is.
• Relying on the act of planning, versus having a plan.
• Some important questions Gen Xers can ask themselves to get financially stable.
• Making sure you're not on autopilot, particularly in your peak earning years.
• Tackling the fear and inertia of having left it so late in life to start saving and planning.
• Having empathy for Gen X needing different priorities from the previous generation.
• That Gen X really wasn't dealt a great hand economically, but the problems are fixable.
• Reigniting the vision and finding the motivation to do things differently.
• Speaking about the lack of confidence in social security for future retirement.
• Tim shares a great exercise you can do to check your retirement age and benefits!
• We discuss the shifting dynamics of generations and the transfer of wealth.
• Some parting words of encouragement from us here at the YFP team!

Links Mentioned in Today's Episode

• Create a Comprehensive Estate Plan with Thoughtful Wills
• The Your Financial Pharmacist Podcast
• YFP Planning: Financial Planning for Pharmacists
• Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances by Cameron Huddleston
• YFP 108: How to Effectively Talk with Mom & Dad About Their Finances
• YFP 195: How to Save for Your Child's Education
• 5 Interesting Facts About Generation X: Financial burdens, obligations make saving challenging by Lynnette Khalfani-Cox
• Meet the typical Gen Xer, America's 'forgotten middle child' who earns more than everyone else but has the most debt at $136,000 by Hillary Hoffower and Andy Kiersz
• For Gen X, retirement both beckons and threatens during the pandemic by Mark Dolliver
• Focus on Generation X, Analysis of Gen X participants reveals important considerations for plan sponsors and advisors
• Social Security Benefits Calculators
• Your Financial Pharmacist Disclaimer and Disclosures