Scripted Wealth | Money & Meaning for Pharmacists

Nate Hedrick and David Bright spread some holiday cheer, sharing their book recommendations for your real estate investing journey.

Links Mentioned in Today's Episode

• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing 01: Intersection Between Financial Planning and Real Estate
• 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 4-hour Work Week by Timothy Ferriss
• The Alchemist by Paulo Coelho
• The Millionaire Real Estate Investor by Gary Keller
• The Book on Rental Property Investing by Brandon Turner
• Hold: How to Find, Buy, and Rent Houses for Wealth by Steve Chader, Jennice Doty, Jim McKissack, Linda McKissack, Jay Papasan, and Gary Keller
• BiggerPockets
• Buy, Rehab, Rent, Refinance, Repeat by David Greene
• The Miracle Morning: The 6 Habits That Will Transform Your Life Before 8AM by Hal Elrod
• Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek
• Cashflow Quadrant by Robert T. Kiyosaki
• Never Split the Difference: Negotiating as if Your Life Depended on It by Chris Voss
• YFP Real Estate Investing 18: Tax Strategies for Real Estate Investing
• The Book on Tax Strategies for the Savvy Real Estate Investor: Powerful techniques anyone can use to deduct more, invest smarter, and pay far less to the IRS! by Amanda Han and Matthew MacFarland
• YFP Real Estate Investing
• Your Financial Pharmacist Disclaimer and Disclosures

Josh and Shannon Pukl discuss their journey towards achieving financial independence and the strategies they have employed along the way.

Key Points From This Episode

• Shannon and Josh start us off by sharing why each of them got into pharmacy.
• Shannon runs us through her post-school debt and shares gratitude that it wasn't higher.
• Josh expresses relief for the financial support provided by his parent's foresight.
• Where they worked after graduation; and a smart move that worked out well!
• How Josh found out about financial freedom by accident and how he got to his 'why'.
• Shannon shares her history with cancer and the hugely expensive treatment costs.
• How the financial strain created a motivation towards achieving financial independence.
• Josh explains how his faith played a big part in keeping a positive mindset.
• Learning the valuable lesson that money isn't the most important thing; time and joy are.
• Paying off her student loans as quickly as possible from the moment they came due.
• Top tips and lifestyle changes that the Pukl's advise for financial independence!
• Setting up their passive income and the importance of having different income streams.
• Shannon talks us through their work with universities around healthcare leadership.
• Your Breast Life; Shannon's blog to help and support women going through a similar journey.
• Getting her real estate license and considering potential investment opportunities.
• Hear about the ways that Shannon and Josh balance each other out in everyday life.
• Living in a bull market and evaluating where you want to be when the downturn hits.
• Josh casts a vision for their future in growing leadership in pharmacy.
• The Pukl's each share some parting advice you definitely want to hear!

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• Mr. Money Mustache
• The Shockingly Simple Math Behind Early Retirement
• Livestrong Fertility
• The Your Financial Pharmacist Podcast
• Healthcare Leadership Certificate Program at Duquesne University
• Your Breast Life
• The FIRE Prescription: How to Retire Early as a Pharmacist
• FIRE Rx: The Pharmacist's Guide to Financial Independence by Jeff Keimer, PharmD
• YFP 227: Why Tim Baker, CFP® Bought a Depreciating Asset
• Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX)
• Fidelity Index Funds
• Your Financial Pharmacist Disclaimer and Disclosure

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 a member of the YFP community: Should I defer my student loans during residency?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Learn More About Our 1:1 Student Loan Analysis with a CFP® and use code YFP for 10% off
• 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.

Eric Geyer of Political Pharmacist details his last decade in real estate and shares how to scale your business from house hacking to making passive income.

Key Points From This Episode

• Get to know our guest, Eric, and his pharmacy story.
• Hear about his first buy in 2010 and how the ball started rolling from there.
• Eric shares some of the challenges of their second buy; a 10-unit apartment building.
• Using pharmacy skills to do the math, and the difficulty of getting a commercial loan.
• He shares a problematic thing he quickly discovered when buying commercial property.
• Outlining the financial details of their loan and how they made it work.
• How and why the banks view the property as a business.
• One thing Eric recommends doing that provides legal protection.
• The different skill sets of Eric and his partner, and the importance of having your team to back you up.
• Some technology organizational tools that they used.
• When you should hire a property manager, and when you can do it on your own!
• How they sold the second property, and the process of upgrading to a bigger building.
• What a triple net lease is, and the balance of profitability versus time and effort.
• The third property purchase, and a bit more about amortization and early penalties.
• What Eric's next goal is.
• Eric shares a tangible strategy for making sure your investing works with your pharmacy career.
• Eric's top resources and some great advice that helped him on his successful journey.

Links Mentioned in Today's Episode

• Apartments.com
• LoopNet
• BiggerPockets
• Political Pharmacist
• Follow Eric Geyer on Twitter: @political_rx
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

YFP Planning Lead Planner, Kelly Reddy-Heffner, discusses commonly asked questions regarding refinancing student loans.

Key Points from this Episode

• An introduction to Kelly Reddy-Heffner, and recapping her previous YFP episode.
• How it's a complicated decision to choose the right repayment plan for you.
• The two distinct categories of who refinancing is not a good fit for.
• A reminder that refinancing is a one-way street from federal to private.
• Do checking rates impact my credit score? Be aware of the language used!
• Unpacking the option of refinancing more than once.
• Reading the fine print on what happens to the loan in the event of death or disability.
• Picking a time horizon and monthly payment amount that's doable.
• Fixed-rate or variable? Kelly recommends what to do in the current climate.
• We break down the difference between consolidation and refinancing.
• Pursuing income-based repayment options, and some challenges with private loans.
• Hear about a partial refi of a federal loan.
• We reflect on some of the past rates etched in Tim's mind from his repayment journey.
• Thoughts on the upcoming end of administrative forbearance and unlikely extensions.
• Kelly shares some parting advice for December that we all need to hear!

Links Mentioned in Today's Episode

• Student Loan Refinancing
• YFP Planning: Financial Planning for Pharmacists
• YFP 220: Student Loan Forbearance Extension - Now What?
• Student Loan Refinance Calculator
• Student Loan Refinancing Offers and Refinance Spreadsheet
• 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®, takes this question from Andrew in Iowa: Can I contribute additional funds to a 457 retirement account?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Robinhood
• 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 076: Investing Rapid Fire Q&A
• 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.

Young Park is back for his second appearance on the YFP Real Estate Investing Podcast to share encouraging stories about his achievable wins and how to make connections through local real estate meet-ups.

Key Points from this Episode

• Young updates us on his three new purchases since his last appearance on the show.
• Living proof that you don't have to only go off-market to find deals right now.
• Young explains the ins and outs of a delayed cash-out refinance.
• Using a general contractor when you invest in a different location from where you live.
• He reflects on his experiences of needing to trial a new contractor.
• Young explains his negotiating technique and shares the numbers on a recent purchase.
• How the BRRR game shouldn't be viewed through the lens of failure versus perfection.
• How Young always makes the deals as if he's taking them down himself.
• Bringing down the fear at the offer stage, and walking away when it's not the right fit.
• Some crucial questions you need to be asking and working into the contract.
• Young outlines the three big things for due diligence; legal, physical, and financial.
• A golden tip on transparency when it comes to working with and learning from tenants.
• Some great advice for nervous first-timers preparing to join the networking scene.
• Hear how a meetup connection of Young's resulted in a win/win situation.
• How comparison is the thief of joy; don't compare yourself to veterans of real estate.
• The best ways to find a meet-up near you.
• Young's parting wisdom; "Growth only comes from being uncomfortable."

Links Mentioned in Today's Episode

• YFP Real Estate Investing 15: Long-Distance Rental Property Investing
• MLS
• Never Split the Difference: Negotiating as if Your Life Depended on It by Chris Voss
• Connect with Young Park on Instagram: @young_j_park
• BiggerPockets Real Estate Events and Happenings
• Meetup
• National Real Estate Investors Association
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Paul Eikenberg, YFP CFO and Director of YFP Tax, discusses how pharmacists can optimize their tax strategy.

Key Points from this Episode

• Paul and Tim catch us up with some exciting happenings in the YFP tax team.
• Understanding the important difference between tax preparation and tax planning.
• Differentiating your marginal tax rate and effective tax rate as a decision-making tool.
• Paul explains the implications of AGI and how to arrive at that number.
• Touching on the complicated system of student loans and pursuing loan forgiveness.
• Some common tax blunders that you should look out for!
• Key credits and deductions that you might not be taking advantage of.
• What is going to be available moving forward with child-care and dependent care.
• Explaining donor-advised funds and a potential strategy around bunching.
• Two exciting tax services: reporting only and year-round planning and reporting

Links Mentioned in Today's Episode

• Join the YFP Tax Waitlist
• Join APhA - Get 25% Off Your Membership with Code: YFP
• YFP 165: The Power of a Health Savings Account
• Why I'm Not Using My Health Savings Account to Pay for Medical Expenses
• YFP Planning: Financial Planning for Pharmacists
• Ask a YFP CFP #85: How can I maximize the tax benefits of donor advised funds?
• YFP 211: The Ins and Outs of the 529 College Savings Plan
• 7 Things to Consider Before Starting a 529 Plan
• Your Financial Pharmacist Disclaimer and Disclosures

End of Year Tax Checklist

• Project your income, taxes, and withholding
• Maximize your HSA contribution
• Know your FSA carryover limits and spend accordingly
• Consider 529 account contributions
• Document side business expenses - Mileage Logs**
• Have and execute a charitable contribution strategy
• Correct any over contributions to 401K/403B/IRAs
• Manage your capital gains
• Look for IRS Letter 6419 Advanced Child Credit & Notice 1444-C
• Have a system for organizing your tax documents
• Select & engage your tax preparation method

Nate Hedrick and David Bright do a deep dive into seller financing and how it can be a win-win for both buyer and seller.

Key Points From This Episode

• Nate gets us up to speed on a rehab deal he's started work on.
• Introducing today's hot topic; seller financing!
• Touching on 'subject to' seller financing and why it's a little less prevalent at the moment.
• We first define seller finance and cover the basics of how it works.
• A reminder to send in your questions; we want to cover what matters to you!
• Unpacking a case study, we get into detail with structure and when it's the right fit.
• Transparency and putting money in straight away to get the equity up.
• Discussing the freedom to create a win-win situation for you and the seller.
• Recognizing the ways the seller will be acting like a bank.
• David shares some risk-mitigation nuggets for this kind of deal.
• We get specific with the numbers and see how David came out on top.
• How having a team ready to go made all the difference!
• Hear about the cons and risks; paying above market value, prepayment penalties, and more!
• What scenarios might make a seller interested in this, and aligning your incentives.
• David shares some parting advice on how both sides can protect themselves.

Links Mentioned in Today's Episode

• Join the YFP Real Estate Investing Facebook Group
• BiggerPockets Podcast 527: 300 Doors, 100% Creative Financing with Pace Morby
• YFP Real Estate Investing
• Your Financial Pharmacist Disclaimer and Disclosures

Cynthia Knapp Dlugosz discusses the intersection between mindfulness and money.

Key Points From This Episode

• Getting to know Cynthia, starting with the pivots and arc of her career.
• Discussing how her 20 years of mindfulness training began intersecting with pharmacy.
• How the topics of burnout, resilience, and wellness have only recently gained traction.
• Cynthia shares her turning point from irresponsible money management to intentionality.
• Using the analogy of the Weight Watchers approach to get real with your spending.
• A step-by-step outline of how she first took control of her finances.
• How our relationship with money has changed in the age of automation and plastic.
• Defining mindfulness and how meditation trains us to live in the present moment.
• The various purposes and ways meditation can be practiced.
• Debunking a common misconception about meditating.
• Exploring different ways to use breathing as an anchor for your attention.
• How mindfulness meditation is like a bicep curl.
• How being present and mindful is key to making the right decisions with your money.
• Peeling back the onion of our emotional baggage and unconscious script around money.
• The importance of acknowledging our underlying fears and getting curious about them.
• Dealing with the changing goalposts on the question, "Do I have enough?"
• The concept of hedonic adaptation; we get used to what we already have.
• Setting yourself up with a solid foundation and then giving yourself permission to spend.
• Cynthia shares some resources from her website, and some exciting future offerings!

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• Book a free Discovery Call with YFP Planning
• Create a Comprehensive Estate Plan with Thoughtful Wills
• ASHP
• NACDS
• ASCP
• Join APhA - Get 25% Off Your Membership with Code: YFP
• headspace
• Omega Institute
• Jon Kabat-Zinn
• Mindfulness Based Stress Reduction
• The Pema Chödrön Foundation
• Thich Nhat Han
• Sharon Salzberg
• Jack Kornfield
• Your Financial Pharmacist
• Weight Watchers
• Jenny Craig
• Cynthia Knapp Dlugosz
• Pharmacy Work/Life Matters
• Sign up for the Pharmacy Work/Life Matters Newsletter
• Your Financial Pharmacist Disclaimer and Disclosures

Cynthia's Recommended Books

• Dollars and Sense: How We Misthink Money and How to Spend Smarter by Dan Ariely and Jeff Kreisler
• Mindful Money: Simple Practices for Reaching Your Financial Goals and Increasing Your Happiness Dividend by Jonathan K. DeYoe
• Mind over Money: The Psychology of Money and How to Use It Better by Claudia Hammond
• The Art of Money: A Life-Changing Guide to Financial Happiness by Bari Tessler