Scripted Wealth | Money & Meaning for Pharmacists

Jamie Wilkey discusses how she built her pharmacy consulting business and how she teaches and empowers other pharmacists to do the same.

Key Points From This Episode

• Nate shares how he is peaking as a real estate agent at exactly the wrong time of year.
• David and Nate weigh in on how hard it is to get anything without going over list price.
• How real estate is a more time-intensive investment strategy than the traditional forms.
• An introduction to today's guest, pharmacist and entrepreneur, Jamie Wilkey.
• The story of how she started out as a side hustle before creating a full-time opportunity for herself.
• Why she considers the personal development aspect of her career to be the most important.
• How creating a side hustle allows for creativity without the pressure of building a career.
• The bottleneck effect that you create when you try to do everything yourself.
• What bringing a team on board has enabled her to do: free up her time and be a leader.
• $10 tasks, how she defines them and how they benefit your business by freeing up time.
• The benefit that hiring a virtual assistant to do your $10 tasks can bring to your business.
• What she has gained by reaching out to strangers and asking them to share their wisdom.
• How acting, asking questions and just taking the first step gives you confidence.
• Why there is no wrong choice and picking something that appeals to you pays off.
• Her recommendation that you find what you love in life.
• Why looking for the quickest buck only gets you so far in comparison to loving what you do.
• A strategy she uses to stay working on the business, not in the business: time blocking.
• The most helpful non-pharmacy resource she has used: LinkedIn.
• Jamie's advice for pharmacists considering entrepreneurship: believe in yourself that you can do it and to take an action every day that moves you closer to that goal.

Links Mentioned in Today's Episode

• PGx Consulting Confidence Academy
• National Small Business Association
• LinkedIn
• Connect with Dr. Jamie Wilkey on LinkedIn
• Email Jamie Wilkey: [email protected]
• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing
• Your Financial Pharmacist Disclaimer and Disclosures

Rosie Chhun talks about how her side hustle turned main hustle afforded her the ability to pay off $180k in student loans.

Key Points From This Episode

• Hear about Rosie's roots as a pharmacy technician and her journey in pharmacy school.
• Having to re-evaluate how she was moving forward and paying off her $180,000 debt.
• How paying the minimum hardly touched the interest accruing every month.
• How Rosie's love of calligraphy intersected with starting a business to pay off her debt.
• What galvanized her to take action and become financially literate.
• Reinvesting back into her business every time things were going well!
• Arriving at her successful business model with virtually no overhead costs.
• Just getting started, and continuing to learn and evolve as things go on.
• The two different pillars that make up Rosie's business: live events and coaching!
• The gradual transition from an expensive hobby to a flourishing business.
• How the stress and burnout of the pandemic was the final motivator to leave pharmacy and commit to full-time entrepreneurship.
• Developing resiliency and not being afraid to take calculated risks.
• Intentionally growing as the demand increases and getting a supportive team.

Links Mentioned in Today's Episode

• Wander Crafter Calligraphy & Signs
• YFP Planning: Financial Planning for Pharmacists
• Book a free Discovery Call with YFP Planning
• Create a Comprehensive Estate Plan with Thoughtful Wills
• Dave Ramsey
• Craft Academy
• Follow Rosie Chhun on Instagram: @wandercrafter
• Follow Rosie Chhun on TikTok: @wandercrafter
• Rosie Chhun|Wandercrafter Youtube
• 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 Stephen in Sacramento, California: Is it ok to have a portion of my emergency fund in electronic U.S. Treasury Savings Bonds?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Treasury Direct Series I Savings Bonds
• Your Financial Pharmacist Webinars
• Register for the Key Financial Moves to Make Before 2022 Webinar
• 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 take a deep dive on leveraging your money through a mortgage.

Key Points From This Episode

• Nate updates us on his great rental in Cleveland.
• Trying to predict what to expect for 2022.
• Reaching out to listeners; tell us what you want our next webinar to be about!
• How risky it feels to borrow money if you've been in student loan debt before.
• Diving deeper into our topic for today: leveraging your money through mortgages.
• Getting into some common FAQs on shopping for loans.
• We do the math to break down the potential financial risks of different scenarios.
• What the short and long-term risks are if the market shifts downwards.
• The costs of selling a house that's had a big level of value increase, and the value of looking at it from a percentage basis.
• Proving how leveraging lowers the barrier to entry in real estate investing.
• How real estate is just not as liquid as other types of investing.
• Setting up your mortgage, balloon payments, property managers, and more!
• Diversifying to manage risk, and using the stock market as a great analogy.

Links Mentioned in Today's Episode

• Join the YFP Real Estate Investing Facebook Group
• Submit Your Webinar or Episode Ideas: [email protected]
• YFP Real Estate Investing
• YFP Real Estate Investing 31: What Makes an Investor-Friendly Agent With HGTV's Lauren Risley
• Your Financial Pharmacist Disclaimer and Disclosures

Tony Umholtz talks through five steps for getting ready for a home purchase.

Key Points From This Episode

• Why now is a good time to buy a home.
• Where you can find out the average interest rates in the home loan industry.
• Tony explains what discount points are and why you need to understand them.
• The importance of reading the fine print.
• Know your budget!
• How lenders determine how much they are going to lend.
• What the 28/36 rule is.
• Tony runs through the pros and cons of a 20% down payment.
• How savvy investors look at returns.
• Comparing pre-approval and pre-qualification.
• The value of a credit report.
• How lenders work out your credit score, and why this differs from what you will see if you use a monitoring service.
• Examples of the different types of lenders that exist.
• Information that you will need to provide to the lender you choose once you have a property under contract.

Links Mentioned in Today's Episode

• Learn More About IBERIABANK/First Horizon's Pharmacist Home Loan and Start the Pre-Approval Process
• YFP Planning: Financial Planning for Pharmacists
• 5 Steps to Getting a Home Loan
• YFP 216: Common Credit Blunders to Avoid When Buying a Home
• Freddie Mac
• Fannie Mae
• 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 Christine in Austin, Texas: Can I be enrolled in health insurance through my employer and be on my spouse's HSA?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• YFP 165: The Power of a Health Savings Account
• Why I'm Not Using My Health Savings Account to Pay for Medical Expenses
• 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.

HGTV's Lauren Risley talks about what it means to be an investor-friendly agent, the role of your agent when investing in real estate, and the ideal investor client.

Key Points From This Episode

• Lauren shares how her love of real estate started at just 19 years old.
• What makes an agent investor-friendly, and what makes a great investment client!
• Finding the "why", so that you can build a strategy together.
• Developing confidence as an investor, which only comes from experience and being coachable.
• The pressure of having to make fast decisions in this insane market right now.
• Having a great team behind you.
• The slippery slope of advising someone versus telling them what to do.
• Asking the right questions, and never skipping your due diligence on a property.
• Talking SWAG: a sophisticated wild-ass guess.
• Lauren's complete rehab of each property: spending now to avoid spending more later.
• Why your "why" and your strategy will probably change over time, and that's okay!
• Lauren shares her Call the Closer experience, including all the nerves and excitement.
• How time-blocking is key to success!
• Reaching out to people who are successful in whatever you're trying to learn.
• Some top-notch advice for pharmacists jumping into real estate!

Links Mentioned in Today's Episode

• YFP Real Estate Concierge Service
• HGTV: Call the Closer
• St. Louis Realtors
• Missouri Realtors
• National Association of Realtors
• BiggerPockets
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group
• Your Financial Pharmacist Disclaimer and Disclosures

Bhavik Shah talks about his debt-free journey, his early missteps, and how he used his experience to further the financial literacy education of other pharmacists.

Key Points From This Episode

• An introduction to today's guest, Bhavik Shah.
• Bhavik's academic background and why he chose a career in pharmacy and teaching.
• The money scripts Bhavik was raised with and how they impacted his mindset.
• How he graduated with $80,000 of student debt and paid it off in just six years.
• Why he considers it a mistake not to have taken advantage of Roth contributions to get tax-free growth.
• What Bhavik means by emphasizing being your own steward, and what motivated this.
• How he learned the importance of understanding the basics before hiring a professional.
• Financial education and literacy and why it is important.
• What motivated Bhavik to create his course on financial literacy.
• Bhavik's thoughts on whether a personal finance piece should be included in the PharmD program.
• Resources he has found helpful, including the White Coat Investor and the Money Guy.
• How student debt deters people from pursuing postgraduate education.
• The role of financial education in preventing this barrier.

Links Mentioned in Today's Episode

• YFP Planning: Financial Planning for Pharmacists
• Book a Free Discovery Call with YFP Planning
• GoodRx: Nominate Your Favorite Pharmacy Professional
• YFP 044: How to Determine Your Life Insurance Needs
• YFP 045: How to Determine Your Disability Insurance Needs
• Why Most Pharmacists Should Do A Backdoor Roth IRA
• YFP 096: How to do a Backdoor Roth IRA
• Policygenius
• Accreditation Council for Pharmacy Education
• Join APhA - Get 25% Off Your Membership with Code: YFP
• The White Coat Investor Blog
• The White Coat Investor's Financial Boot Camp: A 12-Step High-Yield Guide to Bring Your Finances Up to Speed by James M. Dahle
• Your Financial Pharmacist
• The Money Guy Show
• The Money Guy Podcast
• The Money Guy Financial Order of Operations Course
• 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 Kim in Columbus, Ohio: How do I find an HSA with low fees and good investment options?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• United States Office of Personnel Management
• Best Health Savings Account (HSA) Providers
• Lively: The Modern Health Savings Account
• HealthSavings Administrators
• HSA Bank
• Fidelity HSA
• YFP 225: How to Navigate Open Enrollment and Employer Benefits
• YFP 165: The Power of a Health Savings Account
• Why I'm Not Using My Health Savings Account to Pay for Medical Expenses
• 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.

Managed care pharmacist Mariah Pierce shares her real estate story detailing her house-hacking experience and how she gets paid to live in her home with short-term room rentals.

Key Points From This Episode

• Mariah's educational background and the work she is currently doing.
• The lifelong dream Mariah had of owning her own home.
• What has driven Mariah's interest in personal finance.
• Money that Mariah saved while subleasing a property for seven months in college.
• The property Mariah bought with her savings and her experience of house-hacking it.
• How much she put down on the house and how much her rooms cost to rent out on Airbnb.
• Mariah's monthly payment on her mortgage.
• The benefits of short-term rentals.
• What Mariah learned from her first travel nurse guest.
• How she made her rooms stand out from the other Airbnb listings available in the area.
• Where she found a lot of the furniture for her house.
• Hear about Mariah's approach to risk.
• The future plans that she has for her real estate investment career.
• Two books that have influenced Mariah's life choices: Mindset and Brave Not Perfect.
• Mariah's advice for anyone thinking of taking the leap into real estate.

Links Mentioned in Today's Episode

• YFP Real Estate Investing 10: Getting Started Through House Hacking
• YFP Real Estate Concierge Service
• The Your Financial Pharmacist Podcast
• Learn More About IBERIABANK/First Horizon's Pharmacist Home Loan and Start the Pre-Approval Process
• Facebook Marketplace
• Mindset: The New Psychology of Success by Carol S. Dweck
• Brave, Not Perfect: How Celebrating Imperfection Helps You Live Your Best, Most Joyful Life by Reshma Saujani
• Connect with Mariah Pierce on LinkedIn
• YFP Real Estate Investing
• Join the YFP Real Estate Investing Facebook Group