Scripted Wealth | Money & Meaning for Pharmacists

Tim Baker, YFP Co-Founder and Director of Financial Planning, takes a deep dive into the 529 plan. He discusses a framework for how to project and save for kids college along with the construct of 529 plans including what they are, tax advantages, what are qualified and non-qualified expenses, and considerations when investing money within a 529.

Mentioned on the Show

• Insuring Income: Get Quotes and Apply for Term Life and Disability Insurance
• Register for the Next Webinar: Home Buying for Pharmacists: What to know, how to determine if you're ready, finding an agent, financing, and more!
• YFP 195: How to Save for Your Child's Education
• 7 Things to Consider Before Starting a 529 Plan
• YFP Planning: Financial Planning for Pharmacists
• Join the YFP Facebook Group
• YFP 208: Why Minimizing Fees On Your Investments is So Important
• Schedule a free Discovery Call with YFP Planning

Ryan Chaw discusses his experience generating a solid monthly rental income through his rent by the room investing strategy in college areas. Ryan shares his methods for screening tenants, making his properties appealing to his target tenants, how he tenant proofs his units, and how pharmacists can reach financial freedom through real estate investing.

Mentioned on the Show

• YFP 140: How Ryan is Bringing in $11,000 a Month Through College Town Real Estate Investing
• YFP 173: Using Systems to Automate Real Estate Investing
• Rookie Podcast 35: Doubling Cashflow by Renting out Rooms with Pharmacist Ryan Chaw
• Rentometer: House and Apartment Rental Rate Comps
• 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 Real Estate Investor by Gary Keller
• High Performance Habits: How Extraordinary People Become That Way by Brendon Burchard
• Your Financial Pharmacist Podcast
• BiggerPockets Real Estate Podcast
• Real Estate Rookie Podcast
• BiggerPockets Business Podcast
• BiggerPockets Blog
• Download the Free Newbie Real Estate Investor's Guide
• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing

Tim Baker discusses why net worth matters, how to calculate your net worth, and why net worth, not income, is the true indicator of your financial health.

Mentioned on the Show

• Join APhA - Get 25% Off Your Membership with Code: YFP
• YFP Planning: Financial Planning for Pharmacists
• eMoney Advisor
• Seven Figure Pharmacist by Tim Church, PharmD and Tim Ulbrich, PharmD
• YFP 200: An Interview with Sarah Fallaw of The Next Millionaire Next Door
• The Next Millionaire Next Door: Enduring Strategies for Building Wealth by Thomas J. Stanley, Ph.D. and Sarah Stanley Fallaw, Ph.D.
• The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D.
• Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
• Book a Free Discovery Call with YFP Planning

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Federal Electric Car Tax Credit

Nate Mackey discusses his recent start in real estate investing, how the YFP Real Estate Concierge played a role in his first investment property purchase, and how he decided on multi-unit investing for his first property.

Mentioned on the Show

• YFP Real Estate Concierge Service
• Bigger Pockets
• Download Your Free Copy of The Pharmacist's Guide to Real Estate Investing
• Learn More About IBERIABANK/First Horizon's Pharmacist Home Loan and Start the Pre-Approval Process
• Your Financial Pharmacist Podcast
• Connect with Nate Mackey on LinkedIn
• Follow Nate Mackey on Instagram: @masternate7
• Follow Nate Mackey on Twitter: @masternate7
• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing

Nate Hedrick and David Bright discuss the growing interest in real estate investing among pharmacists, common barriers that pharmacists face that may prevent them from getting started, and three real estate investing lessons learned from fellow pharmacists who shared their stories and journeys on the YFP Real Estate Investing Podcast.

Mentioned on the Show

• Insuring Income: Get Quotes and Apply for Term Life and Disability Insurance
• YFP Real Estate Investing Podcast
• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing 02: Long Term vs. Short Term Rental Property Investing - One Pharmacist's Perspective
• YFP 111: How One New Practitioner is on FIRE
• YFP Planning: Financial Planning for Pharmacists
• YFP 206: Three Strategies for Buying a House with Student Loans
• YFP Real Estate Investing 03: Running the Rental Numbers with Blake and Zac
• YFP 168: How Blake and Zac Analyze Real Estate Deals
• YFP 082: Debt Free Theme Hour with the Teacher and Pupil
• Bigger Pockets
• YFP Real Estate Investing 05: None to One: How to Get Your FIRST Investment Property
• YFP 148: How One Couple Got Started in Real Estate Investing
• Join the Investment Mindset Book Club Facebook Group
• MLS Multiple Listing Search
• Contact Nate and David or Share Your Real Estate Investing Story: [email protected]
• Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
• Download Your Free Copy of The Pharmacist's Guide to Real Estate Investing

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 Frank in Bonita Springs, Florida: What options do I have if I need more funds during a home build due to the increased cost of expenses?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• NerdWallet Personal Loan Calculator
• Send in your questions here or to [email protected]

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.

Bryce Platt discusses house hacking, including his strategy for finding houses and properties that meet his criteria for a good deal, his experience living with his tenants, and how he financed his real estate investments early in his pharmacy career.

Mentioned on the Show

• YFP 160: Navigating the Home Buying Process Through the YFP Concierge Service
• YFP 130: House Hacking Your Way to Financial Freedom
• The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom by Craig Curelop
• YFP Real Estate Concierge Service
• YFP Real Estate Investing 03: Running the Rental Numbers with Blake and Zac
• Learn More About IBERIABANK/First Horizon's Pharmacist Home Loan and Start the Pre-Approval Process
• Cozy: Free property management software
• Apartments.com
• Todoist: The to-do list to organize work & life
• Getting Things Done: The Art of Stress-Free Productivity by David Allen
• Your Financial Pharmacist
• Bigger Pockets
• Identity-Based Habits: How to Actually Stick to Your Goals This Year by James Clear
• Connect with Bryce Platt on LinkedIn
• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing

Tim Baker digs into the f-word we want to minimize when it comes to our investments...FEES! When you do the hard work to save money, you should be interested in keeping as much of that investment intact by minimizing the fees that can take away from your long-term gains. Tim discusses various fees, the impact these fees can have on achieving your long-term savings goals, and strategies you can take to evaluate the fees related to your own investment plan.

Mentioned on the Show

• YFP Planning: Financial Planning for Pharmacists
• YFP 207: How to Avoid These 6 Common Financial Mistakes
• YFP 070: Pre-Planning for Tax Season
• YFP 184: How to Optimize Your 2021 Tax Strategy
• Are You Making This $1 Million Dollar Mistake?
• Schedule a free Discovery Call with YFP Planning

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 the YFP Facebook Group: Do I need professional liability insurance as a pharmacy resident?

Mentioned on the Show:

• YFP Planning: Financial Planning for Pharmacists
• Join the YFP Facebook Group
• YFP 155: Why You Need Liability Insurance
• Send in your questions here or to [email protected]

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.