On episode 82 of the Your Financial Pharmacist Podcast, Tim Ulbrich, co-founder of YFP, welcomes Joe Baker and Blake Johnson to the show. They talk about Blake's journey paying off $150,000 in student loans in three and a half years and how the class he took at the University of Arkansas, taught by Joe Baker, helped prepare him to be on his way to achieving financial freedom.

Joe Baker's Dirty Dozen Tips on Getting Rich

1. Invest in appreciable items, such as education and house. Minimize depreciable items, such as car, clothes, etc. Student loan money should be spent on bare necessities.
2. Utilize the time value of money. Time is on your side when you are young.
3. Max out on your 401(k), 403(b), Roth 401(k) and Roth IRA. Stocks, Bonds & Cash. 100% – your age = % in stocks. Stock Index Funds or Target Date Fund (2055 Fund). At the minimum, contribute enough for employer match – free money!
4. Save money consistently and systematically throughout your life (dollar cost averaging). Don't take money out of your retirement account. Penalties and taxes will apply.
5. Make sure your future spouse has the same financial goals as you. Pre-marital counseling that includes financial goals and spending habits. If already married, try to get on the same financial page. Dave Ramsey offers a Financial Peace Workshop.
6. Stay away from credit cards. "If I cannot pay balance off each month, I cannot afford it!" Debt is NOT your friend. ALL debt is bad. Proverbs 22:7
7. A vehicle is NOT who you are – it's transportation only! Beware of the illusion of wealth. This is one of the biggest obstacles in wealth accumulation.
8. Keep an eye on the small choices you make in life. Buying Starbucks Coffee. Drink water at restaurants!
9. Avoid lotteries, multi-level marketing (pyramid schemes) and time shares.
10. Choose a 15 or 20 year mortgage over a 30 year. Pay 20% down (avoids Private Mortgage Interest). Make additional payments toward the principal.
11. Protect your assets! Adequate personal liability coverage. Life & disability coverage protection. Have your own individual pharmacist liability policy.
12. Read Seven Figure Pharmacist by Tim Ulbrich, Pharm.D & Tim Church, Pharm.D. Sign up for Your Financial Pharmacist blog. Kiplinger's & Investopedia, like on Facebook.
13. Make a difference in your family, community & place of worship. This will make you wealthy in your heart, body and soul. Amen!

Mentioned on the Show

• YNAB. Giveaway
• Larry Burkett
• Dave Ramsey
• YFP 057: The Power of Automating Your Financial Plan
• 7 Figure Pharmacist by Tim Ulbrich, PharmD and Tim Church, PharmD
• Investopedia: Are You In the Top 1% of The World?
• Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
• Bigger Pockets
• YFP 068: Pros/Cons of the Dave Ramsey 7 Baby Steps
• Contact Joe Baker
• The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach