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

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