Tim Ulbrich, PharmD and Tim Baker, CFP®, RLP®, RICP® discuss a recent USA Today article titled, “Do we really need $1M in retirement savings? Not even close, one top economist says.”

Mentioned on the Show:

• USA Today Article: “Do we really need $1M in retirement savings? Not even close, one top economist says”
• Survey of Household Economics and Decisionmaking, Board of Governors of the Federal Reserve System
• Submit a Question to Be Featured on Rx Money Roundup
• Subscribe to the YFP Newsletter
• YFP Disclaimer

Bryan Neal, insurance agent, talks about the shifts in the insurance landscape and what real estate investors should consider to make sure their investments are protected.

Summary

Bryan Neal, insurance agent, returns to the YFP Real Estate Investing Podcast to talk about the shifts in the insurance landscape after COVID and what real estate investors should consider to protect themselves and their properties. He also shares his journey growing his own insurance business.

About Today's Guest

Bryan Neal, originally from Jonesboro, Arkansas, earned his bachelor’s degree from the University of Arkansas in Fayetteville. His career in the insurance industry began with a State Farm Agency, where he discovered his passion for the field. After a brief tenure with Farm Bureau, Bryan co-founded NRG Insurance. In 2021, Bryan sold NRG as he transitioned to launching a new agency, Treblestone Insurance.

Bryan and his wife, Rachel, welcomed their son, Nathan, in November 2020, and their daughter, Emma, in 2024. Bryan continues to expand Treblestone Insurance, with current focused marketing efforts in Tennessee.

Mentioned on the Show

• YFP Real Estate Investing Podcast #14: Protecting Your Investments
• TrebleStone Insurance
• TrebleStone on Instagram
• TrebleStone on Facebook
• Subscribe to the YFP Newsletter
• YFP Disclaimer
• YFP Real Estate Investing Facebook Group
• Nate Hedrick on Instagram
• David Bright on Instagram
• YFP Real Estate Investing Website
• David Bright on LinkedIn
• Nate Hedrick on LinkedIn

Tim Baker, CFP and YFP Director of Planning answers questions from the YFP community on saving and preparing for retirement.

This episode is brought to you by First Horizon.

Summary

Planning and preparing for retirement can feel overwhelming. In this episode, Tim Baker, CFP®, RICP®, RLP®, makes the steps to planning for retirement more manageable. He answers three questions from the YFP community on retirement planning, including:

• How to determine the optimal amount to save for retirement
• Strategies for dealing with market downturns during retirement
• How different investment options impact retirement savings

This episode is brought to you by First Horizon.

About Today's Guest

Tim Baker is the Co-Founder and Director of Financial Planning at Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 12,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. 

Tim attended the United States Military Academy majoring in International Relations and branching Armor. After his military career, he worked as a logistician with a major retailer and a construction company. After much deliberation, Tim decided to make a pivot in his career and joined a small independent financial planning firm in 2012. In 2016, he launched his own financial planning firm Script Financial and in 2019 merged with Your Financial Pharmacist. Tim now lives in Columbus, Ohio with his wife (Shay), three kids (Olivia, Liam and Zoe), and dog (Benji).

Mentioned on the Show

• First Horizon’s Pharmacist Home Loan
• Die with Zero by Bill Perkins
• YFP Retirement Planning Series (Episodes 272-275):
  • YFP Episode 272: How Much is Enough? (Retirement Planning)
  • YFP Episode 273: Alphabet Soup of Retirement Accounts (Retirement Planning)
  • YFP Episode 274: Risk Tolerance vs Capacity (Retirement Planning)
  • YFP Episode 275: How to Build a Retirement Paycheck (Retirement Planning)
• YFP Episode 305: Understanding Annuities: A Primer for Pharmacists
• YFP Free Guide: Retirement Roadblocks: Identifying and Managing 10 Common Risks
• The Power of Working Longer (2018, Stanford Institute for Economic Policy Research) 
• YFP Book a Discovery Call
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group
• Tim Baker on LinkedIn

Sean Richards, CPA and Director of YFP Tax, talks about the 10 common tax blunders he saw and how to remedy those mistakes to optimize taxes in the year ahead.

Summary

July might not seem like the time of year to think about your taxes, but for Sean Richards, CPA and Director of YFP Tax, it’s a great time to make projections for the year ahead and remedy any blunders from last year’s return. 

Reviewing 10 common mistakes he saw made with taxes in 2023, Sean breaks down ways to optimize your tax plan from utilizing HSAs, to adjusting withholdings, to making sure any side-income is planned for appropriately. Sean’s biggest piece of advice: planning ahead can help avoid these mistakes and can optimize your tax situation.

About Today's Guest

Sean Richards, CPA, received his undergraduate degree in Corporate Finance and Accounting, as well as his Master of Accountancy, from Bentley University in Waltham, MA. Sean has been a Certified Public Accountant (CPA) since 2015 and is currently pursuing his Enrolled Agent certification. Prior to joining the YFP team, Sean was the Senior Treasury Manager at PRA Group, a global debt buyer based in Norfolk, VA. He began his career at American Tower Corporation where, over 10 years, he held several positions in audit, treasury and accounting.

As the Director of YFP Tax, Sean focuses on broadening the company’s existing tax planning and preparation operations, as well as developing and launching new accounting offerings, including bookkeeping, payroll, and fractional CFO services.

Mentioned on the Show

• YFP Podcast 165: The Power of a Health Savings Account
• YFP Blog: Why I’m Not Using My Health Savings Account to Pay for Medical Expenses
• YFP Tax - www.yfptax.com 
• Your Financial Pharmacist
• Your Financial Pharmacist on Facebook 
• Your Financial Pharmacist on Instagram
• Tim Ulbrich on LinkedIn
• Sean Richards on LinkedIn
• YFP Disclaimer
• YFP Newsletter

Tim Baker helps parents navigate saving for their child’s college education, from projecting costs and balancing goals to 529 plans.  

This episode is brought to you by First Horizon.

Summary

Most parents desire to contribute toward their child’s college tuition; however, knowing how much to save and plan for can be a bit of a moving target. How much is enough to save for college?

Tim Baker, YFP Co-Founder and Director of Financial Planning, lays out the financial roadmap to help parents navigate the complexities of college savings. Tim emphasizes the importance of prioritizing college savings, projecting future costs, and balancing these savings with other financial goals. He also breaks down the benefits of starting early and making consistent contributions to make the goal more attainable.

Learn more about education savings options, including 529 plans and Coverdale education savings accounts. Tim also shares the ⅓ rule for funding college education that listeners may find make the reality of saving for their child’s future education more attainable. 

This episode is brought to you by First Horizon.

About Today's Guest

Tim Baker is the Co-Founder and Director of Financial Planning at Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 12,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. 

Tim attended the United States Military Academy majoring in International Relations and branching Armor. After his military career, he worked as a logistician with a major retailer and a construction company. After much deliberation, Tim decided to make a pivot in his career and joined a small independent financial planning firm in 2012. In 2016, he launched his own financial planning firm Script Financial and in 2019 merged with Your Financial Pharmacist. Tim now lives in Columbus, Ohio with his wife (Shay), three kids (Olivia, Liam and Zoe), and dog (Benji).

Mentioned on the Show

• First Horizon Pharmacist Home Loan
• YFP 211: The Ins and Outs of the 529 College Savings Plans
• YFP 195: How to Save for Your Child’s Education
• YFP Blog: 7 Things to Consider Before Starting a 529 Plan
• YFP Gives - www.yfpgives.org
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group
• Tim Baker on LinkedIn

Nate Hedrick and David Bright outline six essential steps for maintaining and preparing properties between tenants to help minimize vacancy and maximize profitability.

Summary

In this episode, Nate Hedrick and David Bright delve into the intricacies of managing vacant rental properties. They outline essential steps for maintaining and preparing properties between tenants, emphasizing the importance of thorough inspections and necessary repairs or upgrades. The discussion includes:

• Property Inspections: Conducting detailed video walkthroughs to document property conditions and compare them to original move-in lists.

• Market Understanding: Analyzing market rent trends and comparable properties to set optimal rent prices.

• Security Deposits: Managing security deposits in compliance with state laws to avoid legal issues and ensure fair treatment of tenants.

• Property Upgrades: Planning and executing upgrades in advance to enhance property value and minimize vacancy periods.

• Expense Tracking: Keeping detailed records of all expenses, including receipts and maintenance costs, for tax purposes.

Nate and David highlight the importance of being active in the management process to reduce vacancy periods and ensure a profitable investment. They also touch on the decision-making process between self-management and hiring a property manager, depending on personal preferences and circumstances.

Treating rental properties like a business, setting aside time for proper planning and execution during tenant turnover can help maximize profitability and create a safe living environment for future tenants.

About Today's Guests

Nate Hedrick is full-time pharmacist by day, husband and father by evening and weekend, and real estate agent, investor, and blogger by late night and early morning. He has a passion for staying uncomfortable and is always on the lookout for a new challenge or a project. He found real estate investing in 2016 after his $300,000+ student loan debt lead him to read Rich Dad Poor Dad. This book opened his mind to the possibilities of financial freedom and he has been obsessed ever since. After earning his real estate license in 2017, Nate founded Real Estate RPH as a source for real estate education designed with pharmacists in mind. Since then, he has helped dozens of pharmacists around the country realize their dream of owning a home or starting their investing journey. Nate resides in Cleveland, Ohio with his wife, Kristen, his two daughters Molly and Lucy, and his rescue dog Lexi.   

David Bright is a pharmacist with a heart for teaching. He’s been a full-time professor since 2009 with a passion for implementing and improving pharmacy services. Themes of “implementing and improving” in the pharmacy space are quite similar to themes of “building and fixing” in real estate, which has been a growing hobby for David and his wife, Heather, who bought their first house more than ten years ago. That fixer-upper house became a live-in house flip, which they sold a few years later, only to repeat the process with their next house. When David and Heather got sick of perpetually living in a construction zone, they pivoted to fixing up rental properties in West Michigan, where they now live. 

David invests in real estate as a way to bring greater diversity to financial planning and to fund memorable life experiences with family and friends.

Mentioned on the Show

• YFP Real Estate Investing Podcast 61: Keeping vs. Selling in a Hot Market
• Subscribe to the YFP Newsletter
• YFP Disclaimer
• Your Financial Pharmacist
• YFP Real Estate Investing Facebook Group
• Nate Hedrick on Instagram
• David Bright on Instagram
• YFP Real Estate Investing Website
• David Bright on LinkedIn
• Nate Hedrick on LinkedIn

Dr. Helen Sairany discusses the prevalence of burnout and trauma among pharmacists and the importance of addressing the root cause of trauma to lead to a path of healing.

Summary

Discussing the intersections of trauma, resilience, and identity, Helen Sairany, a pharmacist and author, explores the impact of childhood trauma on workplace functioning. Dr. Sairany discusses the prevalence of burnout and trauma among pharmacists and the need to address the root causes to ensure the well-being of the profession. 

In this beautiful and powerful conversation, Dr. Sairany emphasizes the importance of recognizing the depth of human experience beyond labels and embracing coexistence, tracing back beliefs to their origins to overcome financial conflicts, and addressing the root causes of trauma to build healthier relationships.

About Today's Guest

As a 7-year-old Kurdish child in Iraq, a country torn by war and conflict, Helen was spotted by a U.S. Marine deployed to her country with a grenade in her hand, who saved her life by exchanging the grenade for a bag of candy. He later escorted her family and her out of war to seek refuge in the U.S.

Because of her turbulent childhood, she was diagnosed with complex PTSD in 2013. Thus, she aspire to live in a world where the vast majority are trauma-informed, feel psychologically safe and valued for the work they put out, and return home fulfilled.

Since the outbreak of the COVID-19 pandemic began, Helen have been open about her dormant childhood trauma. She have been traveling worldwide to give talks on topics such as trauma-informed care, leadership, and the workforce. 

After having traveled to more than 100 countries worldwide, she developed an appreciation for the diverse mix of cultures, people, and traditions. 

Her interest in trauma stems from personal experiences of living through wars, navigating complex relationships, and continually learning what it means to be human.

Mentioned on the Show

• Website - https://helensairany.com/
• Certificate Training Program - https://helensairany.com/certificate-training/ 
• Trading Grenades for Candy by Dr. Helen Sairany
• The We You Don’t See by Dr. Helen Sairany
• The Myth of Normal by Gabor Mate
• Register for July 24th 12-1pm YFP/APhA Webinar: Retirement Income Planning: How Much is Enough and How to Pay Yourself In Retirement (With Live Nest Egg Calculation)
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group

Tim Baker, YFP Director of Financial Planning, breaks down Medicare and long-term care insurance and what to consider when deciding on a policy.

Summary

Tim Baker, YFP Director of Financial Planning, breaks down the importance of long-term care insurance in retirement planning, highlighting the need to carefully consider the cost of these policies and how they fit into one's overall financial plan. 

Tim also discusses Medicare parts A, B and D and the importance of understanding the enrollment period to avoid paying penalties.

About Today's Guest

Tim Baker is the Co-Founder and Director of Financial Planning at Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 12,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. 

Tim attended the United States Military Academy majoring in International Relations and branching Armor. After his military career, he worked as a logistician with a major retailer and a construction company. After much deliberation, Tim decided to make a pivot in his career and joined a small independent financial planning firm in 2012. In 2016, he launched his own financial planning firm Script Financial and in 2019 merged with Your Financial Pharmacist. Tim now lives in Columbus, Ohio with his wife (Shay), three kids (Olivia, Liam and Zoe), and dog (Benji).

Mentioned on the Show

• Learn More About Your Financial Pharmacist and Book a Free Discovery Call 
• Episode 329: Medicare Selection & Optimization featuring Certified Insurance Counselor, Josh Workman
• Episode 296: 5 Key Decisions for Long-Term Care Insurance
• Episode 321: Navigation Financial Conversation with Aging Parents
• Episode 305: Understanding Annuities: A Primer for Pharmacists
• Free to Focus by Michael Hyatt
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• Tim Baker on LinkedIn
• YFP on Instagram
• YFP Facebook Group

Mike Byers, PharmD shares how he was able to achieve financial freedom and replace his retail pharmacist income through savings and real estate investments.

Summary

In this episode, Michael Byers, PharmD shares how he was able to achieve financial freedom and step away from his job as a retail pharmacist at age 42. Mike outlines how he went from a position of financial weakness to a position of financial strength through frugality and real estate investing. A father of two young boys, Mike talks about the importance of having options and flexibility in this season as he and his wife raise their family.

About Today's Guest

Mike Byers is a 2008 graduate of the University of Pittsburgh School of Pharmacy. He spent 16 years as a retail pharmacist for Giant Eagle where he worked as a staff pharmacist, a pharmacy team leader and a floater. After successfully investing in real estate for over 10 years, Mike decided to take a break from pharmacy in 2023 to spend time with his wife and two young boys. He loves his family, houses, outdoor adventure, and trying to find the right balance between YOLO and delayed gratification.  He can be found on Instagram @DIYrentalGuy.

Mentioned on the Show

• Mike Byers on Instagram: DIYRentalGuy
• Mr. Money Mustache
• YFP Real Estate Investing Podcast 119: House Hacking with the House Hacking MD
• YFP Podcast 354: From PharmD to Debt Free to FIRE
• Rich Dad, Poor Dad by Robert Kiyosaki
• Die with Zero by Bill Perkins
• Millionaire Next Door by Tom Stanley
• Bigger Pockets
• Tax Free Wealth by Tom Wheelwright 
• Tim Ulbrich on LinkedIn
• Subscribe to the YFP Newsletter
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• YFP Disclaimer
• YFP on Instagram
• YFP Facebook Group

David Bright and Nate Hedrick share four creative strategies to consider when looking for investment properties in 2024.

Summary

As the housing market continues to be competitive with low inventory and high home prices, it can be hard to find those good investment deals. Drawing from their own experiences, David Bright and Nate Hedrick share four strategies to consider when looking for investment properties in 2024. 

From looking at properties with problem tenants that landlords are looking to move on from; to properties that have been on the market for several days; to properties that are back on the market after failed inspections to finding properties with hidden potential, David and Nate share creative ways to find deals in this competitive real estate climate.

About Today's Guest

Nate Hedrick is full-time pharmacist by day, husband and father by evening and weekend, and real estate agent, investor, and blogger by late night and early morning. He has a passion for staying uncomfortable and is always on the lookout for a new challenge or a project. He found real estate investing in 2016 after his $300,000+ student loan debt lead him to read Rich Dad Poor Dad. This book opened his mind to the possibilities of financial freedom and he has been obsessed ever since. After earning his real estate license in 2017, Nate founded Real Estate RPH as a source for real estate education designed with pharmacists in mind. Since then, he has helped dozens of pharmacists around the country realize their dream of owning a home or starting their investing journey. Nate resides in Cleveland, Ohio with his wife, Kristen, his two daughters Molly and Lucy, and his rescue dog Lexi.   

David Bright is a pharmacist with a heart for teaching. He’s been a full-time professor since 2009 with a passion for implementing and improving pharmacy services. Themes of “implementing and improving” in the pharmacy space are quite similar to themes of “building and fixing” in real estate, which has been a growing hobby for David and his wife, Heather, who bought their first house more than ten years ago. That fixer-upper house became a live-in house flip, which they sold a few years later, only to repeat the process with their next house. When David and Heather got sick of perpetually living in a construction zone, they pivoted to fixing up rental properties in West Michigan, where they now live. 

David invests in real estate as a way to bring greater diversity to financial planning and to fund memorable life experiences with family and friends.

Mentioned on the Show

• YFP Real Estate Investing Podcast 120: Deep Dive: Use Conversion
• Subscribe to the YFP Newsletter
• YFP Disclaimer
• Your Financial Pharmacist
• YFP Real Estate Investing Facebook Group
• Nate Hedrick on Instagram
• David Bright on Instagram
• YFP Real Estate Investing Website
• David Bright on LinkedIn
• Nate Hedrick on LinkedIn