Your Financial Pharmacist

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, RLP® takes this question from Stephen in Sacramento, California: What yearly tax implications should I be thinking about when contributing to brokerage accounts? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning YFP Tax Send in your questions here or to info@yourfinancialpharmacist.com 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.

Stewart Olney, PharmD and Elizabeth Olney, Realtor discuss their real estate investing path from house hacking by renting out a spare room to motel hacking and building a real estate business through hotel and motel investments. Key Points From This Episode Introducing today's guests Stewart Olney, PharmD, and Elizabeth Olney. Stewart's journey as a pharmacist and how that ties into his introduction to real estate. Why Airbnb has been an integral tool for Stewart and Elizabeth's real estate journey. Stewart and Elizabeth's limited budget after her first pregnancy. How YouTube initially helped them with doing all the rehabilitation work themselves. How they learned from the mistakes of others as well as trial and error. Why Stewart describes their approach as 'house hacking'. How moving into the homes they purchased unlocked access to advantageous financing. The story of how they purchased the motel in which they currently live. How they have used technological innovations and AirBnB services to automate and streamline their check-in and check-out processes. A breakdown of their plan to purchase and run another motel in their area. Insights into commercial loans and how they differ from other loans. Why getting outside help with property management has had such a positive impact on their lives. The resources that have had the biggest impact on their real estate journey. Their top advice for any pharmacist who wants to start investing in real estate. Links Mentioned in Today's Episode Connect with Stewart Olney on LinkedIn Dave Ramsey Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki BiggerPockets The Totem Lodges Join the YFP Real Estate Investing Facebook Group YFP Real Estate Investing Your Financial Pharmacist Disclaimer and Disclosures

Nate Hedrick, the Real Estate RPh, is back on the show discussing 6 common home buying debates. Key Points From This Episode An introduction to today's guest, Nate Hedrick, co-host of the YFP Real Estate Investing Podcast. Why home-buying decisions are not absolutes, but rather another aspect of the financial plan. How there's no wrong way to go about financial planning, it just matters what you care about. Some of the pros and cons of 20% and why the most important question is what your capabilities are. Nate's thoughts on the opportunity cost of money that's being tied up in low-interest rate debt. Building versus buying and who each option is best suited to. Buying property with and without student loans. Weighing up buying a starter home versus buying a forever home. Why the term 'forever home' is a bit of a misnomer. The benefit of having multiple exit strategies. Why renting is not necessarily a terrible financial choice. The unforeseen costs of owning a home. Links Mentioned in Today's Episode Real Estate RPh YFP Real Estate Investing Podcast YFP Concierge Service Schedule a Free Call with Nate Hedrick YFP 241: The Top 5 Objections to Investing in Real Estate YFP 193: Building vs Buying a Home: What to Consider Three Strategies for Buying a House with Student Loans YFP 113: Is Your Home an Asset or Liability? 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®, RLP® takes this question from Michelle in Walkerton, Indiana: Where should I invest if my income is too high for a Roth and I'm maxing out my 401(k)? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning YFP 096: How to Do a Backdoor Roth IRA Why Most Pharmacists Should Do a Backdoor Roth IRA Send in your questions here or to info@yourfinancialpharmacist.com 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 discuss case studies in this week's deep dive into investment property renovations. Key Points From This Episode Recapping the last episode's main points. A brief background on David's property including location, rent, and how he found it. Nate updates us on a tricky point-of-sale inspection required by the community. Talking structural safety and Nate's big unknown wild card. What he has planned that will make this property stand out from the crowd. About Nate and his wife's agreement to make every rental something they would live in. He explains his BRRRR strategy plus two things to really make the property bulletproof. Moving on to David's property, we hear about the solid bones of his investment. Why, in his case, the cosmetic rehab is tougher than the safety side. David talks us through his overall rehab cost target. The advantages of the built-in equity on a conventional loan. The dangers of over-improving on a rehab. Links Mentioned in Today's Episode REI 44: Deep Dive: Investment Property Renovations - 3 Key Considerations (Part 1) Join the YFP Real Estate Investing Facebook Group YFP Real Estate Investing Your Financial Pharmacist Disclaimer and Disclosures

Derek Borkowski, PharmD, founder and CEO of Cosmas Health and creator of the Pyrls app, talks about how and why he built the Pyrls app, what problem he was trying to solve, and some of the challenges he faced in the early days of being an entrepreneur. Key Points From This Episode Introducing today's guest, Derek Borkowski, and what drew him into this profession. Hear about the moment he realized he wanted a more non-traditional path in pharmacy. The opportunity he found and pursued that pushed him into the tech space. Skill stacking and what can come out of an intersection of expertise. Derek shares one of the opportunities available under the umbrella of digital healthcare. How he first acquired and developed these skills and some advice from his experiences. How his love of technology sparked his entrepreneurship goals. About the regret minimization framework and taking the leap to start Cosmas Health. Some of the struggles he overcame in the first year. Finding the right lens to market to your audience. What makes Pyrls really stand out from the crowd as a resource to invest in. Hear about the incredible support he's received from the pharmacy community. Links Mentioned in Today's Episode Cosmas Health Pyrls Follow Pyrls on Instagram: @pyrls.app Join the YFP Tax Waitlist MyMeds Khan Academy Connect with Derek Borkowski, PharmD on LinkedIn 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®, RLP® takes this question from Tyler in Iowa City, Iowa: How many investment options should I have in my portfolio? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists Schedule a free Discovery Call with YFP Planning The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J L Collins FIRE Rx: The Pharmacist's Guide to Financial Independence by Jeff Keimer, PharmD A Crash Course in 401k Planning Part 1 A Crash Course in 401k Planning Part 2: An Intro to Stocks, Bonds, and Funds Send in your questions here or to info@yourfinancialpharmacist.com 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 deep dive into three key factors to take into consideration when renovating your investment properties. Key Points From This Episode Why you don't always have to spend thousands of dollars on a rehab. The first foundational factor of running a rehab: structural safety for your tenants. A parallel between clinical and building guidelines to ensure safety. Why the roof remains top of mind. Learning to manage risk during a rehab process. Why it is important never to over-rehab a house. Why you should always compare rates to other rentals and purchases in the area. The importance of finding a balance when you rehab a house. How to use online comps as a road map to decide what to do in a neighborhood. An introduction to the two case studies discussed in the next two episodes. Links Mentioned in Today's Episode BiggerPockets YFP Real Estate Investing 41: Deep Dive: Repairs and Capital Expenditures Join the YFP Real Estate Investing Facebook Group YFP Real Estate Investing Your Financial Pharmacist Disclaimer and Disclosures

YFP Co-Founder & Director of Financial Planning, Tim Baker, CFP®, RLP®, talks about social security retirement benefits, how they are funded, how to determine eligibility and considerations for receiving benefits. Key Points From This Episode An introduction to today's topic and a reminder that we can help you with your tax. Addressing why people aren't having enough conversations about social security retirement benefits. Hear some intense statistics about retirement and working longer that will blow your mind. Talking about the history of social security and the difference between that and a 401(k). Being protected against inflation by being inflation-adjusted. Tim talks us through some annuities and numbers in a basic scenario. Discussing our huge year next year from an inflation perspective. How retirement is not just a money decision, it's an emotional decision. Tim digs a little into the different ways scarcity fear can arise during retirement. Looking at your pay stub: explaining credit and payroll taxes. The outcomes of the three ages of retirement: early, full, and delayed. Touching on some of the nuances around health and spousal benefits. Links Mentioned in Today's Episode File Your Taxes with YFP Tax The Social Security Act The Biggest Mistakes People Make With Social Security My Social Security Account YFP Planning: Financial Planning for Pharmacists 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 Dalton in West Des Moines, Iowa: Does my side hustle income get treated any differently than my W-2 income? Mentioned on the Show: YFP Planning: Financial Planning for Pharmacists YFP 048: Mo Money Mo Problems: Making the Financial Transition to New Practitioner Life Partnership Charter by David Gage Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble by Bernard B. Kamoroff C.P.A. Send in your questions here or to info@yourfinancialpharmacist.com 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.