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Scripted Wealth | Money & Meaning for Pharmacists

Scripted Wealth: Money & Meaning for Pharmacists is a show for pharmacists who want more than just financial success. It’s for those seeking clarity, confidence, and a plan to use their money with intention.

After more than 500 episodes of the Your Financial Pharmacist Podcast, Scripted Wealth represents the next chapter, expanding the conversation from how to build wealth to how to use it to support a life that truly aligns with what matters most.

Hosted by YFP Wealth (formerly Your Financial Pharmacist) co-founders Tim Ulbrich, PharmD, and Tim Baker, CFP®, RICP®, RLP®, the show blends practical financial planning with deeper conversations about what it really means to build and enjoy wealth. You’ll hear discussions on retirement planning, investing, tax strategy, and turning your savings into a sustainable income, alongside conversations about time, purpose, identity, and the tradeoffs that come with designing a life you actually want to live.

Whether you’re approaching retirement or simply asking, “Am I on track?”, this podcast will help you align your financial decisions with what matters most.

Disclaimer: The information on this podcast is provided to you for your informational purposes only and is not intended to provide, and should not be relied on for, investment or any other advice. For more information, visit https://yfpwealth.com/disclaimer/

Latest Episodes:

YFP 317: YFP Planning Case Study #7: Balancing Student Loans, a Wedding, Home Buying, & Saving for Retirement Jul 20, 2023

Show notes

Episode Summary

Welcome to our seventh installment of the case study series with Tim Baker, CFP®, RLP®, Kelly Reddy-Heffner, CFP®, CSLP®, CDFA®, and Angel Melgoza, MS CFP®. During this episode, we are sharing a fictitious case study with you about an engaged couple in their 20s. We delve into their finances, expenses, and their goals before discussing their assets, savings, investments, liabilities, and debt. Angel and Kelly discuss why they would tackle student loans before anything else in this couple's financial plan, how recent changes announced to student loans will impact their loan repayment strategy, how marriage, children, and other big life events affect financial planning, and the importance of emergency funds and savings. Finally, we talk about why wealth protection is so important and why we see clients struggle with that the most.

Links Mentioned in Today's Episode

YFP Real Estate Investing 106: Planning a 203k Renovation: Budgets, Boilers, and Basements Jul 15, 2023

Show notes

Summary

Are you looking to make a shift in your investing, but you've come upon some questions that you're looking for advice on? On this episode, we welcome back Mariah Pierce, PharmD, who reached out to us with a few questions as she prepares to make a shift in her investing. We talk about her new prospective investment options, and we dive into a quick explanation of the FHA 203K loan. We then discuss and share thoughts on her three major questions in preparation for her investment shift.

About Today's Guest

Mariah Pierce, PharmD is a managed care pharmacist and works at a health plan in central Illinois. She is the co-founder of MeRiah Transportation and hopes to start many other ventures in the future. She enjoys all things business, audiobooks, and has a love for entrepreneurship. Mariah is an out-of-the-box thinker finding ways to make money and make a difference.

Links Mentioned in Today's Episode

YFP 316: Real Tips From Recent First-Time Home Buyers Jul 13, 2023

Show notes

Summary

Buying a home can be a daunting, exciting, and overwhelming experience. On this weeks podcast, sponsored by Real Estate RPh, we are joined by Neal and Kaitie Fox to discuss how they went about buying their first home. Neal is a pharmacist and Kaitie is a stay-at-home mom, and in this episode, they tell us what made them decide to buy a house when they did, what they would say to someone wanting to purchase their first home, and how interest rates and other aspects played a role in their decision. They delve into how they chose a financial lender and why they decided to change who they financed their house with at the last minute before explaining how YFP assisted them in this process. When looking for a real estate agent, it is important that you find someone who takes your needs into consideration and communicates effectively, and Neal and Kaitie explain why they decided to change agents early on in their journey. Finally, our guests remind us to use our resources wisely and ask as many questions as possible when buying a home.

About Today's Guests

Neal and Kaitie travelled from their hometown of Coshocton, OH to attend Cedarville University in 2011. A year later they married at age 19 and began their joint financial adventure. Kaitie began working at the University food service contractor and eventually became the Head Baker, supporting the family through pharmacy school and until the birth of their second son. Now, Kaitie is home raising Timothy, 5, and David, 1, while Neal works. Neal completed his PharmD at Cedarville and a PGY1 residency at Premier Health Miami Valley Hospital, a Level 1 Trauma Center with over 950 licensed beds and over 110 adult ICU beds. He currently serves as one of the Medical ICU Clinical Pharmacy Specialists and the Research Project Coordinator for the PGY1 pharmacy residency program. He occasionally gives lectures or hands-on training at Cedarville University while also taking APPE students from several pharmacy schools throughout the year.

Links Mentioned in Today's Episode

YFP 315: An Interview with Rachel Cruze (YFP Classic) Jul 06, 2023

Show notes

About Today's Guest

Rachel Cruze is a two-time #1 national best-selling author, financial expert, and host of The Rachel Cruze Show. Since 2010, Rachel has served at Ramsey Solutions, where she teaches people to avoid debt, save money, budget, and how to win with money at any stage in life. She's authored three best-selling books, including her latest, Know Yourself, Know Your Money: Discover WHY You Handle Money the Way You Do and WHAT to Do About It. Follow Rachel on Twitter, Instagram, Facebook, and YouTube or online at rachelcruze.com.

Summary

National best-selling author and financial expert, Rachel Cruze, joins Tim Ulbrich to discuss her newest book, Know Yourself, Know Your Money: Discover WHY You Handle Money the Way You Do and WHAT to Do About It. Tim and Rachel delve into various portions of the book, highlighting specific lessons and concepts relatable to pharmacists, parents, and anyone interested in learning more about themselves and their relationship to their finances.

Rachel walks listeners through "Discovering Your Personal Money Mindset," including how we form our ideas about money and how we learn to handle money as we do through "Your Childhood Money Classroom." Rachel goes through the four money classrooms. She reminds us that regardless of the quadrant that you grew up in, you can choose your quadrant from this point forward. Rachel outlines seven money tendencies, how they not only impact your financial picture, and how these tendencies affect interpersonal relationships with significant others. Tim and Rachel share an earnest discussion about money fears, detailed in Chapters 5 and 6 of the book. They close with an eye-opening discussion on part 2 of the book, focusing on the "Power of Contentment." Rachel shares how contentment changes your motivation for spending. She explains a practical exercise for determining what brings you joy and demonstrates how learning where and how you find happiness allows you to focus your spending on what is truly important to you.

Mentioned on the Show

Ask a YFP CFP #151: How should I be thinking about 529 accounts in the midst of a divorce? Jul 03, 2023

Show notes

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, RLP®, RICP®, takes a question from Sarah in the YFP Facebook Group who asks about considerations with kids 529 accounts in the midst of a divorce.

Mentioned on the Show:

YFP Episode 211: The Ins and Outs of the 529 College Savings Plan
7 Things to Consider Before Starting a 529 Plan
YFP Planning: Financial Planning for Pharmacists
Record your questions here or send them via email to info@yourfinancialpharmacist.com
Your Financial Pharmacist Disclaimer and Disclosures: 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. For more information visit https://yourfinancialpharmacist.com/disclaimer/

YFP 314: RMDs: What They Are & Why They Matter Jun 29, 2023

Show notes

Episode Summary

No matter where you are in your career journey, it's never too early to start optimizing your retirement plan. One important factor to consider when building your retirement paycheck is Required Minimum Distributions (RMDs). RMDs refer to the minimum amount that you must withdraw from certain retirement accounts each year after reaching a certain age.

On this week's episode, YFP's Co-founder and Director of Financial Planning, Tim Baker, CFP®, RICP®, RLP® unpacks the many intricacies of RMDs, like which accounts demand RMDs, which ones don't, and what to consider when planning how to build your retirement paycheck. You'll learn about how RMDs are calculated, the penalties you can expect when you don't fulfill RMD requirements, how to optimize and reduce the impact of RMDs, and why optimizing your retirement strategy starts in the accumulation phase.

Links Mentioned in Today's Episode

YFP Real Estate Investing 105: From Single Family to Syndications in 2 years with Khoa Nguyen, PharmD Jun 24, 2023

Show notes

Summary

Venturing into real estate is often a carefully formulated plan backed by a healthy savings account. But as today's guest has proven through his real estate journey, sometimes it's best to jump straight in with both feet! Khoa Nguyen is a pharmacist and real estate investor from Vietnam who has now settled in Oklahoma City as the Founder, CEO, and Managing Partner of KNN Capital Partners. After catching the real estate bug in college, Khoa describes his first deal and what he learned from the experience. We learn how and why he pivoted to multifamily, the benefits of investing in multifamily that can't be found in single-family, where and how to find multifamily deals, and Khoa's method for evaluating the best multifamily deals. We also discuss the ins and outs of syndication, the roles of a general partner versus a limited partner, what's important when vetting different syndicators, and how interest rates affect property evaluations.

About Today's Guest

Khoa Nguyen, PharmD founded KNN Capital Partners based in Oklahoma focusing on Multifamily acquisitions and investor relations. With a strong background in leadership and analyzing numbers, Khoa excels at underwriting deals as well as building power teams. Khoa led his team to become a trusted "boot on the ground" partner in Oklahoma. Khoa has used his sharp skills to find different solutions to acquire the properties, maximize investors' return, and execute the project plan within expected timeline. With a medical background, Khoa has created a rapidly growing medical community, exclusively for pharmacists, that focuses on multifamily investing where he helps many of his fellow pharmacists build up their passive income to achieve financial freedom. Together with his trusted partners and investors, KNN Capital Partner currently owns and operates a total of 170 units.

Links Mentioned in Today's Episode

YFP 313: 4 Reasons Your Financial Planner Should Manage Your Investments Jun 22, 2023

Show notes

Episode Summary

Financial planners often get a bad reputation because people either don't trust them or they feel like planners are a waste of time — they could be doing the job themselves. So on today's episode, sponsored by First Horizon, YFP's Co-founder & Director of Financial Planning, Tim Baker is here to discuss the four reasons why having a financial planner is crucial for managing your investments. From our conversation, you'll gain a better understanding of the type of accounts that a financial planner could manage on your behalf, what an Investment Policy Statement (IPS) is, and why it's vital for your financial plan. Then, we dive into the 4 reasons why, if it is the right fit, having a financial planner manage your investments is a good idea. Spoiler alert…hiring a financial planner to beat the market didn't make the list!

Links Mentioned in Today's Episode

YFP 312: Secrets About Financial Planners (and How to Feel Confident in Who You Partner With) Jun 15, 2023

Show notes

Episode Summary

Navigating the world of financial advice can be a tricky thing. You're often confronted with baffling jargon, an overwhelming amount of choice, and a lack of transparency, which will typically leave you feeling more confused than when you started. Here to help us unpack these topics today is YFP team member, Justin Woods, PharmD, MBA who has had over 350 financial conversations with pharmacists! We talk with Justin about why pharmacists tend to be skeptical when it comes to hiring a financial planner, the various terms and titles used in the financial services industry, and what outcomes you should expect as part of the financial planning process. Tuning in you'll learn about key factors that hold people back from pursuing financial advice — like previous negative experiences — as well as an overview of how the financial services industry has changed over the years, and how this impacts clients. We also discuss key terms, like "fiduciary", and how understanding their implications can help you navigate the industry, before unpacking the four factors of financial decision-making and how planning can help you live a rich and meaningful life.

Links Mentioned in Today's Episode

YFP 311: Raising Money-Savvy Kids Jun 08, 2023

Show notes

Summary

Less than half of parents feel confident in what they are teaching their children about money. Even fewer regularly discuss money with their kids. Julia Myers is a practicing pharmacist and pharmacy leader at the University of Missouri Healthcare. During this episode, sponsored by First Horizon, we discuss how the type of money household you grew up in influences your financial management today. We explore strategies to teach your children about money across the full spectrum of ages, from early childhood to young adulthood. Julia weighs in on the loss of generational wealth, why mistakes are the best teachers, and how self-reflection can lead you to better equip your children to build their financial futures. Throughout the show, Julia offers practical tips on approaching money conversations with your family and empowering your children.

About Today's Guest

Julia Myers is a practicing pharmacist and pharmacy leader at the University of Missouri Health Care in Columbia, Missouri. Julia received her Doctor of Pharmacy degree from the University of Wyoming School of Pharmacy and her Masters in Business Administration from the University of Tennessee- Knoxville. Her 15-year career encompassed clinical and leadership roles in community pharmacy, ambulatory care, health system, and specialty pharmacy. In 2020, Julia was recognized as a member of the Class of 20 Under 40 by Columbia Magazine for her achievements in medication affordability, specialty pharmacy, and overall community impact. After experiencing a life-changing medical event, Julia semi-retired in May 2022 and is now pursuing her best life focusing on family, lifelong learning, and travel. Julia enjoys spending time outdoors, reading and writing, and raising 5 children with her husband Brad. Follow her on social @Juliamyersrx

Links Mentioned in Today's Episode

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