PharmD Money

What is the top metric that measures whether you're moving in the right direction when it comes to your future retirement? Most people would say the balance of their retirement accounts. That isn't a bad answer, but it's also not the best answer. Retirement preparedness should be measured by the future retirement income you can afford, in today's dollars. A bigger nest egg does...

The last 24 - 36 months have produced crazy results in the vehicle market. Prices for used vehicles skyrocketed due to shortages of inventory all over the United States. Now that prices have come down, many people find themselves underwater on their car loans. This, mixed with an economic recession in 2023 could be disastrous for consumers. So, in the podcast episode, Derek breaks down what you ca...

As we approach the end of 2022, I like to reflect back on all the financial events that have taken place over the past 12 months. However, there is one popular piece of advice that I believe deserves the top spot of worst financial advice given this year. It's the serial advice from insurance brokers to buy Index Universal Life Insurance (IUL). This advice is alive and well on social media an...

On this podcast episode, we share the recording of Derek's November Office Hours event hosted on the RPhAlly platform. During this episode, Derek answers 4 questions from viewers. - What do I need to know when inheriting an investment account? - How do taxes on an annuity work? - I just paid off a bunch of debt. Now what should I do what all my excess cashflow? - What would you do differently...

Recession's are scary. They usually come with falling investment markets, slower economic activity, and rising unemployment. News headlines and media outlets stoke those fears and create a lot of anxiety for people. With all that being said, what are the people who planned to retire supposed to do? If we experience a recession in 2023, does that mean everyone should put off their retirement p...

Are we in a recession? Is one right around the corner? No one can be certain. However, the likelihood of a recession continues to grow. So it would make sense for people to start preparing their finances accordingly. In this podcast episode, Derek discusses how he would recommend people structure their finances in the face of an upcoming recession. Derek is joined by Shawn Bjordahl, owner of RPhAl...

2022 has been a wild year. Investment markets are dropping and our economy seems like it's heading straight into a recession. For many people, these concerns are exactly why they hired a financial advisor to begin with. They wanted someone to help them monitor, maneuver, and lead through difficult times. However, financial consumers all over the country are starting to realize that as difficu...

The stock market has been a scary place so far in 2022. We are currently experiencing negative investment returns (both stocks and bonds) we haven't seen in quite some time. So what are people supposed to do who find themselves holding on to extra cash? Is buying into this market while investments are "low" a good idea? Or would you be crazy taking safe money and putting into this m...

Inflation has been hitting our economy hard for the last 10 months. Most people, regardless of economic status, have experienced the effects of inflation. For many people, it's starting to become concerning because the impact it's having on the economy. So in this podcast episode, Derek talks about what caused inflation, what the Federal Reserve is doing to combat it, and what the ultima...

Student loan forgiveness is a hotly debated topic. Both sides make very good points on why student loans should and should not be forgiven. I, like many others have an opinion on the matter as well.  During this podcast episode, I will explain why student loan forgiveness is not the right answer. However, my reasoning is not because I don't like relieving the debt of borrowers who need the he...

Retirement can be both a beautiful and terrifying endeavor to think about. It becomes even more nerve racking as it goes from a thought in your mind to something that you need to start seriously planning for. However, retirement planning can consist of hundreds of decisions and avenues for you to explore. This usually leads many people to focus on the wrong stuff. Having your fundamental areas of...

Have you ever found yourself presented with an investment opportunity that sounds to good to be true? However, you don't want to miss out on the opportunity if it is indeed exactly how it was presented to you. It can be a confusing and stressful situation you might find yourself in dealing with this type of decision. In this episode, Derek outlines five tips you can use to better evaluate whe...

Pension's are a phenomenal tool for retirement planning. Having a stream of income you can't outlive is one of the holy grails of retirement finance. However, the decision on what to do with your pension isn't as easy as just turning it on when you get to retirement. Many pension payout options exist and many of those offer payouts that are available to your spouse if you were to pa...

Estate planning can seem like a overcomplicated and time consuming endeavor. For many people, that is a fair description. However, it's not a good reason for ignoring it completely. Once a proper estate pan is in place, it becomes much easier to manage as you age. In this podcast episode, Derek talks about the importance of estate planning and how a little effort and planning can make big pos...

Investing on it's own is very difficult. It becomes even harder when you are forced to make decisions based on macro economic conditions. Unfortunately, most people don't have access to advanced levels of data. Often times, this leads people to make decisions based on the current economic environment they are in right now. But this isn't how investment markets operate. They are forw...

Investing can be an exciting and challenging endeavor. So far in 2022, it's been more of a challenge than anything else. Especially for those who find they have a large portion of their net worth inside investment accounts. So what can you do to ease the pain of a stock market sell off? After seeing your investment accounts drop week after week, you may find yourself looking for a solution. I...

It's been hard to find investment products that people can participate in that limit their downside risk of loss while also paying a decent interest rate. For this reason, I-savings bonds have exploded in popularity. I-savings bonds (I = inflation) are government savings bonds that pay an interest rate that is tired to the CPI - U inflation rate in America. Lately, as inflation has skyrockete...

Interest rates are a complex topic. But they directly impact normal people on both ends of the spectrum. The cost to borrow money and the amount you earn on many investments are directly correlated with interest rates. So with all the media talk about the Federal Reserve raising interest rates, mortgage loan interest rising, and Bond investment funds falling, it can be difficult connecting all of...

2022 has been a negative experience for anyone who is associated with investment markets. From 401(k)s to bank savings accounts and everything in-between. Inflation and dropping investment markets have caused a lot of stress and anxiety. So what can a person do when they find themselves in this type of financial situation. Stay the course and ride it out is usually the best answer. There are also...

Figuring out how to pay for college is a big undertaking. From filling out a FASFA form, too trying to determine how much financial aid you will qualify for, to understand the student loan consequences can get very confusing. Keeping it simple and taking it one step at a time can be helpful. In this episode, Derek breaks down the 5 steps families can take to better prepare themselves to answer the...

It wasn't to long ago when Elon Musk made a few observations about a popular medication to his millions of twitter followers. This information was biased and unsubstantiated. It created backlash from many real medical professionals on that social media platform. This happens all of the time. Someone with influence has the ability to say stuff that leads many others into make poor decisions fo...

You've just been offered an opportunity to buy an annuity contract? You've heard that these are not good investments to put your money into. However, the broker you're working with insists it's the best option available. What do you do? This situation plays out often in the real world. If you try to do your own research, you'll find biased opinions of this kind of investme...

Tax season has come and gone for many people. The annual task of accumulating tax documents and dropping them off to your accountant, while awaiting to see the outcome is done.  This is probably as into the weeds a person gets when it comes to their tax return. This is especially the case when you get a refund. "I'm getting money back from the IRS, so everything must be good!" Howev...

I think it's a bit of an understatement to say that pharmacists are busy people. They don't get the same type of work life balance opportunities that are provided in many other professions. Because of this, it means that pharmacists have to be very strategic and efficient with their time. This is where implementing a personal CFO into your life can be critical. As the CEO of your own lif...

It's very common for individuals to use the mantra "passive investor" as their guide to investment management. Yes, passive investing is a great way to keeps investment costs low and take full advantage of the long-term success investment markets tend to provide. However, most people believe they are passive investors only to learn that they are using active management action. This...