PharmD Money

Welcome in to the 105th episode of the PharmD Money Podcast. On todays episode, we take a look at the upcoming 2024 election. The White House, Senate, and House of Representatives are up for grabs. Who wins what is anyone's guess at this point. However, that doesn't mean you shouldn't be planning for each possible outcome. Especially when it comes to your tax planning. Derek walks t...

What is a trust? Do you need a trust? Is a trust the end all, be all of estate planning? There are a lot of questions people have when it comes to their estate planning. Creating a trust is one of the most important. In this podcast episode, Derek outlines what a trust is and the different types of trusts that can be created. If you're interested in learning more about trusts and determining...

It's common advice to get a Will or a Trust created as part of your estate planning strategy. Often times, many people don't understand what happens when those type of documents "kick-in." When it comes to your Will, you're heirs will most likely get to experience the probate process after you die. So what is the probate process and how does it work? In this podcast episod...

Picking out a trusted individual or company to serve as a trustee is a key part of estate planning. However, the duties that fall onto the shoulders of the trustee can sometimes create a lot of stress and uncertainty. Many times a trustee is a close family member or friend, and usually isn't as qualified to manage a trust as they otherwise should be. And that is no fault of the trustee. It ca...

It can be very hard to pass-up on unsolicited advice online. Especially if it's coming from a source that has proven success. Afterall, if Tiger Woods started giving away free golf lessons online, I'd tune in! But your money is different. Most "experts" are wrong more than their right with their predictions. Especially when it's investment related.  In this podcast episode...

As a 20 year old who is just getting started with their career to a 55 year old who is reaching the pinnacle of theirs, it can be hard to figure out what comes next. Many use the benchmark of what they perceive others have done in their similar situation. However, it can be terribly misleading in todays age of social media. This can lead many to believe they aren't accomplishing enough or are...

It's easy for a millennial or gen Z'er to look at a baby boomer and think how lucky they've had it over the last 40 years (financially speaking). Especially considering all of the economic difficulties that younger generations are experiencing right now. So the question that always comes up is, "are baby boomers the luckiest generation alive?" In this podcast episode, Dere...

The ultimate retirement question is, "how much money do I need to save to retire?" Many people approaching retirement age ask themselves this continuously. It's also an extremely hard and very individualized answer. However, for the sake of conversation, I think we put newly retirees into one of three categories. In this podcast episode, Derek reviews each of the three retiree categ...

As a households net worth continues to rise, missed opportunities and mistakes become amplified. No one wants a subpar experience in any service they pay for. When it comes to our money, we expect more. So is pursing a relationship with a giant financial advisory firm, insurance company, or broker/dealer the right move? Does bigger equal better? In this podcast episode, Derek breaks down the exper...

A lot has happened in 2023. One of the more interesting news stories is the American Government telling us that Aliens exist. With that news, I think it would be fun to talk about how we could plan to manage our financial lives if Aliens ever make mass contact with the world. Will investment markets still exist? Will our economy continue on as normal? What will become the most important skill huma...

With the rise in social media users, it's becoming more popular for people to source advice from a groups. This applies to personal finance, health, education, etc. But there is a point where people take it to far. In the end, almost all of the goods and services we consume will be able to provide two of three distinct features. Quality, speed, and price. Social media advice is fast and free,...

It's like a slow motion horror film. The type where the "bad guy" keeps getting closer and closer and there is nothing you can do about it. Except in the real world, the "bad guy" is student loan debt. In October, student loan payments are starting again. Billions of discretionary income will be once again tied up in debt payments each month. But what will this mean for th...

In 2023, the NOMAD lifestyle is growing rapidly. Over 7 million people in America identify as a NOMAD. Thanks in large part to better digital tools, a NOMAD lifestyle is far more sustainable then ever before. However, before jumping in, there are important financial considerations that should be planned for. Making sure that you're financial prepared will result in a better overall experience...

A primary goal for many parents with kids is to help them pay for a future college education. However, the thought of paying for future tuition can seem daunting. The cost of college is already really expensive with expectations for it to cost even more in the future. But what if we're wrong about that? What if the cost of college will actually drop in the future? A big reason for this could...

Here we go again. The Federal Government is butting up against another debt ceiling crisis. They owe a lot of people a lot of money and soon will not be allowed to borrow from the public to pay those debts anymore. But wait. An idea that has been floated around for 30 years is gaining more traction. It's the idea of the US Mint producing a Trillion Dollar platinum coin that can used to pay do...

For many pre-retirees and current retirees, it can be a difficult decision whether to use the value of their home as a retirement asset. So does that mean you shouldn't do it? My response is always yes, it should be included as a retirement planning asset. In this podcast episode, Derek talks about why a home should not be seen as an investment but ultimately as a long-term retirement asset....

Do you feel like you're ahead or behind when it comes to retirement preparedness? Many people use their retirement account balances as the barometer to answer this question. Unfortunately, it's hard to have confidence in your financial future when you can't accurately compare it to others. This often leads us to look at the material wealth of others to try and gauge our own financia...

We've all either seen it or experienced it with someone. An individual who is facing their mortality and is filled with the emotion of regret. As we age, I believe our priorities and view of life changes. It hits us hard that our time is finite and is running out. This leads to a lot of people expressing regret about how they've lived their life. Not specifically about what they did, but...

A bank run is an obscure term for many people. It's a topic that doesn't come up often, but when it does it makes big headlines. It reared it's ugly ahead again in March of this year thanks to the Silicon Valley Bank failure.  So, is your money safe? What exactly is a bank run? What does this mean for our economic future? Can we expect another 2008 debacle? All of these are fair and...

It's a debate that has been hotly debated for a while now. With the pause of student loan payments coming to an end later this year, the debate is heating up again. "Should all student loan debt be forgiven?" I have empathy for those borrowers who are up to their necks in student loan debt. The people who area really struggling deserve some reprieve. However, I've come to reali...

With all the craziness that is happening in our investment markets and economy, how confident should current or future retirees be about their chances of retirement success? It's a great question and one that most people ask themselves often. In this episode, Derek breaks down his thoughts. We start by comparing where we are today to where we were just a few years ago. We also talk about the...

I see it discussed often. "How many investments should I own in my portfolio?" The answer, like most in personal finance, is it depends. In this podcast episode, Derek talks about why someone would want to own 25 ETFs in their investment account or why someone may ultimately chose to use just 1 broad based mutual fund. Enjoy the show!

Finances can be tricky. It becomes a lot more difficult when you're tasked with combining your own financial preferences and ideologies with someone else's. However, this happens whether we like it or not when we combine finances with our spouse or significant other. Is the answer to always have joint bank accounts? It doesn't have to be. In this podcast episode, Derek talks about w...

From the great financial crisis to the COVID pandemic, investment markets had been on a secular bull market run. Investment performance was wonderful. Now, as we sit in 2023, our investment environment has changed dramatically. From risking interest rates, to Federal Reserve economic tightening, to inflation, things look very different. So what does that mean for long-term investors? In this podca...

Paying off your mortgage early can seem vey enticing. Knowing you own your home and won't have to make a mortgage payment anymore is a tremendous accomplishment. But could getting to this point earlier in the life of your mortgage be hurting your long-term financial wellbeing? In this podcast episode, Derek talks about the pro's and con's of paying your mortgage off early and what h...