PharmD Money

Real estate has been appreciating at a rapid rate for the last 12 - 18 months. With a shortage of home prices and an increase in demand, owning real estate has been a great way to grow your net worth. Owning rental real estate also provides for the opportunity to collect rental income as well. These two benefits have increased the amount of PharmDs who have become interested in giving real estate...

Inflation has been a hot topic over the last several months in the finance world. Experts are worried that the dramatic increase in prices are going to affect the long-term viability of the economy. So what is actually going on with inflation and should it be something that you should be concerned about as an investor? In this episode, Derek will explain how consumers should be viewing inflation....

Do you find yourself with the opportunity to purchase your employer's stock in your retirement account? It may seem like a great opportunity. You get to own shares of the company you work for and  as the company continues to grow and increase in profitability (hopefully thanks in some part to you) the share price goes up. It's a win-win.  But the real advantage could come in the form of...

Being rich in American is a stoic title. Being among the wealthiest within one of the wealthiest countries in the world is a common financial goal. But what is rich? Who gets to define it? And should we all being pursing that same definition? Most Americans say that to be considered wealthy in America, you need 1.9 million in Net Worth. But that range changes depending on who you are talking too a...

For many of us, summertime is a time of action. Traveling, weddings, vacations, etc. It can put a strain on even the best financial situations. So how can you get back on track when summer ends and you find that you spent more money than you think you should have. In the episode, Derek covers just that. He talks about immediate actions you can take to help get yourself back on track financially. ...

College planning for college bound families can be a big stressor. Deciding on where you want to go to college is tough enough, but figuring out how you're going to pay for it can be extremely overwhelming.  In this episode, Derek is touches on some of the basics you are going to want to be aware of when it comes time for you to begin your college planning journey. Derek talks about Cost of A...

Congratulations, you've successfully breached the 30 year threshold! For some, that task was accomplished many years ago and for others, more recently. The decade of your 30s can bring about a lot of change. And that pace of change seems to continue to accelerate. Let's go back 20 years shall we? In the year 2000, NSYNC was the best band on radio, Eminem released his hit single "The...

In most of us, there is a seed of doubt that lives within us all that keeps us from taking the necessary steps to accomplish great things. This is called Imposter Syndrome. It can create so much  anxiety and tentativeness inside of us that we end up becoming completely immobile. We freeze and stop the progress of everything we've done up to that point. Imposter Syndrome comes in all shapes an...

Upon graduation, you have the many options to peruse when it comes time to paying back your student loans. Two common avenues are to refinance via private loans or to do a direct loan consolidation. Each of these two options comes with their own set of pros and cons. In this episode, Derek will explain how both of these options work. What the benefits of each are and the rules of each that you nee...

One of the biggest debates in the financial services world is which investment management style is more effective. Active or Passive? Each investment management style comes with their own set of pros and cons, so it's important to really understand the differences. Because in the end, your personal circumstance and goals will dictate which option is best  for you. In this episode Derek will e...

Are you starting to get burned out in your traditional pharmacist role? Have you gotten to the point in your career where you feel that you can better use all the skill, knowledge, and experience  you've accumulated as a pharmacist doing something different? Many pharmacist have taken this path and it has led them into the world of entrepreneurship. Starting you own business can be extremely...

It can get complicated for consumers to determine how much a financial advisor is getting paid. It can even get complicated for some financial advisors to discern how much they will be paid. There are compensation grids, bonuses, and compensation accelerators that can kick on at any time. This hard to understand advisor compensation can create a big problem.  It makes it more difficult for consume...

Many consumers who hire financial advisors may think that these advisors have the legal, moral, and ethical obligation to put their interests ahead of everything else when it comes to delivering financial and investment advice. I think it would be shocking to a lot of these same people when they learn that the large majority of financial advisors don't abide by that kind of obligation. Many f...

We live in a social world. It has created a way for people to share about all sorts of stuff. This information that people are producing can range from simple tasks to complex strategies. There is no shortage of financial advice that gets shared across social media platforms as well. However, some of this information is dangerous because of the lack of understanding of the topics that are being pr...

It's no secret that pharmacists get paid well. They should. They have accumulated an immense level of education and knowledge in a field that is extremely impactful to our communities. But it's no secret that pay within the industry is changing. So what does that mean for new grads just entering the profession and more tenured mid-career professionals who still have another 20 - 30 years...

The podcast is growing and with that there have been many questions from listeners emailed into the podcast@pharmdfp.com inbox. So, in this episode, Derek is going to answer 5 of those questions that listens have inquired about. Join in as Derek provides answers and context to the questions: - Do I hold the same philosophy about college as Gary V? Is going to college a waste of money? - If you cou...

In life there is always a beginning and an end. I'm sure all of us have had a loved one pass away at some point in our lives. But what happens when you are left with an inheritance? The amount of wealth that will pass to the next generation is projected to be anywhere between 30 and 70 trillion dollars. It is being called the great wealth transfer. So it's important to understand what op...

To say that taxes are confusing is an understatement. With over 2,600 pages of Internal Revenue Code and approximately 800 different schedules and forms, I think it's safe to say that tax code could be considered one of the greatest puzzles of all time.  However, it's one of the biggest levers we have to manage in financial planning. And for pharmacists, it's important to mange your...

Whether you like it or not, everyone has a financial plan. Not doing anything is a financial plan. Planning by yourself using simple or complex software is financial planning. Working with a financial professional to help build a financial plan is financial planning.  There is nothing wrong with wanting to create a financial plan on your own. However, it can be tricky trying to figure out how to g...

The world of pharmacy has changed a lot over the last 8 years. There are more pharmacy schools than ever, jobs are harder to come by, pay for new grads is getting lower, and the pharmacy industry as a whole is trying to work through the adoption of increased technology.  So, with all of that going on, I thought it would be appropriate to bring on a guest. Kortney Delaney - PharmD, talks about the...

With the implementation of zero trading costs, it has become more common than ever for retail investors to open their own trading accounts and start investing. The thrill of earning a profit when an investment works out, is phenomenal! But don't forget that whenever you earn a profit, the IRS will be waiting. So in this episode Derek will discuss capital gains taxes. What are they? When will...

A piece of the American dream is homeownership. For most, buying a home fits that narrative. And doing so has become pretty commonplace in America. However, some take it a step further and decide to build their own dream house. This is much less common, and for some, a completely foreign concept. So in this episode, Taylor Herman joins the podcast to talk about the process of building a new home....

It's rare these days for someone to work their entire life with one company. It's also uncommon these days to find a company that is going to provide you with a pension. This forces people to take advantage of other retirement plans, like a 401(k). So in this episode Derek is going to walk you through a common decision people find themselves having to make. Do you keep your money inside...

Some of the first type of interactions a young pharmacist may have with a "financial advisor" may very well be around the topic of life insurance. Life insurance is a useful product but many times the sale of life insurance can blur the lines between a beneficial product or a regrettable buying experience.  In this episode, Derek will go over the basics of life insurance. He'll touc...

One of the biggest financial stressors for a young pharmacists is student debt. It's confusing to figure out what you have, what your repayment options are, and how to get to the finish line of paying them off as efficiently as possible.  In this episode, Derek will breakdown what common questions pharmacists will face when it comes time to repaying their student loans. He will also provide s...