PharmD Money: Recent Episodes
Derek Delaney
PharmD Money, hosted by Certified Financial Planner practitioner Derek Delaney, brings relevant financial education and entertainment to the pharmacist community. Visit www.pharmdfp.com for more information on the show, PharmD Financial Planning LLC, and Derek.
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 through what his prediction for the future of taxation will be depending on who wins in 2024. He looks at what might happen to future taxes if Republicans sweep, if Democrats sweep, or if a mixed government happens.
Enjoy the show!
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 if one fits your needs, this episode is for you!
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 episode, Derek talks about the purpose of probate, the advantages and disadvantages, and what type of assets will be subject to probate when you die.
Enjoy the show!
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 can be a difficult role to step into.
In this podcast episode, Derek takes a deeper dive into helping explain what a Trustee is and the duties that are required. Hopefully this provides some helpful insight on a complicated topic.
Enjoy the show!
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, Derek walks through one of the worst stretches of investment advice found online from a very recognizable name. Following this individual would have ruined any good investment portfolio.
Enjoy the show!
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 the only person in their peer group struggling. In this podcast episode, I want to lift that veil.
I'm going to shine a light on what I've found in my financial planning practice working with individuals in each decade. I talk what I've seen as the most common lifestyle and wealth structure of individuals in their 20s, 30s, 40s, 50s, & 60+.
Enjoy the show!
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, Derek dives into the numbers. He looks at if the economic conditions over the last 40 years have really been that great for boomers, or if we're all misremembering reality.
Enjoy the show!
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 categories and gives you a general idea of what that lifestyle consists of and how much it's going to cost you. Depending on which category you see yourself falling into, will help you better answer the questions, "how much money do I need to save to retire?"
Enjoy the show.
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 experience you'll get with a big firm, an example of how it's not as great as people think, and what makes an advisor-client relationship actually valuable.
Enjoy the show!
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 humans can have when the aliens arrive?
All of this and more is covered in this episode. After listening, you'll be fully prepared to manage your finances when Independence Day becomes real life.
Enjoy the show!
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, so beware of what you're told.
In this episode, Derek dives into why social media community advice can be dangerous if overly relied upon.
Enjoy the show!
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 the broader economy?
Specifically, how will these payments affect the current AirBnB rental market? In this podcast episode, I give my prediction on what will happen over the next 12 to 18 months.
Enjoy the show!
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.
In this podcast episode, Derek reviews his top financial considerations for those who plan to start their NOMAD journey in the near future.
Enjoy the show!
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 be the upcoming college enrollment cliff. In this podcast episode, Derek talks about this and more. So if you're worried about how you're going to pay for your kid's future college tuition, this episode is for you.
Enjoy!
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 down the government's current debt and ultimately keeping them from hitting their debt ceiling.
It all seems like word salad, so in this podcast episode Derek breaks it all down in simplified terms so you can better understand what a one trillion dollar coin is meant to do.
Enjoy!
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. He also details three ways a home can be utilized appropriately as a retirement resource.
Enjoy the show!
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 financial standing.
In this podcast, we strip all that away and look at the actual data.
We will use the average household retirement savings account balances of Americans, within different age ranges, to see how financially prepared we are for retirement as a country.
Enjoy the show!
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 more so what they didn't do.
In this podcast episode, Derek talks about the top 5 regrets of the dying. These regrets were sourced from social media, so they are not scientific data by any means. However, they do provide a lens we can use to reflect on how these regrets apply to our money.
Regret # 1: I wish I'd have the courage to lie a life.
Regret # 2: I wish I hadn't worked so hard.
Regret # 3: I wish I had the courage to express my feelings.
Regret # 4: I wish I had stayed in touch with my friends.
Regret # 5: I wish I had let myself be happier.
Enjoy the episode!
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 relevant questions. In this podcast episode, Derek breaks it all down and does his best to explain what we can expect next.
Enjoy the epsisode.
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 realize that total loan forgiveness is not the way.
In this episode, I walk through why student loan debt forgiveness is not only the wrong move, but ultimately why it's a total scam.
Enjoy the show!
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 pro's and con's that retirement in 2023 has compared to retirement pre-COVID. And at the end, Derek gives his final verdict.
Enjoy the show!
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 what criteria needs to be met to create financial success with someone else regardless of whether you have joint accounts or not.
Enjoy the show!
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 podcast episode, we take a look back at what made investment performance so strong from 2009 - 2020 and what common factors (or lack there of) will drive investment market performance in the next handful of years.
Enjoy the show!
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 he is doing personally.
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 doesn't necessarily equal greater income. So make sure your retirement planning decisions are focused on increasing your future income and not just your account balance.
In this podcast episode, Derek talks about this in more depth.
Enjoy the episode!
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 can expect from the vehicle market in 2023 and how you may have an opportunity for some great deals if you're prepared.
Enjoy the episode!
www.pharmdfp.com
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 and being pushed by people with very little financial education all over the US.
So, in this podcast episode, Derek explains what an IUL is and what makes this type of product so dangerous for individuals.
Enjoy the show!
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 with your money if you could turn back time?
Enjoy the show!
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 plans?
The answer to this question might surprise you. In this podcast episode, Derek answers this question and more.
Enjoy the episode!
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 RPhAlly. This is a recording of a recent webinar that was held on the RPhAlly platform.
Enjoy the show!
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 difficult times continue, their advisor is nowhere to be found. This is leading many to ask the question, "Should I Fire My Financial Advisor"?
In this podcast episode, Derek talks about how you should go about making this decision and some key questions you should be asking during your evaluation process.
Enjoy the episode!
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 market?
It's a question many people are wrestling with right now. So, in this podcast episode, Derek explains the thought process you should be using when determining if buying into this investment market should be your next move or not.
Enjoy the episode!
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 ultimate outcome will be after it's all said and done.
Enjoy the episode!
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 help. Instead, my opinion is that is can be done in a much smarter way.
Enjoy the episode!
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 retirement planning taken care of is key.
But what are those areas?
In this podcast episode, Derek walks through his four pillars of retirement success. If you can get these four areas of your retirement plan in place, you've given yourself a great shot a achieving retirement success!
Enjoy the episode.
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 whether an investment opportunity is truly to good to be true or not.
Enjoy the show!
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 pass away first.
Unfortunately, those payout options for the surviving spouse mean that the original pension holder will have to take less in income. Sometimes this can mean a 25% - 40% cut in income.
So what can pension owners do in order to maximize their own payout while also making sure their spouse is financially secure should they pass away at a younger than anticipated age?
Pension maximization using life insurance is one great option to explore and in this podcast episode, we do just that!
Enjoy the show!
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 positive impacts down the road. Not only for you but for your future beneficiaries as well.
Enjoy the show!
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 forward looking and do their best to price in what they feel is fair value based on future events.
So making decisions based on today's economic conditions could lead you to making poor investment decisions, which almost never ends well for most people.
In this episode, Derek explains why this is so important to understand.
Enjoy the show!
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 get this type of question often. So, in this episode, I give you 4 easy steps anyone can take during turbulent market times.
Enjoy the show!
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 skyrocketed, so has the interest rate on these savings bonds.
In this episode, Derek explains how they work and what investors should be aware of if they decide to take advantage of these savings bonds.
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 these dots.
In this episode, Derek does his best to explain how all these factors are interconnected and why you probably won't get a raise on the interest you're earning in your bank account any time soon.
Enjoy the show!
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 a few tactical strategies available that could make a recession a bit more bearable.
In this episode, Derek talks about 4 strategies that investors can implement during a recession to make the most of a declining investment market environment.
Enjoy the show.
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 questions that arise during the college planning process.
Enjoy the show!
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 for themselves based on that influential "advice".
When it comes to personal finance, this is a common theme. It's also one of the biggest reasons why people end up doing stupid stuff with their money. They crowdsource information from unreliable sources that have influence.
So, in this episode, Derek talks about what this can mean for individuals who find themselves in this situation and what they should do when they encounter information like this online.
Enjoy the show!
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 investment product all over the internet. So who should you believe?
In this podcast episode, Derek explains what you're actually getting when you buy an annuity. He also explains how you can better evaluate an annuity to make sure it is or is not what fits your investment needs best.
Enjoy the show!
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!"
However, getting a large tax refund could be problematic. Especially in this economic environment. So in this podcast episode we are going to break down why you might be getting a refund and if it's something you should look at changing.
Enjoy the show!
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 life and as the CEO of your family (or co-CEO in many cases), your time and attention is spread pretty thin. Kids, work, hobbies, etc. are all areas of your life that you need to focus on.
Your personal finances need to be included in that but often times it's the part of life that ends up being neglected. If this is done long enough, it can lead to future outcomes that are less than desirable.
Incorporating a personal CFO into your life to manage that side of things can create a return on investment in a big way. So in this podcast episode, Derek is going to explain the value of a CFO and how a pharmacist family should judge that CFO to make sure they are extracting as much value from that relationship as possible.
Enjoy the show!
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 becomes one of the biggest reasons why investment returns are far bigger than investor returns.
In this episode, Derek talks about why being a passive investor is not just about owning passive investments. Your behavior needs to be passive as well, and when it's not, it leads to underperformance across the board.
Enjoy the show!
Owning accounts jointly with your spouse is very common. Everything from property to your bank accounts most likely has a joint title on it. The convenience of using those accounts makes the joint titling a no-brainer for most.
However, from an estate planning standpoint, it may not be in your best interest to do. Jointly owned assess don't allow some to maximize the tax benefit of the step-up in basis rule.
Because of this, it may make sense to reconsider or reexamine your joint taxable account titling decision. In this episode we explore this and who may benefit from not using the joint title on their investment accounts.
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
As a pre-retiree looking into retirement, you may find yourself wondering what you're going to do to fill your time when you finally retire. You spend a large portion of your day at work and when that time suddenly becomes available in retirement, what will you do with it?
One way people start envisioning their answer to this question is by learning about what other people who are already retired are doing. And because I'm lucky enough to have conversations with many retiree's, I can help shine some light on a few common answers.
In this podcast episode, Derek will cover his 5 most common ways retiree's are spending their time once they pull the retirement trigger.
1.) Start doing similar work you did as a kid
2.) Work with an adult child by starting a business
3.) Become the grandkids' daycare provider.
4.) Turn that part-time hobby into a full-time endeavor
5.) Start incorporating healthier habits into your life
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Retirement planning can be easily pushed aside. It's not hard to find other things that are going on in life that will take priority. Unfortunately, one of the biggest retirement planning advantages a person can give themselves is time.
Enough time to plan, organize, and implement everything that should be in place. That is why I feel the sweet spot to start getting serious about retirement is when you are 10 years away.
That is why in this podcast episode, Derek will go over a few of his top planning tips for those pharmacists who are 10 years away from retirement.
Tip 1: Creating clarity about your retirement.
Tip 2: Projecting what possible income sources will be and at what amounts in retirement.
Tip 3: Creating a debt paydown strategy. Yes, even for your mortgage.
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
One of the biggest, if not the biggest, decision a retiree will need to make when it comes to their retirement is deciding which retirement withdrawal strategies they will want to implement. There are no shortage of options to choose from. This can make determining what is best for you, a difficult task.
In this podcast episode, Derek will preview the 4 most common type of retirement withdraw strategies and the pro's and con's of each.
- Dynamic Portfolio Withdraw Percentage
- Static Portfolio Withdraw Percentage
- Bucketing Withdrawal Approach
- Delegating Income Approach
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Investment management is a straight forward concept for many people in the accumulation stage. Take money from your paycheck and stick it into your 401(k). Make sure your 401(k) is diversified and let the power of compounding do its magic in your favor.
However, retirement is a completely different game. Gone are the days of saving and accumulating. Instead, you are now tasked with managing your investment portfolio in a way that aligns with your new stage of life.
This can be a stressful and overwhelming job for many new retirees. That is why in the podcast episode, Derek will explain what considerations new retirees need to have when it comes to investment management and how these new considerations are very different than what they have experienced as accumulators.
Topics discussed include:
- Not getting overly conservative
- Investment management aligning with your retirement withdraw strategy
- The power of diversification
- Tax considerations on top of investment management decisions
- Your safety bucket of money
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Early retirement is a dream scenario for many people. Retirement could mean a second chance at a new career, a new lifestyle, or even a just greater time freedom. But with all the good that can come from retiring at 50, it also is a big financial risk.
Preparing yourself financially and emotionally can help the probability that your extended retirement is a success.
In this podcast episode, Derek covers a few key areas that anyone who is thinking about retiring at age 50 should be planning for.
- Getting crystal clear about your retirement purpose
- Dialing in your savings rate and new lifestyle
- Creating and income plan
- Hiring your early retirement team
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
You've heard it said before that tax planning is a critical element of retirement success. So what is the opportunity cost of not implementing proactive tax planning in your financial endeavors?
Well, you may find yourself setting off big tax bombs in retirement that could cost you far more than you think. It often happens that individuals are not even aware they are doing it until they file their year end tax return. We don't want that happening to you.
So, in this podcast, Derek will discuss 5 common tax bombs most retirees want to do their best to avoid!
Tax Bomb # 1: IRMAA
Tax Bomb # 2: Social Security Tax
Tax Bomb # 3: Capital Gains/Ordinary Income Taxes
Tax Bomb # 4: Required Minimum Distributions
Tax Bomb # 5: Deferred Retirement Accounts
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
In today's episode, we answer some of the more popular audience questions we've received. Some of these questions have been asked multiple times, so we thought it would be a perfect time to answer them in an AMA episode.
Derek will provide his thoughts and answers to the following questions:
1.) What Should I Do During A Bear Market?
2.) Should I Pay My Mortgage Off Before Retirement?
3.) How Accurate Is My Social Security Projection If I Retire Early?
4.) How Do I Know If I Need A Trust Or A Will?
5.) Are All Annuities Bad?
We hope you enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
There is so much to consider and sort out while working through a retirement transition. However, one of the biggest changes you will experience is the shift of being an accumulator to becoming a de-accumulator in retirement.
In this episode, Derek will go over what he sees as some of the biggest changes people will experience while making this retirement transition. The subtle and not so subtle differences should be on all pre-retiree's radars as they advance toward their golden years.
These differences include;
- A Total Mindset Shift
- Sequence of Return Risk
- Increased Interest Rate Sensativity
- Taxation Control
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Retirement is an exciting time for many. Especially those who have been looking forward to their golden years for quite some time. Unfortunate for some, the happy and fulfilling retirement fantasy doesn't always materialize into reality. A big reason for this is unintended frugality.
Being cautious with your spending in retirement is a valuable. But taking it to the extreme can be a big determent. It can also be a habit that is extremely hard to overcome. If you've been frugal your entire life, it's going to be difficult to loosen those reigns in retirement, even if you can financially afford to.
That is why in this episode Derek goes through a few of his tips he's used with his retiree clients who have found themselves in this same situation.
Tip # 1: Revisit Your Core Values
Tip # 2: Match Expenses With Your Income Sources
Tip # 3: Hire A Professional
Tip # 4: Take Micro Actions And Continuously Evaluate
Enjoy The Show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Retirement planning is confusing. There is a lot to consider. And just when you think you have everything figured out, the IRS comes along and makes it more difficult. This is usually what happens when people learn about Required Minimum Distributions for the first time.
RMDs are the amount of money the IRS requires that you pull out of your retirement accounts each and every year. Regardless of if you actually need that money or not. Their goal is for you to spend the last dollar you have in a retirement account before you die. This can be a major hinderance on the financial goals of individuals.
In this podcast, Derek talks about the basics of RMDs everyone should be aware of. He also touches on some of the RMD changes that start on January 1st, 2022.
If you are trying to learn more about how RMDs may impact your retirement, this episode is for you.
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Retirement planning is a complex topic. There are a number of different financial and behavioral risks that retirees must navigate throughout their golden years. One of the biggest and most impactful decisions a retiree will need to make usually comes at the beginning.
That decision is determining what retirement distribution strategy will be implemented. Or more commonly, how will you safely withdraw money from your retirement next egg over the next 30 - 40 years?
This has become a much bigger and impactful decision for retirees today than it was 15 years. So in this episode, Derek will walk through what he believes are the 4 more common type of retirement withdraw strategies that are being utilized today.
In this episode, we cover:
-The 4% Rule
-The Bucket Approach
-The Guardrails Approach
-The Interest Approach
Enjoy The Show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Many people work for financial reasons. But what happens when you get to the point of not needing income from a job anymore? For many, this is the dream scenario. This is when they get to finally hang it up and fully retire. Welcome to the golden years!
But for others, this decision comes with a lot more angst. They feel the tradeoff of retirement isn't worth what they are leaving behind from their job. So they work longer than they financially have too. And if this is the case, should it be something that is concerning? Is working to long a bad thing?
In this episode, Derek will break down the trade-offs or continuing to work even when you don't have too. Understanding the good and the bad of making that decision will help bring more clarity on if it's truly what is best for you.
Finally, wait until the end when Derek gives his unique recommendations to those who find themselves in this exact situation.
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Hiring a financial advisor can be intimidating. To make matters worse, it can be very difficult to differentiate between them. They all have "Financial Advisor" or "Financial Planner" or "Wealth Manager" etc. etc. etc. on their business cards? Does that mean they are all the same and do the same thing?
The answer to that question is a resounding no. But how can you tell? How can you make sure you are hiring the right financial advisor for you? In this podcast episode, Derek will walk through 10 questions you can use to better understand the differences and nuances between financial professionals. These questions will make it much easier to compare and contrast different financial advisors for the benefit of the consumer!
The 10 questions are:
1.) How Do You Get Paid?
2.) Are You Held To A Fiduciary Standard Of Care At All Times?
3.) What Are Your Qualifications?
4.) Beyond Investment Management, What Other Value Can You Provide To Me?
5.) Who Do You Specialize In Working With?
6.) Do You Have The Ability To Provide Proactive Tax Planning Advice?
7.) How Much Do You Typically Charge?
8.) Do Other's Stand To Gain From Our Work Together?
9.) Have You Ever Been Disciplined For Any Unlawful or Unethical Actions In Your Career?
10.) Is There Another Firm Out There That Is Better Suited To Working With Pharmacists And Their Families?
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
We have made it to a new year. And like every other year, changes have been made on what we are allowed and not allowed to do with our money. So it's important to get caught up with all of the important numbers that will dictate what we can do while we try to maximize our planning opportunities within the year.
In this episode, Derek will talk about
I. The changes to Federal Income Tax Rates
II. Long Term Capital Income Taxes Rates
III. Net Investment Income Rates
IV. Provisional Income Changes
V. Contribution Limits and updates
VI. RMD changes
We hope you enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Investment rate of return is the easiest metric to use when determining success and failure of your financial life. It's also the easiest metric to use when correlating it with your future consumption. I made a lot of money this year in my investment account, which means I will be able to afford to spend more in retirement.
This is dangerous thinking, especially when its your primary focus of deciding whether to hire a financial advisor or not. There is so many other details that become more important than investment rate of return when retiring that should be looked at along with a portfolio's rate of return.
In this podcast episode, Derek will go over why investment rate of return is a poor metric to use when deciding to hire a financial advisor. He will also touch on a few other areas you should be more concerned about when making this type of decision.
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Retirement planning is a complex and fairly time intensive endeavor. It requires a lot of planning and projecting and ultimately aligning that information overtop an everchanging economic and regulatory landscape. So what are a few items you should make sure you do and not do when it comes to your retirement?
In this episode, Derek goes over his top Do's and Don't for a successful retirement. These items can be applied to almost every pharmacists retirement plan. They include:
Do; Create pinpoint clarity around your first year of expenses in retirement based on your most recent year of expenses.
Don't; Jump the gun on claiming Social Security benefits
Do; Consider Roth Conversions
Don't; Let media dictate your decision making
Do; Have a safe distribution rate
Don't; Lock yourself into any long-term decisions
Do; Create a team of financial professionals
Don't; Wing it
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Today, I am exciting to interview Scotty Sykes, CPA, CFP® with Sykes and Company, P.A. Scotty is a Certified Public Accountant who is actively involved in all areas pf pharmacy accounting and tax with an emphasis on high-level advisory for pharmacy clients.
There is nothing more exciting than getting a hot tax tip and completely pulling one over on the IRS. Ok, so maybe not that exciting, but reducing your tax bill each year is definitely a positive result. There also seems to be no shortage of ways pharmacists are able to do this. Unfortunately, some of those more popular strategies are not as good ( or legal) as many people believe them to be.
In this episode we take a deeper look at a few of the more common tax myths that are circulating around out there and what pharmacists and pharmacy business owners should be on the look-out for.
You can find more information about Sykes and Company P.A. at:
https://www.sykes-cpa.com/
If you're looking to follow or connect with Scotty, you can find him on:
LinkedIn: https://www.linkedin.com/in/scottysykes/
Twitter: @ScottySykesCPA
YouTube: https://www.youtube.com/channel/UCk0m8rv3Xhe7tlXilpKdgmw
Or contact Scotty directly at:
scott@sykes-cpa.com
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
We've been on quite an economic run over the last 13 years. Investment markets have experienced some volatility over that time, but the general direction has been positive. This may lead many people to forget about how bad the last big recession we experienced was.
Recency bias may be leaving some pharmacists unprepared for the next recession and I can't let that happen. So in this episode of the PharmD Money podcast, we explore how you can start preparing yourself for the next big economic recession. It's not if we will experience one, it's when. And I don't know anyone who could accurately predict that. So making sure you're prepared now is absolutely critical.
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Do you find yourself looking more and more into early retirement? You're not alone. Whether your a retail pharmacist who is feeling completely burned out or maybe someone who is just looking at that next chapter of their life, retiring early may be the logical next step.
But retiring early comes with a lot of risk. And it takes a lot of precision to pull off. After all, for most pharmacists that decide they want to retire, they only want to do it once! So what can you do to start preparing yourself for this huge change in your life?
It starts with identifying core area's of your finances you are going to want to have buttoned up. So in this podcast, Derek breaks down a few items of your financial life that you are going to want to have squared away in order to give yourself the best chance at having a successful early retirement.
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
At some point in our society, the term budget turned out to be the magic cure for anyone with financial troubles. You don't have enough money? Well you need to budget better. You which you and your spouse could get on the same page when it comes to money? Great, start a budget. You have to control your spending in retirement? A budget is what you need!
This all seems like pretty standard advice. But it's not going to work. Budgets in general don't work. They serve the same purpose as new years resolutions. They make us feel good in the moment but don't actually end out producing the desired outcome we had originally hoped. And it's not your fault this happens!
In this episode, Derek goes over why budgets don't work. What specifically about budgets are ultimately setting you up for failure. Finally, he finished the episode with what you can do instead. How you can end up creating greater long-term and sustainable success.
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Today I am excited to interview Ross Klein, founder, managing member, and chief investment officer of Changebridge Capital, LLC.
In this episode we take a deeper look into a few of the more popular areas of investment management. We touch on the importance of diversification and how we can't rely on the S&P 500 as our only form of diversification. We also discuss the growing popularity of ESG investing and ways investors should be approaching this space. And finally, Ross gives us a few tips on how we can better evaluate active investment managers and not rely so heavily on just past performance data.
You can find more information about Changebridge Capital LLC at:
www.changebridgecapital.com
www.changebridgefunds.com
If you're looking to follow or connect with Ross on social media, you can find him on:
LinkedIn: https://www.linkedin.com/in/ross-klein-cfa-1645a46/
Twitter: @RKleinCFA
Or contact Ross directly at:
ross@changebridgecapital.com
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
As you approach the end of any calendar year, you most likely will be presented with opportunities to make changes to all of the employer benefits you have access too. One of the most common employer benefits that employees take advantage of are employer sponsored retirement plans. In most cases, this is a 401(k).
So as you approach the end of the year, planning and optimizing your 401(k) becomes very important. However, it can seem like a hassle. Investment options, contribution percentages, paperwork, login's, etc. can seem overwhelming for a lot of people. But that doesn't make giving your 401(K) attention less valuable.
So in this episode, Derek covers what year end 401(k) planning steps you should be taking to make sure your 401(k) is being utilized to it's maximum potential.
We cover:
- Automatic Enrollment
- Investment Options and how to analyze them
- Your individual investor profile
- Learning about new features of your 401(k)
- Contribution increases
- Beneficiary reviews.
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
It's widely considered prudent financial management to leave retirement money alone. You should never be using those dollars until you actually reach retirement. After all, it's why you saved the money in the first place.
But sometimes reality gets in the way. We may encounter many reasons in life to withdraw money from our retirement accounts before we reach retirement. And if you ever get to this point, it can be confusing trying to figure out what options are available to you.
In this episode, Derek talks about the different avenues you can explore when trying to determine the best way to take an early withdraw from a retirement account, like a 401(k).
In this episode Derek talks about:
- In-Service Withdraws
- Taking a 401(k) loan
- Rule of 55
- 10% early withdraw penalty exceptions
- Much more!
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
Are you utilizing the backdoor Roth IRA conversion strategy? Do you see a tax form numbered 8606 with your tax return every year? Are you reading this and already thinking to yourself how boring and confusing tax planning is? You're not alone! But this is something you're going to want to take note of.
Reducing the amount of tax documents you are required to file every year could be a great way to save a little bit of money on your tax preparation costs. So if you find yourself with IRS form 8606 every year, this episode is for you!
Non-deductible IRA contributions can inadvertently happen in a tax year. But the basis of those contributions will stay with you forever. And to make matters worse, it can be complicated to get rid of!
In this episode, Derek takes a closer look at backdoor Roth conversions and what it means to have IRS form 8606 filed every year and what you can do about it. He also ends the episode with an action item all listeners should take!
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 investing a try. But where do you begin and how do you start? It may sound good in theory, but what steps can you take to make it a reality?
In this episode, Derek talks about the first steps pharmacists should take if they are thinking about getting into real estate investing and rental ownership. Getting started on the right track can help accelerate all of the wonderful benefits of owning rental real estate and avoid the common mistakes many have already made.
Enjoy the show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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. He will explain:
- What inflation is
- How it's measured
- How inflation today compares to historical averages
- What controls inflation
- What you can do as an investor to protect yourself from rising inflation
Referenced in the show is JP Morgan's Guide to the Markets. Here is a link to the referenced information.
https://am.jpmorgan.com/us/en/asset-management/protected/adv/insights/market-insights/guide-to-the-markets/
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 unique tax savings when it comes time to sell those shares and withdraw your money. That is when Net Unrealized Appreciation becomes important.
In this episode, Derek will dive into the benefit of Employer Stock Ownership Plans (ESOPs) and the value that net unrealized appreciation could provide to you from a tax planning standpoint.
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 and what generation they fall into. The specific way of defining being rich also changes a lot depending on the person you are speaking with and what generation they fall into.
In this episode, Derek breaks down his two definitions of rich, how much you need to have to be considered rich by your peers, and why we should all be changing the way we evaluate wealth in America.
Enjoy the show!
**In this episode, Derek uses data from a CNBC article that was published in 2021. Here is a link to that article.
https://www.cnbc.com/2021/05/12/net-worth-to-be-considered-wealthy-in-2021.html
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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.
1.) Create Perspective
2.) Avoid Blame
3.) Get Rid Of Bad Debt
4.) Pace Yourself
5.) Find Your Forcing Mechanism
6.) Create Positive Reinforcements
Enjoy The Show!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 Attendance, Expected Family Contribution, Financial Aid Need, and more!
Enjoy the Episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 Real Slim Shady", and Cribs was the hottest show on MTV!
Is a flood of memories starting to rush back? Same here. It doesn't seem like it was that long ago but is a great example of how fast time fly's. This is why getting your financial house in order is crucial. Regardless of if you are a newly minted 30 year old or on the backside of 39, there are moves you should be making with your money to help the financial viability of your future self. In this podcast we are going to explore the top 5 money moves to make in your 30's because before you know it, Nickelback will be consider classic rock!
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 and sizes. Financial imposter syndrome is specifically the seed of doubt around our financial wellbeing. Managing it properly and continuously improving it over the course of our lives can make a huge positive difference.
In this episode, Derek will discuss:
-What is financial imposter syndrome
-How to manage financial imposter syndrome
-How you can tell if it's getting better in your life
Enjoy the Episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 need to be aware of. Student debt is both a necessity and a headache. Understanding the different ways to minimize your student loan debt load can make a lot less painful.
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 explore the positives and negatives of each. That way when it comes time to figure out which option is best for you, you can tackle the decision fully armed with a well rounded understand of how each of these investment management styles work.
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 rewarding and emotionally liberating. But it takes a significant amount of work.
Starting a business will require pharmacists to make decisions and navigate situations they may not have ever experienced before. So in this episode, Derek will talk about important considerations most new entrepreneur's will have to deal with as they begin to build their own business.
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 consumers to determine if the value they are getting from their advisor is worth the money they are paying, directly or indirectly.
So, in this podcast episode, Derek will walk through the four main ways most advisors get paid. This will help you determine how much your advisor is being compensated so you can start fairly identifying if your getting your "money's worth".
- Commissionable Compensation
-Assets Under Management (AUM) Compensation
-Flat Fee Compensation
-Hourly Compensation
Enjoy the episode!
You can contact Derek on Social Media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 financial advisors are not considered true fiduciaries. They don't have the requirement to put their client's best interests ahead of there own at all times. This can create tremendous amounts of conflict of interest. This conflict can directly affect the quality and appropriateness of the advice and guidance you receive.
So in this episode, Derek walks you through:
- What a true fiduciary financial advisor is
- What standards a broker/financial advisor must uphold
- Examples of a broker relationship and a fiduciary relationship
- How to uncover if a financial advisor is a fiduciary
- What to do if you are not working with a fiduciary advisor
Enjoy the episode!
You can contact Derek on Social Media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 presented. Most of the time it's individuals who are sharing totally made up information and positioning it as fact. Because money is a complex subject, a lot of people can't tell the difference.
So, in this episode, Derek will break down four of the most egregious pieces of financial advice that he has come across on social media lately. Hopefully this will help you avoid a big financial misstep, or even worse, committing and unknown crime.
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 left in their career?
In this episode, Derek gives and outsiders opinion on what he thinks is going on and how he thinks it will affect the long term outlook of the profession. Derek also gives his 3 predictions for the biggest changes he sees happening to the industry in the next 10 years.
Enjoy the Episode!
Episode Sources:
UofM College of Pharmacy website: § https://www.pharmacy.umn.edu/degrees-and-programs/doctor-pharmacy
Nerdwallet Article: https://www.nerdwallet.com/article/loans/student-loans/average-pharmacist-student-loan-debt
Career Explorer Salary Breakdown: § https://www.careerexplorer.com/careers/pharmacist/salary/
Drug Topics Article: o https://www.drugtopics.com/view/top-10-best-states-be-pharmacist-2019?page=2
You can contact Derek on Social Media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 could only recommend 1 thing to get some ones financial life in better order, what would it be?
- What is cryptocurrency and should I buy it?
- What is a good rule of thumb for how much I should have saved for retirement?
- Do you manage your own finances the same way you coach others to do?
Enjoy the episode!
You can connect with Derek on social media at:
https://twitter.com/derekjdelaney
https://www.linkedin.com/in/derekdelaneypharmdfp/
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
Or by email at:
derek@pharmfp.com
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 opportunities, challenges and decisions you will encounter if you find yourself as an inheritor.
In this episode, Derek will walk through considerations you should be aware of when inheriting
- IRAs & 401(k)s
- Capital Assets (money not in IRAs or 401(k)s)
- Annuities
You can find Derek at:
derek@pharmdfp.com
Twitter: https://twitter.com/derekjdelaney
LinkedIn: https://www.linkedin.com/in/derekdelaneypharmdfp/
Facebook: https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050
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 tax liability and exposure continuously.
So, in this episode, Derek will walk you through one of the most common tax forms most people are exposed to. Form 1040. How it works, what information is important, and a few different ways you can directly influence how much tax you're required to pay.
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 get started and what actions are needed to move forward.
So, in this episode, Derek walks through the 5 steps he believes any individuals can take to create their own financial plans.
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 last 8 years of her pharmacy career, what she anticipates seeing in the future within the industry, and some advice for new grads getting ready to start their careers.
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 you owe them? And, how do they affect the other taxes you owe throughout the year?
Enjoy the episode!
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. From working with a bank, contractors, and more. He also details what your expectations of the process should be.
Taylor Herman is a VP of business banking. He has 10+ years in the banking profession.
Enjoy the episode!
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 your 401(k) after a job change, or move it into an IRA?
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 touch on some of the benefits you should be aware of, common features, and how to identify if your current life insurance is still appropriate for you.
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 some insight into a few of the many different area's of student loan planning.
A valuable tool pharmacists can use when it comes to preparing for retirement (among other things) is the ROTH IRA. It's a common account that seems pretty easy to navigate. However, there always seems to be a few details that end up tripping pharmacists up.
In this episode, we are going to cover some of the basics of ROTH IRAs that pharmacists should be aware of. Because if you haven't already, you could find yourself running into these in the future.
Money is complicated. You spend a large part of your life pursing it while simultaneously trying not to lose it. In the episode, Derek concentrates on 3 areas where pharmacists tend to find themselves experiencing those financial roadblocks and ways they can navigate their way out as quickly as possible.
Roadblock# 1: Digging out of debt
Roadblock #2: FOMOA (Fear of Missing Out, Again)
Roadblock # 3: Buyer's Remorse
A career as a pharmacist isn't a normal 9 - 5 profession. It can difficult to determine if you are on the right track. It can even be more stressful when you start comparing yourself to others. That is why in this episode, Derek gives you an idea of what a "typical" financial progression looks like for a pharmacist professional.
Everyone's financial situation is different and unique, but this episode will attempt to provide an idea of what you could potentially anticipate in your financial life.
Stage 1: New Grad Stage
Stage 2: Growth and Opportunity Stage
Stage 3: Financial Maturity Stage
Stage 4: Golden Years Stage
Financial Wellness can mean many things to different people. In this episode, Derek breaks down what his 5 core money principles are. They are not universal, but are a great place to start if you are trying to build a stronger relationship with money!
1: Money is a tool, not a goal
2: You can't manage what you don't measure
3: Discipline equals freedom, motivation equals a mirage
4: Ignore and avoid status games
5: If you don't have health, you don't have anything
On this episode of the PharmD Money podcast, host, Derek Delaney discusses his motives for starting the PharmD Money podcast. He also explains what his intent for the podcast is and what he is hoping to provide to the pharmacist community. Finally, Derek gives a brief background of his financial planning firm, PharmD Financial Planning and what makes it different compared to the many other financial planning firms pharmacists have access too.