Your Financial Pharmacist

Tim Ulbrich reviews seven impactful finance books he recommends for both seasoned investors and beginners to gain strategies and inspiration for success.

Summary

In this episode, Tim Ulbrich continues the discussion from Episode 341 on "5 Financial Moves to Make in 2024." The fifth "move" was about "setting a plan for your personal finance learning," and this week, Tim dives into seven personal finance books that have profoundly influenced his financial journey.

With no particular order in mind, Tim shares insights from each book and how he has implemented key takeaways into his own financial plan. You can find links to all these recommended books in the show notes. Tim emphasizes that these are not just any books – they are ones he frequently recommends or gifts to others, and they have played a crucial role in his and his wife, Jess’, journey towards achieving financial freedom.

Whether you're a seasoned investor or just starting on your financial journey, these books are a must-read (or re-read) in 2024. Tune in for valuable insights and inspiration to help you pave your way to financial success!

About Today's Guest

Tim Ulbrich is the Co-Founder and CEO of Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 15,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. To date, YFP has partnered with 75+ organizations to provide personal finance education.

Tim received his Doctor of Pharmacy degree from Ohio Northern University and completed postgraduate residency training at The Ohio State University. He spent 9 years on faculty at Northeast Ohio Medical University prior to joining Ohio State University College of Pharmacy in 2019 as Clinical Professor and Director of the Master’s in Health-System Pharmacy Administration Program.

Tim is the host of the Your Financial Pharmacist Podcast which has more than 1 million downloads. Tim is also the co-author of Seven Figure Pharmacist: How to Maximize Your Income, Eliminate Debt and Create Wealth. Tim has presented to over 200 pharmacy associations, colleges, and groups on various personal finance topics including debt management, investing, retirement planning, and financial well-being.

Mentioned on the Show

• YFP 341: 5 Financial Moves to Make in 2024
• YFP 200: An Interview with Sarah Fallaw of The Next Millionaire Next Door
• I Will Teach You To Be Rich by Ramit Sethi
• Die with Zero by Bill Perkins
• Rich Dad, Poor Dad by Robert Kiyosaki
• Tax Free Wealth by Tom Wheelwright
• The Millionaire Next Door by Dr. Thomas Stanley
• The Next Millionaire Next Door by Dr. Sarah Stanley Fallaw
• The Compound Effect by Darren Hardy
• The Total Money Makeover by Dave Ramsey
• Happy Money: The Science of Happier Spending by Elizabeth Dunn and Michael Norton
• Subscribe to the YFP Newsletter
• YFP Planning
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group
• Your Financial Pharmacist
• YFP Disclaimer
• YFP Newsletter

Jimmy Pruitt, PharmD, Founder & CEO of Pharmacy & Acute Care University, shares insights on his entrepreneurial journey and the EMPower Rx Conference.

Summary

In this week's episode, join our conversation with Dr. Jimmy Pruitt, a Clinical Pharmacy Specialist in Emergency Medicine at Atrium Health. Dr. Pruitt wears multiple hats as the Founder & CEO of Pharmacy & Acute Care University and the brains behind the EMPowerRx Conference. Our conversation delves into his fascinating entrepreneurial journey, exploring the roots of why and how he embarked on this path.

Throughout the episode, we gain valuable perspectives on the intricacies of balancing professional commitments and entrepreneurial endeavors. Dr. Pruitt shares his experiences, lessons learned, and the strategies he employed to overcome obstacles on his journey. Dr. Pruitt also shares his vision for the EMRower Rx Conference - a unique conference and continuing education experience for professionals in emergency medicine pharmacotherapy.

Tune in to this insightful conversation with Dr. Jimmy Pruitt to glean wisdom from his unique blend of clinical expertise and entrepreneurial spirit. Whether you're navigating the realms of healthcare, entrepreneurship, or both, this episode offers valuable insights and inspiration for the road ahead.

About Today's Guest

Dr. Jimmy Pruitt is originally from Orlando, FL, and is a combination of nerd and gym junky having a background as a division 1 cornerback then turned Doctor of Pharmacy from Presbyterian College School of Pharmacy in 2017. He completed a PGY-1 Pharmacy Residency at Florida Hospital Orlando, and then went on to Grady Health System in Atlanta GA for his PGY2 Emergency Medicine Residency. Dr. Pruitt is currently an Emergency Medicine Clinical Pharmacy Specialist at the Medical University of South Carolina in Charleston, SC.

Dr. Pruitt was honored with the Excellence in Diversity from MUSC College of Pharmacy, Presbyterian College School of Pharmacy (PCSP) Alumni of the Year, and keynote speaker for the 2021 PCPS graduation. Dr. Pruitt’s professional interests include cardiac arrest, shock syndromes, trauma, and hosting the #1 Emergency Medicine Pharmacy Podcast “Pharm So Hard” and operation his new pharmacy academy called Pharmacy & Acute Care University.

Mentioned on the Show

• EMPowerRx Conference 2024 (use code YFP2024 for 15% off registration)
• YFP Episode 284
• Start by Jon Acuff
• Procrastinate on Purpose by Rory Vaden
• Your Financial Pharmacist
• Your Financial Pharmacist on Facebook
• Your Financial Pharmacist on Instagram
• Tim Ulbrich on LinkedIn
• Jimmy Pruitt on LinkedIn
• YFP Disclaimer
• YFP Newsletter
• Pharm So Hard Podcast

Tim Ulbrich and Sean Richards, CPA, discuss the tax preparations listeners should be considering ahead of the 2023 filing.

Summary

In this episode, Tim Ulbrich and Director of YFP Tax, Sean Richards, CPA, discuss the tax preparations listeners should be considering ahead of tax season and the 2023 filing. Whether you DIY your taxes or work with a professional, there are documents that need to be on hand to file your taxes. Sean shares essential tax moves for the year, emphasizing the significance of being proactive for the 2024 tax season. Sean also discusses the value of a year-round approach to taxes and the in-house services by episode sponsor, YFP Tax, showcasing the value of personalized, holistic tax planning.

About Today's Guest

Sean Richards, CPA, received his undergraduate degree in Corporate Finance and Accounting, as well as his Master of Accountancy, from Bentley University in Waltham, MA. Sean has been a Certified Public Accountant (CPA) since 2015 and is currently pursuing his Enrolled Agent certification. Prior to joining the YFP team, Sean was the Senior Treasury Manager at PRA Group, a global debt buyer based in Norfolk, VA. He began his career at American Tower Corporation where, over 10 years, he held several positions in audit, treasury and accounting. As the Director of YFP Tax, Sean focuses on broadening the company’s existing tax planning and preparation operations, as well as developing and launching new accounting offerings, including bookkeeping, payroll, and fractional CFO services.

Mentioned on the Show

• YFP Tax
• Tax Checklist
• Your Financial Pharmacist
• Your Financial Pharmacist on Facebook
• Your Financial Pharmacist on Instagram
• Tim Ulbrich on LinkedIn
• Sean Richards on LinkedIn
• YFP Disclaimer
• YFP Newsletter
• Book a discovery call with Tim Baker

Hosts Nate Hedrick and David Bright discuss the benefits of Real Estate Professional Status (REPS) - what it is and how you can use it for tax advantages.

Summary

In this episode, pharmacists and real estate investors Nate Hedrick and David Bright share insights into balancing pharmacy work with real estate investing. The podcast explores part-time pharmacy work and real estate strategies, emphasizing the benefits of Real Estate Professional Status (REPS) for tax advantages. How much time you spend and what you do with that time in real estate can open a lot of doors and create some enormous benefits, particularly if you can meet criteria as a REPS. Nate and David highlight the importance of tracking hours for tax benefits, and consulting accountants for sound tax strategy advice for anyone interested in REPS.

About Today's Guests

Nate Hedrick is full-time pharmacist by day, husband and father by evening and weekend, and real estate agent, investor, and blogger by late night and early morning. He has a passion for staying uncomfortable and is always on the lookout for a new challenge or a project. He found real estate investing in 2016 after his $300,000+ student loan debt lead him to read Rich Dad Poor Dad. This book opened his mind to the possibilities of financial freedom and he has been obsessed ever since. After earning his real estate license in 2017, Nate founded Real Estate RPH as a source for real estate education designed with pharmacists in mind. Since then, he has helped dozens of pharmacists around the country realize their dream of owning a home or starting their investing journey. Nate resides in Cleveland, Ohio with his wife, Kristen, his two daughters Molly and Lucy, and his rescue dog Lexi.

David Bright is a pharmacist with a heart for teaching. He’s been a full-time professor since 2009 with a passion for implementing and improving pharmacy services. Themes of “implementing and improving” in the pharmacy space are quite similar to themes of “building and fixing” in real estate, which has been a growing hobby for David and his wife, Heather, who bought their first house more than ten years ago. That fixer-upper house became a live-in house flip, which they sold a few years later, only to repeat the process with their next house. When David and Heather got sick of perpetually living in a construction zone, they pivoted to fixing up rental properties in West Michigan, where they now live.

David invests in real estate as a way to bring greater diversity to financial planning and to fund memorable life experiences with family and friends.

Mentioned on the Show

• Subscribe to the YFP Newsletter
• YFP Disclaimer
• Your Financial Pharmacist
• YFP Real Estate Investing Facebook Group
• Nate Hedrick on Instagram
• David Bright on Instagram
• YFP Real Estate Investing Website
• David Bright on LinkedIn
• Nate Hedrick on LinkedIn
• YFP Tax
• YFP Real Estate Investing Podcast: Episode 109
• YFP Real Estate Investing Podcast: Episode 113

Kristen & Nate Hedrick share their journey paying off $250k student loan debt from the motivation to the role of side hustles and real estate investing.

Summary

How do you go about aggressively paying off a $250,000 student loan debt without feeling overwhelmed? To help answer that question, YFP Co-Founder & CEO, Tim Ulbrich, PharmD, is joined by fellow pharmacists Nate Hedrick, PharmD, and Kristen Hedrick, PharmD, BCACP. The Hedricks tell us how they successfully paid off over $250,000 in student loan debt, their motivation for tackling that debt, the pivotal moment that sparked making repayment a priority, and the role a side hustle and real estate investing played in their journey. After a brief history of Kristen’s background, listeners will hear what motivated the couple to take an aggressive stance on their debt repayments, how a life-changing event and one book altered their financial philosophy, and how the pandemic helped them focus on their strategy. Nate and Kristen share their reasons behind paying their debt off now instead of putting their money toward investments and how they found an additional $3,443 per month to make their goal attainable by reducing expenses and increasing their income. This earnest conversation takes us through the possibilities of working full time, raising a family, making investments, and paying off a huge debt, all at the same time. Nate and Kristen talk about their life after paying off this debt and share some advice for pharmacists who may be struggling with a similar debt situation.

About Today's Guests

Nate and Kristen Hedrick met at Ohio Northern University and were married in 2013. Nate is a pharmacist with Medical Mutual and a real estate agent with Berkshire Hathaway. Kristen is a pharmacist with Bon Secour Mercy Health. Together, they graduated with over $300,000+ in student loan debt. They enjoy visiting National Parks as a family. Today they live in the suburbs of Cleveland, Ohio, with their two daughters, Molly and Lucy, and their rescue dog Lexi.

Nate is also the co-host of the YFP Real Estate Investing Podcast.

Mentioned on the Show

• Subscribe to the YFP Newsletter
• YFP Disclaimer
• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• YFP Real Estate Investing Podcast
• Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
• Real Estate RPh
• YFP Real Estate Concierge Service
• BiggerPockets
• Your Financial Pharmacist
• YFP Real Estate Investing Facebook Group
• Nate Hedrick on Instagram
• Nate Hedrick on LinkedIn

Tim Ulbrich, YFP CEO, shares 5 key moves for financial success, emphasizing automation, proactive tax planning, document organization, and continuous learning.

Summary

In the first episode of the New Year, YFP CEO and financial educator, Tim Ulbrich, unveils a financial roadmap for 2024, emphasizing five key moves for achieving financial success and living a rich life. Tim highlights the pivotal role of automation in financial planning, proactive tax planning, the importance of organizing financial documents and the significance of continuous learning. He shares his personal financial goals and the systems he uses to organize and prioritize his financial goals. Tune in to gain insights and actionable steps for mastering your finances in 2024.

About Today's Guest

Tim Ulbrich is the Co-Founder and CEO of Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 15,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. To date, YFP has partnered with 75+ organizations to provide personal finance education.

Tim received his Doctor of Pharmacy degree from Ohio Northern University and completed postgraduate residency training at The Ohio State University. He spent 9 years on faculty at Northeast Ohio Medical University prior to joining Ohio StateUniversity College of Pharmacy in 2019 as Clinical Professor and Director of the Master’s in Health-System Pharmacy Administration Program.

Tim is the host of the Your Financial Pharmacist Podcast which has more than 1 million downloads. Tim is also the co-author of Seven Figure Pharmacist: How to Maximize Your Income, Eliminate Debt and Create Wealth. Tim has presented to over 200 pharmacy associations, colleges, and groups on various personal finance topics including debt management, investing, retirement planning, and financial well-being.

Mentioned on the Show

• January 8th webinar
• YFP Bonus Episode: How A Couple Left Their Careers to Travel the World
• YFP 079: Is It Time to Redefine Retirement w/ Nick Ornella
• IRS Form 1040 (2023)
• YFP 309: Top 10 Tax Blunders Pharmacists Make
• YFP Tax
• Subscribe to the YFP Newsletter
• I Will Teach You To Be Rich by Ramit Sethi
• Financial Peace University
• Ally Banking
• YFP Disclaimer
• Tim Ulbrich on LinkedIn

This episode revisits our 2023 predictions! We also discuss property trends, interest rates, investor insights, realtors' role, and 2024 strategies.

Episode Summary

At the end of 2022, we published an episode on our 2023 predictions. During this episode, we discuss how the year has unfolded, all the contributing factors, and how they are likely to influence the year to come. Tune in to hear our insights on the changing motivations to purchase property, what we expect may unfold in terms of interest rates, investor attitudes, and rental rates, and changes that may affect all of these factors in 2024. We discuss the value of a good realtor in a changing world, unpack how to prepare for the unpredictable nature of the real estate investment space, and reflect on the unique period between 2020 and 2022 and its impact on investors. We touch on refinancing, focusing on reserves, and why it’s so important to have a robust strategy in a complex environment. Listen in to hear all this and more today!

About Today's Guests

Nate Hedrick is full-time pharmacist by day, husband and father by evening and weekend, and real estate agent, investor, and blogger by late night and early morning. He has a passion for staying uncomfortable and is always on the lookout for a new challenge or a project. He found real estate investing in 2016 after his $300,000+ student loan debt lead him to read Rich Dad Poor Dad. This book opened his mind to the possibilities of financial freedom and he has been obsessed ever since. After earning his real estate license in 2017, Nate founded Real Estate RPH as a source for real estate education designed with pharmacists in mind. Since then, he has helped dozens of pharmacists around the country realize their dream of owning a home or starting their investing journey. Nate resides in Cleveland, Ohio with his wife, Kristen, his two daughters Molly and Lucy, and his rescue dog Lexi.

David Bright is a pharmacist with a heart for teaching. He’s been a full-time professor since 2009 with a passion for implementing and improving pharmacy services. Themes of “implementing and improving” in the pharmacy space are quite similar to themes of “building and fixing” in real estate, which has been a growing hobby for David and his wife, Heather, who bought their first house more than ten years ago. That fixer-upper house became a live-in house flip, which they sold a few years later, only to repeat the process with their next house. When David and Heather got sick of perpetually living in a construction zone, they pivoted to fixing up rental properties in West Michigan, where they now live.

Mentioned on the Show

• Rental Market Trends in the US
• Three (Likely Wrong) Predictions for 2023 Real Estate
• Your Financial Pharmacist
• YFP Real Estate Investing Facebook Group
• Nate Hedrick on Instagram
• David Bright on Instagram
• YFP Real Estate Investing Website
• David Bright on LinkedIn
• Nate Hedrick on LinkedIn
• Real Estate RPH

Dylin Redling and Allison Tom discuss their journey to FIRE and their book for kids on investing and personal finance, sharing practical advice and tips.

Summary

On this episode Tim Ulbrich welcomes Dylin Redling and Allison Tom, creators of Retireby45.com and authors of two books, Start Your F.I.R.E. (Financial Independence Retire Early): A Modern Guide to Early Retirement and Investing for Kids: How to Save, Invest and Grow Money. Dylin and Allison achieved ‘financial independence retire early’ status in 2015 when they were in their early 40’s. Have you ever thought to yourself, I wish I had learned more about the topic of personal finance sooner? If so, that’s exactly what today’s show is all about as Tim interviews Dylin and Allison about their work with their book, Investing for Kids. They discuss practical advice and meaningful activities to help with teaching kids about money and investing.

About Today's Guests

Dylin Redling and Allison Tom are a married couple living in Oakland, California. After working for 17 years in the tech industry in San Francisco, they left the workforce in January 2015 and never went back.

They own and operate the website RetireBy45.com, which provides inspiration, tips, and resources for achieving FIRE (Financial Independence / Retiring Early) and making the most of the FIRE lifestyle. In 2020, they wrote and published two books: "Start Your FIRE: A Modern Guide to Early Retirement" and the best-selling "Investing for Kids."

They love food, fitness, and travel. Their goal of "60 by 60" is to visit 60 countries by the age of 60.

Mentioned on the Show

• Retire by 45
• Start Your F.I.R.E. (Financial Independence Retire Early): A Modern Guide to Early Retirement by Dylin Redling and Allison Tom
• Investing for Kids: How to Save, Invest and Grow Money by Dylin Redling and Allison Tom
• Register for the Free Webinar: Developing an Investing Plan for Financial Independence
• Seven Figure Pharmacist by Tim Church, PharmD and Tim Ulbrich, PharmD
• Retire by 45 Blog
• Our $10K Investment Experiment: Testing 5 Very Different Options Over 12 Months
• YFP Planning: Financial Planning for Pharmacists
• The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J. L. Collins
• I Will Teach You To Be Rich by Ramit Sethi
• Follow Retire by 45 on Instagram: @retire_by_45
• Follow Retire by 45 on Twitter: @retire_by_45
• Join the YFP Facebook Group
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram

Tim & Tim talk about negotiation, why it’s an important part of the financial plan, the goals of negotiation, and tips for conducting an effective negotiation.

Summary

Tim Baker joins Tim Ulbrich on this episode to dig into all things negotiation. Negotiation is the process of discovery and a way to advocate for yourself and what your needs are. Tim Baker explains that negotiation is an important part of your financial plan for many reasons. He explains that settling for a lower salary can have a significant impact on your present and future finances because you may accrue less in retirement savings and potentially other investments. However, negotiation doesn’t just lie in your salary. You can also negotiate benefits like flex scheduling, paid time off as well as potentially parental leave and professional development opportunities, among others.

Tim Baker shares that 99% of hiring managers are expecting new hires to negotiate and build their initial offer as such. Many don’t end up negotiating because they don’t want to risk the offer being revoked, but Tim says that the majority of the time you should present a counter offer.

Tim then digs into the stages of the negotiation process that include the interview, receiving an offer, presenting a counter offer and accepting the offer and position. He shares many strategies and tips for each stage as well as additional techniques to use throughout the process.

About Today's Guest

Tim Baker is the Co-Founder and Director of Financial Planning at Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 12,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements.

Tim attended the United States Military Academy majoring in International Relations and branching Armor. After his military career, he worked as a logistician with a major retailer and a construction company. After much deliberation, Tim decided to make a pivot in his career and joined a small independent financial planning firm in 2012. In 2016, he launched his own financial planning firm Script Financial and in 2019 merged with Your Financial Pharmacist. Tim now lives in Columbus, Ohio with his wife (Shay), two kids (Olivia and Liam), and dog (Benji).

Mentioned on the Show

• YFP Planning
• Never Split the Difference: Negotiating as if Your Life Depended on It by Chris Voss
• SHRM (Society for Human Resource Management)
• Journal of Experimental Social Psychology
• Join the YFP Facebook Group
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• Tim Baker on LinkedIn

Dr. Christina Fontana, creator of The Pharmacist Coach, shares her journey from pharmacy to entrepreneurship, healing from trauma, and setting goals.

Summary

In this episode of the YFP Podcast, we welcome Dr. Christina Fontana, PharmD, the visionary creator of The Pharmacist Coach. Dr. Fontana shares her inspiring journey from pharmacy to entrepreneurship, revealing the impact of her early experiences and the resilience that fueled her pursuit of a purpose-driven path. From navigating personal challenges like eating disorders and anxiety to healing from childhood trauma, Dr. Fontana discusses her commitment to inner work and counseling as essential components of her transformative process. The episode also explores the intertwined nature of personal growth and business development, with insights into Dr. Fontana's methodology of "structured flexibility." The discussion concludes with a focus on mindset and goal-setting strategies for pharmacists, encouraging alignment with one's true desires and an embodiment of authenticity. Tune in for a captivating exploration of career empowerment, resilience, and setting ambitious goals for the year ahead.

About Today's Guest

Dr. Christina Fontana, AKA The Pharmacist Coach, is a pharmacist, holistic healer, rapid transformation business coach, speaker, and 5-time author. She helps spiritually-driven women to 'Reignite Your Light' and shine in your brilliance, confidence, and true essence.

She started her entrepreneurial journey 11 years ago being disempowered, homelessness, broke, with eating disorders, PTSD, and anxiety and has since transformed, turning her pain into purpose, empowering women all over the world to step into more purpose, power, and prosperity.

Over the last 11 years, Dr. Christina has been providing uplifting, transformational content through her Youtube videos, books, courses, programs, and Conferences. Her mission is to empower more healers and business owners unlock their innate gifts to create a domino effect of healing on the world.

Mentioned on the Show

• Subscribe to the YFP Newsletter
• The Pharmacist Coach®
• Subscribe to the YFP Newsletter
• Christina’s LinkedIn
• Monetize Your Magic Facebook group
• Christina’s Books
• The Pharmacist Coach on Instagram
• Christina’s YouTube Channel
• YFP Disclaimer
• Tim Ulbrich on LinkedIn