PharmD Money

Welcome in to the 105th episode of the PharmD Money Podcast.

On todays episode, we take a look at the upcoming 2024 election. The White House, Senate, and House of Representatives are up for grabs.

Who wins what is anyone's guess at this point. However, that doesn't mean you shouldn't be planning for each possible outcome. Especially when it comes to your tax planning.

Derek walks 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!