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!

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