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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.
97 Episodes
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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!
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