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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.
105 Episodes
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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!
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