Blog 2

Investing & Retirement Planning

backdoor roth IRA, roth IRA, backdoor roth ira conversion, backdoor roth ira conversion 2018

Why Most Pharmacists Should Do a Backdoor Roth IRA

Why Most Pharmacists Should Do a Backdoor Roth IRA *Disclaimer – The following post is not tax or investment advice. It is meant to provide education on the subject matter covered and the ultimate decision to make any changes should be determined only by you and your designated financial professional(s). Invest for retirement in tax-favored accounts. It’s one of the core financial recommendations you’re probably familiar with. While the 401(k), 403(b), or TSP is one

How to retire early as a pharmacist, how to join the FIRE movement, should you join the FIRE movement

The FIRE Prescription: How to Retire Early as a Pharmacist

The FIRE Prescription: How to Retire Early as a Pharmacist The following is a guest post from Dr. Jeffrey Keimer. Dr. Keimer is a 2011 graduate of Albany College of Pharmacy and Health Sciences and pharmacy manager for a regional drugstore chain in Vermont. He and his wife Alex have been pursuing financial independence since 2016. If you’ve started going down the internet’s personal finance rabbit hole, you’ve no doubt crossed paths with the FIRE

A Crash Course in 401k Planning (Part 1)

A Crash Course in 401k Planning (Part 1) The following is a guest post from Dr. Jeffrey Keimer. Dr. Keimer is a 2011 graduate of Albany College of Pharmacy and Health Sciences and pharmacy manager for a regional drugstore chain in Vermont. He and his wife Alex have been pursuing financial independence since 2016. If you’ve been following Your Financial Pharmacist for a while now, chances are you’ve been coming up with a game plan

A Crash Course in 401k Planning (Part 2): An Intro to Stocks, Bonds, and Funds

A Crash Course in 401(k) Planning (Part 2): An Intro to Stocks, Bonds, and Funds The following is a guest post from Dr. Jeffrey Keimer. Dr. Keimer is a 2011 graduate of Albany College of Pharmacy and Health Sciences and pharmacy manager for a regional drugstore chain in Vermont. He and his wife Alex have been pursuing financial independence since 2016. You got your diploma, passed your boards, and landed that job. You’ve gotten your

How to Save Half of Your Income

The following post contains affiliate links through which YFP may receive compensation. Live on less than you make. The quintessential maxim when it comes to personal finance. It’s incredibly simple advice and touted by just about everyone. But as you know, it’s easier said than done. Otherwise, couples 34 and younger would have more than $4,727 in savings and those in their 30s would have more than $45,000 in retirement accounts. While student loans are

Why I’m Not Using My Health Savings Account to Pay for Medical Expenses

Why I’m Not Using My Health Savings Account to Pay for Medical Expenses The post is for educational purposes and does not constitute financial advice About a decade ago when I started my full-time pharmacist position after residency I made one of my biggest financial mistakes: Not taking advantage of a health savings account (HSA). At that time, I received the same insurance recommendation from multiple colleagues, “It’s the best” and “It pays for everything.”

how to join the FIRE movement, FIRE pharmacist, should you join the FIRE movement, safe withdrawal rates FIRE, early retirement and 4% rule, 4% rule early retirement, safe withdrawal rate for early retirement,

How Much You Need to Hang Up Your Coat: All About the Four Percent Rule

How Much You Need to Hang Up Your Coat: All About the Four Percent Rule The following is a guest post from Dr. Jeffrey Keimer. Dr. Keimer is a 2011 graduate of Albany College of Pharmacy and Health Sciences and pharmacy manager for a regional drugstore chain in Vermont. He and his wife Alex have been pursuing financial independence since 2016. Check out Jeff’s book, FIRE Rx: The Pharmacist’s Guide to Financial Independence to learn

Cryptocurrency 101 for the Pharmacy Professional

Cryptocurrency 101 for the Pharmacy Professional The following is a guest post from Samantha Boartfield, PharmD. Samantha Boartfield is a pharmacist in Phoenix, Arizona, who also writes for women and mother entrepreneurs (Mamapreneurs) on her site at SamanthaBrandon.com. Disclaimer: This post is intended for general, educational purposes only. This post and the information herein is in no way meant to serve or act as a replacement for professional investment advice. Investing in cryptocurrency may be

NFTs 101 for the Pharmacy Professional

NFTs 101 for the Pharmacy Professional The following is a guest post from Samantha Boartfield, PharmD. Samantha Boartfield is a pharmacist in Phoenix, Arizona, who also writes for women and mother entrepreneurs (Mamapreneurs) on her site at SamanthaBrandon.com. Disclaimer: This post is intended for general, educational purposes only. This post and the information herein are in no way meant to serve or act as a replacement for professional investment advice. Investing in cryptocurrency or NFTs

Disability Insurance for Pharmacists – The Ultimate Guide

Disability Insurance for Pharmacists – The Ultimate Guide The following post contains affiliate links through which YFP or its team members may receive compensation. I had received another email at work one morning indicating that “Julie” was not going to be in and that coverage would be needed. I knew this wasn’t planned otherwise her clinic would have been closed in advance. I didn’t know her that well so I had no idea the reason

Life Insurance for Pharmacists: The Ultimate Guide

Life Insurance for Pharmacists: The Ultimate Guide The following is a guest post from Dr. Jeffrey Keimer. Dr. Keimer is a 2011 graduate of Albany College of Pharmacy and Health Sciences and pharmacy manager for a regional drugstore chain in Vermont. He and his wife Alex have been pursuing financial independence since 2016. For the first 24 years of my life, the only people who really cared about my financial well-being were my parents. Sure,

6 Boring Financial Moves Worth Making

6 Boring Financial Moves Worth Making The following is a guest post from Dr. Jeffrey Keimer. Dr. Keimer is a 2011 graduate of Albany College of Pharmacy and Health Sciences and pharmacy manager for a regional drugstore chain in Vermont. He and his wife Alex have been pursuing financial independence since 2016. Check out Jeff’s new book, FIRE Rx: The Pharmacist’s Guide to Financial Independence to learn how to create an actionable plan to reach

How To Prepare Financially When Expecting

How To Prepare Financially When Expecting The following is a guest post by Karen Berger, PharmD. Karen is a pharmacist and medical writer in Fair Lawn, NJ. Her husband has been trying unsuccessfully to put her on a budget for many years. Congratulations – you’re expecting! In just a few short months, your life will change in a way you could never imagine. A precious baby will smile and coo at you all day, as

5 Key Financial Moves To Make With A New Baby

5 Key Financial Moves to Make with a New Baby The following is a guest post by Karen Berger, PharmD. Karen is a pharmacist and medical writer in Fair Lawn, NJ. Her husband has been trying unsuccessfully to put her on a budget for many years. This post contains affiliate links through which Your Financial Pharmacist may receive compensation In an earlier post, we talked about how to prepare financially when expecting. Once your little

child tax credit, child tax, tax moves for pharmacists, 2020 tax deductions for children, child related tax benefits, Coverdell education savings account maximum contribution, Coverdell education savings account - esa, dependent care flexible savings account, dependent care fsa, dependent care flexible spending account (fsa), dependent care flexible spending account

These Tax Benefits Get Unlocked When You Have or Adopt a Child

These Tax Benefits Get Unlocked When You Have or Adopt a Child The post is for educational purposes and does not constitute financial advice. Everyone talks about how much it costs to have or raise a child, and for good reason! Having or adopting a child is not an inexpensive thing to do. You may be surprised at how much you spend after factoring in the accumulated costs of necessities like healthcare, food, housing, and

what is a 529 plan, 529 plan tax deduction, 529 plan qualified expenses, 529 plan contribution limits, contribution to 529 plan deadline, contributions to 529 plan tax deductible, login to 529 plan, to 529 plan, how to 529 plan

7 Things to Consider Before Starting a 529 Plan

The following is a guest post from Dr. Jeffrey Keimer. Dr. Keimer is a 2011 graduate of Albany College of Pharmacy and Health Sciences and pharmacy manager for a regional drugstore chain in Vermont. He and his wife Alex have been pursuing financial independence since 2016. Check out Jeff’s new book, FIRE Rx: The Pharmacist’s Guide to Financial Independence to learn how to create an actionable plan to reach financial independence. Let’s face it, paying

Three Strategies for Buying a House with Student Loans

Buying a House with Student Loans Each month, many pharmacists throw thousands at a seemingly endless mountain of student loans often making it difficult to contribute to other financial goals such as savings and retirement. In addition, the dream of owning a home can seem completely out of reach. In fact, according to the National Association of Realtors, 83% of people aged 22 to 35 with student debt who haven’t bought a house yet blame

7 Ways to Reduce Your Monthly Housing Costs

7 Ways to Reduce Your Monthly Housing Costs The following post contains affiliate links through which YFP may receive compensation. There are a few budget categories that eat up a large percentage of your take-home pay such as food, student loan payments, and maybe childcare. But if you’re like most, housing costs, either as a mortgage or rent payment, will likely be one of if not the largest. According to the U.S. Bureau of Labor

First Time Homebuyers: Top Considerations Before Making Your Purchase

Paid Partnership with Tony Umholtz, First Horizon This is a paid post as part of a sponsorship agreement with Tony Umholtz, a mortgage loan officer at First Horizon. Before embarking on your homebuying journey, it’s essential to understand the key factors that will influence your decision. From assessing your financial readiness to understanding your mortgage options, knowing what to consider beforehand can make your first home purchase a smoother and more informed process. Financial Readiness

Real Estate: The Investment You Should Not Overlook

This article was written by a colleague and former classmate, Ben A. Holter, PharmD, RPh, MBA. Ben is a 2008 graduate of Ohio Northern University and completed his MBA at Ohio University in 2013. He is currently the Pharmacy Manager at Shrivers Pharmacy in Nelsonville, OH and a managing member of Orion Ventures LLC and Cragganmore Investments LLC. These companies are based in Athens, Ohio and focus on the acquisition, development, and leasing/selling of

How To Build a 6 Figure Rental Portfolio in Less Than 3 Hours a Week

How to Build a 6 Figure Rental Portfolio in Less Than 3 Hours a Week The following is a guest post from Dr. Ryan Chaw. Ryan is a full-time pharmacist who built a rental portfolio on the side, going from zero to $10,755 per month in just 4 years. He is the founder of Newbie Real Estate Investing where he teaches others his system: how to find a college town to invest near, analyzing a

5% down payment, FNMA policy change, First Horizon Mortgage

Fannie Mae Cuts Down Payment Requirement to 5% for Multi-Unit Properties

Paid Partnership with Tony Umholtz, First Horizon In a significant shift that is reshaping the landscape of real estate investments, FNMA (Fannie Mae) has recently implemented a game-changing policy. Previously, potential buyers looking to purchase owner-occupied 2-4 unit properties faced hefty down payment requirements, ranging from 15-25% down. However, effective mid-November 2023, FNMA has now slashed this requirement, allowing buyers to secure these properties with just a 5% down payment. The development has sent waves of

When Budgeting Isn’t Your Thing

In celebration of Mother’s Day, my wife, Jessica Ulbrich, was kind enough to share her thoughts about our financial journey. As many of you know, she is mother to our 3 boys (Samuel, Everett and Levi) and I am forever grateful that they get to learn from her each and every day. As you will read, she chose to focus on budgeting and I am glad she did. This is tough area and not

5 Steps to Creating Your Best Budget

The New Year is upon us and there is no better time to be thinking about setting and keeping your financial goals. And once those financial goals are set, no better way to achieve them than by having a monthly spending plan (aka budget) that includes those goals. If we are being honest with ourselves, who gets a little nauseous when the topic of budgeting comes up? I mean, besides a few financial nerds out

6 Ways to Protect Your Cash Flow as a Pharmacist

6 Ways to Protect Your Cash Flow as a Pharmacist The following post contains affiliate links through which YFP or its team members may receive compensation. What would you do if your next paycheck wasn’t deposited? How long could you survive if you just stopped getting paid? If you’re a recent grad, new practitioner, or potentially even a seasoned pharmacist, the answers might look something like “use a credit card and not long.” This is

The 6 Biggest Factors Affecting Credit Score Right Now

The 6 Biggest Factors Affecting Credit Score Right Now You often hear how important your credit score is especially leading up to a large purchase. Mom taught me it is important to pay my credit card balance each month, but I never really understood why except for the fact that I didn’t want to pay interest on an outstanding balance. Yet this little number can have far reaching effects, such as the ability to even

Credit Card Rewards: The Ultimate Guide

By Dr. Jeffrey Keimer The following post contains affiliate links through with YFP or its team members may receive compensation. This is a guest post from Dr. Jeffrey Keimer. Dr. Keimer is a 2011 graduate of Albany College of Pharmacy and Health Sciences and pharmacy manager for a regional drugstore chain in Vermont. He and his wife Alex have been pursuing financial independence since 2016. Check out Jeff’s book, FIRE Rx: The Pharmacist’s Guide to