PODCAST

PharmD Money

Derek Delaney

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.

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Ep 64: I-Savings Bonds: What Are They and Why Are They So Popular?
Jun 14 2022
Ep 64: I-Savings Bonds: What Are They and Why Are They So Popular?
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.
Ep 64: I-Savings Bonds: What Are They and Why Are They So Popular?
Jun 14 2022
Ep 64: I-Savings Bonds: What Are They and Why Are They So Popular?
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.
Ep 63: What Is Going On With Interest Rates
May 31 2022
Ep 63: What Is Going On With Interest Rates
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!
Ep 62: How To Make The Most Of A Recession
May 24 2022
Ep 62: How To Make The Most Of A Recession
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.
Ep 61: The 5 Step College Planning Process
May 17 2022
Ep 61: The 5 Step College Planning Process
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!
Ep 60: Did You Know Elon Musk Is A Pharmacist?
May 10 2022
Ep 60: Did You Know Elon Musk Is A Pharmacist?
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!
Ep 59: What Are You Actually Getting When You Buy An Annuity?
May 3 2022
Ep 59: What Are You Actually Getting When You Buy An Annuity?
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!
Ep 58: Why Did I Get A Tax Refund?
Apr 26 2022
Ep 58: Why Did I Get A Tax Refund?
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!
Ep 57: Why Every Pharmacist Needs A Personal CFO
Apr 19 2022
Ep 57: Why Every Pharmacist Needs A Personal CFO
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!
Ep 56: The Difference Between Investment Returns and Investor Returns
Apr 12 2022
Ep 56: The Difference Between Investment Returns and Investor Returns
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!
Ep 55: Should You Own Your Investment Accounts Jointly With Your Spouse?
Apr 5 2022
Ep 55: Should You Own Your Investment Accounts Jointly With Your Spouse?
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:
Ep 54: So What Do Retiree's Actually Do In Retirement?
Mar 29 2022
Ep 54: So What Do Retiree's Actually Do In Retirement?
As a pre-retiree looking into retirement, you may find yourself wondering what you're going to do to fill your time when you finally retire. You spend a large portion of your day at work and when that time suddenly becomes available in retirement, what will you do with it?One way people start envisioning their answer to this question is by learning about what other people who are already retired are doing. And because I'm lucky enough to have conversations with many retiree's, I can help shine some light on a few common answers.In this podcast episode, Derek will cover his 5 most common ways retiree's are spending their time once they pull the retirement trigger.1.) Start doing similar work you did as a kid2.) Work with an adult child by starting a business3.) Become the grandkids' daycare provider.4.) Turn that part-time hobby into a full-time endeavor5.) Start incorporating healthier habits into your lifeEnjoy the show!You can connect with Derek on social media at:
Ep 53: Planning Tips For Those That Are 10 Years Away From Retirement
Mar 22 2022
Ep 53: Planning Tips For Those That Are 10 Years Away From Retirement
Retirement planning can be easily pushed aside. It's not hard to find other things that are going on in life that will take priority. Unfortunately, one of the biggest retirement planning advantages a person can give themselves is time.Enough time to plan, organize, and implement everything that should be in place. That is why I feel the sweet spot to start getting serious about retirement is when you are 10 years away.That is why in this podcast episode, Derek will go over a few of his top planning tips for those pharmacists who are 10 years away from retirement.Tip 1: Creating clarity about your retirement.Tip 2: Projecting what possible income sources will be and at what amounts in retirement.Tip 3: Creating a debt paydown strategy. Yes, even for your mortgage. Enjoy the show!You can connect with Derek on social media at:
Ep 52: Retirement Withdrawal Strategies
Mar 15 2022
Ep 52: Retirement Withdrawal Strategies
One of the biggest, if not the biggest, decision a retiree will need to make when it comes to their retirement is deciding which retirement withdrawal strategies they will want to implement. There are no shortage of options to choose from. This can make determining what is best for you, a difficult task. In this podcast episode, Derek will preview the 4 most common type of retirement withdraw strategies and the pro's and con's of each. - Dynamic Portfolio Withdraw Percentage- Static Portfolio Withdraw Percentage- Bucketing Withdrawal Approach- Delegating Income ApproachEnjoy the show!You can connect with Derek on social media at:
Ep 51: Investment Management In Retirement
Mar 8 2022
Ep 51: Investment Management In Retirement
Investment management is a straight forward concept for many people in the accumulation stage. Take money from your paycheck and stick it into your 401(k). Make sure your 401(k) is diversified and let the power of compounding do its magic in your favor.However, retirement is a completely different game. Gone are the days of saving and accumulating. Instead, you are now tasked with managing your investment portfolio in a way that aligns with your new stage of life. This can be a stressful and overwhelming job for many new retirees. That is why in the podcast episode, Derek will explain what considerations new retirees need to have when it comes to investment management and how these new considerations are very different than what they have experienced as accumulators. Topics discussed include:- Not getting overly conservative- Investment management aligning with your retirement withdraw strategy- The power of diversification- Tax considerations on top of investment management decisions- Your safety bucket of moneyEnjoy the show!You can connect with Derek on social media at:   by email at:derek@pharmfp.com
Ep 50: Retiring At 50
Mar 1 2022
Ep 50: Retiring At 50
Early retirement is a dream scenario for many people. Retirement could mean a second chance at a new career, a new lifestyle, or even a just greater time freedom. But with all the good that can come from retiring at 50, it also is a big financial risk.Preparing yourself financially and emotionally can help the probability that your extended retirement is a success.In this podcast episode, Derek covers a few key areas that anyone who is thinking about retiring at age 50 should be planning for.- Getting crystal clear about your retirement purpose- Dialing in your savings rate and new lifestyle- Creating and income plan- Hiring your early retirement teamEnjoy the show!You can connect with Derek on social media at:   by email at:derek@pharmfp.com
Ep 49: Hidden Tax Bombs In Retirement
Feb 22 2022
Ep 49: Hidden Tax Bombs In Retirement
You've heard it said before that tax planning is a critical element of retirement success. So what is the opportunity cost of not implementing proactive tax planning in your financial endeavors?Well, you may find yourself setting off big tax bombs in retirement that could cost you far more than you think. It often happens that individuals are not even aware they are doing it until they file their year end tax return. We don't want that happening to you.So, in this podcast, Derek will discuss 5 common tax bombs most retirees want to do their best to avoid!Tax Bomb # 1: IRMAATax Bomb # 2: Social Security TaxTax Bomb # 3: Capital Gains/Ordinary Income TaxesTax Bomb # 4: Required Minimum DistributionsTax Bomb # 5: Deferred Retirement AccountsEnjoy the show!You can connect with Derek on social media at:   by email at:derek@pharmfp.com
Ep 48: Ask Me Anything Episode!
Feb 15 2022
Ep 48: Ask Me Anything Episode!
In today's episode, we answer some of the more popular audience questions we've received. Some of these questions have been asked multiple times, so we thought it would be a perfect time to answer them in an AMA episode.Derek will provide his thoughts and answers to the following questions:1.) What Should I Do During A Bear Market?2.) Should I Pay My Mortgage Off Before Retirement?3.) How Accurate Is My Social Security Projection If I Retire Early?4.) How Do I Know If I Need A Trust Or A Will?5.) Are All Annuities Bad?We hope you enjoy the show!You can connect with Derek on social media at:   by email at:derek@pharmfp.com
Ep 47: The Biggest Differences Between The Accumulation and Deaccumulation Phase For Investors
Feb 8 2022
Ep 47: The Biggest Differences Between The Accumulation and Deaccumulation Phase For Investors
There is so much to consider and sort out while working through a retirement transition. However, one of the biggest changes you will experience is the shift of being an accumulator to becoming a de-accumulator in retirement. In this episode, Derek will go over what he sees as some of the biggest changes people will experience while making this retirement transition. The subtle and not so subtle differences should be on all pre-retiree's radars as they advance toward their golden years.These differences include;- A Total Mindset Shift- Sequence of Return Risk- Increased Interest Rate Sensativity- Taxation ControlEnjoy the show!You can connect with Derek on social media at:   by email at:derek@pharmfp.com
Ep 46: Overcoming Retirement Frugality
Feb 1 2022
Ep 46: Overcoming Retirement Frugality
Retirement is an exciting time for many. Especially those who have been looking forward to their golden years for quite some time. Unfortunate for some, the happy and fulfilling retirement fantasy doesn't always materialize into reality. A big reason for this is unintended frugality.Being cautious with your spending in retirement is a valuable. But taking it to the extreme can be a big determent. It can also be a habit that is extremely hard to overcome. If you've been frugal your entire life, it's going to be difficult to loosen those reigns in retirement, even if you can financially afford to. That is why in this episode Derek goes through a few of his tips he's used with his retiree clients who have found themselves in this same situation.Tip # 1: Revisit Your Core ValuesTip # 2: Match Expenses With Your Income SourcesTip # 3: Hire A ProfessionalTip # 4: Take Micro Actions And Continuously Evaluate Enjoy The Show!You can connect with Derek on social media at:   by email at:derek@pharmfp.com
Ep 45: Required Minimum Distributions (RMDs) in 2022
Jan 25 2022
Ep 45: Required Minimum Distributions (RMDs) in 2022
Retirement planning is confusing. There is a lot to consider. And just when you think you have everything figured out, the IRS comes along and makes it more difficult. This is usually what happens when people learn about Required Minimum Distributions for the first time.RMDs are the amount of money the IRS requires that you pull out of your retirement accounts each and every year. Regardless of if you actually need that money or not. Their goal is for you to spend the last dollar you have in a retirement account before you die. This can be a major hinderance on the financial goals of individuals. In this podcast, Derek talks about the basics of RMDs everyone should be aware of. He also touches on some of the RMD changes that start on January 1st, 2022. If you are trying to learn more about how RMDs may impact your retirement, this episode is for you.Enjoy the show!You can connect with Derek on social media at:   by email at:derek@pharmfp.com