Tim & Tim discuss whether to pay off your mortgage early or invest, breaking down math, mindset, and goals for 2025's financial landscape.

This episode is brought to you by First Horizon.

Episode Summary

In this episode of the YFP podcast, co-hosts Tim Ulbrich, PharmD, and Tim Baker, CFP®, RICP®, RLP® revisit the frequently asked question: 'Should I pay off my mortgage early or invest the difference?' They discuss how the changing financial landscape, including rising interest rates, market volatility, and inflation, impacts this decision in 2025. They explore the math, emotional factors, and personal financial goals to provide a balanced approach.

What you'll learn in this episode:

• How to evaluate whether paying off your mortgage early or investing the difference makes more sense in today's higher-rate environment.
• Why the math (interest rates, investment returns, tax impact) and the emotion (stress, freedom, flexibility) both matter when making this decision.
• How shifts in interest rates, inflation, and cash flow pressures since 2018 change the calculus for pharmacists in 2025.
• The role of discipline and behavior—why "investing the difference" only works if you actually do it.
• How a financial planner helps balance data and emotion to build a plan that aligns with your goals, values, and risk tolerance.

Mentioned on the Show

• Your Financial Pharmacist
• Book a Free Discovery Call with YFP
• YFP Episode 49 "Should I Pay Off My House Early of Invest?"
• YFP Episode 68 "Pros/Cons of the Dave Ramsey 7 Baby Steps"
• YFP Episode 427: "Passive vs Active Investing: Is the Debate Over"
• YFP Episode 274: "Risk Tolerance vs Risk Capacity (Retirement Planning)"

Tim & Tim unpack passive vs. active investing, fees, behavior, and why YFP takes an "actively passive" approach to help pharmacists reach goals.

Episode Summary

In this episode of the YFP podcast, co-hosts Tim Ulbrich, PharmD and Tim Baker, CFP®, RICP®, RLP® dive into the ongoing debate of passive versus active investing. They break down the definitions of each strategy, discuss where each might fit into a pharmacist's financial plan, and analyze the impact of fees and behavioral factors.

Drawing insights from Charles Ellis's The Index Revolution and Dr. Daniel Crosby's The Behavioral Investor, they explore YFP's own investment philosophy and the benefits of an actively passive approach. The episode covers the importance of long-term planning, the impact of fees on investment returns, and why human behavior often works against successful investing. Tune in to see why YFP advocates for a passive approach while actively managing portfolios to align with clients' financial goals.

What you'll learn in this episode:

• The key differences between passive and active investing—and where each approach fits within a pharmacist's financial plan.
• How investment fees and human behavior can significantly impact long-term returns.
• Why YFP believes in an "actively passive" investment philosophy that balances discipline with adaptability.
• Practical takeaways from The Index Revolution and The Behavioral Investor to help you become a more confident, informed investor.

Mentioned on the Show

• Your Financial Pharmacist
• Your Financial Pharmacist on YouTube
• The Index Revolution by Charles Ellis
• Vanguard Research Brief (2020): Putting a value on your value: Quantifying Vanguard Adviser's Alpha
• The Behavioral Investor by Dr. Daniel Crosby
• YFP Episode 124: The Behavioral Investor with Dr. Daniel Crosby

Are you measuring your financial success by the wrong metric? In this episode, Tim Ulbrich, PharmD, dives into why income can be misleading and why net worth is the true measure of financial progress.

This episode is brought to you by First Horizon.

Episode Summary

Are you measuring your financial success by income alone? In this episode, Tim Ulbrich shares the wake-up call that changed everything for him: despite earning a six-figure pharmacist salary, his net worth was negative $225,000.

Tim dives into why income is a vanity metric and why tracking net worth is the key to true financial progress. He breaks down the difference between income and net worth, why net worth matters more, and four powerful reasons to make it a monthly habit.

What you'll learn in this episode:

• The wake-up moment that shifted Tim's financial mindset
• Why income alone doesn't reflect real progress
• How tracking net worth builds momentum, clarity, and motivation
• Practical tips for measuring what truly matters

Mentioned on the Show

• Your Financial Pharmacist
• Your Financial Pharmacist on YouTube
• The Millionaire Next Door by Tom Stanley
• Rich Dad Poor Dad by Robert Kiyosaki

Retirement isn't just about the numbers. Tim Ulbrich, PharmD and Tim Baker, CFP® and Registered Life Planner, explore how life planning can help you design a retirement filled with purpose, meaning, and fulfillment, not just financial security.

Episode Summary

When it comes to preparing for retirement, most conversations focus on the financial side—things like income planning, Social Security timing, withdrawal strategies, and tax-efficient investing. But true retirement readiness goes beyond the numbers.

In this episode, Tim Ulbrich, PharmD, is joined by Tim Baker, CFP® and Registered Life Planner, to explore how life planning can help you design a retirement that's rich with meaning, purpose, and fulfillment, not just financial security.

As you step away from decades of work—often after raising kids, building a career, and living within a structured routine—you enter a new phase of life where the biggest challenges aren't just financial, they're personal. Who are you now? What does your ideal day look like? How do you make this season of life one that aligns with your values and brings you joy?

In this episode, you'll learn:

• What life planning is and how it complements financial planning
• How to navigate the personal and emotional transition into retirement
• Practical ways to align your money with your values and goals
• How to create a vision for a fulfilling and purpose-driven retirement

Whether you're approaching retirement or simply thinking ahead, this conversation will help you see how life planning can make the next chapter not only financially sound but deeply satisfying.

Mentioned on the Show

• Your Financial Pharmacist
• Your Financial Pharmacist on YouTube
• YFP 394: Crafting a Rich Life in Retirement: Insights from David Zgarrick, PhD
• Vanguard Study Advisor's Alpha
• Changes in US Family Finances from 2019 to 2022: The Federal Reserve Board of Governors

Is it possible for a pharmacist to save $1M by 40? In this episode, we break down the math, explore money mindsets, and share my journey from –$225K in debt after residency to reaching millionaire status with practical strategies to build wealth.

Episode Summary

In this episode, we tackle one of the most common (and debated) money questions: Is it realistic for a pharmacist to reach $1 million by age 40?

YFP Co-Founder & CEO, Tim Ulbrich, PharmD breaks down the math, explores the mindset shifts that matter most, and shares some of his own story of going from –$225,000 in net worth after residency to crossing the seven-figure mark.

You'll learn:

✅ How to calculate what it actually takes to hit $1M
✅ Why your money beliefs may help or hold you back
✅ Strategies like automating savings, tracking net worth & boosting financial IQ
✅ The importance of "playing financial defense" with debt and expenses

This episode isn't just about hitting a number, it's about what that milestone means for your financial independence, freedom, and peace of mind.

Mentioned on the Show

• YFP Compound Interest Calculator
• The Millionaire Next Door by Dr. Tom Stanley
• Watch the Your Financial Pharmacist Podcast on YouTube
• Learn More About Your Financial Pharmacist

Taking risks with your money, career, or life goals isn't easy, especially if you don't feel secure. In this episode, Tim Ulbrich, PharmD, explores how to build both the financial and emotional foundation you need to step out of survival mode and start taking calculated risks with confidence.

Episode Summary

Without security, it can be difficult to take risks. In this episode, YFP Co-Founder & CEO, Tim Ulbrich, PharmD, shares how to build the financial and emotional foundation you need to move past survival mode and take bold, calculated risks

You'll learn:

✅ Why having a financial "floor" is essential before taking risks
✅ How emotional security plays into financial decision-making
✅ Practical steps to create stability so you can pursue opportunities
✅ The balance between playing it safe and going after bold goals

Whether it's investing, starting a new business venture, or chasing a dream, this conversation will help you create the security you need to move forward.

Mentioned on the Show

• Watch the Your Financial Pharmacist Podcast on YouTube
• Learn More About Your Financial Pharmacist

Health Savings Accounts (HSAs) are a modest but mighty tool for healthcare and retirement planning with a rare triple-tax advantage. Tim Ulbrich and Tim Baker share 2025 limits, key benefits, and common mistakes pharmacists make.

This episode is brought to you by First Horizon.

Mentioned on the Show

• First Horizon's Pharmacist Home Loan
• YFP Blog: Why I'm Not Using My Health Savings Account to Pay for Medical Expenses
• YFP 165: The power of a Health Savings Account
• Reference: Investment News Barron's
• YFP 124: The Behavioral Investor with Dr. Daniel Crosby
• Your Financial Pharmacist
• Your Financial Pharmacist on YouTube

Episode Summary

Health Savings Accounts (HSAs) are a modest but mighty tool for both healthcare and retirement planning, offering a rare triple-tax advantage: tax-deductible contributions, tax-free growth, and tax-free qualified withdrawals. But despite these benefits, many pharmacists aren't maximizing their HSA—or worse, are making costly mistakes.

In this episode of the Your Financial Pharmacist Podcast, Tim Ulbrich and Tim Baker break down:

✅ What HSAs are, how they work, and 2025 contribution limits
✅ Why HSAs can serve as a "stealth" retirement account
✅ Common mistakes like non-qualified expenses and poor record-keeping
✅ How to choose the right HSA provider and designate beneficiaries
✅ Tips for investing your HSA funds for long-term growth

Whether you're just starting out with your HSA or looking to fully optimize this powerful account, this episode is packed with insights to help you avoid pitfalls and maximize your benefits.

Tim Ulbrich and Tim Baker tackle one of the most common questions we hear from pharmacists: "Do I need this whole life insurance policy?" They dive into who needs coverage, common misconceptions, and why the "buy term and invest the difference" strategy may be the smarter approach.

This episode is brought to you by APhA.

Episode Summary

YFP Co-Founder & CEO, Tim Ulbrich, PharmD, and YFP Co-Founder & COO, Tim Baker, CFP®, RLP®, RICP®, tackle one of the most common questions we hear from pharmacists: "Do I need this whole life insurance policy?"

We've seen an increasing number of pharmacists with expensive whole life insurance policies that are often complex, costly, and not always the best fit. In this video, Tim and Tim break down:

✅ Who actually needs life insurance (and who doesn't)

✅ The role life insurance should play in your financial plan

✅ The key differences between term life and whole life coverage

✅ Why "buy term and invest the difference" can often be the smarter strategy

✅ The conflicts of interest that sometimes drive whole life sales

By the end, you'll better understand the benefits, costs, and misconceptions around whole life insurance so you can make an informed decision about what's right for your financial future.

Mentioned on the Show

• Join APhA - Get 25% Off with Code YFP
• Life Insurance for Pharmacists: The Ultimate Guide
• Your Financial Pharmacist
• Your Financial Pharmacist on YouTube