Tim and Tim share the financial mistakes, lessons, and mindset shifts that shaped their wealth journeys—and what they’d do differently today.
Episode Summary
Financial mistakes are part of every wealth-building journey. The key isn’t avoiding them altogether. It’s learning from them, adapting, and continuing to move forward.
In this episode, Tim & Tim reflect on the financial mistakes, missteps, and lessons that shaped their own journeys. From buying too much house, carrying credit card debt, and delaying retirement savings to misunderstanding student loans and chasing the belief that income equals success, they share the decisions they would approach differently if given the chance to start over.
Along the way, they discuss how money mindset, upbringing, financial habits, and life experiences influence the choices we make with money. They also explore why mistakes are often valuable teachers and how building a strong financial foundation creates the flexibility to take calculated risks and live a rich life on your own terms.
What you’ll learn in this episode:
- Why income alone doesn’t guarantee financial success
- Common financial mistakes pharmacists make early in their careers
- How money scripts and childhood experiences shape financial behavior
- The importance of building a strong financial foundation before taking risks
- Why financial mistakes can become valuable lessons rather than lasting regrets
Mentioned in Today’s Episode
Episode Transcript
[00:00:00] As I was going through my transition from military to private sector is this thinking that income equals success and happiness, and that is so false in my opinion. These are some things that I talk about with my kids and my, my nieces and nephew. Like, m- money is great a- and that is important and all those things, but if you’re miserable doing what you do day in and day out and it’s, you know, because you make a high income, like, that’s not, that’s not sustainable over the long term Before we get started with today’s episode, I wanna take a moment to recognize our ongoing collaboration with the American Pharmacists Association.
APhA has been a part of my journey since 2006 when I joined as a student pharmacist. Over the years, I’ve personally benefited from the education, the community, and the advocacy they provide, so it’s especially meaningful to now partner together in serving [00:01:00] this profession. Since 2017, YFP has worked alongside APhA to bring personalized financial education to its members.
Throughout the year, we’ll be co-hosting webinars with APhA on topics like investing, retirement planning, debt repayment strategies, and more. If you’re not yet a member of APhA, it’s a great time to consider joining. You’ll get access to these resources along with an exclusive discount on the initial planning fee for YFP Wealth’s one-on-one comprehensive financial planning service.
You can also save 20% on your APhA membership by visiting pharmacists.com/join and using the code YFP_Wealth. Again, that’s YFP_Wealth. All right. Let’s jump into today’s episode of the Scripted Wealth podcast. And one of the benefits of being in mid-career and in our early 40s is that while we’ve still got a lot to learn, certainly, uh, we’ve got some lived [00:02:00] experience, which means that at least financially speaking, we’ve made some mistakes along the way, maybe some do-overs of things that we would, uh, like to have back.
And so today I thought it would be fun to look back and ask a simple question, which is if we were starting out from the beginning of our financial journeys, what would we do differently? And also, what would we do the same? You know, what are some of the wins that we’ve had along the way as well? Before we get into those, which I think are gonna be a lot of fun, one of the things I’ve been thinking a lot about this week, especially relevant as we talk about financial mistakes, is that if we’re not careful, we can carry around a lot of shame with our financial plan, with our financial journey, that I don’t think serves us very well.
I was just talking with a, a former colleague about this over the past week, which is, you know, when we feel conviction with our financial plan, that can lead us to developing a plan and taking action. But when we live in the [00:03:00] shame, right, those feelings can really drag us down and not necessarily serve us well.
So Tim, what are, what are your thoughts on that, especially in the many conversations that you’ve had with pharmacists, the clients that you’ve worked with, where, you know, sometimes those feelings of mistakes or decisions we made can serve us well and lead us to charting a new path, but, but other times we can get, we can get stuck with money.
And, you know, I just think about, you know, your upbringing is a big part of that, Tim. So like, you know, if you grew up in a house where, you know, spending was frowned upon or saving was frowned upon, like it was, you know, um, money comes in and goes out, that leaves an imprint on you. And you know, I think that i- if you think about these money scripts, the money baggage, and then you fast-forward to the present day, overlay the income, overlay the what are, what are peers doing in comparison to you, um, it can lead to a lot of shame or doubt, um, maybe resentment.
I think the, [00:04:00] you know, one of the things I see often with, with pharmacists in some of the conversations is like I, I, I just haven’t really been paying attention to this, and, you know, something happens, and now I need to. And, you know, there’s, there’s no better time than the now. Uh, I do think that, you know, the sooner you kind of get that wake-up call or get to that realization that, you know, I need to seriously look at because of the dollars and because of just the implications of, of, of what’s going on.
You know, we’re trying to really build out a, a structure and a framework that allows for freedom or optionality. Um, and, you know, sometimes without that, you can get stuck in a quagmire or just get stuck on this, um, never-ending treadmill. Um, and, you know, I think it’s just really important to be– We talk about the, uh, the concepts of just being reflect- like, [00:05:00] reflective of where you’re at.
And, you know, sometimes I think if you get caught up in the everyday grind because the job is time intensive, you know, if you have a family or just the things that you’re going on, going on in personal life, sometimes it’s hard to, like, pick your head up and be like, “Okay, where am I at? How am I doing?” And that can lead to a lot of emotions, um, that aren’t necessarily positive all the time.
Yeah, I think of these as ruts, right? You’re talking about kind of in- Yeah … in the grind, in the repetition, but I think of these as ruts, financial ruts, but also emotional ruts. They’re very much connected, and I think the starting point is just acknowledging them, being reflective on it, uh, not beating ourselves up too much.
Um, you know, and that’s part of the hope of this episode is right through some of the vulnerability, like- We, we do this every day, and we’ve made our fair share of mistakes, and, you know, the financial journey is a lifelong journey of learning. And hopefully we improve and we get better, and we can stack those wins on top of one another.
But mistakes are part of the journey. Um, and we wanna do everything we [00:06:00] can to, to minimize those, of course, or to minimize the impact of those. Um, but they’re, they’re part of the learning journey, and the opportunity is to learn from them and to grow from them. And, you know, sit- sitting in, uh, the space and beating ourselves up about them I don’t think serves us often very well.
Tim, you said often people might get stuck in these ruts, and then something happens, right? What, what is that something happens? Is it, you know, career change? Is it a health event? Is it… I mean, is, is there any common themes that you see there? Yeah. I, I’ve seen it with, uh, like a job change or, or even like a, a, a feeling of burnout, of like just being exasperated of like, “Hey, I can’t, I can’t keep going down this path.”
It could be a divorce, um, or, um, birth, birth of a child. It could be, you know, the other end of the spectrum that’s like, “Hey, um, I can kinda see retirement on the horizon,” or I start to see my peers retire, and that could, that could prompt people to say, like, [00:07:00] “Maybe I just need some professional management.”
It could be, like you said, um, you start to see the mortality of, of parents, um, and, and may not want to repeat maybe some of the mistakes that, that they’re experiencing or, um, you know, so it could be a health thing with parents that, that, that is observed, or it could be a money thing with, with parents that are- Mm-hmm
that’s observed. Um, there’s a variety of things that I think trigger, you know, kind of that, “Hey, maybe I need to take a more serious look at this.” I would say those are the ones that come to mind, you know, at present. And then I think, you know, not necessarily germane to this but, you know, I think, I think there’s a lot of pharmacists that get to a point of, like we’ve talked about in previous episodes, that they’re just like, “Am I fully optimized?
Am I taking full advantage of, of all the resources I have, whether that’s time, income, my investments, except my tax situation, um, et cetera?” But [00:08:00] yeah, those would be the, the, the main triggers that I see people at least reaching out to us to have a conversation. And again, as we, we dive into some of these mistakes, right?
They’re, they’re part of the plan. It’s part of the journey, uh, that, that we’re all on, and sometimes it’s two steps forward, one step back. The goal of this episode is not, not to make those feelings, you know, of shame worse by, by any means, uh, but to really open up the conversation, uh, a- and on some level hopefully that you feel, feel seen in that journey a- as well.
Tim, let, let’s start. Uh, we’ll go back and forth here, uh, throughout the episode, but t- take me back to the maybe less mature, less refined Tim Baker. Uh, you know, take, take us back a couple, couple decades, re- rewind the script. Like, what were some of the early financial mistakes that you made and some of the lessons that, that you learned through that?
Yeah. So I, I will say that, you know, I kinda mentioned some of like the money scripts, um, and kind of the, maybe some of the baggage that you get with that, good or bad. You know, like [00:09:00] when I, when I grew- when I was growing up, um, you know, we came from kind of pretty modest. Um, my, I would say my, my mom probably grew up, you know, pretty, uh, you know, on the poor side.
So i- there was definitely a, a feeling of, you know, save, save, you know, be frugal, that type of thing. So, and you know, it was kind of told to us like, you know, if you wanna go to college, get, get scholarships or you gotta pay your way. You, you wanna dri- drive your own car, you gotta buy your car, uh, pay for insurance, pay for gas, you know, get, get a job, all those things.
So I would say very, very early on in my, in my life, I was very much on the closed hand, you know, don’t spend. Um, not that I had a lot to spend early on, but it, that was kind of my mentality. And then something very important kind of happened in world events that I think [00:10:00] shifted that a little bit. Um, 9/11 happened when I was a plebe at West Point, and it went from, hey, you know, you have a lot of time to, you know, nothing’s really going on, to like more like YOLO.
So kind of a transformation of, um, you know, and, and this could have been more of a symptom of like even being in college and just having more fun and, and kind of not thinking about tomorrow. But I, I definitely think that that carried me through my military career and then probably a little bit beyond- Mm-hmm
to where I’m, I feel like I’m at now, which is kind of a good mix, I think. I kinda say that in our relationship, my, uh, my marriage, that I’m more of the saver, which is true, and, and Shay is more of the spender. And I think it’s a, it’s a good mix. But I think personally, I think I do a good job, we do a good job of thinking about the long term, hey, 20, 30, 40 years out, but then also think about living a wealthy life today, um, [00:11:00] in 2026 with a young family.
So those would be, that’s kind of the, the framework in which I would answer all of these questions in terms of what stage or where I was at. Let, let me ask you something real, real quick before you go further on that. I heard two extremes, right? Kind of a, an upbringing- Yeah … and money scripts around more of the Uh, save mentality.
Scarcity is probably too strong, but more on the sa- save mentality side of things, and then, you know, be- being at West Point, 9/11 happens, you kinda see the shift to more of a ti- ti- time is finite, right? So, uh, y- YOLO type of spectrum. So if we put that on a spectrum, right? Two, two ends of that, and then you feel like you’ve kinda brought yourself into understanding the value of both of those, of on some level, uh, frugality and planning for the future and, you know, uh, sa- saving, but also appreciation of the role of spending in the plan.
So- What do you attribute to bringing that into the middle ground? Is it just seeing both ends of the spectrum and understanding that, [00:12:00] you know, there’s value in each one to some degree, but a little bit of balance is, is good? Or w- was there other factors that contributed, uh, to getting to more of the balanced approach?
It, it’s probably observation, but to be honest, it’s probably my journey to become a CFP. Mm. You know, like when I got into the industry. You know, so like when I, when I transitioned from my military career into private sector, you know, my, my, my first job and subsequent jobs from there were related to like logistics, you know, moving product from A to B.
I did that, you know, in a warehouse for a major retailer, and then for a construction company on material yards. Um, and I think through that evolution, like again, I still was probably more on the spender YOLO, um- Yeah … perspective, and part of that I think was like, you know, I felt like I needed to justify, you know, my experience and career by just f- like by [00:13:00] climbing the corporate ladder, and part of that is appearances, where, you know, when I look back at the first house I ever bought, um, some of the cars we purchased, too much car, too fancy of a car for where I was at, you know?
Right. Uh, too, too much house, uh, with, you know, for, for where I was at in life. So I think it was an evolution of like seeing some of those things and like, why did we do that? But then also, you know, when I got to pivot from that kind of, uh, ca- the career of like logistics to what I’m, what we’re, what I’m, what I’m doing now, like financial planning.
Excuse me. Um, you know, it was, it was kinda getting more into that world and learning and, um, working at a firm and seeing some of the, the mistakes and things that people would make, but also some of the things that they would do that I’m like, “Hey, that’s actually a really good idea,” um, for people that were in their 50s, 60s, and 70s.
[00:14:00] And then getting into the course curriculum and understanding, like I don’t think I ever knew… I knew I nu- needed a rainy day fund, but I never knew what, what that, that was or where it should be, and I knew I needed to invest, but I didn’t really understand like how to do that. And I always tell the story of, you know, when I got my first like 401post-military, like I bought Investing for Dummies.
I read the first 15 pages of that, and I was like, “Man, I don’t have time for this,” put it on the shelf, and then never- … picked it up again, right? So that’s where I was at. You know? I, I fi- I finished that book, for the record. Okay. So, yeah. Yeah, never, never did. But, so I think it’s a combination of experience, observation when I shifted into the, the, this career.
Yeah. Um, and then obviously the, the, the ba- like the kinda the backing of the curriculum and things like that, and, and, and I think that would be the, the real answer to that question. So a couple potential early mistakes I heard in there were h- house ty- you know, type of [00:15:00] home maybe a little bit too early for what you needed or where the rest of the plan was at.
Same thing on the automobile side of things. A- anything else you’d put in that bucket of early mistakes? Um, you know, just carrying credit cards when we didn’t carry credit cards. Like, my partner at the time kinda came from a family that that was kind of normal behavior. And, you know, I didn’t really think– we d- never did that, but I felt like, you know, our behavior drifted into that in a way that, you know, when I look back at them, I’m like, “That’s, this, this wasn’t good.
It wasn’t smart.” And it just wasn’t, it wasn’t intentional, right? It’s not like we, it’s not like we were spending, you know, crazy, but it just bled and, you know, there’s times where I’m like, “Man,” like we look up and like, “Why do we have this credit card debt?” You know, this is silly. Um, I definitely, and I even, I even say this to this day, um, you know, definitely some things where, you know, you’re, and I’m sure if people can relate to this, like you just have a, you know, a not so great week at work, and I’m like, “I just wanna buy something, shop therapy.”
Mm-hmm. [00:16:00] And I always, I always make the joke of like, there’s nowhere in my plan where I need to lead the league in nice bottles of whiskey, but sometimes, like, I’ll do that. You know, where I’m like, “Ugh,” like I just… Or, you know, I t- I– you get into this, the other mindset that you kinda get into is like, “But I deserve this.”
Deserve this, yes. Mm-hmm. And I sometimes see this with pharmacists, and you, and you buy something and you’re like, “Why did I do that?” Mm-hmm. So, um, you know, probably i- in the, you know, not prioritizing experiences, prioritizing more of the material things. Um, you know, I, I would say at, at times, you know, um, under-thinking things.
Mm-hmm. Like not being very thorough- Yeah … with, you know, kind of the long-term things. Um, and I think just the overlay, you know, I was, uh, as I was going through my transition, um, you know, from military to kind of private sector is this thinking that income equals success and happiness, and that is so false in my [00:17:00] opinion.
Um, you know, and I, these are, these are s- these are some things that I talk about with my kids and my, my nieces and nephew. Like, you know- Mo- money is great and, and, and, a- and that is important and all those things, but if you’re miserable doing what you are, what you do day in and day out, and it’s, you know, because you make a high income, like, that’s not, that’s not sustainable over l- over the, the long term.
So, you know, I think really finding a situation where, you know, you’re, you’re excited, maybe not excited but, you know, um, energized to go to work and, and things like that, finding that. And, and, you know, that, there’s a lot of variables out there. You know, I’ve kind of men- mentioned before, like, you know, your, your manager could be a big part of that driver that, you know, you could, you could be great one day and all of a sudden your boss changes out and now things are different.
So these behavior, I kind of listed this on my notes as kind of the, the behavior things, um, that at [00:18:00] times I was just like, “No, like, not, not good behavior, Tim. Like, you know, probably could have done that better.” Um, but I wouldn’t change anything, Tim, because I, all of these things kind of add up to today The, the experience.
Yeah Yeah, and not that, not that I’m perfect. I certainly am not. Um, but I just feel, and, you know, Shay have this, we have this conversation, and this is probably another mistake that I can go down, but, um, you know, having active conversations about your financial picture, but more importantly, just, like, the trajectory of where you wanna go and, and I think having goals as a couple.
I hadn’t done that in past, um, relationships very well, and I think Shay and I do a good job of, of doing that and kind of, you know, thinking through, um, where are we at and what’s important to us, and where do we need to, you know, apply our resources, our dollars, our, our time, our energy, those types of things.
So, [00:19:00] um, yeah. I, I guess I need to turn this over on you ’cause I feel like I’m the, the, the spotlight. Well, the spotlight’s a little hot on me. Well- How about, how about you? I’m gonna answer that. I am, but I, I wanna just first call out I love that you, you talked about some tactical things, right? Yeah.
Specific decisions, whether it’s a home purchase, a car purchase, um, maybe a lack of financial conversations, right, with a partner, those types of things. Um, you know, credit card expenses. Like, those are very tactical, but nine out of 10 times, at least my lived experience says that when I’ve made a, quote, “financial mistake,” underneath that, if we think about it like an iceberg, right?
The, the tactical mistake is what I can see above the water. It’s the behavior and the mindset underneath the water- Yeah … that informs or leads to the decisions that we’re making financially. And, and this, I think, is something that gets often overlooked in financial planning ’cause it takes time. It, it takes time to really understand somebody’s money mindset, the scripts that they grew up with, [00:20:00] uh, the vision, the goals that they have, right?
All of these things that are gonna ultimately in- inform where we go and, and, and how we live out our financial plan. Um, but I wanna call that out for a moment because as people listening maybe are thinking about some of their own, quote, “mistakes” they’ve made, the challenge I would have is to just dig a layer or two deeper of can we understand what maybe the mindset was or the money script was that was attached or connected to that, because that, that I think is where a lot of the work really can be done, um, that is lasting work that will prevent some of these mistakes from being, you know, recurring into the future.
So I use that one with, you know, conversations for, uh, couples ’cause I think that’s a really common one. Probably for many people, we could directly attribute that to, well, what was the upbr- what was our upbringing like? In terms of the discussions that were or weren’t happening in the home around finances, uh, was that an open conversation?
Was it [00:21:00] a closed conversation? Was it a conversation that was, you know, one that often there was, you know, feelings of, of fear or, you know, anxiety? Was it, you know… Yeah, what you, what was the emotional temperature, right, in the household? And probably, you know, if we’re avoiding those conversations, most likely it’s connected back to the experiences that we had.
And if we can name that, see that, understand it, uh, I think it just makes it a little bit easier to start to work through, uh, and hopefully, you know, rewrite some of the story i- in our own financial plans. Yeah. And I would, I would say that I grew up in a environment where, like, talking about money was very rude.
Mm. Like, especially- Like we don’t, like we don’t talk about it. We don’t talk about it. Um- Like it’s private. Is that what you- Yeah. Yeah. And, and, and especially for, like, kids, like, you don’t have a seat at the, you know, the, the table. And like I said, I don’t, I don’t lay out, like, my investment portfolio to my kids, but I actively talk to them about, you know, [00:22:00] um, money and investing and saving.
But then also, like, you know, uh, sometimes I see with Olivia, she’s like, “Save, save, save,” um, but she can swing back and forth on this. But I’m like, “You’re a kid. Like, go s- like spend it too.” So we do the buckets with, like, spending and saving and giving and all that kind of stuff. But I, I want it to be a little bit more of an open dialogue, um, whereas like in my household, we just…
You know, the things that I saw between my parents was more maybe comparison to, like, other people or aunts and uncles, but then, you know, probably like s- just stress- stressful conversations, or at least that, that’s the tone. Um, so, and again, like I, I give a lot of credit to my, my, my mom in particular because, like, you know, the way that she could stretch a dollar and, you know, we, we were never wanting for everything, and I think we had a lot of great experiences, you know, on the salaries that I…
You know, they made, um, that I’m projecting that they made as a teacher and, [00:23:00] you know, my dad was kind of a similar type of income. They did very well, you know? So, um, you know, it’s, it’s definitely not my intention to, to, to bash them in any way, ’cause I think that the, they did cr- you know, I think create- sound financial habits, even if they, even if they didn’t mean to, that, you know, I kind of went astray from for a bit and, and then kind of came back to.
So, um, yeah. But I think, I think, I think that, you know, observing that and kind of understanding that, you know, you are, you know, you… A- another thing that I wrote on my notes here as I was preparing for this episode is, like, you’re kind of the average, you know. What is, what is the, the saying? You’re like the average of the five closest persons- People
or people to you. Mm-hmm. So, if you’re running in circles where, you know, spending, you know, maybe frivolously is a norm, then your behavior often, like, will adapt to that. So, um, it’s just being conscious of this. And, and again, that’s, that’s the really intention behind this, um, this conversation is, [00:24:00] is to kind of switch on, you know, to where you’re at and kind of give you, um, some things to think about.
Yeah, so much of the financial plan can be subconscious, right? And you’re talking about through the reflection. Can, can we bring it to the conscious- Mm-hmm … where we can then work with it? Um, and, and hopefully begin to, to develop a plan, you know, around it. What, when I think back to some of my, my own early mistakes, um, Tim, I, I do have some very tangible ones that I’ll, I’ll share here in a moment, but I think the common thread underneath which a lot of pharmacists will probably resonate, you know, I came out at the age of 24, uh, finished residency at 25.
All of a sudden you’re making money that I’d never seen before. Right. Um, both in, in the household that I grew up in and at a, at a very young age. Um, and, and I don’t- think I made any big catastrophic mistakes. You know, I think because of the house I grew up in, which was, you know, one that was relatively frugal with, with money and, and diligent, and my parents did a great job of kind of the buckets and saving, spending, giving.[00:25:00]
Um, you know, I didn’t, I didn’t make any mistakes in terms of, you know, massive purchases or things that would have set me back, you know, a long period of time. However, there was certainly an entitlement mindset that was there as I look back on it, and this belief of, as I’ve shared on the podcast before, you know, I graduated in the early 2000s, Doctor of Pharmacy degree was coming out.
You know, there’s certainly a, a, a culture of, hey, you’re coming out with your doctorate degree, and you’re gonna make really good money, right? And I- when I graduated in 2008, this was still the point of sign-on bonuses and things where, you know, our final year of school, new cars are showing up in the parking lot, you know, all types of things.
So this is the, the culture in which we’re coming out of, and so that type of entitlement, I think did lead to this false sense of belief of, hey, you make a good six-figure income, therefore you will be financially successful, right? That belief that your income, as you alluded to just a little while ago, your income will be the path forward.
[00:26:00] And, you know, it wasn’t until about four years in, in large part I give credit to the book The Millionaire Next Door and learning about net worth and kind of the habits of millionaires of like, oh, whoa, wait a minute, like income is a tool, but if I don’t change how I’m using that tool, it’s gonna be income in and income out.
Right. And that was really a mindset shift that re- recharted the path, you know, for much of, of my financial plan. Um, so the general theme was just wait- waiting too long to get intentional, um, really believing that that income was gonna carry me, and it wasn’t until four or five years in and realizing, hey, I’ve earned a half million dollars, but my, my net worth really isn’t moving in, in much of a direction.
Yeah. I could very much find myself, you know, in this position 10, 15, 20 years down the road, where I’ve earned million, two million-plus dollars and don’t really have a whole lot to show for it in terms of, you know, what’s sticking on, on the balance sheet. Um- On the tactical side, I’ve shared some of these before on the podcast.
You know, uh, I’ll give myself a [00:27:00] little bit of grace on these, ’cause so much of it comes down to just education awareness, but I could have pursued public service loan forgiveness, and I didn’t. Um, you know, information back in 2011, 2012, 2013 certainly isn’t as good as it is, you know, today. A lot of people were saying, “Don’t do it.”
Don’t do it. Um, I m- I remember vividly the NPR story that came out, and the headline was “99% of PSLF Applicants Denied,” right? And when, when you really read that story, you know, two-thirds of people, paperwork wasn’t ever even completed or submitted. Um, and there was a lot of confusion about consolidation of loans and, you know, by the time I found out about it, frankly, it was just too late at that point.
It didn’t make a whole lot of sense. But, you know, that easily was 100, $200,000-plus decision. Uh, and I qualified working for, you know, a non-profit academic institution. Another, another one I’d put in the bucket is, was dela- delaying the, um, purchase of term life insurance. And, you know, I think back, there, there was a season, [00:28:00] um, not too long thankfully, where our oldest, Sam, was born, and we didn’t have the right protection in place of what we needed from a term life insurance, even from the estate planning side, you know, as well.
Yeah. Uh, o- one of the reasons I’m really passionate about that, that topic. And then one that I’ve shared before, we talked about a couple episodes ago, was just a lack of prioritization around the different types of accounts. So, you know, things like 529 accounts were ahead of other parts of the financial plan.
Um, and again, e- education and awareness, and that was coming more from an, an emotional reaction, a position of, “Hey, I, I came out with $200,000 of debt. I don’t want my kids to come out with $200,000 of debt. Therefore, you know, I’m gonna save and prioritize 529 accounts.” Which, good intent, but when we zoomed out and look at the rest of the financial plan, arguably there was higher priorities of, of where those dollars, you know, should’ve been used.
So I- I’m with you. I, I wouldn’t change any one of those. I mean, sure, I’d like to have some money back, maybe through a PSLF or any other things. [00:29:00] Um, but it’s through some of those mistakes that you start to uncover the mindset and the behaviors and things that I would argue have been offset if not increased more of through the learning, the gains that have come from that.
Yeah. Um, and maybe there’s some self-rationalization, you know, that’s there as well. But, uh, I think through the mistakes comes the learning. Yeah. Uh, which obviously there’s fruit to that as well. So Tim, can I kind of rattle off the rest of my list too? Yeah. I feel like this is a therapeutic, um, feels like confession.
So, some of the other things that I wrote, and I kind of put ’em in, in sections, like investment, retirement, like the different parts of the financial plan and, and things that I’ve messed up. Um, so I mentioned, like, after I, my failed attempt to read Investing for Dummies, you know, I, I just looked at my 401and I was basically picking funds off of the names that I, like, recognized, which often led to, like, more expensive funds.
Um, or based on past performance, which is not necessarily the best [00:30:00] way to do that. Um, I remember opening up a, um, like a, an investment account probably way ahead of, like, when I, you know, should have in terms of, like, not having an, an emergency fund. And then, you know, buying, like, one share of Johnson & Johnson, um, which when you-
factor in, like, the ticket costs, you know, which we had to pay- At the time … back in those days. Yeah, yeah. Um, was just not necessarily smart. But it was like… And that’s why I, like, when I come across people that are like, “Oh, I, you know, I have $500 in Robinhood,” or, “I’m in crypto,” whatever. I, I, I chalk it up as more of, like, a cur- like, a curiosity thing of, like, trying, like, what, what does this investing thing look like?
Um, I– and this one I probably shouldn’t have done anyw- anyway, but I didn’t do it, is, like, I didn’t take advantage of, like, my employer’s employee stock purchase program. Um, so I completely kind of went, you know, like, went by that. I definitely have experienced what I’ve described, uh, I see a lot of clients do this, is, like, have that 401inertia where you just set it up, get the [00:31:00] match, and then years go by and you don’t- Yes
do anything else with it. Um, with Olivia, probably waiting a, a couple years to set up her 529, which I know is a common mistake a lot of people make. And then also, um, one of the things that I, you know, there’s been some years where, like, we, I didn’t take full advantage of, like, the HSA, um- Another one that, uh, co- comes to mind is, you know, probably when I moved from one employer to the, the other, I was getting, you know, notices about my previous 401, which maybe wasn’t that big, and I inadvertently cashed out the IRA, paid a penalty in taxes, because I just didn’t take action to do, to, to do what I needed to do.
Uh, so I got a check, and I’m like, “Okay, sweet, I got this check that I didn’t expect.” But then when I look back on it, I’m like, that should’ve been in retirement. Again, like, in the grand scheme of things, is it, is, is it gonna move the needle? No. Um, probably beading, um, y- one of the things, and I, and I’m not alone on this with, like, [00:32:00] other financial planners that have started their own, um, company, is, you know, I, I probably just waited too long to get really serious about saving for my own retirement.
And part of the reason for that is, like, when you go from an income to no income overnight, like, cash is king, right? So you want as much money- And you’re talking about when you started the b- when you started the business, income and- Yeah, like when I started Script Financial back in the day. Um- Yeah … and I, I don’t really th- like, I don’t, I don’t really, part of, part of me looks back at th- that and, and said, like, “Should I have started sooner?”
Or whatever. But I think the other thing that kind of parlays into this is, I don’t think that my own retirement really started to take off until we established the 401. Because when you’re self-em- At YFC … yeah. When you’re self-employed, it’s kind of this whole, the mentality is kind of like we talk about when we s- like, when we save.
Like, typically the equation is you, you get paid, you, [00:33:00] um- You pay your bills, you spend, and then whatever’s left over is saved. And that’s kind of happens with like, in self-employment, is like you look at whatever’s left over at the end of the year or at tax time, and then that’s what you would put into like a, like a SEP IRA.
Um, and part of that is like you have to do it that way because of the way the calculation is with, with regard to what you can put in. But it wasn’t until I got into like the f- back into the 401system where it became more automatic, it just came right out. Um, and so is that just kind of the evolution of how things work when you go from employed to self-employed to then, you know, self-employed where you have a large enough, you know, infrastructure to run payroll and things like that?
That’s probably true, but that’s definitely, like when I look at, look at myself and, and my trajectory, I’m like, man, like, you know, I, I feel like I was behind, um, because of the decision that I made. Um, I definitely did not… Like when I lived in Ohio the first time, Tim, I definitely, there’s [00:34:00] no way on gr- God’s green earth that I filed my taxes correctly in Ohio with RITA and things like that.
So, um- Wh- which, to be fair, to be fair, uh- You need to be like a rocket scientist- Yes … to figure this stuff out. Um- Yeah … I definitely didn’t take advantage of like, so when I did go from a pretty healthy income to s- essentially nothing, I should have moved all the, all of my dollars that I did have pre-tax into Roth- Right.
Yeah … which I didn’t. But I also didn’t necessarily have the money laying around to like pay the taxes on that conversion, so give myself some grace there. Same thing with the estate plan and insurance, probably, you know, wasn’t as timely on that as, as po- as I could’ve been. Um, and then the last couple things Um, and I’ve talked about this before, is like if I had to go, if I could go back in time and I, when I was living in Baltimore, I would’ve ch- tried everything that I could have to like figure out like a house hack opportunity.
Mm-hmm. I rented forever, and where prices were and where interest rates were, um, you know, I, I [00:35:00] probably could have found something that I could have, you know, lived in one part of either a bedroom or a floor, then rented out the other, and I just didn’t know what that was at the time. Um, so, you know, I, I always make the joke with Shay, I’m like, “Hey, we should, we should buy this and house hack it,” which is comical now because we have, you know, three kids and it’s, it’s chaos.
She’s like, “Absolutely not.” Like, we’re never doing that. Um, and I think too, like, um, even as like the business started to like grow and succeed, um, or just at different points in my life, like I like DIYing things. Like I, I’ve just come to the, I’ve come to the place, and it took me a little bit of time to do this, where like I know what I’m good at and I know what I’m not good at, and it’s okay to punt on the things that you’re not good at.
Yes. So like I, I remember, um, I’m not a morning person, Tim, so like when I… So like I don’t, sometimes I don’t even know how I got through like West Point or the Army, [00:36:00] um, but like when I got out of that, you know, I would, I would set my alarm for really early in the morning and like to go running, and I would snooze, snooze, snooze, and then the rest of the day I would just beat myself up because I didn’t go.
Like I, you know, I’m like, “I gotta go to work.” Yeah. I would, I would just beat myself up the rest of the day, and I’m like, “That’s not me.” Like I’m not, like I would rather go at midnight to run, you know, than at 6:00 o’clock in the morning. So I punt on those things, and I don’t feel bad about it. It’s the same thing with like, um, you know, I, I know what I, you know, I know what I’m good at, I know what I’m not good at, I know what I enjoy doing and, and what I don’t enjoy doing.
So like I don’t enjoy mowing my lawn. For some people that is therapeutic and it’s a good way to get exercise and be out in the sun. Like that’s not my, that’s not- Yeah … what I like to do, so I have someone do that. Um, you know, we have cleaners that come to our house because Shay’s a neat freak and, you know.
And I remember growing up- And cleaning all the time, you know, all the time. We were always cleaning [00:37:00] something. And I feel like, I mean, we clean, but it’s not, like, overly, you know, um, time intensive. And then the one thing that we recently added, um… And again, this is more of a mistake of we probably should’ve just done it sooner, is, you know, Shay was just saying how, like, she just, she feels like any, any, like, um, free moment she has, she’s doing laund- you know, she’s doing laundry or folding laundry.
And I’m like, “Well, what does it cost to, like, just have that done?” You know? I heard, I heard an ad for this on the radio recently. Yeah. Like the laundry, yeah. It’s, so we’ve been doing it now. So, so, like, she’s like, “I don’t wanna, like…” ‘Cause they charge you by the pound. She’s like, you know, if they’re gonna wash it and then hang it on a…
Like this shirt, like I hang it in my closet, right? So we’re not folding that. She’s like, “I’ll do those. Like, I don’t have to fold it.” Um, but we’ll put it in a trash bag, someone picks it up, it comes back folded Marie Kondo style, and we’re good to go. Now she yells at me to put it away and things like that, but, like, we, you know, we’re not preoccupied by, you know, w- we, I- [00:38:00] let’s spend the time with the kids or doing things with them than, like, folding laundry, you know?
So- I probably, you know, again, and, and, and some of these things take like, like, we, we wanna, we budget for it and we plan for it, so like you just can’t do it willy-nilly in my opinion. But it’s such a small thing in terms of the dollars in the grand scheme of things, but then like if you can release that from your brain where, you know, in the back of her mind she’s like, “Oh, I gotta fold, I gotta do this,” and I’m like, like, “Just, let’s just get free of that.”
So, um, so we build it into our plan, right? We just build it into our budget and, and it’s fine. And I think over time there’s been things, and partly it’s because like, like, what are the neighbors, what would the neighbors say if I don’t mow my own lawn? Or, you know, and, and that wasn’t a big issue with me.
This was more like- The bougie, bougie bakers. Yeah. Yeah. Like, exactly. Like, so like, you know, like we went, I li- like I bought a house in Ohio and then, and then my second house was in, um, Baltimore, which is a city, and I kinda made the thing, the joke of like, “Hey, if we go back, I’m not [00:39:00] buying a mo- mo- uh, a, a mower,” because I didn’t have one at the time, and I didn’t.
You know? So this was kind of like a back in the day thing of like, I just probably, I don’t wanna do this so I’m just gonna hire someone else to do it, and I don’t feel guilty about that. You know, sometimes like, you know, I feel like mom will be over and it’s like, “Oh,” like, “That must be nice to have someone mow your lawn.”
That must be nice. I’m like, “It kinda is, mom. Thank you for your opinion.” A- as you were talking, you, uh, tri- triggered some other memories on, on my end as well of, of other mistakes. So for 401cash out, same thing. Uh- Yeah … this was Jess, Jess’ old employer. Small amount, thankfully, overall, but it was one of those things like we kept getting notices and I’m like, “I, I just don’t wanna deal with this,” and- Yeah
you know, we ended up cashing it out. And if we would’ve spent a little bit more time, you know, just working through it, I think it might have been eight or nine, $10,000, something like that. Um, and then come to get the tax form, we’re like, “Oh, that’s how that works,” right? Yeah. That, that, that’s what people are talking about, you know?
Um- I’ve [00:40:00] shared this before on the podcast, but my first and last experience with active investing was buying Circuit City as a penny stock because I was convinced- Yeah … that Circuit City was gonna make a comeback, right? Um, R- R- RIP, uh, Circuit City, Media Play, FYE. Um, so, you know, that was my first experience of, oh, maybe I’m not smarter, uh, than, than the market.
And I think that was a couple hundred dollars, right? But invaluable lesson to learn for a couple hundred dollars. Um, when we bought our first home, you know, I, I think we probably just maybe were a year or two from being really ready, um, in terms of moving. So I’ve shared this story before. You know, we looked at our rent payment, we looked at what the principal and interest is gonna be, and that’s where I stopped the math, right?
Those were the same, so I was like, “Ah, why would we rent?” Right. Yeah. Um, and thankfully, you know, buying a home in, in Ohio in 2010, you can only go so wrong, right? So, you know, [00:41:00] $176,000 home. I think the interest rates at the time were a little bit higher than 3%. Um, so again, what wasn’t a catastrophic mistake, but because we weren’t ready from a down payment standpoint, we ended up- PMI, right?
FHA loan, and one of the things I didn’t understand with an FHA loan- Yeah … not only is there PMI, but PM- PMI doesn’t go away with an FHA loan, uh, unlike a, a conventional loan where you can eventually get the, the PMI off once you get to a 20% equity position. So lesson learned there. Um, and then the other one I was thinking about is when I was in school, you know, I think I remember learning about Roth IRAs and I’m like, “Oh, I’m gonna open up a Roth IRA.”
Uh, you know, low income earning years, low tax bracket, why wouldn’t you invest in a Roth IRA? All the while, I was taking out unsubsidized pharmacy school loans at 6.8% that were accruing interest that would eventually capitalize. Now, if I would’ve gone down the PSLF, PSLF route, that would’ve been a brilliant move.
Um, but I wasn’t thinking about these different pieces, you know, of the puzzle and how they were gonna come together. Um, again, [00:42:00] catastrophic? No, not by any means. But I, I think there was certainly an opportunity that that could have been, uh, done, done differently. Tim Anything that you can think about that you would say, “This is something that I was worried about.
This is something that was on my mind. This is something that I, I really thought, you know, was gonna have big implications,” but just didn’t really turn out to matter that much? I mean, s- some of what we’ve already shared we’d probably put in that bucket of, like, you know, felt big at the time, fe- felt like a huge mistake, and as you get time away from that, you zoom out, you’re like, “Eh, sure, could’ve been done differently, but really didn’t matter that much.”
A- anything else you’d put in that bucket? Well, I was gonna echo the, you know, I, I, I would’ve been in the same boat with the FHA and, and PMI, but I had access to the VA loan, and the VA loan is, you know, basically at the time 0% down, no, no PMI- Yeah … that type of thing. But it also doesn’t, like, I think that, I think you put [00:43:00] the, you made the point pretty, pretty good w- uh, pretty well with, um, you know, just bas- because you have access to those doesn’t ne- like, I, I think you should put money down even if it’s zero, like, even if you have access to a 0% loan because you have skin in the game and, you know.
Um, was there anything that I would, that I kind of freaked out ab- I, I, I think that, you know, the- The, again, there was phases in my life where I didn’t, you know, I wasn’t, like, concerned about things. It was just kinda more the yellow. I think, I think I did worry a lot about, um, like… And especially it’s like, like this is what I do for a living.
Like, it- I, I just felt like I was behind on retirement. Yeah. And I freaked out about that, and I think with a little bit of years to, you know, of maxing out the 401and getting, getting in front of that, um, you know, I feel good about that. And then again, I, I think about our eventual exit, hopefully decades from now from YSP, [00:44:00] and, and, and, and building this business and the asset that it is.
And, you know, I’m, I’m kind of earmarking, you know, that as part of our retirement. Um- Yeah, you could argue you were, you were building equity in lieu of, um, contributions to a retirement plan. Correct. Yeah, exactly. Right? Yeah. So, but in the time I’m like, “Oh, I’m a CF- like, I’m a CFP,” like, I need to be really on top of this.
And, but it takes time, right? And this was a career change for me and, and that’s why, like, I have a, a special spot for some of the pharmacists that come in the door that are career changers that are a little bit, you know, maybe a little bit further behind than they want to be. Yeah. And it’s like, “Hey,” like, with a little bit of time and elbow grease and intentionality behind your plan, you can turn this thing around for sure.
Um, so you know, that, that, that would be the only thing that would come to mind. Again, like I do- Let, let me throw- Yeah … let me throw one out at you that I was thinking about, um, at, at the risk of putting words in, in your mouth. Um, and hindsight’s 20/20, but I remember when you made the move from [00:45:00] Baltimore to Columbus, so 2020, right?
2020? 20 t- uh, yeah, 2020, exactly. 2020. Yeah. And, and I remember some conversations around, like, at the time, the Columbus market. Now again, we’re looking back on it today. The Columbus market at the time felt very expensive. Uh, I remember you talking a little bit about like, “Ugh, are we buying at the, at the height of the market?”
Right? Jo- jo- jokes on us as we now say that out loud looking back. Interest rates were climbing, they weren’t where, where they are now. Um, and you had a property in, in Baltimore, um, that I think on some level there was this decision of like, uh, do we sell it and take the equity and make this purchase, you know, more frictionless in Ohio?
Or do we hold onto this as a, as a rental? And now as you look back, like clear as day that you made the right decision. But I think that did feel kinda weighty in the moment, right? It did. Yeah. Yeah, and I think, you know, we- When we, when we made [00:46:00] that transition, you know, it was, it was m- a lot around family, my sister being out here and, and then the business was, was taking off and, and being, I think, closer to you and, you know, I knew you were transitioning, um, to be with us, with be with YFP full-time.
Um, but yeah, like that was, you know, and you, you get a little bit of… I, I felt like I, I feel like there was only one decision really to make because of the amount of time and money that we put into the Baltimore house, that I wanted to keep it as a long-term. And partly, you know, I, I love that house so much and I love Baltimore so much that like, you know, I was thinking maybe we would return there one day, which, you know, maybe we will in retirement.
Um, but, um, yeah, you know, you, you, you get to… So I, I think I knew that financially it made sense to hold onto that property, but you’re also, you know, um, you know, kind of stuck between a rock and a hard place because we could’ve used that to then, you know- Liquidity. Yeah. Yeah. Yeah, liquidity and, and lower what we [00:47:00] thought was gonna be you know, a, a decent mortgage payment.
And, and it all worked out. Like, it, it, it’s, it’s fine. And part of it is, like, you know, and I, and I think about what you were saying with the, the housing and, you know, you can make pretty substantial mistakes with housing because of where the market was in price and interest rate, that I, it, it’s, that it’s hard to do that now because of where the, the prices are in interest rates.
It’s kinda like, you know, if you went to, if you went to college in, like, the ’80s and ’90s, like, if you took a, if you took the max out, that wasn’t the biggest of deals, versus if you fast-forward today and you take the max out, like, it is a big deal because of the, just the explosion of what it costs, and then also interest rates.
So, that’s kind of a g- a good analogy there. But yeah, I do remember going through that transition and, and, and kind of weighing those. And at the end of the day, we knew we wanted to be in the school system, so, but, and it was almost like we didn’t care, I mean, we [00:48:00] cared about the house, but, um, you know, I didn’t, uh, I didn’t think of it as our forever home, which it is our forever home because I think where the market has, has gone.
Um, and that’s okay, right? Like, we kind of adapt, and that’s why, again, it is so mu- so important to be planning versus just have a, a stale plan on the shelf. So yeah, I, I think when we went through that transition, it was like, hey… And you, and you never know, right? Because, again, Nostradamus I am not. Like, I thought, “Oh, it’s the h- it’s the height of the market.”
It wasn’t. Um, and then, you know, you think that interest rates are, are gonna creep up slightly, but not triple or, or double or triple, which they kinda did, um, when you look at, you know, where, where interest rates were. So, um, yeah, I, I think, a- and it turned out to be really a nothing burger at the end of the day.
Um, so maybe we got fortunate- Better than a nothing burger. Yeah. You get investment property and… But, but I, the reason I bring that one up is because I felt something very similar when we moved from Northeast Ohio to [00:49:00] Columbus, um, and you probably remember some of these conversations we had when we made the transition from one university, Northeast Ohio Medical University to Ohio State.
Um, you know, our first home was 176. Yeah. Again, people listening are like, “What, what world was, was this,” right? Two- 2010 in Ohio, in rural Ohio. Um, and then we moved to Columbus, and we bought our, our home here that we’re currently in, um, in 2018 for 345,5. And I remember seeing that number, and I’m like, I had never in my life thought that we would buy a house for $350,000.
Like, that just felt like a boulder. Um, and interest rates at, you know, at the time, I think they were four and a quarter. We eventually refinanced onto 3%. You know, obviously now we look at a $345,000 home in, in Ohio and Columbus and the market that continues to expand, and we’re like, “That’s a deal,” right?
But the reason I bring that up is because When we were making that decision, like, it felt so weighty. [00:50:00] And a- as I look back on it, if we wouldn’t have had some of the foundational pieces in place, I think that that would have felt even weightier and maybe had more risk involved than was actually true.
The, the risk was very, very low, but it emotionally felt significant, but would have felt more significant if we didn’t have some of the foundational pieces in place, like, you know, a good start to investing and the emergency fund, um, making sure that we, you know, had a plan for the debt and everything that was moving forward.
Again, we didn’t have every T crossed and every I dotted, but it allowed us to move forward in that decision, understanding that we were pushing up against the fringe of what we felt like was comfortable, and it was probably more of an emotional feeling than a real fi- financial reality. Um, but similar as you’re talking about that transition from Baltimore to Columbus, like, taking some of those calculated risks, and we [00:51:00] have the advantage now of looking back in hindsight to realize it worked out better than, better than good.
Um, but being in a position to take some of those calculated risks matters. Um, and, and it also matters to this conversation to weather some of these mistakes that are inevitably going to happen, and I think why we’ve talked so much on this show before about putting some of those building blocks in place.
Another example I’ll give that comes up for, for me here when we talk about, you know, this concept of did something feel weightier than it turned out to, to be, was making the transition from Ohio State to working YFP full time You know, I remember when I, when I left Ohio State, um, you know, I was making $170,000 at Ohio State.
You think about university benefits, I was probably total comp 220, 230, you know, something that was, was beyond that. Um, and we got to a position where, hey, i- if the business can support $100,000 of [00:52:00] compensation, we feel like that move is a reality. Um, now of course it, it was a step back in terms of, of salary, but it was, it was a place where we felt like foundationally we were gonna be able to move forward and move forward with confidence.
That, that felt significant, it was significant in the moment. Um, but I go back to what, what I was just sharing of without some of the other pieces of the plan in place or without some of the foundation in place, like the emotional weight of that especially would have felt even bigger, um, th- than it did in the moment.
So, um, I think in the context of the conversation of, of mistakes, it’s important we, we call out the value of the foundation, you know, as well. Yeah. A- a- and I, and I do think, you know, when we talk, to kinda go back to the, the home buying stuff, like, you know, I definitely for the first home I bought, um, and again, we were lucky kinda where the prices were and, and interest rates, but like I was not in the driver’s seat of that.
It was basically like, “Hey, what can I afford? Okay, that’s what I’ll spend.” So the first house that I [00:53:00] bought was 189,000. Way too much house, which, which sounds ridiculous for that price, but, you know- Was that, was that here in Central Ohio? That was in Pataskala, Ohio, yeah. Pataskala, yeah. So just east of, uh- Okay
Columbus. Yeah. Um, just way too much house, way too much lawn to, to mow and, um, and you know, again, nothing, uh, no permanent damage, but… And then the house that Shay and I bought in Baltimore, you know, like 900 square feet, it was like 212,000, and then we put a lot of money into that to completely renovate it.
Um, so you know, that turned into a, like a, a bigger mortgage. But then, you know, when we moved back to Ohio, I think our house was, I, I do remember this vividly, um, so we bought our house I think for 404. I remember the four number being significant. And I want it to be a three. Like I was like- Yes … I was so like preoccupied that because I’m thinking about like ratios and nerding out on things like that, and we were still like well within it, but like, [00:54:00] you know, I, I, it was just something about like I w- it, I was trying to drive the frugality and like that being a four and not a three like bothered me for some reason.
You, you never saw yourself buying a house in the fours. Right. Right? Right. Yeah. Which now sounds ridiculous because- I know … you know, you know, it’s just crazy. Um- Yeah … but yeah, like those, you know, and I don’t think that these are mis- but like the, I think the decision to leave the f- the company that I was with, that my first job in financial services to launch my business, I, I think it happened at the right time.
But, you know, if I listen to people around me, um, a lot of people around me, they’re like, “You’re nuts.” Just, just like when I left what I was doing in logistics to go- Yes, yeah … and, and really cut my income in a third to enter a new field and learn and everything. Yeah. You know, along the way You know, and they just [00:55:00] want what’s best for you.
But like, you know, I would say my parents are very risk-averse. To go from a six-figure salary to very much not a six-figure salary to, to basically, like, zero when you launch your own business, you know, p- people are looking at you like you’re crazy. Um, and I went ahead anyway, and, and, and part of it was, like, you know, I was just seeing…
I was listening to podcasts and I was seeing other financial planners do this, and I’m like, “I’m smart. Like, I can figure this out.” Um, and you know, I think it happened at the time it needed to happen. Um, but you know, and, and it, it is a weighty, it is a, a weighty decision. But at the end of the day, the reason I did, I did it was because I’m like, I can always go back to what I’m doing exactly today, like what I was doing, right?
Like, I could go and I could l- fail and learn, and fail and learn, and maybe, maybe I shut the doors on Script Financial because I just, it just didn’t work out. I could always apply back to those jobs that I was considering staying at. [00:56:00] So to me, you know, I know we’re talking about if we could go back, like, I would probably have done that the exact same way.
And, you know, part of me is like, “Oh, I wish I would’ve got start…” You know, then you, then you go down the thing of like, “I wish I would’ve started a little bit sooner,” but it happened as it should’ve happened. Um, so. Yeah. Absolutely. This has been great. A little bit of financial confession, uh, whi- which is always fun.
Uh, you know, I have the opportunity to, I know you do as well as you talk with prospective clients and even current clients, be in many of these conversations and, you know, sometimes I’ll be at a meeting or something, and 30 seconds into a conversation, right, somebody’s kinda splurging, you know- Yeah … uh, this is what mistake or decision or whatever they make.
And it’s such an honor to me that people feel safe enough to have these conversations. And so, uh, fun to have a little bit of, of financial confession, you know, here as well. Coming up on the podcast, next we’re gonna be talking about developing a sabbatical mindset. Um, and hopefully developing a sabbatical mindset before we even enter into the retirement years.
[00:57:00] And a little bit of a sneak preview of that episode, Tim and I are both going on a sabbatical, uh, here this summer, uh, and into the fall as well. So we’re gonna share a little bit more about that, why we’re doing that, why we do that at YFP for our team members, uh, and what we’re hoping to accomplish or maybe not accomplish, uh, on this sabbatical as well.
So stay tuned for that episode, uh, and we’ll be back at it here in, in a couple weeks. Thanks, Tim. Before we wrap up today’s episode, I wanna take a moment to recognize our ongoing collaboration and partnership with the American Pharmacists Association. For over eight years, Your Financial Pharmacist, now YFP Wealth, has worked alongside APhA to bring personalized financial education to its members.
Throughout the year, we’ll be co-hosting webinars with APhA on a variety of topics like investing, retirement planning, debt repayment strategies, and more. So if you’re not yet a member, I hope you’ll consider joining. You’ll get access to these resources along with an exclusive discount on the initial planning fee for YFP Wealth’s one-on-one [00:58:00] comprehensive financial planning service.
You can also save 20% on your APhA membership by visiting pharmacist.com/join and using the code YFP_Wealth.
Thank you so much for listening to this episode of Scripted Wealth: Money and Meaning for Pharmacists. If you enjoyed the conversation, be sure to subscribe, leave us a rating and review, and share the show with a friend or colleague. It really helps more pharmacists discover the show and join us on the journey toward living a rich life today and tomorrow.
And if today’s episode got you thinking about your own financial plan, retirement goals, or what a rich life means for you, we’d love to help. You can learn more about our fee-only comprehensive financial planning services by visiting yfpwealth.com. And finally, an important reminder that the content in this podcast is provided to you for informational purposes only and is not intended to provide and should not be relied on for investment or any other advice.
Information in the podcast and corresponding materials should not be construed [00:59:00] as a solicitation or offer to buy or sell any investment or related financial products. For more information, you can visit yfpwealth.com/disclaimer. Thanks so much for listening. Have a great rest of your week