Jan 10, 2019
On episode 82 of the Your
Financial Pharmacist Podcast, Tim Ulbrich, co-founder of YFP,
welcomes Joe Baker and Blake Johnson to the show. They talk about
Blake’s journey paying off $150,000 in student loans in three and a
half years and how the class he took at the University of Arkansas,
taught by Joe Baker, helped prepare him to be on his way to
achieving financial freedom.
Joe Baker's Dirty Dozen Tips on Getting Rich
- Invest in appreciable items, such as education and house.
Minimize depreciable items, such as car, clothes, etc. Student loan
money should be spent on bare necessities.
- Utilize the time value of money. Time is on your side when you
- Max out on your 401(k), 403(b), Roth 401(k) and Roth IRA.
Stocks, Bonds & Cash. 100% – your age = % in stocks. Stock
Index Funds or Target Date Fund (2055 Fund). At the minimum,
contribute enough for employer match – free money!
- Save money consistently and systematically throughout your life
(dollar cost averaging). Don’t take money out of your retirement
account. Penalties and taxes will apply.
- Make sure your future spouse has the same financial goals as
you. Pre-marital counseling that includes financial goals and
spending habits. If already married, try to get on the same
Dave Ramsey offers a Financial Peace Workshop.
- Stay away from credit cards. “If I cannot pay balance off each
month, I cannot afford it!” Debt is NOT your friend. ALL debt is
bad. Proverbs 22:7
- A vehicle is NOT who you are – it's transportation only! Beware
of the illusion of wealth. This is one of the biggest obstacles in
- Keep an eye on the small choices you make in life. Buying
Starbucks Coffee. Drink water at restaurants!
- Avoid lotteries, multi-level marketing (pyramid schemes) and
- Choose a 15 or 20 year mortgage over a 30 year. Pay 20% down
(avoids Private Mortgage Interest). Make additional payments toward
- Protect your assets! Adequate personal liability coverage. Life
& disability coverage protection. Have your own individual
pharmacist liability policy.
- Read Seven
Figure Pharmacist by Tim Ulbrich, Pharm.D & Tim Church,
Pharm.D. Sign up for Your Financial Pharmacist
blog. Kiplinger's & Investopedia, like on
- Make a difference in your family, community & place of
worship. This will make you wealthy in your heart, body and soul.
Mentioned on the Show