Prioritizing Your Financial Goals

Tim Ulbrich, PharmD, co-founder and CEO of Your Financial Pharmacist, explains the importance of prioritizing your financial goals and automating your financial plan. This video was filmed at the ASHP (American Society of Health-System Pharmacists) Midyear Clinical Meeting & Exhibition in Las Vegas, Nevada.

Tim Ulbrich, PharmD: When it comes to pharmacists managing their finances, probably the number one thing that I see people struggle with is they’re trying to work on multiple competing financial priorities at once, and they often find themselves spinning their wheels without a plan for how to prioritize or attack those goals in a meaningful way. So, I really encourage them to take a step back, really try to figure out what are they trying to achieve. Maybe for some, they have aspirations to purchase a home. For others, they want to more aggressively save for retirement. For others, they want to potentially own their own business, and they need to save for that. For others, they want to aggressively pay off their student loans or build an emergency fund, or often, it’s all of these things that are happening at once. So whether that’s doing that yourself, working with a financial planner that can help you sort that out, really taking a step back, and instead of falling into the month-to-month trap, trying to figure out what are you trying to achieve over the next 5 to 10 years, and then what are you going to be doing next month that will help you get toward those goals. And it may mean doing 1 or 2 things; it likely means prioritizing several things. But ultimately then, once you have those prioritized goals, doing everything you can to automate your financial plan.