Money and Pharmacy..

[ZpackSux]

I saw a thread regarding money and Pharmacy. Here is my 2 cents.

Pharmacy students will come out of school making $100,000 per year. That's given. Other healthcare professionals will make more..or some less. And most of them including the pharmacists will all fit into the middle upper class bracket. That being said..

The element of lifestyle that most of us want involve Money, Time, & Youth. And you need all 3. When you have money and time, but have no youth..at 80 y/o... what good is it. When you have time and youth.. with no money, what good is it. When you have money and youth, but no time to enjoy it..what good is it? You need all 3... Money, Time and Youth.

Most of healthcare professionals work a JOB. JOB = Just Over Broke. Because, without a JOB, I don't care if you're a neurosurgeon, you'll be broke. In essence, there are 3 ways to make money.

1. Trade time for money, JOB, most primitive. Problem is, you only have 24 hours a day. Your income potential is limited by the amount of time. And even for a neuro surgeon, their income potential, albeit high, is still limited by the amount time and the surgeries that can be performed within the given time. Majority of the working class makes money this way.

2. Investments. No need to go into it.... Stock Market..Real Estate... it requires some capital to invest.

3. Duplicate your effort through buying other people's time. This is the most efficient way with virtually no ceiling on the income potential. Ex.. Sam Walton opens 1 Walmart...then by duplicating his effort through hiring other people..he has over 2000 Walmarts..world wide. Now he has a residual income..that will keep on paying him...day after day...regardless of if he works or not.

Money, Time & Youth is best provided by the method #3. There is no question about it.

Now, which healthcare field has the best potential for using #3 to create income?

Pharmacy.

A physician in a private practice will not make an income..unless he or she works. Surgeon in a busy practice makes good money..but will not make an income if he or she stops performing surgeries. Basically, physicians have to rely on the method #1..trade time to make money.

Dentistry provides a better option to get into the method #3. Open up a bunch of dental offices..and hire other dentists. It can be done..and smart dentists do it.

Pharmacy...most student won't even think about opening up their own pharmacies.. but there are pharmacists who own multiple locations..where they can hire other pharmacists to do the work. It can be done.

Don't be envious of $300,000 ...$500,000 per year income... after tax take home income is approximately 50%... But be envious of business owners with residucal income source..where it pays them day after day...and the income keeps on growing...exponentially..

Sorry...I had to type this fast... since I'm at work...working a JOB.. so..ignore the typos and bad grammar..

---

Members don't see this ad.

 

[YYY]

..good post. One more way is transferring, transf. herbs for example. As we all know India is Mother of herbal medicine, so if you wanna make money you probably could organize transferring business as same herbs in US are 5 times more expensive than in India or China =))

 

[Z e r o X]

Agreed. Pharmacy is a good field with with alot of potential. Your basically garenteed to make $100,000 after graduation. Probably more since the demand is growing. Few professions can match this.

With that money, you could invest it, or duplicate your efforts.

 

[txpharmdstud]

Agreed. Pharmacy is a good field with with alot of potential. Your basically garenteed to make $100,000 after graduation. Probably more since the demand is growing. Few professions can match this.

With that money, you could invest it, or duplicate your efforts.

wow 100k guaranteed? where are all of you guys from. In Texas, it's more like starting 85K or so.

 

[Z e r o X]

wow 100k guaranteed? where are all of you guys from. In Texas, it's more like starting 85K or so.

If you moved and worked in big city like LA or NYC, you'll probably get more.

By the time I graduate, it'll probably be over 100k since the demand is increasing. You can get a job just about anywhere since pharmacists are a necesity.

 

[dgroulx]

wow 100k guaranteed? where are all of you guys from. In Texas, it's more like starting 85K or so.

I was told by Walgreens during a job fair this year that I would be making over 100K if I chose to work for them when I graduate. I'm in Florida and we don't have any state tax.

 

[ZpackSux]

wow 100k guaranteed? where are all of you guys from. In Texas, it's more like starting 85K or so.

You'll make more than 85K in Texas... even more if you go rural. I'm licensed in TX..

Then again, remember..TX doesn't have state income tax. That can amount to 5% or more. Property Tax near Houston area can easily hover over 3% but near Dallas area counties...you can find low 2's.. and with the homestead exemption.. property tax will be even lower.

 

[Z e r o X]

Its a good deal. You get 100k immediatly after 6 years of college.

About opening up your own pharmacy, thats not a good idea. Think about the competition you're up against. Walgreens, CVS, walmart, etc... And you would need millions to open up your own pharmacy.

The best way is to work your way up the corporate ladder like at walgreens, or walmart.

 

[Tyrol]

I was told by Walgreens during a job fair this year that I would be making over 100K if I chose to work for them when I graduate. I'm in Florida and we don't have any state tax.

Dana-

Any idea what the requisite experience is for management there? (ie education, additional degree, time in service, assignment to unpopular location, etc.)

The reason I ask is that I am talking with people over in the Warrington business school about taking the extra year so I will have an MBA when I get done. Are many of your classmates pursuing this?
Thanks, Mark.

 

[dgroulx]

Dana-

Any idea what the requisite experience is for management there? (ie education, additional degree, time in service, assignment to unpopular location, etc.)

The reason I ask is that I am talking with people over in the Warrington business school about taking the extra year so I will have an MBA when I get done. Are many of your classmates pursuing this?
Thanks, Mark.

UF offers many dual degree programs with the PharmD. None of my classmates are pursuing the extra degree.

Most chain pharmacies promote you based on performance - if you want to take the job. The pharmacy manager where I worked last summer refused when they offered him the district manager position. He didn't want the headaches and he wanted to remain a pharmacist. He got the offer because he was the pharmacy manager and his store performed well. Lots of volume and very few errors. He was fast, accurate and knew his drugs. He never returned to school to get his PharmD, let alone have an MBA with it.

Do well as a new pharmacist and you'll get to be a pharmacy manager. New stores are opening all the time.

 

[Tyrol]

UF offers many dual degree programs with the PharmD. None of my classmates are pursuing the extra degree.

Most chain pharmacies promote you based on performance - if you want to take the job. The pharmacy manager where I worked last summer refused when they offered him the district manager position. He didn't want the headaches and he wanted to remain a pharmacist. He got the offer because he was the pharmacy manager and his store performed well. Lots of volume and very few errors. He was fast, accurate and knew his drugs. He never returned to school to get his PharmD, let alone have an MBA with it.

Do well as a new pharmacist and you'll get to be a pharmacy manager. New stores are opening all the time.

Thanks for the info-

BTW- Happy Easter,
Mark

 

[nikkai]

I didn't hear any mention of the capital requirement in order to even think about starting a source of residual income... =)

 

[DrugBust]

QUOTE=ZpackSux
Sam Walton opens 1 Walmart...then by duplicating his effort through hiring other people..he has over 2000 Walmarts..world wide. Now he has a residual income..that will keep on paying him...day after day...regardless of if he works or not.


SORRY TO BE THE ONE TO INFORM YOU ZPACKSUX, BUT SAM HAS BEEN DEAD FOR OVER 10 YEARS. HE ISN'T GETTING PAID AND HE DOESN'T WORRY ABOUT WORK ANYMORE.

 

[goheel]

SORRY TO BE THE ONE TO INFORM YOU ZPACKSUX, BUT SAM HAS BEEN DEAD FOR OVER 10 YEARS. HE ISN'T GETTING PAID AND HE DOESN'T WORRY ABOUT WORK ANYMORE.

His family is getting paid though.

 

[Z e r o X]

Sam Walton had an original idea. You could never get as rich as Sam by opening up a bunch of pharmacy.

YOu'll be competing with Walgreens, CVS, and countless others.

 

[ZpackSux]

QUOTE=ZpackSux
Sam Walton opens 1 Walmart...then by duplicating his effort through hiring other people..he has over 2000 Walmarts..world wide. Now he has a residual income..that will keep on paying him...day after day...regardless of if he works or not.


SORRY TO BE THE ONE TO INFORM YOU ZPACKSUX, BUT SAM HAS BEEN DEAD FOR OVER 10 YEARS. HE ISN'T GETTING PAID AND HE DOESN'T WORRY ABOUT WORK ANYMORE.

I WAS PROVIDING AN EXAMPLE OF DUPLICATING ONE'S EFFORT. I'M FULLY AWARE HE'S BEEN DEAD FOR A WHILE.

 

[ZpackSux]

I didn't hear any mention of the capital requirement in order to even think about starting a source of residual income... =)

That's why not everyone earns a residual income.

I've read somewhere that Sting gets paid over $3000 per day of residual from "Every Breath you Take" as it's played all over the world....all the time.

Capital? It takes discpline to save money... you need at least 25% down for an SBA loan..or less for a business loan.

 

[nikkai]

I WAS PROVIDING AN EXAMPLE OF DUPLICATING ONE'S EFFORT. I'M FULLY AWARE HE'S BEEN DEAD FOR A WHILE.

WHO ELSE FEELS THE TENSION RISE WHEN YOU SEE CAPS!

 

[ZpackSux]

WHO ELSE FEELS THE TENSION RISE WHEN YOU SEE CAPS!

WAS TRYING TO HELP DRUGBUST READ BETTER....LOOKED LIKE IT WAS THE FONT OF CHOICE.

 

[xfactor1127]

I saw a thread regarding money and Pharmacy. Here is my 2 cents.

Pharmacy students will come out of school making $100,000 per year. That's given. Other healthcare professionals will make more..or some less. And most of them including the pharmacists will all fit into the middle upper class bracket. That being said..

The element of lifestyle that most of us want involve Money, Time, & Youth. And you need all 3. When you have money and time, but have no youth..at 80 y/o... what good is it. When you have time and youth.. with no money, what good is it. When you have money and youth, but no time to enjoy it..what good is it? You need all 3... Money, Time and Youth.

Most of healthcare professionals work a JOB. JOB = Just Over Broke. Because, without a JOB, I don't care if you're a neurosurgeon, you'll be broke. In essence, there are 3 ways to make money.

1. Trade time for money, JOB, most primitive. Problem is, you only have 24 hours a day. Your income potential is limited by the amount of time. And even for a neuro surgeon, their income potential, albeit high, is still limited by the amount time and the surgeries that can be performed within the given time. Majority of the working class makes money this way.

2. Investments. No need to go into it.... Stock Market..Real Estate... it requires some capital to invest.

3. Duplicate your effort through buying other people's time. This is the most efficient way with virtually no ceiling on the income potential. Ex.. Sam Walton opens 1 Walmart...then by duplicating his effort through hiring other people..he has over 2000 Walmarts..world wide. Now he has a residual income..that will keep on paying him...day after day...regardless of if he works or not.

Money, Time & Youth is best provided by the method #3. There is no question about it.

Now, which healthcare field has the best potential for using #3 to create income?

Pharmacy.

A physician in a private practice will not make an income..unless he or she works. Surgeon in a busy practice makes good money..but will not make an income if he or she stops performing surgeries. Basically, physicians have to rely on the method #1..trade time to make money.

Dentistry provides a better option to get into the method #3. Open up a bunch of dental offices..and hire other dentists. It can be done..and smart dentists do it.

Pharmacy...most student won't even think about opening up their own pharmacies.. but there are pharmacists who own multiple locations..where they can hire other pharmacists to do the work. It can be done.

Don't be envious of $300,000 ...$500,000 per year income... after tax take home income is approximately 50%... But be envious of business owners with residucal income source..where it pays them day after day...and the income keeps on growing...exponentially..

Sorry...I had to type this fast... since I'm at work...working a JOB.. so..ignore the typos and bad grammar..

only one problem.. You need millions to open up multiple pharmacys. impossible for most ppl.

 

[ZpackSux]

only one problem.. You need millions to open up multiple pharmacys. impossible for most ppl.

Impossible for u maybe.

 

[xfactor1127]

Impossible for u maybe.

impossible for u. i dont see any pharmacist owning thier own pharmacys here.

 

[GaPharmGirl09]

impossible for u. i dont see any pharmacist owning thier own pharmacys here.

The pharmacy I work at is jointly owned by a pharmacist, RN, and CPhT. I know of another local pharmacy owned by two pharmacists together.

 

[PharmDapplicant]

does anybody know how much an average pharmacist makes in maryland? im fully aware that there are websites that state the average income per state, but id just like to know from people actually working in maryland. thanks

 

[ZpackSux]

does anybody know how much an average pharmacist makes in maryland? im fully aware that there are websites that state the average income per state, but id just like to know from people actually working in maryland. thanks

I just talked to a recruiter who was recruiting for a director of pharmacy position.. $120,000 to $140,000 per year..in Eaton..or Easton??

She stressed that..$100,000 in CA is equivalent to $70,000 in MD...

I know that's not an average pharmacist position.

 

[jmhousem]

The pharmacy I work at is jointly owned by a pharmacist, RN, and CPhT. I know of another local pharmacy owned by two pharmacists together.

Which then gets back to the question: where do you come up with that kind of capital? BTW - How much does it take to buy/start up a pharmacy? And what sort of reserves does a prospective pharmacy owner need to set aside to ride out cash flow problems (lag times with insurance payments, etc...)?

And what kinds of regulations are involved in owning and operating one? I imagine we learn about most of the rules involved in operating a pharmacy during our 4 years of professional education. Are we taught them all? Do they cover basic labor laws, too?

In short, it seems like there's a lot to learn on this subject before a person can go out and found a pharmacy empire. Where does one start? ZpackSux, you started us down this road; now take us home. Where do we get the info we need?

 

[ZpackSux]

Which then gets back to the question: where do you come up with that kind of capital? BTW - How much does it take to buy/start up a pharmacy? And what sort of reserves does a prospective pharmacy owner need to set aside to ride out cash flow problems (lag times with insurance payments, etc...)?

And what kinds of regulations are involved in owning and operating one? I imagine we learn about most of the rules involved in operating a pharmacy during our 4 years of professional education. Are we taught them all? Do they cover basic labor laws, too?

In short, it seems like there's a lot to learn on this subject before a person can go out and found a pharmacy empire. Where does one start? ZpackSux, you started us down this road; now take us home. Where do we get the info we need?

Pharmacy School isn't really going to teach you to the finanacial freedom. If your teachers knew..you think they'll still be teaching? Unless they just love to teach.. which I'll probably do.

Where can you learn to open a pharmacy? Easy. You can learn from the Mr. Joe Pharmacist who owns a few pharmacies. Make him your mentor. Go work for him for a less salary and ****ty benefits for a few years. Don't get lured into working for the big corporate chain..

You can open a pharmacy with $120,000 to $150,000... with $60,000 to $90,000 worth of inventory.. Get some help from Wholesalers..and join a buying group.. ex "good neighbor pharmacy"

Bank will loan you the money which should include about 4 to 6 months of operating capital which will include your salary.

For an SBA loan.. you need 25% down..and some collateral..usually real estate.

Is this easy? No. Does it take risks? You bet.

But is it worth it if you succeed? What do you think?

I remember handing over the deed to my house to a local banker...for a business loan. I also remember getting the deed back once I paid off the business loan.

I work at coroporate hospital as a director of pharmacy. But I also own a few businesses... a DME business ..and Respiratory business... and the respiratory business will soon open a Pharmacy to provide Nebulizer meds.

Take you home? Are you willing to get out of your comfort zone and take risks and make less money for a few years..?? And say no to $100,000+ per year salary from Walgreens..instead work for Joe's pharmacy 6 days a week?

It's your choice.

 

[Mapi]

Which then gets back to the question: where do you come up with that kind of capital? BTW - How much does it take to buy/start up a pharmacy? And what sort of reserves does a prospective pharmacy owner need to set aside to ride out cash flow problems (lag times with insurance payments, etc...)?

And what kinds of regulations are involved in owning and operating one? I imagine we learn about most of the rules involved in operating a pharmacy during our 4 years of professional education. Are we taught them all? Do they cover basic labor laws, too?

In short, it seems like there's a lot to learn on this subject before a person can go out and found a pharmacy empire. Where does one start? ZpackSux, you started us down this road; now take us home. Where do we get the info we need?

I concur! I am especially interested as to how much that 25% downpayment is

 

[ZpackSux]

I concur! I am especially interested as to how much that 25% downpayment is

$120,000 X 25% = $30,000

$150,000 X 25% = $37,500

 

[PharmDmomma]

I notice people are afraid to put themselves out there. Zpack what you are saying feels like the natural course of things for me. I don't understand how people won't even consider maximizing there potentials by taking risks. It's not that far fetched.

 

[jdpharmd?]

QUOTE=ZpackSux
Sam Walton opens 1 Walmart...then by duplicating his effort through hiring other people..he has over 2000 Walmarts..world wide. Now he has a residual income..that will keep on paying him...day after day...regardless of if he works or not.


SORRY TO BE THE ONE TO INFORM YOU ZPACKSUX, BUT SAM HAS BEEN DEAD FOR OVER 10 YEARS. HE ISN'T GETTING PAID AND HE DOESN'T WORRY ABOUT WORK ANYMORE.

One keypress will make reading your posts that much more enjoyable...

 

[ZpackSux]

I notice people are afraid to put themselves out there. Zpack what you are saying feels like the natural course of things for me. I don't understand how people won't even consider maximizing there potentials by taking risks. It's not that far fetched.

I believe only 2 to 3% of American population are financially independent. There aren't many people who's willing to risk and venture out in starting their own business. Let's face it.. a pharmacist couple making $200,000 per year is very very comfortable..working 40 hours a week..taking vacations..

The difference is...that couple will require a strict discpline to save into 401K and investments for a long time...so they can retire at 55+

A young couple with a successful business has an option of cashing out the business..after 5 to 10 years..

Money, Time, and Youth. Who wants it..

 

[crossurfingers]

My aunt and uncle did the whole business thing. They came here as immigrants and invested in a retirement home in Florida. They slowly bought it out, and now it's worth over $2 million.

I was thinking about becoming an entrepreneur but not with pharmacies. Unless you place your pharmacy somewhere really rural, I think most people would rather head for the big chains than a small, independent pharmacy.

 

[SomeGuy]

A pharmacist owning a retirement home? Sounds like a good idea to me. It couldn't take too long to accumulate the capital needed (for a downpayment or more) at $100k+ per year, not even including a spouse's income.

Better than just some joe schmoe businessperson owning it. A nursing home owned and operated by a pharmacist (possibly jointly with some RNs?)? That shouldn't be too difficult to market.

As well, aren't some or all of the chains operated on a franchise basis? With territorial agreements, it sounds like too bad of an idea.