Survey

[Aznfarmerboi]

Hello...

I am curious to see what is your age and networth. I have amassed a huge sum because I am not married and have no major expenses.

29... 350k.

170K in 401k
100k in stocks
35k in cash
50k in other assets (cars, jewelry, etc).

I have to admit, I got really lucky by graduating in 2009... and investing during the boom. Stocks like GE, C, JPM, my company stocks (purchased CVS stocks @ 28 dollars...) through employee stock purchase plans, etc tripled to quadrupled.... My parents also gave me 50k to help me with my tuition.

The next thing was I did a lot of OT... because my girl friend works also. I made close to 200k every year.

I just want to see if anybody else can relate. I want to buy a property soon but prices in NYC is over priced in my opinion.

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[trailerpark]

I hope you paid your parents back.

 

[maria1oh]

How is your overtime paid in NYC? In ohio we only get a few bucks extra per hour. The techs get paid 1.5x. I have negative net worth of $80,000 and in my 20s. About $130k in student loans, $40k in cash, $10k in 401k, $0 in stocks. Car is on a lease and renting.

Also pharmacists who went to 5-6 year pharmd programs have an earnings advantage over those who went to 7-8 year programs.

Congratulations on your financial success!

 

[trailerpark]

O and with student loans I definitely have negative net worth too waaaaaay negative

 

[Gombrich12]

Good job, you're doing well. I wouldn't worry too much about your net worth if it is in stock since it can swing either way quickly.

 

[BMBiology]

Pretty good especially your 401 k. However, I think your estimated net worth is not 350 k since you need to pay taxes on your 401 k and stocks. In addition, car depreciates in value really fast. Also consider putting money in a roth ira account.

 

[Momus]

Hello...

I am curious to see what is your age and networth. I have amassed a huge sum because I am not married and have no major expenses.

Marriage is not necessarily bad. If you marry a high paying specialty doc (Derm/Rad/Cardio/Ortho, where the average salary is 450k+), your combined net worth is probably three times as big. Of course, getting one with perfect S doc (smart, sexy, sassy, sweet) is almost impossible, most of them are lacking one or more attributes or just plain not attractive >_>;

 

[Momus]

How is your overtime paid in NYC? In ohio we only get a few bucks extra per hour. The techs get paid 1.5x. I have negative net worth of $80,000 and in my 20s. About $130k in student loans, $40k in cash, $10k in 401k, $0 in stocks. Car is on a lease and renting.

Also pharmacists who went to 5-6 year pharmd programs have an earnings advantage over those who went to 7-8 year programs.

Congratulations on your financial success!

I'd not collect that much cash if I have 130k loan...

 

[BidingMyTime]

I'm about twice your age & have half as much. Then again, I have 5 children and a substantial college fund for them which I don't include my net worth. I seldom work overtime, because I'd rather spend the time with my children. No regrets, money isn't much fun if one doesn't have someone to share it with.

 

[Momus]

I'm about twice your age & have half as much. Then again, I have 5 children and a substantial college fund for them which I don't include my net worth. I seldom work overtime, because I'd rather spend the time with my children. No regrets, money isn't much fun if one doesn't have someone to share it with.

To raise a child from middle income couple, from the age of 0-17 yo takes about $250k + college tuition another $200k. For 5 kids, I guess you are doing well~

Though, I doubt you will be able to support all of their college education. Take care of retirement need first, no one is going to finance your retirement but your children can finance education.

 

[awval999]

Interesting thread. Good idea imo. But we will have reporting bias in this thread, where those that are doing exceptional will post and those who aren't, won't. The OP obviously is in the top 1% of 29 year old pharmacists.

Age 28 - Married (non RPh wife)
Cash: $3k
403b/401a/Roth: $115k
Student Loans: $80k
Car Loan: $9k
No mortgage - currently rent

Recently had major expenses of wedding, ring, Mexico honeymoon, two-weeks in Europe in the last year. Will work on rebuilding cash savings.

 

[xiphoid2010]

Depending on when you attended pharmacy school, the economy can be huge boost or drag on the financial outcomes. Those who graduated in 2007-08, paid cheap tuition, got big sign on bonus, bought stocks when Dow was at 7000 and realestate can be had for a song... you get the idea.

My wife and I graduated in 2010 (late 20's & early 30's), I finished residency in 2011
We had at graduation: -$150K networth (-$230k in student loans, $70K IRA, $10K in other properties)

now: $390K networth ($250K 401k/IRA, $100k home-equity, $10K cash, $10K stock, $20K equity in other properties, $0 student loans).

What if: If we co-habited and did not have kids, we would have at least another $100K right now ($25K in engagement/wedding/honeymoon, $15k in pregnancy+birth related bills, $1.25K/child/mo in childcare cost). Financially speaking, it's detrimental for 2 working pharmacists to marry. However, almost no girl can accept a long-term co-habitation setup, just like you can give an entire evidence based lecture on why diamonds are useless overprice carbon, but they'll still insist on you get them one. Such is life, you take the bad with the good.

 

[PumpkinSmasher]

Marriage is not necessarily bad. If you marry a high paying specialty doc (Derm/Rad/Cardio/Ortho, where the average salary is 450k+), your combined net worth is probably three times as big. Of course, getting one with perfect S doc (smart, sexy, sassy, sweet) is almost impossible, most of them are lacking one or more attributes or just plain not attractive >_>;

I tend to find most of the dual physician income friends spend as much as they make. My wife is specialty physician and makes right around what you stated, we do our best to not try to keep up with the 'Robinsons'. We put every dime I make as a pharmacist toward savings and debt.

 

[Sunshine98]

Age 38

401k: 279K
IRA: 65K
Taxable Accounts Vanguard: 20K
CDs: 25K
Emergency Fund: 65K


feels good to be debt free

 

[Xeal0007]

Age 38

401k: 279K
IRA: 65K
Taxable Accounts Vanguard: 20K
CDs: 25K
Emergency Fund: 65K


feels good to be debt free

wow! im trying to get like you

 

[gnuel]

Age 26.

Roth IRA: $18k
Life Insurance Cash Value: $11k
457/401k: $7k
Cash: $20k

Graduated 2 years ago with ~205k in student loans. Extremely fortunate to work at a place that at the time, had basically unlimited OT and worked just about everyday for about 2 years and paid off all my loans. I guess I'm a born worker and I enjoy what I do so I didn't get tired or burnt out. Retirement savings aren't that much because I have a traditional pension. Next goal is probably to save up 20% for a down payment.

 

[guernica10]

Age 26.

Roth IRA: $18k
Life Insurance Cash Value: $11k
457/401k: $7k
Cash: $20k

Graduated 2 years ago with ~205k in student loans. Extremely fortunate to work at a place that at the time, had basically unlimited OT and worked just about everyday for about 2 years and paid off all my loans. I guess I'm a born worker and I enjoy what I do so I didn't get tired or burnt out. Retirement savings aren't that much because I have a traditional pension. Next goal is probably to save up 20% for a down payment.

Start socking it away, never count on a pension being there 30 years down the road.

 

[BMBiology]

Graduated 2 years ago with ~205k in student loans. Extremely fortunate to work at a place that at the time, had basically unlimited OT and worked just about everyday for about 2 years and paid off all my loans.

wow you paid off 205 k in just 2 years? that is remarkable.

 

[Aznfarmerboi]

Depending on when you attended pharmacy school, the economy can be huge boost or drag on the financial outcomes. Those who graduated in 2007-08, paid cheap tuition, got big sign on bonus, bought stocks when Dow was at 7000 and realestate can be had for a song... you get the idea.

My wife and I graduated in 2010 (late 20's & early 30's), I finished residency in 2011
We had at graduation: -$150K networth (-$230k in student loans, $70K IRA, $10K in other properties)

now: $390K networth ($250K 401k/IRA, $100k home-equity, $10K cash, $10K stock, $20K equity in other properties, $0 student loans).

What if: If we co-habited and did not have kids, we would have at least another $100K right now ($25K in engagement/wedding/honeymoon, $15k in pregnancy+birth related bills, $1.25K/child/mo in childcare cost). Financially speaking, it's detrimental for 2 working pharmacists to marry. However, almost no girl can accept a long-term co-habitation setup, just like you can give an entire evidence based lecture on why diamonds are useless overprice carbon, but they'll still insist on you get them one. Such is life, you take the bad with the good.

I graduated in 09... and still got 25k bonus.

I am afraid that after I get married and have kids, I would have zero networth. I like the idea of assets growing and cant imagine losing the potential earning power of said assets. Then again, the stock market can crash next week and I'll have nothing.

 

[Aznfarmerboi]

I'm about twice your age & have half as much. Then again, I have 5 children and a substantial college fund for them which I don't include my net worth. I seldom work overtime, because I'd rather spend the time with my children. No regrets, money isn't much fun if one doesn't have someone to share it with.

I came from a huge family... and would rather have 5 kids than money. My idea of success is turning 80 with great great great grand kids surrounding me. That is wealth in itself and something money can not buy.

Of course, I expect my kids to support me. I plan on having 4 kids and plan on having them support my retirement. I expect them to donate 2k a month to me when they are grown up...

 

[Momus]

Should make this thread as a poll... and change the title to like "Net Worth survey", and create a poll like

>-300k
>-200k
>-100k
0
>100k
>200k
>300k
>400k
>500k
>750k
>1M
>2M
>5M

 

[anewmanx]

Hmm... well, I'm not doing as well as most of you.

Wife, 3 (1 living with me) kids.

48k a year combined disability pension(s) from military service, adjusted each year for inflation. Pay drops to 24k a year if I work.
I get a housing allowance for each month I attend school on VA Education benefits, around $18,000 a year total. All my tuition is free for the next 33 academic months.

Paid off car(s), 2 old cool cars.

5k student loan.

Owe 30k on a house I don't live in anymore, house is worth 30k. (Used to live in a coal town.)

Owe 60k on two riverfront lots in my home town tax assessed at around 100k, probably appraises around 140k.

No credit cards, no other debts.

Try to keep one month's salary in the bank. Don't need much more. My pay is guaranteed for life whether I work or not and all my medical care is free.

Have 400k in life insurance guaranteed to pay out no matter how or when I die, it's a benefit for severely disabled soldiers that they get to carry over their insurance policy from their time in the service. Costs me around $30 a month.

Wife is doing significantly better than me. (I married up.)

 

[D1CE K]

But are you good looking?

 

[trailerpark]

What does your wife do?

 

[rxglasshalffull]

any advice finacial advice you guys wanna give to a younger pharmacist? im 24 and started working last summer at age 23 after a 6 year pharmacy program straight out of high school. no loans. parents paid for all my tuition. in-state university, wasn't too bad for 6 years. to pay them back i already bought them a brand new car. am saving up to buy them a condo on the coast in southern california

 

[trailerpark]

Start with the basics rxglasshalffull. 9 month emergency fund, 401k up to the company match, max out roth IRA (~$5,000 I think), company stock if they offer employee buying options. To pay parents back why not give them 1 year of tuition every year for 6 years and they can buy whatever they want with it.

 

[anewmanx]

What does your wife do?

Wife is an English professor, who's gone back to school with me for pharmacy. Her parents are retired educators who made good stock choices in the 90's, and her father is one of the best sculptors in the country. We have little to worry about. We're hoping to either open a closed door pharmacy (long term care, etc...) or continue our education with a PhD in Spain followed by research careers in Germany/Switzerland. Hard choice.

 

[anewmanx]

But are you good looking?

Yes, but my wife is equal to or better than I am. I am blessed, blessed, blessed. Gonna die a happy man even if I didn't have two pennies in my pocket to rub together.

 

[pezdispenser]

In my early 30s. $558k

195k in retirement accounts - 401(k), Roth IRA
95k in taxable accounts - cash, Vanguard index funds, company stock
260k home equity - current house value is still about the same as what I bought it at, so most of that is my own cash paying down the principal :-/
8k equity in car using trade-in value minus loan
-0 student loans paid off

Got here mostly by being frugal. My salary has always been just average 110k + 10-25k OT. But at least I don't pay state income tax. I also live in an area where housing is not out of reach like in CA or NYC, so I decided to be conservative and buy a house and aggressively pay down the mortgage.

 

[BMBiology]

My recommendation? Despite what some people say, put money in your 401 k. Put as much as you can, as soon as you can.

I graduated during the depth of the recession but I did not start to put money in my 401 k until july 2011 during the European debt crisis. Right now I have 105 k but if I had maxed out my 401 k starting 2009, I would have 200 k right now. I could have turned 34 k + 12 k (company match) into 100 k if I had invested earlier!!

 

[xiphoid2010]

My recommendation? Despite what some people say, put money in your 401 k. Put as much as you can, as soon as you can.

I graduated during the depth of the recession but I did not start to put money in my 401 k until july 2011 during the European debt crisis. Right now I have 105 k but if I had maxed out my 401 k starting 2009, I would have 200 k right now. I could have turned 34 k + 12 k (company match) into 100 k if I had invested earlier!!

As i had stated many times before, people advocating just putting in 401k up to the company match is forgetting that annual contribution is a use it or lose it. Not contributing the max allowed is irreversibly losing a valuable tax advantaged investment.

Additionally, remember that tax deduction on 401k is from the top tax bracket, while future withdrawal is taxed from the lowest tax bracket up. Even if ther is 0% again in the investment, you gain a pretty big tax saving just from that.

Further more, that's why people should max out both 401k AND backdoor Roth IRA. Roth withdrawal is tax free. So by spreading withdrawal between both Roth and 401k, you can keep tax on 401k withdrawal in the lower tax brackets during retirement.

 

[BMBiology]

I was deciding between aggressively paying of my student loans + saving for a house vs. putting money in my 401 k. I of course chose the former which were good investments too but I should have at least put enough money to get my company 401 k match.

 

[xiphoid2010]

I graduated in 09... and still got 25k bonus.

I am afraid that after I get married and have kids, I would have zero networth. I like the idea of assets growing and cant imagine losing the potential earning power of said assets. Then again, the stock market can crash next week and I'll have nothing.

Kids you can calculate for and see it coming. Its your partner that will be the make and break you.

I didn't go to pharmacy school until my late 20s because I wasted 6 yrs on a girl who I thought was the love of my life. Fell madly in love in undergrad, turned down a medical school acceptance to start working, put her through part of undergrad and all of graduate school, hooked her up with a job when done. Just when I thought we were finally set to start a family, she cheats with her boss who was already married with kids! I mean how cliche is that?

6 years and incalculable amount od money wasted. Choosing the wrong girl will do you in far worse than any poor personal finance plan. When you are young and in love, if you find it impossible to step back to take a objective look, then ask and listen to others. I wish I had listened my parents like I did on just about everything else.

 

[BMBiology]

^^ damn that must have hurt. How did you find out she cheated on you?

 

[xiphoid2010]

^^ damn that must have hurt. How did you find out she cheated on you?

She didn't close her email one day. Girls are much better at faking feelings than we guys are, I had no inkling until then.

I guess the only saving grace was that we weren't married with kids. Can you imagine what would have happened if i was kept in the dark until then? The cheater gets alimoney + child support after all that I had done! No amount frugality and financial planning would have saved me then.

 

[Momus]

She didn't close her email one day. Girls are much better at faking feelings than we guys are, I had no inkling until then.

Girls will fu3k guys from out of town, don't say a word to a single soul, and you'll not know about it until she is about to drop you. They have a back up plan of a back up plan. Very sneaky. Extremely good liars too; probably because they are more in tune of their emotion and can fake it very well.

Guys will do his neighbor, brag to his friends and wonder why he gets caught.

 

[Momus]

The cheater gets alimoney + child support after all that I had done! No amount frugality and financial planning would have saved me then.

I used to hang out with a mixed mexiwhite ex-stripper (extremely gorgeous but has princess attitude) who had 1 child from an Korean dentist. She likes Asian dude, so I lucked out. She mentioned casually, he is paying her 1600/months for 17 years, a quick calculation set him back $326,400. She is spending his hard earn $ on the next guy she bangs. Boom.

 

[BMBiology]

That is horrible. How did you confront her and what did she say?

 

[xiphoid2010]

That is horrible. How did you confront her and what did she say?

She wasn't there when I found out, so I had a chance to call my father before she came back. He made sure i knew what NOT to do. Anyway. I threw the email at her, she had to confess, saying she was sorry. But zero tolerance for betrayal, kicked her out. She came back few more times later to get her stuff, deleted all her contact info, hadn't seen her since.

 

[trailerpark]

What did you do for work with just a BS degree? I had one in Biology and couldn't even land anything with that. I ended up working in a different field before I went back to school for pharmacy.

 

[rxglasshalffull]

thanks guys for the advice, i have about 45k to 50k right in cash, that will be my emergency fund. im going to the bank after lunch to ask about an IRA account. i definitely would have save more money if i didnt have my $1500 apartment by the coast in a very affluent town in southern california, and i also take lots of unpaid vacation.. will be on my 4th week-long vacation next week. but i figure im only 24 and only live once. YOLO!!!! LOL jk....

"Choosing the wrong girl will do you in far worse than any poor personal finance plan"

i totally agree, who you choose to be with/marry is far more important. im happy i have an amazing bf who hopefully will get me a huge diamond once he finds a job (hes a few months older and just graduated from pharmacy school in may, also debt free). haha

 

[Momus]

thanks guys for the advice, i have about 45k to 50k right in cash, that will be my emergency fund. im going to the bank after lunch to ask about an IRA account. i definitely would have save more money if i didnt have my $1500 apartment by the coast in san diego, and i also take lots of unpaid vacation.. will be on my 4th week-long vacation next week. but i figure im only 24 and only live once. YOLO!!!! LOL jk....

"Choosing the wrong girl will do you in far worse than any poor personal finance plan"

i totally agree, who you choose to be with/marry is far more important. im happy i have an amazing bf who hopefully will get me a huge diamond once he finds a job (hes a few months older and just graduated from pharmacy school in may, also debt free). haha

Why do you need a useless huge rock with 200% mark up? Buy a cubic zirconia, it's flashy and cheap. It does not cost you and your bf $905,185.11 in loss retirement money (assuming $20k useless rock for 40 years at 10% compound).

It's amazing what marketing can instill to a woman's mind these day.

 

[rxglasshalffull]

Why do you need a useless huge rock with 200% mark up? Buy a cubic zirconia, it's flashy and cheap. It does not cost you and your bf $905,185.11 in loss retirement money (assuming $20k useless rock for 40 years at 10% compound).

It's amazing what marketing can instill to a woman's mind these day.

i know its all the marketing that got me into this. now its really tiffany or i dont want to get married lol

 

[rxglasshalffull]

at the risk of sounding stupid, i just want to ask for some advice.

im making about $120k this year, my bf is making close to nothing as of now. he will start making money hopefully by september/october. if we get married by the end of the year and file for tax as a married couple next year, would i be getting a lot more money back?

we just want to know how urgently we should get married. if i can get more than $5000 more back, its worth it. lol

 

[xiphoid2010]

What did you do for work with just a BS degree? I had one in Biology and couldn't even land anything with that. I ended up working in a different field before I went back to school for pharmacy.

I worked for Pfizer as a medicinal chemist (dual degreed in o-chem and molecular bio). Did an summer internship between junior and senior year for them, and my internship supervisor recommended me. So I got a call offering me a job from my boss just as I was just agonizing over leaving the girl to go to medschool. How silly I was, thought it was a sign... My parents almost disowned me when I made that choice.

 

[xiphoid2010]

at the risk of sounding stupid, i just want to ask for some advice.

im making about $120k this year, my bf is making close to nothing as of now. he will start making money hopefully by september/october. if we get married by the end of the year and file for tax as a married couple next year, would i be getting a lot more money back?

we just want to know how urgently we should get married. if i can get more than $5000 more back, its worth it. lol

You will get more money back this year since he doesn't make money most of this year. But starting next year you will both be paying more taxes. This is the so call marriage tax penalty, google it up.

 

[BMBiology]

i totally agree, who you choose to be with/marry is far more important. im happy i have an amazing bf who hopefully will get me a huge diamond once he finds a job (hes a few months older and just graduated from pharmacy school in may, also debt free). haha

What if he can't find a job/fail the board exam after one year? Would you still want to be with him? LOL

How much do you expect him to spend on the rock?

 

[trailerpark]

3 month salary for a diamond. If he's unemployed he should get one at Walmart.

 

[xiphoid2010]

3 month salary for a diamond. If he's unemployed he should get one at Walmart.

Seriously? $21k on a useless piece of carbon?

 

[rxglasshalffull]

3 month pharmacist salary is too much. $10k is good.