95k/year at Walgreens Full-Time LOOOOOOOL

[Modest_anteater]

This is such a great time for hiring managers to employ pharmacists at bargain prices and get praised for lowering labor costs further. I can't think of a counterplay to this game.

the counter play is every single pharmacist quits their job and group together to form their own independent stores. all the chains collapse overnight

---

Members don't see this ad.

 

[pharmalt82]

people

Let's check out the non profesional school jobs that pay 6 figures in America.
Engineer-5 years of undergrad and internships. Work while doing a part time mba and mse over the next 8 years.=$110k salary in a big city.
Accounting- 6 years for cpa & ms finance with internships. Work 60 hours a week at a big 4 for 8 years.=$110k salary in a big city.
Now, which path looks easier?
Pharmacy- 2 years undergrad-4 years professional school-move to a small city.

Those are all in a bubble too.
And wait until automation hits accounting in a big way. My brother-in-law is a software engineer and his last gig was with an accounting firm and the higher-ups couldn't wait to sign-off on lay-offs of experienced accountants after his team was done with their project.

Whatever the case may be, it takes more than a degree and a lazy give-it-to-me attitude to make it these days.
Too many pharmacists went in with that attitude and suffered as a result.
It isn't the 50s or the 90s anymore.

 

[Modest_anteater]

How many years it takes to finish school, large sacrifices, or large debt have little to do with what you will get paid. It is all about supply and demand. This is It.

Just like the value of anything in life. If supply outstrips demand, prices go down.

If you are pumping more pharmacists out a year than there are slots, it won't matter how good of a student/pharmacist you are.

They are a business. If they can cut $10/hr and increase profit then they will cut. Why would any business owner not cut to $40/hr if they can find decent pharmacist readily? I know if I owned a pharmacy, I would.

If amazon ever goes into pharmacy and can deliver meds in 2 dys with similar pricing then $40/hr will be the new high. I can see it driven down to $20/hr at B&M pharmacies. Someone will take the job and that is all that matters.

I would be fine working for 20 USD an hour. That's my limit though. Below 20 and i'm going to walmart in the bay area to stock shelves. I know someone there so I can get 17 USD an hour no problem. And i get to listen to my podcasts there without having to deal with rude people and also get a pizza party if we have so many days without a major injury.

 

[wagrxm2000]

The student BC_89 seems to be the mod that moves them all here.



Yeah who cares what the nation's biggest employer of pharmacists pays? I'd rather read much more relevant topics such as:

Belts vs suspenders

Belts Vs Suspenders

I can't believe it has taken me 32 years to discover the magic of suspenders. My aversion to "professional attire" was because of belts. They made me feel like my stomach was being constricted and would amplify the belly area and I'd constantly have to deal with the shirt getting untucked or...

forums.studentdoctor.net

Crypto

cryptocurrency forum (bitcoin and more)

At the advice of others - figured we would move this specific topic to another thread - please no bashing the process or saying it is stupid - we know your feelings - it is obviously a gamble. I have a little bit of money is FUN, IOTA, XRP, NEO, TRX, in addition to the three big ones. My...

forums.studentdoctor.net

Should I share my ice cream (I mean notes)?

Sharing notes?

Any of you share notes amongst your colleagues? I’m a bit hesitant, someone wants all of my notes from p3 year and they aren’t great but I just don’t want to share. I also don’t want it to ruin a job opportunity down the line but I feel like my notes are my own personal notes. Thoughts?

forums.studentdoctor.net

Should we combine prepharmacy with pharmacy too?

 

[redfish955]

That's the going rate for a manager at a fortune 500 accounting or engineering.

 

[TerryTerry]

I would be fine working for 20 USD an hour. That's my limit though. Below 20 and i'm going to walmart in the bay area to stock shelves. I know someone there so I can get 17 USD an hour no problem. And i get to listen to my podcasts there without having to deal with rude people and also get a pizza party if we have so many days without a major injury.

If I didn`t quit my walmart job to go to pharmacy school 10 years ago, I would be making around $17~18 now.

I can`t believe you are ok working as a pharmacist at the rate of $20/hour considering how much liability, debt and bs we have to deal with.

 

[321931]

Let's check out the non profesional school jobs that pay 6 figures in America.
Engineer-5 years of undergrad and internships. Work while doing a part time mba and mse over the next 8 years.=$110k salary in a big city.
Accounting- 6 years for cpa & ms finance with internships. Work 60 hours a week at a big 4 for 8 years.=$110k salary in a big city.
Now, which path looks easier?
Pharmacy- 2 years undergrad-4 years professional school-move to a small city.

The thing with accounting is that if you open a small business and dedicate it to a niche...you can make some good income. My accountant cost me 5000$ to file taxes for my s-corp and personal. He has about the entire region of dentists dedicated to him, and he owns his own professional building. 4 of them in fact- commercial buildings.

The biggest thing about accounting is that there is the POSSIBILITY of small business ownership- and that's where the true money comes in. Not working for someone, but working for yourself. Just throwing that out there.

 

[APN-59 rph]

Don't think that the MFWIC's aren't taking notice.....H'mmm 20 bucks an hour....

 

[owlegrad]

They want to hide the truth.

On the contrary, it is so important I don’t want to risk the information getting lost or buried. Thus it is given its own forum. A forum that shows up at the very top so it can’t be missed!

 

[BMBiology]

On the contrary, it is so important I don’t want to risk the information getting lost or buried. Thus it is given its own forum. A forum that shows up at the very top so it can’t be missed!

I would make the “job market” the main forum while everything else should be a subforum.

 

[mentos]

Should we combine prepharmacy with pharmacy too?

No pre-pharms are for pre-pharms and pharmacy and job market threads are for pharmacists. The job market threads don't apply to pre-pharms because we're not talking about wages 4-6 years from now.

 

[redfish955]

The thing with accounting is that if you open a small business and dedicate it to a niche...you can make some good income. My accountant cost me 5000$ to file taxes for my s-corp and personal. He has about the entire region of dentists dedicated to him, and he owns his own professional building. 4 of them in fact- commercial buildings.

The biggest thing about accounting is that there is the POSSIBILITY of small business ownership- and that's where the true money comes in. Not working for someone, but working for yourself. Just throwing that out there.

I know of compounding pharmacists running their own practice that are living in 4 million dollar homes, driving Aston Martins, and taking baller vacations.

 

[redfish955]

This topic should really be about is pharmacy still one of the safest paths to retire at 59&1/2? Can you pay off student loans, a 350k home, and build a 2.5 million dollar nest egg by then?

 

[wagrxm2000]

No pre-pharms are for pre-pharms and pharmacy and job market threads are for pharmacists. The job market threads don't apply to pre-pharms because we're not talking about wages 4-6 years from now.

This makes zero sense and if anything this is more important for future pharmacists then current ones.

Please move to prepharm forums

 

[pharmalt82]

This topic should really be about is pharmacy still one of the safest paths to retire at 59&1/2? Can you pay off student loans, a 350k home, and build a 2.5 million dollar nest egg by then?

I think so.
But, please don't lure more people into pharmacy.
Especially, not people with passion for this job!

THE SKY IS FALLING. EVERYONE QUIT NOW.
WE'RE DOOMED.

 

[mentos]

This topic should really be about is pharmacy still one of the safest paths to retire at 59&1/2? Can you pay off student loans, a 350k home, and build a 2.5 million dollar nest egg by then?

350k home easily but average price is at least twice that in desirable areas.

 

[King2440]

So..right to work state + influx of PharmDs + lower wage. It doesn’t seem good to any current pharmacist with a job. Once a career with great stability , now is a career where job security is a big question.

 

[wagrxm2000]

This topic should really be about is pharmacy still one of the safest paths to retire at 59&1/2? Can you pay off student loans, a 350k home, and build a 2.5 million dollar nest egg by then?

That's a very simple question actually.

So you want 2.5 million plus 350k home plus we'll say 200k in total money paid towards loans. To make it simple, you are looking for 3 million dollars.

59.5 age gives about 25 working years.


At 7% return you need to save about 20k per year

5%= about 31.5k

10%(won't happen)=10k

3%=little under 50k

If someone like myself and family was just joining, we could easily save 20k even if our combined income was 80k.

For these new grad that keep buying avacado toast and Starbucks, no probably not. Side note, I too spent on pointless things early on in life. If you can realize how pointless those things are now, it'll make your life so much better later on. Another side note, we are currently over that 2.5 million plus a home and not even close to being 50 yet.

 

[projektreverb]

Out of curiosity, what happens if you go over 80 hours biweekly at wags? You still get paid your regular hourly for those hours? Or is it a different rate?

 

[Modest_anteater]

In my opinion: the biggest issue that new grads face isn't finding a job, its the LOANS and UNWILLINGNESS TO MOVE.
If you didn't have a financial plan before starting pharmacy, you're screwed.
But, having a plan to pay loans off quickly is what I've been recommending to most of the new grads.
Every single person in my group of friends that graduated together has paid off their student loans but that's also because I agressively recommend that whenever we meet.

Being 30 and without any debt is becoming a rarity for people in America.
A doctor acquaintance managed to create a giant single mortgage of him and his wife's student loans, home loans, and car loans. He's 32 and says that he's taken a less aggressive approach because he wants to live a little after suffering through residency.
I can't fault people for wanting to this either.
When are you going to live after all?

I'm lucky to be in that dwindling pool of people without any debt at 31.
My plan is to die at 80 with millions in debt as a giant screw you to the world.

One option that new grads have is to work for lower pay in whatever area you desire if you have help from your parents with free rent and then move after your loans are paid off.

"When are you going to live after all? "

You can live and start looking to find your future spouse when you turn 55 and have your loans payed off. LMAO JK. I don't get why everyone stresses over vast amounts of loans. They arn't going to break your knee caps if you don't pay. OMG your credits killed? lol like really? that's the worst they can do to you? GARNISH MY already low wages?! OMG take it easy government! kek checkmate unclesam

 

[Modest_anteater]

If I didn`t quit my walmart job to go to pharmacy school 10 years ago, I would be making around $17~18 now.

I can`t believe you are ok working as a pharmacist at the rate of $20/hour considering how much liability, debt and bs we have to deal with.

it's def not my ideal wage. I would like to be earning 200k to 500k a year as a pharmacist. if you take the safe route and slave for chains you will never make over 180k a year.

 

[Singuy]

the counter play is every single pharmacist quits their job and group together to form their own independent stores. all the chains collapse overnight

LoL, are they giving out bank loans to debt ridden RPHs now like candy? Let me know so I can pull my money out of stocks before the next financial collapse.

 

[owlegrad]

LoL, are they giving out bank loans to debt ridden RPHs now like candy? Let me know so I can pull my money out of stocks before the next financial collapse.

Based on the amount of junk mail I get precisely targeted to this exact demographic I am going to venture a guess of “yes”.

 

[Singuy]

That's a very simple question actually.

So you want 2.5 million plus 350k home plus we'll say 200k in total money paid towards loans. To make it simple, you are looking for 3 million dollars.

59.5 age gives about 25 working years.


At 7% return you need to save about 20k per year

5%= about 31.5k

10%(won't happen)=10k

3%=little under 50k

If someone like myself and family was just joining, we could easily save 20k even if our combined income was 80k.

For these new grad that keep buying avacado toast and Starbucks, no probably not. Side note, I too spent on pointless things early on in life. If you can realize how pointless those things are now, it'll make your life so much better later on. Another side note, we are currently over that 2.5 million plus a home and not even close to being 50 yet.

Your numbers are insane. Is this with a single wage earner making 100k/year with 200k student loans and a 350k house? The student loan with a 10 year payment program and the house with a 30 year mortgage will set you back around 4k/month. A typical RPH makes about 6k/month after insurance and tax. So unless you decide to dumpster dive, saving 20k/year as a new grad is impossible. You have to make sacrifices such as getting rid of the loans first and then adding on a house. However you look at it, 550k worth of debt is a ridiculous number for a household making 100k/year. Interest alone cost 30k/year on that debt load, avocado bread or no avocado bread.

 

[wagrxm2000]

Your numbers are insane. Is this with a single wage earner making 100k/year with 200k student loans and a 350k house? The student loan with a 10 year payment program and the house with a 30 year mortgage will set you back around 4k/month. A typical RPH makes about 6k/month after insurance and tax. So unless you decide to dumpster dive, saving 20k/year as a new grad is impossible. You have to make sacrifices such as getting rid of the loans first and then adding on a house. However you look at it, 550k worth of debt is a ridiculous number for a household making 100k/year. Interest alone cost 30k/year on that debt load, avocado bread or no avocado bread.

My math can be easily changed to 4 million.

That's 27k at 7%. There's no reason a family of four can't save that per year.

So that's 2.5 million saved and 1.5 million to toss at your mortgage and loans.

People overthink savings too much. The math isn't that hard.

 

[BC_89]

The student BC_89 seems to be the mod that moves them all here.

1) I didn’t move anything since my primary mod location is in the Veteran Benefits forum (someone was nice enough to beat me to the punch ).

They want to hide the truth.

2) Again, pharmacy saturation is not a hidden truth... The job market sub-forum has its own location for up to date details of the saturation crisis and job wages which actually serves a great purpose.

I encourage these topics and participate/read them myself every now and then. The problem some users do with specific topics is the same problem with my kids mixing specific foods I have marked in the kitchen:

Stop putting peanut butter in the cereal pantry.

On the contrary, it is so important I don’t want to risk the information getting lost or buried. Thus it is given its own forum. A forum that shows up at the very top so it can’t be missed!

Careful, it makes too much sense

 

[wagrxm2000]

Your numbers are insane. Is this with a single wage earner making 100k/year with 200k student loans and a 350k house? The student loan with a 10 year payment program and the house with a 30 year mortgage will set you back around 4k/month. A typical RPH makes about 6k/month after insurance and tax. So unless you decide to dumpster dive, saving 20k/year as a new grad is impossible. You have to make sacrifices such as getting rid of the loans first and then adding on a house. However you look at it, 550k worth of debt is a ridiculous number for a household making 100k/year. Interest alone cost 30k/year on that debt load, avocado bread or no avocado bread.

Or we can just do the opposite which is what you seem to want to do:

Pharmacist now takes home 60k and we'll just say their spouse take home is 40k.

We want 2.5 million outside our house at age 59 so 35 working years. We have to save 17k per year at 7%. Both you and your spouse get 4% match which to make math easy is 5k so now we are at 12k needed to be saved.

Your house is at 2k and since your spouse didn't have to get a huge loan your combined student loans are at 2k also. That's 48k.

Food 1k, phone 150, utilities 166, cable/internet 150, insurance 833, other 1k = about 3.3k

So we have 48k in loans/mortgage, 40k in living expenses, and 12k to invest.

Guess what? We're only at 100k. We did it!!!

Also those loans will be gone way before 35 years which is another 24k you'll soon have.

Plus those last 5 years you'll have another 24k from not having a house payment.

 

[Singuy]

Or we can just do the opposite which is what you seem to want to do:

Pharmacist now takes home 60k and we'll just say their spouse take home is 40k.

We want 2.5 million outside our house at age 59 so 35 working years. We have to save 17k per year at 7%. Both you and your spouse get 4% match which to make math easy is 5k so now we are at 12k needed to be saved.

Your house is at 2k and since your spouse didn't have to get a huge loan your combined student loans are at 2k also. That's 48k.

Food 1k, phone 150, utilities 166, cable/internet 150, insurance 833, other 1k = about 3.3k

So we have 48k in loans/mortgage, 40k in living expenses, and 12k to invest.

Guess what? We're only at 100k. We did it!!!

Also those loans will be gone way before 35 years which is another 24k you'll soon have.

Plus those last 5 years you'll have another 24k from not having a house payment.

Oh you just changed the income. So your spouse makes 55k/year and the RPH makes 80k/year before tax. So that's a 135k/year household income, not 100k(or 80k take home from your original posting).

Also this is a family of 4 with food being 1k, no diaper money(remember these are new grads), and assuming no daycare? What about car payments, gas and toll?

I would say the family earning 135k/year pre tax can probably save 8k/year running on pretty bare bones and no major vacations at all for a good 10 years at least. And that 2k/month mortgage was under the assumption that they found 50k worth of downpayment and 10k worth of closing cost...(which probably takes at least 3 years to save up).

Compounding interest makes you the most money if you start saving massively early, but those are the most expensive years(house, kids, disruption of work due to new kids, student loans). So basically compounding interest work against you because you end up paying the bulk of interest to the banks. Yeah you can sit pretty by the time kids are off to college(mortgage almost paid off, loans are gone, kids are gone) but you lost all those years you could have been compounding your interest. So yes, YOU HAVE to work backwards. You can't just take a target savings rate and apply compounding interest early in life which doesn't happen in real life.

 

[wagrxm2000]

Oh you just changed the income. So your spouse makes 55k/year and the RPH makes 80k/year before tax. So that's a 135k/year household income, not 100k(or 80k take home from your original posting).

Also this is a family of 4 with food being 1k, no diaper money(remember these are new grads), and assuming no daycare? What about car payments, gas and toll?

I would say the family earning 135k/year pre tax can probably save 8k/year running on pretty bare bones and no major vacations at all for a good 10 years at least. And that 2k/month mortgage was under the assumption that they found 50k worth of downpayment and 10k worth of closing cost...(which probably takes at least 3 years to save up).

Hey you want to live in an expensive area, that's your problem. A 250k house is pretty nice in my area. That will give you about 5k more per year.

If you want even another 5k per year while you pay off your loans fine take it out of your investments. Remember you will have 24k more in ten years to catch up on what you lost out on anyways.

 

[Singuy]

Hey you want to live in an expensive area, that's your problem. A 250k house is pretty nice in my area. That will give you about 5k more per year.

If you want even another 5k per year while you pay off your loans fine take it out of your investments. Remember you will have 24k more in ten years to catch up on what you lost out on anyways.

Okay now you are changing the house prices?!

I just said your math was insane based on the parameters of what you had. I never said it's a good idea for an individual with 200k worth of student loans to go and buy a 350k house. But to expect this person to have 2.5 million+house+loans paid off by 59 is insane.

 

[wagrxm2000]

Okay now you are changing the house prices?!

I just said your math was insane based on the parameters of what you had. I never said it's a good idea for an individual with 200k worth of student loans to go and buy a 350k house. But to expect this person to have 2.5 million+house+loans paid off by 59 is insane.

And that's where you are wrong.

I put in 1k in misc don't forget. So that's 12k plus the 5k for not buying a house you don't need plus 5k from investing less for 10 years. I put misc since those costs will be different.

You clearly don't understand how people on a budget do it. Daycare equals retired grandparents, neighbors that have a stay at home parent, friends. Also most pharmacists have a day off per week. I know many families that don't use daycare that both work..

I can go on and on about budgeting if you really want to continue to nitpick.

 

[Singuy]

And that's where you are wrong.

I put in 1k in misc don't forget. You clearly don't understand how people on a budget do it. Daycare equals retired grandparents, neighbors that have a stay at home parent, friends. Also most pharmacists have a day off per week. I know many families that don't use daycare.

I can go on and on about budgeting if you really want to continue to nitpick.

Yeah except not everyone have retired grandparents who are alive/willing/able to help (actually the majority of Americans don't..if this was China then sure).

Oh I get budgeting and I teach a pharmacy financial class where I work for 3rd year students. What you are using are outlier cases applying to the general public. It's like my parents who became a multi-millionaire because my mom saved 60% of what they made working min wage jobs. I couldn't expect a normal person to do what my parents did, having a 35 dollar electric bill in FL because they were fine with no A/C at 95 degree weather. They dumpster dived for my toys/bikes, and also furniture that also gave me fleas. And instead of daycare, they just took me to work for 14 hrs at a time and put me in a Chinese restaurant's kitchen.

 

[wagrxm2000]

Yeah except not everyone have retired grandparents who are alive/willing/able to help (actually the majority of Americans don't..if this was China then sure).

Oh I get budgeting and I teach a pharmacy financial class where I work for 3rd year students. What you are using are outlier cases applying to the general public. It's like my parents who became a multi-millionaire because my mom saved 60% of what they made working min wage jobs. I couldn't expect a normal person to do what my parents did, having a 35 dollar electric bill in FL because they were fine with no A/C at 95 degree weather. They dumpster dived for my toys/bikes, and also furniture that also gave me fleas. And instead of daycare, they just took me to work for 14 hrs at a time and put me in a Chinese restaurant's kitchen.

These aren't outliers, this is how the "working class" does it. We rely on each other. How do you think your tech does it? Your tech isn't paying 10k for daycare. Average family income is 60k not 100k.

Couple of things to add, no one should be buying a house straight out of college. Also kids can wait until you're 30.

 

[deleted562805]

That's the going rate for a manager at a fortune 500 accounting or engineering.

Yeah, lets just revert to BSPharm. get rid of the Pharm.D.

 

[Singuy]

These aren't outliers, this is how the "working class" does it. We rely on each other. How do you think your tech does it? Your tech isn't paying 10k for daycare. Average family income is 60k not 100k.

Couple of things to add, no one should be buying a house straight out of college. Also kids can wait until you're 30.

Techs don't have 200k worth of debt. Every tech I have talked to are in credit card debt and living paycheck to paycheck. 78% of Americans live paycheck to paycheck and 62% of them has less than 1k in liquid cash. The average savings rate in the U.S is 3.5% of income. And most tech I have talked to don't have a 401k open with the company.

 

[wagrxm2000]

Techs don't have 200k worth of debt. Every tech I have talked to are in credit card debt and living paycheck to paycheck. 78% of Americans live paycheck to paycheck and 62% of them has less than 1k in liquid cash. The average savings rate in the U.S is 3.5% of income. And most tech I have talked to don't have a 401k open with the company.

That debt will only be there for 10 years

I'm sorry but if you can't figure out how to save 12k out of 100k in take home, you don't know how to budget.

 

[Singuy]

That debt will only be there for 10 years

I'm sorry but if you can't figure out how to save 12k out of 100k in take home, you don't know how to budget.

That's not the original argument. The original argument is you think a household that makes 100k/year pretax can have 2.5 mil+350k house+ loans paid off by 59. This hypothetical person already threw out responsible budgeting by purchasing a 350k house when there's 200k worth of student loans on the book. So we are not arguing if the person can budget better or not. We are arguing about your math not making sense with this hypothetical person. Don't understand why it's so hard to follow.

 

[wagrxm2000]

That's not the original argument. The original argument is you think a household that makes 100k/year pretax can have 2.5 mil+350k house+ loans paid off by 59. This hypothetical person already threw out responsible budgeting by purchasing a 350k house when there's 200k worth of student loans on the book. So we are not arguing if the person can budget better or not. We are arguing about your math not making sense with this hypothetical person. Don't understand why it's so hard to follow.

The original argument was a pharmacist. The numbers are completely different if it's just one person. It's actually much easier since all those costs are less (food, phone, cable/internet, insurance, etc) and actually by a lot. Just to toss out numbers those numbers could be $300, $50, $30, $100. That's over 1.5k less a month.

The typical person will get married and have kids though. You have to take into account both salaries.

 

[alpha12]

Yeah, lets just revert to BSPharm. get rid of the Pharm.D.

This is the best option.

 

[Singuy]

If someone like myself and family was just joining, we could easily save 20k even if our combined income was 80k.

Your "joint" salary is 80k, claiming to save 20k/month.....

 

[redfish955]

Yeah, lets just revert to BSPharm. get rid of the Pharm.D.

The requirements to reach those goals are a masters in science and an mba for most people. Let's compare a Masters in science with an MBA and a 3.7 GPA to a pharm D. We aren't comparing a 70k a year engineer to a pharm D. We are comparing a six figure engineer.

 

[wagrxm2000]

Your "joint" salary is 80k, claiming to save 20k/month.....

I said someone like myself and family.

The Midwest isn't California. My family lives on less then 60k right now.

So do you or do you not believe a family, one being a pharmacist and the other also working can't do it? I'm only asking for 12k a year on a combined take home of 100k.

I've answered you many times. I think it will be foolish if a pharmacist made 80k take home and tried to take care of a family on their own plus bought a 350k house. Generally a person shouldn't buy a house more then 2 to 2.5 times their gross income.

However we live in a time where both parents work. I also feel if that family wanted to, they could still save. Even if that pharmacist only did the match and put say $4k in, that 8k each year will turn into over a million at age 59 assuming 7%. You don't think they can find $333 a month for the first 10 years before the student loans are done and they have another $24k now?

 

[BMBiology]

If someone like myself and family was just joining, we could easily save 20k even if our combined income was 80k.

This is 2019, not 1970 you fool. Things are a lot more expensive today. You need to add:

- paying 250 k tuition
- saving 20% down payment for a house
- buying a car (and maintaining it)
- medical expenses
- saving for your kids’ tuition

I am all for being frugal but being frugal doesn’t mean you can avoid big item expenses. Further, there is a reason why it is so cheap to live in the middle of nowhere....not too many people want to live there. Even then, you can’t avoid certain costs like medical expenses.

 

[mentos]

That's not the original argument. The original argument is you think a household that makes 100k/year pretax can have 2.5 mil+350k house+ loans paid off by 59.

Very possible. Look at the student loan thread, plenty of people paid off their 200k+ loans aggressively in a few years. Should be easy if you don't eat out all the time, buy new cars, take fancy vacations, buy the latest iPhone every year. Read the investment thread, some people here are already at 2.5mil net worth with paid off house in their 30d and 40s. Max out 401k, backdoor Roth IRA, HSA, invest in taxable and it should be easy.

Now if you're asking if a pharmacist can do that in 2019, that is a different question because who knows how much lower our wages will be in a few years.

 

[wagrxm2000]

Real life scenario.

Couple meets in college. One a pharmacist the other gets a bachelor's degree who we will make the guy going forward. At 22 after graduating, they get engaged but won't marry until after she graduates. During the next 2 years his take home is $40k per year. Their costs are $30k since they are broke college students and they rent for $1k. They don't need insurance since they are both on their parents insurance and they drive cheap cars. After two years, they have $80k take home and $60k costs. They have saved $20k which will be considered their emergency fund and not brought up anymore. It is making 2%.

The next two years they continue to live the cheap college life but we will add $10k for misc/fun per year or $40k. This is covered completely by his income so their only new costs are $2k a month or 48k in loans. She made $160k over this time so they net $112k which will be invested and used as a down payment for a house.

They are now both 26, all previous costs are still covered by his income. Our only expenses needed covered by her are $4k for mortgage/loans, a now $300 for insurance (Walgreens has a decent high deductible plan), $300 for a car for her that will be paid off in 4 years since they put $10k down and we'll say $150 for utilities or $57k. Note at this point they are spending $97k on combined $120k take home thus they save $23k per year even though they are currently over her salary alone. They do this for the next 4 years until they are 30. At this point they have over $130k plus an additional match of $16k invested not counting their emergency fund.

At this point they have kids and he decides to stay home and realize they spend too much. I will now reference my previous post and say their costs are trimmed to 88k on 80k salary with a stay at home parent. For the next 6 years they lose $48k.

They are now 36 and have a net worth of about $100k which is now $50k since the market crashes. At this point their loans are paid off. The kids are in school and he gets a part time job making $20k. Their combined take home is $100k and their costs are now $24k less without loans or $64k but they decide to now spend more and they are able to save $20k for the rest of their career.

Is this highly questionable? Sure. Is it also realistic? Yes.

Many things will happen over their life which is why I gave that $16k buffer. Some years it'll be used while other years it won't.

 

[APN-59 rph]

Couple meets in college....babe gets a BSN....Guy works part time as a newbie or journeyman plumber..while getting a business BA ....reasonable school expenses.....They start a plumbing business and begin to make coin.....

 

[Singuy]

Very possible. Look at the student loan thread, plenty of people paid off their 200k+ loans aggressively in a few years. Should be easy if you don't eat out all the time, buy new cars, take fancy vacations, buy the latest iPhone every year. Read the investment thread, some people here are already at 2.5mil net worth with paid off house in their 30d and 40s. Max out 401k, backdoor Roth IRA, HSA, invest in taxable and it should be easy.

Now if you're asking if a pharmacist can do that in 2019, that is a different question because who knows how much lower our wages will be in a few years.

Time have changed and people keep comparing their old life and extrapolate it to a 2019 new grad.

 

[mentos]

Couple meets in college....babe gets a BSN....Guy works part time as a newbie or journeyman plumber..while getting a business BA ....reasonable school expenses.....They start a plumbing business and begin to make coin.....

The plumber doesn't even need to go to college or a degree, he can start right out of high school without the debt.

 

[mentos]

Time have changed and people keep comparing their old life and extrapolate it to a 2019 new grad.

According to this, a single person who maxes 401k will have 2.3 million so a couple will have 4.6 million. That was written 2 years ago when 401k limit was only 18k. That's not even counting the other investment vehicles.

There's people with 40k pre-tax salaries who max out 401k. If they can do it then someone with 100k salary surely can.

Here’s how much you’ll have if you max out your 401k plan

I read a post recently where someone said that even if you max out your 401k plan over your earning years, you wouldn’t have enough money to retire. Is that true? I hadn’t ever really c…

maximizeyourmoney.com

 

[wagrxm2000]

Time have changed and people keep comparing their old life and extrapolate it to a 2019 new grad.

Nothing in my scenario is false. Did I get extremely specific? No but I solved your house down payment problem.

Not sure why you think it's so hard to accomplish.