Career Change or Early Retirement at 33 (1 Million NW+)

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quickpic007 said:
ACA is making this plan a reality...



I get what you are saying, but I have been doing that the entirety of my career. I am not sure what fear you are talking about? More graduates? More metrics?



Mostly post tax.
No loans.
If stocks crash NW closer to 930ish.

Not sure on renting forever, but I feel buying a home in my rural area would be less than stellar (hard to sell, stagnant increases)



Not sure how long you been in pharmacy but with all the money/wages Ive seen in this field since 2005 (technician) I feel that many of us should be bathing in money. As recently as two years ago, retailers throwing around 20K sign ons haha.
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Fear of meeting metrics and expectations in general. If you have a financial back-up then you can start working without giving and ****! If it works out, it works it. If it doesn't, you aren't on the road.. You aren't worried about job security at this point.
 
wagrxm2000 said:
How is this possible?
Click to expand...
It is a combination of irrational financial decisions in my life.

1. Withdrawing 50% of my 401K in 2015 to fund a business with a close friend and the business total collapsed a year and half after.
2. Put 50% of my individual stock account (worth nearly 60K) into put option of Aapl right before earnings in hope of Apple tanking after hours earning release.
3. Sent back my country nearly 50K for medical bills for one of my family member who could not afford healthcare there (wife almost threatened to divorce after finding out).
4. Borrowing 50K with high yield (20% monthly interest) for funding my stock account.
5. Got a couple of margin calls in a couple shorts of stocks, including K-BIO....google it...

Anyway, the good thing is my student loan balance is now only 40K (Original after graduation 200K)
 
UGAZ said:
2. Put 50% of my individual stock account (worth nearly 60K) into put option of Aapl right before earnings in hope of Apple tanking after hours earning release.

4. Borrowing 50K with high yield (20% monthly interest) for funding my stock account.
5. Got a couple of margin calls in a couple shorts of stocks, including K-BIO....google it...
Click to expand...

Dude.

Post your story on WallStreetBets. They'll make you a mod.
 
UGAZ said:
It is a combination of irrational financial decisions in my life.

1. Withdrawing 50% of my 401K in 2015 to fund a business with a close friend and the business total collapsed a year and half after.
2. Put 50% of my individual stock account (worth nearly 60K) into put option of Aapl right before earnings in hope of Apple tanking after hours earning release.
3. Sent back my country nearly 50K for medical bills for one of my family member who could not afford healthcare there (wife almost threatened to divorce after finding out).
4. Borrowing 50K with high yield (20% monthly interest) for funding my stock account.
5. Got a couple of margin calls in a couple shorts of stocks, including K-BIO....google it...

Anyway, the good thing is my student loan balance is now only 40K (Original after graduation 200K)
Click to expand...

What is your friend’s business about?


Sent from my iPhone using SDN mobile
 
UGAZ said:
It is a combination of irrational financial decisions in my life.

1. Withdrawing 50% of my 401K in 2015 to fund a business with a close friend and the business total collapsed a year and half after.
2. Put 50% of my individual stock account (worth nearly 60K) into put option of Aapl right before earnings in hope of Apple tanking after hours earning release.
3. Sent back my country nearly 50K for medical bills for one of my family member who could not afford healthcare there (wife almost threatened to divorce after finding out).
4. Borrowing 50K with high yield (20% monthly interest) for funding my stock account.
5. Got a couple of margin calls in a couple shorts of stocks, including K-BIO....google it...

Anyway, the good thing is my student loan balance is now only 40K (Original after graduation 200K)
Click to expand...

Any of these implies you have assets to borrow on/spend on, your NW is not -400k.

You do have a gambling problem trying to get rich quick. I had my fair share the first 2 yrs of graduation, I wised up quick, I make it all back AND more by just indexing.
 
UGAZ said:
It is a combination of irrational financial decisions in my life.

1. Withdrawing 50% of my 401K in 2015 to fund a business with a close friend and the business total collapsed a year and half after.
2. Put 50% of my individual stock account (worth nearly 60K) into put option of Aapl right before earnings in hope of Apple tanking after hours earning release.
3. Sent back my country nearly 50K for medical bills for one of my family member who could not afford healthcare there (wife almost threatened to divorce after finding out).
4. Borrowing 50K with high yield (20% monthly interest) for funding my stock account.
5. Got a couple of margin calls in a couple shorts of stocks, including K-BIO....google it...

Anyway, the good thing is my student loan balance is now only 40K (Original after graduation 200K)
Click to expand...

I rarely say people need an advisor. You need to not allow yourself access to your accounts and let someone take care of it for you.

Can I ask what the business was?
 
UGAZ said:
It is a combination of irrational financial decisions in my life.

1. Withdrawing 50% of my 401K in 2015 to fund a business with a close friend and the business total collapsed a year and half after.
2. Put 50% of my individual stock account (worth nearly 60K) into put option of Aapl right before earnings in hope of Apple tanking after hours earning release.
3. Sent back my country nearly 50K for medical bills for one of my family member who could not afford healthcare there (wife almost threatened to divorce after finding out).
4. Borrowing 50K with high yield (20% monthly interest) for funding my stock account.
5. Got a couple of margin calls in a couple shorts of stocks, including K-BIO....google it...

Anyway, the good thing is my student loan balance is now only 40K (Original after graduation 200K)
Click to expand...

Wow, so basically gambling except for the medical bills.

Good job paying down the loans.
 
UGAZ said:
Reading this makes me super depressed. I am near 40....My NW is -400K....
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Granted, I just graduated, but I am right there with you (further in the hole than you).

This is the reality for folks that graduate from pharmacy school nowadays.
 
PharmDBro2017 said:
Granted, I just graduated, but I am right there with you (further in the hole than you).

This is the reality for folks that graduate from pharmacy school nowadays.
Click to expand...

I assume this isn't just from pharmacy school
 
Undergrad, pharmacy school, mortgage, and wife’s undergrad.
 
PharmDBro2017 said:
Undergrad, pharmacy school, mortgage, and wife’s undergrad.
Click to expand...
You're spending too much money somewhere and living beyond your means assuming your spouse makes above 50k+ as well. And assuming you didn't go to one of those private pharmacy schools and have over 250k in loans.
You should at the minimum have 8k coming in after taxes per month from both of you. You have to sacrifice for a few years but you should be able to make a dent in your student loans within 3-4 years.
 
dblock05 said:
You're spending too much money somewhere and living beyond your means assuming your spouse makes above 50k+ as well. And assuming you didn't go to one of those private pharmacy schools and have over 250k in loans.
You should at the minimum have 8k coming in after taxes per month from both of you. You have to sacrifice for a few years but you should be able to make a dent in your student loans within 3-4 years.
Click to expand...

No one asked your opinion, and you’re preaching to the choir.
 
PharmDBro2017 said:
Undergrad, pharmacy school, mortgage, and wife’s undergrad.
Click to expand...

That's tough, hopefully you guys both get/have good jobs.

Remember a house is an asset so it's not like you are throwing money away while paying for it.
 
wagrxm2000 said:
Remember a house is an asset so it's not like you are throwing money away while paying for it.
Click to expand...

Rental property is an asset. The house you live in is more of a liability than an asset for most people. It can trap you and tie you down.



Sent from my iPhone using SDN mobile
 
BMBiology said:
Rental property is an asset. The house you live in is more of a liability than an asset for most people. It can trap you and tie you down.



Sent from my iPhone using SDN mobile
Click to expand...

Depends on the situation, no one should be buying a house unless it's where they plan on staying. You can always rent out your house. If I lived in a highly desirable area, I'd be buying and renting.

It's better to own then rent if it's where you plan on staying.
 
BMBiology said:
what? no car payment?
Click to expand...

Mine is paid off (will drive till wheels fall off), focusing on paying off my wife’s and her loans currently.

wagrxm2000 said:
That's tough, hopefully you guys both get/have good jobs.

Remember a house is an asset so it's not like you are throwing money away while paying for it.
Click to expand...

I have a good job and prn gig, she is unable to work full time at the moment. We own two homes, one is a rental.

Lots of competing priorities when you come out of school... but I’m on PSLF track, so the focus is to pay off her loans and car and then maximize retirement accounts (already maxing HSA).
 
PharmDBro2017 said:
That doesn't sound like nearly enough to retire, especially at your current age.

All debt paid off? (mortgage and student loans)
Click to expand...
It's more than enough to retire unless he/she has dependents.

I have been living on around 2,000 USD a year for the last 5 years. Rice/beans/eggs are cheap. Not even to mention if you leave the country for a low cost country you could live like a king.
 
UGAZ said:
It is a combination of irrational financial decisions in my life.

1. Withdrawing 50% of my 401K in 2015 to fund a business with a close friend and the business total collapsed a year and half after.
2. Put 50% of my individual stock account (worth nearly 60K) into put option of Aapl right before earnings in hope of Apple tanking after hours earning release.
3. Sent back my country nearly 50K for medical bills for one of my family member who could not afford healthcare there (wife almost threatened to divorce after finding out).
4. Borrowing 50K with high yield (20% monthly interest) for funding my stock account.
5. Got a couple of margin calls in a couple shorts of stocks, including K-BIO....google it...

Anyway, the good thing is my student loan balance is now only 40K (Original after graduation 200K)
Click to expand...

Dam, if I was your wife, I probably would have divorced you by now for making all these dumb choices.
 
Before kicking @UGAZ too hard while he's down, reminder to you all that the joke may well be on us for becoming pharmacists.

As far as success. I'm always surprised at how much "luck" and "randomness" come into play in our lives. That's one of the reasons why money is so useful. What can money do? What *can't* money do? The real power of money (for me) is not just its acquisition power, but the fact that there are few situations where money isn't helpful. In those cases, figuring out ways to make your own luck (by working on keeping healthy or by marrying a good spouse who contributes and will tolerate your failings) is what separates us.

But, there is a level of underlying incidental luck that does come up. Lessons like these, you hope that you only learn through vicarious experience, you hope never to learn them directly yourself. And one thing about someone else's misfortune, either cynically think about how to take advantage of it or turn it into social capital by feigning sympathy even if you couldn't give a damn. Don't waste it on something so petty as comparative happiness, it doesn't really benefit you as much as the more thoughtful and cynical options.
 
Amicable Angora said:
Maybe she makes dumber choices?
Click to expand...

For example, marrying him? *rim shot*

I kid. At least he knows he has a problem, which is a lot better than a lot of gambling addicts.
 
I was thinking doing pharmacy, but these posts make me second guess. What is your thoughts on nurse practitioner route? I am debating on going that path.
 
UGAZ said:
It is a combination of irrational financial decisions in my life.

1. Withdrawing 50% of my 401K in 2015 to fund a business with a close friend and the business total collapsed a year and half after.
2. Put 50% of my individual stock account (worth nearly 60K) into put option of Aapl right before earnings in hope of Apple tanking after hours earning release.
3. Sent back my country nearly 50K for medical bills for one of my family member who could not afford healthcare there (wife almost threatened to divorce after finding out).
4. Borrowing 50K with high yield (20% monthly interest) for funding my stock account.
5. Got a couple of margin calls in a couple shorts of stocks, including K-BIO....google it...

Anyway, the good thing is my student loan balance is now only 40K (Original after graduation 200K)
Click to expand...

When you buy anything on margin it's high risk. I have had significant positions get liquefied and got burned huge. I never trade on margin now. Also I don't think helping someone out for medical bills is a bad thing but 50,000 USD seems very high especially for out of the country. I would have paid for a plane ticket to India/China at a private clinic/hospital and paid maybe 10% of that.

I have also made many dumb mistakes that have cost me lots of money (real estate / failed businesses) but the important thing is that we learned and we are now wiser!
 
contemplating2005 said:
Why do you think it is a good route? I feel there will be a saturation in that field too
Click to expand...
Well to be honest, saturation is coming for all medical fields. Medical is only still doing well because of Boomer 401ks feeding all these excessive medical costs. Once that ends, it will be tough times for all medical professions. A dirty secret of medicine is that doctors, especially in nursing homes and ICU/critical care , will bleed a geriatrics bank account dry to pay for excessive and often time useless treatments by over paid heathcare professionals. Transparency is coming for healthcare and also globalization. The new generations don't have wealth to spend on houses let alone healthcare due to high student loan burdens and falling real wages. Look to see all healthcare professionals compensation fall more inline with other countries in the next few years. That means physicians making 30 USD an hour and means people will actually go into medicine to help people not because they want to get disgustingly rich. Why is a physician or NP needed when a patient can look up the guidelines and go on Lexicomp to find what meds to use? Freedom of information means more informed patients.

Right now healthcare is a gravy train. A PA can literally walk into a room, read a comatose patients blood pressure and take 400 USD from that patient's savings account. When money gets tighter people will refuse to get scammed by hospitals and will decide to die earlier and give more of their saving to their sons/daughters. Try to get in and make some money while you can. NPs and PAs countinue to eat DO/MD's lunch. PA/NP's prescribing/Dx powers grow every year and that is the only thing physicians really have going for them.
 
Last edited:
You should sit down and do an evaluation on your life. This may be more of a soul searching scenario than crunching numbers.

What is the point of having a positive net worth if you are miserable and hate your life? Are you single? Did you recently separate or get divorced? Did you lose someone close? You don't have to answer these, I'm just asking.

Personally, if I'm able to work, I will continue to work. I think we take good health for granted in America. Our culture is very treatment oriented and not preventative / maintenance oriented.

800k NW is a good start but that isn't a lot of money TBH. Sure, comparing yourself to lower/middle-class America, that's a solid number. Only you know your true feelings and NW.

I focus a lot on what makes me happy and surrounding myself in good company. Face time with my nieces and nephews. Hearing the words "I love you" from certain people (haha). Just take a step back and look at the big picture. Maybe you need a year off to re-discover yourself. Don't get caught up in numbers because there are plenty of people with way higher and way lower numbers.
 
UGAZ said:
It is a combination of irrational financial decisions in my life.

1. Withdrawing 50% of my 401K in 2015 to fund a business with a close friend and the business total collapsed a year and half after.
2. Put 50% of my individual stock account (worth nearly 60K) into put option of Aapl right before earnings in hope of Apple tanking after hours earning release.
3. Sent back my country nearly 50K for medical bills for one of my family member who could not afford healthcare there (wife almost threatened to divorce after finding out).
4. Borrowing 50K with high yield (20% monthly interest) for funding my stock account.
5. Got a couple of margin calls in a couple shorts of stocks, including K-BIO....google it...

Anyway, the good thing is my student loan balance is now only 40K (Original after graduation 200K)
Click to expand...

I respect your risk tolerance. On some instances when I day trade, I just do it not to make/lose money but to get my "fix." The thrill of executing orders and making thousands of dollars in seconds is addictive, but I realized that it isn't the thrill of making money that keeps me coming back... it is the sheer randomness of it.

If you're ever in California contact me and I'll take you out, we can swap stories.
 
Modest_anteater said:
I think it's pretty rude to call someone's opinion crazy. But i'm actually mature and am not going to make personal attacks on other people, even in response to a personal attack.
Click to expand...

Smart decision
 
Modest_anteater said:
Well to be honest, saturation is coming for all medical fields. Medical is only still doing well because of Boomer 401ks feeding all these excessive medical costs. Once that ends, it will be tough times for all medical professions. A dirty secret of medicine is that doctors, especially in nursing homes and ICU/critical care , will bleed a geriatrics bank account dry to pay for excessive and often time useless treatments by over paid heathcare professionals. Transparency is coming for healthcare and also globalization. The new generations don't have wealth to spend on houses let alone healthcare due to high student loan burdens and falling real wages. Look to see all healthcare professionals compensation fall more inline with other countries in the next few years. That means physicians making 30 USD an hour and means people will actually go into medicine to help people not because they want to get disgustingly rich. Why is a physician or NP needed when a patient can look up the guidelines and go on Lexicomp to find what meds to use? Freedom of information means more informed patients.

Right now healthcare is a gravy train. A PA can literally walk into a room, read a comatose patients blood pressure and take 400 USD from that patient's savings account. When money gets tighter people will refuse to get scammed by hospitals and will decide to die earlier and give more of their saving to their sons/daughters. Try to get in and make some money while you can. NPs and PAs countinue to eat DO/MD's lunch. PA/NP's prescribing/Dx powers grow every year and that is the only thing physicians really have going for them.
Click to expand...

What do you mean by pa and np continue to eat do and md lunch. What is that implying?
 
contemplating2005 said:
What do you mean by pa and np continue to eat do and md lunch. What is that implying?
Click to expand...
MD/DO, the majority, make their money by having control over the supply of drugs. You must make a 100 USD + appointment with a MD/DO to get a drug. Now that PA/NPs are starting to be able to prescribe independently in some areas why would anyone go to a MD/DO for primary care? it's much cheaper to visit a PA/NP. demand increases for PA/NP and decreases for MD/DO.
 
Modest_anteater said:
MD/DO, the majority, make their money by having control over the supply of drugs. You must make a 100 USD + appointment with a MD/DO to get a drug. Now that PA/NPs are starting to be able to prescribe independently in some areas why would anyone go to a MD/DO for primary care? it's much cheaper to visit a PA/NP. demand increases for PA/NP and decreases for MD/DO.
Click to expand...

But is patient demand for PA/NP there?

I want to see the physician when I am at the hospital (I've had bad experiences with mid-levels in the past), and many people feel the same way.
 
Modest_anteater said:
MD/DO, the majority, make their money by having control over the supply of drugs. You must make a 100 USD + appointment with a MD/DO to get a drug. Now that PA/NPs are starting to be able to prescribe independently in some areas why would anyone go to a MD/DO for primary care? it's much cheaper to visit a PA/NP. demand increases for PA/NP and decreases for MD/DO.
Click to expand...

Honestly for most people, it isn't cheaper. It's the same copay...but you are right about all the saturation in healthcare tho.
 
ExpressMaiL said:
You should sit down and do an evaluation on your life. This may be more of a soul searching scenario than crunching numbers.

What is the point of having a positive net worth if you are miserable and hate your life? Are you single? Did you recently separate or get divorced? Did you lose someone close? You don't have to answer these, I'm just asking.

Personally, if I'm able to work, I will continue to work. I think we take good health for granted in America. Our culture is very treatment oriented and not preventative / maintenance oriented.

800k NW is a good start but that isn't a lot of money TBH. Sure, comparing yourself to lower/middle-class America, that's a solid number. Only you know your true feelings and NW.

I focus a lot on what makes me happy and surrounding myself in good company. Face time with my nieces and nephews. Hearing the words "I love you" from certain people (haha). Just take a step back and look at the big picture. Maybe you need a year off to re-discover yourself. Don't get caught up in numbers because there are plenty of people with way higher and way lower numbers.
Click to expand...

Good way to look at it. I think maybe a year off will be good...
 
quickpic007 said:
Good way to look at it. I think maybe a year off will be good...
Click to expand...

I would be very careful taking off from employment completely unless you intend to never return, getting back into it will be very difficult both due to internal and external factors (such as a big gap on your resume). Instead, perhaps it would be better to reduce your hours so that you can see how you will fill the extra time without hurting your future career prospects.
 
ExpressMaiL said:
You should sit down and do an evaluation on your life. This may be more of a soul searching scenario than crunching numbers.

What is the point of having a positive net worth if you are miserable and hate your life? Are you single? Did you recently separate or get divorced? Did you lose someone close? You don't have to answer these, I'm just asking.

Personally, if I'm able to work, I will continue to work. I think we take good health for granted in America. Our culture is very treatment oriented and not preventative / maintenance oriented.

800k NW is a good start but that isn't a lot of money TBH. Sure, comparing yourself to lower/middle-class America, that's a solid number. Only you know your true feelings and NW.

I focus a lot on what makes me happy and surrounding myself in good company. Face time with my nieces and nephews. Hearing the words "I love you" from certain people (haha). Just take a step back and look at the big picture. Maybe you need a year off to re-discover yourself. Don't get caught up in numbers because there are plenty of people with way higher and way lower numbers.
Click to expand...

Absolutely agree. I know someone have a huge NW (at least 5x the OP) but didn't enjoy life and estrange from family. Memorable experience is priceless especially if you have SO, kids,older parent, and family.

My NW is around the same OP and similar age. Both my wife and I just started to make 350-400k/yr yet I have no plan to quit pharmacy or hustling a fun side job. Who knows what will happen in the future with pharmacy or get a freak accident, etc. I'm just enjoying life more, but not enough to quit my job.
 
I guess I've enjoyed living too much, I won't have anywhere close to 1 million even if I work until 90.

My advice, keep working, but start spending some money and enjoying life .
 
BidingMyTime said:
I guess I've enjoyed living too much, I won't have anywhere close to 1 million even if I work until 90.

My advice, keep working, but start spending some money and enjoying life .
Click to expand...

Yup. Do what makes you happy. Eat something nice once in a while (or every day)... go out and take a trip somewhere... challenge yourself (OP) to try something you have never done before or never done on your own. There are so many ways to experience life that you won't know until you try. This doesn't mean go out and spend 100k on a sports car; you could buy a 5k beater to tinker with and restore it. Design and live your life the way you want to because it's honestly way too short.
 
BidingMyTime said:
I guess I've enjoyed living too much, I won't have anywhere close to 1 million even if I work until 90.

My advice, keep working, but start spending some money and enjoying life .
Click to expand...

It comes down to how long you want to work. Some don't mind it and can keep going. Those people can spend as they go.

Us early retirement people though see savings as a future income and can still spend to enjoy life presently.
 
Time to find some office job where I can sit and relax all day!
 
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