Diversifying income in Pharmacy

[apteryx]

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I'm sure this will end up with sarcastic comments due to the salt level here, but I'm hoping for some actual good advice anyway.

Been with CVS for a couple of years now, and while yes it mostly sucks, I'm not completely hating life. That being said, if a better opportunity came along, I would jump at it. I'm wondering what "side jobs" in pharmacy are available to do part time or full time to increase my income? I hear about consulting and even MTM sometimes through PBMs, but I don't know where I should get started with that. Do I need an MBA? BCPS? Or can I just make things happen with enough hustle?

I'm not looking for someone to spoon feed me all the info, just a nudge in the right direction would be nice. I've tried searching the forums, and I haven't found anything too helpful yet (although I could just be terrible at searching). Like I said, I don't completely hate retail yet, but I am interested in diversifying my pharmacy income to get to the point where I can become more independent and not keep my livelihood based on whether or not my DM got laid last night and PCQ is only at 18%. I'm married with a child on the way and a recent house purchase, and broadening my income is looking better and better.

Thanks for any advice guys/gals. Just remember, you still get to go home at the end of the day.

 

[Momus]

Start learning how to code, make YouTube videos, a blog/websites or create values/some product/solve problems where you can mass selling them. Stop linearly trading time for money (working).

 

[PharmtoCS]

1) Create a startup
2) Get VC funding
3) Pay yourself and your friends $200k/year for doing nothing
4) Pretend that your idea will end world hunger
5) ???
6) Profit!!!

 

[ldiot]

I know a few people who have worked part-time/per diem at LTC/hospitals while working in retail. Others just pick up shifts within the same company at other stores. Some people on this forum claim to gross ~200k by just picking up shifts.

In my opinion the key is investing. Like @Momus said you need income that is independant of hours worked. I'm sure someone is about to suggest real estate/rental property but in my opinion stocks generally yeild the best returns. Though I must admit after watching a few too many shows on the home improvement channel I kind of want to buy a house after I graduate and renovate/flip it while I live in it lol. Start up companies also seem risky, time consuming, and usually don't amount to much even if they are successful.

I plan on picking up as many shifts as possible and maxing 401k, maxing Roth IRA, and then throwing as much money as possible into stocks. Compound interest is the key. Most people contribute 5% to the 401k and everything else is going to their car loan, 30 year mortgage, and other lifestyle creeps. They will work hard all their life making great money but will never build wealth. Investing is the key and in order to invest you must save!

 

[pezdispenser]

I actually don't mind just picking up per diem work in hospitals, etc. You get more experience, meet more people and do some networking. I made about $40k from doing this last year.

I also think it's important that one your 'jobs' is being good at controlling spending, as in: "a penny saved is a penny earned". Save money where ever you can and pay off debts, and you'll find that you won't have to earn so much just to keep up with the bills.

Of course I also do stock market investing, but that's just in Vanguard index funds so I don't have to spend very much time on it.

 

[BidingMyTime]

I would jump at it. I'm wondering what "side jobs" in pharmacy are available to do part time or full time to increase my income? I hear about consulting and even MTM sometimes through PBMs, but I don't know where I should get started with that. Do I need an MBA? BCPS? Or can I just make things happen with enough hustle?

I'm guessing its your pharmacy professors telling you about consulting and MTM jobs? In reality, these jobs are very rare, to get them you have to be in the right place at the right time. Know that any consulting/MTM jobs your professors have are most likely the school paying their salary, and then the professor "volunteers" at wherever they are doing their consulting/MTM. If you really wanted to make it happen on a part-time basis, your best bet would be to start your own consulting business (I think All4MyDaughter did that.) For probably 99% of pharmacists that do side jobs, the side job will be hospital if they normally work retail, or retail if they normally work hospital. Depending on your area of the country (ie any big city), you may not be able to get a side job anywhere, due to places hiring pharmacists at less than 40 hours per week and then giving them extra hours when needed.

 

[pharmacita0101]

This is something I've been wondering about too. I would like to try investing in the stock market but admittedly I'm not fully knowledgeable in that area. I've been reading more on it lately. Anyone have any recommendations on books to help?

 

[EntrepreneuRx]

I too was in your position a few years ago. I enjoyed pharmacy, but didn't want to spend 40 hours per week behind the counter. I also didn't want to trade my time for money for the next 30 years. I contemplated MTM on the side, but found that the opportunities were too rare. I still don't believe that market is even in its infancy with regards to adequate compensation. I then contemplated real estate, but found out quickly unless you have some kind of experience with it, it's a headache that isn't worth it. I looked into a few franchises, and ended up starting my own 24 hour gym modeled off of Snap Fitness. I now have that and another personal-training gym, and still work in retail pharmacy full-time. I'm 33 and my goal is to replace my pharmacy paycheck by the time I'm 35 so I can eventually pick and choose if I want to work behind the counter. Half way there.

 

[lcow2004]

A few years ago a couple of my friends in healthcare and tech started a consulting business on the side doing mostly pharmacy/hospital informatics (hospital IT, system implementations, etc) and it has been doing pretty well. There is still good demand in the healthcare IT field.

 

[Humble Sloth]

This is something I've been wondering about too. I would like to try investing in the stock market but admittedly I'm not fully knowledgeable in that area. I've been reading more on it lately. Anyone have any recommendations on books to help?

the stock market is being propped up by printed money (QE1-4) and the boomers retirement. The boomers are starting to pull their retirement money out to pay for food/living so the stock market is going to crash soon because the younger generations have no money to prop it up with bc of student loans. You want to make money? take short positions that are inverse the SP500

 

[Unchained]

I joined a start-up seeking medicinal cannabis licenses. Also own vacation real estate.

 

[mentos]

I know a few people who have worked part-time/per diem at LTC/hospitals while working in retail. Others just pick up shifts within the same company at other stores. Some people on this forum claim to gross ~200k by just picking up shifts.

In my opinion the key is investing. Like @Momus said you need income that is independant of hours worked. I'm sure someone is about to suggest real estate/rental property but in my opinion stocks generally yeild the best returns. Though I must admit after watching a few too many shows on the home improvement channel I kind of want to buy a house after I graduate and renovate/flip it while I live in it lol. Start up companies also seem risky, time consuming, and usually don't amount to much even if they are successful.

I plan on picking up as many shifts as possible and maxing 401k, maxing Roth IRA, and then throwing as much money as possible into stocks. Compound interest is the key. Most people contribute 5% to the 401k and everything else is going to their car loan, 30 year mortgage, and other lifestyle creeps. They will work hard all their life making great money but will never build wealth. Investing is the key and in order to invest you must save!

How do you qualify for Roth IRA if you're a pharmacist? Are you married and your spouse makes less? The qualifying AGI is <117k for single and <184k for married filing jointly.

When you buy stocks, is that with an after-tax brokerage? Do you buy individual stocks or index funds? Are the fees something like $15/trade? I'd really like to start investing outside of retirement accounts.

 

[ChalupaBatman86]

How do you qualify for Roth IRA if you're a pharmacist? Are you married and your spouse makes less? The qualifying AGI is <117k for single and <184k for married filing jointly.

When you buy stocks, is that with an after-tax brokerage? Do you buy individual stocks or index funds? Are the fees something like $15/trade? I'd really like to start investing outside of retirement accounts.

He's a back door man

 

[gwarm01]

I just work PRN at a second hospital. It brings in about an extra $1000/mo which I stick into a savings account. It's not a bad gig. I would look for small community hospitals since they typically have a low census and low acuity.

A few years ago a couple of my friends in healthcare and tech started a consulting business on the side doing mostly pharmacy/hospital informatics (hospital IT, system implementations, etc) and it has been doing pretty well. There is still good demand in the healthcare IT field.

I'm thinking about doing something like this in the coming years. I just hope the IT consulting market hasn't cooled off too much by then.

I joined a start-up seeking medicinal cannabis licenses. Also own vacation real estate.

I'd be interested in this if I lived in a medical marijuana state. I bet there is a lot of money to be made, and I feel more comfortable with anything be labeled as "medicine" to be brokered through a pharmacist rather than some stoner who believes pot can cure cancer and has literally no negative effects. It scares me to think about people getting any medical advice from someone like that.