Help! Career Advices Needed..Poll!

[quickpic007]

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Been feeling burnt out at retail lately. Wanting a better spot but not many retails better than my current company out there. (I will not go to CVS or WG).

I could FIRE but thinking it would be not healthy as I am barely mid 30's age.

DATA:

5+years retail exp including manager
Several moderate demand state lic. ALL CLEAN
Interest in other aspects of pharmacy willing to do residency.

Well over 25x expenses saved, willing to coast or barista fire.
Willing to move, though I am already in a extremely LCOL area

Other career interests include:
General contracting/construction
CDL Driving (probably poor choice-automation)
Real Estate (start at entry level and see where it goes, title clerk, appraiser assistant)

I feel PRN work would be a normal choice but I am not sure.

Thank you for your input!

 

[lord999]

(Nonsarcastic) Why not work on your 2nd income stream while continuing to work? None of those career interests need a complete FT exploration, you can do this on evenings and weekends to ease yourself into the business. Even if you have expenses, you can work a bit longer.

 

[rxkrafted]

lol do you have enough funds to retire? why is that listed as an option?
If I were you, I would probably hang in there until you figure out how much steady income you can make from your 2nd interests... Once you get an idea and some experience, maybe cut back to part-time (keep in mind possibly losing benefits).
OR
Keep working until you're able to land a per-diem position at a hospital and see if you like working in that kind of environment. If so, keep grinding over time until you can move up to part-time then full-time.

 

[Lnsean]

FIRE lol...not on low 6 figs income. Dont get me wrong but unless you're eating ramen and still living with your parents you're not gonna FIRE anytime soon. 25x expense isn't a measure...one bad bill and you're done. One house and you're probably anxious...add in a kid and you're done.

My suggestion is to keep coasting and milk it for all it's worth.

 

[quickpic007]

(Nonsarcastic) Why not work on your 2nd income stream while continuing to work? None of those career interests need a complete FT exploration, you can do this on evenings and weekends to ease yourself into the business. Even if you have expenses, you can work a bit longer.

Good thought...I think I've just been too drunk on the idea of FIRE.

lol do you have enough funds to retire? why is that listed as an option?
If I were you, I would probably hang in there until you figure out how much steady income you can make from your 2nd interests... Once you get an idea and some experience, maybe cut back to part-time (keep in mind possibly losing benefits).
OR
Keep working until you're able to land a per-diem position at a hospital and see if you like working in that kind of environment. If so, keep grinding over time until you can move up to part-time then full-time.

I have over 25x annual expenses. I recommend google "Trinity study". I think I could retire as I live quite lean and do not waste too much money. Furthermore, as a W2 employee I am paying a lot in tax, would be less living on retirement.
Which benefits do you mean? If I execute this I would be on ACA/Obamacare for health,self insured dental.

But yeah, trying for PRN hospital is a good idea

 

[rxkrafted]

Good thought...I think I've just been too drunk on the idea of FIRE.



I have over 25x annual expenses. I recommend google "Trinity study". I think I could retire as I live quite lean and do not waste too much money. Furthermore, as a W2 employee I am paying a lot in tax, would be less living on retirement.
Which benefits do you mean? If I execute this I would be on ACA/Obamacare for health,self insured dental.

But yeah, trying for PRN hospital is a good idea

That is pretty impressive if you are in your mid 30s and have enough for 25x annual expenses. Are these expenses including your family (children?) or just you alone?

 

[ecrofom]

There's one other option: YOLO everything you got on a good stock.

In all seriousness though, get another non -retail position within the company. You get all the benefits of your years of service that way too.

 

[quickpic007]

FIRE lol...not on low 6 figs income. Dont get me wrong but unless you're eating ramen and still living with your parents you're not gonna FIRE anytime soon. 25x expense isn't a measure...one bad bill and you're done. One house and you're probably anxious...add in a kid and you're done.

My suggestion is to keep coasting and milk it for all it's worth.

Why not on "low" six fig income? Not current living with parents but can buy starter home here well under 90K.
What bad bill? Medical? Lawsuit?

I personally think kid cost is overstated. School is free. Healthcare is free if income is low enough.

That is pretty impressive if you are in your mid 30s and have enough for 25x annual expenses. Are these expenses including your family (children?) or just you alone?

Part of the equation is expenses are very lean. 40K for the family of 3 plus dog.

There's one other option: YOLO everything you got on a good stock.

In all seriousness though, get another non -retail position within the company. You get all the benefits of your years of service that way too.

BTC? haha

 

[gwarm01]

BTC? haha

Please do this and document every step of the way.

Real answer: I would just hold on tight and make as much money as you can until the next big recession hits, then reassess.

If I ever get laid off and find myself unable to get another pharmacist position, I'm basically following your plan of buying a cheap house in a LCoL area and working in a less stressful field. Maybe something outdoors.

 

[BMBiology]

Good thought...I think I've just been too drunk on the idea of FIRE.



I have over 25x annual expenses. I recommend google "Trinity study". I think I could retire as I live quite lean and do not waste too much money. Furthermore, as a W2 employee I am paying a lot in tax, would be less living on retirement.
Which benefits do you mean? If I execute this I would be on ACA/Obamacare for health,self insured dental.

But yeah, trying for PRN hospital is a good idea

What is your net worth right now? 25x annual expenses doesn’t say much.

 

[PharmDminus]

That is pretty impressive if you are in your mid 30s and have enough for 25x annual expenses. Are these expenses including your family (children?) or just you alone?

using myself as an example, someone who is 35 y.o. has 11 years in as a pharmacist. At an average income (including some OT and bonuses) of 150k that is 1.65 million. Take the average american worker salary of 40k, that is the equivalent of 40 years of work. Now factor in that the stock market has helped us greatly, it is feasible to FIRE, or at least leanFIRE, at some point in the near future. Some of us would be happy living off 40k/year, especially if it meant we didnt have to work. Again, that is what the average american is doing. There is a RPh who posts regularly on financial independence sub of Reddit who retired at age 38 with NW 1.4M. This was 2-3 years ago and it is interesting to read his updates. He is married with no kids.

That being said, OP, stick out as long as you possibly can. You could theoretically FIRE now, but working another 5 years will put you in a much better position. I would say 3M net worth (at 4% SWR, $120k/year) is a comfortable place to pull the plug. You should be able to get their soon as your NW compounds.

Another piece to remember is that once you FIRE and your income is drastically reduced, you will get some big advantages tax-wise. Example, obamacare only looks at income not assets. Another example, financial aid for your kids college. Many good schools are beginning to offer free tuition to kids with low-income parents.

 

[sakigt]

How are you handling the health insurance aspect?

Id say try and sneak into a PRN hospital gig, then try and sneak into a PT with benefits spot.

 

[BMBiology]

using myself as an example, someone who is 35 y.o. has 11 years in as a pharmacist. At an average income (including some OT and bonuses) of 150k that is 1.65 million. Take the average american worker salary of 40k, that is the equivalent of 40 years of work.

+ student loans and paying more taxes

 

[Sine Cura]

Paying for health care will be the most troublesome aspect of FIRE. For example for a single person I ran the numbers for Covered California (CA's name for their health insurance marketplace under the ACA) and expect to pay ~600/month in premiums if you are a "high utilizer" of health care.

Sure, if you want to get on Medicaid.. you (don't) get what you actually pay for in 8-10k year in state income tax working FT

 

[angelsplight]

What I've heard from those who have been at the retail pharmacy for a long time, what they ended up doing is keeping their retail position for the employee discount benefits but having it reduced to only 1 shift a month and they have another career they do on the side side as academia, real-estate or per diem at independents. That way, they still have at least some income to mess around with while on a pseudo retirement.

 

[Sine Cura]

I wouldn't care for keeping any employee discount as now I intentionally avoid buying anything at Walmart and CVS and all other drug chains

 

[quickpic007]

What is your net worth right now? 25x annual expenses doesn’t say much.

Approx 1.2 M self. If I get married household would be around 1.8-1.9.

using myself as an example, someone who is 35 y.o. has 11 years in as a pharmacist. At an average income (including some OT and bonuses) of 150k that is 1.65 million. Take the average american worker salary of 40k, that is the equivalent of 40 years of work. Now factor in that the stock market has helped us greatly, it is feasible to FIRE, or at least leanFIRE, at some point in the near future. Some of us would be happy living off 40k/year, especially if it meant we didnt have to work. Again, that is what the average american is doing. There is a RPh who posts regularly on financial independence sub of Reddit who retired at age 38 with NW 1.4M. This was 2-3 years ago and it is interesting to read his updates. He is married with no kids.

That being said, OP, stick out as long as you possibly can. You could theoretically FIRE now, but working another 5 years will put you in a much better position. I would say 3M net worth (at 4% SWR, $120k/year) is a comfortable place to pull the plug. You should be able to get their soon as your NW compounds.

Another piece to remember is that once you FIRE and your income is drastically reduced, you will get some big advantages tax-wise. Example, obamacare only looks at income not assets. Another example, financial aid for your kids college. Many good schools are beginning to offer free tuition to kids with low-income parents.

Yeah, I read Jason's updates and history. My case is quite similar except I am a bit younger, do not own a home, and my significant other brings in/has significant income and stash already. Also I don't hate pharmacy and humanity as much as him HA!

The hard thing for me would be getting used to a new life without the grind of work. Also fear of burning thru the 3 or 4% withdraw rate.

3M sounds nice but retail is just such a grind and I am not even at CVS.

How are you handling the health insurance aspect?

Id say try and sneak into a PRN hospital gig, then try and sneak into a PT with benefits spot.

Health insurance is Obamacare/ACA. Tax harvesting, IRA, marriage etc play a role to get income level to a point where ACA tax subsidy covers a large part of monthly premium for decent plan (better or comparable to my last 2 employers)

 

[sakigt]

Health insurance is Obamacare/ACA. Tax harvesting, IRA, marriage etc play a role to get income level to a point where ACA tax subsidy covers a large part of monthly premium for decent plan (better or comparable to my last 2 employers)

Consider traveling abroad for elective stuff as well.

 

[redfish955]

Check out industrial engineering. You can use it in a range of roles from pharmacy statistics to construction to factory management. You could even use it in a pharmacist setting.

 

[quickpic007]

Paying for health care will be the most troublesome aspect of FIRE. For example for a single person I ran the numbers for Covered California (CA's name for their health insurance marketplace under the ACA) and expect to pay ~600/month in premiums if you are a "high utilizer" of health care.

Sure, if you want to get on Medicaid.. you (don't) get what you actually pay for in 8-10k year in state income tax working FT

It would be low utilization at least for 20 ish years, then moderate for not many then Medicare...

Do lots of people in CA go to Mexico for dr and dentist appts? Can you fill Mexico RX in CA?

Consider traveling abroad for elective stuff as well.

Been researching a bit. Where would you go and for what?

 

[sakigt]

It would be low utilization at least for 20 ish years, then moderate for not many then Medicare...

Do lots of people in CA go to Mexico for dr and dentist appts? Can you fill Mexico RX in CA?



Been researching a bit. Where would you go and for what?

Ep 060 | Medical Tourism | Myles Wakeham

060 | Myles Wakeham shares the little-known advantages of medical tourism, how he covers his medical bills and his personal journey to FI.

www.choosefi.com

He focused more on elective procedures, which is most of what we need anyway. Especially if you take care of yourself.

 

[mentos]

FIRE, definitely do that and let us know how it goes.