How would you get a second income source?

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Jabberwocky12

Jabberwocky12

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Hey guys,

So I have a friend who graduated pharm school and got a PRN job as a floater in his area for retail. He also found a secondary job with an MBA doing some work for an insurance company as well. I found this interesting considering that is a totally different area of work but all the money from the second source allows him to pay his loan payment each month and a few utilities for only a few more hours a month. All the retail were PRN and there are non-compete clauses so that was out and the hospitals didn't need people for anything...

So with people getting PT or PRN hours at hospitals and retail, what would you do for an extra set of income besides getting married 😛

I know I've seen a couple of threads before but they are years old and times have changed so now it could be more important for a second source of income while people get on their feet going from PT to FT, getting out of residences, etc.

So yeah, anything from working at mcdonalds to investments in a few companies, the sky is the limit! Let's get this to be a brainstorm thread to help a new pharmacist get on his feet while establishing himself!
 
I used to work with two pharmacists who co-owned a self-service car wash. One of them had grown up in the car wash family business so he knew what he was doing. At the time anyway, it was doing very well.
 
Jabberwocky12 said:
Hey guys,

So I have a friend who graduated pharm school and got a PRN job as a floater in his area for retail. He also found a secondary job with an MBA doing some work for an insurance company as well. I found this interesting considering that is a totally different area of work but all the money from the second source allows him to pay his loan payment each month and a few utilities for only a few more hours a month. All the retail were PRN and there are non-compete clauses so that was out and the hospitals didn't need people for anything...

So with people getting PT or PRN hours at hospitals and retail, what would you do for an extra set of income besides getting married 😛

I know I've seen a couple of threads before but they are years old and times have changed so now it could be more important for a second source of income while people get on their feet going from PT to FT, getting out of residences, etc.

So yeah, anything from working at mcdonalds to investments in a few companies, the sky is the limit! Let's get this to be a brainstorm thread to help a new pharmacist get on his feet while establishing himself!
Click to expand...

Wow, this is a tough one especially starting out because you have no experience and no money. Normally a lot of pharmacists later in their career will branch out into a business venture with a friend, family member etc. or in something they're passionate about. What is you friend's hobbies? what does he like to do? Could he get any part-time jobs in these areas?

If it were me, I'd look through classifieds in the area and see what's available and maybe something will jump out at him. I'm completely clueless what he could do with by being a RPh since there is a non-compete clause. Any nursing home consults in the area?
 
PharmD RPh said:
Wow, this is a tough one especially starting out because you have no experience and no money. Normally a lot of pharmacists later in their career will branch out into a business venture with a friend, family member etc. or in something they're passionate about. What is you friend's hobbies? what does he like to do? Could he get any part-time jobs in these areas?

If it were me, I'd look through classifieds in the area and see what's available and maybe something will jump out at him. I'm completely clueless what he could do with by being a RPh since there is a non-compete clause. Any nursing home consults in the area?
Click to expand...

That's pretty much what I said to him as well. The non-compete from what I understand only inhibits similar markets, so retail and hospital or LTC isn't a competition. He is doing insurance since he is a licensed insurance agent as well. I just figured maybe there was something he could be doing with the MBA or like, investing in something, dunno. He is kinda new to this and frankly, so am I. Thats why I'm asking since it'd be helping both of us out on how to make money like "adults" rather than "college students". Know what I mean?

I'd just get a job at bestbuy and work in a pharmacy. I could use the discount and it keeps sales skills fresh.
 
I know a pharmacist who moonlighted for awhile at Bath and Body Works. She liked the products and people. I don't know why she stopped, but I can't imagine working at one place for ~50/hr and <10/hr at anouther.
 
I work full time at a grocery store pharmacy and I do prn work at a inpatient hospital pharmacy. Keeps me somewhat sharp on that stuff, it's nice to mix it up and this last year I made an extra $14,000 doing it! It's a smaller community hospital......
 
We need to get some people like WVU and Z in here and see what they have to say. They always have an opinion for things like this.
 
Get a part time job, or 2 jobs?

Full time blog, make money using adds

Buy Dividend only stocks i.e AT&T, Verizon, Pfizer, Chevron, Exxon, various bonds earning 4-5% every year

Use other degree you have BA, BS

Explore your hobbies and get paid while you are at it
---------------------------------------------------------------------
I buy stocks only since it's so easy to do and everyone can do it as long as they do their homework. I don't have to setup a shop and worry about business plan, legal issue, and other gargantuan **** out there. All I need to do is to research that the company is valuable to public eyes, profitable and growing every year. Buying stock = buying part of business, whatever profit they have you get the % also.
 
I'll be doing used car sales/repairs on the side. Worked with my dad doing it for 6 years before getting into the PharmD program, so it should make for a nice sidejob that will bring in a decent amount of money. Depending on where I live and what he does in the next few years, I might just take over his (highly reputable) name.

I know a pharmacist who co-owns a nice bar/restaurant. Lots of things you can do for side income, but it all boils down to how much time and effort you want to put into it.
 
I know several pharmacists that own properties and rent them out.

The best second income would be a PRN pharmacist job somewhere....

because in most cases you will need time to build capital to make money off of a second thing unless you have someone willing to supply the capital or you have additional skill sets that are needed in the market place.
 
J DUB said:
I know several pharmacists that own properties and rent them out.

The best second income would be a PRN pharmacist job somewhere....

because in most cases you will need time to build capital to make money off of a second thing unless you have someone willing to supply the capital or you have additional skill sets that are needed in the market place.
Click to expand...

Yeah I think I would do computer repairs or something. Ya know, get A+ certified and MCDST. Thats like 3 tests, 500 bucks, and I can work through craigslist or at an IT shop a few hours a week.

I do like the idea about investing money for stocks and blogging. But I'm sure that if you aren't complaining about your job like TAP or someone people aren't going to be super interested.

As for the other degree BA/BS, what degree would you be referring to? Most pharmacists have a BS/BA in a science field or possibly business, which isn't enough to really work a job with just a bachelors for many people.
 
I was really talking about additional education per se...

more in terms of something like a trade or skill that the market would pay for. IT is a good one if you can get into and make some money.

Another one would be like a handyman. If you can do basic home repairs or even more advanced stuff it could be a good way to do something with your hands and get some extra cash.

Personally, I just work LTC, retail, and hospital pharmacy. If you look around enough, you can usually find some work here and there. Not many jobs pay $45-50+/hr. And in retail you can usually work for an independent and most retails dont consider that working for a competitor.

Also, you may want to expand the area in which you are looking in order to get more pharm work.
 
People hire me to show up at parties. My theme song is the club can't handle me right now. Its because its true.
 
bartending, waiting tables, buy/sell on Ebay, become a real estate agent, postal worker... You don't need a degree for any of these jobs.
 
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PharmDstudent said:
bartending, waiting tables, buy/sell on Ebay, become a real estate agent, postal worker... You don't need a degree for any of these jobs.
Click to expand...

I think bartending might be the way to go. Only problem is watching most of the people there asking you for early vicodin later on in your pharmacy... Bartending looks interesting though.

Couldn't do postal working because it would most likely be the same time as normal shifts. Ebaying might be good for some people but for others....ehh....I don't have a skill for anything to ebay.
 
Get a golden voice, become a web sensation, then get hired to make a new ad for Cymbalta.

OR

Mobile pharmacy combined with truck driving. Not a bad idea for a relatively unique creativity.
 
I will type this up one more time because I couldn't find my old posts on this topic.

There are 3 different fundamental ways to make money.

1. Job through trading your time for money.
2. Investment
3. buying other people's time or creating a residual income.

JOB (Just Over Broke - because you're broke without a job) is the most primitive way of making money through trading your time for money. This is a finite income generation method since you're only gifted with 24 hours per day which caps the income potential. And once your time is gone, it's gone forever. 95% of the population participate in this form of (Make that 90% or much less with the recession and unemployment now) income generation. As a society as a whole, people are taught to go to school and get a job... it's actually a corporate conspiracy.. educate people ..then have them come work for you.

Investment - requires money.

Buying other people's time to duplicate your effort and income generation. This is typically accomplished through a duplicatable business . Sam Walton made good money through owning a Wal-Mart. He also knew he can double the income by having a 2nd location and so forth. By buying other people's time, Sam Walton generates residual income far beyond his death. This method is not capped by amount of time you have. You simply buy more time by hiring more people and expanding the business. Of course this is capped by the market demand.

The OP asked for 2nd income source. Most people responded with "2nd" job.. or 3rd..or 4th. Unfortunately this method uses up your most precious resource. Time.

The key is figuring out how to make the method 3 work for you. Once you know how, it's easy.

Before someone chimes in with "inheritance" ....that's not "making" money..
 
This brings up a topic of financial freedom in life.

Money, Time, and Youth.

Time is free. Youth fades. But Money provides the freedom.

When you're young, you may have some time...but no money.
When you have Money and Youth...typically you have no time to enjoy it.
When by the time you have the money and time, you have no youth to enjoy it.

Life that is.

Imagine having all 3. Steady income source without having to work to have the time while you have youth.

That's freedom. Residual income.
 
I'd like to open a comedy club in Morgantown, WV and bring some big names into town.

Huntington, WV has a franchise called The Funny Bone...they somehow get some major acts (Daniel Tosh, Charlie Murphy, etc). I figure being an hour South of Pittsburgh, it would be even easier. Whenever the local promoters get comedians into Morgantown, they always pack the local venues.

Get the 'ol 2 drink minimum going. Maybe it'd work. That's a decade down the road, at minimum...
 
Its Z said:
This brings up a topic of financial freedom in life.

Money, Time, and Youth.

Time is free. Youth fades. But Money provides the freedom.

When you're young, you may have some time...but no money.
When you have Money and Youth...typically you have no time to enjoy it.
When by the time you have the money and time, you have no youth to enjoy it.

Life that is.

Imagine having all 3. Steady income source without having to work to have the time while you have youth.

That's freedom. Residual income.
Click to expand...

I'm young, I got money, and I get every other week off. Ha ha.
 
Basically anyone can start investing. Success will vary depending on how much time you spend either a) looking at actual metrics or b) listening to Jim Cramer yell at you (which my dad does, and he's paying for my education, so I can't complain). Take a reasonable amount and invest it in some time tested dividend only stocks like someone else said, then maybe $100 and lay it down on some penny stocks (lots of research required here if you want to make money). Before you know it you'll be spending 8 hours a day on your blackberry and looking longingly down out of your window when your first shares of BRK-A drop $10k in an hour.

Hey, speaking of penny stocks:
http://gawker.com/5731890/did-50-cent-break-the-law-when-he-pumped-his-penny-stock-on-twitter
 
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Sparda29 said:
Holy ****, this. I've made a few bucks playing on Full Tilt Poker. I don't like playing in person because I don't have a good poker face.
Click to expand...

I made about 50 bucks when I first tried it before loosing 200 bucks.

It's been over a year now :meanie:
 
Its Z said:
This brings up a topic of financial freedom in life.

Money, Time, and Youth.

Time is free. Youth fades. But Money provides the freedom.

When you're young, you may have some time...but no money.
When you have Money and Youth...typically you have no time to enjoy it.
When by the time you have the money and time, you have no youth to enjoy it.

Life that is.

Imagine having all 3. Steady income source without having to work to have the time while you have youth.

That's freedom. Residual income.
Click to expand...

Paris Hilton?
 
Electrode said:
Mark Zuckerberg
Click to expand...

These people are anomaly. Our sorry average ass will never be like these people. He built home network when he was 12..

Or Warren Buffet, he bought his first stock when he was 11, read every investing book in the library by 12, filed his first income tax when he was 14

When I was 12-17, I played video game and **** around trying to be cool among peers. Moral of the story, don't let your kid **** around
 
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