I like cars/Should I become a Pharmacist/Will this support my lifestyle?

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s0742

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Alright, first thing is I've been lurking here for awhile, and I would like to thank all that take time to reply and give guidance to a future possible Pharmacist.

Now, I've been interested in being a Pharamacist for awhile. I love science, chemistry, and I've shadowed a few Pharmacy Techs and I've seen what a Pharmacist does and it seems like something I wouldnt hate to do. And the pay is also nice, average seems to be $120k/yr, which falls under the 28% federal income tax bracket, but even then that's decent money I suppose. With this type of income would I be able to afford a ~$120-150k/house and a $70-90k car? Monthly payments on the car (Cayman S, M5, M3, Boxster GTS, used GTR, used future NSX, C7 Z06) come to around $1000-1200/month (Would be leasing most likely since I get bored quickly). Would I be able to support this lifestyle if I lived frugally?
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s0742 said:
Why not?
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Saturated.. the field is saturated.

oh and no- you won't be able to afford it with the student loan debt you will be burdened with.


ANNNNNND.... from a purely financial perspective you are going to LEASE a car and pay $1000/month? WTF?
 
fauxden said:
Saturated.. the field is saturated.

oh and no- you won't be able to afford it with the student loan debt you will be burdened with.


ANNNNNND.... from a purely financial perspective you are going to LEASE a car and pay $1000/month? WTF?
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Ya, Saturation is what i've been hearing aswell. Also, I wouldn't have much or any student debt once I graduate. And ya, lease would be around $900-1000/month. Easier then buying then selling after 3-4 years imo.
 
jonnythan said:
"lived frugally"

"$90,000 car"
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Not sure if you read my entire post. Living frugally for everything else other then the transportation department. I'm not a foodie or a food conesiour, I'm not into art, not into video games, not into shopping not really much for me to spend my money on imo. All I do when I have free time is play sports, volunteer or track/auto-x my car.
 
Well, the rule of thumb is that all total housing and debts payment should not exceed 36% of your income. That % include mortgage/insurance, student loans, credit cards, and yes cars too. So if you trim the house to a shack, have almost no student loans, always pay your credit card in full.. yeah, theoretically can afford $2000/mo car payment. That translate into a $110k car loan at 4% over 5 years. Financially viable? Yes, but unlike a house, cars are a depreciating asset.
 
xiphoid2010 said:
Well, the rule of thumb is that all total housing and debts payment should not exceed 36% of your income. That % include mortgage/insurance, student loans, credit cards, and yes cars too. So if you trim the house to a shack, have almost no student loans, always pay your credit card in full.. yeah, theoretically can afford $2000/mo car payment. That translate into a $110k car loan at 4% over 5 years. Financially viable? Yes, but unlike a house, cars are a depreciating asset.
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Thanks. I am only talking about a 700-1000/month payment though. Would it be possible to budget away 1k/month for transportation (hobby) while still being able to buy a house? That would be my question.
 
s0742 said:
Thanks. I am only talking about a 700-1000/month payment though. Would it be possible to budget away 1k/month for transportation (hobby) while still being able to buy a house? That would be my question.
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So your "hobby" is going to be owning a single expensive car while you have no other significant interests and live alone in a small house?
 
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jonnythan said:
So your "hobby" is going to be owning a single expensive car while you have no other significant interests and live alone in a small house?
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Uh, no. Not sure if you read my post(s), but I have no other expensive interests. Some people collect art, some people like to travel, some like to boat etc..
My hobby is working on and modifying/racing/tracking cars, playing sports, and volunteering. If I had time to do other stuff I would. I am not sure if being a pharmacist will support the lifestyle I wish to have. I have no idea where you got "living alone" from.
 
s0742 said:
Uh, no. Not sure if you read my post(s), but I have no other expensive interests. Some people collect art, some people like to travel, some like to boat etc..
My hobby is working on and modifying/racing/tracking cars, playing sports, and volunteering. If I had time to do other stuff I would. I am not sure if being a pharmacist will support the lifestyle I wish to have. I have no idea where you got "living alone" from.
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Modding/racing/tracking cars is not expensive?

Also, the "living alone" part is an assumption. An assumption that any significant other would be less than pleased with living very frugally in a small house so that you can afford leases on a neverending parade of luxury sports cars.
 
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Srsly, this is the kind of budget my 18 year old self thought up.

Then life kicks in.
 
confettiflyer said:
Poon.

Think of all the poon he'll get!
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well, now that you appeal to the very nature of us men folk... yes, it's indeed very compelling.

Although those logical of the mind would argue that using money indirectly would likely translate to a lower "sex-to-dollar" (std) ratio than say... direct methods such as buying drinks at a bar or a trip to vegas.
 
The way I see it, expensive car = small dick. I guess if you want to let the ladies know you have small one, then do it... >_>;

You'd get just the same effect if you leave your ATM receipt print out/account statement by "accident" strategically placed to have your ladies see it. She'll be all over you and it's a better financial move for you in the long run.
 
xiphoid2010 said:
Although those logical of the mind would argue that using money indirectly would likely translate to a lower "sex-to-dollar" (std) ratio than say... direct methods such as buying drinks at a bar or a trip to vegas.
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i like your application of economics here.

$50 hooker might be the most cost effective in this case.
 
Between your user name and the fact that you own a Lamborghini, it doesn't sound one bit like you're compensating for anything!
 
Momus said:
The way I see it, expensive car = small dick. I guess if you want to let the ladies know you have small one, then do it... >_>;

You'd get just the same effect if you leave your ATM receipt print out/account statement by "accident" strategically placed to have your ladies see it. She'll be all over you and it's a better financial move for you in the long run.
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So what if I said I drive a mini? 😉
 
jonnythan said:
Between your user name and the fact that you own a Lamborghini, it doesn't sound one bit like you're compensating for anything!
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What did the big stallion say? He erased.
 
jonnythan said:
That he's a pharmacist with a Lambo, and don't mind the jealous peeps. Why live life if you're not going to enjoy it.
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Lolololol. Rph with a Lamborghini? Right.....
 
Well, you could always buy a fiero with a lamborghini or ferrari body kit and a turbocharged ls1 v8 in the back, on a full coilover racing suspesnion for around 20-30k turnkey...

That's realistic for a pharmacist. Mine is pushing close to 400hp now with a turbocharged 3800 v6, lacks the body kit though, and I have far less than 10k in the car.

No reason you can't have a fast nice car on a pharmacist budget. I survive on half what a pharmacist makes.
 
Jibby321 said:
Lolololol. Rph with a Lamborghini? Right.....
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The owner of the independent pharmacy where I work drives a BMW M5 and a X5M, he bought his brother a Porsche Cayenne GTS and Porsche 911, his father a Bentley, and they all share a Ferrari. (He probably pulls in a good $5-7 million/year in profit from his many pharmacy operations).
 
Sparda29 said:
The owner of the independent pharmacy where I work drives a BMW M5 and a X5M, he bought his brother a Porsche Cayenne GTS and Porsche 911, his father a Bentley, and they all share a Ferrari. (He probably pulls in a good $5-7 million/year in profit from his many pharmacy operations).
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That's an entrepreneur.
 
jafx said:
Well, you could always buy a fiero with a lamborghini or ferrari body kit and a turbocharged ls1 v8 in the back, on a full coilover racing suspesnion for around 20-30k turnkey...

That's realistic for a pharmacist. Mine is pushing close to 400hp now with a turbocharged 3800 v6, lacks the body kit though, and I have far less than 10k in the car.

No reason you can't have a fast nice car on a pharmacist budget. I survive on half what a pharmacist makes.
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According to me income taxes I survived on 1/9th. Lol
 
Jibby321 said:
That's an entrepreneur.
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Yes, but he's a pharmacist. When he first opened the pharmacy, he used to work close to 60-70 hours a week. Now he spends 3/4 of the year chilling in Palestine while his brother runs the show here as a manager (not a pharmacist) and he has a bunch of us who work in a pretty chill environment.

I found a document online that seems to be an audit from NY Medicaid (they passed the audit), and it says that the pharmacy was paid $4.5 million in 2012 for about 70,000 claims.
 
Sparda29 said:
Yes, but he's a pharmacist. When he first opened the pharmacy, he used to work close to 60-70 hours a week. Now he spends 3/4 of the year chilling in Palestine while his brother runs the show here as a manager (not a pharmacist) and he has a bunch of us who work in a pretty chill environment.

I found a document online that seems to be an audit from NY Medicaid (they passed the audit), and it says that the pharmacy was paid $4.5 million in 2012 for about 70,000 claims.
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He's a pharmacist, but the money is not pharmacist salary. It's income from retail ownership.
 
jonnythan said:
He's a pharmacist, but the money is not pharmacist salary. It's income from retail ownership.
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Well yeah, the full-time pharmacists on staff here don't make anything near that #. Their hourly rates range from $50/hr+ depending on experience. You get insurance, vacation, sick days, etc. Plus you can wear jeans. 🙂

To the OP: If you can get thru pharmacy school without taking on any student loan debt, then sure you should be able to afford a high priced car. Especially if you're only gonna get a $120-150k/house. Let's say you put a down payment of $20k on it. A 30 year mortgage at a 2.9% interest rate on a loan of $130k should probably cost you around $600-800/month.

Car payment of $800/month, car insurance of $500/month (fast cars are usually more expensive to insure), and gas cost of $500/month (probably a gas guzzler).

You're spending $1800 on transportation, $800 on the house = $2600. You have theoretically, $3400 left to play around with.
 
Jibby321 said:
Lolololol. Rph with a Lamborghini? Right.....
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Actually doable- my buddy is single RPH for one of the big 3 (not RXM) just sold his GTR and his house which he outright owned (both). Building new custom home, has Zero debt, money saved up, and next year will be looking to pick up a Gallardo. Granted that will be used but still a $100-120k car. And no, no mad overtime, no rich family- just been outta school for 6 yrs, knocked out his debt, and hes single lol
 
Torkey said:
Actually doable- my buddy is single RPH for one of the big 3 (not RXM) just sold his GTR and his house which he outright owned (both). Building new custom home, has Zero debt, money saved up, and next year will be looking to pick up a Gallardo. Granted that will be used but still a $100-120k car. And no, no mad overtime, no rich family- just been outta school for 6 yrs, knocked out his debt, and hes single lol
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Probably doesn't live in an expensive area either.
 
Torkey said:
Actually doable- my buddy is single RPH for one of the big 3 (not RXM) just sold his GTR and his house which he outright owned (both). Building new custom home, has Zero debt, money saved up, and next year will be looking to pick up a Gallardo. Granted that will be used but still a $100-120k car. And no, no mad overtime, no rich family- just been outta school for 6 yrs, knocked out his debt, and hes single lol
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To each their own, my wife and I make substantially more than a pharmacist salary and I would never consider a car in that price range. Reminds me of seeing double-wide trailers with Hummer H2s and Escalades infront of them...😉
 
Sparda29 said:
Well yeah, the full-time pharmacists on staff here don't make anything near that #. Their hourly rates range from $50/hr+ depending on experience. You get insurance, vacation, sick days, etc. Plus you can wear jeans. 🙂

To the OP: If you can get thru pharmacy school without taking on any student loan debt, then sure you should be able to afford a high priced car. Especially if you're only gonna get a $120-150k/house. Let's say you put a down payment of $20k on it. A 30 year mortgage at a 2.9% interest rate on a loan of $130k should probably cost you around $600-800/month.

Car payment of $800/month, car insurance of $500/month (fast cars are usually more expensive to insure), and gas cost of $500/month (probably a gas guzzler).

You're spending $1800 on transportation, $800 on the house = $2600. You have theoretically, $3400 left to play around with.
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... Par rate 4.2% on a 30 year fixed. Let me know where you can get 2.9% on a 30 years fixed LOL
 
s0742 said:
Uh, no. Not sure if you read my post(s), but I have no other expensive interests. Some people collect art, some people like to travel, some like to boat etc..
My hobby is working on and modifying/racing/tracking cars, playing sports, and volunteering. If I had time to do other stuff I would. I am not sure if being a pharmacist will support the lifestyle I wish to have. I have no idea where you got "living alone" from.
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So wait. You think you are going to LEASE a car...and then mod it?

Yeah f'ing right.
 
Sparda29 said:
Probably doesn't live in an expensive area either.
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No definitely not a very expensive area. A nice area, but not really expensive.

PumpkinSmasher said:
To each their own, my wife and I make substantially more than a pharmacist salary and I would never consider a car in that price range. Reminds me of seeing double-wide trailers with Hummer H2s and Escalades infront of them...😉
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Yeaah its not really about the cost of the car- cars are his passion/hobby which although it may change once he gets hitched, the gallardos are pretty much at the bottom of their depreciation swing. And come on man a 2:1 house to car ratio with a note on one or two of them (trailer/hummer) is a little different than a 4-4.5:1 ratio with both of them paid off lol

And I should probably specify I was incorrect he has been out for 9 years, not 6.
 
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With a car like that, why even bother with a house? Just live in your car....

To your question, yes, you *could* afford a car like that, but would you really want to? Do you want to be like the guy who lives in a mansion, but has no furniture & hangs old sheets over his windows because he can't afford curtains? When people are young & living with their parents (as presumably you are), most people have no idea about all the "incidentals" in life that come up & cost money. I strongly suspect that once you are self-supporting, you will have a better idea of a workable budget & priorities.
 
Random.

Kogard School of Business has come out with a fantastic Made in America Index. Most Hyundais and some Nissan and Honda trucks are now acceptable (but not optimal) to own in my universe now that we have actual evidence showing the economic impact of car manufacturers. Subaru, the German cars, and several others can still eat a dick.
 
PumpkinSmasher said:
To each their own, my wife and I make substantially more than a pharmacist salary and I would never consider a car in that price range. Reminds me of seeing double-wide trailers with Hummer H2s and Escalades infront of them...😉
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TheWeeIceMan said:
A 100k car in the garage of a 120k house is going to look hilarious (and possibly get stolen).
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That's what I was thinking. 90k car in a 120k house. Paying 1000 bucks a months on something that depreciates rapidly/you will never own. I'm dying over here.
 
WVUPharm2007 said:
Random.

Kogard School of Business has come out with a fantastic Made in America Index. Most Hyundais and some Nissan and Honda trucks are now acceptable (but not optimal) to own in my universe now that we have actual evidence showing the economic impact of car manufacturers. Subaru, the German cars, and several others can still eat a dick.
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That's awesome. My car right now is about 70. My next car on my pharmacist salary I want to be a lot higher. I recently watched that old documentary on Walmart, The High Cost of Low Price and that another one, Death by China, narrated by Martin Sheen and it's very alarming.
 
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