Investing in your future

[blueclassring]

After graduating pharmacy school, how will you "sock" away that hard-earned money? (real estate, stocks, other businesses) After all, with the possibility that Social Security will not be around for our generation how do you plan to secure your future?

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[PharMed2016]

Well, my money is going into real-estate. Thinking about buying myself a small duplex first, for me to live in and also to rent to others to pay the mortgage.

As for stocks... unlikely. I know there is a chance for high returns but I'm more of a slowly build wealth type of guy.

 

[blueclassring]

Fantastic idea. I"ve toyed with this idea in the past. Buy a fixer duplex, fix it up, raise rents by 25%, and then use the property to buy a bigger property. Repeat the process until you feel fit. By the time you know it, you own a 100 unit apartment building.

A great book on the topic is by William Nickerson. It's an old book, but a fantastic read.

 

[PharMed2016]

My parent's don't have any of their retirements in stocks or 401k, but what they do have is some real estate, so far they have been breaking about even with rent on mortgage/taxes... however they are building equity.

It's a relief to them since this reccession when I know some neighbors took huge hits to their retirement portfolios.

I'll have to read that book that you mentioned. It's never too early to plan the future.

 

[blueclassring]

I'm so glad to hear that you've read that book. That formula does work. William Nickerson became a multi-millionaire investing in apartment buildings in his lifetime until his death in 2000.

For those of you interested in real estate investing, the book is entitled

"How I Turned $1,000 into Five Million in Real Estate in My Spare Time" The book was written in the 60s and revised in the 80s. It's applicability is timeless.

 

[ItsOverZyvox]

Many of those authors make money through writing books.

I think I'm going to write a book "Money, Time, and Youth, and why you need it now."

Basically I'll just interview people with MT&Y and illustrate how they did it and teach people "How you can do it too!"

I will laugh all the way to the bank!

 

[blueclassring]

Yeah, I agree there are a lot of financial books out there that aren't very good. The Nickerson book is one of the best of read, and it's the only copy of a real estate book that I have at home. The rest, I leave at the library.

 

[FORTLIVINGROOM]

Managing properties and flipping houses sounds like cake, but take a look at the hours that people who do this for a living put in, and I'm not so sure how appealing it will be.

Granted, there are many opportunites, but who the hell wants to deal with 10 tenants, collecting the bills, evicting the bastards, and paying all the bills? On top of a 40+ hr work week?

My "uncle in law" does it and has about 20 houses in his portfolio....2/3 are his and the other 1/3 are properties he maintains for others...it's alot of work...and you HAVE to have a knack for it...I just don't picture many by the book...book smart...yet not so street smart pharmacists doing well in this arena.

 

[PharMed2016]

Managing properties and flipping houses sounds like cake, but take a look at the hours that people who do this for a living put in, and I'm not so sure how appealing it will be.

Granted, there are many opportunites, but who the hell wants to deal with 10 tenants, collecting the bills, evicting the bastards, and paying all the bills? On top of a 40+ hr work week?

My "uncle in law" does it and has about 20 houses in his portfolio....2/3 are his and the other 1/3 are properties he maintains for others...it's alot of work...and you HAVE to have a knack for it...I just don't picture many by the book...book smart...yet not so street smart pharmacists doing well in this arena.

I agree it is a hassle sometimes to deal with tenants but thats why you have someone to manage it for you.

 

[FORTLIVINGROOM]

I agree it is a hassle sometimes to deal with tenants but thats why you have someone to manage it for you.

He has a few houses in his portfolio he manages for a doctor...he makes the easiest money off those...

 

[Sosumi]

I've been flipping houses the past few years and it is indeed a LOT of work. The only way I can do it is by having a partner who does great home improvement work and manages the properties and by working 60 hours a week to pay the bills. It is fun when you finish up a property and have it all rented out with good tenants. Your balance book looks really good too -- especially since my 401k says I lost 35% but my real estate equity doubled even in this tough real estate market.

 

[evilolive]

Everyone should buy gold!

http://www.time.com/time/business/article/0,8599,1885217,00.html

 

[UCB2005]

Everyone should buy gold!

http://www.time.com/time/business/article/0,8599,1885217,00.html

Gold rises in value only when the economy is in recession. However, if world economies are rising, investing in gold is tantamount to leaving money on the table. The higher the rates of growth, the more money is left on the table.

 

[garysunlay]

hi everyone:
i am a student in the P.R.China, and my major is Pharmcy.Several months later, I will be expected to be working in a hospital
as a Clinical pharmacist--to give the doctors and the nurses, even the patients some good advise about the application of the
medicines. OH, my god! I even have no idea about how to deal with those kind of things, for i never learned anything about
clinical pharmacy.
So what are your suggestions? I wish you could kindly give me a list of the Most practical and useful book.Maybe i could
apply those methods to the practical situations to solve the problems.i am a hard-working guy, ho-ho.

ps. i guess there is only one way to improve the Clinical Pharmacy in China in a short period of time. That is inviting you
to spend your pgy1-3 in China. i am sure this is a good idea and it wil be much easier for me to learn how to solve the
practical problems : )
my email is [email protected], if you have any suggestions, please kindly send your words to me. i am waiting all the
time.

 

[FORTLIVINGROOM]

They don't censor SDN in China?

 

[The Sonoran]

Simple, age-old general advice -

1. Live below your means.
2. Pay off all of your debt.
3. Establish a 12-month emergency cash reserve.
4. Become financially literate.
5. Then begin investing.
6. Share your life with someone with the same financial values.
7. Don't worry, be happy.

 

[lumos]

Retirement plan: an island in the sun

 

[pharmd718]

Before pharmacy school I invested my savings in a building. The building was making just enough to pay for my tuition and few minor expenses I had. By the time I finished school (2002) I had a net worth of over 3 million.
I work at a hospital now as a staff pharmacist. its a union job with great benefits. However, the pay is peanuts compared to what I collect in rent each month.
If any of you get the chance to invest in real estate, I highly recommend it. Do take into consideration that it is work. you don't just sit at home collecting rent checks.

 

[fieldkj]

I have invested in myself and my pharmacy. I own the building and land around my pharmacy. Right now my land is much more valuable than my two pharmacies but that is often the case. I have always believed in real estate and hard assets. Plus if we have this inflation that people are talking about then those with hard assets will benefit the most