Life as a pharmacist with heavy student loan debt

[pinipig523]

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I find some figures being thrown around in this thread ( and others about pay) tad bit insensitive to folks, who 6 months post-graduation still haven't landed for a job.

Not to mention 6 (gasp!) figures in the red.

Its akin to flashing a hearty, mouth watering meal to a starving captive.

My bad... I should've just used theoretical numbers to get the point across between two biweeklies vs monthly salaries.

I did think twice about posting the numbers. Should've been a bit more careful. Sorry guys.

 

[PharmDstudent]

I find some figures being thrown around in this thread ( and others about pay) tad bit insensitive to folks, who 6 months post-graduation still haven't landed for a job.

Not to mention 6 (gasp!) figures in the red.

Its akin to flashing a hearty, mouth watering meal to a starving captive.

It's a needed wake-up call for some. Anyone who thinks that 6 figures, on its own, will make them "rich" is out of touch with reality. Uncle Sam and Sallie Mae are vicious!

 

[PumpkinSmasher]

Should we not even mention we have jobs? I wouldn't want any hurt feelings... bunch of BS...

 

[Ackj]

Should we not even mention we have jobs? I wouldn't want any hurt feelings... bunch of BS...

No more talking about what happened at work today, things your patient said, things your DM told you.... all of those would imply that you have a job, and we don't want to make anybody feel bad.

Don't talk about buying anything, or having any possessions either. That implies having money, and not everybody has money, so we don't want them left out. Mods should probably close that golf thread, because some of us might not be able to afford to play or buy clubs.

 

[spacecowgirl]

Ah yes, reductio ad absurdum, my favorite.

 

[kvl1027]

I guess I understand that some people may be offended or have their feelings hurt because they dont have jobs yet, but I dont think people have the right to "not" be offended. We live in a society where everyone is so concerned about hurting someone else's feelings that we are not able to have to same freedoms for fear of being insensitive.

Am I supposed to shed my coat and remove my name tag when someone who is unemployed walks into my business for fear of hurting their feelings? Nonsense!

 

[UES Girl]

I just don't get this. . Btw, I am living in the Bay Area, and $1300 for 1 bed room is pretty fancy

Where in Bay Area, it's quite large, Oakland CA or some other god forsaken place ? 🙄

I live in SF and pay 1550 for my 1 br 1 bath apt with a backyard/ garden and I am getting quite a deal by admission of any. Anything < 1400 is either a relic of rent control, is tiny or. Is in a horrible neighborhood of SF.

 

[StevePerry]

Where in Bay Area, it's quite large, Oakland CA or some other god forsaken place ? 🙄

I live in SF and pay 1550 for my 1 br 1 bath apt with a backyard/ garden and I am getting quite a deal by admission of any. Anything < 1400 is either a relic of rent control, is tiny or. Is in a horrible neighborhood of SF.

My vote is that its gotta be Vallejo, oh Vallejo for that price... or maybe some crack shack in the Tenderloin...

 

[SoylentGreen]

Have you all looked into IBR? I'm a new grad with a job and I signed up for IBR. My monthly payment is $0 because they charge you based on the previous year's income, which was $0 for me in 2010. I'm not sure if you would have to use 2011 if you signed up for it now, but even if you do you should probably still qualify for IBR since you were only a real pharmacist for, at most, half the year.

IBR pays your interest for Stafford subsidized loans, so that alone makes it worthwhile. You can still pay your loans like you would if you were on the 10 year plan, but it covers some of the interest, and you can also put in all the money into your highest interest loans (GRAD Plus for me), which will save you money. I take $1000 out of every check which is a little more than I would be paying if I had signed up for the 10 year repayment plan.

 

[jasonkido]

Where in Bay Area, it's quite large, Oakland CA or some other god forsaken place ? 🙄

I live in SF and pay 1550 for my 1 br 1 bath apt with a backyard/ garden and I am getting quite a deal by admission of any. Anything < 1400 is either a relic of rent control, is tiny or. Is in a horrible neighborhood of SF.

The is some high rent there. Thats 18600 a year post tax of course. There are people that make this much a year....

 

[awval999]

It's a needed wake-up call for some. Anyone who thinks that 6 figures, on its own, will make them "rich" is out of touch with reality. Uncle Sam and Sallie Mae are vicious!

+10000000x

 

[PharmDstudent]

How to make your own laundry detergent video... 🙂

[YOUTUBE]http://www.youtube.com/watch?v=gfEJHb5lfds[/YOUTUBE]

We make laundry detergent just like this guy, but we use less than half a bar of pink Zote soap instead of Pure and Natural soap.

You can use it in an HE washer. 👍

If you need a smell, you can add natural oil like lavender or orange oil.

 

[Ackj]

natural oil like lavender or orange oil.

How about olive and canola?


This actually seems really cool. How does it handle stains and colors, in your opinion? I hate when my colored dress shirts get faded.

 

[PharmDstudent]

How about olive and canola?


This actually seems really cool. How does it handle stains and colors, in your opinion? I hate when my colored dress shirts get faded.

Or body oil? 😳

Honestly, I haven't noticed a difference between this and commercial detergent as far as stains and colors goes. The clothes feel cleaner, though, and I don't have to wash things twice anymore.

The cost savings is worth it, I think. Just like the Honda Insight. 🙂

 

[SWSF]

Have you all looked into IBR? I'm a new grad with a job and I signed up for IBR. My monthly payment is $0 because they charge you based on the previous year's income, which was $0 for me in 2010. I'm not sure if you would have to use 2011 if you signed up for it now, but even if you do you should probably still qualify for IBR since you were only a real pharmacist for, at most, half the year.

IBR pays your interest for Stafford subsidized loans, so that alone makes it worthwhile. You can still pay your loans like you would if you were on the 10 year plan, but it covers some of the interest, and you can also put in all the money into your highest interest loans (GRAD Plus for me), which will save you money. I take $1000 out of every check which is a little more than I would be paying if I had signed up for the 10 year repayment plan.

Do you have to work full time in order to qualify for the IBR? What types of loans are qualified under the plan? Is the plan 20 years?

 

[CareDD]

Where in Bay Area, it's quite large, Oakland CA or some other god forsaken place ? 🙄

I live in SF and pay 1550 for my 1 br 1 bath apt with a backyard/ garden and I am getting quite a deal by admission of any. Anything < 1400 is either a relic of rent control, is tiny or. Is in a horrible neighborhood of SF.

I live in San Jose

 

[CYP3A4]

I take home about $6200 after taxes. I also have a perdiem job that gives me $200-1000 extra every month. I have similar debt. My student loans are slightly less but I had alot of credit card debt. My advice to you would be arrange for lower loan repayments for the next 5 years or so. This will give you time to increase your income through raises/promotions/etc. Then resume your regular loan payments after the 5 years. If your loans are managed by Sallie Mae they can help you with this. If lower loan payments aren't possible, look at your federal and 401k withholdings as mentioned, and perhaps find a cheaper place to live. Or get another job lol

 

[BMBiology]

*Bumping up this thread

I know student loan is knocking on new graduates' door. Before you buy that nice LV purse with your first paycheck: http://online.wsj.com/article/SB10000872396390444712904578024412786219802.html?mod=googlenews_wsj

Spend your money wisely.

 

[Momus]

My sister-in-law and her husband purchased a 1 bedroom 700+sq ft Condo just outside Orlando in "06" for 165K...😱 It has foreclosed and the bank has it listed for 15K and it wont sell. Could you imagine?

Wait. Hold on... $15k? How did I miss this? I'll take 10 and rent them for $500/month. I'll make all money back in just 3 years...

If I were you, I'd buy your sister in law condo LOL

Phoenix and some Florida markets are hot right now. House price is up ~30%

 

[awval999]

Wait. Hold on... $15k? How did I miss this? I'll take 10 and rent them for $500/month. I'll make all money back in just 3 years...

If I were you, I'd buy your sister in law condo LOL

Phoenix and some Florida markets are hot right now. House price is up ~30%

Probably $400/month in HOA fees and $200/month in property taxes with thousands in arrears of both.

 

[Sparda29]

Just got my first paycheck today. $3000 pre-tax. Only $2100 take home. What the flying ****? How do they calculate that they gotta withhold that much?

 

[Momus]

Just got my first paycheck today. $3000 pre-tax. Only $2100 take home. What the flying ****? How do they calculate that they gotta withhold that much?

They withhold ~$2k from mine lol... Welcome to reality...

 

[SHC1984]

Just got my first paycheck today. $3000 pre-tax. Only $2100 take home. What the flying ****? How do they calculate that they gotta withhold that much?

They withhold ~$2k from mine lol... Welcome to reality...

Don't forget to thank Obama!

We need flat taxes desperately in this country!

 

[Sparda29]

They withhold ~$2k from mine lol... Welcome to reality...

Am I being too optimistic in expecting a monster refund next April?

 

[SHC1984]

Am I being too optimistic in expecting a monster refund next April?

How would all the medicaid people survive if you get your money back? They need ALL the money from you that they can get. They actually need your entire paycheck. You might as well give it to them. The president wants you to that's for sure.

 

[Momus]

Am I being too optimistic in expecting a monster refund next April?

Expect to get $3-5k at the most. Don't forget to include $4k tuition deduction since you are not gonna make ~$80k this year.

 

[Old Timer]

Don't forget to thank Obama!

We need flat taxes desperately in this country!

Please show me where Obama has increased your taxes. If you can't, please shut up. The progressive income tax has been around for a while. It was signed into law by a republican president by the name of Abraham Lincoln.

You can like Obama or not like Obama. You are entitled to your opinion as to whether he has done a good job or a bad job. What you are not entitled to is your own facts. Individual tax payers have had their taxes reduced over the last for years and there have been many credits. I personally (Thanks Mr. President) have gotten over $10,000.00 in credits for paying my kid's college tuition. I also a got tax credit for my brand new gas furnace.

Al flat tax would screw me and I assume that it would screw you. My net tax rate is about 12.5%. I have not seen a single plan with a rate that low. I'll keep it the way it is. I can write off my mortgage interest, state and local taxes..... Forget the numbers, look at the bottom line....

 

[Sparda29]

Don't forget to thank Obama!

We need flat taxes desperately in this country!

I'd be worse off with Romney. Pharmacists are more of middle-class/upper-middle class unless you're a DOP or a clinical manager at Z's hospital.

 

[rxlea]

Just got my first paycheck today. $3000 pre-tax. Only $2100 take home. What the flying ****? How do they calculate that they gotta withhold that much?

You can easily pay a mortgage and car payment here in AZ with that and still have some for a partial student loan payment....depending on your interest rates, of course. Unless you're in north scottsdale in a mansion

 

[pezdispenser]

Oh no! Our dear SHC got suspended. 😱 C'mon admins, it's not like anyone ever took her seriously. Well maybe Old Timer did... 🙄

 

[Sparda29]

You can easily pay a mortgage and car payment here in AZ with that and still have some for a partial student loan payment....depending on your interest rates, of course. Unless you're in north scottsdale in a mansion

Well yeah, because Arizona probably has a much lower cost of living. I guess it's not bad considering I live at home and have essentially zero rent.

 

[pezdispenser]

Just got my first paycheck today. $3000 pre-tax. Only $2100 take home. What the flying ****? How do they calculate that they gotta withhold that much?

Here's a post I made in a different thread. You need to bump up your W4 allowances in your first part-year of working.

If you just started as a pharmacist, you will probably get a very large refund. Say you're earning $10,000 per month, they'll still tax you like you're earning $120,000 for the full year, so federal tax will be about 22% or $2,200 per month. If you leave it like this, they'll take $8,800 in tax for 4 months this year.

But your total salary at the end of the year after working 4 months will only come to $40,000. To work out your tax like on your tax return, for singles subtract the $5,800 standard deduction and one $3,700 personal exemption, so your taxable income is $30,500 and the tax for the year should be only $4,150 or 10%. For this example, that's a $4,650 tax refund.

Alternatively, you can use the IRS withholding calculator at http://www.irs.gov/individuals/page/0,,id=14806,00.html, plug in the numbers and it will tell you the number of allowances to put on your W-4 to get a minimal tax refund. That is, you are paying the correct amount of taxes and getting more money in your pocket with each paycheck instead of waiting until April next year for a tax refund.

 

[Shnurek]

Just got my first paycheck today. $3000 pre-tax. Only $2100 take home. What the flying ****? How do they calculate that they gotta withhold that much?

Welcome to becoming a Republican.

 

[HouTX]

Just got my first paycheck today. $3000 pre-tax. Only $2100 take home. What the flying ****? How do they calculate that they gotta withhold that much?

do you get paid weekly?

 

[pinipig523]

Please show me where Obama has increased your taxes. If you can't, please shut up. The progressive income tax has been around for a while. It was signed into law by a republican president by the name of Abraham Lincoln.

You can like Obama or not like Obama. You are entitled to your opinion as to whether he has done a good job or a bad job. What you are not entitled to is your own facts. Individual tax payers have had their taxes reduced over the last for years and there have been many credits. I personally (Thanks Mr. President) have gotten over $10,000.00 in credits for paying my kid's college tuition. I also a got tax credit for my brand new gas furnace.

Al flat tax would screw me and I assume that it would screw you. My net tax rate is about 12.5%. I have not seen a single plan with a rate that low. I'll keep it the way it is. I can write off my mortgage interest, state and local taxes..... Forget the numbers, look at the bottom line....

Medicare Levy Surcharge of 1%.

 

[BMBiology]

Just got my first paycheck today. $3000 pre-tax. Only $2100 take home. What the flying ****? How do they calculate that they gotta withhold that much?

You have not even put money in your 401 k yet. How about health insurance? You would lucky to bring home 55% of your earning.

 

[Sparda29]

Welcome to becoming a Republican.

I get ****ed by taxes with the Republicans too. The middle class "between 60k-130k/year) are the people who should be getting the most tax cuts, not some CEO or business owner who brings in $10 million a year.

do you get paid weekly?

Bi-weekly. I only worked like 65 hours the first 2 weeks at this job.

 

[Old Timer]

Medicare Levy Surcharge of 1%.

Only if you have high enough income and NO health insurance. Even if you fall into the category, it's offset by the 2% ss tax reduction. Next republican lie please.

 

[MountainPharmD]

Am I being too optimistic in expecting a monster refund next April?

HAHAHAHAHAHA!!!! Refund? Your are a funny little dude! Your will probably owe taxes. Welcome to the real world.

Now it is a different story if you only work part of the year. For a full year yeah no refund and you might owe.

 

[MountainPharmD]

Only if you have high enough income and NO health insurance. Even if you fall into the category, it's offset by the 2% ss tax reduction. Next republican lie please.

Ohh I got one!

Obama is a muslim and was born in Kenya!

 

[pezdispenser]

Just got my first paycheck today. $3000 pre-tax. Only $2100 take home. What the flying ****? How do they calculate that they gotta withhold that much?

Ahhh it's all fun and games until you become a taxpayer. 😛 You guys pay state and city income tax in NYC right?

 

[pezdispenser]

it's offset by the 2% ss tax reduction.

Loved it. $2,100 last year. $2,200 this year, more in my pocket. 👍 SS still heading for insolvency 👍👍

 

[Its Z]

2013
Death tax increases to 45% from 35
Investor surtax 3.8% new
Medical device tax 2.3% New
Self employment tax rises to 3.8% from 2.9%
Small business top tier goes to 39+% from 35%

Well.. so oldie isnt entirely wrong...these have not taken place yet and these tax increases wont affect many of you.... but tax increase nonetheless.

 

[All4MyDaughter]

You have not even put money in your 401 k yet. How about health insurance? You would lucky to bring home 55% of your earning.

Right, I think take home pay of 70% is pretty good.

 

[Momus]

Right, I think take home pay of 70% is pretty good.

Seriously considering moving out of CA to save 9.3% tax... -.-;

 

[All4MyDaughter]

Seriously considering moving out of CA to save 9.3% tax... -.-;

Not sure about CA, but I live in an income tax state that borders a state without income tax. Except the state with no income tax has taxes on a bunch of other stuff... like high sales tax, taxes on services and taxes on food. They will get you one way or another.

 

[pezdispenser]

Not sure about CA, but I live in an income tax state that borders a state without income tax. Except the state with no income tax has taxes on a bunch of other stuff... like high sales tax, taxes on services and taxes on food. They will get you one way or another.

Property taxes is another big one, but still not enough to balance out a $10,000+ state income tax bill. I think states with lower taxes overall also provide fewer services like look at the proportion of students who go to public or private schools, state universities, toll roads, and welfare programs. Especially for the fewer welfare programs, I wouldn't mind moving to a lower taxing state.

 

[Momus]

like high sales tax, taxes on services and taxes on food. They will get you one way or another.

I hardly spend on anything... food bill $150/month on average... I save ~50% of my gross every month. My biggest expense is ~40% to all kind of taxes...

Property taxes is another big one, but still not enough to balance out a $10,000+ state income tax bill. I think states with lower taxes overall also provide fewer services like look at the proportion of students who go to public or private schools, state universities, toll roads, and welfare programs. Especially for the fewer welfare programs, I wouldn't mind moving to a lower taxing state.

Double that bill for me for the past 3 years... **** 0 property for now... I think I will greatly benefit from a no income tax state...

 

[All4MyDaughter]

Property taxes is another big one, but still not enough to balance out a $10,000+ state income tax bill. I think states with lower taxes overall also provide fewer services like look at the proportion of students who go to public or private schools, state universities, toll roads, and welfare programs. Especially for the fewer welfare programs, I wouldn't mind moving to a lower taxing state.

I don't think this is correct. If you are saying states with no income taxes don't have welfare, Medicaid, food stamps, etc. you are mistaken. The state I'm referring to is one of the poorest in the country and definitely has tons of people on public assistance. Most of those programs are state-administered, but federally funded anyway.

Public schools are mostly funded with property taxes, not state income tax.

I also don't know of any toll roads in that state, and I've travelled there extensively.

 

[Old Timer]

Loved it. $2,100 last year. $2,200 this year, more in my pocket. 👍 SS still heading for insolvency 👍👍

Then the 1% Medicare tax is only $50.00. You can't have it both ways.