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ffpickle

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How do I make the most possible money with a PharmD?

I'm looking for several possible suggestions, ideally options with more than just an outside chance (i.e. not "become the CEO of CVS").

Thanks
P.S. I need money
 
steal narcotics and sell them on the street

but seriously, i think the most realistic way would be to open up your own pharmacy
 
Lawful options only please.

I need money.
 
with compounding, i heard you can do a lot. but you have to know how to run the business involving taking orders from doctors and then selling them after you make those from the materials you buy on your own.

i once heard of a compounding pharmacist doing that and he was known to make 20X the amount of a retail pharmacist. i dunno if that still works though.
 
ffpickle said:
Lawful options only please.

I need money.
Click to expand...

Retail pays the highest

There is no quick fix for money problems...if there were we'd all be loaded
 
Retail initially, however beyond the base pay the amount of responsibility climbs at a far greater rate than the salary or basically the **** you put up with to be a chain pharmacy manager isn't worth the few more dollars an hour. You have to jump through a lot of hoops and keep some douche DM happy.

Owning your own pharmacy, especially if you can find a niche, will make you the most money, but it's a 24 hour a day kind of job.
 
At $50+/hr it's hard to beat retail pharmacy unless you are your own boss in an independent store/small chain.
 
ffpickle said:
How do I make the most possible money with a PharmD?

I'm looking for several possible suggestions, ideally options with more than just an outside chance (i.e. not "become the CEO of CVS").

Thanks
P.S. I need money
Click to expand...


LOL...r you serious? :laugh: You should have gone to med school and do cosmetic surgery.
 
Hmm, pretty much everyone said "open your own pharmacy," though a few did say "retail." Intriguing. That seems to be the consensus...just seems like such a huge/tough step. The part that dissuades me from such a venture is that it is, as was mentioned above, a 24-hour commitment. I would want to open a business (for example, the compounding business idea given above), "on the side," initially, rather than my main focus.

Thanks for the suggestions people. I need lots of money...lots.
 
ffpickle said:
Hmm, pretty much everyone said "open your own pharmacy," though a few did say "retail." Intriguing. That seems to be the consensus...just seems like such a huge/tough step. The part that dissuades me from such a venture is that it is, as was mentioned above, a 24-hour commitment. I would want to open a business (for example, the compounding business idea given above), "on the side," initially, rather than my main focus.

Thanks for the suggestions people. I need lots of money...lots.
Click to expand...

then why did you choose pharmacy? I dont know how you define "lots"- but money isn't just handed out. If you want lots of money be good at what you do and innovative. If you're talking millions of dollars you need to do it on your own. Find what your interested in and find ways of making it better. One of the smartest things ive ever heard is:

"Learning and Innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow"

Read that a few times, take it to heart, put it into practice, and the money will come
 
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ffpickle said:
Hmm, pretty much everyone said "open your own pharmacy," though a few did say "retail." Intriguing. That seems to be the consensus...just seems like such a huge/tough step. The part that dissuades me from such a venture is that it is, as was mentioned above, a 24-hour commitment. I would want to open a business (for example, the compounding business idea given above), "on the side," initially, rather than my main focus.

Thanks for the suggestions people. I need lots of money...lots.
Click to expand...

if you need lots of money, you could get an MBA or something to work in upper-level management in a business and then eventually go up to being the president/CEO. you could make up to several million doing that.
 
ffpickle is just joking around. No one goes into pharmacy for the money. People go into commerical real estate, investment banking, stocks, etc. if they want to make money.
 
I agree, if you want to make more money then pharmacy is not the way to go. Opening your own pharmacy is not very profitable and hella stressful. Though raking in the bucks in any profession isn't easy.
 
ffpickle said:
Thanks for the suggestions people. I need lots of money...lots.
Click to expand...

Lots of easier ways to make a lot of money than going to school for 6 years and working in a pharmacy. I wouldn't stick through pharmacy school unless I wanted to be in pharmacy, the money isn't good enough.

If I was just interested in making a lot of money, I'd probably go into finance. Either an accountant or a financial planner.
 
The love of money is the root of alll sorts of evil. Be content with your salary, do what you love and enjoy your life.
 
Rebel78 said:
If I was just interested in making a lot of money, I'd probably go into finance. Either an accountant or a financial planner.
Click to expand...

I know a couple people who recently graduated with a finance degree and can't get a job anywhere in this economy. Not sure if that's what you were talking about though. Accounting is a different story.
 
Rebel78 said:
Lots of easier ways to make a lot of money than going to school for 6 years and working in a pharmacy. I wouldn't stick through pharmacy school unless I wanted to be in pharmacy, the money isn't good enough.

If I was just interested in making a lot of money, I'd probably go into finance. Either an accountant or a financial planner.
Click to expand...

& work at my local bank of america for 4ok/yr (if i'm lucky enough to find a job)? many many cpa's can't hit 6 figures.
 
Mariachi said:
The love of money is the root of alll sorts of evil. Be content with your salary, do what you love and enjoy your life.
Click to expand...
ya right

i love sports journalism..

(an industry that is currently collapsing)

why not do something that enables you to pay the bills and do what you love on the side? if you can kill both those birds with one stone, then great...but that's not always possible. for example, i love soccer...can i get paid to do that? prob. not, considering i couldn't even hang with most high school soccer teams. "do what you love" is always easier for others to say. tell that to someone at mcdonald's..."do what you love." if everyone just did what they loved, nothing would get done anywhere...mcd's employees don't love serving fries, but they need to earn a living.
 
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ffpickle said:
ya right

i love sports journalism..

(an industry that is currently collapsing)

why not do something that enables you to pay the bills and do what you love on the side? if you can kill both those birds with one stone, then great...but that's not always possible. for example, i love soccer...can i get paid to do that? prob. not, considering i couldn't even hang with most high school soccer teams. "do what you love" is always easier for others to say. tell that to someone at mcdonald's..."do what you love." if everyone just did what they loved, nothing would get done anywhere...mcd's employees don't love serving fries, but they need to earn a living.
Click to expand...


You are making this thread up as a joke b/c you are smart enough to know that pharmacy is not a good profession to choose if you want to make money.

However, if I am wrong and you are serious about this then you still have plenty of time to drop out, get an MBA instead, and go into investment banking or commerical real estate. You just started school, so it won't hurt to leave before its too late! 🙂
 
SHC1984 said:
You are making this thread up as a joke b/c you are smart enough to know that pharmacy is not a good profession to choose if you want to make money.

However, if I am wrong and you are serious about this then you still have plenty of time to drop out, get an MBA instead, and go into investment banking or commerical real estate. You just started school, so it won't hurt to leave before its too late! 🙂
Click to expand...

Neither is medicine, really. I'm not good enough to get into a top paying specialty. It's possible to make $ as a pharmacist, but tough. I know someone who started an independent pharmacy, over a few years it turned out to be a great location with a lot of business. Two of the big chains got into a bidding war for the Pharmacy and the owner ended up with $20 million.

MBA? Are you serious? Don't even get me started. Why does everyone say "Go to business (or accounting, finance, etc.) if you're interested in money"? These people have no sense of reality. Do you know how hard it is for MBA's out there in this economy? Unless you're at a top 10 school, if all you're banking on is the MBA, then it'll be a rough ride...not always the case, but very often. The MBA is seen as an ancillary degree now (many top programs require full-time work experience). If you want to work with just an MBA, it's tough out there.
 
ffpickle said:
Neither is medicine, really. I'm not good enough to get into a top paying specialty. It's possible to make $ as a pharmacist, but tough. I know someone who started an independent pharmacy, over a few years it turned out to be a great location with a lot of business. Two of the big chains got into a bidding war for the Pharmacy and the owner ended up with $20 million.

MBA? Are you serious? Don't even get me started. Why does everyone say "Go to business (or accounting, finance, etc.) if you're interested in money"? These people have no sense of reality. Do you know how hard it is for MBA's out there in this economy? Unless you're at a top 10 school, if all you're banking on is the MBA, then it'll be a rough ride...not always the case, but very often. The MBA is seen as an ancillary degree now (many top programs require full-time work experience). If you want to work with just an MBA, it's tough out there.
Click to expand...


Well the truth of the matter is...it takes $$$ to make $$$. The owner of the pharmacy most likely had 2 or 3 million dollars to START with. He used that 2-3 million to start his own pharmacy, got lucky and sold it for 20 million.
In life its hard to make $$$ when you don't have $$$ to begin with. Thats how life works. 🙄
Business is great because there is no salary cap. You can end up making ANY amount of money. In pharmacy, unless you have 2 to 3 million dollars to start out with, you will most likely end up working for someone else. That alone gives you a salary CAP to live with.
If I had 2 million right now, I will go into commerical real estate/investing for sure. Its a very lucrative and FUN profession, provided that you have some $$$ to start out with.

Oh you can try to invent something and make it big. The lady that invented white out (something very easy to think of) is now worth millions for example.
 
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SHC1984 said:
Well the truth of the matter is...it takes $$$ to make $$$. The owner of the pharmacy most likely had 2 or 3 million dollars to START with. He used that 2-3 million to start his own pharmacy, got lucky and sold it for 20 million.
In life its hard to make $$$ when you don't have $$$ to begin with. Thats how life works. 🙄
Business is great because there is no salary cap. You can end up making ANY amount of money. In pharmacy, unless you have 2 to 3 million dollars to start out with, you will most likely end up working for someone else. That alone gives you a salary CAP to live with.
If I had 2 million right now, I will go into commerical real estate/investing for sure. Its a very lucrative and FUN profession, provided that you have some $$$ to start out with.

Oh you can try to invent something and make it big. The lady that invented white out (something very easy to think of) is now worth millions for example.
Click to expand...

you've gotta be kidding...2-3 mill to start your own pharmacy? is that true? where did you get those figures?
 
I don't take financial advice from people who are not financially independent. otherwise you are asking a blind to lead you.
 
ffpickle said:
phat, not fat.

and no one says that anymore, fyi.

also, anyone who ever did say it will probably deny doing so.

thanks though!
Click to expand...

I say it and I am cool. You are clearly not cool. Its okay I will let it slide this time. Just trying to help.
 
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you keep saying you need money. how much are you talking here? We need context.
 
SHC1984 said:
ffpickle is just joking around. No one goes into pharmacy for the money. People go into commerical real estate, investment banking, stocks, etc. if they want to make money.
Click to expand...


Most people go into pharmacy for the money.
 
SHC1984 said:
Well the truth of the matter is...it takes $$$ to make $$$. The owner of the pharmacy most likely had 2 or 3 million dollars to START with. He used that 2-3 million to start his own pharmacy, got lucky and sold it for 20 million.
In life its hard to make $$$ when you don't have $$$ to begin with. Thats how life works. 🙄
Business is great because there is no salary cap. You can end up making ANY amount of money. In pharmacy, unless you have 2 to 3 million dollars to start out with, you will most likely end up working for someone else. That alone gives you a salary CAP to live with.
If I had 2 million right now, I will go into commerical real estate/investing for sure. Its a very lucrative and FUN profession, provided that you have some $$$ to start out with.

Oh you can try to invent something and make it big. The lady that invented white out (something very easy to think of) is now worth millions for example.
Click to expand...

This seems a bit far fetched...most pharmacists that would even have 2-3 million might just retire..or invest the money elsewhere rather that start a new venture like an independent pharmacy...if it were me, i would invest that money elsewhere and just sit back and relax and enjoy life...

now i know you dont mean that someone took out a 2-3 million dollar loan to open a pharmacy...cause that would just be ludicrous..:laugh: and dumb
 
You need to start your own business. Pharmacist make a decent salary but give most of it to the gov't via taxes. Being a business owner allows the tax breaks needed to become wealthy.
 
Doctor M said:
This seems a bit far fetched...most pharmacists that would even have 2-3 million might just retire..or invest the money elsewhere rather that start a new venture like an independent pharmacy...if it were me, i would invest that money elsewhere and just sit back and relax and enjoy life...

now i know you dont mean that someone took out a 2-3 million dollar loan to open a pharmacy...cause that would just be ludicrous..:laugh: and dumb
Click to expand...

could be they are starting a huge pharmacy and expecting huge payoffs too!
 
naseuy said:
Most people go into pharmacy for the money.
Click to expand...

Most people will be disapointted then b/c pharmacists are middle class everyday people with everyday salaries.
 
farmist said:
You need to start your own business. Pharmacist make a decent salary but give most of it to the gov't via taxes. Being a business owner allows the tax breaks needed to become wealthy.
Click to expand...

True, but you need $$$ to START with if you want to start your own business...you can't start something when you are worth nothing. :laugh:
 
Doctor M said:
This seems a bit far fetched...most pharmacists that would even have 2-3 million might just retire..or invest the money elsewhere rather that start a new venture like an independent pharmacy...if it were me, i would invest that money elsewhere and just sit back and relax and enjoy life...

now i know you dont mean that someone took out a 2-3 million dollar loan to open a pharmacy...cause that would just be ludicrous..:laugh: and dumb
Click to expand...

2-3 million is NOT enough for retirement. Buy a house, cars, have kids, etc. that money will be gone very fast with the cost of living these days. 2-3 million is enough to start a business or investments, but to retire? not even close.
 
SHC1984 said:
Most people will be disapointted then b/c pharmacists are middle class everyday people with everyday salaries.
Click to expand...

..they are in the top 5% of income earners... maybe that's just middle class on the west coast though
 
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SHC1984 said:
2-3 million is NOT enough for retirement. Buy a house, cars, have kids, etc. that money will be gone very fast with the cost of living these days. 2-3 million is enough to start a business or investments, but to retire? not even close.
Click to expand...

2 million probably wouldnt be enough to raise kids on , but if you're living alone, it would be a very cushy retirement.

Subtract 180k for a house and 2 cars.

With 1.7 million left, assuming a 3.5-4% annual return will still give you somewhere around $65,000 a year in income. Considering you wont have to pay FICA or payroll taxes (only tax on interest, it is lower), and you wont have car or mortgage payments.. Even after factoring in $7k-8k a year for healthcare coverage, you'll still be livin real well off that kind of money. What are you gonna do with $3000 a month anyway?.

Ok, granted you will need to add to your principal to beat inflation.. But still, you'd have more than enough money for plenty of vacations, the best food and drinks, and money to pursue many hobbies.
 
type b pharmD said:
..they are in the top 5% of income earners... maybe that's just middle class on the west coast though
Click to expand...

woah woah woah....if we're going based on 100k, then not even close..

even 150k won't break you into the top 5%
 
Doctor M said:
This seems a bit far fetched...most pharmacists that would even have 2-3 million might just retire..or invest the money elsewhere rather that start a new venture like an independent pharmacy...if it were me, i would invest that money elsewhere and just sit back and relax and enjoy life...

now i know you dont mean that someone took out a 2-3 million dollar loan to open a pharmacy...cause that would just be ludicrous..:laugh: and dumb
Click to expand...

SHC1984 said:
2-3 million is NOT enough for retirement. Buy a house, cars, have kids, etc. that money will be gone very fast with the cost of living these days. 2-3 million is enough to start a business or investments, but to retire? not even close.
Click to expand...

SHC, you're lucky that you're hot because if you weren't, no one would put up with you. This guy is an independent pharmacy owner and you're a P1...maybe you could try to learn a thing or two.
 
ffpickle said:
woah woah woah....if we're going based on 100k, then not even close..

even 150k won't break you into the top 5%
Click to expand...

what country are you living in?? if it's the US .. maybe you should take a look at the US Census Bureau information before making wildly inaccurate claims

btw the top 5% starts around $105,000 now, although that may have changed since the recession

here, i'll give you the reference information

http://pubdb3.census.gov/macro/032006/perinc/new01_001.htm
 
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type b pharmD said:
what country are you living in?? if it's the US .. maybe you should take a look at the US Census Bureau information before making wildly inaccurate claims

btw the top 5% starts around $105,000 now, although that may have changed since the recession

here, i'll give you the reference information

http://pubdb3.census.gov/macro/032006/perinc/new01_001.htm
Click to expand...

Hi you are at the right site but I couldn't find the info re: top 5% within that link....I am using the same site...but this goes right to the info:

http://pubdb3.census.gov/macro/032005/hhinc/new05_000.htm


Lowest Second Middle Fourth Highest Top 5
Total fifth fifth fifth fifth fifth percent



Lower limit................... (X) (X) 18,500 34,738 55,331 88,030 157,176
 
ffpickle said:
Hi you are at the right site but I couldn't find the info re: top 5% within that link....I am using the same site...but this goes right to the info:

http://pubdb3.census.gov/macro/032005/hhinc/new05_000.htm


Lowest Second Middle Fourth Highest Top 5
Total fifth fifth fifth fifth fifth percent



Lower limit................... (X) (X) 18,500 34,738 55,331 88,030 157,176
Click to expand...

You are correct in reporting $157,000 for the cutoff for top5% of HOUSEHOLD incomes. Aka 2 income earners.

I was referring to individual incomes, which, if you read carefully, was clearly available on the link i posted.
 
SHC1984 said:
2-3 million is NOT enough for retirement. Buy a house, cars, have kids, etc. that money will be gone very fast with the cost of living these days. 2-3 million is enough to start a business or investments, but to retire? not even close.
Click to expand...

i disagree with you...live within your means and you could live off the interest. get a part time job, 15-20 hrs a week doing something you love...now, raising a family, having 3 kids and driving a mercedes or bimmer, yeah, you would burn through that money. Again, i would invest, work 15 hrs weekly, and just live life...but i dont have 2-3 million...and you can start a business with little money of your own...the trick is to use other peoples money...we started with 50k of our own money and the rest we used other peoples money...yeah, they were loans and lines of credit...but it will give you time to grow...and 2-3 million for a pharmacy...that would be 1 very large pharmacy 🙂 anyway, ive bought my cars, my house, ive spent money...i think im in a different time zone than many of you...i didnt start a business to make what retail rphs are making. I started this pharmacy to have peace of mind and perhaps retire when im 45. and if i dont, then so be it...at least i dont have to put up with the retail chains...
 
type b pharmD said:
2 million probably wouldnt be enough to raise kids on , but if you're living alone, it would be a very cushy retirement.

Subtract 180k for a house and 2 cars.

With 1.7 million left, assuming a 3.5-4% annual return will still give you somewhere around $65,000 a year in income. Considering you wont have to pay FICA or payroll taxes (only tax on interest, it is lower), and you wont have car or mortgage payments.. Even after factoring in $7k-8k a year for healthcare coverage, you'll still be livin real well off that kind of money. What are you gonna do with $3000 a month anyway?.

Ok, granted you will need to add to your principal to beat inflation.. But still, you'd have more than enough money for plenty of vacations, the best food and drinks, and money to pursue many hobbies.
Click to expand...

this is more along the lines of what i was thinking...
 
type b pharmD said:
You are correct in reporting $157,000 for the cutoff for top5% of HOUSEHOLD incomes. Aka 2 income earners.

I was referring to individual incomes, which, if you read carefully, was clearly available on the link i posted.
Click to expand...


ok misunderstanding then....but i still can't find that info in your link though.
 
SHC1984 said:
2-3 million is NOT enough for retirement. Buy a house, cars, have kids, etc. that money will be gone very fast with the cost of living these days. 2-3 million is enough to start a business or investments, but to retire? not even close.
Click to expand...


Why would you have kids after retirement?
 
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