Pharmacist Millionaire

[Pharmacyman88]

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Any pharmacist millionaires out there? One of my goals is to become a millionaire and I would like to connect with other pharmacist that are entrepreneurial minded. I have read countless stories of regular folks making this happen and would love to make this happen myself. I trade options in the stock market, sell ebooks, t shirts and work on various side hustles . I would love to hear of other people’s journeys and hustles/. Any one doing a pharmacy related startup?

 

[awval999]

Max out your 401k (403b) and Roth IRA with total market stock mutual funds and you will be a millionaire by 45.
Easy peasy.

 

[TranslationalRPh]

Max out your 401k (403b) and Roth IRA with total market stock mutual funds and you will be a millionaire by 45.
Easy peasy.

Would also add to reduce or eliminate consumer debt and invest aggressively and consistently. Find ways to increase passive income (we do real estate investing, dividend investing, some minor trading) and also look for ways to increase your salary (if feasible). Your income is your most powerful wealth building tool. We also paid off our house although that occurred after we crossed that threshold. Good luck.

Since being a millionaire means a net worth of at least $1 million, you can't forget the debt side of the equation.

 

[Momus]

If you invest $6000/mo (72k/yr - easier said than done, dual income or working more helps) at 7% stock return, you will get a mil in 10 yrs. Its not even hard. It's just a matter of when. You don't need to do no side hussle to achieve this. Just save. A lot.

 

[CetiAlphaFive]

Any pharmacist millionaires out there? One of my goals is to become a millionaire and I would like to connect with other pharmacist that are entrepreneurial minded. I have read countless stories of regular folks making this happen and would love to make this happen myself. I trade options in the stock market, sell ebooks, t shirts and work on various side hustles . I would love to hear of other people’s journeys and hustles/. Any one doing a pharmacy related startup?

@Doctor M

 

[CetiAlphaFive]

A flat number doesn't really mean much.

You could move to the middle of nowhere, have no bills, work for a chain, and rent a cheap apartment.

You'd be a millionaire fast.

 

[owlegrad]

A flat number doesn't really mean much.

You could move to the middle of nowhere, have no bills, work for a chain, and rent a cheap apartment.

You'd be a millionaire fast.

Think how rich he could be if he lived in his car!


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[PharmtoCS]

You could also live with your parents until your 50 and never go out.

And please don't tell me you're going to be like the guy who couldn't get licensed because he was caught selling counterfeit clothing.

 

[BMBiology]

Do you mean this idiot?

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[PharmtoCS]

Do you mean this idiot?

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Yes, him.

 

[BMBiology]

Yes, him.

That idiot sold his license for $500.


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[alpha12]

What is your definition of millionaire? If it's having $1 million in assets, that is not hard to do. If its making $1 million a year, it probably isn't likely unless you become ceo of a company. Larry merlo used to be a pharmacist.

 

[TranslationalRPh]

What is your definition of millionaire? If it's having $1 million in assets, that is not hard to do. If its making $1 million a year, it probably isn't likely unless you become ceo of a company. Larry merlo used to be a pharmacist.

I actually thought the definition of a millionaire was pretty standard: a net worth of a million dollars (assets minus liabilities). Is this not true?

 

[awval999]

What is your definition of millionaire? If it's having $1 million in assets, that is not hard to do. If its making $1 million a year, it probably isn't likely unless you become ceo of a company. Larry merlo used to be a pharmacist.

Merlo is still a pharmacist.

 

[Pharmacyman88]

Besides all the 401k blah blah... Any one doing innovative things? Startups? Running a business? Solving problems in the pharmacy arena or outside the pharmacy arena?

 

[projektreverb]

Do you mean this idiot?

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What’s the backstory to this?

 

[ChalupaBatman86]

“Millionaire” doesn’t mean that much anymore. It’s most middle aged upper middle class people.


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[trailerpark]

I think "Millionaire" still means a lot right now.

 

[alpha12]

Merlo is still a pharmacist.

He doesn't practice pharmacy anymore.

 

[BC_89]

Besides all the 401k blah blah... Any one doing innovative things? Startups? Running a business? Solving problems in the pharmacy arena or outside the pharmacy arena?

The “blah-blah-blah” is your net worth basis when it matters most later in life. Something else many don’t consider is your passive withdrawal rate based on this very idea.

Example: I don’t have a 7 figure networth, but if I include my passive income of ~ 2k that is adjusted with inflation, that’s equivalent to having $800,000 stashed away and living off of a 3% annual interest withdrawal rate!

I Also have some land in fishing / hunting territory that I’m slowly adjusting and purchasing over the next few years in hopes to build a few cabin kits to rent out for the specific hunting and fishing seasons in the Midwest. My hope is to build enough passive income during my schooling and a few years after to redistribute my cash flow to capitalized investments while said passive income pays off my mortgage-to-be. Nothing to do with pharmacy.

TLDR; treat the 401k blah-blah-blah as your primary investment. Use job income to support hobbies in real estate to build potential passive income. Be a baller without looking like one.

 

[alpha12]

I actually thought the definition of a millionaire was pretty standard: a net worth of a million dollars (assets minus liabilities). Is this not true?

Depends on what context. When a politician says he wants to raise taxes on millionaires, he means raising the rate for incomes $1 million and above.

 

[Modest_anteater]

Max out your 401k (403b) and Roth IRA with total market stock mutual funds and you will be a millionaire by 45.
Easy peasy.

This except work 70 hours a week at two jobs and get there by 38. Also never take vacation and buy it back if you can. on your off time donate blood, platelets sperm/eggs to maximize your income on off days.

 

[Momus]

This except work 70 hours a week at two jobs and get there by 38. Also never take vacation and buy it back if you can. on your off time donate blood, platelets sperm/eggs to maximize your income on off days.

I look into selling sperm and donating platelets. I'd be selling sperm but they were way too picky on who can do it, 99% of wanna be sperm donors will not qualify. Getting a job at Facebook will be a walk in the park compare to being accepted as a sperm donor. Side bonus: This is an easy way to pass on the gene without ever having a responsibility of a parent! Donating plasma has a big downside of lowering immune system. So, I gotta pass on that.

 

[TranslationalRPh]

Depends on what context. When a politician says he wants to raise taxes on millionaires, he means raising the rate for incomes $1 million and above.

While it certainly gives you a bigger shovel, a high income does not necessarily make you a millionaire. I am thinking about all of the high earning athletes who are broke a few years after leaving their sport. It is all relative to their spending.

If your intake is less than your output, your upkeep will be your downfall.

With regards to politicians wanting to tax millionaires more, clearly they do not mean those who merely have a net worth of $1 million since that constitutes a whopping 15% of US families as of last year. I assume that is just imprecise speech on their part. They are definitely talking about high income earners, like you said, which is indeed different.

 

[CetiAlphaFive]

I look into selling sperm and donating platelets. I'd be selling sperm but they were way too picky on who can do it, 99% of wanna be sperm donors will not qualify. Getting a job at Facebook will be a walk in the park compare to being accepted as a sperm donor. Side bonus: This is an easy way to pass on the gene without ever having a responsibility of a parent! Donating plasma has a big downside of lowering immune system. So, I gotta pass on that.

I looked into it as a joke once:

In my area it's mostly based on height, education, and health/family history.

I could've been making ~$400 per donation. Lol

 

[Rouelle]

I look into selling sperm and donating platelets. I'd be selling sperm but they were way too picky on who can do it, 99% of wanna be sperm donors will not qualify. Getting a job at Facebook will be a walk in the park compare to being accepted as a sperm donor. Side bonus: This is an easy way to pass on the gene without ever having a responsibility of a parent! Donating plasma has a big downside of lowering immune system. So, I gotta pass on that.

I donated plasma in pharmacy school. It paid around $65 per week and I used the time to study. That’s not much money now, but when you’re poor, married, and have a newborn kid it can go a decent way.

 

[BC_89]

I donated plasma in pharmacy school. It paid around $65 per week and I used the time to study. That’s not much money now, but when you’re poor, married, and have a newborn kid it can go a decent way.

And when you have a spouse that contributes as well, that $60 a week doubling makes it feel like Christmas twice a week!

 

[trailerpark]

I look into selling sperm and donating platelets. I'd be selling sperm but they were way too picky on who can do it, 99% of wanna be sperm donors will not qualify. Getting a job at Facebook will be a walk in the park compare to being accepted as a sperm donor. Side bonus: This is an easy way to pass on the gene without ever having a responsibility of a parent! Donating plasma has a big downside of lowering immune system. So, I gotta pass on that.

What is the criteria for sperm donation?

 

[chudat]

What is the criteria for sperm donation?

Criteria #1: make sure you produce sperm

 

[Modest_anteater]

What is the criteria for sperm donation?

based on my failed experiences:
tall: over 6 1
indemand semen: white with blue eyes blonde hair or light brown hair
high quality semen: good motility

yeah so like others said it's pretty hard to make money. I tried it and failed then just went back to recycling aluminum cans

 

[txpharmguy]

$1M isn't enough to retire comfortably. You need $3-5M

 

[awval999]

$1M isn't enough to retire comfortably. You need $3-5M

All depends on your definition of "comfortably".

Remember that the majority of American retirees live solely on Social Security.

 

[Sparda29]

I know a few. Pharmacy owner where I work per-diem sometimes is definitely a millionaire, he has like 6 pharmacies, two of them above 500 scripts a day, 3 of them above 300 scripts a day, and one of them specialty medications like Sovaldi and whatnot, and he has a few drug warehouses, about the size of Kinray in Palestine.

 

[percyeye]

Besides all the 401k blah blah... Any one doing innovative things? Startups? Running a business? Solving problems in the pharmacy arena or outside the pharmacy arena?

Send me a PM.

 

[txpharmguy]

All depends on your definition of "comfortably".

Remember that the majority of American retirees live solely on Social Security.

We have greater than $1M (48 yo couple) and I don't feel it's nearly enough. I have 3 teenagers (2 daughters) who I have to put thru college and later pay for 2 weddings. If it were me individually, I could retire on that. (I'm cheap). However, when raising a family having $3M+ at retirement is more realistic to replicate current income stream

 

[txpharmguy]

I know a few. Pharmacy owner where I work per-diem sometimes is definitely a millionaire, he has like 6 pharmacies, two of them above 500 scripts a day, 3 of them above 300 scripts a day, and one of them specialty medications like Sovaldi and whatnot, and he has a few drug warehouses, about the size of Kinray in Palestine.

He's probably a decamillionaire

 

[awval999]

We have greater than $1M (48 yo couple) and I don't feel it's nearly enough. I have 3 teenagers (2 daughters) who I have to put thru college and later pay for 2 weddings. If it were me individually, I could retire on that. (I'm cheap). However, when raising a family having $3M+ at retirement is more realistic to replicate current income stream

No.

You choose to put your children through college and pay for their weddings.

Look, I just had a son. And his first 529 plan direct deposit goes through on 1/1/19, but let's be fair here.

One can have shelter and food and heat with $1MM retirement plus Social Security. That is comfortable. You may choose to want to retire with more, and be fancy, and that's fine too. But that's above and beyond "comfortable".

 

[txpharmguy]

No.

You choose to put your children through college and pay for their weddings.

Look, I just had a son. And his first 529 plan direct deposit goes through on 1/1/19, but let's be fair here.

One can have shelter and food and heat with $1MM retirement plus Social Security. That is comfortable. You may choose to want to retire with more, and be fancy, and that's fine too. But that's above and beyond "comfortable".

Yes. I do choose that because I don't want my kids to have to work full time in college like I did in pharmacy school. I've established 529s for all my kids as soon as they got a social security number. Believe me when I say I'm cheap. I don't live an extravagant lifestyle. We drive Hondas and live in a modest house. I'm just saying $1M won't go as far as you think it will especially if you're relatively young (< 35) and have several decades of work ahead of you and that $1M is supposed to last 20+ years in retirement. Congratulations on your new son. You're doing the right thing by saving early for your son's college. I wish you the best.

 

[projektreverb]

All depends on your definition of "comfortably".

Remember that the majority of American retirees live solely on Social Security.

I’m not banking on social security being there when I retire in 40 years.

 

[awval999]

I’m not banking on social security being there when I retire in 40 years.

Then you are misinformed. You can bank on at least ~75% of projected benefits.

The combined OASDI trust funds have a projected depletion date of 2034, the same as in last year’s report. After the depletion of reserves, continuing tax income would be sufficient to pay 79 percent of scheduled benefits in 2034 and 74 percent in 2092.

Trustees Reports

 

[projektreverb]

Then you are misinformed. You can bank on at least ~75% of projected benefits.

The combined OASDI trust funds have a projected depletion date of 2034, the same as in last year’s report. After the depletion of reserves, continuing tax income would be sufficient to pay 79 percent of scheduled benefits in 2034 and 74 percent in 2092.

Trustees Reports

"Projected". "Scheduled".Sounds very reassuring.

I stand by what I said before.

 

[alpha12]

Then you are misinformed. You can bank on at least ~75% of projected benefits.

The combined OASDI trust funds have a projected depletion date of 2034, the same as in last year’s report. After the depletion of reserves, continuing tax income would be sufficient to pay 79 percent of scheduled benefits in 2034 and 74 percent in 2092.

Trustees Reports

It might be there but if your young, you have to operate under the assumption there won't be anything there and build your own nest egg.

 

[Momus]

I can retire now if I want to. My taxable stocks putting out dividend around 20k/yr. I don't count my 401k dividend. I can pay off my rental, that will put out 40k/yr. My 200k abroad putting out 15k/yr. Total is 70k+ without doing anything. There are American household with 2 kids making 50k/yr and they live OK. My solo expenses is 15k/yr. I save around 80-100k/yr. I'm just a lowly staff pharmacist.

And, I don't want to retire. I wanna be greedy accumulate as much as I can til I drop dead lmao 🙂

Social security will be around as long as there is America. It's so simple to fix the deficit. Either delay the age to collect or cut the benefit slightly and it will be solvent again.

 

[Prepharm1214]

I can retire now if I want to. My taxable stocks putting out dividend around 20k/yr. I don't count my 401k dividend. I can pay off my rental, that will put out 40k/yr. My 200k abroad putting out 15k/yr. Total is 70k+ without doing anything. There are American household with 2 kids making 50k/yr and they live OK. My solo expenses is 15k/yr. I save around 80-100k/yr. I'm just a lowly staff pharmacist.

And, I don't want to retire. I wanna be greedy accumulate as much as I can til I drop dead lmao 🙂

Social security will be around as long as there is America. It's so simple to fix the deficit. Either delay the age to collect or cut the benefit slightly and it will be solvent again.

Where are you getting a 7.5% return abroad consistently? The others seem reasonably fixed (dividend/rent) and expected returns but this sticks out as being abnormally good/unreliable.

 

[NITRAS]

Depends on what context. When a politician says he wants to raise taxes on millionaires, he means raising the rate for incomes $1 million and above.

That because politicians are stupid, and they are more interested populism than facts. The majority of millionaires invest in tax advantages savings program over decades.

Higher income earners are more likely to save more. But if you spend it all.......

 

[Modest_anteater]

I can retire now if I want to. My taxable stocks putting out dividend around 20k/yr. I don't count my 401k dividend. I can pay off my rental, that will put out 40k/yr. My 200k abroad putting out 15k/yr. Total is 70k+ without doing anything. There are American household with 2 kids making 50k/yr and they live OK. My solo expenses is 15k/yr. I save around 80-100k/yr. I'm just a lowly staff pharmacist.

And, I don't want to retire. I wanna be greedy accumulate as much as I can til I drop dead lmao 🙂

Social security will be around as long as there is America. It's so simple to fix the deficit. Either delay the age to collect or cut the benefit slightly and it will be solvent again.

"Total is 70k+ without doing anything."

well then you have to pay capital gains tax on that so more like 50k right?

 

[NITRAS]

Capital gains is 15%, which is $10.5k on $70k. Then realize you get to depreciate some of that as well. So, less than that.

 

[quickpic007]

Any pharmacist millionaires out there? One of my goals is to become a millionaire and I would like to connect with other pharmacist that are entrepreneurial minded. I have read countless stories of regular folks making this happen and would love to make this happen myself. I trade options in the stock market, sell ebooks, t shirts and work on various side hustles . I would love to hear of other people’s journeys and hustles/. Any one doing a pharmacy related startup?

Most of mine came from just grinding in chain retail. Day in and day out. Also helpful with rise of stocks, real estate.
I would surely look into ebooks though.

A flat number doesn't really mean much.

You could move to the middle of nowhere, have no bills, work for a chain, and rent a cheap apartment.

You'd be a millionaire fast.

Quit giving away my secrets for success!!

Yes. I do choose that because I don't want my kids to have to work full time in college like I did in pharmacy school. I've established 529s for all my kids as soon as they got a social security number. Believe me when I say I'm cheap. I don't live an extravagant lifestyle. We drive Hondas and live in a modest house. I'm just saying $1M won't go as far as you think it will especially if you're relatively young (< 35) and have several decades of work ahead of you and that $1M is supposed to last 20+ years in retirement. Congratulations on your new son. You're doing the right thing by saving early for your son's college. I wish you the best.

After seeing the degree bubble pop (example: pharmacy,law) I actually view the cost of college going down, not up. Crazy to pay rack rate for a bachelors now (unless software engineering at a major). My children will be doing community college or discounted 4 year only. If they are really savvy Starbuck or Walmart has essentially free bachelors.

 

[Momus]

Where are you getting a 7.5% return abroad consistently? The others seem reasonably fixed (dividend/rent) and expected returns but this sticks out as being abnormally good/unreliable.

It's actually 10% but I lowered it to be conservative. Invested in some finance product my parents also invested for the past 7 years. It's owned by my rich 1/3 bil NW uncle in Indonesia. I don't even know I just take the money lmao! If I count stocks return in taxable and 401k (which I didn't), a lucky year - another 8%/yr is more than half my salary.

"Total is 70k+ without doing anything."

well then you have to pay capital gains tax on that so more like 50k right?

There is no tax free income unless you are doing some illegal sh1t or invest in your state muni...

 

[BC_89]

No.

You choose to put your children through college and pay for their weddings.

Look, I just had a son. And his first 529 plan direct deposit goes through on 1/1/19, but let's be fair here.

One can have shelter and food and heat with $1MM retirement plus Social Security. That is comfortable. You may choose to want to retire with more, and be fancy, and that's fine too. But that's above and beyond "comfortable".

This follows more or less my line of thinking. I Have two young children and I’m willing to cover basic expenses or match any pell-grant they may / may not qualify for, but I also come with the line of thinking that if they learn the value of work and importance of budgeting while a student, they’ll be better equipped for what’s to come (specifically geared toward undergrad).

Wife and myself recieved no help from parents or family members which: helped us chase down scholarships and balance work and schooling. This led me down the path of military obligation in exchange for grad school being paid and my wife qualifying for scholarships and part time work that helped us pay off any remainder of her undergrad debt.

I can also understand paying the kids’ education and giving them a better head start than us. To each their own, but based on my logic I have a head start of a nicer retirement portfolio so my kids won’t have to worry “financially” if I fall dependent and ill later in life due to me and my wifes diligent savings.