PHARMACIST NET WORTH 2021. POLL!
Started by quickpic007
id be curious to know what percentage of american households are 1M net worth after this stock market tear. Would not surprise me if it were somewhere around 15% How Many Millionaires Are There in America? - DQYDJ
I'm up slightly more than my annual salary over a one year timespan. Household net worth is at 4.8 x my annual salary. It could be better, but it's better than I expected at this point.
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I'm up $260,567 since last year at this time according to my Mint app. 4.73 NW to income.
Well, finally met break even point a while back, transitioning into investing in first home...handicap choosing to be solo
I'd probably be up even more if I didnt start putting money into the market in late February2020 and waited a bit.
I got scared when the drops started accelerating and stopped dumping money in until the mid-summer. But with 8 months of wild overtime and 12+ months of wild stock growth I am still up substantially.
I'm around 6.5 my annual salary in NW.
I got scared when the drops started accelerating and stopped dumping money in until the mid-summer. But with 8 months of wild overtime and 12+ months of wild stock growth I am still up substantially.
I'm around 6.5 my annual salary in NW.
I was hoping that first -500k to -1M was a mistake but now it's up to 3? Not judging anyone's finances but how do you get into that much debt?
Anything above 2 million, if I had that Id so be retired!
Maybe private school for undergrad then private pharmacy school.
Or maybe two pharmacists who went to USC, isn't their tuition like 300k? OP said household net worth.
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deleted885753
3 to 4 mil is pretty impressive regardless of age..
And yet Warren Buffett would give all his money away to be 20 years old again even if he was guaranteed to never be rich.
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What is the point, money doesn't matter because we get old (if we are lucky/blessed)?
lower 40's - 6x annual income networth (1.3 million) - should be higher but made some poor decisions when younger. That being said, my networth has gone up like 300k this year....
Seems like we have a bunch of members creeping up on that 1 million mark. Good for them!
I am at late thirties in the “250-500k” range. About half of that comes from an investment my mom made for me when I was a child though. Another big chunk comes from my home.
I am at late thirties in the “250-500k” range. About half of that comes from an investment my mom made for me when I was a child though. Another big chunk comes from my home.
Time is more valuable than money is the ultimate point. Arrange your life so that your money works to buy you either more time or better quality time. I have a decent chunk of money and am in my mid 30s and still healthy. I could decide to use it to buy a bigger house or some crazy cars or instead I could dial back my hours and stress at work. I'm pretty sure which choice I will make, but some people go the other way.
I agree that time is the ultimate wealth. They're not mutually exclusive, nor is it zero sums. I'm in my 30s and could retire. I love my job/career and have no desire to stop working. I also think I would be in bad shape emotionally to do so. I don't get paid by the hour, but I definitely could switch to entirely passive investments, not take on ambitious projects, not apply myself, hire more help, etc. I would personally not enjoy that, but it is definitely an option. I won't personally be financially comfortable until we're worth eight figures. However, that's nothing that I am stressed about though. In fact, we are enjoying life. I don't feel like we are wasting time. To each, his own I guess.
Age 37, married, no kids
net worth ~7x household income (spouse is not an RPh), includes paid off house
This means I should be able to coastFIRE right?? (Work part-time RPh hours or an entry-level pay [non RPh] role until age 55 or so)
net worth ~7x household income (spouse is not an RPh), includes paid off house
This means I should be able to coastFIRE right?? (Work part-time RPh hours or an entry-level pay [non RPh] role until age 55 or so)
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Age 39 though I was a pharmacist at 21, so I have a longer work history than equivalent aged in many cases. I have a spouse who earns considerably more (2-3X my upper civil service salary is her baseline and 6-10X have been her partnership equity returns). I also have zero children, which is relevant to this (some of the above posters are more impressive given that they have children). I only voted for myself personally (3-4M liquid though I am somewhere near $600k TSP doing nothing). My wife is in the 8-10 liquid and in the same amount in financial instruments though I do not ask. If property is not community, there's more due to me to me. Household income is still in the AMT range individually, though I personally have not passed the donut since 2017. She always has after making equity partner.
It is depressing that for the rest of my civil service career, I will not make enough from salary to match what assets I have right now. All of it comes from nightwork and academic laundering. Sometimes I feel inadequate due to how my peers are doing in the business (one of my fellow grad students pulled a payday that I could never earn in a lifetime last year), but I am happy that fretting about having the gypsy definition of wealth (it is not what you have had, but what you have spent) framing my mentality these days.
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1. You're only 39? The depth of your professional experiences always led me to believe you were give or take 50.
2. That is a very large net worth for someone who does not keep their asset in the stock market.
3. You have the respect of a group of internet strangers, what payday could possibly be worth more than that!?!
1. That's more true than not as most don't get into the business until their mid-20s. Well, I non-jokingly say that I have 29 years of pharmacy experience (was a tech in my family's pharmacy at 10 and a runner even younger when the Board didn't care about those things), and know enough of the profession's history to know that this horrible time has happened before. I more seriously say that I had enough contact hours to sit for the Boards at 16 (and I would have handily passed given what a joke the exam was). My family are all in the business, we make a decent amount, and the knowledge I came in with into the profession prepared me to not make the same mistakes my parents, aunts, and uncles made. The first mistake is believing that your labor as a pharmacist is worth anything alone which many of the financial hustlers (I mean this in a good sense) absolutely believe in and are working to the degree that their labor does not generate their financial self-worth. But the real value is being borne to a couple of capitalists who run a business, know most of the easy cons to avoid, and have enough money that their son can repeatedly fail until he succeeds because there is always enough money for him to try high risk activities that most cannot due to funding issues. It's more that I could not fail rather than succeed. And it also helps that I am married to someone that is far above my station that I barely make enough to pay her taxes.
2. Not really. Most workaday physician specialists are more than comfortably in that range, and their financial sense is worse. Most of my pharmaceutical industry colleagues have cashed out once to live simply and some are still in the game for the Big Kill. It's not in the market, but it's not lost either. Most CRO contracts pay in the $500-1100/hr range. If I contracted as an IT Specialist for the Federal Government, it would be between $250 and $350 an hour as that is what we pay (you can look that up in SAM for the rates and also the winners). When people figure this out, they leave to be contractors if they feel that they can keep themselves afloat if they aren't predatory enough to make their own business (and every single CIO and USH we have had has done this post-office as an equity partner or a founder). The payout is not retiring at the end of your job, it is the move to consultancy or contracting as a principal or owner. If I had known better about the revolving door and not made so many commitments to academia, I would have basically made a "small" business and fleece the government for contracting money. That still is not out of the question. It's why I'm still working, I am looking for that Big Kill myself, and working those leads is worth it. If it does not pan out, I am not self-harming and it is a better life than being a house husband.
3. I have my safe and comfortable house where the troubles of the city are not my problem, some good friends, and the joy of seeing this country inflate it all away, so I'm spending now as possessing too much money is an inherent risk with the market. I am not concerned with earning money anymore but more how to use it effectively to the ends.
I think though if you poll most specialist physicians who are after 10 years of practice, if they are not in the mid-7's, they probably mismanaged their money. But, it's never enough for some.
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deleted885753
Health >>> wealth for sure.. What good is money if you have diabetes, HTN and high cholesterol by 40?
I am in early 30s and I have never really seriously exercised in my life. But I am changing it. Have been working out for 30 min on my each off day. Some people even exercise before/ after their shifts but I honestly don’t think it’s feasible considering how draining pharmacy shift is. But if I can work out 3 days a week and walk around in the pharmacy during my shifts, I think I will be okay.
I can alway make more money if I need to if I stay healthy.
I am in early 30s and I have never really seriously exercised in my life. But I am changing it. Have been working out for 30 min on my each off day. Some people even exercise before/ after their shifts but I honestly don’t think it’s feasible considering how draining pharmacy shift is. But if I can work out 3 days a week and walk around in the pharmacy during my shifts, I think I will be okay.
I can alway make more money if I need to if I stay healthy.
Agreed. You do realize that there's a really strong correlation with physical fitness and wealth. They're not necessarily mutually exclusive thankfully. Good luck on your health journey. Sounds exciting!
Buy a house
buying a house doesnt reduce NW, unless you overpay
Exactly 4 years ago I had a -150k net worth. Now it's a little over 100k even with 37k in student loans to go. Just getting started with investing. Single, 30 years old, no kids. I think I'm doing pretty good.
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I was thinking liquid assets vs. debts. You’re right.
I'd hope so, even my car went up 5k (33%!!!) In value over the past year.
I'm still in the same category. I'm only up like $30k since this.
Huh, I am in the next category now. Crazy.
But honestly it just feels a number in a spreadsheet. It’s not like I have double the cash or anything lol
But honestly it just feels a number in a spreadsheet. It’s not like I have double the cash or anything lol
Same. I jumped two categories since last year just cause 401ks and house value went up, but I feel poorer this year because there's less cash in my liquid account.
StockPharmD2020
Full Member
It's funny we hit 2 mil earlier and it's like... we feel the same or poorer. I used to have 15k in my checking and 30k emergency. Now I have like 10k in my checking and 10k in joint with no emergency fund (could pull from stocks in true emergency, plus cards)
Is there ever a situation where someone would need that much cash STAT? Besides being taken for ransom. I would think 3-4 business days is plenty of time to cash out stocks if you needed to pay 5 figures cash for some reason.
I agree with this mentality. I “get” that you don’t want to need to cash out the stocks at the wrong time, but having a huge cash reserve just “feels” wrong to me. I don’t like having cash setting around doing nothing. I’d rather invest it and if I need to sell investments (even at the wrong time) so be it. Over time I think that mathematically that just has to be the superior method.
Not to mention the phycology of having money and the propensity to spend it. No thanks.
I have way too much sitting in cash than I would like but was waiting for black swan event to happen
Still beating myself up for not buying $150 ETH in early 2020...
StockPharmD2020
Full Member
I don't think so. Plus we get pay checks that flow in at different days / weeks so we get paid almost every week.
StockPharmD2020
Full Member
Yes I actually listened to a podcast a few years ago that basically said you should have 6 months emergency fund but 5 months should be invested in low risk investment ( not individual stocks essentially) and 1 months cash.
Makes sense. Especially for high income like us where you could live off your 1 month and pay checks for most emergencies
