Possible Sticky Thread In This Forum?

[lord999]

Is it about time we linked to some of the other written work about the following questions as a sticky on top? "Maybe" new forum members "might" see it?

School
1. Should I go to pharmacy school (with a record as modifier)?
2. What is pharmacy school like?

Job:
1. What is the difference between retail and hospital?
2. Gripe threads on both.
3. "I hate the insurance and DEA"
4. "Job hunting is a blood sport"

Life:
1. BMBiology's/Momus's Make Money Threads
2. "I became a pharmacist, but why am I still a loser like before..." themed threads
3. How do you balance family against (a paycheck, workplace romance and other shenanigans, school, a life)?

Or, has this happened before and it didn't work? I realize we have the sticky FAQ, but possibly linking threads might help. Some of the answers are particularly memorable and literate in the live forum rather than the FAQ.

---

Members don't see this ad.

 

[BMBiology]

1. BMBiology's/Momus's Make Money Threads.

I am getting ready to join the multi-millionaire club while Momus is still in the millionaire club...I kid I kid!

I had posted this. I would like to add: save at least 15% of your earnings; 50% if you want to retire early.

You don't need to do research on this or try to understand it because I have already done it for you:

(1) 401 k: contribute at least to the match which is usually 5%. If you put in a dollar, your company will give you a dollar = $2. Don't ever touch this money.

- Why? Tax saving and retirement money

- How should I distribute my 401 k?
For a new grad: 35% large size companies, 25% small size companies, 20% mid size companies, 20% international companies.

Look for Vanguard funds (low fee) and look for the word "index" in the fund name.

(2) Tackle your student loans within the first 5 years. Cut down on unnecessary cost. Don't be foolish and buy a new car. Live with friends or family when possible.

(3) Try to work OT if possible especially when you are being paid 1.5x. Working on holidays also helps. Get a per diem job at a non retail pharmacy if you are working in retail. Nobody wants to do retail for 30 years. You need a Plan B.

(4) Take a small vacation every 6 months. Go with a large group of friends or family. Don't overspend.

(5) Spend your money wisely. If it helps you grow or advance your career, then it may be worth it. Staying at a 4 star hotel? Not worth it.

(6) If you have some money left over:

- First, max out your health saving account (HSA), not the same as flexible spending account. This is your health care money. It gets rolled over if you don't use it. Tax saving.
- Second, max out your 401 k (up to 18 k this year). Again, tax saving and retirement money.
- Third, put money in ROTH IRA (do a back door conversion)

(7) Start saving for a house. If you put 20% down, you don't have to pay for PMI (extra cost added to money borrowed from the bank).

(8) Don't spend ridiculous money on your friends or family. You are just a pharmacist, not Rockefeller Jr.

(9) Date someone who is financially stable and has a good career. It helps tremendously. A bad divorce is a destroyer of wealth. Don't forget that.


Sent from my iPhone using SDN mobile app

Sent from my iPhone using SDN mobile app