Question to working pharmacists

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quartel

quartel

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How much do you earn annually before and after taxes?

how much do you save each year?

What are your major expenses?

Do you invest?
 
quartel said:
How much do you earn annually before and after taxes?
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I don't think many people will divulge their income on a public forum. But to give you a clue, I make more than you and less than Bill Gates,

quartel said:
how much do you save each year?

What are your major expenses?

Do you invest?
Click to expand...

These would fall under the heading of none of your business. You got into pharmacy school? You have the manners that would be considered an upgrade to the cromagnum man.

It is rude to ask people how much they make. If you want to know about what pharmacists earn, search this site or use Google, but do not expect people will spill their private financial information on a public forum.
 
if your school does a salary survey, I'd look there to get an idea, since it would be most relevant to you.
 
I don't understand why it is so taboo to talk about salary in a general nature. It's not like he's asking a coworker how much so he can run to HR for a raise. Everyone knows pharmacist make too much so why hide the details.

I make 56.75 hourly (per Diem retail in the Northeast) but I only work about 1/4 time so it's about 30ish yearly before taxes. I only work part time because I'm working on a second degree

I graduated about 3 years ago so we are not saving/investing much right now. Our major expenses are mortgage, food, and paying of college (combo of CC and student loan debt). I bet I'm pretty typical expense wise but new grads working full time are probably saving/investing more.
 
Typically, I can generate around 130K /year (my base salary)...Now if I really wanna make more, I could add another 20K or so (by working part time at another place). In the past, there was one year, my income was 170K.

How much saving each year? I save about 30K-35K/year. Major expenses would be on mortgage, traveling. Remember that for every 100K you make, after tax, you can only get around 65K home (if u're single). So for 130K you make, you take home about 80-85K max.

I do invest in stocks (doing very poorly now)...
 
Old Timer said:
I don't think many people will divulge their income on a public forum. But to give you a clue, I make more than you and less than Bill Gates,



These would fall under the heading of none of your business. You got into pharmacy school? You have the manners that would be considered an upgrade to the cromagnum man.

It is rude to ask people how much they make. If you want to know about what pharmacists earn, search this site or use Google, but do not expect people will spill their private financial information on a public forum.
Click to expand...

I don't think the same rules apply to an internet forum where you and everyone can remain anonymous. I don't see what harm or social repercussions there might be divulging how much you earn and how you spend your money. I can't see any reason why it would be taboo talk about it and I don't find your reasoning convincing at all.
 
quartel said:
I don't think the same rules apply to an internet forum where you and everyone can remain anonymous. I don't see what harm or social repercussions there might be divulging how much you earn and how you spend your money. I can't see any reason why it would be taboo talk about it and I don't find your reasoning convincing at all.
Click to expand...

you're forgetting that some users on this forum may know a poster from meeting in person or from communicating through PMs.

if someone recognized a poster's username and saw the financial information from this thread, the poster's financial information would no longer be anonymous to everyone.
 
My base pay is 135k. I can add 10-20k in per diem and overtime work easily. I also make about 5-8k in bonus depending on how good my store does. This year, if I just work my base for the rest of the year, I am looking at 160k. Next year, ~175k if I keep up my per diem and overtime work (bigger bonus).

My biggest expense would be rent, student loans, and car payments. I take home about 55 percent after all the taxes I pay. I save about 3k a month which I usually end up putting it toward student loans. I hate being in debt...
 
Old Timer said:
I don't think many people will divulge their income on a public forum. But to give you a clue, I make more than you and less than Bill Gates,



These would fall under the heading of none of your business. You got into pharmacy school? You have the manners that would be considered an upgrade to the cromagnum man.

It is rude to ask people how much they make. If you want to know about what pharmacists earn, search this site or use Google, but do not expect people will spill their private financial information on a public forum.
Click to expand...

Its also rude to belittle somebody in front of everybody... if you dont like the post, then dont respond.
 
Aznfarmerboi said:
My base pay is 135k. I can add 10-20k in per diem and overtime work easily. I also make about 5-8k in bonus depending on how good my store does. This year, if I just work my base for the rest of the year, I am looking at 160k. Next year, ~175k if I keep up my per diem and overtime work (bigger bonus).

My biggest expense would be rent, student loans, and car payments. I take home about 55 percent after all the taxes I pay. I save about 3k a month which I usually end up putting it toward student loans. I hate being in debt...
Click to expand...


Wow I thought people usually pay around 30% taxes. How come your taxes are close to 50%? Something different in the state that you live in?
 
SHC1984 said:
Wow I thought people usually pay around 30% taxes. How come your taxes are close to 50%? Something different in the state that you live in?
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Im sure thats after everything is taken out. I pay 28% tax and make significantly less. Thats without any other payroll deductions.

See you learn things when you work SHC.😉
 
UNMorBUST said:
Im sure thats after everything is taken out. I pay 28% tax and make significantly less. Thats without any other payroll deductions.

See you learn things when you work SHC.😉
Click to expand...

Now if she was willing to drive, I think she could find something at a random pharmacy.

this is IMO, but I think we can expect to take home to spend and save 60% when we're pharmacists.
 
UNMorBUST said:
Im sure thats after everything is taken out. I pay 28% tax and make significantly less. Thats without any other payroll deductions.

See you learn things when you work SHC.😉
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You are saying that he pays around 50% of his paycheck to taxes, 401K, medical insurance etc? And not just taxes?

What other deductions do you pay?

Sorry, I don't have much experience with working. LOL...
 
crazybob said:
Now if she was willing to drive, I think she could find something at a random pharmacy.

this is IMO, but I think we can expect to take home to spend and save 60% when we're pharmacists.
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If the pharmacy will allow me to work only during the summer time I will take it. I do not work while I am in school period.
 
SHC1984 said:
Wow I thought people usually pay around 30% taxes. How come your taxes are close to 50%? Something different in the state that you live in?
Click to expand...

New York State - land of taxes and fees.
 
IrishHammer said:
New York State - land of taxes and fees.
Click to expand...

So should I just stay in my home state where taxes seem to be lower? :laugh:

I'm saying that based on the percentage of taxes I see now from my paycheck at work.
 
Last edited:
SHC1984 said:
If the pharmacy will allow me to work only during the summer time I will take it. I do not work while I am in school period.
Click to expand...

If you say that, then pharmacy managers will tell you:

  • that they have a limited number of tech hours they can use for the store
  • that hiring an intern just for the summer will inflate their numbers

If they hire you just for the summer, then they have to have fewer technicians during the year than they did during the summer, so their tech hours for the year will balance out.

You may find it difficult to adjust to work when you start without any experience during school. You can even work 5-10 hours per week, which isn't bad. Just work on the weekends.
 
crazybob said:
If you say that, then pharmacy managers will tell you:

  • that they have a limited number of tech hours they can use for the store
  • that hiring an intern just for the summer will inflate their numbers
If they hire you just for the summer, then they have to have fewer technicians during the year than they did during the summer, so their tech hours for the year will balance out.

You may find it difficult to adjust to work when you start without any experience during school. You can even work 5-10 hours per week, which isn't bad. Just work on the weekends.
Click to expand...

In my area all the major chains have summer internship programs, so it may not be that had to find summer only work, depending on the area I guess. It wasn't hard for me, YMMV. Even the hospital where I work hired me per diem with the understanding I can only work while on breaks (I live about 3 hours away during the school year). So I worked like crazy over the summer, now I concentrate on school work. Not a bad arrangment for me. I am lucky to not live never a COP during my breaks though, I know several classmates who couldn't find work over the summer in this area. I feel for them.

I don't think the statement that if you use more hours during the summer that leaves you less during the rest of the year is accurate. Maybe OldTimer or someone else can elaborate, but my understanding is you are given a weekly hours budget, not an annual one. I could be wrong.

I definitely agree with your comment about working. How can you know what it is like to work without working? :laugh:
IMO, it is crazy to go through pharmacy school without working. What better way to learn the trade than by doing it? Really puts your schoolwork in perspective if you ask me.
 
owlegrad said:
I definitely agree with your comment about working. How can you know what it is like to work without working? :laugh:
IMO, it is crazy to go through pharmacy school without working. What better way to learn the trade than by doing it? Really puts your schoolwork in perspective if you ask me.
Click to expand...

Definitely. When we learn about brand, generic, dosage forms, and strengths, seeing it on paper looks like a bunch of random facts. But seeing it at work from dispensing is another experience, and helps me remember and understand them better.
 
crazybob said:
Definitely. When we learn about brand, generic, dosage forms, and strengths, seeing it on paper looks like a bunch of random facts. But seeing it at work from dispensing is another experience, and helps me remember and understand them better.
Click to expand...

Amen, brother. I think it really helps to be able to concentrate on higher order learning, compared to some of my classmates who are still struggling with simvastatin being a statin. I am glad to not have to struggle with the basics that you outlined above. It's also funny when I learn about something in class that doesn't match what I've seen in practise or to learn I am wrong about something that I thought I knew from the real world. It's also really nice not to have to stop every time a professor throws out a medication to look up what s/he is referring to. I moan in therapeutics when my classmates miss-categorize extremely common medications. Most of my classmates are leagues ahead of me in other ways, but it's always obvious who among us are used to seeing the regular medications and who aren't. It's nice being on the "correct" side of that line. 👍
 
Last year, ~$190k
This year, ~$195k... I got lucky this year I guess..
Next year, I predict ~145k.. hard to find OT I usually get 5 days OT during my 7 days off. Right after the school starts recently, I get 1-2 days OT every 2 weeks.. 🙁

After taxes, I bring home around 65% after maxing out 401k... (the only damn deduction I have since I am single and will never be married)

Been a pharmacist for 2 years, I saved 80+% of the money after tax.. so far $245k (90% in invested) + $35k in 401k... I have no iphone, ipad, iwhatever, so.. basically I am a cheap ass with no student loan! The only major expenses are living expenses which is less than $10-15k. Goal is $1M before I turn 35 years old..

I invest in equity mutual funds and gold. They aren't doing anything lately, not a loss or not a gain (just enough to preserve wealth)... the gold hedges against the stocks swings overall, so I do not lose any money yet. Just playing the waiting game, If DJI moves just 500 points to around 11,000, I would have gained +10% in stocks... my gold performance this year +23%
 
Momus said:
Last year, ~$190k
This year, ~$195k... I got lucky this year I guess..
Next year, I predict ~145k.. hard to find OT I usually get 5 days OT during my 7 days off. Right after the school starts recently, I get 1-2 days OT every 2 weeks.. 🙁

After taxes, I bring home around 65% after maxing out 401k... (the only damn deduction I have since I am single and will never be married)

Been a pharmacist for 2 years, I saved 80+% of the money after tax.. so far $245k (90% in invested) + $35k in 401k... I have no iphone, ipad, iwhatever, so.. basically I am a cheap ass with no student loan! The only major expenses are living expenses which is less than $10-15k. Goal is $1M before I turn 35 years old..

I invest in equity mutual funds and gold. They aren't doing anything lately, not a loss or not a gain (just enough to preserve wealth)... the gold hedges against the stocks swings overall, so I do not lose any money yet. Just playing the waiting game, If DJI moves just 500 points to around 11,000, I would have gained +10% in stocks... my gold performance this year +23%
Click to expand...

I hope you don't take this as being rude, but what is the point of wealth if you aren't gonna spend it? I hope your inheritors appreciate all the money you leave them...
 
owlegrad said:
I hope you don't take this as being rude, but what is the point of wealth if you aren't gonna spend it? I hope your inheritors appreciate all the money you leave them...
Click to expand...

I'm guessing early retirement, which is what some parents consider when they don't have to pay for their kids' schools anymore.
 
SHC1984 said:
You are saying that he pays around 50% of his paycheck to taxes, 401K, medical insurance etc? And not just taxes?

What other deductions do you pay?

Sorry, I don't have much experience with working. LOL...
Click to expand...
Currently what is taken out of my check:
~ Federal Tax.
~ State Tax.
~ Medicare.
~ Social Security.
The amount withheld varies throughout the year. At the begaining of the year it is at around 23%. Towards the end it raises to around 28%.

If I took all my benefits like others who plan to make it a career there are other things withheld such as:
~ Insurance (Dental, Medical, Optical, Life, etc.) from my employer.( It is subsidized to a point.
~ Pension contributions.
~ 401k contributions.
~ Thrift savings contributions.
~ Union dues.
Im sure there could be more but thats all I remember at this point.
All of these things can comeout of your check. So you see it can approach, if not exceed, 50% of you gross income.
 
How much do you earn annually before and after taxes? -
130k before taxes
~75k after taxes (but actual take home is much less after health insurance, FSA, long term disability, 401k, etc)

how much do you save each year?
~ 15k (403b so will owe taxes when I try taking it out)
+ 10k

What are your major expenses?\
CHILDREN
mortgage, student loans, car payment

Do you invest?
Mostly index funds, some into bond funds.
 
I'm looking at Vancouver, WA. Washington has no state income tax, and it's a quick jump over the border to Portland, OR, which has no sales tax.
 
Momus said:
Last year, ~$190k
This year, ~$195k... I got lucky this year I guess..
Next year, I predict ~145k.. hard to find OT I usually get 5 days OT during my 7 days off. Right after the school starts recently, I get 1-2 days OT every 2 weeks.. 🙁

After taxes, I bring home around 65% after maxing out 401k... (the only damn deduction I have since I am single and will never be married)

Been a pharmacist for 2 years, I saved 80+% of the money after tax.. so far $245k (90% in invested) + $35k in 401k... I have no iphone, ipad, iwhatever, so.. basically I am a cheap ass with no student loan! The only major expenses are living expenses which is less than $10-15k. Goal is $1M before I turn 35 years old..

I invest in equity mutual funds and gold. They aren't doing anything lately, not a loss or not a gain (just enough to preserve wealth)... the gold hedges against the stocks swings overall, so I do not lose any money yet. Just playing the waiting game, If DJI moves just 500 points to around 11,000, I would have gained +10% in stocks... my gold performance this year +23%
Click to expand...

I wish my parents would pay for my PharmD degree too. You got lucky!
 
SHC1984 said:
I wish my parents would pay for my PharmD degree too. You got lucky!
Click to expand...

Maybe scholarships? Or paying for school with money saved up? Or it could be with the help of tuition reimbursement.
 
Old Timer said:
I don't think many people will divulge their income on a public forum. But to give you a clue, I make more than you and less than Bill Gates,



These would fall under the heading of none of your business. You got into pharmacy school? You have the manners that would be considered an upgrade to the cromagnum man.

It is rude to ask people how much they make. If you want to know about what pharmacists earn, search this site or use Google, but do not expect people will spill their private financial information on a public forum.
Click to expand...

I dont see this as being rude at all....some people are just direct about things...and that makes others uncomfortable but dont tell them theyre being rude. you can just say its private information. its not rude at all
 
rxforlife2004 said:
Typically, I can generate around 130K /year (my base salary)...Now if I really wanna make more, I could add another 20K or so (by working part time at another place). In the past, there was one year, my income was 170K.

How much saving each year? I save about 30K-35K/year. Major expenses would be on mortgage, traveling. Remember that for every 100K you make, after tax, you can only get around 65K home (if u're single). So for 130K you make, you take home about 80-85K max.

I do invest in stocks (doing very poorly now)...
Click to expand...

if u dont mind me asking how much (roughly) is your mortgage in SoCal where u live? I'm considering buying but where I am housing is pretty affordable
 
Sparda29 said:
**** that.

Now moving to either Texas, New Hampshire, Utah, Florida, Washington, or Oregon.
Click to expand...

Dallas might be the only big city in Texas that you can find work... Houston, Austin, and San Antonio all have pharmacy schools
 
I save ~25-30% of income after tax and 401 K contribution.

50% of my savings invested in stock and silver. Stock is doing so so, Silver is good.
 
jachen84 said:
great. i guess we're all screwed then

what's in east texas? beaumont? tyler?
Click to expand...

Beaumont yah for east tx. Small towns such as Tyler may have openings . Look at places like port arthur and longview.

For west look at places like odessa or midland (out in the middle of nowhere), el paso.

South - look at places below kingsville.

Those areas have more demand.
 
Momus said:
Last year, ~$190k
This year, ~$195k... I got lucky this year I guess..
Next year, I predict ~145k.. hard to find OT I usually get 5 days OT during my 7 days off. Right after the school starts recently, I get 1-2 days OT every 2 weeks.. 🙁

After taxes, I bring home around 65% after maxing out 401k... (the only damn deduction I have since I am single and will never be married)

Been a pharmacist for 2 years, I saved 80+% of the money after tax.. so far $245k (90% in invested) + $35k in 401k... I have no iphone, ipad, iwhatever, so.. basically I am a cheap ass with no student loan! The only major expenses are living expenses which is less than $10-15k. Goal is $1M before I turn 35 years old..

I invest in equity mutual funds and gold. They aren't doing anything lately, not a loss or not a gain (just enough to preserve wealth)... the gold hedges against the stocks swings overall, so I do not lose any money yet. Just playing the waiting game, If DJI moves just 500 points to around 11,000, I would have gained +10% in stocks... my gold performance this year +23%
Click to expand...
That's amazing. do you mind telling me which state and city you are in, I never knew being pharmacist can make a bank here.Also, without any OT, what is the base salary? and does your job require a Pharm D degree? if you don't mind telling. Thanks.
 
Momus said:
Last year, ~$190k
This year, ~$195k... I got lucky this year I guess..
Next year, I predict ~145k.. hard to find OT I usually get 5 days OT during my 7 days off. Right after the school starts recently, I get 1-2 days OT every 2 weeks.. 🙁

After taxes, I bring home around 65% after maxing out 401k... (the only damn deduction I have since I am single and will never be married)

Been a pharmacist for 2 years, I saved 80+% of the money after tax.. so far $245k (90% in invested) + $35k in 401k... I have no iphone, ipad, iwhatever, so.. basically I am a cheap ass with no student loan! The only major expenses are living expenses which is less than $10-15k. Goal is $1M before I turn 35 years old..

I invest in equity mutual funds and gold. They aren't doing anything lately, not a loss or not a gain (just enough to preserve wealth)... the gold hedges against the stocks swings overall, so I do not lose any money yet. Just playing the waiting game, If DJI moves just 500 points to around 11,000, I would have gained +10% in stocks... my gold performance this year +23%
Click to expand...

Once you make your first Million, are you then going to get an iWhatever? If you are never going to get married and have a family, then what is your motivation to make so much, especially if you are not going to spoil yourself? Not a flame, just curious to know how and why some people think the way they do.
Are you going to will your funds to some charity when you die? Just make sure you do something so the state doesn't get your wealth, that always pisses me off when I hear about that.
 
kvl1027 said:
Once you make your first Million, are you then going to get an iWhatever? If you are never going to get married and have a family, then what is your motivation to make so much, especially if you are not going to spoil yourself? Not a flame, just curious to know how and why some people think the way they do.
Are you going to will your funds to some charity when you die? Just make sure you do something so the state doesn't get your wealth, that always pisses me off when I hear about that.
Click to expand...

Retiring early is my guess. But wouldn't it be boring to retire alone?
 
benjee said:
That's amazing. do you mind telling me which state and city you are in, I never knew being pharmacist can make a bank here.Also, without any OT, what is the base salary? and does your job require a Pharm D degree? if you don't mind telling. Thanks.
Click to expand...

I was about to say something... but I think I'll just keep my mouth shut.
 
Style said:
I was about to say something... but I think I'll just keep my mouth shut.
Click to expand...

I guess he wants to know if Momus is a PharmD or just has a BS in pharmacy. I worked with two pharmacist that only has a BS in pharmacy at Walgreens...so I guess Walgreen's don't require a PharmD degree. However those two pharmacists graduated a while ago.
 
crazybob said:
There are some students who have a hard time finding intern hours because of the tech hours limit, saturation, hiring freeze, etc.
Click to expand...

not all states require intern hours. the state i plan to work in does not, for example
 
I despise being average. Work until you are 70, have 2 children, a wife, and die X 6.6 billion people... What's the point? I equate mediocrity to death... I hate living below my potential. It's disgusting and repulsive for me.

For me, working for others = Average. $1M goal is just a number game; it's a point where I can take the interest income be financially secure and do whatever I want (think bond avg 5%/year, equity 8%/year, part time job/different job/start a business).

When I die, I make sure at least 10% of my wealth is going to a charity I like, then the rest to the next kin...
 
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