The richest pharmacist you personally know?
Started by krikik909
Dude that inherited his family's small independent LTC pharmacy chain. He was cruising around in a late model BMW during pharmacy school while the rest of us were driving 15 year old Ford Escorts and getting $100s of thousands into debt.
I just looked them up and it looks like it's an Omnicare now.
Dude probably sold it for $10mil and is living on a beach in Panama surrounded by beautiful señoritas.
Dude probably sold it for $10mil and is living on a beach in Panama surrounded by beautiful señoritas.
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In AZ, John Musil (and I can tell the story of how he got into business). In MN, Bruce Paddock although I don't know him personally. Nationally, Bernie Marcus who my father knew as a very, very unhappy Rutgers student and Rite-Aid pharmacist before he founded Home Depot. He and Dworkin (Revco) got their start the same way, getting screwed over hard in a tight labor market. Unfortunately in Dworkin's case, that happened at the end of his career to and the story is very politically incorrect.
My guess of the the common traits all the really rich pharmacists is:
1. They hated the work of a chain druggist (or distributor business in the case of Rexall) and were screwed over by them.
2. They made peanuts for years before making it big.
3. They had a family that believed in them. (John Musil in particular had really decent parents who supported him in his odd career decision).
4. They were motivated not by money, but by power.
The richest hospital pharmacist who worked as one double-dealed his way using his procurement knowledge and ties to the Chicago scene to make a fortune in legal arbitrage while still in practice (>$650M or so). If you're been in the Chicago scene, it's probable that if you worked in hospital pharmacy in Chicago, you would have encountered him and know his story. His name ends in a vowel.
My guess of the the common traits all the really rich pharmacists is:
1. They hated the work of a chain druggist (or distributor business in the case of Rexall) and were screwed over by them.
2. They made peanuts for years before making it big.
3. They had a family that believed in them. (John Musil in particular had really decent parents who supported him in his odd career decision).
4. They were motivated not by money, but by power.
The richest hospital pharmacist who worked as one double-dealed his way using his procurement knowledge and ties to the Chicago scene to make a fortune in legal arbitrage while still in practice (>$650M or so). If you're been in the Chicago scene, it's probable that if you worked in hospital pharmacy in Chicago, you would have encountered him and know his story. His name ends in a vowel.
Pharmacist's aren't rich bro.
Even dual pharmacist couples.
They are all the same anyway, a McMansion around $500k and a couple SUVs.
Even dual pharmacist couples.
They are all the same anyway, a McMansion around $500k and a couple SUVs.
D
deleted885753
Entrepreneur route is the only way to get rich. On a pharmacist salary alone, you will have a comfortable lifestyle; nice home, decent car, couple of nice vacations a year, and a dog. But you won’t be rich..
My financial advisor. PharmD who transitioned to finance now has a net worth of 8-9 million. I'm trying to follow those footsteps lol 😀
Truth. That's pretty much the upper middle class starter kit.
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First step is firing your financial manager. If he's made a NW of 8 mil, he's fleecing all of you with exorbitant fees.
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Mcmansion for only 500k? They are at least 1.2 mil in my area. 500k is a starter home unfortunately.
Shows how much he's making off of you.
D
deleted562805
Unless you become the Dean of a up coming pharmacy school
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Has the NW been confirmed? Plenty of financial advisors act like they have money just to attract new clients.
Thomas Ryan
Lol youz gettin played, holmes. hahahah
Bmbiology the guy went from nothing just a few years ago to millions of dollars.
Oh wait you said richest not most in debt
Oh wait you said richest not most in debt
I know a bunch that live like they’re rich. They’re all young and have no kids. I don’t know what their bank accounts or retirement accounts actually look like though.
Most likely live paycheck to paycheck.
I am interested in John Musil and this Chicago pharmacist. Please do tell..
Hahaha woah with the financial advisor barrage! I don't pay him, it's free advice actually, I don't have any accounts with him lol. Maybe I shouldn't have just put financial advisor since it's literally just some good financial tips along the way.
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I’m excited to see this thread actually mentions a pharmacist I’ve met. It’s like if Kevin Bacon was a pharmacist.
You saved yourself a lot of trouble by quickly mentioning it's free advice.
Dang too bad! Next time I move forward with poorly planned financial decisions I'll be sure to let SDN know so we all have some entertainment 😉
No idea what this is, sounds good that I haven't run across this yet LOL
I guess I can add though that I have made some mistakes early when it comes to finances. I got pulled into a whole life insurance policy early on (~22-23) and he helped me switch to term when I didn't realize they were taking commission off the top. I'm now investing that money elsewhere. Plus I think my guy made his money through his 401k, Roth's, diversification of his portfolio and the stock market. He's only been in the financial game for 2 years and didn't start out with much to begin with, he was just really smart with his money throughout his pharmacy career which is what I'm hoping to do moving forward.
The concern is justified though, I'm sure people are getting ripped off everywhere. I'm one of those people who built an excel spreadsheet for all my finances and tracks my money to the cent so hopefully beyond the life insurance blip that won't be me.
Scott Boras.
Huh, I never knew he had a PharmD
I wonder if he ever practiced pharmacy?
I had a classmate that never spoke and was from some nebulous middle eastern country. He drove a new Aston Martin to school. I have another friend from school that married a physician then apparently they hit it big with bitcoin. He still works at a hospital, but they own multiple apartment buildings now.
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From what I can tell, he never did. Cool little piece of trivia though!
I worked at the grocery store with a pharmacist who'd had his own store for many years, and then sold out to Shopko in the late 1990s. The sale of that business made him a very wealthy man, in part because he didn't live like it (except that he did own a couple of Corvettes, which he also showed). Thing is, he could actually afford them.
