Tired of reading that pharmacists "don't make much money"

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GodsSon2011 said:
this is why america is in debt with people like you...Pushing of debt just to "live the good life and showing off that your a pharmacist" You better prey nothing happens to you, a family member, or your job because you will be screwed after words. And why the hell don'y you care that your going to give the banks back THOUSANDS of more money back for paying it off in 10 years..

I can't wait till you in your thirties and regreat all of this :laugh: I will be stingy and pay off my loans by next June (recent grad also) and as Dave Ramsey says

Live Like No One Else So You Can Live Like No One Else

TS is Just Over Broke (JOB)
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Excellent post, I agree 100%. I will also get out of my program with little or no debt. People just love being slaves to Wall Street so they can have their big shot Dr. title and then bitch to everyone when they take a long time to pay off their debt. And no my parents are not rich.
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In conclusion, you are a well off pharmacist if: (1) don't have a lot of student loans (>200 k), (2) live in an affordable city, (3) married rich
 
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SuperDuperSuper said:
>Tax incentives
>financially sound decision
Pick one.

Allow me to illustrate the concept behind tax incentives:

Spend $100 on something because the government is going to give you a $2 discount on the $57 you had to give them anyway.
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I like how you used crayons on your illustration. You almost stayed in the lines too.
 
IMO I think some of the desire to live lavishly out of school is the hurry to keep up with the joneses. Its a bad cycle I see among my classmates. I just hope they are making wise decisions and not just trying to keep up an image that they are loaded with dough.
 
We arn't complaining now, let's just hope income stays the same.

It's suck if your living a life of a 120k, and then get dropped to 85k. You will be living like your broke with what you have locked yourself into.

My goals in life:

Finish pharm school
Pay off my loan and house in 10 year span (maybe less)
Enjoy my 40's maxing out savings, 401k and investments
Hopefully that invest money will compound and put kids through college
Retire and enjoy life until I expire
 
natorx said:
It's suck if your living a life of a 120k, and then get dropped to 85k. You will be living like your broke with what you have locked yourself into.
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:laugh: Seriously, I don't know which country some of you live in, but I'm glad I'm still here in American where 85k single income is a comfortable living.

If the only thing you need to achieve your lifes goals is a 6 figure income, save yourself the college debt and go sell copiers.

If you're just worried about going from 120k to 85k, don't overconsume.
 
DelawareStudent said:
:laugh: Seriously, I don't know which country some of you live in, but I'm glad I'm still here in American where 85k single income is a comfortable living.

If the only thing you need to achieve your lifes goals is a 6 figure income, save yourself the college debt and go sell copiers.

If you're just worried about going from 120k to 85k, don't overconsume.
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How would you like it if by the time you graduate, pharmacists go from 85 to 60? You want that?

Apparently, people can live ok on 60K.

That doesn't mean that it's right or fair. You have to be compensated fairly.

The question is not whether or not you can live off of a certain sum, but if pharmacists are getting paid what they're worth and in a fair manner.
 
Didn't have time to read everything but pharmacist as a whole are not poor but NOT rich either.

You won't go hungry but you won't be living without a budget either. I would say you are in middle class. Which is okay, not bad not great.

I was talking to my friend that just graduated in 2011 about a pharmacist lifestyle and we both agree it is "okay". Nothing to brag about, but nothing to complain about either....just average I would say.
 
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I'd go with upper middle-class, IMO
 
PegIntron said:
In conclusion, you are a well off pharmacist if: (1) don't have a lot of student loans (>200 k), (2) live in an affordable city, (3) married rich
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This is not a way to live, IT IS THE ONLY WAY.

I could never understand how anyone could just sign up for an expensive new pharmacy college and go into so much debt, even if the job market was great.

but in all seriousness, that conclusion is spot on.
 
owlegrad said:
So middle class than right?
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Definitely think it's upper middle class in US.

The USA has the luxury of having a higher quality of life regardless of class compared to the majority of the world. The fact that someone making 100K is 0.66% from the top is impressive.

Being poor in the US is unlike being poor in a 3rd world county.

But that's for another thread.
 
pinipig523 said:
Definitely think it's upper middle class in US.

The USA has the luxury of having a higher quality of life regardless of class compared to the majority of the world. The fact that someone making 100K is 0.66% from the top is impressive.

Being poor in the US is unlike being poor in a 3rd world county.

But that's for another thread.
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So what percent do you have to be in before you are in the high class?
 
.
 
According to Wiki it is more than 500K a year. Here is their chart. http://en.wikipedia.org/wiki/Social_class_in_the_United_States

This is what they say are rich.

Capitalist class (1%)Top-level executives, high-rung politicians, heirs. Ivy League education common.Upper class (1%)Top-level executives, celebrities, heirs; income of $500,000+ common. Ivy league education common.The super-rich (0.9%)Multi-millionaires whose incomes commonly exceed $350,000; includes celebrities and powerful executives/politicians. Ivy League education common.
 
owlegrad said:
So what percent do you have to be in before you are in the high class?
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Working class<Middle<Upper Middle<Upper<Wealthy

30K<60K<100K<400K<1M

To hit $1M personal gross per year is very difficult.
 
Pharmacists are in the upper-middle class area. Never will get higher than that minus the pharmacy owners, CEO's, etc. Nothing wrong with that though. But the pre-pharms need to realize that it's not possible to afford the Kardashian lifestyle on $100K. No Ferrari's or Lambo's for us; maybe a paid-off Honda Civic, though.

Pharmacists will be able hang themselves with a McMansion debt and keep up with the Joneses in their 30's and 40's if they want to. Or be able to max out retirement accounts and retire at 55 if they want to. Their choice.

Biggest risk to our profession is changing laws not requiring a pharmacist to final check Rx's in the community.
 
pinipig523 said:
It's all relative. :)
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This is very true!:)

awval999 said:
Pharmacists are in the upper-middle class area.

Biggest risk to our profession is changing laws not requiring a pharmacist to final check Rx's in the community.
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Will the laws changing in this fashion actually happen? I have heard that this is how retail is done in other countries with socialized medicine.

if its tech check tech its all over.:thumbdown:
 
awval999 said:
Pharmacists are in the upper-middle class area. Never will get higher than that minus the pharmacy owners, CEO's, etc. Nothing wrong with that though. But the pre-pharms need to realize that it's not possible to afford the Kardashian lifestyle on $100K. No Ferrari's or Lambo's for us; maybe a paid-off Honda Civic, though.

Pharmacists will be able hang themselves with a McMansion debt and keep up with the Joneses in their 30's and 40's if they want to. Or be able to max out retirement accounts and retire at 55 if they want to. Their choice.

Biggest risk to our profession is changing laws not requiring a pharmacist to final check Rx's in the community.
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Yep real talk here. I think most prepharms know what they are getting into since they know they will be investing over 100k and 6-years of schooling. Reality will set in real fast once they get to the p3 and p4 level. You won't be super rich but you'll be doing alright financially.
 
owlegrad said:
So what percent do you have to be in before you are in the high class?
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I would say "high class" means you do not have to work. Pharmacists make a decent income, but they're working 40+ hours/wk generally. If you were suddenly unemployed, that would be a major problem, and I doubt it would be very long before you got a new job or went broke.

Of course, working for that level of savings is possible, and you probably could retire in your 40s if you were frugal enough.
 
http://en.wikipedia.org/wiki/Affluence_in_the_United_States

I wonder how the other 90% of the population will react when they read this thread lol
I think I read that someone here was living in a trailer park and driving a beat up car and was bragging about it? I know it's good to be frugal, but I think that might be a little over the top...
 
Pharmacists are in the upper-middle class area. Never will get higher than that minus the pharmacy owners, CEO's, etc. Nothing wrong with that though. But the pre-pharms need to realize that it's not possible to afford the Kardashian lifestyle on $100K. No Ferrari's or Lambo's for us; maybe a paid-off Honda Civic, though.

Pharmacists will be able hang themselves with a McMansion debt and keep up with the Joneses in their 30's and 40's if they want to. Or be able to max out retirement accounts and retire at 55 if they want to. Their choice.

Biggest risk to our profession is changing laws not requiring a pharmacist to final check Rx's in the community.
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You're right, but there are plenty of opportunities for someone with expertise in a field to make money.


DelawareStudent said:
I only respond in kind.
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Well, the difference is that I'm right, and you're simply butthurt that I pointed it out.
I apologize if you mistook my use of a $100 example as a personal attack. I was simply trying to point out the obviously flawed concept of "tax incentives"
 
owlegrad said:
So what percent do you have to be in before you are in the high class?
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Unfortunately high class people are usually born into it. You rarely see people work their way up to high class (winning the lottery maybe?). It's a really exclusive small group of people.
 
income 100k
post taxes 60k

mortage or rent? $1200-2000 a month perhaps ($14,400-24,000/yr)

60 - 24,000 = 36k

utilities? electric 100/month, gas 50/month, water 30/month, cable internet 70/month, cell phone 70/month = 320/month = 3840/yr

36k-3480 = 32,520

student loans? 1200 a month = 14,400/yr
32,520 - 14,400 = 18,120

car payment? 225/month, 2700/yr

18,120 - 2700 = 15,420

clothing? food? children expenses? daycare? insurance?
food = 5000 a year
clothing (you an kids) = 4000
car expenses/insurance/gas/repairs: 5000/yr

15420-5000-4000-5000 = $1,420

it all adds up really fast especially if you have a kid. you cannot live in a 1 bedroom shack on ramen noodles.
 
PharmaTope said:
income 100k
post taxes 60k

mortage or rent? $1200-2000 a month perhaps ($14,400-24,000/yr)

60 - 24,000 = 36k

utilities? electric 100/month, gas 50/month, water 30/month, cable internet 70/month, cell phone 70/month = 320/month = 3840/yr

36k-3480 = 32,520

student loans? 1200 a month = 14,400/yr
32,520 - 14,400 = 18,120

car payment? 225/month, 2700/yr

18,120 - 2700 = 15,420

clothing? food? children expenses? daycare? insurance?
food = 5000 a year
clothing (you an kids) = 4000
car expenses/insurance/gas/repairs: 5000/yr

15420-5000-4000-5000 = $1,420

it all adds up really fast especially if you have a kid. you cannot live in a 1 bedroom shack on ramen noodles.
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its more like 72 after taxes..and you numbers are grossly high
 
SuperDuperSuper said:
Well, the difference is that I'm right, and you're simply butthurt that I pointed it out.
I apologize if you mistook my use of a $100 example as a personal attack. I was simply trying to point out the obviously flawed concept of "tax incentives"
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I'm just glad I'm not in that crazy 57% tax bracket that you described. I didn't think it existed, but hey, you're the expert.:confused:

Meanwhile, the rest of us will enjoy the benefits of personal tax incentives that lower our AGI, and help reduce our annual tax burden, as well as subsidize the cost of things like....oh I don't know, school? Additionally, we'll take advantage of those incentives that subsidize the cost of technologies and products that provide benefits to us and society which may have otherwise been outside of the consumer reach. Electric vehicles included.

Additionally, while I'm no moderator, I would hope that you try to be a little more respectful and adult rather than calling people "butthurt".:thumbup:
 
I owe Bebe credit card $5500 one year on clothes I bought from them...but I guess that was by choice. haha....
 
I could clothe about 10 kids on that budget. Thank you Goodwill/Garage Sales
 
NJHatLFG said:
2. Ineffectively leveraging their income, employee benefits, and savings to pay off their debts while saving for retirement and other financial goals. Ex: have 2k per month in discretionary savings and put it all towards their student loans which have 4-6% interest rates instead of allocating some of their funds to a risk free investment strategy that would eventually enable them to pay off their loans at a faster rate.
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Care to elaborate that a bit further? I've been told that taking the guaranteed 6.7% (paying off my loans) is better than risking and investing for a possible higher return.
 
GodsSon2011 said:
its more like 72 after taxes..and you numbers are grossly high
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72 after taxes? what type of 401k, retirement, dental, medical etc are you using for your wife and kids?

grossly high? have a child and you will think they are pretty accurate. babies are very expensive, diapers, food, rapidly changing clothing sizes
 
pinipig523 said:
You're right. $73498 before state tax.
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i have never taken home that much money from being a pharmacist. maybe you are in a different area of the usa than me though.
 
owlegrad said:
I wonder how much I have spent on clothing in my adult life?
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I was actually looking at some old pictures and laughing about this, since my wardrobe from undergrad and now is very similar. I'll buy a few pairs of dress shirts/pants, maybe a pair of jeans, get a jacket or sweatshirt as a Christmas gift, and that's about that. I don't spend $400, let alone 4000, although my dress clothes are from Kohls or Lands End instead of Express and Banana Republic.
 
Ackj said:
I was actually looking at some old pictures and laughing about this, since my wardrobe from undergrad and now is very similar. I'll buy a few pairs of dress shirts/pants, maybe a pair of jeans, get a jacket or sweatshirt as a Christmas gift, and that's about that. I don't spend $400, let alone 4000, although my dress clothes are from Kohls or Lands End instead of Express and Banana Republic.
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It's much easier and cheaper for men. Us women have to worry about the whole look...shoes, accessories, hair, makeup. Plus, different styles and brands fit differently. Not to mention matching blouses to skirts, slacks, suits, etc. It gets very expensive. I've spent thousands on clothes alone.

Sent from my DROID3 using Tapatalk
 
rxlea said:
It's much easier and cheaper for men. Us women have to worry about the whole look...shoes, accessories, hair, makeup.
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See, I think that could go either way. For guys there is a clearly defined thing of what is "professional dress" and what is casual wear. I have to have shirts+ties and then I have my regular clothing that I would wear anywhere else. Women can wear more or less whatever they want besides sweatpants and it's acceptable, so a sweater can pull double duty in that regard.
Plus, different styles and brands fit differently.
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Maybe I would spend more on clothes if I could find more that fit. When you're 6'3 and under 200lbs, not a lot of stores carry your size. Especially with 33x36 pants. Big AND Tall should open up an "OR" store for those of us who aren't in both categories. :laugh:
 
PharmaTope said:
72 after taxes? what type of 401k, retirement, dental, medical etc are you using for your wife and kids?

grossly high? have a child and you will think they are pretty accurate. babies are very expensive, diapers, food, rapidly changing clothing sizes
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yes 72k after taxes before doing all of that...he said 60k..
 
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