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

[DelawareStudent]

$20 timex, i got you beat.

but i did replace the strap which fell off while i was driving.

$9.85. Boom. Mind Blown.

---

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[akaykay]

Wow Some of you guys spend too much on clothes.

I recently went to Macy's when they were having a sales day and bought 4 shirts and 4 pants for $65. These were good quality clothes. And just last week I got 4 shirts at another store for $20

 

[WVUPharm2007]

I think it's a matter of preference and has little to do with intelligence or donkeyism.

Additionally, comparing clothes to cars is a flawed argument. Added cost for vehicles does not directly equate to added lifespan or ROI (see Jaguar). Whereas with clothes, I don't pay $100 to get the shirt with a spoiler on the back or heated leather elbowpads. Cost will generally correlate with quality and usable life expectancy. $100 pays for things like double stitching, higher quality material, better pre-treatment and of course, keeps you from looking like you shop exclusively at Ross Dress for Less.

Right...

I'd bet a large sum of money that you couldn't tell the difference between a dude walking down the street wearing something he got from Target or a dude that got something from Macy's. And the "quality" thing is mostly a lie. Walmart or K Mart stuff...ok, that's made as cheap as possible. But Target, Penneys...quality stuff at a reasonable price.

Unless, of course, you are buying something made in the US with American labor that is well compensated...then its okay to pay a higher price.

 

[WVUPharm2007]

My cell Phone, work pager, and computer all have clocks on them. There are clocks in every single room of the hospital. I have never seen the need for a watch. Fashion and advertising tell you that you should have one...

I haven't worn a watch since I was about 12. I think they look stupid...and, as you pointed out above, are currently useless, anyway.

But they at least serve a purpose for old people without a cell phone. Now ties are the dumbest looking piece of clothing in our modern stupid farm called America. I really wish I wasn't forced to wear one.. Lookie at me...I'm wearing a random piece of silk around my neck. It shall dangle to slightly above my belt buckle. WTF is that, really? I can't be the only one that realizes how stupid it looks.

 

[Pharmacy Kid]

I've never worn a tie since working.

 

[confettiflyer]

I haven't worn a watch since I was about 12. I think they look stupid...and, as you pointed out above, are currently useless, anyway.

The only downside to using a phone for time (or lexi comp) is that, if you look younger than 30, you look like you're texting/not paying attention depending on who you're around.

IDGAF, though.

 

[TemSirolimus]

Damn. I swear my entire wandrobe including shoes is worth less than $800.

I must have it real nice. Jeans, sneakers and T-shirt to work. Five days a week.

 

[kvl1027]

Stores like Mens Warehouse have a pretty decent stock of suits that go for $200-$450.

True, you can get a decent quality suit at Men's Warehouse and they will tailor it. I forget about Men's Warehouse.

It is funny how people will call someone stupid for spending more money on something than they would spend on it themselves. To each is own, everybody has something they spend money on that others would find ridiculous. I like nice clothes and I have more money in equipment in my golf bag than some people make in a month, but I love golf.

I know people who have $300 fishing reels on $200 fishing poles and they own 5 of them. I would never spend that kind of money on a fishing pole, but fishing isn't my passion. I know people who wear cheap clothes and spend lots of money on stuff I could care less about.

I have a nice watch, I wear nice clothes, I have a expensive pair of glasses, and that's just me. And you dont think people give a **** about your clothes you are mistaken. You may not care what they think, but I would almost guarantee that people have not been hired because they couldn't put together a decent looking set of clothes. I'm not saying I would pass judgement like that, but some people would.

 

[pezdispenser]

Oh the irony... spending money on all this stuff in a thread about whether "pharmacists don't make much money"... Even if each argument comes from different people, there's no need to encourage people that they "have to spend thousands on professional clothing" otherwise they won't get "hired because they couldn't put together a decent looking set of clothes". Materialism causes so many problems... oh well...

 

[SHC1984]

True, you can get a decent quality suit at Men's Warehouse and they will tailor it. I forget about Men's Warehouse.

It is funny how people will call someone stupid for spending more money on something than they would spend on it themselves. To each is own, everybody has something they spend money on that others would find ridiculous. I like nice clothes and I have more money in equipment in my golf bag than some people make in a month, but I love golf.

I know people who have $300 fishing reels on $200 fishing poles and they own 5 of them. I would never spend that kind of money on a fishing pole, but fishing isn't my passion. I know people who wear cheap clothes and spend lots of money on stuff I could care less about.

I have a nice watch, I wear nice clothes, I have a expensive pair of glasses, and that's just me. And you dont think people give a **** about your clothes you are mistaken. You may not care what they think, but I would almost guarantee that people have not been hired because they couldn't put together a decent looking set of clothes. I'm not saying I would pass judgement like that, but some people would.

I agree 100% everyone spends a lot of money on the things they love. It might not be what you love, but if they love it they will spend a lot more money on it than someone who doesn't care for it. Clothes, shoes, anything to do with your physical appearrance is very important, bc you are JUDGE by the way you look. The first thing people notice about a person is the way they look, so looks is very important, if not the most important. If you don't pass the looks citeria you can forget anyone giving you a chance on anything else...this is true for anything in life, not just finding a job.

 

[DelawareStudent]

Right...

I'd bet a large sum of money that you couldn't tell the difference between a dude walking down the street wearing something he got from Target or a dude that got something from Macy's. And the "quality" thing is mostly a lie. Walmart or K Mart stuff...ok, that's made as cheap as possible. But Target, Penneys...quality stuff at a reasonable price.

Unless, of course, you are buying something made in the US with American labor that is well compensated...then its okay to pay a higher price.

I guess I can't argue that riveting conjecture.

 

[DelawareStudent]

I haven't worn a watch since I was about 12. I think they look stupid...and, as you pointed out above, are currently useless, anyway.

But they at least serve a purpose for old people without a cell phone. Now ties are the dumbest looking piece of clothing in our modern stupid farm called America. I really wish I wasn't forced to wear one.. Lookie at me...I'm wearing a random piece of silk around my neck. It shall dangle to slightly above my belt buckle. WTF is that, really? I can't be the only one that realizes how stupid it looks.

Whoops, nevermind. Ignore my last post. I didn't realize you were simply a ridiculous misguided youth.

 

[TemSirolimus]

True, you can get a decent quality suit at Men's Warehouse and they will tailor it. I forget about Men's Warehouse.

It is funny how people will call someone stupid for spending more money on something than they would spend on it themselves. To each is own, everybody has something they spend money on that others would find ridiculous. I like nice clothes and I have more money in equipment in my golf bag than some people make in a month, but I love golf.

I know people who have $300 fishing reels on $200 fishing poles and they own 5 of them. I would never spend that kind of money on a fishing pole, but fishing isn't my passion. I know people who wear cheap clothes and spend lots of money on stuff I could care less about.

I have a nice watch, I wear nice clothes, I have a expensive pair of glasses, and that's just me. And you dont think people give a **** about your clothes you are mistaken. You may not care what they think, but I would almost guarantee that people have not been hired because they couldn't put together a decent looking set of clothes. I'm not saying I would pass judgement like that, but some people would.

You have a great point. I have poured over $2000 into my guitars and equipment.

One lesson I have learned over the years is people who care whether you are wearing a $500 watch as opposed to a $50 one, dont matter to you. Those that could not care less see past the facade and appreciate you for who you are.

That said, a good outfit is necessary for the many life events that require making a great first impression. After one has established themselves, whats inside triumphs over whats outside.

 

[WVUPharm2007]

Whoops, nevermind. Ignore my last post. I didn't realize you were simply a ridiculous misguided youth.

I'm an old man, youngin.

Bring back the draft!

 

[WVUPharm2007]

You have a great point. I have poured over $2000 into my guitars and equipment.

One lesson I have learned over the years is people who care whether you are wearing a $500 watch as opposed to a $50 one, dont matter to you. Those that could not care less see past the facade and appreciate you for who you are.

That said, a good outfit is necessary for the many life events that require making a great first impression. After one has established themselves, whats inside triumphs over whats outside.

There is a difference between spending money on something you enjoy...and spending money because you think people actually give a **** what you wear when equally acceptable options at a more reasonable price are available.

 

[All4MyDaughter]

A good outfit is necessary for many life events, but it's ridiculous to think that good has to equal expensive. I never buy expensive clothing. I do buy expensive shoes (Dansko, Sanita) but it's for comfort, not style.

 

[cycloketocaine]

A good outfit is necessary for many life events, but it's ridiculous to think that good has to equal expensive. I never buy expensive clothing. I do buy expensive shoes (Dansko, Sanita) but it's for comfort, not style.

I buy expensive clothing, but I wait until they are on sale before I do. I got a Banana Republic suit for 50 bucks. I was proud.

 

[rxlea]

I buy expensive clothing, but I wait until they are on sale before I do. I got a Banana Republic suit for 50 bucks. I was proud.

This. Nordstrom Rack is also a great place for sales.

Sent from my DROID3 using Tapatalk

 

[All4MyDaughter]

I buy expensive clothing, but I wait until they are on sale before I do. I got a Banana Republic suit for 50 bucks. I was proud.

Sales are the best. I also like Outlets.

 

[cycloketocaine]

Sales are the best. I also like Outlets.

Oooh yes. But you must be careful....outlets can be deceptive. When used appropriately, however, they can be dangerous to my (husbands) wallet.

 

[All4MyDaughter]

Oooh yes. But you must be careful....outlets can be deceptive. When used appropriately, however, they can be dangerous to my (husbands) wallet.

I also get free clothes from Medicaid b/c I have so many babies. Can't believe I forgot to mention THAT.

 

[browneyes021]

Sales are the best. I also like Outlets.

I could never spend full price on something... Actually I take that back. I had to make myself spend 70 dollars on a pair of of jeans from Express bc I hadn't done that whole "blow money since you're now a pharmacist". They're a great pair of jeans but at their last semi-annual sale they wen for $40 plus some percent off that. If you're obsessed with quality that's one thing but bein obsessed with brands just bc you're worried about what people think is very high school like. But it is good to have these individuals in our society as they can help keep our economy afloat.

 

[rxlea]

I also get free clothes from Medicaid b/c I have so many babies. Can't believe I forgot to mention THAT.

Do they come with a baggy of cocaine in each pocket?

 

[crossurfingers]

I could never spend full price on something... Actually I take that back. I had to make myself spend 70 dollars on a pair of of jeans from Express bc I hadn't done that whole "blow money since you're now a pharmacist". They're a great pair of jeans but at their last semi-annual sale they wen for $40 plus some percent off that. If you're obsessed with quality that's one thing but bein obsessed with brands just bc you're worried about what people think is very high school like. But it is good to have these individuals in our society as they can help keep our economy afloat.

I haven't bought anything at Express in ages but I used to wear their denim in high school. It was ok. What you should really do is go to Nordstrom and try on a pair of Joe's Jeans or Sevens. Those are sooo much better. Better fit, comfort and quality.

 

[njac]

I haven't bought anything at Express in ages but I used to wear their denim in high school. It was ok. What you should really do is go to Nordstrom and try on a pair of Joe's Jeans or Sevens. Those are sooo much better. Better fit, comfort and quality.

I prefer J.Brand.

At this point I only wear jeans 2-3 times a week, so I can get away withonly having 1 or 2 pairs anymore. So I make sure that I love them.

 

[browneyes021]

I haven't bought anything at Express in ages but I used to wear their denim in high school. It was ok. What you should really do is go to Nordstrom and try on a pair of Joe's Jeans or Sevens. Those are sooo much better. Better fit, comfort and quality.

Soo... how much are a pair of jeans by Sevens or Joe's Jeans? I can't see paying over 100 dollars for a pair of jeans I'd barely have a chance to wear.

 

[kvl1027]

Oh the irony... spending money on all this stuff in a thread about whether "pharmacists don't make much money"... Even if each argument comes from different people, there's no need to encourage people that they "have to spend thousands on professional clothing" otherwise they won't get "hired because they couldn't put together a decent looking set of clothes". Materialism causes so many problems... oh well...

I never anything about having to spend thousands on professional clothes. I didn't even say you had to spend that much money. I did say that someone might miss the chance on getting hired because they couldn't put together a decent looking set of clothes and that's a fact.

Anyone can go to Target and getting a decent looking set of clothes, but does it look good on them? Some people have a very normal shape and proportions some people don't. I have outrageously long arms so a standard dress shirt looks like I am wearing a shirt with 3/4 length sleeves. The cheapest dress shirts I can find in the sizes I need are the gold label at Dillard's and they are about $70-80/shirt. Not cheap, but not expensive.

So yah, if you fit the mold and can look good in the dress clothes from Target, then you have no problems. My opinion is that if you can't take pride in the way you look, then how much pride do you take in other things you do?

 

[pezdispenser]

I never anything about having to spend thousands on professional clothes. I didn't even say you had to spend that much money. I did say that someone might miss the chance on getting hired because they couldn't put together a decent looking set of clothes and that's a fact.

Sorry. Each quote did come from a different person. It was SHC who said this:

You can't get any professional clothing from those stores. I am starting rotations soon, so I'll have to spend thousands on professional clothing, but it's not by choice. I rather spend that money on dresses and shoes. LOL...

And you who said this:

And you dont think people give a **** about your clothes you are mistaken. You may not care what they think, but I would almost guarantee that people have not been hired because they couldn't put together a decent looking set of clothes. I'm not saying I would pass judgement like that, but some people would.

I juxtaposed them to make my point. Especially since SHC is a student and probably does not have the same financial means as a pharmacist, yet she still feels compelled to spend the same amount on professional clothing.

I feel so lucky that I work from home now. I just wear an undershirt or wifebeater...

 

[spacecowgirl]

I stopped being impressed with how much people spend on clothes about the same time people stopped wearing Girbaud jeans in junior high. If it's clean, in good repair, ironed, fits properly, and is appropriate for the occasion, it's fine.

 

[All4MyDaughter]

I stopped being impressed with how much people spend on clothes about the same time people stopped wearing Girbaud jeans in junior high. If it's clean, in good repair, ironed, fits properly, and is appropriate for the occasion, it's fine.

Exactly. I am really not into clothes, for myself or for other people. And LOL at the person upthread who suggested that might mean I don't take pride in my work.

 

[owlegrad]

I saw a man in a suit at career day that did legitimately impress me. It was kinda shiny and fit very well. He had a dark tie that had sparkly threads interwoven. The contrast was striking. He looked quite impressive I must say (no joke). Meanwhile I wore my white coat because I don't own a suit jacket. I suspect the outcome will be the same, we both have jobs.

I have nothing against people who want to spend money on clothes, but don't pretend it is required in order to have pride or to get a job. I don't very much that a significant amount of people are hired or not hired based on how they dress, you would need to be way out side the norm for it to make a difference, IMO.

 

[All4MyDaughter]

Shiny suit with sparkly tie? Were you at some kind of Pimp Career Day???

 

[owlegrad]

Shiny suit with sparkly tie? Were you at some kind of Pimp Career Day???

I knew my description was going to make it sound cartoon-y.

This pimp looked sharp though.

 

[SHC1984]

Sorry. Each quote did come from a different person. It was SHC who said this:

And you who said this:

I juxtaposed them to make my point. Especially since SHC is a student and probably does not have the same financial means as a pharmacist, yet she still feels compelled to spend the same amount on professional clothing.

I feel so lucky that I work from home now. I just wear an undershirt or wifebeater...

I forgot to mention that I am buying that stuff from scratch....I only own ONE nice suit and that was for interviews. I don't own any nice professional looking suits b/c I don't like wearing that stuff. haha...Most of my cloths are from Bebe and none of that stuff I can wear on rotations. So I have to start buying EVERYTHING for 1 year of rotation (unless you want me to wear the same thing everyday) soon. I don't think spending 1K or 2K for 1 years worth of clothing is too much. It's for 1 year, NOT one day!

 

[kvl1027]

Exactly. I am really not into clothes, for myself or for other people. And LOL at the person upthread who suggested that might mean I don't take pride in my work.

You missed my point, I wasn't saying you have to spend a lot of money on your clothes to take pride in yourself or your work. But someone who cannot wear clothes that fit properly or shoes that don't look like they have been to hell and back, tells me that if they don't give a **** how they look, then they may not give a crap about their work or the things they do.

I have a technician who when she folds a piece of paper in half (our prescription label/Drug info) she doesn't take the half second to square up the sides and make it look remotely decent. She doesn't take pride in her work, it shows in almost everything she does, including the way she comes dressed into work. It might not be correct to generalize, but there is something to be said about someone who takes pride in the way they appear. Take the amount of money someone spends on clothes out of the equation and I think you will agree with me.

I was pointing out, that in my case, I have to spend a little extra to get clothes that fit well, because I have ape-like arms. People, especially professionals, should care how they look.

 

[DelawareStudent]

I'm an old man, youngin.
Bring back the draft!

Very well, we can both try to impress the ladies at the old folks home and see who wins.

<---no spring chicken

He looked quite impressive I must say (no joke)...... I don't very much that a significant amount of people are hired or not hired based on how they dress, you would need to be way out side the norm for it to make a difference, IMO.

True, it plays a smaller role, but out of all the folks at the career fair, how many do you distinctly remember? When a hiring manager has to meet with hundreds of applicants, everything you can do to stand out helps.

 

[maxim82]

I can symphatize with the OP - there's 2 camps to the whole loan payback thing - you can either take your time or be aggressive with it. The more aggressive you are, you will end up with a less affluent lifestyle.

Then there's also retirement and asset allocation - it's tough. Can you spare 20% or more of your pretax gross salaries to retirement funds and other vehicles for investment?

It's easy to say - I make 100K, I'm set for life.

Some calculations:

With 100K, you're looking at 68K post taxes (and post IL state TX).

That's with no 401K withholdings. Let's say you do the max 15% withholding so you can retire someday.

So let's take the $100K subtract $15K (401K) subtract taxes = $59K

Now, let say you have $100K in student loans - you want to pay it off in 10 years. That's approx $1K/month x 12 = $12K per year

So now you're at $59K - $12K (loans) = $47K

$47,000/12 = $3,916/mo

Other expenses:
- Car = you want a nice 2012 car? For $35K? You're probably looking at $625/mo x 60 months.
- Gas = $350/mo
- Utilities/cable/internet = $250/mo
- Shopping = $50/mo
- Travel (1-2 vacations per year, approx $3000/yr) = $250/mo
- Insurance (auto) = $100/mo
- Cell phone = $75/mo
- Food = $500/mo

Let's do the following also:
- You need disability insurance in case you get injured = $150/mo
- You will also need some life insurance while you're still young and able = $100/mo for term for 2M (don't get me started on the costs of whole life - $2000/mo for 2MIL)

We have not started talking about your house.
- $200K home will cost you approx $2000/month over 15 years (w/ property tax)

Total expenses = ~ $1500/mo + $250 for insurance (disability and life) + $2000 (home) = $3750

Your 100K salary has been wittled down to $3916 after 401K and student loans. Your expenses are $3750. You now have $166 left over every month after expenses.

There are a few in the expenses list that you can get rid of or do without, but this is my conservative estimate.

Now, keep in mind - you're not scraping the barrel here - you are doing quite well. I mean, you have all life's luxuries - you have a new car, a good house, you travel twice a year, you have cable/internet/cell phone, you are well covered - you are maxing your 401K, you are paying off your loans in 10 years, you are paying off your house in 15 years... you also have adequate insurance to cover you - life and disability.

However, we did not take into account kids.... that's your big curveball there.

At 100K, you can definitely do well - but the money slips away fast. This is probably why people say that pharmacists don't make enough.

But trust me, the same mantra applies to almost any economic situation. Even super high earners still feel the same. It's all because your tax bracket, your expenses, your retirement plans, your asset allocation ALL go up as you earn more.

That's well calculated, but you didn't consider the pretty good tax return you get when you have a house mortgage, am i right?!

 

[spacecowgirl]

Interest rates being what they are, it's not that great of a perk.

 

[clachan3]

I came up with something to say to my customers when they tell me I make a lot or too much money. I'll just say I make less than a cable/xfinity installation guy charge $60/hr or a professional automotive mechanic makes. It's really tough these days, so I'm not complaining as much as I normally would. Now I'm just complaining about not having a tech when it's needed and working extra hours without getting paid. I wonder if that is the standard practice now though, working extra/going in early. I figured I work about 4 to 5 hours extra each week, 5 day work week. I know some of us go in half an hour early, so that makes 2.5 hours a week. That problem for me is I don't know what kind of day it's going to be. Some days I have 10 rx in the queue when I work in, some days I have 40. Plus, if I go in half hour early for 10 rx in queue day, then I would waste that half an hour, and I never leave on time so, wasting double the time. Just saying

 

[xtsukiyox]

Interest rates being what they are, it's not that great of a perk.

I'd rather pay less interest & get a smaller write-off. That's direct money in my pocket.

 

[GermKiller76]

PositivePharmD, I really love your key points and respect what you do. I just have a quick question that probaby has nothing to do with all this. Im a high school student who recently just started thinking about pharmacy, from your point of view, do you enjoy it and is your salary nice like the websites say

 

[GermKiller76]

Also, what exactly do you wear to work everyday lol
Thanks

 

[N974]

Back to the original point of the thread. My wife is a P3, and I am a pilot. I have averaged 185k for the last 3 years or so. In the beginning of my career I was making 20k as a pilot out of college 16 years ago.

100k is "good" money, but it is not even close to upper middle class. Not counting money going towards tuition (we still take out student loans for her), at 185k I would say we are just barely getting into upper middle class....BARELY. We live in a 180k home, and have one car payment. My wife's car has 160k miles on it and is paid for and we have two small children.

If you don't invest early and pay off your student loans within 10 years on 100k a year, you will be behind the ball in your 30's. 100k with no debt is okay, with student loan debt, it is not very much. You can drive a nice car, but BUY it, preferably a 3 year old one and keep it for AT LEAST 5 years. Leasing an expensive car with student loan debt is not smart. If you can't afford to buy it, you can't afford it, especially at these low interest rates.

I like nice things, decent clothes, etc. I don't buy expensive watches (don't wear any watch), or $2000 computers. The problem with starting out of the gate with a new Lexus, and a $1800 a month rent (equal to a $2200 mortgage because of the tax deduction), is that you are establishing this "need" for life. You will never be happy with less, only more. It is only human nature.

I would say the $1800 apartment OR the Lexus, not both. Or live poor for only ONE YEAR, knock down the debt or bank some savings, THEN get the apartment and one year later THEN get the Lexus. You reward yourself, and have things to look fwd, plus that 2 years of saving will pay for that Lexus in saved interest.

Also, being single you will not be able to write off your student loan interest with 100k income.

The good news is that you all picked a great career. I can lose my medical tomorrow, and lose my job.....forever. You can keep your job in a wheelchair, or if you lose an eye. You have a valuable skill, and with some experience and some personality, you will always have a job. I know from my wife's experience how much hard work you all put in, congrats!

 

[angryrx]

Unforunately, pharmacists get stuck in this mode where they work as many hours as possible to get a little more on their checks, but after they work their OT, they're just too tired to bother trying to make REAL money somewhere else.

I find a lot of pharmacists (and healthcare workers in general...compare them to my MBA friends who were the "dumb business school" kids in college) are just really terrible with money and have no idea what they are doing.

I would encourage everyone to use the cashflows from their pharmacy job to find other sources of income. The answer is not in a book; everyone finds their own path. It's simply not enough to work and live month to month. I'm 30 years old, 7 years out of pharmacy school (with no help from parents), owe $270k on a $1M build custom home, fully paid off pharmacy school $200k (ya, I could have done better by putting money somewhere else, but the irrational side of me doesn't like owing ANYONE), have about $150k set aside in retirement accounts, bought my dream car, etc. I'm not anywhere near "rich," but I am comfortable and now only work 30hours a week. My job as a pharmacist pays the bills, but it's not enough to "make it." I can't say I've "made it" yet, but I'm getting closer.

 

[GodsSon2011]

Unforunately, pharmacists get stuck in this mode where they work as many hours as possible to get a little more on their checks, but after they work their OT, they're just too tired to bother trying to make REAL money somewhere else.

I find a lot of pharmacists (and healthcare workers in general...compare them to my MBA friends who were the "dumb business school" kids in college) are just really terrible with money and have no idea what they are doing.

I would encourage everyone to use the cashflows from their pharmacy job to find other sources of income. The answer is not in a book; everyone finds their own path. It's simply not enough to work and live month to month. I'm 30 years old, 7 years out of pharmacy school (with no help from parents), owe $270k on a $1M build custom home, fully paid off pharmacy school $200k (ya, I could have done better by putting money somewhere else, but the irrational side of me doesn't like owing ANYONE), have about $150k set aside in retirement accounts, bought my dream car, etc. I'm not anywhere near "rich," but I am comfortable and now only work 30hours a week. My job as a pharmacist pays the bills, but it's not enough to "make it." I can't say I've "made it" yet, but I'm getting closer.

if thats not rich than what is...You must have that Mitt Romney middle class is 200-250k mindset over there...

 

[pezdispenser]

Back to the OP from Jan 2012. On being 'rich', I think there are two camps:

- Those who think being rich is about SPENDING lots of money on material things that have no financial return, like renting a high-rise waterfront apartment, leasing a Lexus, vacations, clothes, watches, jewelry, etc. The OP is part of this camp.

- And those who think being rich is about HAVING lots of money and assets and earning lots of income, which usually comes by INVESTING that money, not spending it. I am part of this camp.

I had only 51k in student loans so it was easy to pay that off quickly. Personally I don't feel a great urge to spend lots of money on the aforementioned material things. So now I'm moving on to investing my disposable income into things that will generate passive income or returns. Currently making net of interest and expenses in the five-figure range but the big goal is to have a sustainable six-figure passive income so that I can reduce or quit my day job.

 

[Ackj]

I would encourage everyone to use the cashflows from their pharmacy job to find other sources of income. The answer is not in a book; everyone finds their own path.

What sort of things would you recommend? Many have mentioned real estate and renting out houses or apartments, but unless you own an entire complex, I don't think that puts you into a 7 figure home, and that certainly bumps up your hours worked. Do you have some other successful business that you've opened using pharmacy revenue?

 

[Momus]

Pharmacist does not make MUCH money. Getting $5000 take home pay (after 401k and backdoor ROTH) does not make me feel rich.

Heavy tax burden on upper middle class (>100,000) takes most of our income and leaves not much left for wants/luxuries. What makes me really angry looking at people come up to my counter with beers and cigarettes and complain that they can't afford $1 copay with their government handout insurance while we support 71% of federal taxes. There is no way around it. In order for me to feel "I make MUCH money", I'd need to be in upper class/the rich/capitalist class.

Maybe, I should also start making many babies and buy extravagant houses to get much of the tax deduction and pay 0 taxes like the rest of people I support. It will feel good if I can get a handout too.

 

[joetrisman]

Pharmacist does not make MUCH money. Getting $5000 take home pay (after 401k and backdoor ROTH) does not make me feel rich.

Heavy tax burden on upper middle class (>100,000) takes most of our income and leaves not much left for wants/luxuries. What makes me really angry looking at people come up to my counter with beers and cigarettes and complain that they can't afford $1 copay with their government handout insurance while we support 71% of federal taxes. There is no way around it. In order for me to feel "I make MUCH money", I'd need to be in upper class/the rich/capitalist class.

Maybe, I should also start making many babies and buy extravagant houses to get much of the tax deduction and pay 0 taxes like the rest of people I support. It will feel good if I can get a handout too.

If you are going to bring it up, you have to use the commonly accepted lingo: medicaid babies

 

[GodsSon2011]

Pharmacist does not make MUCH money. Getting $5000 take home pay (after 401k and backdoor ROTH) does not make me feel rich.

Heavy tax burden on upper middle class (>100,000) takes most of our income and leaves not much left for wants/luxuries. What makes me really angry looking at people come up to my counter with beers and cigarettes and complain that they can't afford $1 copay with their government handout insurance while we support 71% of federal taxes. There is no way around it. In order for me to feel "I make MUCH money", I'd need to be in upper class/the rich/capitalist class.

Maybe, I should also start making many babies and buy extravagant houses to get much of the tax deduction and pay 0 taxes like the rest of people I support. It will feel good if I can get a handout too.

...when was the last time you worry about being able paying the light bill or putting food on the table for your family??...if you can't remember than STFU you more blessed than others..

yes Medicaid people make me angry some times but brush it off..after work your hopinh into your bmw and going home