What’s your back-up plan?

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Chrish

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Another one of doom and gloom threads. But with the way current market is, it’s not far fatched to assume lot of people would loose their jobs (lay-offs, salary decline etc.). So, if your pharmacy career doesn’t work out, what else would you do?

Have you already prepared for a rainy day?
 
:beat::beat:
Another one of doom and gloom threads. But with the way current market is, it’s not far fatched to assume lot of people would loose their jobs (lay-offs, salary decline etc.). So, if your pharmacy career doesn’t work out, what else would you do?

Have you already prepared for a rainy day?
 
well i live in san francisco so hopefully my two roommates who work for google will hire me in some capacity lol. one is in marketing and the other is a recruiter. so i'm freaking set. 🙂
 
Back up plan?

No one should need a backup plan. You shouldn't have joined in the first place if you do.
 
I want to be a real estate agent ....Housing market is so hot and it seems like my real estate agent makes 5x more than me last year.
 
Rental housing? Maybe? Today it feels like everyone needs a side gig just in case their entire industry gets canned.
 
Backup plan from work: Not necessary, civil service (and I already have the years such that if I RIF, I enter pension status). Backup plan for when my wife finds Husband 2.0 and wants to upgrade: If I get alimony, enjoy life as a bachelor in the country for the rest of my life. If I don't get alimony, enjoy life as a bachelor in the city for the rest of my life. As it stands, I'm looking forward to country living as the distance between our earnings keeps increasing as she outdistances me.
 
I want to be a real estate agent ....Housing market is so hot and it seems like my real estate agent makes 5x more than me last year.
HAHAHA.

I can't tell if this is a super meta joke or not
 
HAHAHA.

I can't tell if this is a super meta joke or not

I'm trying to find that old thread about real estate agents going back and reactivating their licenses. Still cracks me up that even after all that money, they couldn't be bothered use a day's pay for their license.
 
HAHAHA.

I can't tell if this is a super meta joke or not
HAHAHA.

I can't tell if this is a super meta joke or not
I am for real. I have her facebook account and everyday I see her posting houses sold ...sold ...sold....and her house is near by the beach. Also, she and her husband have a huge boat! Life is good for being a California estate agent!!!
 
I am for real. I have her facebook account and everyday I see her posting houses sold ...sold ...sold....and her house is near by the beach. Also, she and her husband have a huge boat! Life is good for being a California estate agent!!!

After all the real estate agents I have dealt with, I don't think that its hard to stand out. Build up a good office, reputation and business connections and be type a. How hard is it to tell someone that laminate flooring, is well, laminate flooring. I think the hardest part would be dealing with the fluctuations in the housing market.
 
My back up plan is to come work for this guy. He has a solid plan. lol

I have lots of them.

Move abroad and become a pharmacist. They still need people in Ireland and rural Australia.

Become a financial planner.

Open pharmacy in one of the many pharmacy deserts in the US.

Stage a Marxist revolution.
 
I am 30 and don't have the loans and after counting my 401k, my net worth is around 400k. But If something were to happen to my job, I would need another steady source of income. But at this point I have no idea what that is other than keep looking for another opportunity anywhere in the country..
I agree with you original post. The market is going on a fast ride downhill. Even if you do not lose your job, they might cut your hrs and/or force you to work 25 worth of hrs in 12 hrs shift. The influx of all of these new grads coming out of all these newly schools that started opening in the past 10 years is scewing the offer-demand balance. Guess who was behind these new schools, yes your right, big corps like cvs and wags. All big chains are laying off rphs who’s been with them for years to hire younger and cheaper rphs. Salaries are increasing like a turtle compored to a skyrocketing inflation. A pharmacist salary of 120k a year these days is actually worth around 90k. And do let me start on the miserable and inhuman coditions for pharmacists. Texas board used to have 2:1 techs to rph rule. Now, it’s 4 to 1, guess who is benefiting of that rule, the public, the rph, hell no, it’s the big corps
 
Someone on Reddit posted that there is a shortage of community pharmacists in Malta.

Wonder if they can take a few US grads who are $200k+ in debt.
 
Looked into it...they only pay like $20k a year. That's why there is a shortage.

That's a little misleading though. Yeah, it's $20k net pay, but like most MoH-style situations, you get government housing, you don't pay taxes except VAT (which is designed as anti-consumer), you get government food, and your health insurance/social benefits/job protection issues are taken care of as a civil servant. That's why I have these conflicts with my German counterpart in the Beamte. He gets "paid" 50% of what we do, but on the other hand, the benefits package is so ridiculous (and plus the work standards are less than 50% of what even the US expects out of their civil service) that it's quite a fair deal. The only reason that I don't take it is due to my family circumstances, but I'd happily be a C3/C4/W3 salary line imbecile at Heidelberg any day over the grind here (Pay is something like USD$91k at the highest C4 level, but with a secretary and a house servant, that would be an improvement on my lifestyle than getting paid double that in the civil service).

The major difference about the US way of compensation is that you get paid money, and that's it. You're free to use the money as you wish, but your job is conditional, your benefits are crap, and your productivity has to be higher (and if you are in the upper ranges like us, you do work damn hard for the money). It's an interesting tradeoff, because with money, you get freedom, but not security. Socialist models favor security over freedom. They both have their good and bad points. If most of us are losers in the capitalist sense (like career techs), then a socialist system works better. But we're not economic losers, we do benefit from this free system, it's just a lot more stressful than the fixed situation. At least, you're free to spend your money to ease your spiritual suffering, and without VAT and with subsidies from China, there's no better place on Earth to be a materialist.

I know you've asked what's the difference between you working versus being broke on the dole, but still have something. You still work, so there is something to be said. I find the situation in Europe to be unsustainable without immigration, because being offered such a great deal for little work, the upper educated stop working because why bother if a peon job makes 80% of what you do (so, pharmacy techs do that well over there not because they are paid handsomely, but because pharmacists are not paid well there). On the other hand, you don't have the sense of working class tensions that the US continually has.

The place I don't understand is why would someone go to Canada, which has crap for social benefits and outreach, but is paid 70% at best compared to the US for technical skill? I guess it just means everyone is poorer there.
 
Open a marijuana dispensary in Colorado.

There are a lot already. If you get your med badge you can make $15 per hour an up just trimming buds. There a lot of jobs created by the marijuana industry in Colorado, but in looking for jobs I found out that West Virginia requires a licensed pharmacist to be in charge of the dispensary, job ads are actually posted on indeed.
 
Pick up a new skill fast. I am a fast learner. I am already FI with my savings more than 10X income. Dividend, rental profit, and savings overseas give me about 2x expenses/yr but I am just too young to retire. Once I hit 45-50 yo, I bet my desire to work/learn a new thing will dwindle fast. If I get a forced retirement during that time, I'll just relax and take it easy. I am also expecting pretty significant inheritance that's worth in the millions in my 60s as a bonus. Although I don't really care about it that much since I am already FI.
 
That's a little misleading though. Yeah, it's $20k net pay, but like most MoH-style situations, you get government housing, you don't pay taxes except VAT (which is designed as anti-consumer), you get government food, and your health insurance/social benefits/job protection issues are taken care of as a civil servant. That's why I have these conflicts with my German counterpart in the Beamte. He gets "paid" 50% of what we do, but on the other hand, the benefits package is so ridiculous (and plus the work standards are less than 50% of what even the US expects out of their civil service) that it's quite a fair deal. The only reason that I don't take it is due to my family circumstances, but I'd happily be a C3/C4/W3 salary line imbecile at Heidelberg any day over the grind here (Pay is something like USD$91k at the highest C4 level, but with a secretary and a house servant, that would be an improvement on my lifestyle than getting paid double that in the civil service).

The major difference about the US way of compensation is that you get paid money, and that's it. You're free to use the money as you wish, but your job is conditional, your benefits are crap, and your productivity has to be higher (and if you are in the upper ranges like us, you do work damn hard for the money). It's an interesting tradeoff, because with money, you get freedom, but not security. Socialist models favor security over freedom. They both have their good and bad points. If most of us are losers in the capitalist sense (like career techs), then a socialist system works better. But we're not economic losers, we do benefit from this free system, it's just a lot more stressful than the fixed situation. At least, you're free to spend your money to ease your spiritual suffering, and without VAT and with subsidies from China, there's no better place on Earth to be a materialist.

I know you've asked what's the difference between you working versus being broke on the dole, but still have something. You still work, so there is something to be said. I find the situation in Europe to be unsustainable without immigration, because being offered such a great deal for little work, the upper educated stop working because why bother if a peon job makes 80% of what you do (so, pharmacy techs do that well over there not because they are paid handsomely, but because pharmacists are not paid well there). On the other hand, you don't have the sense of working class tensions that the US continually has.

The place I don't understand is why would someone go to Canada, which has crap for social benefits and outreach, but is paid 70% at best compared to the US for technical skill? I guess it just means everyone is poorer there.

I get that...but $20k a year is still ****. At least in, say, England, with the NHS you get more than twice that (and a fantastic pension plan). If you read publications from the Maltese Pharm orgs, they pretty much complain that they get paid roughly as much as a gas station attendant.
 
My active plan that I'm actually doing, not backup:
1. Paid off all loans and mortgage so that I can comfortably live on ~24k/yr.
2. Invest the rest so that it snowballs and makes more than my RPh salary. Already making 10k/mo but it's not stable.
3. Milk my current job until I get replaced by robots/AI. I have a very laid back work at home job but it's not hard to see how I can be replaced.
4. Retire and live off investment income.
 
Retire from retail in 5-10 years, rely on my rental incomes and stock investment, live frugally until I'm eligible for social security.

I sure hope the rentals aren't located in a municipality w/ unfunded pension gaps.

And what if US markets do a Nikkei from 1990-present?

And SS will be going cash flow negative soon. Instead of accumulating Treasuries it will be dishoarding.
 
I have lots of them.

Move abroad and become a pharmacist. They still need people in Ireland and rural Australia.

Become a financial planner.

Open pharmacy in one of the many pharmacy deserts in the US.

Stage a Marxist revolution.

OR move to the Dominican Republic (I hear it's humid as hell), open closed door internet pharmacy.

Become a janitor for the San Francisco Bart system. 250K potential with overtime.
 
I sure hope the rentals aren't located in a municipality w/ unfunded pension gaps.

And what if US markets do a Nikkei from 1990-present?

And SS will be going cash flow negative soon. Instead of accumulating Treasuries it will be dishoarding.

Then we activate Operation: Shack in the Woods.
 
If you don’t mind, can you share your portfolio? Like what percentage in 401k vs index vs individual stocks? I am just curious how much money do you have to invest to be able to completely live off that income?
I have 662k in investments and a paid off house worth around 420k.
287k 401k all in index funds.
130k Roth IRA to trade individual stocks tax free.
245k in taxable investments including index funds, long term stocks, ESPP, cash, bonds.

Paying off the mortgage was a major game changer because my expenses dropped dramatically, and I realized I don't need to work much or save much for retirement if I'm only spending 24k/yr. But for now, since I still have a job that I like, I just use the extra cash flow to max out all tax breaks and invest more aggressively in individual stocks, etc.
 
Wonder how many new/recent grads will end up moving abroad to dodge student loan payments as the job market continues to tank.
 
I have 662k in investments and a paid off house worth around 420k.
287k 401k all in index funds.
130k Roth IRA to trade individual stocks tax free.
245k in taxable investments including index funds, long term stocks, ESPP, cash, bonds.

Paying off the mortgage was a major game changer because my expenses dropped dramatically, and I realized I don't need to work much or save much for retirement if I'm only spending 24k/yr. But for now, since I still have a job that I like, I just use the extra cash flow to max out all tax breaks and invest more aggressively in individual stocks, etc.

You mind telling us if you are married and how old you are? I'm about halfway to where you are.
 
I have 662k in investments and a paid off house worth around 420k.
287k 401k all in index funds.
130k Roth IRA to trade individual stocks tax free.
245k in taxable investments including index funds, long term stocks, ESPP, cash, bonds.

Paying off the mortgage was a major game changer because my expenses dropped dramatically, and I realized I don't need to work much or save much for retirement if I'm only spending 24k/yr. But for now, since I still have a job that I like, I just use the extra cash flow to max out all tax breaks and invest more aggressively in individual stocks, etc.

That's awesome. Thankfully my loans and car note have been paid off for a while and I own a nice, cheap townhouse, but I couldn't imagine having that much in investments. My net worth is over 300K, but it's just my retirement, savings (both about equal), and spending money for bills and recreation. Any tips to get on your level?
 
Then we activate Operation: Shack in the Woods.

It's becoming harder and harder to opt out and live off the grid with this 2030 agenda being shoved down our throats. I'm not sure Kaczynski could do what he did today with the surveillance grid what it is. You hear these horror stories of agents raiding farms that want to produce raw milk or parents opting for home schooling and you can see we really do live in an open air prison.

It'll be interesting to see what happens when localities decide to go off on their own as this crisis deepens. At some point people will realize the benefits of federal transfer payments are outweighed by the headaches. Remember the Conch Republic? Nobody gets out w/o a tank rolling down Main Street.
 
You mind telling us if you are married and how old you are? I'm about halfway to where you are.
Single and 36. Leading the Millennial generation. Yes time is a major factor in investing and compounding so don't try to compare yourself directly to others without adjusting for it.
 
That's awesome. Thankfully my loans and car note have been paid off for a while and I own a nice, cheap townhouse, but I couldn't imagine having that much in investments. My net worth is over 300K, but it's just my retirement, savings (both about equal), and spending money for bills and recreation. Any tips to get on your level?
Tip borrowed from Dave Ramsey: personal finance is 80% behavior and only 20% head knowledge.

For the 20% head knowledge part, a lot of stuff you hear from others, especially on the internet is flawed anyway, or doesn't really apply to your situation. Not to mention all the critics and naysayers out there. You need to know basic financial principles and taxes, but don't spend too much time on this, otherwise you could be all talk and no action.

Instead focus on the 80% behavior part. Everyone's life and finances are going to be different, things don't always go your way, and a lot is not even under your control. But if you develop good financial habits and actually take actions (and reactions) to achieve your financial goals, then you will learn to control your behavior and use it to influence your finances for the better.
 
That's awesome. Thankfully my loans and car note have been paid off for a while and I own a nice, cheap townhouse, but I couldn't imagine having that much in investments. My net worth is over 300K, but it's just my retirement, savings (both about equal), and spending money for bills and recreation. Any tips to get on your level?

Best advice? Live through a recession. Any pharmacist who has been working for the past 10 years should be doing extremely well.
 
You mind telling us if you are married and how old you are? I'm about halfway to where you are.

What are your goals? Are you looking to retire downtown San Francisco, CA or Seattle, WA? Or are you looking to check out of the rat race and retire abroad as soon as you are able to? It's the difference between a. never retiring and b. retiring at 52 or 55 and enjoying yourself.

Everyone's goals are different. So do not compare yourself to others. Do YOU. Do no one else.
 
My active plan that I'm actually doing, not backup:
1. Paid off all loans and mortgage so that I can comfortably live on ~24k/yr.
2. Invest the rest so that it snowballs and makes more than my RPh salary. Already making 10k/mo but it's not stable.
3. Milk my current job until I get replaced by robots/AI. I have a very laid back work at home job but it's not hard to see how I can be replaced.
4. Retire and live off investment income.

The above points, in the same order is my plan too. If you don't mind me asking, would you please PM me where do you invest? I mostly invest in gold and a few in bitcoin, but I m not getting much out of it. Also, do u work in the pharmaceutical industry?
 
If something were to happen to my high senority union Rph job. My back up:
1.Switch my PT hustling gig to FT (non pharmacy related). There are months where I made more than pharmacist salary but it has no benefits
2. Rely on my wife more for health care benefits etc. She make almost twice as me with bonus & I'll take care all the house duties & kids.
3. Live more frugal (eating out, extreme coupon, etc)
4. Worst case scenario: move to low cost living area

Actively:
1.Trying to pay off all loans
2. Hustling gig part time to pay off expense
3. Live below my means (house, cars, etc)
4. Invest & diversify
5. Frugal whenever I can (don't pay retail price)
 
If something were to happen to my high senority union Rph job. My back up:
1.Switch my PT hustling gig to FT (non pharmacy related). There are months where I made more than pharmacist salary but it has no benefits
2. Rely on my wife more for health care benefits etc. She make almost twice as me with bonus & I'll take care all the house duties & kids.
3. Live more frugal (eating out, extreme coupon, etc)
4. Worst case scenario: move to low cost living area

Actively:
1.Trying to pay off all loans
2. Hustling gig part time to pay off expense
3. Live below my means (house, cars, etc)
4. Invest & diversify
5. Frugal whenever I can (don't pay retail price)

Just curious...what is your side gig?


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Move back in with my folks and live the NEET life.

This used to be my plan till my parents died. Now my back up is to live in my car and live the NEET life in a city with free internet (starbucks), electricity (starbucks) and water (public restroom).
 
This used to be my plan till my parents died. Now my back up is to live in my car and live the NEET life in a city with free internet (starbucks), electricity (starbucks) and water (public restroom).

I could have sworn there was a NEET depilatory product ( I'm tired of trimming my nose hairs which seem to grow like crazy the older I get), but all I could find is VEET.
P15502347.jpg

Did the manufacturer change the brand name due to stigma of the NEET term? LOL.
 
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