https://www.bankrate.com/retirement/401-k-calculator/
If you play around with the numbers you can see even making low end 100k, getting a late start with $0 invested at 30 years old and assuming 0 salary growth and conservative returns $1 million in retirement can be achieved even with a pretty low percent contribution like 5% with a 2.5% match. Contribute 10-15%, most places match 4-5%, average salary is already a decent amount over 100k and will slowly grow over your career.
Plugging in my numbers working until I'm 65 with 15% contribution which I will probably bump up to max contribution soon, I should expect $7million just in 401k not including home/property, savings, HSA, Roth IRA, my personal brokerage account or any other assets I will have. This is also not including a dime of my girlfriend who is also a pharmacist.
Honestly if you make 6 figures W2 and don't become a millionaire it's your own fault.
This is just a 401k calculation and still leaves like 85-90% of your paycheck intact and doesn't include any other savings or investments. If you make 100k+ and can't afford to put 10-15% or more in a 401k with plenty left over you should reconsider your spending habits. Plenty of people have kids and make half as much or less.
I just wanted to chime in and say you are correct. I have four kids now and my wife stays at home with them. On track to pay off student loans in three years or less and then the house and I'm contributing the full 4% my company matches in the meantime and if I continue that based on 10% average rate of return we'll have $6.2M at age 67. And that's all Roth 401k and not assuming any additional contributions. It's definitely possible, people just need to learn to manage the salary they have:)
Did you record your stats? What was your avg day script count buy end of year 1? 2? 3? Profit per script?
Mine was 23/rx a day end of year 1. 52/day end of year 2. Averaged $13-14 per script after all fees.
Connections for sure help patients and docs know you are there, but it is ultimately the patient's choice. You mostly get them by straight up advertising and word of mouth
Maybe a better help would be, HOW people reached the million dollar mark. Honestly I'm seeing two camps in the comments, those that say pharmacist are middle class (which we are) and that we will never reach it, and those that have done it over time. Things to note:
1. It takes time, it won't happen overnight unless you hit the lottery.
2. You have to invest, if you did the max contribution to a 401K and your company matches, in about 15 years you should be half way there to a million, so if you have a spouse that earns similar, you could be dang close.
3. Live well within your means, I see many pharmacists being house poor. Don't buy more than you can afford or need. You're letting interest eat up any "equity" you think you may have.
4. Don't get caught up in the "if you can finance it you can afford it". Once again it boils down to interest being the thief of wealth. Sure you can leverage loans/interest to get things, and some of those things can be investments, but most of us just have consumer debt. And the whole student loan thing, most of us had it, stop complaining and pay it off aggressively. making it last the whole term just guarantees you'll pay more in interest.
There’s honestly no reason you can’t reach millionaire status, even multimillionaire status as a pharmacist. Contributing $1000 a month at the age of 25 to 65 would give you 2.4M. That doesn’t even factor in raise and company match. $1000 a month is very doable.
What math are you mathing?? There are 12 months in a year. $1,000 per month gives you $12,000/year. 65-25= 40 years. $12,000 × 40 = $480,000. In order to get 2.4 mil you'd have to contribute $5,000/mo for a total of $60,000/yr. Please correct me if i'm wrong because your answer doesn't make sense unless i'm missing something super obvious.
https://preview.redd.it/z2w29pt3xm9d1.jpeg?width=1179&format=pjpg&auto=webp&s=4837f037a4158a32833e392f37e277bcf58f34a6
Just use a calculator. Figure 7% over the time frame and you’ll see the compounding interest return he is talking about.
Your math above took no compounding interest into consideration at all
I didn't even know what compound interest was until they sent me the link. Nobodys ever taught me anything about this stuff. I'm 28 and still figuring out new things. And unless I know about it, its not something I can really research myself.
It's amazing stuff. I tell all my young technicians and whatnot about it. If the average 18 year old making $15 an hour puts in 5% of his income towards a 401k until they're 65, and never ever gets a raise, he'll still be a millionaire.
Just offering an easy way to look at it. Calcuator.net has tons of these.
Not only should you use it for investing, but if you have a car, house, student loans, etc, putting numbers in will continually blow your mind. Change the percent from 7 to 10% return and see what happens 🤯. This is why it is such a big deal right now with any loan rates. 5% vs 7% does not sound much different until you figure out what you are really paying the bank back. Cut your monthly payments in half and make those biweekly instead. Little things help tremendously. Glad you’re trying to learn now. The earlier you start, the more you will have down the road.
Go back up to the post by Time2Nguyen in regard to making 2.4 million. That is a 7% return on $1000 invested per month for 40 years to get that much.
Yes, S&P typically does better. Can input your own numbers based on looking at S&P trends to gather what you think it could go to then get your hopes up. Have to consider how long you want to work for/how much you need per year after retiring. Biggest advantage anyone has is time. The more you start with early, the more you will have or earlier you can retire.
Too many variables here- All pharmacists (vast vast majority) make about the same money.
Everyone starts with different amounts of debt and then the biggest wildcard is what is your total household income.
Took me 25 years but I lived a good life along the way have no debts , no mortgage , no regrets and my kids college is mostly taken care of.
It was much easier up till 15 years ago to do this. Even when we got hit by the 2008 Great Recession as long as one held their position in stocks mutual funds and kept buying stocks via dollar cost averaging we all made out far ahead of those losses.
So why was it easier? I can tell you that it has nothing to do with the effort or work ethic of younger Pharmacists. I am rooting for the youngsters and they are hard workers. Unfortunately the deck has been stacked against you.
Here are my top reasons why I say the deck is stacked against you.
1) the rate of rise of Pharmacy school tuition far far outpaced inflation. The schools oversell the prosperity of Pharmacy.
2) number of Pharmacy Schools went from 100 to 143 schools in 20 years. 2000 to 2020. Massive oversupply of Pharmacists. Time to close 40 schools a 100 is more than enough.
3) national Pharmacy organizations have pushed low paid residency and high cost certification exams mostly geared to Pharmacists 45 or younger. They take take take from the Pharmacist and offer nothing back. APHA is guilty but two of the big offenders are ASHP and ACCP who through Gate Keeping activities make it for only certain Pharmacists to get into Health Systems practice.
4) the power of compounding interest. The great Albert Einstein once said the most powerful thing he ever saw was the power of compounding interest.
Pharmacy used to be a 5 year BS and for those who wanted a Clinical Direction they went for the Post BS 2 year PharmD.
When the schools colluded to make the entry level 6 year PharmD degree this greatly pissed off the 2 year Post BS PharmD's I don't blame them.
The response? The 2 year Post BS Pharmacists in ASHP and ACCP pushed the idea of Pharmacy Residency which had been around since the 70's but no where near what it is today.
In a 2007 summer ASHP meeting the 2 year PharmDs most of whom never did a Residency codified and tossed this on to future generations.
Let's say that a bright student is 18 and wants to be a specialized Cardiology Pharmacist. As a footnote I don't know how an 18 year old would know that but play along if you will
That person gets their 4 year BS degree then goes to a 4 year PharmD school and then PGY1 PGY2 maybe a fellowship? That Pharmacist is 28 before they start making any real money likely with $200,000 plus in student loan debt. Wait until 25 after undergrad to make such a decision? That person is pushing their mid 30's before they make money.
Myself and my colleagues were all plowing money into retirement accounts by the age of 25. More time for the money to compound.
5) ASHP and ACCP will justify residency by well the MDs and DOs do it so can we. MDs and DOs start at a much much higher salary.
6) State Boards of Pharmacy APHA ASHP and ACCP have all abandoned community pharmacy. So have the schools of Pharmacy. Big mistake!
Last but not least
7) PBMs and Health Insurance companies have wrecked health care and taken any profit for themselves.
Want to be a millionaire? have no debt start saving earlier and put money in the stock market and start by age 25.
>As a footnote I don't know how an 18 year old would know that
Easy. You have a parent that simply push push pushes you in that direction, shoot down any other ideas you have, and you're a good, compliant little boy... because you're right, they certainly didn't come up with that themselves.
Not to distract from your other points, because that's right as well. You want to be a milionare? Graduate as young as possible, get to work, and invest now, you'll have over a million before you're 50.
Yeah, with salaries decreasing (or not changing at the rate they did years ago) and cost of living - only way you’re upper class is dual income, no kids. And your spouse has to be a higher earner as well. Starting out in the beginning of your career now is much different that 20-30 years ago. You can live a “comfortable” life but doesn’t make you rich.
I know. I remember my first day of pharmacy school clearly. I am stopping in a year because my husband will be 65 (on Medicare) and I will be 591/2 (able to withdraw from 401k penalty -free) and I can buy retirement health care insurance for just me.
I figured one more year to hit 59.5. My wife and I still have kids in college, so I need to work a few more years. Must be great to see retirement around the corner!
Congrats !
Have you already done research on getting health insurance on your own?
I’m planning to do the early retirement in a few years also and would be looking into this for myself
Hope you get a chance to celebrate 🎉
Congrats. I first worked as a tech in 1989 but graduated more than 5 years after you. Given the current state of things I believe that was about the perfect time to have begun working.
At this point in the life of modern civilisation, I feel that a kid would only be suffering.
There's a lot of things of why I think this. But the easiest to see ones are jobs/housing. The absurdity of wage stagnation horrendous. Don't even mention the loans.
Absolutely. It only perpetuates the cycle- you have kids- your kids have kids- etc. parents do not often think about the lives they are influencing by bringing a child into this world.
Married 30 years now. MIL asked if I was ok that I didn't have kids, I said yes. She said, yes I think so too. I was never one to think I can't wait to be a mom. BTW all I do think is wow you can really mess a kid up, it's not an easy job and it's costly!
As of now, I am a ''no kids'' type of person. In the case that I changed my mind, I'd only have 1 or 2 kids. Anything more and I won't be able to raise them right.
Too many people pop out kids yearly and then have money issues cause *surprise surprise* kids are expensive.
Sole earner w/ no kids here...definitely harder to save money when you also pay for everything else (college loans, mortgage, food, bills, etc). I had to pay off 95k in college loans, but luckily was able to buy my house in 2008 (was 27 years old).
I wouldn't say I'm rich, but I'm comfortable.
Other peoples timelines wont help you. Use an online calculator and estimate how much u will be able/willing to save each year. If you dont like how long it will take for you increase the number saved and figure out how to get there.
Depends on what you count as an asset.
I'm early thirties and currently have 200k in 401k/IRA, doing something like 12% of my income towards 401k and some extra into money market. I expect those accounts to total 1M by late 40's probably.
My wife and I bought a house in 2020 that we currently have about 150k equity in, so if you include that, we could say millionaire by mid 40's?
If you include other "assets" like cars, furniture, electronics, etc, I'd say millionaire by late 30's, early 40's.
Every single asset combined would probably easily make me a multimillionaire, if I add my collection of Star Wars figurines, bath mats, souvenir mugs and junk like that.
We have a one year old.
I should say, these are just MY numbers, my wife is also a pharmacist and has a bit more in her retirement accounts than me, so combined we're halfway there.
Graduated in 2012 but had loans and a family to support so never really got even close to millionaire status. Then in 2020-2021 when Tesla stock went parabolic we went from doing okay to set for life.
So I guess it really had nothing to do with being a pharmacist but the income from the profession did allow me to invest and get lucky in the mother of all stock pumps.
I'll let you know when I get there. 😭
I updated my nw xl sheets today and I'm at 780k NW.
Likely in the next year or two I'll be a NW millionaire. So 7-8 years total.
Yeah mine is homemade too! It’s the best way IMO. Gives you the most flexibility and doesn’t have too many parameters. Balance sheet and cash flow statement is all you need!
No offense, but i only see this as a reality if you’re extremely underpaid living in a really high cost of living area. I’m sure you were exaggerating but I live in Chicago and just began working 75 days ago.
I’ve made 26k total and have 11k saved after bills and loans and I haven’t been super frugal with me diet and such.
How are you in such a rough spot for two weeks a month?
Kind of same for me. I would be a millionare if I convert my saving from USA dollar into another currency. It still worth the same, just bigger number due to exchange rate.
My first million took a long time. 2 million much less and now over 3 million which took even less time. Graduated in the 1980’s and put my kids through college without debt. Still working retail but could retire anytime.
Takes money to make money.
Assets and net worth are two things.
I hit a mil in assets at 32 (graduated at 26) because I bought a house in 2020 and the real estate market shot through the roof value-wise. However, my net worth is not yet a mil because I still owe the vast majority of my mortgage. I’m on track to hit a million net worth in the next 2-4 years based on investments, retirement accounts, etc. unless the bottom falls out of the market.
Single earner, graduated pharm school at zero (zero debt, but also essentially zero assets. Just clothes furniture etc.)
Privilege. I’m the daughter of a physician and my parents’ philosophy was to gift us education now instead of maintaining their wealth until inheritance. I’m aware that I’m very lucky to have had that gift. I’ve had no financial assistance since; they set my siblings & me up for success with knowledge, and now it’s on us to support ourselves.
About 10 years, but very very lucky. Bought some BTC when it was in the 5 digit range, parents were able to pay for entire state school grad program.
A million on paper used to sound fantastic but the real number to fire for me is now around the 1.6 million mark.
probably at about late 40s...remember, depending on your exact job, your 50s are probably the decade where you make the most and it snowballs the most, and it does snowball...of course, i have no children and spend wisely but am in a high income area
A million in assets? I'm close and it's year 13 I'm a pharmacist. I'm counting my apartment's value too otherwise I'd be much further.
Net worth it's much less. I'll probably get to a million net worth in like 10 or 15 years depending on a few factors.
My partner and I combined are at about 275K in retirement and we started about 5 years ago and are still late 20’s/early 30’s. That’s on top of about 170K paid off in student loan principal in the same timespan.
We’ll probably continue at our aggressive clip for a couple more years and once we hit combined 500K pull back to just our employer match. I like to say we’ll leave pharmacy and get a fun job knowing our nest egg is secure but I don’t think I can ever leave; I genuinely like what I do and the financial part is just icing on the cake.
Graduated at age of 24 from pharm school. Wife is also a pharmacist who finished 2 years of residency at age of 26. Not including home equity, we hit 1 mil in savings/investments by around age of 36. Covid did knock our investments back a bit. Took about 2 years to recuperate. We got 2 kids and a dog. Just stay the course. Pay down your debt while maxing out 401k and IRA if possible.
Wife (also RPh) and I graduated 2016 with $373,000 in student loans. We bought 2 new vehicles shortly after graduation. Maxed both 401k’s in 2016 and every year since as well as IRAs most years and some additional investing outside those in money market account. All debt was paid off in June of 2022. We lived in a $950/month apartment until our debt was paid off and bought our house in fall of 2022. Not counting house or vehicles which I wouldn’t consider assets we reached millionaire status this year. We have 2 kids and live in LCOL area.
Bought first home in Vancouver at the right time. Sitting on a lot of equity.
My neighbour moved in some time early pandemic… moved out just over a year later and netted 800k
About 17 years. Maxing 401K and graduating with under 20K in loans helped. The market from 2000-2002 and 2008-9 hurt. 2M net worth took 24 years. Fell below that in 2022 but thanks to a very good past 20 months 2.5 has been achieved and I did the FIRE thing back then.
Most people overestimate their assets, so I only look at investment accounts and bank accounts. That being said it is very true the first million is the hardest. But it depends on how well you invest. I was alway interested in stocks and investing, so I put a good bit into these accounts early. It is possible to achieve it in your 30’s, but most should reach by your 40’s. You don’t want to run up a ton of debt and spend crazy. I know pharmacist that live paycheck to paycheck. I learned early it doesn’t matter how much you make, it is how much you invest. I always looked at the investment equation as a specific amount invested on a regular schedule through time equals wealth. So 50 dollars invested every month through 30 years will equal some wealth. Too things this equation doesn’t contain is how much you make or the interest rate on your investment. I hear people all the time say if I made more money I would invest or the interest is not high enough for me to invest, but the simple equation doesn’t contain those factors. It just takes time.
I'm about 1/10th of the way there, have around 100k of my apartment out of 500k and then maybe another 20-30k in stocks.
And it was saved up in 3 years... I've also been living life quite lavishly these past 3 years on the side could easily be more if I decided to buckle down and save.
Single, no kids. Bought property smart and at the right time, became millionaire on paper after 7-8 years, but that was from real estate appreciation and 401k growth, mostly. I also live well below my means.
I worked part time from '05 onward, so it took to my late 40's to get a 7 figure net worth.
Made some bad investments in the early 2000's, then after living through the dot com collapse and 2008 collapse, ended up investing in things that were too safe but didn't grow a whole lot like Coca-Cola and Johnson and Johnson.
Didn't get into growth stocks until the late 2010's.
Now I mostly work full time. And there are years where my investment accounts appreciate more than my yearly salary.
If I could double what I have in the market I could probably just live off dividends in an average middle class way. So basically all I really need to do is have index funds for the next 5-7 years to be 'independently wealthy'.
Single. Never married. No kids. I didn’t start contributing to a Roth or really get serious about a 401K until my late 30s because I’m an idiot. My new boss at the time read me the riot act and gave me a hilariously angry economics lesson in the stock room one afternoon. I’m 51, and I’m nowhere near it. I had to retire when I was 48, so it probably ain’t happening for me, fam. Maybe if Bitcoin seriously goes nuts, but that’s a long shot.
Ive got way more than I would have without that “coming to Jesus” speech, though. I’m thankful for that.
I’m not even in a pharmD program yet however, my dad was a non traditional student, got his Rph before I was born (2000) and went on to get his pharmD online until 2006. My parents aren’t always super clear with their finances but they have said it was hard until around 2008 (weird I know). Then they were stable and his career skyrocketed. He received numerous awards and elevated into higher management positions within inpatient. I believe he gained his current position ~2016.
Let’s just say it was enough to be “upper middle class” and all of my college (and part of my pharmacy school) was/will be paid for.
One time my dad and I were drinking together and he showed me their retirement fund balance. I couldn’t give you numbers, but they’re both retiring at 60 and will be a-okay!
(For added reference, my mom has always worked part time, mainly focusing on raising my bother and I but one we got older it was just because she could)
I am not choosing pharmacy because of the path he was able to pave for me. My dad (and mom) came from nothing so it makes him very proud to be able to live the life they live
Just paid my loans off. Quit my job. Not sure I will return to pharmacy. Bf is still working retail pharmacy as a pharmacist. I don’t think I can continue. Who knows what I’ll do?
Love this stat, not perfect but demonstrates a good point for OP. The median age of US households with a net worth of $1-10 mil is 62. Play that long game https://x.com/dollarsanddata/status/1799056859493490994?t=97Vh_inKKA7E_mxKCg9swQ&s=19
Unfortunately, never, if you, your spouse, or your child have any disabilities (MDD, Bipolar, Schizophrenia, BPD, OCD, autism, syndromes, etc.) or an illness. Stay healthy.
Pharmacist at CVS. Saving $20k per year in the company Roth IRA means that. I should be a millionaire for retirement in 50 years. I’m 35 now and I don’t plan to be a pharmacist for that long.
Besides retirement is one piece. I’m trying to pay off my student loans within the next 5-6 years, plus I need to save money (aside from retirement) plus I need spending money.
At 65 an hour or $125k per year, I lose 30% to taxes each year and I lose 20% each year to 401k. 10% each year is spent on college sports season tickets. 12% each year is spent on gas and food. 10% per year is spent on car insurance.
I don’t have a wife, no children, no mortgage.
My problem is, I don't think I could ever do this job for 15 more years, let alone stay with the same company that long. Event yet 38 more years of this bullshit. Thanks to interest on student loans, I'll be a negative multimillionaire when I retire. Just seems to me that anything I do save in my 401k, that I can access when I retire, will just go right back to fed gov't to finish paying student loan interest. My bank literally said 2075 is when I'll be considered debt free. I doubt living that long anyway 😂.
Anyone can become a millionaire. The only variables are savings rate and time. The more you save, the less time it takes you to get there.
https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
Probably 20 years with all assets, but a millionaire is nothing in today's world if we're still earning 2010's wage. We're not really building net worth and have less left over to keep investing more.
For my partner and I it took us 8 years since graduating to get ~1m in retirement accounts. SO works retail, I work industry and tbh it would not have been possible without my industry pay and annual bonus. We've prioritized saving over loan payments (saving >50% of our take home at times, and leveraging 401k, Roth IRA, and HSA accounts), and got really lucky in the pandemic to buy a reasonable but nice townhouse in a HCOL area (boarding vhcol). We drove a beater of a car for 10 years (just upgraded it this spring!), and have maximized credit card points to subsidize travel (although that is slowing down lately). It hasn't been easy, and we definitely live way more frugally than most of our non pharm friends, but it's been doable and we haven't been overly stingy with our discretionary spending. We still have ~100k in student loan debt, so it's been a trade off but I expect we'll focus on paying that down now that we've reached this recent milestone.
Honestly in anything more than a mcol area, 2 regular pharmacy salaries would really not be enough. Especially with recent inflation, my SOs salary has really not kept up (my annual raises outside of 1 promotion barely keep up with inflation), but we consider ourselves very lucky. I feel most of our pharmacy friends outside of industry are struggling a bit.
The next steps for us will be thinking about moving my SO away from retail (or moving down to part-time), even if it means taking a salary hit for them, it will probably be worth the less stress.
Wife and I both pharmacists graduated 16 years ago. Not including home equity became “millionaires” after 10 years. Hit 2 million 3 years later. Still hovering around 2 because we sold and built a house. We have 2 kids 9 and 7 and one of us has been part time since they were born until a couple months ago. We graduated one of the last years of the boom time and we worked well over 40 hours the first couple years and sacrificed actually seeing each other. Tried to be smart about purchases and always maximized 401k contributions. Also have one stock purchase that has been great to me.
We had 250,000 in student loans we paid off by working, not government gimmies. I feel like a fool for aggressively paying my student loans off in 4 years when now I have coworkers who borrowed triple what I did and didn’t make payments for 3 years and now make like 600-700$ monthly payments and will have them forgiven in a few years. I completely understand the debt burden is drastically different along with Stagnant wages and less opportunities for working extra, but it still doesn’t sit right with me. Off my soapbox.
All this to say by sacrificing, spending smart, prioritizing retirement contributions from the get you can build net worth with consistency and time. Do I feel wealthy absolutely not. Do I feel that I will be able to provide for our kids and retire at a decent age, for sure.
I became a pharmacist at 23. I became a millionaire at 27. Multi millionaire at 28. I could retire if I wanted to. Please note that most of this does NOT come from pharmacy - pharmacy is a middle class profession, and if you want true wealth you need to start a business. You cannot become wealthy just by being a pharmacist.
I'll take your word. Very easy to become wealthy even having 2/3 of the income of a pharmacist. Saving and investing 15-20% of that salary will put anyone over 1 million
Last post I saw it says he still lives with his parents. WHICH IS FINE if that works well for him & his family but it’s worth divulging you built up your savings bc of this.
I should be there within 5 years so ~18 years. I did not work in one of these high salary areas and made <100k for my first 6 years and took a year off as well.
 You guys become millionaires?
A what?
https://www.bankrate.com/retirement/401-k-calculator/ If you play around with the numbers you can see even making low end 100k, getting a late start with $0 invested at 30 years old and assuming 0 salary growth and conservative returns $1 million in retirement can be achieved even with a pretty low percent contribution like 5% with a 2.5% match. Contribute 10-15%, most places match 4-5%, average salary is already a decent amount over 100k and will slowly grow over your career. Plugging in my numbers working until I'm 65 with 15% contribution which I will probably bump up to max contribution soon, I should expect $7million just in 401k not including home/property, savings, HSA, Roth IRA, my personal brokerage account or any other assets I will have. This is also not including a dime of my girlfriend who is also a pharmacist. Honestly if you make 6 figures W2 and don't become a millionaire it's your own fault.
You obviously are not planning on having any children.
This is just a 401k calculation and still leaves like 85-90% of your paycheck intact and doesn't include any other savings or investments. If you make 100k+ and can't afford to put 10-15% or more in a 401k with plenty left over you should reconsider your spending habits. Plenty of people have kids and make half as much or less.
I just wanted to chime in and say you are correct. I have four kids now and my wife stays at home with them. On track to pay off student loans in three years or less and then the house and I'm contributing the full 4% my company matches in the meantime and if I continue that based on 10% average rate of return we'll have $6.2M at age 67. And that's all Roth 401k and not assuming any additional contributions. It's definitely possible, people just need to learn to manage the salary they have:)
Why would you? I don't understand how anyone can see all the diseases parents give their kids and choose to do it themselves.
 Dude, this is a Wendy's restaurant.
What rate of return are you expecting to reach $7MM?
7%. Use the calculator. Contribute 10%+ and you will be a multimillionaire
On paper.
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
Let me check. It’s within reach, as soon as I sell my wife and kids to the highest bidder.
I’ll give you $1
Sounds like a net profit for the seller
He'll be up 2 mil I reckon
I just bought a house and still have all of my loans so I’m almost a debt millionaire actually. I’ll never pay this shit off
Debt will die with me lol
Same! lol
Same
If I owe you $100, that's a me problem If I owe you $1,000,000, that's a you problem.
Same!
35, but mainly because I got lucky with my investments and bought AAPL and V back in 2008
BS Rph I bought a few lots of AAPL back then when a young Rph showed me his iPhone back then. That investment alone is near 7 figures.
Lol I own a pharmacy, I don't have any money
Should've become a millionaire, then. 
Ha. Does inventory count. If so, still not there.
Inventory, the cash flow killer
What’s the steps to start your own pharmacy? Like how do you get prescriptions to fill?
It's really slow going at first. You advertise and build a patient base.
Did you record your stats? What was your avg day script count buy end of year 1? 2? 3? Profit per script? Mine was 23/rx a day end of year 1. 52/day end of year 2. Averaged $13-14 per script after all fees.
Sounds about right for year one but I was up to around 70/day year two thanks to making the news a few times
Do you have to build connections with MD’s and clinics to have them send their scripts to you?
Connections for sure help patients and docs know you are there, but it is ultimately the patient's choice. You mostly get them by straight up advertising and word of mouth
15 years. Single income no kids.
Maybe a better help would be, HOW people reached the million dollar mark. Honestly I'm seeing two camps in the comments, those that say pharmacist are middle class (which we are) and that we will never reach it, and those that have done it over time. Things to note: 1. It takes time, it won't happen overnight unless you hit the lottery. 2. You have to invest, if you did the max contribution to a 401K and your company matches, in about 15 years you should be half way there to a million, so if you have a spouse that earns similar, you could be dang close. 3. Live well within your means, I see many pharmacists being house poor. Don't buy more than you can afford or need. You're letting interest eat up any "equity" you think you may have. 4. Don't get caught up in the "if you can finance it you can afford it". Once again it boils down to interest being the thief of wealth. Sure you can leverage loans/interest to get things, and some of those things can be investments, but most of us just have consumer debt. And the whole student loan thing, most of us had it, stop complaining and pay it off aggressively. making it last the whole term just guarantees you'll pay more in interest.
There’s honestly no reason you can’t reach millionaire status, even multimillionaire status as a pharmacist. Contributing $1000 a month at the age of 25 to 65 would give you 2.4M. That doesn’t even factor in raise and company match. $1000 a month is very doable.
What math are you mathing?? There are 12 months in a year. $1,000 per month gives you $12,000/year. 65-25= 40 years. $12,000 × 40 = $480,000. In order to get 2.4 mil you'd have to contribute $5,000/mo for a total of $60,000/yr. Please correct me if i'm wrong because your answer doesn't make sense unless i'm missing something super obvious.
Don’t you just love compound interest? It can be your best friend or worst enemy. Check out some investing videos on YouTube
Thank you! I will!
Check out why your network explodes after 100k.
https://preview.redd.it/z2w29pt3xm9d1.jpeg?width=1179&format=pjpg&auto=webp&s=4837f037a4158a32833e392f37e277bcf58f34a6 Just use a calculator. Figure 7% over the time frame and you’ll see the compounding interest return he is talking about. Your math above took no compounding interest into consideration at all
I didn't even know what compound interest was until they sent me the link. Nobodys ever taught me anything about this stuff. I'm 28 and still figuring out new things. And unless I know about it, its not something I can really research myself.
It's amazing stuff. I tell all my young technicians and whatnot about it. If the average 18 year old making $15 an hour puts in 5% of his income towards a 401k until they're 65, and never ever gets a raise, he'll still be a millionaire.
Just offering an easy way to look at it. Calcuator.net has tons of these. Not only should you use it for investing, but if you have a car, house, student loans, etc, putting numbers in will continually blow your mind. Change the percent from 7 to 10% return and see what happens 🤯. This is why it is such a big deal right now with any loan rates. 5% vs 7% does not sound much different until you figure out what you are really paying the bank back. Cut your monthly payments in half and make those biweekly instead. Little things help tremendously. Glad you’re trying to learn now. The earlier you start, the more you will have down the road.
Where are you getting 7% return?
S&P500 has long term historical gains better than this…
Go back up to the post by Time2Nguyen in regard to making 2.4 million. That is a 7% return on $1000 invested per month for 40 years to get that much. Yes, S&P typically does better. Can input your own numbers based on looking at S&P trends to gather what you think it could go to then get your hopes up. Have to consider how long you want to work for/how much you need per year after retiring. Biggest advantage anyone has is time. The more you start with early, the more you will have or earlier you can retire.
15 years
About 15 years after divorcing my ex, who seemed to think we had more money than we did and spent accordingly.
Too many variables here- All pharmacists (vast vast majority) make about the same money. Everyone starts with different amounts of debt and then the biggest wildcard is what is your total household income.
Took me 25 years but I lived a good life along the way have no debts , no mortgage , no regrets and my kids college is mostly taken care of. It was much easier up till 15 years ago to do this. Even when we got hit by the 2008 Great Recession as long as one held their position in stocks mutual funds and kept buying stocks via dollar cost averaging we all made out far ahead of those losses. So why was it easier? I can tell you that it has nothing to do with the effort or work ethic of younger Pharmacists. I am rooting for the youngsters and they are hard workers. Unfortunately the deck has been stacked against you. Here are my top reasons why I say the deck is stacked against you. 1) the rate of rise of Pharmacy school tuition far far outpaced inflation. The schools oversell the prosperity of Pharmacy. 2) number of Pharmacy Schools went from 100 to 143 schools in 20 years. 2000 to 2020. Massive oversupply of Pharmacists. Time to close 40 schools a 100 is more than enough. 3) national Pharmacy organizations have pushed low paid residency and high cost certification exams mostly geared to Pharmacists 45 or younger. They take take take from the Pharmacist and offer nothing back. APHA is guilty but two of the big offenders are ASHP and ACCP who through Gate Keeping activities make it for only certain Pharmacists to get into Health Systems practice. 4) the power of compounding interest. The great Albert Einstein once said the most powerful thing he ever saw was the power of compounding interest. Pharmacy used to be a 5 year BS and for those who wanted a Clinical Direction they went for the Post BS 2 year PharmD. When the schools colluded to make the entry level 6 year PharmD degree this greatly pissed off the 2 year Post BS PharmD's I don't blame them. The response? The 2 year Post BS Pharmacists in ASHP and ACCP pushed the idea of Pharmacy Residency which had been around since the 70's but no where near what it is today. In a 2007 summer ASHP meeting the 2 year PharmDs most of whom never did a Residency codified and tossed this on to future generations. Let's say that a bright student is 18 and wants to be a specialized Cardiology Pharmacist. As a footnote I don't know how an 18 year old would know that but play along if you will That person gets their 4 year BS degree then goes to a 4 year PharmD school and then PGY1 PGY2 maybe a fellowship? That Pharmacist is 28 before they start making any real money likely with $200,000 plus in student loan debt. Wait until 25 after undergrad to make such a decision? That person is pushing their mid 30's before they make money. Myself and my colleagues were all plowing money into retirement accounts by the age of 25. More time for the money to compound. 5) ASHP and ACCP will justify residency by well the MDs and DOs do it so can we. MDs and DOs start at a much much higher salary. 6) State Boards of Pharmacy APHA ASHP and ACCP have all abandoned community pharmacy. So have the schools of Pharmacy. Big mistake! Last but not least 7) PBMs and Health Insurance companies have wrecked health care and taken any profit for themselves. Want to be a millionaire? have no debt start saving earlier and put money in the stock market and start by age 25.
>As a footnote I don't know how an 18 year old would know that Easy. You have a parent that simply push push pushes you in that direction, shoot down any other ideas you have, and you're a good, compliant little boy... because you're right, they certainly didn't come up with that themselves. Not to distract from your other points, because that's right as well. You want to be a milionare? Graduate as young as possible, get to work, and invest now, you'll have over a million before you're 50.
Pharmacy is a middle class profession.
Especially with wage stagnation. 120k felt a lot more when we graduated 8 years ago, nowadays it feels sooooo average in a HCOL area
Upper middle class if sole earner. Upper class if you have a working partner.
and no kids
Yeah, with salaries decreasing (or not changing at the rate they did years ago) and cost of living - only way you’re upper class is dual income, no kids. And your spouse has to be a higher earner as well. Starting out in the beginning of your career now is much different that 20-30 years ago. You can live a “comfortable” life but doesn’t make you rich.
And I started 35 years ago, retiring next year 👏
Congrats! I’m about to hit a decade so I got a while to go
Thank you! I have an app on my phone counting down 😊. Good luck to you 🙏
That’s cute
It helps me get through each day!
Are some days at the pharmacy really tough?
Wow, hard to believe 1989 was 35yrs ago. I'm a 1989 grad too. Probably working until 62.
I know. I remember my first day of pharmacy school clearly. I am stopping in a year because my husband will be 65 (on Medicare) and I will be 591/2 (able to withdraw from 401k penalty -free) and I can buy retirement health care insurance for just me.
I figured one more year to hit 59.5. My wife and I still have kids in college, so I need to work a few more years. Must be great to see retirement around the corner!
It’s amazing!
Congrats ! Have you already done research on getting health insurance on your own? I’m planning to do the early retirement in a few years also and would be looking into this for myself Hope you get a chance to celebrate 🎉
My company offers retirement insurance.
Congrats. I first worked as a tech in 1989 but graduated more than 5 years after you. Given the current state of things I believe that was about the perfect time to have begun working.
This. My lineage ends with me. I'm not bringing kids into this dying world.
The planet will outlive humanity.
Not until the sun goes supernova in 4 billion years, I mean, what's the point of anything?
A fellow r/antinatalist ?
I feel like at this point, willingly having a child is just being selfish.
Absolutely agree with you. I believe, and it’s okay if your don’t agree, that it is morally wrong to bring new life in the world only for it to suffer
At this point in the life of modern civilisation, I feel that a kid would only be suffering. There's a lot of things of why I think this. But the easiest to see ones are jobs/housing. The absurdity of wage stagnation horrendous. Don't even mention the loans.
Absolutely. It only perpetuates the cycle- you have kids- your kids have kids- etc. parents do not often think about the lives they are influencing by bringing a child into this world.
Married 30 years now. MIL asked if I was ok that I didn't have kids, I said yes. She said, yes I think so too. I was never one to think I can't wait to be a mom. BTW all I do think is wow you can really mess a kid up, it's not an easy job and it's costly!
As of now, I am a ''no kids'' type of person. In the case that I changed my mind, I'd only have 1 or 2 kids. Anything more and I won't be able to raise them right. Too many people pop out kids yearly and then have money issues cause *surprise surprise* kids are expensive.
People in America don't know what upper class is
Sole earner w/ no kids here...definitely harder to save money when you also pay for everything else (college loans, mortgage, food, bills, etc). I had to pay off 95k in college loans, but luckily was able to buy my house in 2008 (was 27 years old). I wouldn't say I'm rich, but I'm comfortable.
The US, functionally, does not have a middle class.
Yeah and if you're not dumb you can easily become a millionaire by your late 40s with a middle class income. Earlier if you don't have kids
Other peoples timelines wont help you. Use an online calculator and estimate how much u will be able/willing to save each year. If you dont like how long it will take for you increase the number saved and figure out how to get there.
Depends on what you count as an asset. I'm early thirties and currently have 200k in 401k/IRA, doing something like 12% of my income towards 401k and some extra into money market. I expect those accounts to total 1M by late 40's probably. My wife and I bought a house in 2020 that we currently have about 150k equity in, so if you include that, we could say millionaire by mid 40's? If you include other "assets" like cars, furniture, electronics, etc, I'd say millionaire by late 30's, early 40's.
Every single asset combined would probably easily make me a multimillionaire, if I add my collection of Star Wars figurines, bath mats, souvenir mugs and junk like that.
If I had sat on my first print Walking Dead issues, I'd already be a millionaire 🤷
Do you guys have kids?
We have a one year old. I should say, these are just MY numbers, my wife is also a pharmacist and has a bit more in her retirement accounts than me, so combined we're halfway there.
Graduated in 2012 but had loans and a family to support so never really got even close to millionaire status. Then in 2020-2021 when Tesla stock went parabolic we went from doing okay to set for life. So I guess it really had nothing to do with being a pharmacist but the income from the profession did allow me to invest and get lucky in the mother of all stock pumps.
Forever since my husband is a nightmare with finances
I'll let you know when I get there. 😭 I updated my nw xl sheets today and I'm at 780k NW. Likely in the next year or two I'll be a NW millionaire. So 7-8 years total.
so your net worth about to be in the 1M club congrats! Can you share how you've got from 0 to 780K and how your getting to 1M.. thanks :)
Construct your own spreadsheet or found one online?
I did my own spreadsheet. It's just a simple list of everything I own added up and subtract all the debts. 😅 Nothing too fancy but it works for me
Yeah mine is homemade too! It’s the best way IMO. Gives you the most flexibility and doesn’t have too many parameters. Balance sheet and cash flow statement is all you need!
Between student loans and taxes, I’m still on ramen and water two weeks of the month..
No offense, but i only see this as a reality if you’re extremely underpaid living in a really high cost of living area. I’m sure you were exaggerating but I live in Chicago and just began working 75 days ago. I’ve made 26k total and have 11k saved after bills and loans and I haven’t been super frugal with me diet and such. How are you in such a rough spot for two weeks a month?
This just goes to show a million dollars isn’t what it used to be.
10 years to pay $265K in SLs and save $1M. I worked hard at it.
Good job man that’s the dream!
If we’re counting house equity, then 5 years. Without house equity, 7 years. This is with two earners
1 million in assets is completely different than net worth though. Who cares if you have 1 million in assets if you’re 2 million in debt?
I became a millionare after 8 months....my country's currency is 1/120 the worth of a dollar.
Kind of same for me. I would be a millionare if I convert my saving from USA dollar into another currency. It still worth the same, just bigger number due to exchange rate.
Graduated in 2017 net worth was -125k. Now I’m at about 600k NW. getting to a mil son
How many years until you plan to be at a mil.
Hopefully next 4-5 years
Became pharmacist at 26 and millionaire by 30 through real estate/rental properties. Husband is also a high earner as well
I paid off my loans in two years, hit 1MM 5 years later so around 7 years.
Depends if you have a spouse (who spends uncontrollably) and kids.
As a tech, at this rate about 1800 to 2000 years
Me as a tech reading these: 🧍🏼♀️
Same 🤣
Well up the ante mate! Retool if you can into a different industry or go study like the rest of us if you’re able.
What’s this mean?
Exactly.
Early 30s. Real estate helped. 40 now and almost 3x that.
Late 40's but I'm married to a home builder/entrepreneur/awesome money manager and he's flipped about 70 houses over the years
lol
My first million took a long time. 2 million much less and now over 3 million which took even less time. Graduated in the 1980’s and put my kids through college without debt. Still working retail but could retire anytime. Takes money to make money.
Assets, retirement, etc... I might be there. Of course the debt probably knocks it out though.
Assets and net worth are two things. I hit a mil in assets at 32 (graduated at 26) because I bought a house in 2020 and the real estate market shot through the roof value-wise. However, my net worth is not yet a mil because I still owe the vast majority of my mortgage. I’m on track to hit a million net worth in the next 2-4 years based on investments, retirement accounts, etc. unless the bottom falls out of the market. Single earner, graduated pharm school at zero (zero debt, but also essentially zero assets. Just clothes furniture etc.)
How the heck did you graduate with zero student loan debt?!?
Privilege. I’m the daughter of a physician and my parents’ philosophy was to gift us education now instead of maintaining their wealth until inheritance. I’m aware that I’m very lucky to have had that gift. I’ve had no financial assistance since; they set my siblings & me up for success with knowledge, and now it’s on us to support ourselves.
About 10 years, but very very lucky. Bought some BTC when it was in the 5 digit range, parents were able to pay for entire state school grad program. A million on paper used to sound fantastic but the real number to fire for me is now around the 1.6 million mark.
Retired Indy, was @7 years. Different age, but still can be done.
You’re making the techs cry. Loooool
probably at about late 40s...remember, depending on your exact job, your 50s are probably the decade where you make the most and it snowballs the most, and it does snowball...of course, i have no children and spend wisely but am in a high income area
Look at Mr. Money McMoneybags over here!
Who the hell became a millionaire as a pharmacist?
Lol
Will be just over 8 years for me.
A million in assets? I'm close and it's year 13 I'm a pharmacist. I'm counting my apartment's value too otherwise I'd be much further. Net worth it's much less. I'll probably get to a million net worth in like 10 or 15 years depending on a few factors.
My partner and I combined are at about 275K in retirement and we started about 5 years ago and are still late 20’s/early 30’s. That’s on top of about 170K paid off in student loan principal in the same timespan. We’ll probably continue at our aggressive clip for a couple more years and once we hit combined 500K pull back to just our employer match. I like to say we’ll leave pharmacy and get a fun job knowing our nest egg is secure but I don’t think I can ever leave; I genuinely like what I do and the financial part is just icing on the cake.
About 15 years. Approaching 2 mil now. 1/2 in retirement, the rest brokerage, house, cash. Would have surpassed this years ago if I was smarter.
At age 40
Graduated at age of 24 from pharm school. Wife is also a pharmacist who finished 2 years of residency at age of 26. Not including home equity, we hit 1 mil in savings/investments by around age of 36. Covid did knock our investments back a bit. Took about 2 years to recuperate. We got 2 kids and a dog. Just stay the course. Pay down your debt while maxing out 401k and IRA if possible.
Wife (also RPh) and I graduated 2016 with $373,000 in student loans. We bought 2 new vehicles shortly after graduation. Maxed both 401k’s in 2016 and every year since as well as IRAs most years and some additional investing outside those in money market account. All debt was paid off in June of 2022. We lived in a $950/month apartment until our debt was paid off and bought our house in fall of 2022. Not counting house or vehicles which I wouldn’t consider assets we reached millionaire status this year. We have 2 kids and live in LCOL area.
How did you buy your cars right after?
Bought first home in Vancouver at the right time. Sitting on a lot of equity. My neighbour moved in some time early pandemic… moved out just over a year later and netted 800k
First million at 29 years old. 31 now. Own 7 rural pharmacies plus rental real estate.
If you count equity in my house, about 15 years.
20 years.
About 17 years. Maxing 401K and graduating with under 20K in loans helped. The market from 2000-2002 and 2008-9 hurt. 2M net worth took 24 years. Fell below that in 2022 but thanks to a very good past 20 months 2.5 has been achieved and I did the FIRE thing back then.
Most people overestimate their assets, so I only look at investment accounts and bank accounts. That being said it is very true the first million is the hardest. But it depends on how well you invest. I was alway interested in stocks and investing, so I put a good bit into these accounts early. It is possible to achieve it in your 30’s, but most should reach by your 40’s. You don’t want to run up a ton of debt and spend crazy. I know pharmacist that live paycheck to paycheck. I learned early it doesn’t matter how much you make, it is how much you invest. I always looked at the investment equation as a specific amount invested on a regular schedule through time equals wealth. So 50 dollars invested every month through 30 years will equal some wealth. Too things this equation doesn’t contain is how much you make or the interest rate on your investment. I hear people all the time say if I made more money I would invest or the interest is not high enough for me to invest, but the simple equation doesn’t contain those factors. It just takes time.
1 million/ the money you save and Invest monthly
I have a million in my retirement account. Does that count?
I'm about 1/10th of the way there, have around 100k of my apartment out of 500k and then maybe another 20-30k in stocks. And it was saved up in 3 years... I've also been living life quite lavishly these past 3 years on the side could easily be more if I decided to buckle down and save.
Single, no kids. Bought property smart and at the right time, became millionaire on paper after 7-8 years, but that was from real estate appreciation and 401k growth, mostly. I also live well below my means.
I worked part time from '05 onward, so it took to my late 40's to get a 7 figure net worth. Made some bad investments in the early 2000's, then after living through the dot com collapse and 2008 collapse, ended up investing in things that were too safe but didn't grow a whole lot like Coca-Cola and Johnson and Johnson. Didn't get into growth stocks until the late 2010's. Now I mostly work full time. And there are years where my investment accounts appreciate more than my yearly salary. If I could double what I have in the market I could probably just live off dividends in an average middle class way. So basically all I really need to do is have index funds for the next 5-7 years to be 'independently wealthy'.
Single. Never married. No kids. I didn’t start contributing to a Roth or really get serious about a 401K until my late 30s because I’m an idiot. My new boss at the time read me the riot act and gave me a hilariously angry economics lesson in the stock room one afternoon. I’m 51, and I’m nowhere near it. I had to retire when I was 48, so it probably ain’t happening for me, fam. Maybe if Bitcoin seriously goes nuts, but that’s a long shot. Ive got way more than I would have without that “coming to Jesus” speech, though. I’m thankful for that.
Lulz
I am just glad I married a teacher with pension. Retired at 53 no pension for me,no millionaire
Ummm, three kids, two in college, youngest still in school...we barely have two dimes to rub together. And that's with two pharmacists' paychecks.
Me looking through the whole thread for the “I married rich” comments.
Ah. I can either laugh or end up crying.
Location you are selling your inventory weekly please
3 yrs, I sold foot pics online.
I’m not even in a pharmD program yet however, my dad was a non traditional student, got his Rph before I was born (2000) and went on to get his pharmD online until 2006. My parents aren’t always super clear with their finances but they have said it was hard until around 2008 (weird I know). Then they were stable and his career skyrocketed. He received numerous awards and elevated into higher management positions within inpatient. I believe he gained his current position ~2016. Let’s just say it was enough to be “upper middle class” and all of my college (and part of my pharmacy school) was/will be paid for. One time my dad and I were drinking together and he showed me their retirement fund balance. I couldn’t give you numbers, but they’re both retiring at 60 and will be a-okay! (For added reference, my mom has always worked part time, mainly focusing on raising my bother and I but one we got older it was just because she could) I am not choosing pharmacy because of the path he was able to pave for me. My dad (and mom) came from nothing so it makes him very proud to be able to live the life they live
32, but from using money I made as a pharmacist to invest in crypto.
Just paid my loans off. Quit my job. Not sure I will return to pharmacy. Bf is still working retail pharmacy as a pharmacist. I don’t think I can continue. Who knows what I’ll do?
I sold my kidney for 1 million rupees if that counts
Love this stat, not perfect but demonstrates a good point for OP. The median age of US households with a net worth of $1-10 mil is 62. Play that long game https://x.com/dollarsanddata/status/1799056859493490994?t=97Vh_inKKA7E_mxKCg9swQ&s=19
LOL. 😂🤬🤬🤬🤬🤬🤬🤬
Unfortunately, never, if you, your spouse, or your child have any disabilities (MDD, Bipolar, Schizophrenia, BPD, OCD, autism, syndromes, etc.) or an illness. Stay healthy.
Pharmacist at CVS. Saving $20k per year in the company Roth IRA means that. I should be a millionaire for retirement in 50 years. I’m 35 now and I don’t plan to be a pharmacist for that long. Besides retirement is one piece. I’m trying to pay off my student loans within the next 5-6 years, plus I need to save money (aside from retirement) plus I need spending money. At 65 an hour or $125k per year, I lose 30% to taxes each year and I lose 20% each year to 401k. 10% each year is spent on college sports season tickets. 12% each year is spent on gas and food. 10% per year is spent on car insurance. I don’t have a wife, no children, no mortgage.
42 years. Have to thank Fisher investments for finally breaching the ceiling.
My problem is, I don't think I could ever do this job for 15 more years, let alone stay with the same company that long. Event yet 38 more years of this bullshit. Thanks to interest on student loans, I'll be a negative multimillionaire when I retire. Just seems to me that anything I do save in my 401k, that I can access when I retire, will just go right back to fed gov't to finish paying student loan interest. My bank literally said 2075 is when I'll be considered debt free. I doubt living that long anyway 😂.
Anyone can become a millionaire. The only variables are savings rate and time. The more you save, the less time it takes you to get there. https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
Not anyone. You have to have disposable income to invest
Probably 20 years with all assets, but a millionaire is nothing in today's world if we're still earning 2010's wage. We're not really building net worth and have less left over to keep investing more.
For my partner and I it took us 8 years since graduating to get ~1m in retirement accounts. SO works retail, I work industry and tbh it would not have been possible without my industry pay and annual bonus. We've prioritized saving over loan payments (saving >50% of our take home at times, and leveraging 401k, Roth IRA, and HSA accounts), and got really lucky in the pandemic to buy a reasonable but nice townhouse in a HCOL area (boarding vhcol). We drove a beater of a car for 10 years (just upgraded it this spring!), and have maximized credit card points to subsidize travel (although that is slowing down lately). It hasn't been easy, and we definitely live way more frugally than most of our non pharm friends, but it's been doable and we haven't been overly stingy with our discretionary spending. We still have ~100k in student loan debt, so it's been a trade off but I expect we'll focus on paying that down now that we've reached this recent milestone. Honestly in anything more than a mcol area, 2 regular pharmacy salaries would really not be enough. Especially with recent inflation, my SOs salary has really not kept up (my annual raises outside of 1 promotion barely keep up with inflation), but we consider ourselves very lucky. I feel most of our pharmacy friends outside of industry are struggling a bit. The next steps for us will be thinking about moving my SO away from retail (or moving down to part-time), even if it means taking a salary hit for them, it will probably be worth the less stress.
Wife and I both pharmacists graduated 16 years ago. Not including home equity became “millionaires” after 10 years. Hit 2 million 3 years later. Still hovering around 2 because we sold and built a house. We have 2 kids 9 and 7 and one of us has been part time since they were born until a couple months ago. We graduated one of the last years of the boom time and we worked well over 40 hours the first couple years and sacrificed actually seeing each other. Tried to be smart about purchases and always maximized 401k contributions. Also have one stock purchase that has been great to me. We had 250,000 in student loans we paid off by working, not government gimmies. I feel like a fool for aggressively paying my student loans off in 4 years when now I have coworkers who borrowed triple what I did and didn’t make payments for 3 years and now make like 600-700$ monthly payments and will have them forgiven in a few years. I completely understand the debt burden is drastically different along with Stagnant wages and less opportunities for working extra, but it still doesn’t sit right with me. Off my soapbox. All this to say by sacrificing, spending smart, prioritizing retirement contributions from the get you can build net worth with consistency and time. Do I feel wealthy absolutely not. Do I feel that I will be able to provide for our kids and retire at a decent age, for sure.
I became a pharmacist at 23. I became a millionaire at 27. Multi millionaire at 28. I could retire if I wanted to. Please note that most of this does NOT come from pharmacy - pharmacy is a middle class profession, and if you want true wealth you need to start a business. You cannot become wealthy just by being a pharmacist.
Bro's post history is wildd.
I'll take your word. Very easy to become wealthy even having 2/3 of the income of a pharmacist. Saving and investing 15-20% of that salary will put anyone over 1 million
Last post I saw it says he still lives with his parents. WHICH IS FINE if that works well for him & his family but it’s worth divulging you built up your savings bc of this.
He had covid, and his feet still hurt.
I saw Covid Toes but didn’t open to read it
Unless you work for Publix.
What is your business?
If you're married, do you count your spouse or do you divide everything by 2?
I should be there within 5 years so ~18 years. I did not work in one of these high salary areas and made <100k for my first 6 years and took a year off as well.
Took about 30 years
[удалено]
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Remain civil and interact with the community in good faith
Almost 30 years and my 401k is almost there
It took me 6 months to be a millionaire in debt.
as soon as i sell my organs
12 years after graduation if you count real estate. It helps to have a spouse that wants to work.