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Seven Figure Pharmacist - v2
You worked hard to become a pharmacist and earn a great six figure income. Unfortunately, this income does not guarantee you will be financially successful. Pharmacy schools do a great job of preparing you to be a competent and professional clinician but most do not provide education on personal finance.Written by pharmacists for pharmacists, Seven Figure Pharmacist has all the major personal finance topics to help you succeed. It’s organized into six prescriptions that cover how to make good financial decisions, develop a plan, protect and grow your income, pay off student loans and other debt, get started with investing, and learn the habits of the wealthy.
353 pages, paperback
Published June 5, 2017
14 people are currently reading
82 people want to read
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Displaying 1 - 4 of 4 reviews
June 12, 2021
*Book mailed to me upon graduation. Thank you!
This is a very helpful book for a new PharmD graduate, as it is targeted towards pharmacists in a declining job market with increasing tuition. It's just wonderful to read financial advice tailored to your profession. The Tim's are up to date on the current student loan average and the fact that many of us pursue postdoctoral training. (Note: I was surprised by the high salaries in the examples, and wondered if it's a bit generous. We've heard about hourly rates decreasing tremendously. Here are the estimates: https://www.ziprecruiter.com/Salaries.... Your expenses will also be different in San Francisco/ Boston ($2000 rent) vs. Indianapolis/ Durham ($800 rent), and the salary isn't always higher in the former due to saturation.)
Takeaways
- "Because it's painful to give up money once you've realized it, have all the money that you want to go toward retirement savings or other investments come directly from your payroll before you ever see a dime show up in your bank account."
- "Whenever you get a raise, consider increasing your retirement contribution by that same percentage or dollar amount."
- consider disability insurance
- "How do you know if you're ready to buy a house? [...] 1. out of debt 2. emergency fund 3-6 mo 3. 20% down payment"
- "Monthly mortgage payment [...] should not be more than 28% of your gross income."
- fixed interest rate for buying a home
- write down your goals and send progress reports to your friends
- in your budget, have a personal envelope
- sinking funds for irregular expenses like car repairs, annual purchases
- second pharmacy jobs can be found at PBMs, remote order verification, and LTC consulting
- itemized deductions include medical and dental expenses, sales tax or state and local income tax, mortgage interest, property tax, charitable contributions, unreimbursed employee expenses
- use itemized if > standard
- use the IRS withholding calculator: www.irs.gov/individuals/irs-witholdin...
- if you are working more than one job, you may be overpaying social security tax (max wage is $127,200 with tax rate 6.2%); enter this amount over on 1040 form line 71
- if you commute from one job to another, you can deduct the mileage between the two jobs
- groceries once a week with a plan for what you need
- app called Squeeze to compare cable, phone, Internet
- you will technically have two accounts (traditional, not Roth) with employer match, subject to tax
- are you vested?
- when you find a new job, can roll over existing balance to new 401(k), IRA (if you are taking time in between jobs, may need to pay taxes)
- Certified Financial Planner (CFP) to review your overall financial plan long term
This is a very helpful book for a new PharmD graduate, as it is targeted towards pharmacists in a declining job market with increasing tuition. It's just wonderful to read financial advice tailored to your profession. The Tim's are up to date on the current student loan average and the fact that many of us pursue postdoctoral training. (Note: I was surprised by the high salaries in the examples, and wondered if it's a bit generous. We've heard about hourly rates decreasing tremendously. Here are the estimates: https://www.ziprecruiter.com/Salaries.... Your expenses will also be different in San Francisco/ Boston ($2000 rent) vs. Indianapolis/ Durham ($800 rent), and the salary isn't always higher in the former due to saturation.)
Takeaways
- "Because it's painful to give up money once you've realized it, have all the money that you want to go toward retirement savings or other investments come directly from your payroll before you ever see a dime show up in your bank account."
- "Whenever you get a raise, consider increasing your retirement contribution by that same percentage or dollar amount."
- consider disability insurance
- "How do you know if you're ready to buy a house? [...] 1. out of debt 2. emergency fund 3-6 mo 3. 20% down payment"
- "Monthly mortgage payment [...] should not be more than 28% of your gross income."
- fixed interest rate for buying a home
- write down your goals and send progress reports to your friends
- in your budget, have a personal envelope
- sinking funds for irregular expenses like car repairs, annual purchases
- second pharmacy jobs can be found at PBMs, remote order verification, and LTC consulting
- itemized deductions include medical and dental expenses, sales tax or state and local income tax, mortgage interest, property tax, charitable contributions, unreimbursed employee expenses
- use itemized if > standard
- use the IRS withholding calculator: www.irs.gov/individuals/irs-witholdin...
- if you are working more than one job, you may be overpaying social security tax (max wage is $127,200 with tax rate 6.2%); enter this amount over on 1040 form line 71
- if you commute from one job to another, you can deduct the mileage between the two jobs
- groceries once a week with a plan for what you need
- app called Squeeze to compare cable, phone, Internet
- you will technically have two accounts (traditional, not Roth) with employer match, subject to tax
- are you vested?
- when you find a new job, can roll over existing balance to new 401(k), IRA (if you are taking time in between jobs, may need to pay taxes)
- Certified Financial Planner (CFP) to review your overall financial plan long term
This entire review has been hidden because of spoilers.
March 20, 2022
Great overview for pharmacy students and new practitioners for how to be wise with our finances. I love the examples used in the book and the activities to complete like the sample budget sheet and nest egg calculation.
As someone who loves making goals and planning for the future, the resources provided in this book helped me have a much more concrete view of what I want my financial future to look like and how to get there.
As someone who loves making goals and planning for the future, the resources provided in this book helped me have a much more concrete view of what I want my financial future to look like and how to get there.
February 14, 2021
so boring
February 6, 2024
Very informative on building wealth for those in the pharmacy profession.
Displaying 1 - 4 of 4 reviews