{"id":3733,"date":"2016-06-06T14:54:52","date_gmt":"2016-06-06T19:54:52","guid":{"rendered":"http:\/\/kbicblog.com\/blog\/pharmacy\/?p=3733"},"modified":"2016-09-14T18:32:24","modified_gmt":"2016-09-14T23:32:24","slug":"an-inside-look-into-a-pharmacists-income","status":"publish","type":"post","link":"https:\/\/kbicblog.com\/pharmacy\/industry-news\/an-inside-look-into-a-pharmacists-income\/","title":{"rendered":"An Inside Look into a Pharmacist&#8217;s Income"},"content":{"rendered":"<p>One day, I was sucking down ramen and realized that a few weeks later I would make more than a hundred grand at my first pharmacist job. Suddenly, the ramen didn\u2019t taste as good.<\/p>\n<p>I felt overwhelmed as I transitioned from a broke college student to a clinical pharmacist making <strong>$115,000<\/strong>, which is fairly close to the national average.<\/p>\n<p>I\u2019m slightly scared to share this because, well, no one does. But what compelled me to write this article was an overwhelming feeling that it is the right thing to do.<\/p>\n<p>Why? Because I would have <em>loved<\/em> to see this when I was in pharmacy school. I was baffled by an awesome income and struggled with managing my money.<\/p>\n<p>Pharmacy school didn\u2019t prepare me to do so, and I wasted a lot of cash because of it.<\/p>\n<p>So, I\u2019d like to give you an inside look:<br \/>\n<a href=\"https:\/\/s3.amazonaws.com\/pharmacytimes\/_contributor\/122588\/Screen%20Shot%202015-05-05%20at%206.51.42%20AM.png\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/s3.amazonaws.com\/pharmacytimes\/_contributor\/122588\/Screen%20Shot%202015-05-05%20at%206.51.42%20AM.png\" alt=\"An Inside Look into a Pharmacist's Income\" width=\"788\" height=\"474\" \/><\/a><\/p>\n<p>Before I share my budget, I want to give you the full experience of what it\u2019s like being a pharmacist on the money side of the career story.<\/p>\n<p>As a pharmacist, you may have thought about the coming pay increase, but it is very likely you have not figured out what you will spend it on specifically.<\/p>\n<p>It is\u00a0crucial to your success to be prepared to handle money, because managing it is one of\u00a0life\u2019s\u00a0greatest challenges:<\/p>\n<ul>\n<li>The \u201clove of money is the root of all evil.\u201d<\/li>\n<li>Money is\u00a0one of the top\u00a0reasons\u00a0for divorce.<\/li>\n<li>It\u2019s the most popular topic in non-fiction.<\/li>\n<li>Making money is what we humans do for most of our lives.<\/li>\n<\/ul>\n<p><em>Money isn\u2019t the most important thing in life, but it\u2019s <u>reasonably close to oxygen<\/u>\u00a0on the \u201cgotta have it\u201d scale.<\/em> -Zig Ziglar<\/p>\n<p>It\u2019s extremely important to start your career with the right mindset of intentionally controlling your money.\u00a0Otherwise, you may end up way overspending it, like I did.<\/p>\n<p>An alumnus acquaintance chose a different path with his money. He decided to buy the things he \u201ctruly\u201d wanted as soon as the paychecks came in. He bought a $300,000 home, new boat, new car, multiple cross-country road trips, dog, one of those self-propelled unicycles, and basically anything that caught his fancy.<\/p>\n<p>Now, he\u2019s regretting his decisions. The loan sharks are after him. He\u2019s had to sell the car, boat, and a bunch\u00a0of other knick-knacks on eBay. He\u2019s even thinking about selling his home.<\/p>\n<h3>Before we dive into details, you need to understand my worldview in order to understand my budget.<\/h3>\n<p>I believe my money is a gift and must be handled with care. I try my best to not waste it, but I&#8217;m generous with what I\u2019ve been given.<\/p>\n<p>I don\u2019t believe in America\u2019s consumer-based ideology of \u201cBUY IT NOW. MUST HAVE NOW.\u201d I believe debt makes me a slave. Why? Because I <em>must<\/em> repay this money. There is no legal way to avoid repaying debt.<\/p>\n<p>Once\u00a0debt\u00a0is eliminated, except for the house, I believe true wealth can easily accumulate, and then I can begin investing heavily in things like the stock market, real estate, and\u00a0startups.<\/p>\n<p>If I didn\u2019t have debt payments every month, I would free up roughly $3530 of my monthly income to spend on investments, vacations, or maybe even a jet ski.<\/p>\n<h3>My budget when I first started out as a pharmacist<\/h3>\n<h4>Monthly Income<\/h4>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>Gross Pay<\/td>\n<td>$9583<\/td>\n<\/tr>\n<tr>\n<td>After Taxes*<\/td>\n<td>$6283<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>*Does not include non-taxable investments<\/p>\n<p><a href=\"https:\/\/s3.amazonaws.com\/pharmacytimes\/_contributor\/122588\/Screen%20Shot%202015-05-05%20at%205.47.27%20AM.png\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/s3.amazonaws.com\/pharmacytimes\/_contributor\/122588\/Screen%20Shot%202015-05-05%20at%205.47.27%20AM.png\" alt=\"An Inside Look into a Pharmacist's Income\" width=\"842\" height=\"541\" \/><\/a><\/p>\n<table border=\"0\" width=\"271\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td nowrap=\"nowrap\">Normal Budget<\/td>\n<td nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td>Utilities(Norway &amp; DTE)<\/td>\n<td>$450.00<\/td>\n<\/tr>\n<tr>\n<td>Date Night<\/td>\n<td>$50.00<\/td>\n<\/tr>\n<tr>\n<td>House Payment<\/td>\n<td>$536.05<\/td>\n<\/tr>\n<tr>\n<td>Cell Phone<\/td>\n<td>$149.02<\/td>\n<\/tr>\n<tr>\n<td>Student Loans<\/td>\n<td>$866.00<\/td>\n<\/tr>\n<tr>\n<td>Car Payment<\/td>\n<td>$202.13<\/td>\n<\/tr>\n<tr>\n<td>Giving<\/td>\n<td>$650.00<\/td>\n<\/tr>\n<tr>\n<td>Restaurant<\/td>\n<td>$50.00<\/td>\n<\/tr>\n<tr>\n<td>Food<\/td>\n<td>$300.00<\/td>\n<\/tr>\n<tr>\n<td>Gas<\/td>\n<td>$200.00<\/td>\n<\/tr>\n<tr>\n<td>Grocery\/House Supplies<\/td>\n<td>$400.00<\/td>\n<\/tr>\n<tr>\n<td>Wiggle Room<\/td>\n<td>$100.00<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\">Savings<\/td>\n<td nowrap=\"nowrap\">$350<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\">Debt Reduction<\/td>\n<td nowrap=\"nowrap\">$1925.96<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3>Lots of caveats<\/h3>\n<p>I live in a very rural area, and my house only costed me $60,000. If you live in a metro area, you will likely never see this\u00a0price,\u00a0unless you find a repo home. My friend Paul at The Pharmacist Blog pays more than $1500 a month for housing in Seattle.<\/p>\n<p>I hate heating bills during winter. My utilities near $200 during the summer. I pay for 2 cell phones.<\/p>\n<p>My wife has roughly $32,000 in college debt. The monthly payment on her loans is around $200. We spend $1729.91 to eliminate her debt more quickly.<\/p>\n<p>I recently bought a new Mazda 5, which we call Marvin. He cost more than $14,000.<\/p>\n<p>I was very blessed after college to only graduate with $48,000 in debt. I was\u00a0able\u00a0pay my tuition during school with summer savings, part-time work, scholarships, and my parents&#8217; help.<\/p>\n<p><a href=\"http:\/\/www.pharmacytimes.com\/contributor\/alex-barker-pharmd\/2015\/04\/2015-pharmacist-salary-guide\" target=\"_blank\">According to one study<\/a>,\u00a0the average student has college debt around $112,000 after completing pharmacy\u00a0school.<\/p>\n<p>If I did have $112,000 in debt, my budget would look a lot different. Here&#8217;s how I would change my budget to tackle that debt faster:<\/p>\n<p><strong>Aggressive Budget<\/strong><\/p>\n<p><a href=\"https:\/\/s3.amazonaws.com\/pharmacytimes\/_contributor\/122588\/Screen%20Shot%202015-05-05%20at%205.47.39%20AM.png\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/s3.amazonaws.com\/pharmacytimes\/_contributor\/122588\/Screen%20Shot%202015-05-05%20at%205.47.39%20AM.png\" alt=\"An Inside Look into a Pharmacist's Income\" width=\"791\" height=\"501\" \/><\/a><\/p>\n<table border=\"0\" width=\"204\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td nowrap=\"nowrap\"><strong>AGGRESSIVE BUDGET<\/strong><\/td>\n<td nowrap=\"nowrap\"><strong>Budget<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Utilities(Norway &amp; DTE)<\/td>\n<td>$450.00<\/td>\n<\/tr>\n<tr>\n<td>Date Night<\/td>\n<td>$50.00<\/td>\n<\/tr>\n<tr>\n<td>House Payment<\/td>\n<td>$536.05<\/td>\n<\/tr>\n<tr>\n<td>Cell Phone<\/td>\n<td>$80.00<\/td>\n<\/tr>\n<tr>\n<td>Student Loans<\/td>\n<td>$866.00<\/td>\n<\/tr>\n<tr>\n<td>Car Payment<\/td>\n<td>$0.00<\/td>\n<\/tr>\n<tr>\n<td>Giving<\/td>\n<td>$650.00<\/td>\n<\/tr>\n<tr>\n<td>Restaurant<\/td>\n<td>$50.00<\/td>\n<\/tr>\n<tr>\n<td>Food<\/td>\n<td>$250.00<\/td>\n<\/tr>\n<tr>\n<td>Gas<\/td>\n<td>$200.00<\/td>\n<\/tr>\n<tr>\n<td>Grocery\/House Supplies<\/td>\n<td>$300.00<\/td>\n<\/tr>\n<tr>\n<td>Wiggle Room<\/td>\n<td>$50.00<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\">Savings<\/td>\n<td nowrap=\"nowrap\">$350<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\"><strong>Debt Reduction<\/strong><\/td>\n<td nowrap=\"nowrap\">$2397.11<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>I eliminated the car payment because we wouldn\u2019t have purchased a newer car with $112,000 in debt. The following funds were decreased to allocate more money to debt reduction: cell phone (I would get a track phone), food, grocery\/house supplies, and wiggle room.<\/p>\n<p>I would also consider assigning more side income to debt reduction. I\u00a0manage a\u00a0few side businesses, which form a nice side income. This would help destroy the $112,000 debt much faster. However, I did not include them in this report, as the majority of pharmacists only have one job.<\/p>\n<h3>Lessons learned about money in my first year as a pharmacist<\/h3>\n<p><strong>1. Hire help<\/strong><\/p>\n<p>Each of us has a busy life. I never have time to do everything I want.<\/p>\n<p>A mentor once told me, \u201cUse your money to buy time, not your time to make money.\u201d Rather than spending more time on my business, projects around the house, cleaning dishes, or mowing the yard, I hired some outside help. I spend my hard-earned cash to give myself more time to spend with the people I love.<\/p>\n<p><strong>2. Focus on the debt with the highest interest rate first<\/strong><\/p>\n<p>I started to throw my money at our new Mazda first. I thought, \u201cit\u2019s only $13,000. We can pay that off in 4 to 6 months.\u201d<\/p>\n<p>But, my wife&#8217;s college debt had a higher interest rate, so we plan to eliminate\u00a0her $32,000 college debt\u00a0by September. Is it possible? I believe so.<\/p>\n<p><strong>3. Always be generous<\/strong><\/p>\n<p>I wasn\u2019t born generous, but inspired by my wife, I attempt to train my brain to give more. I believe (and have experienced) that when I give more to others, I eventually receive the benefits 10-fold.<\/p>\n<p><strong>4. Take control of your money now<\/strong><\/p>\n<p>I recklessly spent money on things I didn&#8217;t need as a\u00a0first-year\u00a0pharmacist. I regret not having a budget and wasting thousands of dollars. But, you don&#8217;t have to experience my regret.<\/p>\n<p>Create a budget based on your priorities. Start today so that you don&#8217;t waste another day or dollar.<\/p>\n<p><strong>Dallas, TX<\/strong><\/p>\n<p><strong>By Alex Barker, PharmD<\/strong><\/p>\n<p><strong>Source: Pharmacy Times<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One day, I was sucking down ramen and realized that a few weeks later I would make more than a hundred grand at my first pharmacist job. Suddenly, the ramen didn\u2019t taste as good. I felt overwhelmed as I transitioned from a broke college student to a clinical pharmacist making &#8230;<\/p>\n","protected":false},"author":26,"featured_media":3736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[319,54],"tags":[140,89,143,142,8,144,141,15,6,92,22,25,7,23,17,58,59],"class_list":["post-3733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","category-industry-news","tag-an-inside-look-into-a-pharmacists-income","tag-career-advice","tag-clinical-pharmacist","tag-income","tag-kayebassman-international-corp","tag-money-management","tag-monthly-salary","tag-pharmacists","tag-pharmacy","tag-pharmacy-experts","tag-pharmacy-jobs","tag-pharmacy-news","tag-pharmacy-recruiting-practice","tag-pharmacy-recruitment","tag-pharmacy-team","tag-pharmacy-times","tag-pharmd","column","threecol","has-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pharmacy Recruiting<\/title>\n<meta name=\"description\" content=\"An Inside Look into a Pharmacist&#039;s Income. 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