First big purchase?

[BlueCrayon]

I think it really depends on your current financial situation and AGE...It sounds like most people went from undergrad to pharmacy and will be 25-26 when they finish, having pretty much nothing and just getting out in the real world. In that situation, I probably wouldn't just go out and blow a bunch of money right away. I don't mean that as a put down in any way, but I'll be 36 when I finish and I CERTAINLY plan on splurging a little bit! I already have a house, 3 vehicles and some retirement saved up (and married with a 2 year old daughter) so I'm not quite in the same boat as a lot of people...plus I'll only have around 50,000 debt. I would probably get a nicer house with more land and probably a couple newer vehicles and dump a lot into retirement. I don't need to be loaded, just hate living paycheck to paycheck. I'd be quite happy with a new grand cherokee and a pickup truck for the winter and maybe splurge on a camaro, challenger or a G8 or something for a summer cruiser.

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[DoctorRx1986]

inconvenient? more like embarrassing!

Home is where fresh graduates of undergrad go for 2....mmm....3 years TOPS to figure things/save money. Graduates of pharmacy school with earning potential over six figures don't need to go home, they need to plan correctly and be on their own like normal people.

Debt is a part of life....if you're that debt averse, sounds like you're going to break out into night sweats so long as you carry a balance on ANYTHING, so I suggest a change in mentality or you're going to be stressed out for the next 30 years carrying student loans, a mortgage, car loan, etc.... Balance yourself, don't wage a full frontal attack on debt....better yet, go talk to a real financial planner, not your parents' jibber jabber.

Confettiflyer, what do you expect, man? $150,000 debt is absolutely no laughing matter. I have NEVER been in any kind of debt or owed any money to anyone. I have only one credit card and I pay my balance in full everytime I make a payment. Never use it for stupid things such as getting some pizza, some gadget or toy, etc... Just important things or emergencies. Therefore, going from zero debt to $150k is a big deal and very scary to me. I just happen to fantasize that even with a pharmacist's salary, I will be living paycheck to paycheck and will never be able to pay that debt off. That's my number one biggest fear. Sure, debt is a part of life, but tell me...how many people in this country have a debt of $150,000? I used to work part-time in sales and would speak to hundreds of customers from all over the US each day. Most of them would tell me they're in debt up to $14,000 or more on credit cards...perhaps up to $30,000. But never did i encounter anyone with 150 k . That just freaks me out.

 

[CD5]

*

 

[Tuck]

Confettiflyer, what do you expect, man? $150,000 debt is absolutely no laughing matter. I have NEVER been in any kind of debt or owed any money to anyone. I have only one credit card and I pay my balance in full everytime I make a payment. Never use it for stupid things such as getting some pizza, some gadget or toy, etc... Just important things or emergencies. Therefore, going from zero debt to $150k is a big deal and very scary to me. I just happen to fantasize that even with a pharmacist's salary, I will be living paycheck to paycheck and will never be able to pay that debt off. That's my number one biggest fear. Sure, debt is a part of life, but tell me...how many people in this country have a debt of $150,000? I used to work part-time in sales and would speak to hundreds of customers from all over the US each day. Most of them would tell me they're in debt up to $14,000 or more on credit cards...perhaps up to $30,000. But never did i encounter anyone with 150 k . That just freaks me out.

Two things I guess I will mention. First, there is something wrong with living at home past 20 IMHO. There is really no reason for anyone to be imposing upon their parents, and if a person were to live at home then they should be paying rent/food/utilities just like anywhere else. Secondly, 150k is not a lot of debt when you consider the salary you can command as a pharmacist
The vast majority of home owners are in debt significantly more than that. It basically factors out to around $900 a month @ 6.5% interest. When you consider that you will be making a minimum of $50/hr that is basically 3 days a month after taxes to make the payment. That leaves you with a minimum of 17 days per month of salary that can go to your other expenses. In fact, if you had a $500,000 loan @ 6.5% you could still pay the bills as it would be around $3100 a month. Your monthly net pay will be close to $5000 after deducting taxes and over $1200 a month for 401k should you choose to make it. So even with $150k loan, paying taxes, and maxing your 401k you will still have around $4000 a month to live on. If you still want to live at home then there is really something wrong. Either that or your parents live in a 14000 sqft house and it comes with servants to take care of your every need.

 

[Jbuprepharm]

I'm 23, and I would be embarrassed to live with my parents unless they had a ginormous house and were renting me my space, and even then...

 

[medicalCPA]

I'd be quite happy with a new grand cherokee and a pickup truck for the winter and maybe splurge on a camaro, challenger or a G8 or something for a summer cruiser.

And speaking of cars, I would be happy with a Ford Focus hatchback, or a Mazda 3. I have a thing for small vehicles...

 

[Allure]

how am I going to work at a job possibly making no more than $10 per hour to afford paying any of the exorbitant fees that are part of a pharmacy education? That just doesn't cut it and besides, working while in pharmacy school is probably not a very good idea for grades and stress levels. This is no longer undergrad.

Uh...Walmart pays me $14/hour (and that's low), so I don't know what you're talking about making less than $10/hour. It might come as a surprise to you, but a lot of people work while in pharmacy school.

 

[PHARMDhope2b]

I dont know, but its something about you replies that bother the **** outta me. 1. this is a fun (supposed to be) thread. And you are killing it with your reasonings for not buying anything (car, house, etc.) and telling us about how little you make and how much you will be in debt. WE ARE IN PHARMACY SCHOOL TOOOOOOOOOOOOOOO!!!!, who are you trying to convince? We know how it is, and i attend a private school.

2. Yes you are going to need a tax write off with your salary, so buy some land or something, or whatever you are trying to save will be in a nice check to the IRS each March.

3. Dont give us lectures on how can we POSSIBLY get into more debt? You are barely 21 and have a lot to learn about the world and economics. Knocking on 30 here and have realized that debt is a part of life.

Now on to the FUN PART. I dont know what i want to buy when im done. I am going to save some money first for about 6-7 months just to get on my feet good and get a feel for life on a new salary. I know that i am going to continue to drive my Mazda, I had an Acura but got rid of it after my P1 year. But rest assured I am going to buy myself a 335 or M3 sometime after the turn of 2011. But dont know which one, not really looking at speed (i do have sense enough to know which is faster), but looking at practicality and what else i might want later on in life and how my bills are looking. SO BIMMER IT IS.

So clearly if I can afford my Acura on my Research Specialists salary before I came to pharmacy school, I know for DAMN sure I can afford a BMW on my Pharmacist' salary.

The way that I see it, gimme my BMW, stocks, investments, and let me be. LOOK OUT INTERSTATE HERE I COME!!!!!!!!!!!!!!!!!!!

I understand your reasoning partially because number 1, just like you said, housing is not very expensive where you live. I am in South Florida, Ft. Lauderdale/Miami area and most condos are in the $200,000-$250,000s. Talk about a house. That's excessive right out of school. So, if you come from a reasonably priced location, consider yourself lucky and blessed. Right now, I am living in NYC....so, that should tell you something itself about the cost of living up here. Numer two, your solution to not getting into that much debt is beyond absurd and simplistic. Tell me...with the cost of a private education, housing/dorms, miscellaneous expenses, how am I going to work at a job possibly making no more than $10 per hour to afford paying any of the exorbitant fees that are part of a pharmacy education? That just doesn't cut it and besides, working while in pharmacy school is probably not a very good idea for grades and stress levels. This is no longer undergrad. Yes, not everyone will have $150,000 in debt, but most will have significant debt. Mommy and daddy are not there to pay for my education as well as the education of most others, so I have no choice. In terms of marriage and the inconvenience of living with parents at that point, that doesn't apply to me. Chances are I won't be married anytime soon, as I am only 21 years old and do not consider marriage to be convenient anytime soon. But i guess you're right...it would be inconvenient to an extent while living with parents.

 

[heatherkmd]

I will in no way, shape or form tell my (extended) family how much money I will be making or I will have all kinds of "family" showing up needing "help".....
We are going to be 30-somethings when I finish school...we already own a house but will likely be upgrading size-wise after we can save the 20% down payment.........I have a brand new VW and plan to drive it for a few years after school, BUT I KNOW my husband has his eye on something expensive and after all he will have gone thru with my being in school...He will get what he wants.

 

[OKgirl]

For a graduation gift, I'll probably buy myself a Chanel purse! I've always been really careful with my money and I think that I will deserve to splurge after I spend so much time in school.

I'm going to buy a house after working for a few months (hopefully I'll have a very nice downpayment by then). I'm also going to start saving for retirement as soon as I get a "real" job.

 

[UES Girl]

For a graduation gift, I'll probably buy myself a Chanel purse! I've always been really careful with my money and I think that I will deserve to splurge after I spend so much time in school.

I'm going to buy a house after working for a few months (hopefully I'll have a very nice downpayment by then). I'm also going to start saving for retirement as soon as I get a "real" job.

2nd that, first thing I'll buy is Chanel purse and Chanel watch. I simply can not wait.

 

[Allure]

For a graduation gift, I'll probably buy myself a Chanel purse!

Is that a Chanel purse you're holding on your yahoo avatar? lol

 

[PharmDstudent]

Fix up the CRX and maybe convert it to an electric car. It's such a great car!

Fiberglass furniture with washable pillow cushions, lights that shimmer, and a few vintage art pieces. I like a balanced, eclectic mix, but I don't want it to be too "busy". This is the type of style that I'm thinking of: website and website. (I want to be intrigued by everything within the room.)

I would stay where I live now, although a third bedroom would be nice.

I don't really need much more... except one really nice pair of shoes.

 

[NormalSaline]

If you are a pharmacy student, what will be your first big purchase after you graduate?

If you are a pharmacist, what was your first big purchase?

I graduate in May and I am ready to start making and spending money. My first purchase will be a new 2009 Pontiac G8 GXP. I can't wait!

1st:
2000 - ish BMW M5
Lemans Blue
400HP
6 speed

4 door sedan, fast, incognito, and probably about 15k by the time i graduate.

2nd:
digging myself out of a $150k hole

 

[xxfoolxx]

laser eye surgery and a few sessions of sky diving, so either i'll be blind or flat as a pancake right after investing 6 years of my life for pharmacy.

maybe a g35 (more bang for the buck than a bmw) for a new car and save up for a house.

for those looking at a 3-series for speed, i suggest the 1-series. it's got the same engine as the 335i and a lot less weight, so you'll be flying. i still prefer a g35 because after you load it up with the luxury amenities, you'll still come in under 40K and get comparable performance to the 3.

 

[StallionRx]

Spare me any posts on how I should have spent my money, I can assure you I still live very comfortabley.

NOT STOCK.

 

[Jbuprepharm]

the first thing I will buy JUST for me will be a huge *** awesome TV (and a PS4 if they're out yet) with a sick surround sound system

then for my wife, I will buy her an assortment of handbags, she has coach now, so I'll have to go bigger ($$ that is), so a Chanel, a Louis, and a Prada probably, maybe not all at once though

 

[Rumplestiltazepam]

Spare me any posts on how I should have spent my money, I can assure you I still live very comfortabley.

NOT STOCK.

Did you get a different Viper, for some reason i thought you had posted a picture of your Second generation rt/10 a while back.....

 

[Rfour]

I lived with my parents for 4 years after I graduated (at age 22) and I'm not ashamed to admit it, DoctorRx1986. I paid off my $90,000 loan, invested aggressively in index funds, maxed out my 401k, paid off my $45,000 car, and went to Europe a couple of times. Now that I'm out I work as a floater as much or as little as I need to and travel the rest of the time.

If you want to live with Mom and Dad - go for it. At your age if you play your cards right you'll have the option of retiring in your 40's unlike some of the posters in here.

 

[PharmDstudent]

Spare me any posts on how I should have spent my money, I can assure you I still live very comfortabley.

NOT STOCK.

Your car and this car have marked similarity.... (They both have a long front and a short rear.)

 

[StallionRx]

Your car and this car have marked similarity.... (They both have a long front and a short rear.)

Your banner suits you well...

"green with envy"

 

[PharmDstudent]

Your banner suits you well...

"green with envy"

If you only knew... it's an inside joke from the parenting thread.

Good night everyone! I've had my fun for today.

 

[Rumplestiltazepam]

So which Generation do you have StallionRX? In october you posted a pic of a red 2nd Generation viper and now you have a 3rd generation? Did you sell the 2nd generation already and get a 3rd generation?

 

[StallionRx]

Did you get a different Viper, for some reason i thought you had posted a picture of your Second generation rt/10 a while back.....

Good memory.

Total luck, but long story short; the 2nd gen got sold for far more than I paid for it (9k more) and this popped up locally at a great price.

 

[NormalSaline]

Spare me any posts on how I should have spent my money, I can assure you I still live very comfortabley.

NOT STOCK.

nice choice

got any scars on your calves?

what do you DD?

 

[Rumplestiltazepam]

Good memory.

I upgraded.

very nice! I remember my Vipers.... I am a fan of the curves on 2nd generation more but the new ones are sweet too. Is there a big difference in the handling at all?

 

[StallionRx]

nice choice

got any scars on your calves?

what do you DD?

The car has the secondary cats removed and streight pipes have been welded in. The secondary cats were the culprit for the hot side sills. With increased flow these just get moderately warm. My second gen that had rear exhuast, but ran through the side sills would get REALLY hot. I warned everybody that got in, but had a few people forget and ended up getting viper bitten.

My daily driver is a 97 camaro that Ive had from highschool. I work in a very poor area and things constantly get stolen. Driving a nice car to work was out of the question. So I kept my old beater and use this for weekends and days off.

Sling- I agree completely with you in terms of looks with the 2nd gen. My old car definetly looked more exotic, but all around the 3rd gen is the better car. Its tighter in every way and gives ALOT more feedback. The 2nd gen was just raw as hell and the clutch was extremely heavy. The 3rd gen is still a beast, but feels a bit refined.

 

[dr of rx]

I have state school debt, so my burden is pretty low...but anyway you have to live a little.

I invested, bought a townhouse (later sold and built current home) and have had/still have some fun cars.

1) 98 eclipse GST modded to hell and back. sold...
2) 02 titanium silver M3...sold
3) 06 alpine white M3...sold
4) 07 crimson red 335...(4 door family car..to go with the x3)
maybe the new M3 in a few yrs...who knows.

 

[terse]

i start school at USC this fall, so i won't be done until 2012. i'm guessing my debt when i'm done will be ~160k, that is if i work during school and live like a total bum.

i'd save for a condo/townhome when i graduate, but with avg condo prices here being 400k+, it'd take a few years of hard work and saving to even get 15-20% for a down payment. no point in getting a nice car if i don't have a nice garage to put it in, right?

after that, i'd save for a c6 z06, or the GT-R. no bimmer fanboy here

 

[BlueCrayon]

I have state school debt, so my burden is pretty low...but anyway you have to live a little.

I invested, bought a townhouse (later sold and built current home) and have had/still have some fun cars.

1) 98 eclipse GST modded to hell and back. sold...
2) 02 titanium silver M3...sold
3) 06 alpine white M3...sold
4) 07 crimson red 335...(4 door family car..to go with the x3)
maybe the new M3 in a few yrs...who knows.

I gotta ask...what's the fascination with BMW? Is it just a status symbol or do you people really like them so much? I've just never really been a fan, of course I've also never driven one either. I dunno, I would much rather spend that money on a vette or maybe a nice Audi...oh and the new CTS-V is a pretty sweet car! Seems like everyone is talking BWM and I feel like they're kind of overrated.

My daily driver is a 97 camaro that Ive had from highschool. I work in a very poor area and things constantly get stolen. Driving a nice car to work was out of the question. So I kept my old beater and use this for weekends and days off.

That's funny, I also have a 97 Z28...but it's actually my nice summer car, not my beater car like you! My daily beater is a POS 99 Stratus.

 

[StallionRx]

I gotta ask...what's the fascination with BMW? Is it just a status symbol or do you people really like them so much? I've just never really been a fan, of course I've also never driven one either. I dunno, I would much rather spend that money on a vette or maybe a nice Audi...oh and the new CTS-V is a pretty sweet car! Seems like everyone is talking BWM and I feel like they're kind of overrated.



That's funny, I also have a 97 Z28...but it's actually my nice summer car, not my beater car like you! My daily beater is a POS 99 Stratus.

My camaro is a v6! but I still love it. I have many fond memories of taking the t-tops off and enjoying the ride.

 

[Rumplestiltazepam]

T-tops off/sun shining, cruising down the highway with some Jerry Reed "East Bound and Down"...now that is just cool right there.

 

[pharmkelly]

I have not got my paycheck yet
but I will list 3 things,hopefully I can get them within 2 years.
1.House in LA
2.Lexus RX
3.Trip to Las vegas and a LV hangbag

 

[whyteout]

Well...I plan on graduating while I'm still 22, so probably save a few years, then buy a house and an Audi S5.


...or maybe an R8

You're only young once, right?

 

[kalove07]

2. Yes you are going to need a tax write off with your salary, so buy some land or something, or whatever you are trying to save will be in a nice check to the IRS each March.

Thank you for finally putting it out there! Buying a house doesn't necessarily mean that you're in more debt, it actually helps you. Yes, student loans are nothing to joke about but if you have a sound budget, you shouldn't have any problems. Don't spend beyond your means but think about how much you'll get per check and take out certain percentages for all your expenses/bills. If I get into pharm school for next school year, I'll be out in 2012 w/ about $120k in loans to pay off and my Honda Civic will by 8 yrs old (Hondas usually last 10 years). W/ that in mind, I'll buy a house, try to pay off a majority of the loans, and then buy a new car two years later. Plans do change but you're still better off buying a home/condo. It may even be more economical to house hunt in areas a little distance from your job.

 

[Sosumi]

I bought a house but still have my 12 year old car. The money back from the IRS and satisfaction of owning and fixing up the house was definitely worth the investment. I'm going to wait for my end of year performance bonus before even considering getting a newer car.

 

[cleary]

A celebratory trip to Spain (or Italy)!

 

[RxWildcat]

whats up with all these camaros.. why no cobras?

 

[twester]

I'm going to build myself a custom entertainment/information center. I'm planning to live kind of small after I graduate and I'll save space by combining the office and living room. I'm planning to buy a nice car after my loans are paid off, but I'll likely buy a small car for rotations next year.

 

[tharper14]

That's what Vegas weddings are for. Hell, I got married in a courthouse. Cost us $18.

Me too... no regrets and way, way cheaper!

You and your common sense. *shakes fist*

That really is what most people SHOULD do, but they won't. I can understand. The academic end goal is right there and the temptation to pamper yourself is very strong. Honestly, anyone could correctly say they deserve it, too. If that's what they want, more power to them. But, man, making 6 figs and living paycheck to paycheck? I don't want to get into that trap at all. EVERYONE really should go talk to a financial planner. Get your **** straightened out from the get go. But, you know, the 24 year old who is all of a sudden taking home three grand every few weeks....that shiny new BMW is niiiice....

Though I must admit that having no desire to drive something worth $40,000 so that I look rich probably helps me out in that regard. **** that. I like to roll incognito. I'm driving my old, beaten up Ford Taurus until it dies. Which from what I understand may very well be until forever. It's about to hit 156k and still drives like a dream. Keep on livin' in my trailer, paying my cheap *** lot rental. Pay off my loans, pay my 15 grand into a 401k, keep living humbly. That's the goal. Then my ultimate desire to do nothing will be achieved as I will be able to retire early. And that's worth more than anything....

I agree 100%!!! Living humbly during my working years and retiring 5-10 years earlier is all worth it in the end! Who needs a big flashy car anyways? I love my Honda and I'll drive it till it DIES... and probably get another Honda after that, lol!

 

[dr of rx]

bmw is a pure drivers car. amazing driving experience anytime you put the key in the ignition.


most benz is over priced junk, and audi is ok. no one builds a car like the germans.

 

[SpirivaSunrise]

most benz is over priced junk, and audi is ok. no one builds a car like the germans.

Who makes Mercedes and Audi?

Italians make some decent ones too

 

[Caverject]

bmw is a pure drivers car. amazing driving experience anytime you put the key in the ignition.


most benz is over priced junk, and audi is ok. no one builds a car like the germans.

wow...how do you feel about VW's? did you know they are german too?

 

[Caverject]

Who makes Mercedes and Audi?

Italians make some decent ones too

yeah, those Fiat's are awesome

 

[Rumplestiltazepam]

bmw is a pure drivers car. amazing driving experience anytime you put the key in the ignition.


most benz is over priced junk, and audi is ok. no one builds a car like the germans.

I am so impure in my Japanese vehicle....

 

[dr of rx]

Who makes Mercedes and Audi?

Italians make some decent ones too

I know MB and audi are german, but MB is owned by chrysler and has suffered major reliability issues. Not my words, those of my friend who sells new MB has told me the horror stories. I've driven them, they dont compare to BMW.

Audi never really did it for me, but the new S5 is siiick.

VW of course owns audi and lacks some in reliablity but is more innovative than most us automakers. Like I said, no one builds cars like the germans.

What about Porsche? I've only driven the c4s and it was a blast. Less refined overall but a realy a ss kicker.

If you can afford a Ferrari or Lambo on a RPh salary, you are selling stuff out the back door.

 

[Caverject]

I know MB and audi are german, but MB is owned by chrysler and has suffered major reliability issues. Not my words, those of my friend who sells new MB has told me the horror stories. I've driven them, they dont compare to BMW.

Audi never really did it for me, but the new S5 is siiick.

VW of course owns audi and lacks some in reliablity but is more innovative than most us automakers. Like I said, no one builds cars like the germans.

What about Porsche? I've only driven the c4s and it was a blast. Less refined overall but a realy a ss kicker.

If you can afford a Ferrari or Lambo on a RPh salary, you are selling stuff out the back door.

actually MB bought chrysler and they recently just sold them off. MB had major reliability issues way before the merger and unmerger. I think your friend maybe a little biased!

 

[dr of rx]

the companies merged in '98(?). I dont think mb bought chrysler, they became one company. I should have said mb=chrysler.

biased against what? he sells them!

 

[SpirivaSunrise]

If you can afford a Ferrari or Lambo on a RPh salary, you are selling stuff out the back door.

Not necessarily! I know a few people who started off making less than pharmacist salary and were able to buy themselves a cavallino. Just have to have an entrepreneur's heart and be willing to floor it.

 

[SpenceRx]

I'd like to get a 135i. We'll see how much the used ones are in a few years.