Now that you have a PharmD... what about nest egg?

[goldenRetriever]

Hi all,

I'm wondering how people are doing in terms of building a nest egg- e.g. IRA, 401K, investments, etc. I know the common wisdom is to start something in your early 20's. But what about those people who finished their education (e.g. PharmD) and started working in their 30's? Can they still catch up? I would love to hear from the accomplished colleagues about their experiences with this topic. How do you manage to pay off your student loan and save money? Any advice for us new practitioners?

Thanks in advance.

---

Members don't see this ad.

 

[confettiflyer]

I have no direct "post pharmacy school" experience, BUT I do have a fair amount of experience with finances like this in general.

I'll just spit my advice out by the number here, if anyone wants to refute or discuss further, just quote that number and go from there.

1) Take your time paying off student loans...they're low interest and tax deductible if you make less than a certain amount.

2) Pay off your credit cards first...highest interest card first, then once that is paid off...continue downward. These should be your #1 priority.

3) Build a 3 month emergency fund in a high yield savings account (ING, Citibank, your local bank, etc...).

4) With your employer, contribute up to the match point for your 401k plan. If you're making over $100k upon graduation, you probably will want to skip getting a Roth IRA and contribute a lot more on a pre-tax basis to reduce your tax liability.

For those making substantially less, I usually tell people to a) contribute to the match point, b) max out a Roth IRA, and c) put any remaining you wish to save into a traditional IRA.

5) Live cheaply! You do not need a new house and really nice car right off the bat. You're used to living cheap as a student, continue to do so until circumstances do not allow you to do so anymore (ie marriage, kids, etc...).



In the end, my advice is to keep it simple and try to save a lot in the tax advantaged plans (401k/403b/457's/Roth's/Traditional IRA/etc...) Stay away from stupid **** annuities and ******* investments like life insurance with weird bells and whistles. Stick to term insurance if you have dependents, if you're single and fresh out of school, no need to pick up a policy.

That is all from my end. Hope it somewhat helps!

 

[Rumplestiltazepam]

I have no direct "post pharmacy school" experience, BUT I do have a fair amount of experience with finances like this in general.

I'll just spit my advice out by the number here, if anyone wants to refute or discuss further, just quote that number and go from there.

1) Take your time paying off student loans...they're low interest and tax deductible if you make less than a certain amount.

2) Pay off your credit cards first...highest interest card first, then once that is paid off...continue downward. These should be your #1 priority.

3) Build a 3 month emergency fund in a high yield savings account (ING, Citibank, your local bank, etc...).

4) With your employer, contribute up to the match point for your 401k plan. If you're making over $100k upon graduation, you probably will want to skip getting a Roth IRA and contribute a lot more on a pre-tax basis to reduce your tax liability.

For those making substantially less, I usually tell people to a) contribute to the match point, b) max out a Roth IRA, and c) put any remaining you wish to save into a traditional IRA.

5) Live cheaply! You do not need a new house and really nice car right off the bat. You're used to living cheap as a student, continue to do so until circumstances do not allow you to do so anymore (ie marriage, kids, etc...).



In the end, my advice is to keep it simple and try to save a lot in the tax advantaged plans (401k/403b/457's/Roth's/Traditional IRA/etc...) Stay away from stupid **** annuities and ******* investments like life insurance with weird bells and whistles. Stick to term insurance if you have dependents, if you're single and fresh out of school, no need to pick up a policy.

That is all from my end. Hope it somewhat helps!

1) They are not going to be tax deductable when you are making over 100k are they?

 

[Old Timer]

Based on what the I.R.S. says, no pharmacist will be able to deduct the interest on student loans. The max is a $2,500.00 deduction which amounts to $500.00 in savings at the 20% bracket.

I would pay off as much of my debt as possible as quickly as possible.

I would max out my 401 K no matter what the match level is.

I would make sure I had some really good disability insurance. You are more likely to be disabled than die.

Unless you are married, life insurance is a waste. For the most part, your employer may give you enough life insurance to bury you. But your dead, what do you care....

I would build up a three month cushion as earlier explained.

I would also make sure you enjoy life. There is a difference between living like a poor student and spending every last cent you make. You'll have to be the judge of where that line falls for yourself.

Once you have your life setup and you have your cushion developed, then invest your money.

 

[Aznfarmerboi]

Well isnt it true for a 401k plan, you can not withdraw until you are 59 (I believe) and must withdraw everything by 70 without heavy penalities? If that is the case, I believe confeti has the better advice. The reasoning is it depends on your tax bracket. When you withdraw that money, it is consider income. You will be taxed on it. Say that after contributing and matching for 40 years, you have a sum of 10 million dollars. Wouldnt that 10 million be taxed heavily? I am looking into future finances, and have no experience what so ever. Correct me if I am wrong please. Thank you.

 

[confettiflyer]

For 401k's/Traditional IRA's, you are taxed when you withdraw it. Say you did manage to save $1M or so, and you choose to withdraw about $40k a year at age 62, you'll be taxed as though you were making $40k/yr.

As a pharmacist, you probably will make $100k+ a year and be taxed at such a rate (minus any deductions). So given our high incomes, it's best to contribute on a pre-tax basis to your 401k to lower tax liability. With other people and different income schemes, how much you contribute to pre vs. post tax depends on your personal situation.

So really...Old Timer and I have the same advice. Contribute to your 401k until it starts to hurt! One would be a FOOL to not contribute to a 401k that comes with a match. For those that don't know, companies like CVS/Wags/etc... match your contributions up to about 6% of your income. So if you make $120k, the company with a 1:1 match will pay you $1 for every $1 you put into 401k, up to $7200. If you fail to contribute, you give up that match, which is throwing away free money. Stupid stupid STUPID.

And also, if you vest at 1 year and you quit at 364 days... this is stupid as well. If you want to quit your current employer and haven't vested, look into waiting until the match vests into your account then leave. I don't know the vestment period for each company (some are 1, some are 2, some are 0....I heard Wags is 3:1 match but 5yr vest period).


For those going into government/public institutions/non-profit, your structure is probably a little different. Instead of 401k, it's 403b or 457. You're probably on a "years service" pension plan where, say, after working 5 years, you get 10% of your last pay rate as a pension...or after 20 years, you get 50% of your salary as pension (armed forces do this). You'll have to open a Traditional IRA, 403b, 457, or Thrift Savings Plan, depending where you are, to save additional money on top of your pension.

 

[rxlynn]

Another possibility in terms of sheltering your income from taxes is to participate in employer sponsored medical and/or dependent care flex spending accounts. If you are 21 and never darken the door of the doctor, then this probably isn't for you. However, if you have any sort of chronic health problem where you have medication co-pays every month, or if you have children, then this can really help with the tax burden. Money comes out of the paycheck pretax; then we have a credit card that we can use for all the co-pays, doctor visits, lab fees, etc.

 

[genesis09]

Well isnt it true for a 401k plan, you can not withdraw until you are 59 (I believe) and must withdraw everything by 70 without heavy penalities? .

You have to start taking distributions by your 70s. You can keep money in it. There are a handful of exceptions in which you can withdraw without penalty before age 59.

 

[dgroulx]

I became a pharmacist in July 2007. My credit cards were paid off first. I switched my student loans to a 10-year plan to pay less interest. I opened an internet savings account with a good interest rate.

Walgreens changed their 401k for 2008. I am now able to put in the max per year ($15,500). They match only 2% of my pay ($2,160). The match is $2 for every $1, plus a bonus match based on the profits for the year. I'm in the process of signing up. In the past, you had to work for them for a year before you were eligible.

I also purchased stock options. I have a 10 year window. Hopefully, the stock will go up in the next 10 years and I can buy shares at my option price. Walgreens set up a Fidelity account for me for managing stocks.

I will be sending all my info to my accountant this month. I may put money into an IRA, but I'm waiting to see how much I need to put in to drop me down a tax bracket. I can deduct a traditional IRA because I was not eligible for a 401k in 2007.

Right now, I'm able to save about 50% of my salary and still pay my bills and live comfortably.

 

[confettiflyer]

wow very nice about the 50% thing.

Personal bias here...I tend to tell people to shy away from holding a formidable amount of their employer's stock. You already have a lot vested in your company just by working there, no need to add to it by holding a lot of shares of your portfolio. A little is fine...just be sure you diversify.

 

[acetyl]

Walgreens changed their 401k for 2008. I am now able to put in the max per year ($15,500). They match only 2% of my pay ($2,160). The match is $2 for every $1, plus a bonus match based on the profits for the year. I'm in the process of signing up. In the past, you had to work for them for a year before you were eligible.

Assume:
1)max per year stays at $15,500 for 20 years (prolly increase though)
2)match stays at what it's been in the past, $3 per $1 up to 2% of income
3)income increases 3% per year due to inflation
4)fund where monies are allocated averages 10% per year for 20 years
5)one contributes the max each year

After 20 years (not to say you're going to do 20 years, but you might!), the fund will contain ~$1.2 million and your income will be ~$189,000.

I say you'll be alright

 

[Requiem]

I also purchased stock options. I have a 10 year window. Hopefully, the stock will go up in the next 10 years and I can buy shares at my option price. Walgreens set up a Fidelity account for me for managing stocks.

Only thing I'd change about your plan, which is well organized and on the right track, is the above.

Do not invest in the company you work for; the money you'd funnel into this would be much more well spent elsewhere into other funds. They are already in charge of your career, limit your liability in the event of a crisis/ stock plummet, etc.

 

[Epic]

trying to save up for 30 to 40 years for a nice retirement is for unimaginative people who don't want to take risk.

Go start a business and make your millions... it usually takes about 5 years...

 

[goldenRetriever]

Wow, many thanks to everyone for their thoughtful input. I took notes from everyone's post to get an idea about what my options are. I'm still a student, and waiting to find out my Match results. The best I can do now is to save 50% of my income as an intern and to make my financial aid money last. If there are othe rpeople who havent commented but have good experience to share, please post it here and many thanks in advance!

 

[Epic]

Wow, many thanks to everyone for their thoughtful input. I took notes from everyone's post to get an idea about what my options are. I'm still a student, and waiting to find out my Match results. The best I can do now is to save 50% of my income as an intern and to make my financial aid money last. If there are othe rpeople who havent commented but have good experience to share, please post it here and many thanks in advance!

I don't believe you took notes from my post...

 

[confettiflyer]

trying to save up for 30 to 40 years for a nice retirement is for unimaginative people who don't want to take risk.

Go start a business and make your millions... it usually takes about 5 years...

Not everyone has the same appetite for risk and business acumen as Mr. Tees-off-from-his-living-room.

 

[Epic]

Not everyone has the same appetite for risk and business acumen as Mr. Tees-off-from-his-living-room.

We only have one life to live....

I refuse to live it by following the safe path layed by the majority.

Because, I refuse to die with questions in my mind "what if..."

 

[Epic]

The recommendations given on this thread are every day common recommendation understood by the majority.

But yet, if we follow the majority rule, then you can easily fall into the trap of this simple fact. 95 percent of Americans are either dead, dead broke, or still working by 65. Will the recommendations given on this thread put you in the 5% of Americans enjoying the financial freedom... or will you be a part of the statistics of dead, dead broke, or still working?

I don't know. I'm sure you would like to think that you'll be a part of the 5 percent.. but the odds are, you will most likely be with the rest 95% since you're following the majority rule.

So, if you want to live the life of a non majority, then do things outside the box... You'll sure have more fun doing it.

Risk everything. Go for broke... you'll be more successful in the end... and if you fail, the worst you can do is be a pharmacist.

 

[confettiflyer]

I don't think the majority of people save any money at all...I mean, our nation has a negative savings rate for goodness sake! So saving money actually puts you in the minority.

Don't forget....something like 80%+ of businesses fail within 3 years. Sure...take risks, buuut....have a backup plan.

With that said, hopefully I'll have my own business at some point. Doing what...I have no idea. I haven't even started p-school yet!

Question for you Epic...how long did you work for someone else before starting off on your own?

 

[dgroulx]

Risk everything. Go for broke... you'll be more successful in the end... and if you fail, the worst you can do is be a pharmacist.

I owned my own business since 1989. After 10 years of barely making enough to live on and having zero money saved for retirement, I went back to school and became a pharmacist. I did enjoy being my own boss, but having a steady paycheck is much more satisfying to me.

 

[Epic]

Don't forget....something like 80%+ of businesses fail within 3 years. Sure...take risks, buuut....have a backup plan.

As a pharmacist, you have a great backup plan. And failure is not a destination. Rather, it's a part of the journey and process. Failure means you just found a way it doesn't work. So try another.

Question for you Epic...how long did you work for someone else before starting off on your own?

I've been a pharmacist for 12.5 years. I didn't practice pharmacy for 3 years during that time. I started a business with my brother after P2 year.

There were times when I was working full time as a pharmacist..then ran over to my business to work there too... 2001, I went back to working pharmacy full time because my businesses were stable enough where I didn't need to be there all the time. Now I work for a consulting company...which I really enjoy. I had an option of not working pharmacy at all last year.... but it didn't quite work out... we hit a road block.. it happens.

 

[Epic]

I owned my own business since 1989. After 10 years of barely making enough to live on and having zero money saved for retirement, I went back to school and became a pharmacist. I did enjoy being my own boss, but having a steady paycheck is much more satisfying to me.

Steady paycheck + business income + business write offs is better.

 

[Requiem]

Steady paycheck + business income + business write offs is better.

You should read Rich Dad, Poor Dad. Actually, everyone should. Get it. Now.

 

[Epic]

You should read Rich Dad, Poor Dad. Actually, everyone should. Get it. Now.

LOL... good books...full of BS but nice concepts. But he doesn't tell you how to make money.. though he tells a lot of good stories. I believe he made his money on real estate... good timing and right place at the right time.


But he made more money by his books and seminars. Whatever works right?

 

[goldenRetriever]

For people who have owned businesses, would you care to share what type of business you had? Pharmacy-related or others? I'm asking because I know it's hard to own an independent pharmacy nowadays with big chains on every block.

I've actually thought of starting a business (not pharmacy related) but need to learn more about how to run a business. I've had this idea for a long time and I think I might be able to do it as a mean of supplementing my income as a pharmacist, wherever I work.

I'm thinking you also need a large amount of capital to start a business, and the business needs to do well enough to pay the employees and make profit. Are there resources on how to start a business?

What kind of consulting jobs are available to pharmacists? I am thinking of ASCP type of work (nursing home, etc) but I'd like to hear more from people who have more experience.

Many thanks to everyone who has contributed to my original question

 

[confettiflyer]

You don't need *too* much capital to start a business...less than $10k maybe, depends what you are doing. Start small and what you can manage.

And yeah...write-offs are great

I'm still feeling my way through...I'll take Epic's encouragement and see what I can do. The wifey wants to open her own restaurant...I might end up being the "stable paycheck" for a while.

 

[PharmDstudent]

You don't need *too* much capital to start a business...less than $10k maybe, depends what you are doing. Start small and what you can manage.

And yeah...write-offs are great

I'm still feeling my way through...I'll take Epic's encouragement and see what I can do. The wifey wants to open her own restaurant...I might end up being the "stable paycheck" for a while.

I've always wanted to own and operate a tiny cafe with seating for only 10 or 15 people. The intimate yet casual setting would be very nice. I like the restaurant business, but it's probably one of the riskiest types of business. If a bad rumor starts about your restaurant, it's all over.

I like to cook things that take time and patience. One of my most favorite recipes is for egg salad sandwiches. After I started eating egg and dairy products again(minus milk, yogurt, and a few other things), I would make egg salad. Here's the recipe if anyone's interested:

6 hardboiled eggs shelled
1 stalk of celery, both ends trimmed so that it's all green and no white
one-half cup Miracle Whip or Miracle Whip Light (I'm sure you could substitute mayo.)
1/4 teaspoon salt
1/4 teaspoon onion powder

- Dice the celery into very fine pieces. Each piece should be about this size--> O It takes time to do this, but it's worth it!
- Chop the eggs into pieces. The pieces should be about this size--> O or a little larger.
- Once you've chopped the celery and the eggs, you mix all of the ingredients together in a large bowl. You should stir it well to get the best consistency.
- Place the bowl of finished egg salad in the fridge for a couple of hours.
- Serve it between two slices of sandwich bread.

 

[goldenRetriever]

That sounds like a delicious recipe PharmDStudent. Thank you for sharing!

Ever since I got my 2 dogs, I've learned tons of new stuff about dog food ingredients, canine health and diseases, and even took a veterinary pharmacy class that was offered as an elective at my school. I've thought about opening a pet food/supplies store with a little pharmacy section. I don't know how successful the business needs to be in order to make profit. Not sure if the pet business itself is even profitable. I'll have to do more research about it.

 

[PharmDstudent]

That sounds like a delicious recipe PharmDStudent. Thank you for sharing!

Ever since I got my 2 dogs, I've learned tons of new stuff about dog food ingredients, canine health and diseases, and even took a veterinary pharmacy class that was offered as an elective at my school. I've thought about opening a pet food/supplies store with a little pharmacy section. I don't know how successful the business needs to be in order to make profit. Not sure if the pet business itself is even profitable. I'll have to do more research about it.

I figured I'd give y'all an egg recipe, because this is the nest EGG thread .

I used to shop at a pet pharmacy before I moved. The pharmacy/pet store was across the street from a vet clinic. There was always a wait for prescriptions.
One day a drug rep was there. I think she worked for Pfizer, because one of her products was Revolution.

I would love to intern at a pet pharmacy. That be cool!

 

[SpirivaSunrise]

I've always wanted to own and operate a tiny cafe with seating for only 10 or 15 people. The intimate yet casual setting would be very nice. I like the restaurant business, but it's probably one of the riskiest types of business. If a bad rumor starts about your restaurant, it's all over.

I like to cook things that take time and patience. One of my most favorite recipes is for egg salad sandwiches. After I started eating egg and dairy products again(minus milk, yogurt, and a few other things), I would make egg salad. Here's the recipe if anyone's interested:

6 hardboiled eggs shelled
1 stalk of celery, both ends trimmed so that it's all green and no white
one-half cup Miracle Whip or Miracle Whip Light (I'm sure you could substitute mayo.)
1/4 teaspoon salt
1/4 teaspoon onion powder

- Dice the celery into very fine pieces. Each piece should be about this size--> O It takes time to do this, but it's worth it!
- Chop the eggs into pieces. The pieces should be about this size--> O or a little larger.
- Once you've chopped the celery and the eggs, you mix all of the ingredients together in a large bowl. You should stir it well to get the best consistency.
- Place the bowl of finished egg salad in the fridge for a couple of hours.
- Serve it between two slices of sandwich bread.

What if I have a 30" widescreen monitor and the resolution makes the egg size pieces look like this? -->

 

[SpirivaSunrise]

I would love to intern at a pet pharmacy. That be cool!

1-800-PET-MEDS was a big rotation site at my pharmacy school!

 

[goldenRetriever]

Spiriva, what did you do/learn in that rotation? Would love to know more. Thanks!

Let's keep the egg talk going!

 

[goldenRetriever]

Has anyone heard of a venture that is vet clinic and pet pharmacy combined in one location? Is it profitable?

It seems like vet clinics provide prescription meds as well. What would be the incentive for opening a pet pharmacy by itself? Seems like vets are already doing that as a part of the clinics.

Spiriva, did you deal with any form of pet insurance? Or are people generally more willing to pay cash for their pets' meds?

 

[SpirivaSunrise]

Spiriva, what did you do/learn in that rotation? Would love to know more. Thanks!

Let's keep the egg talk going!

Oh! I didn't actually do it myself, but a few of my friends got it. Their headquarters are in Pompano Beach, FL...and from what I understand, the interns worked with the pharmacists (the website says they have 14 RPh's, 42 techs, and lots of phone reps). I remember one of my friends saying she did quite a few projects researching pet-related diseases for their database, entering orders, filling, taking phone calls, etc.

Sorry I don't have a lot of info!...you probably can get a better idea by checking out the "About Us" section on their website: http://www.1800petmeds.com/company.asp?con=aboutus They even have a goofy video tour on the right...I guess it looks like lots of cubicle work?

And as far as my "egg". I'm definitely not as daring as Epic...yet. I need 1 or 2 years to get my feet grounded. So starting on my first paycheck, I just max'd out my 401K...$15.5K and my employer matches 4% on my 5%. Pretty soon I want to start working on an MBA...which I'll let the company pay for too.

 

[jefguth]

Has anyone heard of a venture that is vet clinic and pet pharmacy combined in one location? Is it profitable?

It seems like vet clinics provide prescription meds as well. What would be the incentive for opening a pet pharmacy by itself? Seems like vets are already doing that as a part of the clinics.

Spiriva, did you deal with any form of pet insurance? Or are people generally more willing to pay cash for their pets' meds?

I doubt you'd be able to find many vets willing to do this with you - they're already making good money dispensing those meds themselves.

There was an report of Canadian TV this recently about how vets are charging large large markups for meds (drugs prices from animals are not regulated in Canada) vs. what pharmacies are charging for the same drugs (intended for human use = regulated price).

 

[goldenRetriever]

I've seen the discrepancy between vet and pharmacy prices. When my dogs had their procedures done, they were prescribed a NSAID for animals. It cost money. Then I saw the drug companies had given them free samples of the same drug for a different indication (arthritis in old dogs). Same tablet, same strength and even color and shape. I asked why I couldn't have the free samples.. said I was a pharmacist and it didn't make sense that they were charging $90 for the pills when they had free samples. In the end I got the free samples. They were really the same drug, just in different packaging.

I wonder if a pet pharmacy would be able to sell meds at a lower price than vets? Maybe negotiate with drug companies? Mmm.. that sounds like a lot of work for a little pharmacy.

 

[PharmDstudent]

What if I have a 30" widescreen monitor and the resolution makes the egg size pieces look like this? -->

Silly Spiriva. Tricks are for kids!

I think that would be more like a deviled egg. Those are good too, but only at special, holiday-type functions.

 

[goldenRetriever]

So I'm thinking that I might be on the right track toward my nest egg. Have a high yield account where I put away 50% of my internship money. If I do a residency I'll still put as much away as I can (not sure if residencies offer 401K...) Funny I was just thinking about what Epic said, "the worst thing that can happen is you will still be a pharmacist". I'm dreaming about my nest egg...

 

[goldenRetriever]

Spiriva are you a practicing pharmacist? if so hospital or retail?

 

[confettiflyer]

So I'm thinking that I might be on the right track toward my nest egg. Have a high yield account where I put away 50% of my internship money. If I do a residency I'll still put as much away as I can (not sure if residencies offer 401K...) Funny I was just thinking about what Epic said, "the worst thing that can happen is you will still be a pharmacist". I'm dreaming about my nest egg...

I really don't know how you can live off 50% of slave labor income...interns/residents make jack squat....enough to eat, pay bills, etc... Unless you plan on living with your parents, have no car, etc.... Just focus on when you actually get your career started. If you do save some of your intern/resident paychecks, put it in a liquid emergency fund.

On that note...I don't want to "retire" until my body literally stops me from doing anything. I want to be doing things/keeping busy until I die. Retire at 65 and travel? No way...I want to travel now, while my knees still work.

 

[SpirivaSunrise]

Spiriva are you a practicing pharmacist? if so hospital or retail?

Yes! And neither. Nuclear.

 

[SpirivaSunrise]

Oh, and Golden...

I remember a few months ago seeing a listing on-line @ my school's employment listing section for a large vet clinic with a pharmacist position opening. Wish I could find it for you so you could get an idea of what's out there. So, I know there are pharmacy/vet ventures...but I'm sure they're hard to come by.

Why don't you post something in the vet forum and see what they say?

Btw...do you have goldens? Great dogs!

 

[pharmboy30]

Yes! And neither. Nuclear.

I like eggs for breakfast occasionally.
I make tuna salad similar to the egg salad, but I hate celery.
albacore tuna, eggs, red onions, mustard, horseradish, and some miracle whip - BAM!
cheap n tasty. top it off with some doritos and got a good sandwich.

I've always thought about nuclear...I was a med tech for 5 years, always thought nuclear would use similar skills, manipulations,etc.

how do you like it?

 

[ageldred]

I like eggs for breakfast occasionally.
I make tuna salad similar to the egg salad, but I hate celery.
albacore tuna, eggs, red onions, mustard, horseradish, and some miracle whip - BAM!
cheap n tasty. top it off with some doritos and got a good sandwich.
/QUOTE]

i can only eat albacore...it tastes the best IMHO. I wish I had a taste for the cheap stuff since albacore is so much more!

I love reading this nest egg thread since I've been wondering the best ways to save and invest when I graduate in 2011. I'll be 30 then so I feel like I'll be behind already. I pretty much get how 401ks work, but I tried reading up online about IRAs and I am really confused about them. Can anyone break it down in laymans terms? Thanks

 

[SpirivaSunrise]

I like eggs for breakfast occasionally.
I make tuna salad similar to the egg salad, but I hate celery.
albacore tuna, eggs, red onions, mustard, horseradish, and some miracle whip - BAM!
cheap n tasty. top it off with some doritos and got a good sandwich.

I've always thought about nuclear...I was a med tech for 5 years, always thought nuclear would use similar skills, manipulations,etc.

how do you like it?

Love it! The radiopharmaceuticals are fascinating. I love the fast pace mixed with downtime. No day's the same as the one before...so lots of thinking on your feet/coordinating...there are so many variables from preparation of the radiopharmaceutical/time sensitivity/delivery, etc...so you're constantly managing multiple things at once. I enjoy having the dynamic of taking care of both a customer and a patient.

 

[Epic]

I had eggs cooked in bacon grease over campfire..

And caused a scene picking up my girl from school in our motorhome..

 

[Wan2BPharmD]

Yes! And neither. Nuclear.

Hey, I've really considered going into nuclear pharmacy. Did you have to do a residency for that? If so, how was it? And for how long? You need some special certifications beyond a PharmD right?

 

[goldenRetriever]

I really don't know how you can live off 50% of slave labor income...interns/residents make jack squat....enough to eat, pay bills, etc... Unless you plan on living with your parents, have no car, etc.... Just focus on when you actually get your career started. If you do save some of your intern/resident paychecks, put it in a liquid emergency fund.

On that note...I don't want to "retire" until my body literally stops me from doing anything. I want to be doing things/keeping busy until I die. Retire at 65 and travel? No way...I want to travel now, while my knees still work.

My employer requires interns to work at least 13 hours per week. I know that seems like a lot (and it is!) But it's do-able. The downside about it is I've missed many weekends. It was hard to do a full-time rotation and go to work afterward/on Saturdays. But now that I'm almost graduating, done with rotations, I plan to splurge a little and go skiing more often!!!

I understand that you can start saving for your nest egg when you start working. Seems like retail pharmacy pays A LOT but that's not the career I'm planning. I want to explore other options and I'm not sure how much hospital/industry pharmacists make compared to retail. Maybe I'm worrying too much

The MATCH results come out on 3/19...

I want to have a new house with a big yard my dogs can run in. They are golden retrievers (go figure) and they are wonderful. I think every household should be required to have a dog! Would make the country a happier place to live in don't ya think?

I want a modern kitchen in the house with 6 stove burners so I can be the Cordon Bleu chef that I always dreamed to be. I love to cook! Since I came to pharmacy school in a diverse city I've learned to make many ethnic delicacies.

I definitely want to travel. How often can new practitioners afford to travel?? I want to do twice a year (budget travel- so no 5-star hotels or cruises).

Confetti mentioned he has a diverse portfolio. What exactly does that mean? Anyone care to explain how to diversify your investment?

Does anyone work with a company like Vanguard, Schwab, or Fidelity? What do they do for you? Is investing something you can do on your own or is it easier with these companies?

I want to have a new hybrid or hydrogen-powered SUV (hydrogen powered- I think you just add water for fuel?! ).

 

[goldenRetriever]

 

[SpirivaSunrise]

Hey, I've really considered going into nuclear pharmacy. Did you have to do a residency for that? If so, how was it? And for how long? You need some special certifications beyond a PharmD right?

Yep! There are nuclear specialized residencies. If I recall correctly, MUSC, SUNY and Walter Reed have PGY2's in nuclear. But this is definitely not the norm...and not how most nuclear pharmacists get their training.

To become a nuclear pharmacist, you need about 200 hours of didactic training, and then 500 hours of hands-on experience. There are a few ways you can go about doing this: a) attend a pharmacy school that has a nuclear program which you can do while completing your PharmD (i.e. Universities of Arkansas, Oklahoma, New Mexico, Tennessee). b) once you already have your PharmD, privately pay for training (i.e. through NEO). c) Do a nuclear specialized residency, or d) and this is probably what most people do...get hired by a nuclear pharmacy company (i.e. Cardinal, Covidien/Mallinckrodt, GE, etc.). They will pay you pharmacist salary while you do your training, and provide the training as well. This is what I decided to do (even though I always thought I'd be doing a residency).

So, that's it! Once you complete the training, you become an "authorized user"...and you'll be able to practice nuclear pharmacy under a pharmacy's RAM license.