5 Roads out of Retail Pharmacy
Part 1 of 5: Managing Your Money Before Leaving Retail Pharmacy
Link to article that inspired this 5 part miniseries: https://www.linkedin.com/pulse/5-roads-out-retailpharmacy-erin-l-albert-mba-pharmd-jd?trk=mp-reader-card
Pete the Planner: http://petetheplanner.com/
About Pete the Planner: http://petetheplanner.com/whoweare/#sthash.GPrHyjIK.dpbs
Pete’s Podcast, Million Dollar Plan: http://www.stitcher.com/podcast/pete-the-planner/the-ask-pete-the-planner-podcast
Pete’s Books: http://shop.petetheplanner.com
Peter Dunn, Author on Amazon: https://www.amazon.com/Peter-Dunn/e/B002BLQ23A/ref=sr_ntt_srch_lnk_1?qid=1469896622&sr=8-1
Pete’s Ideal Budget Plan: http://blog.petetheplanner.com/how-much-should-you-spend-on-housing-car-groceries-and-gifts/
First 3 things to consider for making a career change:
- Look at major/master categories of expenses – are you willing to make a change?
- Is retirement being offered in a new role you’re looking at, esp. if you’re taking a pay-cut?
- If taking a pay cut – analyze opportunity costs. Can you put an economic value on
Values Assessment Cards: http://www.motivationalinterviewing.org/sites/default/files/valuescardsort_0.pdf
Take gross monthly income: $10K per month, hypothetically in retail:
“The Albert/Baller Ratio”
-How much is your money (%) moving you forward each month?
- How much per month are you getting out of debt?
- How much per month are you saving for retirement?
-If this bucket is 35% or greater = you’re doing well!
-If below 10%? You need to re-evaluate before expenses changing jobs…
Rainy Day Fund for reserve – how much should someone have in reserve?
-3 months minimum
-If taking a pay cut or in sales, 6 months is warranted
-Should be and stay liquid
Education beyond the PharmD – money considerations here?
- Don’t take out more student loans than you need.
- Open a 529 Plan – states vary on amounts for tax credit/advantages
- Roth IRA – can also be used for education
- Does employer have a tuition reimbursement option to further your education?
Abdul Hakim-Shabazz (our mutual multipational friend—please ignore his cigar): http://www.wibc.com/personalities/abdul-hakim-shabazz
- Pete’s reading: 10% Happier Dan Harris: https://www.amazon.com/10%25-Happier-Self-Help-Actually-Works–/dp/0062265431/ref=sr_1_1?ie=UTF8&qid=1469898332&sr=8-1&keywords=10%25+happier
- Pete’s listening to: The Axe Files, David Axelrod: http://politics.uchicago.edu/pages/axefiles and Here’s the Thing, with Alec Baldwin: http://www.wnyc.org/shows/heresthething