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5 Roads out of Retail Pharmacy Part 1 of 5

5 Roads out of Retail Pharmacy Part 1 of 5: Managing Your Money Before Leaving Retail Pharmacy  Link to article […]

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August 01, 2016 Community Pharmacy, Podcasts, The Pharmacist Life

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:

  1. Look at major/master categories of expenses – are you willing to make a change?
  2. Is retirement being offered in a new role you’re looking at, esp. if you’re taking a pay-cut?
  1. If taking a pay cut – analyze opportunity costs. Can you put an economic value on

your happiness?

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?

  1. How much per month are you getting out of debt?
  2. 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?

  1. Don’t take out more student loans than you need.
  2. Open a 529 Plan – states vary on amounts for tax credit/advantages
  3. Roth IRA – can also be used for education
  4. Does employer have a tuition reimbursement option to further your education?

Multipationals Book: https://www.amazon.com/Multipationals-Changing-Create-Career-Portfolio-ebook/dp/B00X4UEO8W/ref=sr_1_1?ie=UTF8&qid=1469897986&sr=8-1&keywords=multipationals

Abdul Hakim-Shabazz (our mutual multipational friend—please ignore his cigar): http://www.wibc.com/personalities/abdul-hakim-shabazz

Speed Round:

  1. 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
  2. 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


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