Topic: Generational wealth (Read 658 times)

My advice to a pharmacist hoping to make a generational asset in the pharmaceutical industry would be to build good relationships with every employee. Such employees should be employed in the organization that all the employees will always have love for the owner of the organization. Also, you have to treat your children like human beings and bring them to the institution. When the son of a company owner becomes good and manages the company, he becomes strong and powerful. Organization is not for a day Building an organization requires a lot of time and effort.

Countless time even people that i knew too well did that to better satisfying their taste and hunger to earn massively. People in Abroad always have the thinking that everyone always earn as them without knowing that there are 3rd world countries that are facing issues, mean that are being down paid due to their uncivilized nature which made most of the medical practitioners to relocate to other country that is more favorable to them that are into that field of study.

I think someone will be rich in the sense of being very rich just by doing business (selling)
and invest.because capital gains from these two fields are unlimited.
It's different from working in an office because there is a nominal limit on the amount they get each month.

Expand your network, you're in the pharma industry? You have to be friends with all of them as much as you can because that's how you're going to make use of each of them. When you don't know any on this industry, you're like a lone survivor in the desert. Big money is in the pharma and they seem to be easy to go into the market because it is everybody's need. You just have to be a good salesman to each of your network and be friends to all of them even if you think that they suck especially the big companies.

i remember a question like this was asked by my cousin who is currently successful in having his own pharmacy and she is a pharmacist, currently, she is very consistent in taking care of the pharmacy that she owns, she is even willing to work for more than 12 hours just to take care of her business.  The way she built her own business was by borrowing money from her parents, she said that opening her own pharmacy was better than having to work in a hospital, at another person's pharmacy or a drug distribution company.

To build your own wealth is not easy but you now have good skills, you are a pharmacist, if you really have to borrow money to set up your own business then try it, don't be afraid to take risks because risks are part of the journey of successful people, decide your goal and then be sure of it because not everyone can build wealth.

Any job can make you rich quickly and create generational wealth, as long as you can “run the business.” Don't just be a pharmacist, but have your own pharmacy and practice business. If this is done, generational wealth will be created because the pharmacy business has great potential, especially if combined with a practical business, because this profession is really needed.

This also applies to other jobs such as working as an accountant, of course to create wealth for your generation. Don't be satisfied with just being an accountant, but have your own public accounting firm. Don't just be an engineer, but build a planning/structural consulting company. In essence, in business! Build a business from the discipline of your choice, thereby creating wealth for future generations.

The journey to generational wealth isn't about mimicking someone else's story or chasing a pre-defined dream. It's about identifying your own strengths, embracing calculated risks, and building a sustainable financial future that can benefit your family for years to come. It's a marathon, not a sprint, and the rewards are far more fulfilling than simply leaving behind a hefty bank account.

Remember, pharmacists are problem-solvers by nature. Apply that same skill to your financial goals. Research, educate yourself, seek mentorship, and don't be afraid to experiment. The path to generational wealth might not be paved with prescriptions, but with strategic thinking, calculated risks, and a healthy dose of entrepreneurial spirit. So, go forth, pharmacist, and build a legacy that's not just about prescriptions, but about lasting impact and a brighter future for your family.

I don't think this is just for pharmaceutical businesses, I think these tips can be applied in various businesses, in addition from me, namely cohesiveness in building it, it is very important to maintain cohesiveness in a business because it will have a positive impact on the development of the business itself and respect each other, because in a business cannot run alone we definitely need other people to achieve success.

But I think there's a subtle middle ground to be discovered. The WHO's definition of health does stress a whole-person approach, but let's not forget that research and development in the pharmaceutical business costs a lot of money. Not only is this about riches, but also innovation. I understand the moral issue of healthcare profit. Yet, without financial incentives, medicine innovation and improvement may suffer?

Prevention is cheaper and kinder than treatment. However, the pharmaceutical sector plays an important role to preventative care. Vaccines are a preventive healthcare success. While I agree that health is not a commodity, I believe the pharmaceutical business may ethically earn income while improving global health. A careful balance is needed for health and economic sustainability

Health line is not meant to become wealthy because, according to WHO, health is the state of complete physical, mental, and social well-being, not merely the absence of diseases or infirmity (weakness). This short definition carries a lot of explanation that is enough for you to know that the pharmaceutical industry is not meant to be a source of wealth but a source of helping others become healthier by providing the individual with adequate medicine that will reduce or even cure a disease, but thinking of being wealthy with health to me is like you are just trying to say diseases should be more prominent so that you can be wealthy.  

Although there are even deliberations to introduce the preventive measures of medicine so that the curative aspect will be reduced, thinking on getting wealth through the pharmaceutical industry should be reduced because preventive medicine is the best because it is being done before you even get contact with the diseases of infection, so you see it will not even reach the stage of getting infected or even thinking on buying the medicine, and people will stay more healthy when they use the preventive measure than using some chemotherapy to cure diseases.

Its an office job, you get paid like that only. A stable on indeed and the income can be good upto a certain level. Enough to let a middle class family grow and educate their children who can then use that wealth as a launchpad for bigger even better paying jobs. But no question of generational wealth here.

I still waiting for the OP to clear that confusion of mine.

You are mixing up the job titles. It is the microbiologists who get the genome sequences done and working with the scientists they develop the vaccines. The epidemiologists do the study for the spread and the use of the vaccine but pharmacists only dispense the drug in the correct dose, form and frequency.

How? Isn't that about the will of the person who has left the wealth behind for their heirs to inherit it? I don't understand how someone has to do a certain thing to prove a point or something and then get a share of the generational wealth but it's those who are given access to certain parts of the wealth mentioned in the will of the deceased or late father, grandfather, etc., and no one other than the mentioned entities can get a hold of anything they have left behind.

So, it's not that generational wealth isn't directed to one person alone, however, it's not about who can have a share of it by completing certain requirements but it's about who is mentioned in the will and it's the law who divides the wealth according to the will. It can even be a single person who has been given everything, it's situational.

Open a medicinal cannabis clinic, get it to the stage of autonomy where you can be hands off (not going to happen overnight but will bring you a passive income). This industry is still new, there is a chance to bring in quite a lot of revenue, and being a pharmacist and having those permits are generally one of the regulations to setup a professional, medical-grade clinic. In this day and age, you can get a prescription for things as simple as back pain, so you won't be limited by the medical use-case...and depending on your state, there may be permissions to be able to sell it for recreational purposes, however this presumably increases the liability of potentially irresponsible usage.

Another field that is being researched globally is psilocybin, one of the naturally occurring compounds in "magic mushrooms". The research has looked into usage of psilocybin for the treatment of mental disorders generally, it's quite interesting to read. This may be the next pharmaceutical revolution (or craze) after the recent years that cannabis took the world by storm.

Or, if you have no moral or ethical compass, do what the Sacklers did, come up with some concoction of chemicals that proposes a revolutionary purpose, though gets all of its consumers hooked, you'll build generational wealth much quicker that way (s/, they're bastards so unless you want to be one too, then don't. Help people, don't destroy them).

It is not easy to create a generational wealth as a pharmacist,  to make a reasonable income as a pharmacist to create generational wealth a lot of works needs to be done. In pharmacy you can only make more money base on how productive and if you can be able to solve problems from your research about about a drug that will be needed and helpful to the world. Like their are some deadly diseases we know about and one that led to pandemic,  pharmacist who were able to provide drugs for the cure or suppression of diseases will be rewarded.

I think making research that will benefit the people will really lead to a better way of making money, contribution of the health to humanity is not taking for granted in the pharmaceutical industry.

Do you mean giving money, position or a pharmacy business that runs and all three at once to your child? or a pharmacy company that runs no matter who manages it by putting your name as founder and it doesn't matter for public or regional wealth such as a hospital business managed by the department? Sorry if you have to think hard

If you inherit money, of course you can allocate maybe 1:10 or more of your funds either for the needs of your offspring or his education, if you want to inherit a business, it is very possible if your child has the same insight and knowledge or more than you, I see the sale of pharmaceutical drugs is increasing and varied, every year there are diseases that require the creation of new drugs, maybe there are mutated genes, ah already lah. I mean there are many opportunities and I think almost all pharmaceutical drugs sell well and are useful in a region. the potential for selling faster and the circulation of money will be swift.

Health is an important factor, although pharmaceutical drugs are only painkillers and treat gradually, if you want to do business in pharmaceuticals and pass it on it is very good, along with fitness and sports equipment to increase market share even though it is different maybe in the future, promotion from important people will be better branding

You said it yourself. It's hard to make bank just working as a pharmacist unless you're in the big leagues (which is kind of like 90% of every profession on the market right now anyway but whatever). But at the very least pharmacists got this extra head start of actually having a livable and enjoyable salary even as a rookie. Salaries like these are the best when it comes to investing, cause you can still invest and put your money into work without having to worry about where you'd get your living expenses tomorrow.

So to just add up, and perhaps to give more explanation towards your "earn crazy money part" I would suggest OP and basically everyone who's in the same shoes to start investing, doesn't have to be crypto, go for whatever makes you comfortable and start putting your money into work. That's pretty much the only way you can get crazy money right now when you're nothing but a mere employee.

  This is so hilarious I could nearly burst out. I was equally confused when I read the post but I do not think AI would generate this. I mean, not even AI would generate it. Haha!

It’s strange how we’re talking about generational wealth and pharmacy because it’s not about the profession. Generational wealth isn’t tied to any profession at all. You just have to make investments, etc, and then your generation can reap the fruits of the investment.

Building generational wealth is not easy, in fact everything requires a process and hard work. Moreover, a pharmacist certainly needs additional income because relying solely on pharmacist income alone will be difficult to achieve. You need something called a side job with additional income that you can invest in to generate sustainable income. Examples of investments from real estate to bitcoin investment.

I think there are three stages to building generational wealth. It looks easy but difficult to put into practice. This requires a strong will so that your dreams come true. And usually, if you start now in a position as a pharmacist, you need to know three generations. You are in Generation 1 as a pioneer, your children are in Generation 2 as developing, and your grandchildren are in Generation 3 as those who enjoy the results of your hard work. So if you want to make your dream of building wealth come true, start by educating your children about financial literacy.

A pharmacist who want to create wealth for the next generation are called parents to their children and grandfathers to their grandchildren. The majority of parents certainly want their offspring to live in complete prosperity, they will try to do anything for the happiness of their children and descendants after them. Running a pharmacy business in the pharmaceutical sector requires trust from the public and relationships that can smooth the circulation of medicines every day. A pharmacist must also always be friendly to every customer and always be consistent in running his business.
Opening several branches in other areas can also help expand your business. You can also provide education to your heirs to learn to become pharmacists like you so they can manage the business you started from scratch.

Increase sales and collaborate with various parties so that the drugs you sell can reach a wide target market, in this way your business will become bigger and you can open several other branches. The pharmaceutical sector is really needed now because there are many sick people who need medicine and if you are able to provide something more compared to other shops then people will definitely look for your shop. I remember how the pharmacist shop in my area worked, they got customers who were never short of buying medicine for sick needs.

After I researched the price of medicine at his place, it was the same as other shops, the only difference was that they added a prescription for appetite-increasing medicine so that every sick person who came to his place could mostly recover more quickly. From the questions I asked, maybe they thought that if someone's appetite had returned, then the illness they were suffering from could heal a little more quickly and it is also a strategy..