Generational wealth - page 2. | Bitcointalksearch.org

Gozie51

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Quote from: Doan9269 on January 02, 2024, 01:11:14 PM

Generational wealth is not directed to one person alone, everyone is entitled to have share under it but not everyone will definitely be a partakers in them because not all are ready to give the necessary requirements needed for it to be achieved, we should know that everything good in life comes with a task in demand, we therefore must be ready to make it a duty in working things out for ourselves through how we were being determined for it to make it come a reality, it's easy to make wealth but not easy to sustain it.

Yeah I like the last line. You can create wealth but to sustain it not easy. Many people while alive are living on past glory, you hear them tell you about how wealthy they were in the past and how they did some certain things worth a whole lot of money at last they couldn't sustain the wealth they created by themselves. It is worse when you leave this earth and rely on heirs to take care of what you have laboured and built, it is no where an easy task to sustain but some have survived if they are tied to global and international conglomerate, if you depend on local then it may not see a decade after you have gone.

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In the pharmaceutical industry, coming up with new ideas is key to building wealth that will last for generations. Be ahead of biotechnology, digital health, and tailored medicine. Can you create a new pharmacy product or service? You can provide distinct value to the industry. Working with tech companies might alter everything. Consider intellectual property; it can be profitable over time.

Focus on financial asset accumulation and protection. Use high-yield savings accounts and equities, but also have insurance and an estate plan. This safeguards your riches and facilitates seamless succession. Learn about wealth management and consult financial specialists. Creating generational wealth takes time. Your actions now shape your family's finances.

harapan

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Create a passive income.Having a passive income can be a great source in building generational wealth,you don't have to go to the office and complete various tasks.With some knowledge and applied tools,you can wash your money generate into more money on it's own.
Investing now is the quickest and easiest way to build wealth over time.The most important step a person can take to build up wealth is to invest,keep investing,and continue investing.

If you truly want to build generational wealth,ensure that you've also invested in the financial education and awareness of your children.
Some parents are clueless about generational wealth,they can't teach their about financial independence.

This couldn't be truer than when it comes to teaching them about money,the education you provide them with is crucial to ensure they will be able to sustain and maintain that wealth established for them.

Poker Player

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Quote from: Bill buffalo on December 30, 2023, 09:23:44 AM

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

It is no different than creating generational wealth if you work in other sectors. It's simply a matter of spending less than you earn over your lifetime and investing the rest, building wealth for your children to inherit. If it is large enough, it can be inherited by your grandchildren and great-grandchildren.

In the case of a pharmacist, it is no different than in other sectors, perhaps because he or she will be better paid than other jobs, such as unskilled ones, and worse paid than others. But it also depends on the particular situation because it is not the same to be a pharmacist working for others as it is to have three pharmacies that go from strength to strength and to be planning to open others, so that the wealth that you are building is becoming quite similar to generational wealth.

Youngkhngdiddy

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Quote from: Doan9269 on January 02, 2024, 01:11:14 PM

Generational wealth is not directed to one person alone, everyone is entitled to have share under it but not everyone will definitely be a partakers in them because not all are ready to give the necessary requirements needed for it to be achieved, we should know that everything good in life comes with a task in demand, we therefore must be ready to make it a duty in working things out for ourselves through how we were being determined for it to make it come a reality, it's easy to make wealth but not easy to sustain it.

That’s right, to sustain family wealth is a legacy thing, more of a family business model. And to keep up with this father will need to groom his/her successor to be able to continue with the family business when his gone. If you look closely how this type of businesses are run, you will notice that they are not much changes with the system of the business. This type of business needs everyone to be in line, that’s is the members will have to follow due process for the business to run. Chaos can only happen if the successor or heir to the company is showing some act of defiance. Its is okay for people to have different dreams, looking to do something different from the business, but then its not good business for the family in this context.
Generational wealth starts with one big thief in the family. Once this money can be properly utilized among family members, success won’t be hard for such family. It’s sweeter and much easier when family funds and affairs is being run by the member of the family. That is if they won’t allow greed to set in. Greed is one bad thing for business. For a business to grow, the entity needs to eliminate greed for progress to happen.

topbitcoin

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Quote from: jaberwock on January 01, 2024, 01:24:42 PM

Quote from: topbitcoin on December 30, 2023, 05:09:41 PM

The circulation of money in the pharmaceutical world is quite large. And if the police ticket a healthy person, then the doctor is even crueler, he gives a ticket to a sick person. So that when someone experiences illness, and to return to health, whatever the costs, he will definitely meet them, even though the way to get the costs is by selling valuable assets. And when I told him about free medicine, which is a program from the government, to get the medicine, I still had to visit the pharmacy and buy it. Because the doctor said that currently the hospital is experiencing delays in the supply of medicines. In fact, that... is just a bad idea, so that the pharmaceutical industry can continue to run and make big profits.

Talking about the pharmaceutical industry, this is quite a promising industry, but if you are just a worker, you will not get any benefits, apart from your salary every month. because the harder you work, the richer your boss will be. Meanwhile, you are just like that, depending on the wages you receive each month for your fate

That was sad but it is true. This is what they say that money is the root of all evil. This is also the reason on why many of us don't go to the doctor or hospital that quick but they observe their body first. A person is willing to spend money only for their recovery because they believe in the saying that health is wealth.

Even me, I do because how can we spend our money or use our stuffs when we are already lifeless? I still think that being pharmacist is one of those decent jobs. So, it does have a benefit. The harder your work, can also be better because you may get promoted with it. And I think you guys already know what that means.

Therefore... don't forget to continue to maintain your health, "Because prevention is better than cure." Having enough and living in prosperity is a must... but don't let being too focused on pursuing it all make you careless by not paying attention to your health. what's the point of being rich...if we can't enjoy it. You live with a lot of wealth, you can buy whatever you want, including delicious food, but after you go to the doctor, the doctor says that you have a serious illness and you are not allowed to eat certain foods that can affect your health. . . The foods that the doctor prohibited were all delicious foods and also his favorite foods. Until finally, in order to recover as before, he had to obey what the doctor said, and avoid foods that shouldn't be eaten...even if he could afford them.

As long as you like and enjoy the job... working as a pharmacist is not a problem. But the question is. How long will it last.... you will be under someone else's index finger.?

ndutndut

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Quote from: Bill buffalo on December 30, 2023, 09:23:44 AM

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

Many people are successful and can build wealth for the next generation. In fact, many of them have ordinary family economic backgrounds, without inherited money, without connections from their parents, but can actually achieve the wealth they strive for from zero. This is all the result of intention, hard work and never giving up, especially if a pharmacist is in the pharmaceutical field, of course it is very easy to build wealth because in my country one of the highest incomes is in the field of pharmacists and doctors.

Actually, there are many ways to have someone like that. First, become a professional pharmacist, and you invest in securities (shares, bitcoin) or physical (gold and property) while starting a pharmaceutical business and when you retire, you run the business while becoming a business consultant. because it turns out the fact is that the path to success is not just one path and we have the right to choose the path according to what we think is comfortable. The key is to be patient, consistently set aside money for investment, and you must become a sleeper investor in the future.

Doan9269

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Generational wealth is not directed to one person alone, everyone is entitled to have share under it but not everyone will definitely be a partakers in them because not all are ready to give the necessary requirements needed for it to be achieved, we should know that everything good in life comes with a task in demand, we therefore must be ready to make it a duty in working things out for ourselves through how we were being determined for it to make it come a reality, it's easy to make wealth but not easy to sustain it.

kentrolla

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Quote from: Apocollapse on December 30, 2023, 10:25:31 AM

The key to make money in healthcare is don't cure your patient too fast, make them back to you and spend more money to follow other steps. Since a pharmacist not allowed to diagnose the patient, you need to make a personal agreement with the doctor who work as private medical practice in your pharmacy.

This sounds like an evil, but that's a way to make more money in healthcare if your goal is for business.

This really sounds evil and indeed an evil practice to do but people and some pharmaceutical tycoons are already doing with it whose aim is just to make money and generate recurring business by not curing the patient's illness but rather prolong the treatment and if you look at the composition of an medicine which is prescribed by an doctor and then look at it's alternative with same composition you will fin huge difference in the price thus plays the business agreement between doctors and pharmacists.

jrrsparkles

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Quote from: Bill buffalo on December 30, 2023, 09:23:44 AM

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

If you inherited $100 from your parents then try to make it 1000 for your kids and you may choose whatever suits you but just focus on the goal and the plans will eventually work one way or other and be stubborn in achieving the goal...

If you already belong to the upper middle class then the job will be much easier for you, because it is easier for you to create cash flow for your capital to convert it as an investment and then bag your profits from it over time.

If you are a Pharmacist then you must know the ladder in your field. Tongue

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Quote from: The Sceptical Chymist on December 30, 2023, 10:17:02 AM

It's threads like this that make me wish I still had my old username.

LOL... how about if you tempt theymos by writing him that you want to revert to your old former username?

Quote from: The Sceptical Chymist on December 30, 2023, 10:17:02 AM

I suggest this: Work as a pharmacist-->earn crazy money-->have kids-->save a lot of money for their inheritance.

"Earn crazy money"... This does not happen in many countries. I learnt that medical practitioners like nurses, pharmacist and doctors earn alot in US. It is not so all over the world, especially in African countries. This is the reason doctors are relocating my country on daily basis.

Quote from: The Sceptical Chymist on December 30, 2023, 10:17:02 AM

Is this an AI-generated post? I swear I can't tell, and short ones like this make me suspicious.

Has the narrative changed? I thought that only long wall of text posts tend to be AI generated. I'll have to this thread to see if OP is following up, it can go a long way to quench our curiosity.

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Quote from: franky1 on January 02, 2024, 01:40:37 AM

Quote from: shinratensei_ on January 01, 2024, 08:54:36 PM

Quote from: angrybirdy on December 31, 2023, 02:44:46 AM

Quote from: Apocollapse on December 30, 2023, 10:25:31 AM

The key to make money in healthcare is don't cure your patient too fast, make them back to you and spend more money to follow other steps. Since a pharmacist not allowed to diagnose the patient, you need to make a personal agreement with the doctor who work as private medical practice in your pharmacy.

This sounds like an evil, but that's a way to make more money in healthcare if your goal is for business.

if only money is on your mind, this is a correct suggestion, but many people may be fooled and rely on it. Imagine you are in the situation of people buying medicine to cure someone, how would you feel, knowing that the medicines you are buying is not reliable and doesn't even cure even small health problems? Yup, it sounds evil because it shows no sympathy to other people, and I don't think it will be feasible since even those pharmacist rely in drugs and medicines.

this is indeed evil plan tbh, you can get rich doing this underhanded method but lets be real here, any normal pharmacist would have conscience about this, they will get money but they also gonna feel mentally exhausted thinking they've done wrong to the people that trusted except those sociopath.
regardless why not just try to find a job in big pharmaceutical company then you can earn about $130k if you are lucky enough to be accepted that honestly already good enough for a start and then with that much of money you can open a side business that helps you grow your capital and then make your generational wealth dreams come true.
after all, thats more feasible than just doing some evil deeds.

most pharmacists just fill scripts of whatever medicine the doctor prescribes. so a evil pharmacist has little control over that..
.. well they can atleast sell off-label variations of the named medicine for a premium above the branded medicine

as for doing shady crap like selling baby formula powder as a replacement for painkiller pills.. that would end up getting the pharmacist in prison when caught

Exactly! If they do things like this, they will ended up in jail and and it is even possible to revoke their license in their profession especially if it can be proven that the medicines they will sell in the market have been replaced by a formula that is lower than the generic brand but overpriced.

At this time, money is really more dominant because every action needs money but let's not get to the point where we do things that are inhumane just to earn a lot of money.

EluguHcman

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Quote from: Bill buffalo on December 30, 2023, 09:23:44 AM

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

As said generational wealth, I don't think this is just accumulating some huge amount of funds for the generations after generations to enjoy. It should be a set-up whereby a structure is set up as an inheritance could accommodate a welfare of its generations after generations.
It is usually said that "train up the child in the way it should grow and when he grows up, he doesn't depart from it". That is exactly what the pharmacist pioneer should do by taking along nurturing to breed its kind in the generational lineage so as to impact the younger ones with the passions to emulate from the pioneers pharmacist. I will be call this a lineages of inheritance. Already pharmacy is a lucrative sort of investment when is a department that contains the aids to keep lives healthy and staying alive and it is a priority to everyone's essentialities so, there is every tendencies to make profits out of it.
As the generational pharmaceutical industry enlarges, they can set up a firm of creating other branches as a structure to broaden that of their pharmaceutical industry as company. The youngs and younger generation should be tensed to be trained burdened right from their tenderous ages to maintain the reputations of their past generations.

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Quote from: shinratensei_ on January 01, 2024, 08:54:36 PM

Quote from: angrybirdy on December 31, 2023, 02:44:46 AM

Quote from: Apocollapse on December 30, 2023, 10:25:31 AM

The key to make money in healthcare is don't cure your patient too fast, make them back to you and spend more money to follow other steps. Since a pharmacist not allowed to diagnose the patient, you need to make a personal agreement with the doctor who work as private medical practice in your pharmacy.

This sounds like an evil, but that's a way to make more money in healthcare if your goal is for business.

if only money is on your mind, this is a correct suggestion, but many people may be fooled and rely on it. Imagine you are in the situation of people buying medicine to cure someone, how would you feel, knowing that the medicines you are buying is not reliable and doesn't even cure even small health problems? Yup, it sounds evil because it shows no sympathy to other people, and I don't think it will be feasible since even those pharmacist rely in drugs and medicines.

this is indeed evil plan tbh, you can get rich doing this underhanded method but lets be real here, any normal pharmacist would have conscience about this, they will get money but they also gonna feel mentally exhausted thinking they've done wrong to the people that trusted except those sociopath.
regardless why not just try to find a job in big pharmaceutical company then you can earn about $130k if you are lucky enough to be accepted that honestly already good enough for a start and then with that much of money you can open a side business that helps you grow your capital and then make your generational wealth dreams come true.
after all, thats more feasible than just doing some evil deeds.

most pharmacists just fill scripts of whatever medicine the doctor prescribes. so a evil pharmacist has little control over that..
.. well they can atleast sell off-label variations of the named medicine for a premium above the branded medicine

as for doing shady crap like selling baby formula powder as a replacement for painkiller pills.. that would end up getting the pharmacist in prison when caught

shinratensei_

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Quote from: angrybirdy on December 31, 2023, 02:44:46 AM

Quote from: Apocollapse on December 30, 2023, 10:25:31 AM

The key to make money in healthcare is don't cure your patient too fast, make them back to you and spend more money to follow other steps. Since a pharmacist not allowed to diagnose the patient, you need to make a personal agreement with the doctor who work as private medical practice in your pharmacy.

This sounds like an evil, but that's a way to make more money in healthcare if your goal is for business.

if only money is on your mind, this is a correct suggestion, but many people may be fooled and rely on it. Imagine you are in the situation of people buying medicine to cure someone, how would you feel, knowing that the medicines you are buying is not reliable and doesn't even cure even small health problems? Yup, it sounds evil because it shows no sympathy to other people, and I don't think it will be feasible since even those pharmacist rely in drugs and medicines.

this is indeed evil plan tbh, you can get rich doing this underhanded method but lets be real here, any normal pharmacist would have conscience about this, they will get money but they also gonna feel mentally exhausted thinking they've done wrong to the people that trusted except those sociopath.
regardless why not just try to find a job in big pharmaceutical company then you can earn about $130k if you are lucky enough to be accepted that honestly already good enough for a start and then with that much of money you can open a side business that helps you grow your capital and then make your generational wealth dreams come true.
after all, thats more feasible than just doing some evil deeds.

blockman

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It is going to be a long shot for making one. You got to be prepared working your ass for how many hours and years. This is not an easy goal but I commend you for thinking that to your children and their children as well. While we see that many of the rich people were able to do that and now their heirs are enjoying their hard work. You have to be an investor and with Bitcoin it is going to be one of the possible life changer and can make someone own a generational wealth.

franky1

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the biggest secret to generational wealth is not to spend the capital. but grow the capital
spend the gains/interest/dividends. accumulate the capital

the industry people work in is not specific requirement to generate wealth, dont limit yourself to your industry
you can accumulate the wealth faster by improving your income and reducing your spending, but any industry someone works in can start generating wealth for their offspring

its more about setting a budget and accumulating savings until the savings can look after your offspring via the interest/realised gains

..
other things like avoiding paying income tax
if you put funds into a trust. that pays out trust accumulated gains to a beneficiary as a "loan" and the receiver puts funds back in at the personal agreement of the trust loan(all death estate gets added to trust)
you dont pay tax on loans and then all estate property gets added to a trust upon death as term of loan

bitzizzix

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In my opinion, becoming a pharmacist will not make it difficult for us to find work and there are lots of job opportunities for pharmacists. Can work in pharmacies, clinics, hospitals, industry, and so on.
And in my opinion, the current generation and the generation that has always made pharmacists very rich should have their own clinics and also have their own pharmacies. And it is a business idea that is quite promising for the current and future generations.
By opening clinics and pharmacies, you can make it easier for people to seek treatment and also buy medicine. Because almost every day there are always people who are sick and also looking for medicine or other medical equipment, so in my opinion this is something that must be thought about and planned because this business has always existed and been successful for various generations.

Fortify

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Quote from: Bill buffalo on December 30, 2023, 09:23:44 AM

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

What do you mean "in the pharmaceutical industry"? Unless you've somehow come into a position where you start developing medicine or happen to have acquired part ownership in a chemist, then most of your money will just come from a salary. Maybe people in the pharma business have better than average wages, on par with doctors, but I have no idea. Unless you're on an above average salary and able to put a lot of money into investments - whether that is stocks, property, crypto, precious metals or numerous other options, then you're not necessarily going to acquire enough money to keep further generations of your family in luxury for many decades to come. You'd have to get some really lucky breaks to make this sort of money.

STT

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Patents run out even if you invent something amazing the process to keep making new products is continual. Basically you need to own a business with an ongoing interest, the most obvious would be to be a chemist a retailer and land owner in your local community. That business could be passed onto the next generation hence be a long term wealth in your family but you need to qualify to be a chemist to do that so you rely on the children or next generation being capable of doing so. Or you could just choose the right stock to own and it performs well, long term some have done well.

Topic: Generational wealth - page 2. (Read 574 times)