Topic: Generational wealth - page 3. (Read 653 times)

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.

And how will those powerful pharmaceutical companies earn billions after this? A powerful industry whose goal is not to create generational wealth, their goal is to sell more drugs and earn more money. Sadly, it's all about the money... and they are making tons of money every second.

And I think that they are working more on generational diseases, pandemics, etc, and it's more likely they will take advice about that... It's how they can provide themselves even more profit, enormous profit.

Well, at least that question is easy to answer - you just need to invent some super drug, a strategy to sell it and a way not to end up in prison after all that. Considering your profession, you are probably familiar with the case of Purdue Pharma and their OxyContin, and all you need to do is learn from their mistakes and you will be a billionaire in the blink of an eye

When you succeed you can send me a tip of only 1% because I gave you a good idea - I only accept BTC

Cure your patients slowly so they'll keep coming back and paying more, that sounds shrewd, but I guess that's how businesses thinks and keeps their going concerns, the pharmacist will think turnover rather than giving a one time cure.

So if a pharmacist wants his business to be a generational wealth, then they have to bring some of their children or family members to study pharmacy and teach them the business aspects of it, so that the tradition can continue to be in the family. If atleast a family member is not a passionate pharmacist, pharmaceutical wealth past to the next generation can be lost because they can mismanage or sale the wealth that is past to them.

I would say that getting a generational wealth means having an income that would allow next generations not to work. I think real estate is the best way to go with that, so if you are a pharmacist, you could buy the shop that you are working in, that would not be easy and it would cost you a lot, but that is what you are asking, generational wealth is built like that.

So if you have a house, and the shop that you work in, as close to each other as possible, that would benefit you, but also it would mean that your children would be able to rent them both, and live greatly off them. If you can do those, then next step would be getting another shop or house, so they would rent, that is how you build it, that is the roadmap, but it is definitely very very tough.

Creating a generational wealth through pharmacists is not something that is achievable easily. If you’re a pharmacist, I will just assure you that you will have a means of sustenance, live a more than average lifestyle than normal people. Creating a generational wealth for your family to also inherit from after your time is not something I can imagine by you just being a pharmacist.

For that to happen, you’ll have to save up more money, be an investor or shareholder with a pharmaceutical company and not just as a pharmacist working under the government or someone. Generational wealth are most times gotten out of the comfort zone, you’ll have to do extra work for that and that can take all of your savings to achieve that which may or may not be successful in the end.

A lot of people that depend on generational wealth are already given birth to with a silver spoon and you can’t just compare yourself with them. There is nothing not achievable today in life but the process of making that doable is what discourages a lot of people and they end up living within their means and also just look for a means to provide for the family and raise their kids to the level that they can fend for themselves.

How is pharmacy connected to making generational wealth here?

If you are a part of the big pharma companies then you might be having generation wealth or you may not.

If you plan to become one, then its a different ballgame. You have to get a degree have a vision, work out that vision and launch products, generate capital, investments and reach out to different countries seeking your product.  In short it is not easy and only a handful of people have been able to provide such service that they are are among the top 10.

Best you can do is to get your degree and work to generate wealth, have kids and educate them enough to be able to pursue their dreams.

What is clear is that whatever it is today, whether it is a pharmacist, construction worker, admin, and so on, it will be very difficult to get generational wealth to their next children if they do work in that field until the time they retire, you have to have a lot of income, a lot of asset diversification, a lot of investments and other things like that so that you have a lot of incomes in middle and old age to prepare for the inheritance of wealth to your descendants.

This is a difficult thing, for people who work 8-12 hours a day in one job with a standard salary, but if you have good time management and money management of course you can get more opportunities to get other sources of income. If your material wealth cannot achieve this, then the second step is for you to pass on a legacy of wealth of thought so that your children can progress far beyond where you are now in life, either in their careers or other education that can lead them to be far more successful than you are now.

This is why pharmacists alone can't make a significant impact in the pharma industry.
It is more on the owners of pharma companies as they have the influence on what path their company is heading to.
They have very little role on what may possibly happen to the advancement in the pharma industry.
Maybe, if they will pursue other roles like going up the ladder and hold executive position, they may have a say to where the company is heading to.

Those who work as pharmacists do not create medicine because their job is only to give medicine to those who have received a prescription from a doctor and are shown to the pharmacist to give the medicine according to the prescription given by the doctor.
What you say is very correct, it is researchers who work in the pharmaceutical industry who carry out research to be able to create drugs and after going through various stages of research then drugs are created and mass produced and those who own pharmaceutical companies can create drugs for various needs.

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.

To be a successful pharmacist one must have a good understanding of pharmaceuticals, provide fair service to people, and have a business mindset and mindset.  Treat customers well, so they keep coming back to you.  You can start home service so that the customer can collect the medicine from home if he is very sick.  Above all if the service is good I hope you can be a good pharmacist.  You have to do this with flexibility.

I can write an epistle on this but let me summarise it as short as I could. Well, the pharmaceutical industry is booming in our society, it is attending to the problems of people and solving them as fast as possible which is what gives the rich the most money they have. But to be so successful in this field, the country of residence is so important. If you are in a good country, especially where pharmaceutical products are being appreciated and exported to virtually most parts of the world, then it is an advantage for you. But first, you must be a genius, you must be good at your work and be creative to know how to blend medicine together on your own, particularly those that can solve some problems that have not been solved before. By doing this, you have already paved the way for yourself as you are marketable and you can easily market yourself to top companies of the world.

But I will advise you to be a partner instead if you can have your way. You might start as a worker but if you are so determined to be successful and be on your own, you shouldn't work as an employee for too long. It is from there that you start working on the marketing alongside the partnership you have with some companies, and without waiting further time, break away and establish your own company and build a viable business around it. This might not be easy but you might continue to enter better partnership arrangements until you have enough capital to stand on your own. However, this will not be possible without many challenges, but if truly you are a genius and creative, I do not see the challenges you can't overcome over time.

This is the field that’s close to me as I have done my Bachelors in Pharmacy and then Masters in Drug Discovery and Development from UK. The higher education was in the hope that I will get highly paid job in my hometown. But, LOL to that nothing like that happened. The pharma industry is rich but dont get drowned quickly in the dreamy world because we scientists do not get paid enough salary when we work at their facilities.

I have deeply analysed the issue behind this. If you have or are working in the laboratory then you must be knowing how much chemicals, cultures, glasswares and high end instruments are required by us to perform simple experiments.

So the cost involved in the working capital is high. There are active pharma ingredients that are as costly as salaries of 10-20 employees together. Lolz. So its but obvious they would never pay us enough salaries as they have to manage their own finances first so that pharma company can work properly.

Idk, if you want financial wealth being then you can use your license to set up pharmacy store. Try to create SIP and invest in MF. This is the only way you and me can make money (save money).  

Pharmacists only work, while it is the pharmaceutical industry or company that creates the drugs.
A pharmacist will not be able to mass-produce drugs.
Even those who create drugs are not pharmacists, but researchers in large pharmaceutical companies and industries.
the rich are the owners of the pharmaceutical industry or companies, not the pharmacists.

generational wealth is not just created by just wishing or asking questions as this. You need to be diligent in your pharmaceutical business, decide to stand out and remain consistent and work on become a reliable brand that everybody can rely on and have this sense of trust that they unconsciously put you first whenever they are considering making any purchase.

It requires finance and not just little finance, you can't use a kiosk pharmacy to create generational wealth, you need to invest into the business hugely If you intend creating wealth for yourself and even have something to leave behind.

I think this might be the first time i see someone aiming to not just be rich but have generational wealth it is a good idea of course i also would want my future kids to live a good life but this is quite ambitious i would say most generational wealthy family comes from a line of business so i suggest that you also have a business or two built it can be something related to your actual job you can distribute drugs to hospitals or clinics since that would be a very consistent and huge income

And this has happened as the doctor said if you still feel pain come back immediately and get further treatment don't forget to contact the doctor. This is enough to illustrate that the patient will change his mind and return to asking for more effective medicine. Health is number 1 no matter how much money you spend. The health industry definitely knows the prescriptions for medicines etc, thereby minimizing patients going to traditional medicine.

Since you have been taking the professional path as pharmacist, my first advice is that your main focus should be the advancement of your career, getting higher salary. Do that until you can get comfortable with your life, and while doing that if you have spare money you could invest in anything that you believe, Bitcoin is good since you already are in this forum. When you reach the position where you can save more money, start making a plan to make you own Pharmacy, your generational wealth will come from your own Pharmacy business, and your investment could be the boost for your retirement.

Of course my advice is oversimplification and sound easy, we all know that doing all of those will be very difficult, but it is doable.

I will assume that the generational wealth you mean is the transfer of riches from one generation to another. The first thing you should do is do comprehensive research about the pharmaceutical sector you intend to invest in to ascertain if you have the right qualifications to venture into such areas. I think the pharmaceutical industry will have areas that deal with drugs and vaccines. A business plan will also help to determine how profitable the business might be in the long run.

If your target is to create such kind of wealth, teaching your next of kin or offspring how to manage businesses will also be very important in building a profitable business. If you have the intention of transferring the business to your children, they should be trained on how to manage the company because we have seen many heirs to big businesses mismanage them. However, the business can also be managed by a good management company and your offspring might be given some percentage of the firm's profit.