Topic: Generational wealth - page 4. (Read 574 times)

this is the kind of question that should be asked towards pharmacist that already rich since they know the way but i know very well that in generating wealth that will persists for generations to come, you should start out company make some big money and use that money to expand further. I think thats the only way, after all even if you being pharmacist and got some good job with good salary at the end of the day I guess it'd still be around $130k a year and even though that might be high from the perspective of a salary, it doesn't give you generational wealth, once you stops working then that money stops coming to you.
start out a company if you can with your knowledge and create a product, only then you'd generate millions if not more a year, but we are talking about if you are successful in starting out your business.
because we all know business is not easy, there are too many things that could go wrong with business.

goals of generational wealth:
get out of debt.
reduce as much as you can how much you give to others to maximise how much you can save for your generations of descendants
dont act like you are wealthy by spending frivolously

put as much as you can into investments that are at the dip. ride the wave as they rise (buy low sell high).. repeat.
continue until you have MORE THAN enough saved that your kids can live on just the interest alone and not need to touch the capital
continue to grow the capital to grow the interest.
get to a point where by even releasing a x% income to kids, the investment still has spare % interest to grow the capital

this ofcourse can be sped up by having the best paid job in the industry you work in. so try to seek promotions, payrises and/or better jobs to accelerate the speed of generating wealth for your future descendants

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if you are in the pharma industry. i hope your not just going to settle for a lame job filling scripts at a supermarket dispensary. aim higher.
dont limit yourself to just pharma. your skills and knowledge of chemicals and medical ingredients can be useful outside of pharma industry.
other industries that deal with chemicals love to employ people that that care about the safe dispensing of ingredients that can do harm in wrong hands
always be learning. look at the types of industries that operate in your location. aim to look for roles above your paygrade that require a small bit of up-skilling to meet their needs and try to obtain those skills.
even while working try to contact industries you want to work for and ask them what they are looking for in their candidates. and aim to get those skills

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as for investing
dont just drop funds into a random stock/crypto, hoping for guaranteed profit.
always be looking for the stock/crypto that has already proven the longevity/utility test but is bouncing around its x year low. dont waste time on the ones already on the near ATH hype scale of the market
EG 2025 is going to be BTC's ATH so prepare to sell during the hype of 2025 and look for something else to buy thats on a low and ride that other investments rise whilst you wait for bitcoins correction down to its new adjusted value post ATH
repeat

The suggestion according to my understanding is that any traditional profession should have harmony with social changes. Not sure about OP's ability in this field, but I have some thoughts about Recognizing trends in data access in society. If you are in the pharmaceutical business, think about building a personal brand for the products you focus or some of the jobs that I have heard about in terms of dignity can apply education to disseminate knowledge to the community. I know that this field requires an extremely responsible attitude because it serves many people in society, and if you are dedicated enough, sharing what you know with everyone will create greater material value, but if you really just stop talking about how to become rich. If so, please check out more businesses working in this field.

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

Target the area of pharmacy that pays high, and the world we found ourselves depending in one area of specialization you may not really get what you desire as income. You can also plan of getting a job in any school of pharmacy as a lecturer which will generate more income for you. Think and prepare yourself for more opportunities related to your field, and try your best to gain advance certificate in your field that can be an advantage for you just in case opportunity knocks. Most pharmacist who are doing well are into different things not just practicing as local pharmacist selling drugs.

Since you are just working as a "pharmacist", it is going to be hard for you to create generational wealth. But still it is possible. All you have to do is work hard all day and save as much as you can, whenever you can. It will be more easier for you if you then use these saved up wealth of few years to invest on something or start a business. Try to keep the business running and the profits coming in.  Buy as much different assets as you can and save it for your family and kids. If you are feeling brave, you can even try investing on crypto currencies and hold them for long term. They are volatile but in the long run you will be making profit. Just make that you have a clear plan for how your children/family will inherit your wealth and your crypto investments.

What kind of advice you want to get here while most of the user here doesn’t have generational wealth? You should read books from successful man that has same career with you if you want a legit advice and not from a random user here that still under employment like me.

The only way to achieve your goal is to have a huge capital to develop your drug that can cure disease like cancer which no one still achieve. It’s very hard to reach this goal by just being an employee.

If you want to build generational wealth, there are two ways to do that and first is to look into investing in the shares of big international conglomerate so that you will have a secured shares that you can profit from so that even if you are not alive, the profit keeps coming to your family. I have seen families that have benefited from this kind of investment over time till now.

Another angle to build such wealth is to become a manufacturer of a highly valuable goods be it cars, ship, airplane, building materials and things of high value including drugs and medical related equipments.

So the above is a preamble to what you can do to have generational wealth. That means, you can as well invest in shares of big international conglomerate in pharmaceuticals or you go into manufacturing of it yourself. But, the point is when you are gone, you can't know what is done with the business or investment and the idea you have layed down. Meaning that a family member can scam other members of your family and sell off your pharmaceutical investment  

He should remain focused in knowing more about the field itself, developed a capacity building for himself and their heirs that will be coming after him to also know and be able to do more than he could, they can also pick it up from there to the next level and so on, but it all depends on how he first started it all, when he's serious and hard-working about it, he will see the results and consequence of it pass through his generational lineages.

If you really want to make generational wealth, my advice will be to not be limited to a particular industry. The fact that you're a pharmacist does not mean that's the route you need to take to get wealthy. Look for opportunities wherever they come around you and take them as soon as you recognize them.
The wealthiest of us are usually producers, so you should be thinking; 'what goods or services can I provide and get paid for?'

Second advice will be to grow your knowledge about wealth; read books, attend talks, understand how kineybworks and how to make it work for you.

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One generation may not be enough to legally make generational wealth, but you can make a good start.

Generational wealth is generally created from a family-built business. You must own a pharmacy if you want the next generation of your descendants to be able to enjoy the wealth of the pharmaceutical industry. To develop a business in the pharmaceutical sector, you need to collaborate with health facilities that have telemedicine services and improve services at pharmacies.
Try to provide maximum service to customers with the aim of increasing customer satisfaction. Patients who need medicine can order medicine online at your place. You can try to improve your service with a medicine delivery service so that customers can get what they need without having to leave the house. As customer satisfaction and trust in your services increases, the positive impact will lead to an increase in your pharmacy's turnover.

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.

To create generational wealth in the pharmaceutical industry as a pharmacist it is essential to focus on several key strategies. Invest in continuous learning & stay updated with industry advancements to remain competitive. Consider expanding your network & building strong relationships with other professionals in the field. This can lead to new opportunities & collaborations. Develop a strong business acumen & explore entrepreneurial endeavours such as starting your own pharmacy or investing in pharmaceutical companies. Prioritise long term financial planning including saving, investing wisely & diversifying your portfolio. Also incase you forgot, this is a Bitcoin forum, why else would we be here if we aren’t saving in Bitcoin.

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

If you're a pharmacist, what area of pharmacy are you working in?  Retail?  Hospital?  Long-term care?  You mentioned the pharmaceutical industry, but even with a PharmD you're probably not going to climb the ranks in a big pharma company, which is where all the money is at. 

I suggest this:  Work as a pharmacist-->earn crazy money-->have kids-->save a lot of money for their inheritance.  Buying a house might be a part of this as well, though in my experience heirs tend to just sell whatever property they get.  Even though pharmacists make good money, it's still damn hard to become seriously wealthy doing it, much less being rich enough to pass along that wealth through generations.  These days, with taxes being as brutal as they are, that just doesn't happen for working stiffs.

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

Building a generational wealth isn't a day job, but if you want to do so, you first of all let go of all distraction, focus on growing your pharmaceutical company, after doing that try and expand it, by opening branches, but note, you must put competence people in charge of affairs, in the day to day running of the company.

When all that is done properly, try your possible best to educating your children, by bringing them into the family business, let them know how things are been done in the company,  bring them in, let them follow the family way so that the family legacy will continue when you are gone. I hope this tips is helpful?

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