Topic: Generational wealth (Read 574 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..

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.

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.

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.

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.

  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.

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.

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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.?

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.

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.

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. 

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.

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

"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.

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.

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.

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.

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

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.

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.

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

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.

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.

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.

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.

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