Show Me The Money!

Most people love money. This isn’t usually debatable. It is why people all over the world will gamble even though the odds are against them, and casinos who eventually almost always win.  People also want a quick unearned bonus from playing the lottery, although the probability of winning is nearly impossible.  You’re better off giving that money to the poor, or to charity…at least it will do some good rather than making the casinos richer.  There will always be the question as to whether money will buy or bring happiness.  Some people who meditate on this may say that it does not buy happiness, while those who are brash and realistic about life say money does.  Considering we hear timeless stories and articles about many rich and famous people in Hollywood with loads of money who also do drugs,  or get divorced, are depressed alcoholics…money doesn’t always correlate to happiness.  Some wonder why they partake in such activities given they have all the money in the world to do anything they want, yet they pursue activities that will leave them miserable, or even broke in some cases (e.g. divorces).  It is true, money may put you in a better position to have a better life and be happy.  Therefore, indirectly, it may bring happiness…or at least comfort and contentment so that you don’t have to worry about not having the things in your life that will bring some joy such as a nice house, car, education for your kids, and so on.  Although the definition of happiness differs from one person to the next, most of us will agree that having money will make life a lot easier.

For those of us who are pursuing a profession in pharmacy simply for the rewards it may bring (e.g. money), you should probably think it over.  Although a pharmacists’ salary isn’t relatively bad in the United States, it isn’t like you won the lottery, or will get rich.  This assumes you can even get a job after graduation, and can hold onto it.  This also assumes you will save more than you spend, and you keep your expenses and debt low.  With good money management, a pharmacists’ salary can provide a good living while providing the most essential things in life such as supporting a family.  It may not provide you with the spending capital required to buy a yacht, or the freedom to travel on first-class to exotic locations, and staying in fancy hotels many times a year without going broke.  However, there are things a pharmacist, or anyone with a decent paying job can do to stretch out those extra dollars.  For example, using a cost of living calculator comparison tool such as the one here, you’ll notice your buying power in one city may be a lot different when living in another city in the United States.  For example, let’s say you earn $100,000 per year in St. Louis, Missouri.  According to this calculator, you’ll need to earn around $187,648 in San Francisco, California to have the same buying power.  This is because home prices, gas, taxes, insurance, and many other products and services will cost a lot more in San Francisco.  If you decide to move from St. Louis to San Francisco and do not get an offer of much more than $100,000, you’ll probably lose money compared to living in St. Louis because you’ll need more capital to live the same way.  Lets look at another example.  Say you want to move from Dallas, Texas to New York City, New York.  If you make $100,000 in Dallas, you would need around $234,232 in New York City (Manhattan) to have the same lifestyle.  Therefore, where you live and how much you earn in those cities may indicate the amount of cash you can save. Cities and states in the United States will have different levels of expenses such as the various tax rates (income, business, property, sales, etc), insurance costs, interest rates, mortgage/rent pricing, etc.  Obviously, living in a low cost of living area will allow you to save more money for the same products and services, thereby “showing you the money” a lot quicker.  Of course if you spend more than you save, you’ll have no money regardless of where you live.  Therefore, although a pharmacists’ salary after taxes and other deductions may not make you rich…saving money over a long period of time could make you well-off, or at least comfortable enough to not worry about bills as much.  Living in a cheap area will quicken the savings…although some people prefer to live in the expensive big cities due to the fact that it may have more to offer than a less populated small town.  They may not correlate money with happiness, but more happiness from life experiences instead.

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