Jun 22, 2018
Kind of went a little long on this episode after vacation realizing that every person on that ship was going to miss Father's day to help the guests have an amazing father's day. I would say 100,000 pharmacists miss Father's Day each year and freedom comes from financial independence. I put a link to the YFPs new student loan course on my website here
http://memorizingpharmacology.com
Full Transcript:
welcome to the pharmacy leaders podcast
with your host Tony Guerra the pharmacy
leaders podcast is a member of the
pharmacy podcast network with interviews
and advice on building your professional
network brand and a purposeful second
income from students residents and
innovative professionals
welcome to the pharmacy leaders podcast
pharmacy news I missed last week because
I was on vacation with my family and
then I'm back and I really didn't want
to do an episode on Father's Day but I
did want to talk a little bit about
Father's Day did you have to work
Father's Day and I think there's about a
hundred thousand pharmacists that had to
women and men if you do the numbers and
how many weekends are open and all that
stuff and I just wonder how many of you
are kind of fed up with that and having
to miss days or make it hard on the
partner whether it's you know husband or
wife or whatever and my wife and I are
just so fortunate that you know I don't
work any weekends and then I think she
works maybe three or four weekends a
year and so weekends are kind of sacred
you don't really have to worry about it
and so it's kind of an out of sight out
of mind but I'd be kind of curious to
know how you handle Father's Day and
Mother's Day and and those types of
things because I guess I gained an
appreciation for it when I was on
vacation and I realized that the
Father's Day that was coming up we
weren't going to be on the ship but we
were on a cruise all of those parents
were not gonna be there for Father's Day
and they left for four months at a time
on the cruise ships are three months at
a time to six months at a time the
contracts vary and so forth and so they
were making that next group that went on
the cruise their Father's Day very
special but they were also giving up
there so as pharmacists we tend to give
up that's what is most important to our
family so that others can have their
medicines and we can counsel them on it
so I was just kind of curious who has to
work Father's Day and then I guess
that's kind of one of the
motivators that I wanted to talk about
as we go through this episode and maybe
some of the ways that other people are
getting out of pharmacy or they're
getting out of retail or getting out of
a situation where they have to be a
certain place at a certain time and I
know that we're hearing bad things about
the pharmacists job market but the job
market still has a 96% hiring rate and I
know that that's a bit skewed and not
all of those are full-time jobs and and
so forth and so on but it's certainly
not 2007-2008 when I moved to Iowa so
let's talk a little bit about what's
going on in the world and maybe we can
get some clarity on some next steps and
things like that again I certainly
appreciate those of you who have bought
memorizing pharmacology mnemonics
pharmacy flashcards and fillings for the
future nurse doctor physician assistant
and pharmacists I worked for a year on
this book to get really quick mnemonics
there's a hundred and thirty-four
mnemonics in there and of course the
explanations for them but if you have
the print book or the e-book you could
just flip through the mnemonics
themselves and the idea was to get you
up to speed on about four hundred and
fifty five hundred drugs rather than
just two hundred or three hundred and
fifty and to really help those ap PE
students that are just starting out that
are going to go into internal medicine
and critical care rotations to make sure
that they've got their pharmacology down
so again I appreciate those of you who
picked up the audio book on my website
you can find a link to the year
financial pharmacist student loan course
we're going to be talking with Tim
Albrecht about his last podcast episode
which was all about student loans and
the five things that you want to do but
also talk in depth about the student
loan course for about half an hour and I
want to talk a little bit about
investing I talked with him about
investing five hundred and five thousand
dollars and I'll let that episode speak
to that but how do you double your money
so you're you're working to you know put
investment in good places but when I
talk to my accountant he's like what you
need are kills like
it's a kill you know I don't hunt and
he's like I kill is when you double your
money on something or do you know get a
large amount of money that comes in and
I didn't really understand that until I
started investing in myself in terms of
things like the the course or especially
coaching business coaching when I was a
real estate agent I put in five thousand
a very bottom line numbers person and I
said look I just want 10,000 back so I
want to get my five thousand back and I
want five thousand more and I ended up
making twenty two thousand that first
year two hundred fifty three thousand my
fifth year out but the point was that in
addition to the smart investments if you
want to call them that you know the
traditional investments you want to have
something that can really go you know
just nuclear in terms of its success and
those are the things that really excite
you and I'm not saying go to Vegas and
be silly about it I'm just saying that
you should have something on the side
that you're working towards that really
excite you and the books really are that
for me maybe this will be a hit maybe
this book Pharmacology mnemonics is
gonna be a hit maybe it's not I don't
know if I knew I certainly would know
exactly what to write but I keep writing
it because I know they provide value I
know it makes some people's lives
significantly easier but the student
loan course I guess I was such an idiot
with student loans and I talked about
that in interview with Tim Albrecht that
I was fortunate that they were so small
relative to what you guys have I think I
had 40,000 student loans but I only had
two ition of 16,000 but I had 20,000
credit card debt and I bought a new car
20 grand there and so it was really
monopoly money like like we talked about
and I didn't have any appreciation for
it so I'm not giving you this
recommendation because of the
appreciation I'm giving you the
recommendation because I learned
something that I wanted to share with
you now and then you'll hear about it in
there as well I didn't realize that in
forgiveness you actually pay on average
if you're an average graduate now about
$5,000 in interest so that means that if
you
for your interest or you don't pay any
interest you don't have to as a resident
I believe they it's the resident penalty
of $10,000 so you take your residency
salary and just take you would take
10,000 off the top but it's actually
more than that because to pay someone
$10,000 you have to earn about thirteen
or fourteen thousand dollars so take
your residency salary subtract $14,000
and that's what it feels like to have
the average student loan debt and then
the interest that goes on top of it and
I guess I every time I ran the numbers I
could not think of a single person but
if you don't have student loans don't
even mess with it but if you have
student loans under fifty thousand maybe
even under a hundred thousand I might I
might consider it I might not I'm not
sure but if you're over a hundred
thousand I would definitely consider
taking their course and and really it's
can you double your money and I think
that you would easily make four hundred
more back so eight hundred dollars back
but when you talk to people and the
mistakes they could have made you're
talking about fifteen to thirty even a
hundred thousand dollars and when I
talked to Tim Albrecht he because he
didn't know how to do his write and then
Tim Church explained it to him I think
he lost about three hundred thousand
dollars and those numbers are just again
it's monopoly money we can't really even
thinking in those types of numbers but
anyway I trust the guys I hope you
listen to the episodes this week and
hear about them but if you ever want to
link to the student loan course learn
more about it you can just go to my home
page memorizing pharmacology comm
there's a link to click on under the
pictures of my books okay let's see so
this week coming up so the student loan
course is Monday Wednesday and then I
have somebody who talks about getting
kind of replacing your six-figure job
and she's not in the pharmacy space but
she had a bit of a tragedy happened to
her and she made the best out of it and
she's written a book and something that
should be out on audible in a week or so
so you should be able to have that as
well with the mother ship so I saw three
episodes I
think this week from the pharmacy
podcast network I went from senior rx
radio with CEO Chad Wars na SP so the
National Association of specialty
pharmacy is creating student chapters
just like APHA ASP or the SHP student
chapter I'm gonna get it wrong I know
there's two S's in it but that's kind of
cool to see that the pharmacy students
are gonna be able to better understand
specialty pharmacy as they're going
through pharmacy school it's certainly a
nice to be in in certain places in the
country and then the BC mas
certification Aaron L Albert talks with
dr. Solomon about that certification the
MSL and I don't know too much about it
but I would recommend the episode if
you're interested in that happy farm D
they had a guest blogger I want to say
was two weeks ago June 5th and I'm gonna
butcher the name so I'm not I'm just
gonna say Rin G il Perez talked about
how and this kind of goes back to the
student loans didn't realize that your
student loans can actually grow as you
pay them off and that might seem
counterintuitive but if you read that
article about the person who owed a
million dollars and there's a hundred
people that owe a million dollars or
more in student loans their student
loans will actually be double what they
owe now at the end when they're forgiven
so kind of just take a minute to break
that down your student loan interest
grows at a certain rate if you pay it
based on the income structure you may
have student loans that are growing and
growing and growing while you're
continuing to pay so it's just kind of a
I don't know just to kind of a daily
penalty that comes in for not paying
enough on your student loans so I would
definitely recommend that blog post
because it kind of sends home when
somebody else has this happen and you
read it in black and white you're like
wait a minute you had student loans of
this much and then you had student loans
of one
halftimes that much how does that work
and then kind of going back to the yfp
podcast and the way that they talk about
things and using compound interest but
you want to be on the right side of
compound interest real life pharmacology
pharmacology education for health
professionals so Eric Christensen has
started to develop quite a few episodes
it's free and and he really takes about
seven to ten minutes to talk about each
medication or you know each medication
class and the last one was on phenytoin
you know the Michaelis Menten kinetics
and all that stuff so I definitely
recommend his podcast it's got 27 5-star
ratings I think you'll you'll really
really appreciate it he does a really
great job he's a he's a clinical expert
and I really appreciate him he's met at
101 if you know him by his it's not a
screen name but I guess his alter ego
your foreign talk to your pharmacist by
the pharmacy advisory group with Hillary
Blackburn she talks about new
technologies I think her last episode
was about a week ago that's also one
that has a good number of five-star
reviews something that came on
indeed.com so this is this the lies
about the pharmacist job market blog and
again it's it's super negative but it
does keep you up to date with what's
going on on the negative side of things
15 kiosks are coming to Arizona so
you'll be able to go to the red box and
pay a dollar 75 for a movie and then you
can go pay four bucks for your
prescription and then maybe get a
monster or Red Bull for you know another
two bucks or whatever so this was coming
and it's going to explode once it it
does hit the automated pharmacy you know
it just it's a needed thing as
pharmacies are moving out of the inner
city and they're just simply not in
rural areas it was clear that there was
an
for this how it's going to happen
exactly not sure but each of these blue
boxes I think they're blue are the
Meadowvale boxes is licensed each
self-service kiosk is licensed as a
pharmacy it's the smallest pharmacy has
ever seen it's like tiny house but I
think that this is going to be the
disruption that really just absolutely
crushes things and and what the pharmacy
schools were gonna say is they're gonna
say well see we told you you got to
learn clinical because if you don't
learn clinical then you're gonna end up
getting replaced by a box well that's
not really the issue the issue is that
people are going to lose jobs because of
the box and the more jobs people lose
and the more excess pharmacists we have
that's where the real problem is nothing
solves that so the correction is coming
and it's coming soon
and I really expect to see the same
thing that law schools saw I expect that
pharmacy schools will not collapse and
mass I don't think that you're going to
see that you know a school drops or they
know this is coming and they they have
some things that they've been doing to
prevent it by expanding into other
Health Professions and things like that
and what pharmacy students or pharmacy
applicants I'm always on the
pre-pharmacy side but what pharmacy
applicants are showing is that they will
take a school that's near them over the
top rate at school and the number one
place we can see this is in UCSF who
took 50 percent hit in applications I
think that was right that was about 40
or 50 percent reduction in application
so it's one of the best schools in the
country and half as many people applied
last year and there's a couple reasons
for that one there's tremendous
tremendous investment from abroad this
was happening in Vancouver and Toronto
and then just recently a house went for
1.6 million over asking so that's not it
was a 1.6 million dollar house it was a
nine million dollar house I think that
somebody paid in
extra million and a half to make sure
that they got it so the market the
real-estate market there is unbelievably
difficult to get into it's incredibly
difficult to even just live in and near
San Francisco so I understand why
someone would say look I'm just gonna
live near my house or I'm gonna live in
somewhere more affordable and the
schools are meeting that need so there's
and the the thing with the new schools
is that they're making pharmacy school a
part of the medical school / nursing
school / collaborative it's not like
when I went to Maryland each school was
its own entity and I know Maryland will
do just fine because so much of their
money comes from research and the state
and things like that it doesn't really
come from tuition dollars but when you
talk about a new school coming in you
know the University of Wisconsin the new
one I don't know the the name of it only
has like 40 students per class but it's
I think it's integrated in some way into
the other schools so that it's just a
couple of the cost to have the pharmacy
students is not very much and you know
the AP PE you know are free for the
schools like we don't get any money well
I don't know maybe some people get money
some pretty scepters get money but I
don't take any money to take students so
that only costs them the price of
however many people they have so it's
relatively inexpensive to add a pharmacy
school to an existing Health Group so
don't expect that the pharmacy schools
are we closing but do expect to see
significant reductions I think law
school went down about 30 percent so
don't be surprised if you have a class
of you know a hundred people that all of
a sudden you're seeing in class of 7075
I think I can tell you for sure that's
happening right now I'm one of the few
people that's a pharmacist on the pre
pharmacy side where I see it and people
are coming in to me and you know where
they were pre pharmacy for a semester
for a year they're saying yeah you know
I heard about the job market and I
heard about you know things it looks
like a cool job but I don't know I'm 19
years old and I just don't know if I can
compete at that level or I just don't
want to compete at that level and
they're seeing that there's a nursing
shortage and they're saying look I just
want to be in healthcare and I want to
help people and maybe they're not as you
know focused on pharmacy as others but
anyway this indeed compost that there's
the prescription drug machine I think
that is going to be a definite
disruption as far as jobs so let's let's
start with Paul Tran in his youtube
channel which is amazing now he had a
little bit of a break where he took two
or three weeks off and I know he has
four jobs and then he's doing some cool
stuff with Home Depot and somebody gives
him tools to do his projects and things
like that he has a video about how he
paid off his student loans in less than
two years and I got almost a thousand
views and then is the market saturated
and the first thing I wanna talk about
is that so he says in Seattle there's
plenty of jobs and I think what you're
gonna find is that certain times of the
year in certain places there are but
what I did was I went on Walgreens calm
and just said all right well how many
pharmacists jobs are there in certain
areas that I've lived in or live near or
know about and so I'm talking about the
largest metros in the country so Chicago
there were eight jobs that is the number
three metro in the country I believe but
behind New York and Los Angeles so there
were eight jobs so I said alright well
maybe that was an anomaly maybe that's
you know that's that's not how it is
I go to Phoenix where we expect to see
obviously many many pharmacists jobs and
I saw six within a 50-mile radius of
where I used to live down in Tempe and
so there were seven jobs there and I
looked for the pharmacy graduate job so
the Walgreens is now separating
pharmacist graduate I believe this is
how they're doing it that are separating
pharmacists graduate as somebody who is
new and we're not gonna put you in a
super-busy store and they separate that
from a person that has a year or more of
experience that would be able to handle
super busy store
and I believe they separate that from
pharmacy manager I think those are three
separate things and I'm just not sure
how that works in terms of do you really
get a store as an intern graduate and
then you do want to be careful don't
fail the Netflix is all I can say that
you have to have your job within you
have to have your license within 90 days
and that's common across the board so
when you say I got a job with Walgreens
or with CVS or whatever I don't know
what your contract says but you have an
offer you'll have a job when you pass
the Netflix and the MJ PE so make sure
that you pass it make sure you don't
wait until the last minutes to study for
that but anyway back to is the
pharmacists match market saturated I
can't get a straight answer some people
are saying we can't find jobs here and
other people are saying it's fine it's
not bad you know and I look in you know
right now in Iowa I looked and there was
one job in West Des Moines with
Walgreens but there were supposed to be
16 jobs on indeed.com so I'm just not
really sure still about the pharmacists
job market
so then he gives some tips about finding
a pharmacists job in a saturated market
talks a little bit about getting a foot
in the door he although there's only
about 400 views on this he says student
alone should not be forgiven I'd watch
the video just to see his point of view
on it and I get what he's saying but I I
understand what he's saying
and I don't know I had to pay my student
loans I don't have any problem with
having somebody forgiven but but I guess
I do have a problem with this knowing
that the person that it was a million
dollars in student loans that went to
Southern Cal is going to not have to pay
you know those student loans and that it
ultimately goes to the taxpayer so who
benefits the college benefits and the
loan servicer benefits and the person
taking the loan benefits but Joe
taxpayer Tony taxpayer does not benefit
and then should I quit my pharmacists
job he wasn't talking about should you
quit your pharmacists job he said should
he quit his pharmacists job and that's
a little bit of a misnomer because he
has four jobs so it should have been
should I quit my pharmacist jobs or one
of them to do this other thing but I
think that that's something that people
run into and I'll just talk about it for
a second but yeah I did eventually leave
my pharmacists job and I was still on
there but I don't think I worked for
like two or three years so I basically
retired gosh oh I want to say I want to
say I retired probably about eight years
after eight years after I left pharmacy
school I retired from retail I guess you
could say and then I went back for a
little bit but you know when I came back
to Iowa for 20 hours a week did the
residency thing for a bit but yeah I was
done after eight years so should I quit
my pharmacists job yeah I money is just
meant to allow you to do the things you
love to do and make you happy if the
pharmacist job makes you happy do that
but it seems like the creative stuff
makes him more happy so I would do I
would go with more happy over less happy
or just happy yeah so Walgreens comm you
know you can check him out and maybe
somebody can explain to me the
difference but certainly a good time to
be a pharmacy tech there are thousands
and thousands of pharmacy technician
jobs rx radio I didn't hear anything new
he had that I really liked that finding
purpose with Scott I was listening to
the airport I think Scott really did a
good job of kind of going over those
things and and Brian fun also had a
really good episode where he was gonna
talk about his mPHA at Hopkins but he
ended up talking about finding yourself
and I know it youma it only got like 80
60 100 views or something like that but
it's probably one of the most impactful
ones that I've really heard on YouTube
in a long time my name is really really
transparent and straightforward and that
you know so the things when he first
came out were exciting and now there's
kind of a lull and I can tell you this
is true I tried to solve it by doing so
first I worked four days a week and I
worked like Friday through Monday
and then I tried to do Tuesday Thursdays
or something like that and I tried to do
overnights and then I tried to do
mail-order and then I tried to be
supermarket manager and and what I was
finding was that I just didn't have
anything that really fulfilled me it was
just too easy to do my job and there
wasn't really much of a challenge with
it you know there's there's only so long
that you know when you go at the end of
the day like wow we did 500 a day or
while we did 700 a day it just wasn't
really you know exciting and so I ended
up moving away in a believing Phoenix or
the Phoenix area after four years and
then I found a challenge with the you
know real estate eventually and then you
know got married and then I found a new
challenge and teaching and and I think
that's what it is that you know if
you're in your late 20s or your 30s and
you're you you just get to the point
where you know like it's just not
challenging it's too easy and the
expectation that you should stay in your
job is it it isn't there but people are
staying in their jobs because you know
they have their student loans for
whatever but anyway I really appreciate
Brian Fung and what he did with that
video finding yourself I really really
recommend vlog number 34
Kevin Yee so he interviews Angela and he
talks about what his pharmacy school
look like after graduation reality
versus expectations and and this is
always kind of a fun one like well I
thought I was going to be doing blank
and it ended up doing blank but I think
the episode that really hit home he did
this back in 2016 they got 86 thousand
views was Angela talking about why I'm
single and how I feel behind it thirty
and as somebody who's 46 now I had my
kids when I was 40 I never felt that and
maybe maybe because I'm a guy I don't
know but I never felt behind as much as
that sometimes I felt alone or sometimes
I felt like I just didn't have a
direction but she seems pretty put
together and I definitely recommend
either episode you know the more recent
one that he did you know how to handle
being single and feeling behind in life
at 30 and and having these expectations
for yourself and I'm not gonna do the
well it all comes when it's supposed to
come or whatever but again I appreciate
Kevin Yee being so transparent Angela
being so transparent I thought that was
a great conversation that they had and
really really love love his channel as
well I thought I had one last thing to
talk about but oh yeah real estate
investing so I'm buying my third house
and I've owned up to three houses before
but this is the first time I'm buying a
house and I know where I'm gonna be or
hopefully gonna be in the next ten years
so it's a lot easier for me and you know
I thought about this for a long time
because the book was been doing well and
you know things have been going well and
and I just didn't really want anything
like what I mean by that is I didn't
have anything I really wanted to buy
like I have a 2011 Traverse and I'm
happy with that I mean the cloth seats
are gross because the kids just it's
just devastating and my wife has a
Highlander so every time I get to drive
it it's like awesome it's amazing but
when I think about like what I wanted I
kind of just wanted to reconnect with
Tempe and where I started my career and
I my brother's living there and my
parents might move there so really it
was you know how can I kind of reconnect
with maybe the past or reconnect with
something that I had really enjoyed and
and so I went and I invested in a
three-bedroom two-bath there we're going
through the process now I'm just waiting
for results from home inspection addenda
you know that I sent you know can you
please fix this stuff and we'll see what
happens but I wanted to talk a little
bit about my investing strategies and
maybe I'll do that in another episode
but my number one tip for an investing
strategy is to look in multiple ZIP
codes in multiple states what happens
when you say I need to live here is that
you lose sight of what the market is
like in other places so if you're like I
have to live in San Francisco you are
in one of the hottest markets in the
entire country maybe an entire world but
if you are in
I don't know Baltimore is kind of
cooling off a little bit on the west
side - one two three oh - one two two
four seems pretty hot still
but Tempe eight five two eight one it's
pretty strong as is eight five two eight
four you know the the the ASU Arizona
State you know northern part versus the
next to the Rio Salado Lake and and so
you you get a much broader perspective
so if you can't become a real estate
agent or you can't become an expert as
you're looking for your home and
freaking out that the home isn't there
for you back up and say okay well I want
to invest in real estate but maybe it
makes more sense to rent a home and
invest in a place that's in a different
state because what happens with rentals
is there's a point where a house becomes
a poor cashflow rental so the house that
we live in costs about twice what the
condo I'm buying costs but the rents
from the condo and the rent from the
house are only about $800 a month apart
I just couldn't get a lot of rent for
that house not because it's not a nice
house but because when you get to a
certain level a certain monthly rental
those people are probably buying homes
and there just aren't that many of them
so there are a lot of people that want
to rent low but they're just not a lot
of people that can rent high so a new
trend that I'm seeing is that people are
investing in real estate by investing in
the best investment one will they will
cashflow well and that will provide good
rental income and they're renting their
home because they can find a home you
know in the 1500 2,000 a month just like
somebody would to find you know a luxury
apartment at 1,500 2,000 a month so
anyway that's my two cents on real
estate investing that if you're gonna
start investing look in different parts
of the country don't just go to one and
definite out out to my real estate agent
at Lisa Scofield who was phenomenal SCH
o fi eld she is
been working with investors for 17 years
now I've known her since I was in Tempe
and she's phenomenal to work with not
just because she knows her stuff about
investing but she's just like super nice
and she just really has an understanding
of what it's like to be it's that 10,000
hour rule once you have 10,000 hours
you're just really comfortable at it and
she really is so she's phenomenal as
well so went a little bit long but as
usual I'm always happy to answer emails
and facebook Messenger and I just saw a
couple that popped up and and help
anybody out that I can and yeah I will
talk to you guys next week support for
this episode comes from the audio book
memorizing pharmacology a relaxed
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Australia it's the go-to resource to
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