Hi everyone,
First time posting but I've been reading for months. Thanks for the insane amount of advice, I've learned way more than I thought I would! Also I only have 1 friend I can talk to about money so this forum helps.
I'm a pharmacy manager, having a quarter life crisis and debating buying my own pharmacy or finishing out working at my current job. My current job is not bad - easy, good schedule and vacation time, but the salary is low for a pharmacist (nonprofit, private would be ~10-15k more). And due to megacorp (nonprofcorp?) bureaucracy I can't run the pharmacy as well as I'd like.
I have an option to buy a local pharmacy. Pharmacies are not cheap. It would require a loan of approx 750k. Down payment of 10% which I will have by the end of the year. But the potential is big - plus a potential passive income for FIRE.
I have strong experience so not too worried about it succeeding. Pharmacies have a high success rate in general. But philosophically is the reward worth the risk and long hours/stress, being tied down, or would it be better to work at the current job and spend my time enjoying life? Anyone do something similar? Or should I be focusing on something entirely different? Any advice is helpful and welcome.
My goal is to reach FI when I'm 44 and house gets paid off. No DW, no kids yet but both those may be happening soon. And I switched to a trad 401k last week and will max it out this year.
Me: 113k/yr
saving ~50k/year
spending: 36k/year
Assets:
50k roth 401k
30k vanguard (65% stock, 35% bonds)
Debts:
18k student loans (2.1% variable)
172k left on 220k house (1 year in a 15yr 2.625%)
no credit card or car debt
First time posting but I've been reading for months. Thanks for the insane amount of advice, I've learned way more than I thought I would! Also I only have 1 friend I can talk to about money so this forum helps.
I'm a pharmacy manager, having a quarter life crisis and debating buying my own pharmacy or finishing out working at my current job. My current job is not bad - easy, good schedule and vacation time, but the salary is low for a pharmacist (nonprofit, private would be ~10-15k more). And due to megacorp (nonprofcorp?) bureaucracy I can't run the pharmacy as well as I'd like.
I have an option to buy a local pharmacy. Pharmacies are not cheap. It would require a loan of approx 750k. Down payment of 10% which I will have by the end of the year. But the potential is big - plus a potential passive income for FIRE.
I have strong experience so not too worried about it succeeding. Pharmacies have a high success rate in general. But philosophically is the reward worth the risk and long hours/stress, being tied down, or would it be better to work at the current job and spend my time enjoying life? Anyone do something similar? Or should I be focusing on something entirely different? Any advice is helpful and welcome.
My goal is to reach FI when I'm 44 and house gets paid off. No DW, no kids yet but both those may be happening soon. And I switched to a trad 401k last week and will max it out this year.
Me: 113k/yr
saving ~50k/year
spending: 36k/year
Assets:
50k roth 401k
30k vanguard (65% stock, 35% bonds)
Debts:
18k student loans (2.1% variable)
172k left on 220k house (1 year in a 15yr 2.625%)
no credit card or car debt