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Three Tips For Building Wealth Outside Your Pharmacy

Posted by Benjamin Coakley on Wed, Jun 10, 2015 @ 04:08 PM


 

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Three tips for building wealth outside your pharmacy

 

You probably don’t need a reminder of how challenging owning a pharmacy is these days.

 

While life in pharmacy provides an abundance of opportunity, the demands it places on an owner are incredible. At some point, every owner begins to look forward to life after pharmacy. The trick is to not let the demands of your life in pharmacy prevent you from preparing for your life after pharmacy.

 

We have been receiving more requests for help in this area than ever before as we continue our work ensuring community pharmacy owners enjoy greater personal, ownership and financial success.  

 

One of the most powerful discoveries our clients make is that greater personal, ownership and financial success during their life in pharmacy, prepares them for a successful and fulfilling life after pharmacy. Building wealth outside of the pharmacy is just one of many financial success strategies you can pursue. As an owner, it can help decrease the pressure on your pharmacy as the sole source of your income. And, when it comes time to transitioning into life after pharmacy, it creates more options for transferring ownership. In short, it frees you up to make the transition on your own terms, when and how you want.

 

Building wealth outside of your pharmacy is essential for achieving financial independence and being able to enjoy life after pharmacy without worrying about where your next paycheck is coming from.

 

But, just as pharmacy ownership is challenging, so too is achieving financial independence. Generally speaking, the challenges to achieve financial independence can be grouped into three categories: financial, societal and psychological. Each is difficult to overcome by itself; put all three of them together and it can become seemingly impossible.

 

Financial reasons are relatively obvious and range from not having a budget for controlling spending and saving to unforeseen occurrences like becoming ill or being injured and unable to earn a paycheck for a significant period of time.  

 

Societal reasons are a little more difficult to understand. Why are so many Americans seemingly never satisfied and always need to own the newest and nicest things? Do we fall victim to this keeping-up-with-the-Joneses mentality because that's what people do on the television?   

 

One of the biggest psychological factors preventing financial independence is fear. For example, we are at an all time high in the financial markets yet there are many people telling you the next crash is imminent. If we hear this enough, we might begin to think it’s true and make financial decisions because of it. Research shows decisions based on fear are not the best strategy to achieve your financial goals.

 

Understanding why people don't achieve financial independence helps us become more aware of our actions and enables us to make smarter decisions with our money. Smarter decisions lead to accumulating more wealth, which in turn prepares you financially for life after pharmacy. As I said earlier, accumulating wealth outside the pharmacy is necessary to transitioning out of the pharmacy on your terms.  

 

Here are three simple tips you can use to improve your chances of enjoying financial independence:

  1. Get on a budget: I know budget is the latest word to be added to the list of words you cannot say in public… but budgets do work. If you are allergic to the word budget, call yours a “spending plan”. The more closely you watch your expenses, the better chance you have of reducing your expenses. If your income goes up and your expenses go down, you have more money to invest and save for financial independence.
  2. Put a plan in place for an unexpected disability: Most people have a plan for dying (if you don't please contact us immediately!) but have never addressed becoming disabled. The odds of you becoming disabled are substantially higher than of you dying during your working years.
  3. Focus on YOUR PLAN: Don't get caught up in what other people are doing and always avoid "Facebook Envy." Facebook Envy is where you are jealous of people for posting things about taking trips and buying new things. What you don't know is that most of them are dead broke and will never have much saved for retirement. If you don't think you can avoid the envy and are brave enough to do it, go ahead and terminate your Facebook account. Most people will not even realize you are gone.

If you feel you would like to act on any or all of this advice, we can help. From free planning tools to personal and complimentary consultation with a senior Waypoint advisor, we offer many ways for you to begin or accelerate your progress towards greater personal, ownership and financial success.

Call, email or visit our web site and take the next step toward your inspired independence.

Click Here to Access  Your Life After Pharmacy Preparation Kit