From $200,000 in Student Loan Debt to Becoming a 7-Figure Pharmacist

In 2009, I finished my postgraduate year 1 residency, making a whopping $31,000, and finally crossed into the promised land: a 6-figure pharmacist salary.

I thought I’d made it. Then I looked at my bank account. I wasn’t “broke broke,” but I was definitely high-earner broke. My wife, Jess, and I looked good on paper (nice home, reliable cars, growing family), but under the surface, the numbers told a different story: We had more than $200,000 in student loans, a house with almost no equity, and very little savings.

I realized this was a quiet reality for many pharmacists: a great income that somehow doesn’t translate into financial security.

THE PIVOT POINT

It took me 4 years to admit my 6-figure income wasn’t the magic bullet I’d imagined. Then a book hit me right between the eyes: The Millionaire Next Door, by Thomas J. Stanley. It taught me that the real measure of financial health isn’t income. Rather, it’s net worth (assets minus liabilities).

I did the math:

• Assets column: nearly blank
• Liabilities column: a mountain of debt, led by those 6.8% student loans
• Four years post graduation, after earning nearly half a million dollars, our net worth was negative $225,000.

I was frustrated, overwhelmed, and confused about how to save and invest. I’d done everything right (degree, high-paying job, house, retirement accounts) but still wasn’t moving forward.

TURNING IT AROUND

In 2012, Jess and I got serious. We built a plan, made sacrifices, and stayed committed. Three years later, in the fall of 2015, we made our final student loan payment (I still have the screenshot—take that, Navient!). It wasn’t easy. We were self-taught, made mistakes, and had few peers to lean on. But it was worth it.

From there, we shifted from defense to offense by saving, investing, and planning. In late 2020, we crossed a $1 million net worth. From negative $225,000 to more than $1 million in less than a decade.

WHAT THIS MEANS FOR YOU

I want pharmacists to have the tools, mindset, and habits to live a rich life today and tomorrow. You don’t need complicated spreadsheets, exotic investments, or to live on rice and beans.

You need the right mindset, a clear strategy, and consistent habits. It’s simple, but not easy. And it starts with knowing what success means to you.

DEFINING YOUR RICH LIFE

I recently asked pharmacists in our community: What does success look like for you? Here’s what they said:

• “Travel the world, give generously, fund kids’ hopes.”
• “Have a home with space to host family and friends.”
• “Work part-time without financial fear so I can volunteer more.”
• “Open my own business.”
• “Create a community center for people who use drugs to meet basic needs and access treatment.”

Notice what’s missing: No one mentioned having a perfect budget, a specific savings account rate, or a complex investing strategy. Those things are tools, not the destination.

THE TAKEAWAY

Before you start checking off financial to-dos, pause and ask yourself:

• What am I trying to accomplish?
• What’s the purpose?
• What does success look like for me?

Money is a tool. The goal is to design and live your version of a rich life.

I started my career thinking a 6-figure salary was the finish line. Now I know it’s just the starting point. If I can go from negative $225,000 to financial freedom, you can too.

This is the first in a monthly column where I’ll share practical tips, honest lessons, and inspiration to help you turn your income into lasting wealth and freedom. Each month, we’ll tackle a new topic to keep you moving toward your version of a rich life, one intentional step at a time.

Disclaimer: The information in this article is provided to you for your informational purposes only and is not intended to provide, and should not be relied on for, investment or any other advice. Read our full disclaimer at yourfinancialpharmacist.com/disclaimer/.