Why a Good Income Isn’t Enough

In this episode of Pharmacy Focus: Financial Wellness, host Tim Ulbrich, PharmD, addresses why many pharmacists feel financially behind despite earning a median income of just over $137,000, according to 2024 Bureau of Labor Statistics data. Rather than focusing on spending habits, Ulbrich walks through 3 financial levers he considers essential to accelerating a financial plan: growing income intentionally through compensation negotiation, career advancement, credentialing, and side income opportunities such as consulting, teaching, or medical writing; keeping fixed expenses, including housing, car payments, student loans, and childcare costs, from limiting future flexibility; and examining one's money mindset, including the unconscious beliefs and "money scripts" that can cap what pharmacists believe is financially possible.

Ulbrich notes that inflation, rising housing costs, and lifestyle inflation can leave pharmacists treading water even as their pay increases, and he encourages listeners to give income growth as much attention as cutting expenses. He emphasizes that every financial commitment carries an opportunity cost and that small, intentional changes to any one lever can build momentum over time, with the greatest progress coming when all 3 levers work together.