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If you’re exploring career options, pharmacy might have popped up on your radar — and for good reason. Not only can pharmacists command a good salary, they also have job security, as the pharmaceutical industry is one that won’t vanish any time soon.

That said, how much does a pharmacist make? Is it worth all the trouble of going through pharmacy school to become one? Let’s find out.

What Are Pharmacists?

You’ve likely picked up a prescription or two at a pharmacy, but maybe you didn’t give any thought to the person behind the counter. This individual is your local pharmacist, and it’s their job to prepare and dispense prescription medications.

Pharmacist Job Responsibility Examples

In addition to doling out prescription drugs, pharmacists also consult with patients, provide instructions for how to take medications, and help patients find low-cost medications. Some also give health screenings and immunizations.

Keep in mind, a pharmacist often needs to be outgoing, since their work involves speaking with patients throughout the day. If that’s not your personality, you may want to look into jobs for introverts.

💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How Much Is a Starting Pharmacist Salary?

As with most professions, pharmacists tend to earn more money as they gain more experience. But what is a good entry-level salary for pharmacists?

Pharmacists with less than a year of experience generally earn, on average, about $54 per hour. That’s $112,320 per year.

Of course, how much you actually can earn depends on where you live, what your duties are, and whether you work for an independent pharmacy or a chain. It can also help to research the highest-paying jobs by state.

Recommended: Is a $100,000 Salary Good?

What Is the Average Salary for a Pharmacist?

Now that you see what starting salaries are for pharmacists, let’s address the next question: How much money does a more experienced pharmacist make?

Generally speaking, pharmacists are usually paid by the hour. A pharmacist with 10 years of experience earns an average of $67.05 per hour. That adds up to $139,464 per year.

What Is the Average Pharmacist Salary by State for 2023?

The amount you make will depend on where you live, among other factors. Here’s a look at the average pharmacist salaries by state, from highest to lowest.

Recommended: Pros and Cons of Raising the Minimum Wage

Pharmacist Job Considerations for Pay & Benefits

Where you live is one factor that can determine how much you earn as a pharmacist. Your on-the-job responsibilities may also play a role. For example, there are different job titles, and each has its own set of responsibilities, requirements, and salary ranges. Examples include:

•   Staff pharmacist

•   Pharmacy specialist

•   Clinical pharmacist

•   Pharmacy manager

•   Director of pharmacy

Some pharmacists may have roles and responsibilities beyond filling prescriptions, such as offering immunizations and health screenings. Some may be in charge of hiring and managing other employees. Some may work in traditional pharmacies, while others may work for companies focusing on chemotherapy, nuclear pharmacy, or long-term care.

Recommended: 25 High-Paying Trade Jobs in Demand

Pros and Cons of Pharmacist Salary

While being a pharmacist can be a rewarding job, there are potential drawbacks to keep in mind. Let’s look at some pros and cons.

Pros of Being a Pharmacist

Naturally, the high salary pharmacists tend to command may be one reason to consider this career path. Because many pharmacists get paid by the hour, they’ll be compensated fairly for their time even if they work more than 40 hours a week.

Another perk is that you may have a flexible schedule that allows you to work part-time or during certain hours. There could even be opportunities to work remotely, which may be useful if you’re working in a rural area.

You might also be able to open your own pharmacy instead of working for someone else. This brings freedom and flexibility to you as a business owner.

Finally, you’ll be a valuable member of your community, since it’s your job to help people on their path to wellness.

Cons of Becoming a Pharmacist

If becoming a pharmacist was easy, everyone would do it! For starters, you’ll need to have about six years of education after high school. And the cost of pharmacy school can range anywhere from $5,000 to $30,000 a year for an in-state public college, or $20,000 to $95,000 a year for a private school.

Depending on your financial situation, this could require you to tap into savings or take out student loans. (Creating a budget while you’re in school or just starting out can help you keep track of where your money is going. A money tracker app can help make the job easier.)

Another possible drawback? Some pharmacies may not guarantee a certain number of hours a week, and in that case, being paid hourly may not come with the big paycheck you’d expect.

Also keep in mind that some pharmacists work long hours, which can have a negative impact on your health and mental wellbeing.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

If you’re looking for a rewarding and potentially lucrative job, becoming a pharmacist might fit the bill. You’ll help your local community get healthier, and depending on where you live and your level of experience, you could earn competitive pay, too.

FAQ

What is the highest pharmacist salary?

The state where pharmacists tend to earn the most is California. The average annual income of a pharmacist there is $161,597.

Is it hard to be hired as a pharmacist?

Becoming a pharmacist requires six years of education after high school. The workload is challenging, and pharmacies looking to hire generally have high expectations of applicants.

Photo credit: iStock/ADragan
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Raising a child could be one of the most rewarding experiences you’ll ever know, from watching your little one grow, seeing their interests take shape, and sharing all kinds of experiences with them, from baby’s first trip to the beach to high school graduation.

But there are practical matters to consider as well when a baby arrives, including paying for your child’s care. Those expenses start coming at you quickly after your little one is born. Daycare, for instance, can be an urgent expense. Currently, the average weekly cost of daycare is around $216, which is just over 17% of the median national household income.

Making ends meet can be a challenge for many families. Perhaps your budget was running smoothly but now you have to accommodate this expense. Or maybe you are wondering how you can move ahead with saving for a house when you’ll have less money to stash into savings. Read on to take a closer look at the kinds of daycare available and wise strategies for making ends meet.

Types of Daycare

Yes, there’s a considerable cost to raising a child, and daycare is part of that. It can allow you to continue to work or attend to other priorities and ensure your little one is well cared for.

That said, there are a number of different types of daycare, but one of the most important distinctions is the difference between home-based care and formal daycare programs.

Home-based Daycare

Home-based, or informal, care is typically cheaper than formal daycare options, but there can be some drawbacks so it’s important to thoroughly review your options.

Each state determines their own regulations for home-based daycares. Most require providers to meet a certain level of training in order to provide care. Before you select a home-based daycare, you can check the requirements and regulations on sites like this one at Childcare.gov or visit your state’s website. You can likely find the information you are seeking via the Office of Children and Family Services.

It’s likely that safety will be one of your top concerns. Check that childcare providers are fully licensed and credentialed. Since many of the home-based providers are run by a sole proprietor, you may get less oversight than at a formal facility. That is, the operator may be so small that it’s not required to be licensed.

Licensing, however, can be a very important factor. It ensures such things as:

•   Criminal background checks for the staff

•   Training in such matters as CPR, safe sleep habits for children who are young enough to be napping at daycare, and first aid

•   Proper sanitation

•   Emergency and safety preparations.

Ask about the care providers’ background and qualifications. It’s more likely that those working at formal daycare centers (more on those below) will have specialized training. For instance, the work could be a side job for a teacher.

If you do decide to go with home-based daycare, make sure to check the provider’s references carefully, even if they have the appropriate licenses. You can also talk to them about the schedule for children in their care and how they will work to stimulate your child’s learning so that they’re ready for preschool. Many parents or prospective parents may ask to visit and observe how the daycare operates.

Formal Daycare

When it comes to formal childcare programs, there are also a lot of different options. Some employers offer childcare programs on site; others are Montessori schools or affiliated with other educational institutions. There may be some that are operated as franchises in your area.

Their approaches will probably vary as well: Some formal daycares aim to provide a cozy, relaxed atmosphere, while others focus on early childhood education and skill-building.

It may be wise to tour a few different options, just to get a fuller picture of how your child will spend their day. You’ll want to see what the premises and caregivers are like and understand the flow of the day.

Often, the more additional services that a daycare provider offers, the more it will cost. For instance, if you are looking for a bilingual daycare, it will probably cost more than one in which just English is spoken, as the provider has to spend more time and energy hiring its staff. Also, the more personalized the care (as in, the lower the child-to-caregiver ratio), the more expensive it may be.


💡 Quick Tip: A low-interest personal loan from SoFi can help you consolidate your debts, lower your monthly payments, and get you out of debt sooner.

Paying for Daycare

When you start a family or expand it, the expenses can come at you in a flurry: doctor’s appointments, food, clothing, furniture, strollers, and so forth. That alone is enough to stretch your budget to the max. Add daycare to the mix, and your income can feel the pressure.

Here, some steps to help you afford childcare.

Retool Your Budget: The first thing you can do is cut back on other areas of your budget in order to free up money to put towards daycare costs. You might be able to lower your food costs, say, or have staycations for the next few years.

If you don’t have a budget or aren’t happy with how yours is working, consider the different budgeting methods available, and experiment to find one that’s the right fit.

You might also look into apps to help you monitor spending. Your financial institution, whether a traditional or online bank, may have tools to help you do this.

Save in a Dependent Care Account: If your employer provides you with a Flexible Spending Account (FSA), then you can put up to $5,000 in your account tax-free that can be used for daycare. Beware of over-contributing, however; anything you don’t use by the end of the year will be forfeited.

Check on State Money: Each state has a child care assistance program designed to help low-income parents pay for care for dependents under 13. This program is funded by the federal government. You might see if you qualify.

Use the Child Care Tax Credit: While it won’t help you pay for daycare upfront, you can get a refund on some of your daycare costs by applying for the Child Care Tax Credit. If you itemize your taxes, you can get a tax credit by including up to $3,000 in daycare expenses per year per child or $6,000 per family.

Look into a Loan: If all else fails and you can’t find the money to pay for daycare, you may consider borrowing a personal loan rather than putting your daycare expenses on a credit card. You’ll likely enjoy lower interest rates with a personal loan.

Recommended: Guide to Paying for Child Care While in School

The Takeaway

Finding the right childcare for your family is a personal choice. The main options are home-based or formal daycare. Regardless, you’ll have to balance your child’s needs with your budget and financial plan. There are options such as budgeting, taking tax credits, getting government assistance, or taking out a loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Owning a small business can mean keeping a lot of plates spinning, including making sure the cash is flowing during fluctuations in income and sales.

You may need to buy more materials, pay additional workers, improve your physical location (say, something breaks), and deal with other expenses. And, because you are a small business, it may all be on you to manage this.

At times, you may need a little outside help to cover costs. You may know about long-term business loans, which can be used for borrowing large sums and take many years to pay off, but how about short-term business loans? Here, you’ll learn more about them, their pros and cons, and whether they might be right for you.

What Is a Short-Term Small Business Loan?

A short-term small business loan is a loan that is designed to help small businesses maintain cash flow and cover small expenses. Because they are meant to be paid off on a shorter timeline (usually within three to 24 months) than long-term loans, they tend to have higher interest rates and can be secured very quickly. Basically, they can get you cash fast.


💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

What Can You Use a Short-Term Business Loan for?

There are several common uses for short-term loans. A popular one is to cover project start-up costs. If your business is launching a new product or service, a short-term loan can help you avoid disrupting your business’s cash flow.

They can also help bridge cash flow gaps related to uneven sales or seasonal effects, cover emergency repairs, and purchase discounted inventory that you’re confident will sell fast and at a profit.

A short-term loan can also help small businesses take advantage of unexpected growth opportunities by giving them the capital they need to keep production running in a short time period.

Recommended: What Are Financial Hardship Loans?

What Are the Drawbacks of Short-Term Business Loans?

In addition to high interest rates, short-term loans often require frequent repayments. Instead of the customary monthly payments that come with a lot of loans, short-term business loans often require weekly, and in some cases daily, repayments. While these payments tend to be small, they can be difficult to manage, particularly if your business has uneven sales or a lower cash-flow.

There’s also a risk of accumulating debt when using short-term business loans. Because they can be so easy to get (note: there are still eligibility requirements for these types of loans), using them could potentially lead to a business owner relying on this type of small business debt financing.

This could lead to a debt trap where someone would continue rolling over their short-term debt instead of paying it off on the predetermined repayment timeline. Ultimately, rolling over the debt means the business owner would accrue significant interest if they weren’t able to pay the short-term business loan within the initial term.

Recommended: Typical Small Business Loan Fees

What Alternative Financing Options Are Available?

There are a number of alternative financing options when you need cash for your company.

•   A business credit card is another way to cover small expenses that you plan to pay back quickly. On the flip side, business credit cards can come with high interest rates. And credit card debt is considered “revolving,” which involves borrowing against a credit limit, as opposed to paying off your debt on a defined term.

•   Short-term lines of credit can help you manage day-to-day cash flow, too. Lines of credit can help provide flexibility for business owners. You can borrow up to a set amount of money but are only required to pay interest on the actual amount of money that you borrow.

You can then borrow and repay the funds on a payment schedule similar to how a credit card. Similar to credit cards, this is considered a “revolving debt.” Short-term lines of credit may come with maintenance fees. And the interest rate could go up if you fail to pay on time.

There are many financing options available to help pay for your business expenses. Short-term business loans can help you get the cash you need for your business quickly, and pay it off on the predetermined schedule, or add additional payments as your cash flow picks back up again.

Recommended: Business vs. Personal Loan: Which Is Right for You?

About SoFi Personal Loans

While you cannot use a personal loan for business expenses, there may be times in your life that a personal loan is appropriate; say, if you want to consolidate your credit card debt (which could free up funds for your small business). In those situations, see what SoFi offers.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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If you’re getting divorced, you are going through a major upheaval on many fronts, including your financial life. You may wonder (and worry) about how your debt will be managed. For instance, will you wind up responsible for what your soon-to-be former spouse owes?

While the following information can’t take the place of consulting an attorney, it can help answer some of the most commonly asked questions as you navigate the divorce process. You’ll learn smart strategies for managing your debt as you move through your divorce.

Community Property vs Common Law Property Rules

First things first: Know that states generally follow either community property rules or common law property rules.

Community property states include:

•   Arizona

•   California

•   Idaho

•   Louisiana

•   Nevada

•   New Mexico

•   Texas

•   Washington

•   Wisconsin.

•   If you live in Alaska, you are in what’s known as an “opt-in state.” You and your spouse may have signed an agreement making your assets community property, but if you didn’t sign this agreement, Alaska follows common law property rules, as does every other state excluding the nine states that adhere to community property law.

If you live in a state where community property laws apply, both spouses are typically responsible for debts incurred while married. In fact, most debts are considered to be the responsibility of the “community” (the two married partners) even if only one of them signed the paperwork.

After a legal separation takes place, debt in these states is typically owed only by the person who took on that debt. Exceptions are made if the debt was taken on, pre-divorce, for the following reasons:

•   To maintain a joint asset, such as a new HVAC system on a home

•   To purchase family necessities

•   Or if the couple keeps joint accounts.

But what if one or both members of a married couple took out student loans before the marriage? In this case, the debt very well might not be considered part of community debt, although it could if the spouse signed on as a joint account holder.

If your state follows common law for property, debts taken on by one spouse are, typically, solely that person’s debts. Exceptions can include ones that benefit the marriage, such as childcare, food or clothing, and shelter or household items considered necessary.

Both parties are typically responsible if they both signed a contract agreeing to make payments, or if both names are on a property title to property or a shared account. This can also be true if both spouses’ income was considered when a creditor was making a lending decision.


💡 Quick Tip: A low-interest personal loan can consolidate your debts, lower your monthly payments, and help you get out of debt sooner.

End of Debt Accrual

When two people decide to go their separate ways, a crucial question to have clarified is when, exactly, during the separation/divorce process will you stop incurring marital debt in your state? In California, as one example, a person stops being responsible for his or her spouse’s debt on the date they separate. Every state is different so it is best to consult with an attorney.

Note that, even though state law may draw the line on your liability for a spouse’s debts because of separation or divorce considerations, creditors may still have a legitimate case for pursuing payment from you if repayment of the debt falls behind.

Plus, let’s say that according to the divorce decree, your soon-to-be ex-spouse will be responsible for payments made on a credit card. If your name is on that credit card, the court would order your ex-spouse to make payments. However, if he or she doesn’t actually make the payments on time, it can still affect your credit in a negative way.

Talk to your attorney about options available to get your name off of any accounts with debts assigned to your ex-spouse, including having your ex-spouse refinance a loan so that it is solely in his or her name. You and your ex-spouse could agree to each ask creditors to remove one another’s names according to the dictates of the divorce decree.

Recommended: Budgeting Tips for Life After Divorce

Additional Considerations

Courts may assign debts that are considered necessities to the party believed to have the ability to pay them. This may or may not be divided equally, especially in common law property states where the goal is equitable division, rather than equal division of property.

•   No matter which one of these legal structures your state follows, debt typically follows the asset. In other words, if you get a car, you’ll probably also be responsible for paying it off. This also means that, if you end up with more property than your ex-spouse after the divorce, you may be taking on a greater percentage of the debt.

•   If you and your spouse signed a prenuptial or postnuptial agreement that lays out division of debt in case of divorce, your situation probably won’t mirror the typical divorce in your state.

•   Because laws about divorce and debt responsibility differ by location, it’s important that you hire an attorney who is experienced in the laws of your state. Some couples find that using a mediator to amicably divide debts and assets is preferable to having a judge make the calls. Some mediators are also attorneys, which can be helpful.

Managing Debt After a Divorce

The cost of divorce, emotionally and financially, can be significant. Once the dust clears after a divorce, you’ll need to take stock of what you owe, balance-wise, and what monthly payments you are responsible for. You may discover that payments are higher than what you can comfortably afford each month, now that you’re only relying upon just one income.

In that case, are there any loans that you can pay off and still have enough of a savings cushion in the bank? You might, for example, have a loan with a relatively high monthly payment but, if you only have a few payments left, paying off the loan may help. Or maybe you can draw from savings to finance the fees related to divorce.

If not, you might consider consolidating your high-interest credit cards and loans into one payment through a lower-interest personal loan. Consolidating debt with a personal loan could significantly free up cash flow, right when you need it after a divorce.

Recommended: How to Use a Personal Loan for Loan Consolidation

Paying Off Debt With a SoFi Personal Loan

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Moving is part of most people’s lives. Maybe you’re heading to grad school a couple of towns away. Or perhaps you have a job offer hundreds of miles away that you’re excited to accept.

Whatever the reason, the logistics of getting your stuff from the old place to the new one will need wrangling. Here, you’ll learn more about your options for moving, how much it may cost (from a couple of hundred dollars to thousands), and how to afford the expense.

DIY Moving Costs

Yes, you could move yourself. This could be a smart move for a small, local move, and it can help keep costs within your budget.

Exactly how much this might cost will be based on several factors:

•   Cost of transportation (can you borrow a friend’s van or do you need to rent one)?

•   Cost of the packing materials you use (recycled boxes and old newspapers vs. the pros’ higher-end and job-specific supplies

•   How much stuff you’re moving (and if you need to figure out insurance for any pricey items)

•   How far you’re going

•   Whether you need to store some things temporarily.

As you might guess, packing up the contents of a dorm room and moving it half a mile away to the apartment you’re renting with friends will cost one amount. Supplies might cost, say, $65.

Loading up the contents of the sweet bungalow you’ve been living in for a couple of years and depositing your worldly possessions at a new place 1,000 miles away will be a much more involved and expensive undertaking. Packing materials alone could be a few or several hundred dollars, and renting a moving truck could be anywhere from $20 to $100 per day, depending on your local cost of living. Also, you will likely have to pay to stay somewhere overnight and also spend at least a couple of hundred dollars on gas, dollies, and insurance.


💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.

Full Service Moving Costs

If you decide a full-service move best meets your needs, you’re probably going to want to gather some estimates, so you can nail down the details and be ready when it’s time to go. Some pointers as you do so:

•   Also, do check ratings and references carefully. There are plenty of instances of fraud and scams in this realm, and it’s wise to protect yourself.

•   Booking your truck four to eight weeks in advance is typically a good rule of thumb — maybe even further out if you’re moving in the busy summer months.

•   Professional moving companies can give you an estimate based largely on how many rooms of furniture you have. Most have websites, so you can often get a quick estimate online. A typical local (or fairly local, not long-haul) move for a three-bedroom home is about $2,100.

The average moving costs if you relocate cross-country can easily be twice that, or $4,300 for a distance of about 1,225 miles. Keep in mind, specifics will vary. Oversized or extremely heavy items might cost you extra — as could lots of stairs, or things that need to be taken apart and put back together.

Recommended: Average Personal Loan Rates

Extra Moving Costs to Think About

Then there are the extras that go along with getting out of one place and into another.

•   Transportation: If you’re taking your car across the country, you’ll probably want to get a tune-up before you go. And then there’s gas, hotel stays, and eating on the road. Having a car transported instead of driving it yourself could cost anywhere from $700 to $2,000.

If you’re in a hurry and decide to fly, that’s another expense. And if you’re taking a pet, you may have to add a little bit more to your overall bill, depending on the mode of transportation you choose for your furry friend.

•   Getting into your new home: Don’t forget about deposits you might have to make at your new location. That could be anything from first and last month’s rent and a pet deposit at a new apartment, to utility deposits at a new house.

•   Home repairs and cleaning: Be ready to pay for some home repairs on both ends of your move. You may have to make some quick fixes to get out of your rental without losing the deposit or maybe even major repairs if you’re selling a home. When you get to your new location, you could find some unexpected problems. Or you may just want to hire someone to come in and clean so you can cross that off your ever-growing moving to-do list.

•   Starting out fresh: You’ll probably need to buy some things at your new home (like curtains, curtain rods, hangers, bedding, etc.) that are easily overlooked. Then there’s that fridge to fill. All those little costs can add up.

•   Cash for tips: You will likely need to withdraw money from an ATM to thank people for their help when you move. Tips for the movers. Tips for the handyman or housekeeper who helps you get things in shape. Tips at your hotel. Tips for waitstaff at the restaurants you’ll be eating at until you get your new place up and running—or at the very least, tips for the pizza delivery guy.

Recommended: Typical Personal Loan Requirements Needed for Approval

Financing Your Move

If you have enough room on multiple credit cards, you could go that route, but should you? Interest rates can be considerable.

Or would a personal loan make more sense for you to cover all those costs, big and small?

Remember, even if you’ll be reimbursed by your employer or plan to take some moving deductions when you file your tax return, it’s very likely you’ll be paying at least some moving costs up front. And the longer those expenses sit on a credit card, the more interest racks up.

The Takeaway

Even if you have a small amount of stuff and aren’t moving very far, moving takes time, energy, organization, and money. With the average professional move costing a couple of thousand dollars, you may want to plan carefully for this expense. It’s likely not a good reason to dip into your emergency fund, so you may want to save in advance or consider a personal loan. If you qualify for a personal loan, your interest rate may be lower than a credit card, which can free up some cash and reduce your money stress.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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