This is excellent advice. By age 50, even if you plan to work another 10-15 years, you must be prepared for the rug to get pulled out from under you. Your exit plan should be fully fleshed out. Mortgage paid off or darn close. College funds mapped out for the kids.
Other useful advice is to live well below your means. Learn to live on a single income in a two income home. Save as much as you can by maxing out 401K, IRA, etc. Don't buy a million dollar home if it means 50% of your income is going to be tied up in a monthly payment.
The world has conditioned us to accumulate debt. Don't fall for it. Forego the luxury purses, jewelry and cars. Everyone has them and nobody is impressed. Debt makes you a slave to your company and your paycheck. Debt traps you in a miserable job tied to a toxic boss (who is probably running on the treadmill trying to cover their monthly nut). Financial freedom provides peace of mind and allows you to navigate your career on your terms. It also enables you to pivot easily and with dignity in the event of a layoff or termination.
A lot has changed over the years in pharma. We are all 100% disposable and replaceable. A RIF can come out of nowhere. There is little to no humanity in the decisions made so take care of yourself first.