In this episode, Emily interviews Dr. Cyrus Liu, a postdoctoral fellow in computer science at Grinnell College. Cyrus came to the US from China as a graduate student without any knowledge of how the US financial system works. Over the course of his PhD, Cyrus found ways to minimize his expenses and increase his income so that he could meet his goal of investing $500 per month into a Roth IRA and a taxable brokerage account. He also invested in his physical and mental health and grew his career and social wealth in a frugal manner. Cyrus ends the interview with incredible insights into why he was motivated to work on his finances during graduate school and in what ways academics are truly wealthy.
Links mentioned in the Episode
- Dr. Cyrus Liu’s Twitter
- Dr. Cyrus Liu’s Website
- Host a PF for PhDs Seminar at Your Institution
- Emily’s E-mail Address
- PF for PhDs Subscribe to Mailing List
- PF for PhDs Podcast Hub
![How This International Graduate Student Grew His Career and Social Wealth Alongside His Net Worth](https://pfforphds.com/wp-content/uploads/2024/06/S18E2_image-1024x576.png)
Teaser
Cyrus (00:00): Don’t underestimate yourself because you are a PhD student and you definitely have the knowledge base and then sharing those knowledge with the community, and you are passing to the knowledge. This is the wealth we possess, right? Normally people think we are poor, but actually, and a wider definition of the wealth here we have this part to share with someone else.
Introduction
Emily (00:33): Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. This podcast is for PhDs and PhDs-to-be who want to explore the hidden curriculum of finances to learn the best practices for money management, career advancement, and advocacy for yourself and others. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs.
Emily (01:01): This is Season 18, Episode 2, and today my guest is Dr. Cyrus Liu, a postdoctoral fellow in computer science at Grinnell College. Cyrus came to the US from China as a graduate student without any knowledge of how the US financial system works. Over the course of his PhD, Cyrus found ways to minimize his expenses and increase his income so that he could meet his goal of investing $500 per month into a Roth IRA and a taxable brokerage account. He also invested in his physical and mental health and grew his career and social wealth in a frugal manner. Cyrus ends the interview with incredible insights into why he was motivated to work on his finances during graduate school and in what ways academics are truly wealthy.
Emily (01:45): I’m offering a new slate of workshops for my university clients this fall, and over the summer I’m practicing delivering these workshops for free to a limited number of graduate students and postdocs on the Personal Finance for PhDs mailing list. Last month, we did “Seven Steps to Start Investing as a Graduate Student or Postdoc,” and later in the summer we’ll do “Your Financial Orientation to Graduate School” and “Tax Season Preparation Starts Now for Graduate Students” and possibly more. If you’re not currently on my mailing list but want to receive notice about the upcoming pilot sessions once they are scheduled, please join now! The best way to get on the mailing list as a podcast listener is to sign up through PFforPhDs.com/advice/; you’ll receive a document that summarizes all of my interviewees’ responses regarding their best financial advice. You can find the show notes for this episode at PFforPhDs.com/s18e2/. Without further ado, here’s my interview with Dr. Cyrus Liu.
Will You Please Introduce Yourself Further?
Emily (02:56): I am delighted to have joining me on the podcast today, Dr. Cyrus Liu. He’s currently a postdoctoral fellow in computer science at Grinnell College, and we are going to be talking about his fascinating financial journey, um, as a graduate student and now a postdoc in the US as an international student. And so, Cyrus, I’m so happy that you’ve decided to join me on the podcast today, and will you please introduce yourself a little bit further?
Cyrus (03:19): Yes. Hi, Emily. Thank you for having me here. So I graduated in December, 2022 from computer science degree. Um, after that I landed this, uh, postdoc, um, fellow in computer science. And the current position, I’m do- mostly doing research in the area of programming languages and security.
Money Mindset After Arriving in the US
Emily (03:45): Excellent. So let’s go kind of all the way back to when you first arrived in the US. I assume that was at the start of graduate school, but you can correct me if that’s wrong. Um, tell me like about what your money mindset was at that point and how, if at all, how familiar you were with the US financial system.
Cyrus (04:01): Also, this is my first time before I come to US. It’s actually, I’ve never been to us before my PhD and I’m from China, so I grew up in a poor family, in fact, there. So with that in mind that I’m kind of sort of inherently frugal. But what’s interesting is back then, like I never feel poor in terms of any financials. In general, I have no idea about in credit card scores, uh, credit cards and investing or retirement. And, and that’s later on. I discovered after I entered the US that I do have, uh, a saving and spending mindfully and because how my parents raised me. Right.
Grad School Stipend vs. Local Cost of Living
Emily (04:50): I see. And so when you arrived for, um, graduate school here, can you tell me about, um, what your stipend was and how that struck you, maybe versus like the local cost of living?
Cyrus (05:02): I was living in Hoboken for, um, two years and a half, and also Stevens Institute with the university. I finished my PhD is located in this really beautiful city and it, it is, the local cost is like 60% higher than the national average. I would just say and put in the number that means like I think if you got two bedroom apartments that you might need to spend, um, at least 1700 for one bedroom, that means you need a a roommate. And back then the stipends, uh, I would say it’s like a 28 thousandish and it’s roughly, I remember we got paid like a biweekly, it’s like 2000 a hundred per month after tax.
Increasing Income During Grad School
Emily (05:55): Okay. Well, I really wanna dig into this, uh, with that, you know, relatively expensive cost of living and the relatively low stipend. Um, and the listeners don’t know yet, but this is a financial success story that we’re about to talk about <laugh>. So we’re gonna see how, you know, I wanted to see that starting point and now let’s see how you got to the end point that you got to. Um, so let’s kind of break this down, um, systematically. So during the course of your time in graduate school, how did you, what did you do to increase your income?
Cyrus (06:24): Yeah, so there are a couple things. Um, like I said that before I entering, uh, US, I have, I really have no idea what’s the, uh, um, investment, investment investing or credit cards, and that’s a totally different systems, but I do have a mindset that I need to save, right? And it is how I grew up. Um, but it’s not too much. So most of the case, um, I start to reaching out, um, all the resources I can, I, I think I start with reading the book first and then also I love reading. And then the first book I get to know is basically, uh, it is called I Will Teach Rich by the Ramit. And, and he, he actually kind of introduced me to the whole US financial system from credit card, from the, uh, uh, Roth IRA and then how you would you, uh, increase, uh, your finance and manage your, your spending habits and to how would you invest if you have extra money, even though if you don’t have extra money, just put maybe one, uh, 100 or $50 you can squeeze out. Just experience how things work. Uh, at the beginning it was a little bit overwhelming, but I, I enjoyed read his book. I I think this is also helps me to manage my life, uh, here in a completely, uh, foreign nation. Right?
Emily (08:04): Yeah, that’s a wonderful first book to get started with. I will teach you to be rich by Ramit Sethi. Um, yeah, great, great introduction. He’s very firm about how to tell if someone, someone, you know, an institution is trying to take advantage of you. Like he’s really helping you, like recognize that and push back against it. So I can definitely see how that would be useful when you’re entering a new system, um, entirely. So awesome recommendation, you started there, you read that book,
Cyrus (08:28): And then I start to act <laugh>.
Emily (08:31): Mm-Hmm. <affirmative>.
Cyrus (08:31): And then I open the credit card and then I, I, I take the, the same strategy that I recommended by the, by the book. It, it’s not promotion for the book, but it’s more like, I think around nothing to think of that it is really like you try to minimize all the possible interest, right? Rates I would have and then, or a lot of promotions provided by the credit card and then try to take advantage of that because now we think about that credit cards more like the more you expense and then the more you can potentially save and also they encourage you to spend. So, but I personally very mindful with my expense, but the same times I think they do, credit cards do offer a lot of discounts in terms of purchasing. So that’s the first step.
Emily (09:24): So are you saying that you pursued credit card rewards, like points and cash back and stuff after? Of course, you initially need to establish credit and get started there.
Cyrus (09:32): Yes, exactly.
Emily (09:32): But is that where this led eventually?
Cyrus (09:34): The, the signing bonus and also the cashback reward, that’s also something new to me that I never did, uh, touch before. And then also we do have, uh, I think the first one is the discovery. I think most of international students would get to discovery first because we don’t have any, uh, credit score history here. And so they also have these online stores that will give you 10% or 5% discount. And then when I go out to buy clothes in, or I was living in New York City area, so there’s a lot of department store that can use with this discount opportunities.
Emily (10:16): Mm-Hmm, <affirmative>. Okay. So both increasing income through credit card, um, bonuses and cash back and so forth. Also finding a way to be even more frugal in saving certain percent, percentages on the purchases that you do make.
Cyrus (10:28): After that, um, uh, I started to opening a investment account that was also a little bit struggling because I, first of all, as an international student, I do not know if I was allowed to do that. So I, that’s kind of for research myself. But in the end, after like, um, as long as we are considering as a tax payer resident, and then, so you should have the same opportunity to open all those investment account. And then I, I remembered I started with, uh, uh, 500 ish, um, over the month for the first month. So I just put, I think I, I, I was not expecting to gain anything. I just, uh, put 500 to get to understanding, uh, how the investments work and buying individual stocks. And I think I bought, that was 2018. I bought a Tesla <laugh> because I really like, uh, Elon Musk.
Cyrus (11:30): Um, but that was another story. It was really funny. And so that’s one part. And then, uh, after that, uh, I get to know the, Roth IRA and then the retirement account. Um, it’s also be, uh, I, I get to understand how the tax work here and then the tax deferred account. And I think that’s whether in long term if, uh, I am staying here or not. I, for me, it’s like, I think it’s, uh, uh, beneficial to open this account as soon as possible because I do pay a lot of taxes. I mean, it’s, uh, in terms of graduate students. Uh, so I think, uh, that’s one way you should take benefit of that. And then I did that, but um, although I didn’t have much money to put on that, and then, uh, in the end, I would, my, my goal was, uh, try to save like, uh, 500 and put into other way to the Roth IRA or the personal, um, uh, investment brokerage and yeah. But this all comes with the risk. So with the mind that you, the money you put in, in the investment account, like it’s possible to lose all of them. Right. But I was fine with that.
Contributing to a Retirement Account as an International Student
Emily (12:47): Couple things there, uh, because I get so many questions from international students and postdocs, um, yeah, maybe they know, they, you know, in theory could contribute money to a Roth ira for example. They, they understand the eligibility, but they’re more questioning like, is this a good idea? And it sounds like you came down on Yep. As soon as possible, whether I end up in the US long term or not, this is a good idea. Can you tell us a little bit more about that thought process and how you made that decision?
Cyrus (13:15): Uh, I think that this decision is very personal for me. Um, because that, that’s all really depends, um, where you going to stay, where are you going to retire in, in the future, right? Um, for me, I didn’t really think that too long. Um, I can in, in the long run, I, I prefer this. I might not stay in United States. Uh, but, uh, I, but uh, for me, you, you got to understand what, what, what’s your, uh, long-term goal. Uh, if you are not going to come back to us at all, or even this is the case, but it is still helpful that because, uh, you are kind of tax deferred assuming you grow your money over there, right? Um, and it just take some penalties if you break the, the rules that you’re taking out the money before your retirement age. But if you can stand with that, it is nothing comparing that if you in your future that you might want to settle down in US or you go want you coming back in us in a later life, it, it, it, it can benefit you a lot, but without risk balance you got assessment, what’s your goal, it is. And then for me, I would like to take that even though maybe a few years I have to, uh, uh, leave or, or for, or I have to withdraw the money, but I need to take a 20% or I don’t know exactly number the penalty for that.
Emily (14:53): Mm-Hmm, <affirmative>, yeah, if I’m remembering correctly, it’s, I think it’s only 10% and it’s only on the gains. And if we’re talking about the Roth IRA, right, because you can withdraw the contribution. So it’s, as you said, you know, there’s a, um, a, a risk there in a sense. Okay, well maybe I will need to remove this money early for some reason. Well, this is the penalty. Am I willing to accept that? Do you know, I’m, and the penalty again, is only on the growth. So it’s only if, yeah, if there things have actually gone well with that investment account, um, in the intervening years. So thank you for giving us a little bit more insight there.
Investing as a Graduate Student
Emily (15:24): And then I also wanted to ask about the taxable brokerage account. Um, you mentioned you bought Tesla. Yeah. Were you, um, cashing out, like making trades and actually taking income from this money over the years? Or is it more been like just sitting there for like, for the long term and you’re not taking income from it?
Cyrus (15:40): So for me, it’s more like a, um, a personal habit. Like, um, uh, I do, I don’t, I didn’t, I did not have much money to invest, and I think I was just bought two or three, few five shares of Tesla, but in 2018, and, but after that, Tesla was like a, like a high rocket, and I do, I did sold a couple share, but those number I really like comparing it, it’s not much. And so no, it, it, it’s more like, uh, a habit. That one is a habit. The another one is I, I did not really have much extra money to invest in this account.
Emily (16:24): Yeah. And I, you said the number of $500 earlier, was that your, was it your goal to invest $500 per month or is that over a different period of time?
Cyrus (16:32): Uh, yeah, I was, uh, uh, a month.
Minimizing Expenses as a Graduate Student
Emily (16:34): Let’s talk about keeping a lid on expenses or decreasing expenses then, because we’ve already heard that the cost of living is very challenging on your grad student stipend. So you already mentioned having multiple roommates. I think you said you were sharing a bedroom, right? So like maybe four people in a two bedroom apartment, is that right?
Cyrus (16:49): Um, um, no, that, that was like, uh, we do have five bedrooms in, uh, a big house, but we, we have our own bedroom. But the things like, uh, in that case we did cutting down a lot of expenses. We share everything.
Emily (17:05): Mm-Hmm, <affirmative>. Okay. So kind of the, the frugal tip there is like larger residents, more roommates, more people to split everything among, right?
Cyrus (17:15): Yeah. Not many PhD students actually live in Hoboken. I was lucky to find this place. Uh, but the same times, like I personally, I don’t think roommates are bad. And because I, I get a chance to know different people and, uh, in my case, uh, there’s a, a little, uh, uh, that, but I can stand with because we do sharing, uh, things, uh, and then sometimes can getting busy, but most of the case are fine with that. So we, I have four other roommates, but they are working in a different area. So basically we would have a different schedule. So in this case, uh, it’s doable and especially, uh, given the resources I have, I don’t commute that much. And then I enjoy in the on campus resource, I like to do it to gym. So it’s like a 10 minutes away from my, uh, my, my lab and then also the, to the gym. So the, I spend most of the time in the lab. And then after that, I go to the gym really just, uh, over the night, come back. And then sometimes we have the good parties, you have roommates, and you can have some little party on the weekends and watch a movie together. That was pretty nice.
Emily (18:30): Mm-Hmm. <affirmative>. Yeah. I actually really like the setup of a single family home that’s shared among multiple different, multiple, you know, people at their own bedrooms. I feel like that’s a pretty, in most areas of the country, that’s a pretty economical way to live if that type of housing is available to you as opposed to like the apartments or, you know, the townhouses or whatever. Yeah. Um, yeah. So what other ways did you find to decrease or minimize your expenses?
Cyrus (18:55): So at the same time, um, we, we do have, uh, uh, so I try to, uh, take a break from my research sometimes. And another way is like, um, travel. When, when it comes to travel, um, I prefer to go with my friends or in a group, and in, in generally I do meal prep. I do, uh, regularly do, uh, exercise and eat healthy. Um, the meal prep myself, it’s also cost less. So I think it is a, it is beneficial in two ways. Um, also in long run, I do value work workout regularly and keep your mental health checked. This would’ve, uh, stopped me going to hospital that often. Like I remember when the seasoning transitions during the transition seasonings and you catch flu isn’t sometimes it’s not just going to the hospital suffering. It’s more like you take at least one week to recover and then you get behind with my research and then that kind of padding up. It’s a lot of stress. So I, I, I wouldn’t, so I, I realized that like, and I, the good way is like take, do more exercise and then to, to keep your immune system robust, <laugh> against that. Um, another thing is like, it, it’s very funny, like when we pay in taxes, right? We, we considering as a, a tax resident. And, uh, but at the same time, I really appreciate my student id. I was living in New York City area and then using student id, you got a lot of free, uh, tickets and also discount tickets to the art gallery and museums and, and gardens. So although I, I, I was, uh, frugal, but I didn’t miss out any fun things over there. I, I still go to museums, gardens, and sometimes, uh, uh, uh, meetups and, and, and local, uh, parties. I, I was, was really fun. And it didn’t really cost you much.
Emily (21:10): Mm-Hmm. <affirmative>. So your entertainment was also satisfactory to you, but you found a way to do it in a frugal manner.
Cyrus (21:16): Yeah. Yeah.
Emily (21:18): Anything else on your list of, of expenses that you managed to minimize?
Cyrus (21:22): I don’t drive, right? So it is also, I was living in the city. It’s really, uh, so those expenses not really, uh, a thing for me. I personally, I do not really purchase too much clothing for me. I’m very minimal. Like, uh, as long I have, uh, uh, a clean fit clothing, that’s enough for me. And for shoes, like, uh, I don’t like to switch too much, and also maybe I have two or three, two, uh, three pair of shoes that one for winter and one or two I can switch during the summer or something like that. So, uh, wearing the things like to the, to the most, um, I think this is preco- probably also because the way that I, how I raised that I am fine with that. And I think that’s kind of, uh, one part, uh, that can cut off the cost in my case.
Emily (22:26): Yeah, definitely.
Commercial
Emily (22:29): Emily here for a brief interlude. Would you like to learn directly from me on a personal finance topic, such as taxes, goal-setting, investing, frugality, increasing income, or student loans, each tailored specifically for graduate students and postdocs? I offer seminars and workshops on these topics and more in a variety of formats, and I’m now booking for the 2024-2025 academic year. If you would like to bring my content to your institution, would you please recommend me as a speaker or facilitator to your university, graduate school, graduate student association, or postdoc office? My seminars are usually slated as professional development or personal wellness. Orientations or very close to the start of the academic year would be a perfect time for tax education or general personal finance content. Ask the potential host to go to PFforPhDs.com/financial-education/ or simply email me at [email protected] to start the process. I really appreciate these recommendations, which are the best way for me to start a conversation with a potential host. The paid work I do with universities and institutions enables me to keep producing this podcast and all my other free resources. Thank you in advance if you decide to issue a recommendation! Now back to our interview.
Increasing Social Wealth
Emily (23:56): Is there anything else that you would like to add about overall how you increased your net worth during graduate school? We talked about investing in the Roth, IRA and also in the taxable brokerage account. Anything else in that category?
Cyrus (24:09): Uh, I think one thing that is more intangible, the the wealth and the finance that, uh, the, it is kind of the, the social wealth, the, which I, I, I, I was not really proud of that, um, and try to, uh, take advantage of the local resources, right? And then I was lucky to live in New York City area, and then that’s, and also Hoboken locally and is very nice community, but I think no matter where you live, the local community more often, have more resources that you can imagine and you might not be aware, just try to reach out. And for example, I was attending almost like every weekend I go out and then join the meetup and conference, and most of, of the time they provide you these free meals, lunch or dinner, and then it, it, it’s a, it’s a nice way you can social and also you don’t need to cook your meal yourself. So these things are very subtle and the same things happening on campus that, um, in, in your department, uh, no matter which major you are, um, try to join the, uh, the, if you have any habit, right, join the club and then your peers, and those are most likely have this, uh, social events that can help you, uh, to reduce sometimes if you don’t want to cook or for breakfast meal. And then those are all great ways to, to do
Emily (25:59): Classic grad student strategy. Um, but I like that your focus here and kind of your spin on it is both like, yeah, you can get some free meals from time to time, but also you get, you get your entertainment and your social interaction. Um, and so it fills your, your calendar and helps you again with your work life balance and your wellness overall. And I like that you mentioned not just doing this on campus, but in the community too. And the thing is that if people are putting on events and they’re giving food and all those things, they really want you there. They really want people to come. So like you’re also, you know, you’re contributing to their community as well.
Cyrus (26:32): Yeah. Yeah. I, I think, um, one of the things not just about the meals, and another thing is about the, the, the social wealth. I would say it’s all, uh, it’s also the concept I learned from the books that, uh, it’s more how would you connect to the people? And then that was, uh, kind of potentially, and the connection may or may not be lead you to in the future when you are in the job market, you could have used these connections, but, uh, I wouldn’t say put this in more like a transactional way, but you should try genuinely more just enjoying the life. But at the same times, you might not realize by doing that, you kind of gain the social wealth.
Freedom as the Ultimate Goal
Emily (27:20): You were obviously putting in a lot of effort with your finances, right? All the things we went through, ways that you keep your lifestyle to a minimum ways you figured out how to increase your income, you know, self-education, and then that turned into more investing and so forth. Um, why, why weren’t you just satisfied with getting by day to day and saving all of that for after you finish graduate school?
Cyrus (27:45): I, I think that’s awesome. One role of the reason is due to my personality, I guess. Um, I think the, the ultimate goal is the freedom to achieve the freedom and to be confident. W- with the any decisions I’m going to make. So I would like to, we are talking about freedom and confidence. It’s more like in the sense that I was, I can make decisions based on my own personal demand, not really subject to any resources surrounding me, right? Like, like I said, like before I entering us, I never felt I’m, I’m poor <laugh> because I don’t really have, have much need and I was spending most of my life and time with school. And then after you explore the world, I have this dream, and then now the time’s moving on, and then I start to realize that I really, it’s not what you think, like ideas are great, but you have these obstacles that related to this, uh, money topic, and then you actually making decisions based on what the resources are available for you. So the final goal, then I would start to thinking like, yeah, this comes so natural, you save more, but saving is just one of those strategies. So, and then that’s why I end up start to find out the other opportunities and yeah. So I, I would say the ultimate goal is to be freedom.
Emily (29:30): Do you feel like, you know, you are, I don’t know, five, six or so years into this now, um, do you feel like you’ve attained that to a degree? Obviously you’re not, maybe, you know, complete financial independence is still, still some time away, but, um, I guess I’m, I’m wondering about, yeah, like does it feel like you are a percentage ways, like towards that at this point?
Cyrus (29:53): Uh, in terms of the net worth, obvious, No, that is a far away, but I think in terms of mindset and the knowledge, and then I am preparing myself and then I’m being mindful with my personal life. It’s called personal finance, right? And then you, I i, I was now I’m able to figuring out in the big picture and then what’s the come in flow, what’s the outflow? And I’m, I’m very mindful of that. And then in the end, it, it’s really also, it’s another pro- a question for myself. Do I really want to be retired early or not, or, so the, the, the, the freedom for me is in a more, in a wider definition that it’s more about the resource management and the organize myself, and it, it, it, it includes material and, but also my mind. I think this kind of, uh, uh, knowledge and skills over these past five to six years that I develop, it’s very helpful. Um, in the long term. I, I think if I stick to that and then keep this growth mindset and in the future, the net worth is just a number, whether you choose retire 40 at 40 or 50 a a it is, can is this is the freedom that I, I’m talking about. I can decide, doesn’t matter if, if I have to work or not, right?
Emily (31:33): Absolutely. I love that. Thank you much for pointing that out. I similarly, I think I came to this similar kinds of reflections after I had finished graduate school, after I’d been on that path for a few years, like recognizing how, um, having not only some money in terms of the net worth, but also those mindsets and the habits and the skills and everything that it took to start down that path really afforded me more, uh, choices even at that relatively early stage, um, in life. So thank you so much for sharing that. Exactly.
Personal Finance Resources for Grad Students
Emily (32:07): Um, do you have any additional resources that you’d like to recommend, either to specifically the international graduate student population or maybe graduate students and postdocs more widely? I mean, your first recommendation, I will teach you to be rich by Ramit Sethi was an excellent one. Were there any other books or I don’t know, podcasts or YouTube channels or anything else that you, uh, that you felt was really helpful along the way?
Cyrus (32:27): Yeah, I think, um, so I, I think books are really, uh, good to start with. And in terms of which books you should read, uh, um, uh, I would recommend if you use Reddit, and that there’s a personal finance Reddit channel, uh, you can join that one. There’s a lot of resources about personal finance and what books you’re getting started. And if you like a podcast, and I think this one is very nice since, uh, at the beginning I, I couldn’t find much resources. That’s also how I get to know this podcast. And I was very excited that actually someone thanks to you <laugh>, um, so you, you, you can get, keep get informed to make a good decision, right? Um, and this, uh, this, this is, uh, complete within your reach if you want to do that. And then I would suggest you do that.
Cyrus (33:28): And in terms of, uh, um, tangible resources, be mindful for the, uh, reach out to your university resources. Like, um, especially I was using this, uh, psycho, uh, psychological services therapy and be open-minded. And for those like, um, we are PhD students, we are graduate students, and then it’s can definitely be very lonely. And then even you are in a relationship, so, and those resources are really just find somewhere to talk. And this I think is the part that can easily be ignored by the students, especially international students thinking I’m really, because I’m alien here and then I feel constrained. But actually, uh, uh, in us, you can definitely, especially in your university, you have a lot of resources, uh, uh, to help you out. And then when you graduated, and actually the careers, uh, service is also very helpful, but you need to know that and you need to reach out for yourself.
Cyrus (34:41): And in terms of local community, no matter where you live, try to find a city. And what I did is like get engaged with the locals and I like running and then I go to 5K races. So those are, you can, um, reach out without any cost, right? And also you can, uh, remain your, uh, healthy mind, mind, uh, mental health. So yeah, I, I think overall just be open-minded. We are living in this, uh, information liberal age is really, you don’t feel missing out, and then you have the access to other information you can figure out yourself. And what’s, one thing I, I learned is, um, what makes you, uh, anxious is mostly the things that you actually didn’t do right? And then if you act on it, it, it, it doesn’t matter how challenging the, the things itself, and then you will be fine. But sitting there <laugh> doing nothing, that that’s the big problem.
Emily (35:54): Mm-Hmm, <affirmative>, I’ve absolutely seen that in, I mean, it, it applies widely, but certainly in the case of finances, um, it’s better to just face it and engage. Yeah. And try something. Um, yeah, instead of, as you said, kind of avoiding or spending a long time in analysis paralysis, not sure which direction you should go, just try something. And you’ve tried a lot of things and I love that we got through all of that in this interview.
Best Financial Advice for Another Early-Career PhD
Emily (36:16): Let’s wrap up with our last question that I ask all of my guests. What is your best financial advice for another early career PhD? And it could be something that we’ve touched on already in the interview, or it could be something completely new.
Cyrus (36:28): Yeah, so, um, I think everyone has a very unique experience, uh, in terms of giving. Otherwise, I would just say I wish what I have done or done more to in my PhD. Um, so one thing I think, like I mentioned couple times, um, value social wealth. And that means that, uh, try to, uh, go out and in, in your spare time, sometimes you might think you don’t have time, especially as a PhD student. And, but I tried, I have the similar mindset, uh, at a certain amount of time. But the thing is like you stick in the lab and the home, you might, you become less productive and then it might take more time than comparing that you just go out and do some activities and then come back with, uh, more energy and fresh mind. So this is the thing that I, I think I did, uh, less, uh, whether it, if you are in a relationship or not, it is the similar thing sometimes, like go out with friends and, and to the meetups and or more importantly, um, it’s also more, uh, career wise or professionally. Like we, we as a graduate student, we don’t really have money to give out, but the same, uh, idea applies. The more you give the, the, the, the, the better. So, but as a scholar, that means that volunteer to giving talks in the meetups, workshops, seminars in your neighboring institutions, I think, uh, don’t underestimate yourself because you are a PhD student and you definitely have the knowledge base and then sharing those knowledge with the community, and you are passing to the knowledge. This is the wealth we possess, right? Normally people think we are poor, but actually, um, a wider definition of the wealth here, we have this part to share with someone else. And then the same times you will get rewarding back, right? Because you, you go out and people get your idea, you get a chance to talk about your research, and the same times you build this genuine connections with the community, and in the future, this connections might help you to navigate your, your future career path.
Cyrus (38:58): So this is the thing that I, I think I missed out a lot also because we was in the covid times, and that’s really dark age. Um, on the other side, as I, I would like to share is I think what I did to contribute the success of my PhD is one thing is really be open-minded. I considering myself a very open-minded person, I, I, at the same time, very minimal for me. And then, but I do exercise more and then, and try new things at the beginning. All those investment accounts really scares me because every time I open the account, that’s a whole for legal documents I have to read. And I, as an international, I’m concerned that I fly-, am I breaking the law or something like that. But if, if you are looking into it and it’s really not that scary, right?
Cyrus (39:56): So I think, I think I, I stand with myself and then I, I try all those things. And then the, the, the, the idea is you need to realize that if you don’t do that, and it’s actually you are paying that, you are not doing that, right? Because the inflations and the interest rates, rates all the things that you have to, you kind of, everyone should open their investment account and, and, and do the investment and manage that to beat the, at least the inflation. So another thing I think I value, uh, more is the people itself, whether it be your significant others or friends. I do valuable value those things. Um, uh, that means that if, if there’s a chance I can spend more time with my friends, like, uh, we go out for a nice, a night, a fancy dinner. Sometimes we go out for, to New York, Manhattan to try different restaurants. I, I, I, I really not at that moment, I value more with the time with my friends. And even though the meal is expensive sometimes, I remember one time we spent almost a hundred each of us for one meal <laugh> was like, but I think that was really, uh, um, uh, valuable for me.
Emily (41:15): Yeah, so insightful. Thank you so much for sharing that with us. Thank you for this entire interview Cyrus, for volunteering to come on the podcast. Um, it’s been absolute pleasure to have you.
Cyrus (41:24): Thank you. And thank you for having me and it is great to sharing the stories with everyone. Thank you so much.
Outtro
Emily (41:41): Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? My team has collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! Nothing you hear on this podcast should be taken as financial, tax, or legal advice for any individual. The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Dr. Lourdes Bobbio and show notes creation by Dr. Jill Hoffman.
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