In this episode, Emily interviews Wen, who recently earned a PhD in plant pathology from the University of Wisconsin-Madison. Wen came to the US for her master’s degree immediately after finishing undergrad and started learning about the US financial system, even though she had an avoidant money mindset. After overdrafting her checking account, she realized she needed to take control of her finances, start thinking long-term, and work toward financial goals such as investing inside a Roth IRA. Alongside peers, Wen negotiated the research assistantship stipends in her department, they were ultimately given a 13% raise. She has started applying those negotiation skills in other arenas. Finally, Wen explains how she pursued a career in tech transfer, starting with professional development and an internship during grad school.

Links mentioned in the Episode

• Wen’s Podcast: Go out with Huo
• Emily’s E-mail Address
• PF for PhDs S14E10: The Motivation and Strategy Behind Biology PhD Stipends
• Host a PF for PhDs Tax Workshop at Your Institution
• PF for PhDs Subscribe to Mailing List
• PF for PhDs Podcast Hub

Teaser

Wen (00:01): Um, yeah, I, I think I want to circle back, um, the negotiation again. Um, I want to, uh, emphasize, um, negotiation. It’s not only like what the stipend could be like, I think every grad student could ask more from their PI, um, you know, sponsor me to this conference. This is a good workshop I want to do, and this is a career event I want to attend, and can you sponsor me? Can you cover that for me? Um, and there’s everything there. There’s a lot of things online. Talk about negotiation and everything. So I, I do want to share that. Um, when I purchased my second car, um, I watched a bunch of videos on YouTube, how to talk to the dealership, and, uh, just, um, trying to negotiate the best option for myself. Um, it was a quite funny, like real life big purchase that I went to the dealership, uh, and the dealer just thought I’m a innocent, uh, foreigner. <laugh> doesn’t, didn’t know what’s going on. And, um, so I think I, um, really take advantage of negotiation and know that what’s the best for me and, um, argue that, uh, those, those terms. And, um, yeah, I, I learned a lot of from practicing, uh, negotiation. And, um, advocate for myself.

Introduction

Emily (02:02): 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 (02:32): This is Season 19, Episode 7, and today my guest is Wen, a recent PhD graduate in plant pathology from the University of Wisconsin-Madison. Wen came to the US for her master’s degree immediately after finishing undergrad and started learning about the US financial system, even though she had an avoidant money mindset. After overdrafting her checking account, she realized she needed to take control of her finances, start thinking long-term, and work toward financial goals such as investing inside a Roth IRA. Alongside peers, Wen negotiated the research assistantship stipends in her department, and they were ultimately given a 13% raise. She has subsequently applied those negotiation skills in other arenas. Finally, Wen explains how she pursued a career in tech transfer, starting with professional development and an internship during grad school.

Emily (03:24): I have a quick update for you on the tax return preparation workshops that I’m offering next spring. I’m super excited for my planned live in person workshops in California and Colorado and also my live virtual workshops for universities in Minnesota, Missouri, and New York. I’m sure there will be many more universities offering my asynchronous workshops as well. If you want to learn if your university is already on my list for a live or asynchronous workshop or want to help me get one offered at your university, please email me! You can reach me at emily at P F f o r P h D s dot com. You can find the show notes for this episode at PFforPhDs.com/s19e7/. Without further ado, here’s my interview with Wen.

Will You Please Introduce Yourself Further?

Emily (04:25): I am delighted to have joining me on the podcast today. Wen, who is a postdoc in tech transfer at a university in Texas, and she’s going to share with us about her sort of financial transition to the United States as an international graduate student and now postdoc. And also about, uh, her pivot to the field of tech transfer. So that’s really exciting. Uh, Wen will you please introduce yourself a little bit further for the audience?

Wen (04:50): Yes. Uh, thank you Emily. Um, my name is Wen and I’m a recent PhD graduate, uh, from University of Wisconsin Madison, and my major is plant pathology. And, um, when I started my PhD, uh, four years ago, um, I, I wasn’t sure about much about financial situations and all my career plans, so I’m glad, um, things are work out, uh, currently and, uh, really, um, happy to share with people in the, uh, going through grad school. Um, so yeah, and I currently start, I just started working as a tech transfer early professional as a postdoc position at university, uh, in Texas and help researchers to protect their, uh, IP and licensing the IP to, uh, the, the industry. So it’s quite interesting and fun new, um, career for me.

Finances During Childhood and Young Adulthood in China

Emily (05:57): Yeah, that is great. Tech transfer was very intriguing to me when I was in graduate school as well, and definitely a career that I considered, uh, before starting my business. I want to actually take a step back and would you please tell us a little bit about how you grew up and your young adulthood, at least in terms of your finances, um, up until the point that you came to the US so we can understand a little bit of your background and your mindset?

Wen (06:20): Yeah, so I came to United States in 2018 when I finished my college back in China, Beijing. So before that, um, before I was 22, I spent my whole life in China. So I would see that the bigger picture of how I grew up is China was, uh, developing country and we have fast economic and financial growing throughout my, the, that two decades is I live there and how that affect my early, uh, adult year is we, not only me, but my parents, they went through a insufficient, uh, lifestyle to kind of going to be self-sufficient and to industrialize and to eventually abundant, uh, lifestyle. Um, I think that affect me in the way that okay, situations always change and I don’t feel like I need to plan for financial situation when I grow up, especially rely on my parents. And that’s quite Asian family culture, um, that parents help children to, uh, uh, fund that college and find job and, um, kind of help them to establish their, the family, new family in the future too. So I don’t have many financial literacy, uh, when I came into u uh, the, the us. And another personal, um, background about my family is my parents they are, uh, they own a family business, so they always talk money, um, in our private family life, and they would argue and things get stressful. And when I went to, uh, sleep a lot of times, and I think that just make me, doesn’t feel positive to talk about money or thinking about what can money do. Um, yeah, so I don’t consider much about learning financial stuff, uh, even in college, uh, when I make, uh, decisions on what to study. So I just follow my interest in biology, went to, uh, plant pathology and decide to pursue higher education. Um, because I wasn’t thinking about making money, it was kind of a hard topic for me to discuss or openly to look into what do I need to do? Yeah. Until I, uh, came to United States and explore things on my own here.

Emily (09:15): Yeah, that’s really fascinating. And I’m sorry if this is like overly like reductionistic, but it sounds like you developed a bit of an avoidant mindset around money because both of being provided for by your parents and in an increasing lifestyle over time, right? Things are getting better and better lifestyle wise, and also because of the stress that money, um, caused in your household and that you absorbed some of that. And so that sort of came together to be like, well, it’s, it’s all okay and I don’t wanna think about it. Does that make sense? Yes.

Wen (09:46): Yes.

Adapting to the US Financial System

Emily (09:47): Okay. So then there’s a big shift right when you get to the us. Can you tell us, uh, about that and, and how it happened and how you were feeling and how you adapted to this new system?

Wen (09:59): Yeah, so when I came to us, I started my master program in Ohio State. Um, and I was awarded the research assistantship, so the regular RA stipend to start. Um, and it was quite efficient for me to, uh, start living there because, uh, to cover rent and, uh, groceries. Um, I was just excited to just experience all things. Um, and I got my first credit card, uh, when I came to United States. It’s not a thing in China. Um, and I got my first a used car, um, in my second year. Um, but I think there is a, there was a turning point when after I pay my, um, car payment to buy the car, my bank account, I didn’t realize it went to negative. Um, and I got, uh, a fine of the overdraft fee, $39. I still remember that. So I went, um, really anxious. I’m like, how could this happen? And, uh, the bank can just take, uh, overdraft fee from me. And, um, I think I was able to argue with them saying, Hey, it was my first time I was, I was new to this system. So at that point I realized, okay, like, um, I need to take serious on my situation. I need to plan and budget very well to buy things, um, and know how much number in my account, how much do I have. And, um, so I’d say more and, uh, during Covid I moved to Madison, Wisconsin, which is a higher cost of living city, um, for grad student. Um, I just starting to saving even more, um, for the moving and, um, adjust to their high rent here.

Emily (12:15): Can you say a little bit more about how you got into that, more of like long-term or annual planning? Um, because I can imagine that’s a really, that’s a really difficult thing for someone who’s, you know, within a year or two of being financially independent from their parents. I know it took me several years to start sort of pushing that time horizon out for the planning, right? Like, did you use any like tools or, I don’t know, anything that would help someone else who’s going through that transition?

Wen (12:45): So at beginning I do ha- uh, in my first year in Madison, I want to focus on getting to know my own financial habits, uh, tracking my spending, and I just downloaded very simple, um, Excel sheet from the website to track down my spending. Um, and I realized I eat, uh, a a I spend more money take out and, uh, some online shopping and necessary fashion stuff, um, into some unnecessary items. Um,

Emily (13:28): Sounds pretty typical pandemic spending though, right? <laugh>

Wen (13:32): I know, and investing couples hobbies. Um, yeah, I think those the first step is getting to know myself and, um, get rid of their, the spending. I didn’t realize I, I was, I was doing. And then I figured out if I want to save extra, um, cutting spend, it’s one thing. And another thing is I found some resources on campus. Um, back then, we do have international student group that, uh, we will go to their, uh, local food pantry that’s on campus. Um, and there are very fresh produce. We’ll go weekly with, uh, a bunch of international students and we, it’s just like, uh, grocery shopping and I will, I got save quite a lot of money from that. And sometimes our dining hall, um, they will have extra dining food and they will pack very well and give to students. I think all this, um, on campus activity, uh, on campus nresources help me allow to save some, um, necessary spending as well. Um, and it’s a way for me to find my community that time.

Emily (15:03): Yeah. Thank you so much for, for sharing that. Um, is there anything else that you wanted to add about kind of adapting to the US um, financial system?

Wen (15:12): I think getting the social security number and um, just a first debit card was, uh, essential for us to get paid. Um, and establish that is very important, especially, um, I need the social security number to apply, uh, the credit card later and, um, be aware that having credit card is essential for, for future, like the credit scores, um, which I wasn’t educate, educated, uh, in that perspective back in China. We don’t use credit score. Um, and also I just think it’s extremely more important for international student have the emergency, um, savings because we don’t have, um, the, the, the support that domestic students have, um, and always have that saving would just help so much. Um, and at the same time take advantage of the health insurance, the benefits that, uh, come with our student staff. And I always use my dental and vision and um, uh, insurance, um, coverage every year. Um, so those are now counted by numbers, but they are financial. Um, they could be financial spendings in the future. Um, yeah.

Stipend Increase During Grad School

Emily (16:53): Yeah, that’s great that you have that insurance provided you by your program. I know not everybody has that, but it’s something that more and more programs are adding if they don’t already have it. So I believe you told me in advance of our interview that you increased your stipend during the course of graduate school. Can you tell me how that happened?

Wen (17:10): Yeah, I think, uh, it’s just a, a process of negotiation between our grad student, um, group, uh, with our department. And when I started my PhD four years ago, uh, we had that huge inflation that like about 8%, um, that year. So I realized our department only increased like about 2% into the student stipend that year. Um, and the something I think it’s critical is timing. Um, most of the universities, or at least our department will decide how much to pay the year ahead for student. So for example, this August we, the department will submit their budget for next, um, next year’s, next fall students, um, payment. So I just couldn’t, um, thinking about like this lack of, um, catching up <laugh> eventually just will make our stipend pay so behind, um, the current raise of rent. Um, so in my first year I realized this financial hardship, but I think we started talking about it. Um, and until second year, I actually joined the student body, uh, kind of our grad student council, and I initiated more discussion. We talked to other departments, grad students as well. Um, and eventually I designed a survey, um, right after actually, uh, nature published a paper on the graduate student stipend survey results. Hmm.

Emily (19:17): Was that the biology PhD stipends one?

Wen (19:21): Yeah, I think so. It has a bunch of, um, PhD programs, data that related to our program.

Emily (19:29): Yeah.

Wen (19:29): Uh, entomology, plant pathology, horticulture. So

Emily (19:32): We’ll link to the episode that I did with the, uh, one of the co-founders of that, uh, database. So we’ll link to that in the show notes.

Wen (19:39): Yeah, that’s awesome. Yeah, I think getting the information about what’s going on with other universities really help us to push this forward. So I, um, we made, I made a survey about what’s our current inflation rate and cost of living in Madison specifically, um, and stipend numbers we quote from their PhD stipend.com, uh, a bunch of data and make, make, uh, we make a very informed, um, survey plus it, uh, plus like collection of the students data points. And we made a report, so we were able to present a report at our department meeting before they make a decision. And, um, you know, it’s hard to, um, really let them to, um, because they have their budget, uh, difficulty as well. So we will patiently, um, talk about this with our department, um, faculties and administrations, and I think we got their feedback. They want to, uh, so we ask more data from other universities, similar program, um, you can say like a competitor of our programs administration, uh, admission. So I think after two times, like monthly meeting like that, we were able to, they devote, um, increased stipend, um, about 13%, um, which includes a percent inflation and 5%, um, extra for their cover, our student’s fees. It’s, it’s like their activity fee we pay for the university. So our department, uh, help us on that. Um, yeah, so we got, uh, got a pretty good raise on that. And the good thing is, um, it didn’t make our students happier and, uh, have stronger adminis admission data to attract prospective, uh, students applicants. Also our, um, nearby like close program, they were able, the student body were able to kinda refer to what we do, we did and, uh, start some conversation with their department. So yeah, I, I think it was something that, um, really amplify, um, what I think that time was important. Just voice out, um, what we need as grad student, um, and, um, extra, uh, hardship for international student that time.

Emily (22:44): Yes, I love that example so much and I’m, I’m so glad to hear this story as well as we’ve heard a couple other similar ones on the podcast about departmental level negotiation.

Commercial

Emily (22:56): Emily here for a brief interlude! I’m hard at work behind the scenes updating my suite of tax return preparation workshops for tax year 2024. These educational workshops explain how to identify, calculate, and report your higher education-related income and expenses on your federal tax return. For the 2024 tax season starting in January 2025, I’m offering live and pre-recorded workshops for US citizen/resident graduate students and postdocs and non-resident graduate students and postdocs. Would you please reach out to your graduate school, graduate student government, postdoc office, international house, fellowship coordinator, etc. to request that they host one or more of these workshops for you and your peers? I’d love to receive a warm introduction to a potential sponsor this fall so we can hit the ground running in January serving those early bird filers. You can find more information about hosting these workshops at P F f o r P h D s dot com slash tax dash workshops. Please pass that page on to the potential sponsor. Now back to our interview.

Low Stipends and High Costs Impact International Students Most

Emily (24:13): So you just mentioned, especially if you’re international students, so like the way I view this, you can tell me if you agree, um, is that in that period of high inflation or I’d really any time when stipends are not keeping up with basic cost of living expenses, um, the international students are the ones who suffer the most because domestic students have sort of financial pressure release options, which are, you can get a side hustle. I mean, they, your department may not like it, but it’s legal. You can do it. Um, and or you can take out student loans. And these are just not available at least to the, you know, 90% are not available to international students. And so it’s so much more important for the international student community together with domestic students to do the type of negotiation that you just outlined, which is, let’s just raise the stipends. Can we just get these stipends up to a decent level? Do you, do you agree or like, what are your further thoughts on that?

Wen (25:06): Yeah, I, I totally, um, agree on that as well. We’re, as international students, we are restricted to apply for certain funding and look for a, a, a second shift and make extra money. Um, but I, I will say that, um, getting to know the resources out there is still, um, skill to, uh, develop, even though there are, are limited. Um, for example, that’s something related to my stories about professional development and career planning as well. Um, there are, you know, all kinds of event provide free lunch, pizza, <laugh> free dinner. So I, I try to, um, take advantage of that. Um, and it’s also a form of connecting to other students getting to know what’s going on. Um, yeah, I think be resourceful even we are restricted is, um, I think one day it, it just extra skills we develop make out of the, the, the situation. Um, yeah, so I was involved, uh, in a professional development, um, student organization called <inaudible> on campus. Um, so this is an organization help grad students, postdocs to practice, um, um, commercialization of technology. So it’s really something I really want to develop. And, um, in this, uh, organization, they hosted event to, um, work on project and they gave micro grant, which is a grant. Um, I will buy linking per, uh, subscription and take professional headshot and only use for professional development events. Um, so yeah, that covered a lot of my, um, let’s say unnecessary spending, um, that I wouldn’t spend, I wouldn’t have the capacity to spend out on my personal account, but it’s important for me in the future. Um, so I think take advantage of the resources, uh, like that will, um, be very helpful.

Financial Goals During Grad School and Beyond

Emily (27:53): Yes. Thank you so much for adding those examples. For sure. I totally agree. Um, okay, so your stipend is increasing <laugh>, it’s, it’s at least catching up to, you know, the, the damage done by inflation. Um, can you tell us about some of the financial goals that you pursued during graduate school or since graduate school?

Wen (28:10): Yeah. Um, I wouldn’t say I have a specific number to target, but I know that I want to save as much as I can and start, start investing. Um, so it’s more like explore- uh, -ation of what’s going on in the market and where the, uh, where the places and learn about all the ETF, um, and the fire movement and write books about, uh, investing. So set up, um, investing, um, with, with the, the stipend I can save, um, I, I try to, because my pay is biweekly, so I set up other automatic transfer to my saving and, um, brokerage account biweekly. Um, just couple, just not couple hundred. I think like it’s, it’s probably 10% on my paycheck each time it comes through. And I have a individual investment account and a Roth IRA in investment account. Um, and yeah, I, and mostly just looking to their, uh, VOO S-P-F, um, their ETFs, um, trying to not, uh, yeah, I don’t do like day trading and all that. Just put money in there in, uh, in there.

Emily (29:52): Sounds perfect to me. That’s the type of investing that I teach and that I, um, subscribe to. Um, what brokerage firm or firms do you mind me asking? Um, did you open your Roth IRA with or, and or your taxable brokerage account?

Wen (30:05): So, yeah, <laugh>, um, first I think, uh, firstly I use Robinhood for my individual investment account because I think it was, uh, a fun app, uh, for me to get started and to get motivated. And I, I really enjoy, simplify their investing, um, using that app. So later I got to know more about, um, the long-term investing opened. I opened uh the Fidelity, um, uh, Roth IRA and the individual accounts I transferred my, uh, the investment from Robinhood to, uh, fidelity. Um, and one thing I think about learning out this is just finding the community of people comfortable in sharing that and learning that, and listen to your podcast. Um, really at beginning of my PhD to realize, okay, I need to, uh, pay attention to my PhD stipend. I think Sam, someone shared at a grad school workshop thing, so I clicked and I subscribe, and later I did follow some podcast, her 100, uh, her first 100k writes books about like the most important thing about investing. Um, and I think I started action, just got to know people have a similar background like me. Um, there is a website called Women Overseas built by, um, Chinese, um, Chinese Women Study abroad, work abroad. And that’s really the community. I learned a lot of these things from, they will share from life to work career and, and investment. And I, yeah, I think I learned a lot from them, from their experience. A lot of the members, um, in that Open Formula firm room, they started working for years. So it was really good experience to to set up myself to that path too.

Emily (32:26): I love it. I love that, you know, my podcast became a springboard for you to investigate, you know, the subject further, and that you found a community that was like exactly, exactly what you needed. And, ugh, that just makes me so happy. I’m so pleased. There’s such a huge amount of resources, financial education related areas now, um, that kind of, everybody can find their community that reflects, you know, who they wanna see and who they wanna be. Like, and I, I get to be one of the voices in the PhD space, but then, you know, everybody has multiple aspects of their identity, so like we can expand beyond that. And oh, I just, I love that so much. Um, is there anything else you wanna add about the financial goals you’ve, uh, pursued during graduate school, aside from the investing ones?

Wen (33:08): Um, yeah, I, I think I want to circle back, um, the negotiation again. Um, I want to, uh, emphasize, um, negotiation. It’s not only like what the stipend could be like, I think every grad student could ask more from their pi, um, you know, sponsor me to this conference. This is a good workshop I want to do, and this is a career event I want to attend, and can you sponsor me? Can you cover that for me? Um, and there’s everything there, there’s a lot of things online, talk about negotiation, everything. So I, I do want to share that. Um, when I purchased my second car, um, I watched a bunch of videos on YouTube, how to talk to the dealership, and just, um, trying to negotiate the best option for myself. Um, it was a quite funny, like real life big purchase that I went to the dealership, uh, and the dealer just said, I’m a innocent, uh, foreigner. <laugh> doesn’t, didn’t know what’s going on. And, um, so I think I, um, really take advantage of negotiation and know that what’s the best for me and, um, argue that, um, those, those terms and, um, yeah, I, I learned a lot of from practicing, uh, negotiation and, um, advocate for myself.

Current Postdoc Position in Tech Transfer

Emily (35:00): Love it. And that’s a skill you’re gonna be using literally throughout the rest of your life. So it’s fantastic too, um, master that early. And especially I know that the cultures around negotiation are very different. So especially to understand how to do that in an American context, it’ll be received <laugh> by other people in, in this, uh, in this culture. Um, that’s awesome. Okay. Let’s talk about then your current postdoc position and how you got to it and why you chose to, you know, make this pivot to tech transfer. And you already mentioned earlier that, you know, there was this specific professional development group that you were involved with. So maybe you could start back there with like, the preparation and then, you know, like your choice in like, getting your new position. 

Wen (35:38): Yeah. So I would say like, compared to financial goal I had at, um, beginning of my PhD, I’m more really like clear about my career goal. Um, and I took PhD as one of a professional, um, period, um, in on my resume. So I don’t think I, I don’t think I’m a student, uh, in school. I think it as a, a career I’m at right now. So I know that I am not the best person, um, best on myself to do bench science when I went in, uh, grad, uh, the PhD program here and I want to connecting people and I want to bridge the science and market, um, gap. So I know that my goal long, uh, like four years later, my PhD after PhD, I want to do that kind of thing. Um, but I learned lot doing science and talk about science. And so I think I have that goal just over my head and took other opportunities, uh, in the professional development organization. And I took extracurricular, uh, courses, um, I P, uh, that taught by another, um, economic department. And then that lead me to an internship on campus at our tech transfer office. Um, and I learned, uh, really through their internship that one year time and, and got and just confirm my interest in tech transfer space. I really enjoyed talk to scientists and, uh, about their innovation and on different, um, topics of projects and then connecting that idea to their, the, the market, what could we amplify the value of research, um, and, and license this patent. So I think like networking, uh, in, in that space and outside our university and connecting to other tech transfer office, um, just, it was a great, I talked to a lot of PhD working in that space, really see myself can make that transition. Um, so that’s what I did. I applied and talked to people and eventually landed this tech transfer, um, role. And I think it’s very, um, a good fit for me to, uh, really combine my interest in the science background.

Emily (38:34): Yeah. I love how you emphasized like we’re not in a PhD program simply to finish the PhD and do research. I mean, if that is exactly in your professional goals and you wanna just keep doing research in that area and you’re gonna stay in academia or you’re gonna pivot to something really, really close. Actually, my husband followed that path. Like his research is very close to what he did during graduate school research wise. So like, it was a good preparation, but if you wanna make any kind of a little sidestep from that, like you need to start layering on those experiences and the, that networking and, and exploration. ’cause of course you don’t necessarily know right away what your goal is going to be your career goal. So it’s, it’s about figuring things out and exploring the space. And I love that you got to do an internship. Did you say it was for a year with the tech transfer office? And so was that like a part-time thing, um, that you were doing alongside your, your normal PhD type work?

Wen (39:24): Yes. And it’s on campus. Um, it’s very flexible, uh, terms of hours with my PhD, uh, advisor’s requirements <laugh>.

Emily (39:34): So it was something you had to again, negotiate with your advisor, right? To take a little bit of time to do that.

Wen (39:39): Mm-Hmm, <affirmative>. Mm-Hmm. <affirmative>,

Emily (39:41): Yeah. Awesome, using that skill again. Um, this is so great. Is there anything else you want to tell us about that, about that career step,

Wen (39:49): Um, about transitioning to a new role or job hunting overall? I think it’s quite, um, a self discovery <laugh>, um, time for, uh, us as PhDs as we are going to this tunnel of focusing things on our field. And then suddenly we have to, I think, set up us to be very open-minded about the careers we’re, we’re, uh, we’re going to explore and I think it’s sometime we got break ourselves a little bit. Um, and it’s okay if we don’t talk in, in our research terms and it’s okay to just talk very, um, I don’t know, simple words. We don’t use scientific words. And, um, and I I think it there, the PhD is, is a, is a journey and that doesn’t represent us going to move forward, um, like connecting with others.

Best Financial Advice for Another Early-Career PhD

Emily (41:06): This is so great. Well, Wen, thank you so much for volunteering to come on, on the podcast to do this interview. And, uh, we’ve gotten so many great stories out of this. I’m really glad that the listeners got to hear, um, about your journey. Um, would you please tell us what is your best financial advice for another early career PhD? And that could be something that we’ve touched on in the interview already, or it could be something completely new.

Wen (41:31): Mm-Hmm. <affirmative>. Yeah. I think just to be able find yourself being financially independent in charge of your finance, um, is extremely empowering. And I have situations about myself going through, uh, co-living with someone and then we broke up and move out. I think all those, um, life-changing decisions need, um, ourselves have their confidence in our financials and now feel obligated to, um, make decisions around others. Especially I think as international students. I, I think the last advice is we prepare to save money for the applying for, uh, work visas EAD card. And if you want to get it on time, um, use a premium, um, service, which adds $2,000 <laugh>, um, to the application. So, um, don’t be shocked how expensive those things can take and, um, make, um, make informed decisions on that. Yeah,

Emily (42:54): I’m, I’m sure you’ve heard this since you’ve been consuming like other financial material, but I just love um, the sort of, uh, mantra or phrase money gives you options. So you’re just definitely able to, um, you know, so fully realize, you know, your potential and get yourself out of situations you don’t wanna be in and you know, pay for that premium service when you need it. Whatever needs to happen if you have the savings built up already. And sometimes we don’t know when we start saving what exactly we’re gonna be using that money for, but it’s just there as like a backstop and insurance policy just to give you, um, options in the future. So I’m really glad that you emphasize that, especially for international students. Mm-Hmm. <affirmative>. ’cause I totally agree that, um, you just, you need a, a bigger pool of money to draw from for it because a lot of expenses that international students experience are pretty large. Um, irregular expenses as I often talk about, about, um, on the podcast, like traveling home, like visa stuff and all that. So thank you again so much for volunteering to come on. This has really been a pleasure to talk with you.

Wen (43:52): Thank you so much, Emily. Thank you for, um, doing this and I, um, really benefit from this podcast and I, I know you will continue to serve a lot of PhD students.

Outtro

Emily (44:17): 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.