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This Graduate Student Switched Universities and Moved Long-Distance to Stick with Her Excellent Advisor

August 19, 2019 by Meryem Ok

In this episode, Emily interviews Dr. Katie Wedemeyer-Strombel, a recent PhD in environmental science and grad student advocate. Katie’s advocacy for her peers grew out of the challenges she faced during graduate school, particularly with respect to her first advisor. Katie details her decision to change labs and ultimately universities a couple years into her PhD and how she handled the financial and logistical aspects of moving from one side of Texas to the other. Emily and Katie discuss their advice for PhD trainees on how to choose a good mentor and preparing for the unexpected.

Links Mentioned in the Episode

  • Personal Finance for PhDs: Speaking
  • Katie’s website: (Katiewedemeyer.wordpress.com)
  • Personal Finance for PhDs: Help Out (https://pfforphds.com/helpout/)

Teaser

00:00 Katie: I never could imagine that it would have happened to me. I applied to one program to work with a certain professor that I was really excited– it was my dream program to get into, my dream project I was going to get to be on– and I didn’t even think to ask around about what’s it like to work with this person.

Introduction

00:22 Emily: Welcome to the personal finance for PhDs podcast, a higher education in personal finance. I’m your host, Dr. Emily Roberts. This is season four episode one and today my guest is Dr. Katie Wedemeyer-Strombel, a PhD in environmental science and graduate student advocate. Katie’s advocacy for her peers grew out of the challenges she faced during graduate school. We discuss her decision to change labs and ultimately universities a couple of years into her PhD and in particular how she handled the financial and logistical aspects of moving from one side of Texas to the other. Katie gives excellent advice for every PhD trainee on how to choose a good mentor and preparing for the unexpected. Without further ado, here’s my interview with Dr. Katie Wedemeyer-Strombel.

Will You Please Introduce Yourself Further?

01:13 Emily: I am delighted to be joined today by Dr. Katie Wedemeyer-Strombel and she is going to be telling us about a time of upheaval during her PhD in a variety of different ways. So Katie, will you please tell us a little bit more about yourself?

01:28 Katie: Yeah, and thanks so much for having me. I’m really excited to be here chatting today. I just recently finished my PhD in environmental science at the University of Texas El Paso where I integrated social and natural science to help improve conservation, specifically of sea turtles is what I was looking at. I grew up in southern California in a quiet little beach town and I love to be outside in the mountains and the ocean, playing with my dog, hanging out with my husband. I lived in California for most of my life, did my bachelor’s degree at the University of California, San Diego, then worked at a small zoo and aquarium as the lead educator where I got to talk about science to kids of all different ages, which inspired the pursuit of my PhD where I started at Texas A&M. After my second year, I decided the environment I was in was not a good environment, a good fit for me. And so I left that lab, found a new one and finished my PhD with a new advisor and ended up moving to a new university across the state of Texas. So yeah, it was a long journey. It took me seven years total to finish my PhD. I am thrilled to be done with it recently. It’s still sinking in and I think that’s it.

02:46 Emily: Well you’ve moved again recently, right?

02:48 Katie: Yes, yes. So we just recently moved a couple of weeks ago to the Denver, Colorado area to enjoy a new place and a culture of being outside and exploring. We’re really excited to be in a place where we feel like we’re surrounded by like-minded people.

What Motivated You to Switch Labs?

03:08 Emily: Excellent. So glad to hear that. So let’s go back to just before again this time about people. When you were switching labs and ultimately switching universities. What motivated you to do that switch?

03:23 Katie: So for me, it was even starting early on my first year of grad school. I felt like I really knew what I was getting into. I had taken three years off between undergrad and grad school and I had worked with researchers at a federal research lab. I’d worked with grad students before in that capacity as well. So I felt really confident that I knew what I was getting into. And then I went to grad school and the department culture was not the healthiest. And then within my lab, it was a struggle kind of from the beginning. There were a lot of expectations of working really long hours and kind of going with the philosophy that graduate school is supposed to be miserable and a time that you’re suffering and you’re not allowed to be anything but a grad student or have any hobbies or anything outside of graduate school. If you showed interest in anything else or dedicated time to anything else, including family, then you would fail is essentially what I was told. So I just realized kind of midway through my second year that what I wanted and what I needed for my education and to be successful and in my life to be happy, I was not getting with the professors that I was working with.

04:34 Katie: So, thankfully to the support of other faculty members and to my cohort, I recognized that this was not a good situation for me– that thinking every day, oh man, I don’t think I can do four more years of this. I don’t know that I can make it through that, feeling that way every day, and just realizing that what I was feeling was not how graduate school had to be. It is how it is, unfortunately, for a lot of people, but it’s not how it has to be. It can be a much more positive and a better experience. And so I was able to leave my lab, in part hugely to receiving a National Science Foundation Graduate Research Fellowship, which really helps give me freedom because it was a lot easier to approach new professors having that credential. I was able to find my new advisor who had a really positive way of mentoring her students. Still challenging, still high expectations but in a very positive manner, which for me was the kind of environment that I really needed to thrive. So she initially was still at Texas A&M when I moved into her lab at the beginning of my third year, but she was looking at and then eventually took a job about 12 hours across Texas at the University of Texas El Paso. So after third year my husband and I moved across Texas and started up and spent another four years in El Paso where we finished school.

Warning Signs for Unhealthy Labs

06:09 Emily: Yeah. Thanks for that kind of overview and we’ll be getting into quite a bit more into various components of that story. For someone else who is entering graduate school or entering a new research situation, maybe it’s postdoc, maybe it’s something else. What are the warning signs that they should be looking for for labs and groups to avoid if they have maybe a similar outlook on life as you do that graduate school, that research, should not be consuming 100% of your life?

06:40 Katie: Yeah, that’s a really good question. I think the biggest thing is ask students, ask postdocs working in the labs you’re interested in joining, current students and former students or postdocs and you know, get them on the phone or if you’re there in person, take them out to coffee. Ask them, if you could do it again, would you work with who you’re working with? And take that answer seriously. On the phone or in person, people will be much more candid than say in an email because there’s no track record of it. And in my experience, when I was switching labs, I did a lot of investigating on that front. Talk to a lot of students and collaborators that worked with the people I was looking to work with and, in my experience, students and postdocs were very open and willing to chat with me on the phone or in person.

07:31 Katie: So that’s a big thing, but I think, looking into what is the culture like in that lab or in that department, in that town. Do they emphasize binge drinking as a way to blow off steam and the one way to deal with burnout– which doesn’t actually deal with burnout, it just adds to it. Do they encourage you to take time off to be with your family? Do they seem to have expectations that all you’re going to be doing is your work or do they seem to promote, “Hey, you like that band, why don’t you go to that concert?” Or “Hey, your family has an opportunity to all be together. Why don’t you go do that?” So really asking questions about how do you feel about taking time to see family? How do you feel about my work schedule? If I’m a better worker from 5:00 PM till midnight, is it okay if those are the hours I’m in the lab rather than 7:00 AM till 4:00 PM or whatever works best for you. So getting a feel for what you need and what’s going to work for you and asking those questions to who you’re working with, to people in the department that you’re thinking of joining and especially to the students who are already experiencing that. I think that that’s something that I didn’t do initially that I wish I would’ve done to get a better idea of what I was getting into.

08:55 Emily: I think there are some, I’ll say graduate students especially, who have a beggars can’t be choosers kind of attitude towards their selection of university or program or advisor. And that really may be the case if you have only gotten into one place or only one person will accept you into his or her lab. But the thing is that, as you experienced, if the culture and the work style and whatever it is about the group does not mesh well with what you want, you’re not going to end up being successful anyway. Like it doesn’t matter if they were the only one, if it’s going to put you through way too much strain or you’re going to have to leave their program, whatever it is. I mean it’s hard to say no to like your only opportunity or an opportunity that you would really like to think that it might work. But it’s just about more being honest with yourself that it’s not going to work and the PhD is a long time. It’s not the kind of time period that you can suck it up and power through for five plus years. And hey, it may take even longer if you’re struggling, you know? So it seems to be very, very wise to be very selective on the front end, even if it means turning down what might otherwise seem to be a really good opportunity.

Advice to the “Exceptions”

10:06 Emily: So when I was in graduate school, my husband and I were both very fortunate to have supportive advisors who were the kind of advisors that you’re talking about who didn’t have crazy work expectations, were supportive of family and so forth. But my husband considered joining a lab that had a little bit of a reputation, known among the students for being a more challenging lab to be in and with a more challenging advisor to work with. And I remember he heavily considered joining that lab but ultimately did not, all to the good. And I remember at a later point in graduate school, one of my friends who was a first-year or something, was rotating through labs and considered working with, again, another advisor who had a reputation as being a very difficult person to work with. And having had the experience my husband had, he was counseling this person to, as you were saying, take very seriously what other students, former lab members especially have said about this person to him. And ultimately he decided to join that lab. And he did graduate. But it’s just, I don’t know. What would you say to a person who thinks, “I’m going to be the exception? I’m not going to have that experience in that lab that 80% of people are having.”

11:24 Katie: Yeah, that’s a really good question. People leave labs for a lot of different reasons and sometimes people can be successful in an environment that was very unsuccessful and unhealthy for other students. And so that does happen. It’s not necessarily always like a nuclear situation when people leave labs. But because I’ve shared my story pretty transparently, I’ve heard a lot of horror stories. A lot of people have privileged me with sharing their experiences with me as well. And it’s a risk, I think, to join a lab that you know has a bad reputation. That’s a really good question. Thinking about what to say to a student that thinks that it’s not going to happen to them. I never could imagine that it would have happened to me. I applied to one program to work with a certain professor that I was really excited– it was my dream program to get into, my dream project I was going to get to be on– and I didn’t even think to ask around about what’s it like to work with this person, what it had been before. I probably would have ignored that anyway because I didn’t know any better. I didn’t know much about graduate school really at the time when I was getting into it. You know, it’s a risk, but to a student that thinks that they can go into a lab that doesn’t have a great reputation and thinks they can be successful: If they really want to try and they don’t have other options, they can try and they’re not stuck.

12:51 Katie: That’s a big thing I like to encourage graduate students to recognize is that you are not stuck. Just because you signed up for one program does not mean that that means you are locked into it for five, six, seven years, however long it takes. With the caveat of if you’re an international student, changing is a lot harder because you have visa issues, you have to deal with, you need the sponsorship of a lab. So there are a lot of extra obstacles that international students, underrepresented minorities face that, for example, I didn’t face when I was going through it. But there are options. And so, if the student feels really confident in joining a lab that other people have maybe warned them about, it’s their education and their life and if they decide that they want to take that risk, that just that they know, if for some reason it doesn’t work out that they’re not stuck in that environment, they’re not trapped. They don’t have to prove to anyone that they can withstand whatever treatment they’re getting, that if they’re unhappy or it’s an unhealthy environment that it is okay to say, “I have to leave this environment and find a different one.” Whether that different one remains in grad school or is a total different industry or career change. I think that would be what I would say.

The Advantage of Lab Rotations

14:17 Emily: I think I would add to that: if you know you’re taking a gamble with a certain lab to just be even more intentional about developing relationships with faculty members outside of that one. And it really depends on your program, how much that’s encouraged or not, but you should just take even more of that on for yourself to sort of look around and say, “okay, what are other people I can go to here either to help me stay in the current lab and give me advice, or what have you, support, collaboration, or a potential new advisor to switch to if this one doesn’t work out.” This is one reason why I really liked the system of doing rotations that some fields and some programs had. I personally didn’t do rotations in my lab. Sounds like you didn’t either. But I just think it’s a great idea to try on a lab for a semester or what have you and be able to make a better evaluation at the end of that. So, if you have the opportunity to go to programs that offer rotations, I think it’s a real advantage.

15:14 Katie: Yeah, absolutely. And I know I have a couple of friends who ended up switching labs into a lab of someone else that they had done a rotation with. And so they knew, “well, my interests overlap with this person. I liked that environment. It was a better fit for me.” And so I actually know a couple of students who eventually changed into a rotation lab. And just one more thing that I wanted to add on on this topic is that we keep mentioning labs that have a reputation. And so much of the onus is on the student to navigate this, but what students really need is faculty, especially tenured faculty and administrators in these departments that know that their department and/or faculty in their department have these reputations. People know about it. It’s not surprising when a student leaves the lab, people know their reputation. And yet, those professors still get funding for TA-ships or RA-ships to have students in their lab when there’s a known cycle of either inappropriate behavior of a variety of types or just of being a really negative environment that can emotionally hurt a lot of students. And so it’s a systemic issue and a lot of students are talking out more and more about it. And on Twitter, a lot of faculty are talking out more and more about it and it’s definitely becoming something that in my experience, even like some graduate deans are paying more attention to.

16:44 Katie: But really, the students need the help of established folks in the fields and we need them to help either watch out for students that join those labs or to talk to their colleagues and say, “Hey, your behavior is inappropriate. It’s not okay to treat students like that.” Because so much of the onus is on students. So much of having to navigate changing labs is on the students with zero support from the institution or other faculty unless they’ve already had the opportunity to carve out relationships with other faculty who will advocate for them. So, I talk about this a lot and so much of the advice which is important is to give to students to look out for red flags and what to do in that situation. But I always like to add, we need the help of folks that are more established that already know of these reputations to say, “hey, maybe don’t work with that person or if you get stuck or something seems off, come talk to me.” Just knowing that students have the support and knowing that faculty are working to help fix this problem is going to be a huge step forward I think for academia in general.

Helpful Policies

17:56 Emily: Yeah. Just to add on that, I think that either having policies in place or enforcing policies that are already in place regarding, for instance, the time devoted to work usually is officially limited. For a TA or an RA position often it’s 20 hours per week. How about that’s actually tracked and actually changes are made if students aren’t able to get their work done or whatever it is within that period of time. Also, about vacation policies. I remember during graduate school, midway through when I was in grad school, there was an official vacation policy implemented for Duke overall. And it basically said, I think, that students can have two weeks or more if their advisor wants to give them more. Often international students need more than two weeks at once. So it’s a two weeks or more policy. So it was kind of a good thing because I think often when policies are proposed, people are nervous that the policy could detrimentally affect them. Like maybe I take more than two weeks of vacation per year and my advisor is okay with it, but two weeks would limit me. So that was kind of a good phrasing. Like it had to be at least two weeks. And so that’s at least a policy that could be pointed to. Someone needs to take time off, and if the advisor’s not respecting that, then maybe again someone a level up can start intervening in that situation.

Commercial

19:11 Emily: Emily here for a brief interlude. Through my business, I provide seminars and webinars on personal finance for graduate students, postdocs and other early career PhDs for universities, institutes, conferences, associations, etc. I offer seminars that cover a wide range of personal finance topics and others that take a deep dive into the financial topics that matter most to PhDs like taxes, investing, career transitions, and frugality. If you are interested in having me speak to your group or recommending me to a potential host, you can find more information and ways to contact me at pfforphds.com/speaking. That’s p f f o r p h d s.com/speaking. Now back to the interview.

Challenges with Changing Institutions

19:59 Emily: Thank you so much for that discussion. But moving on to the happier end to that story. You got into the new lab, but you knew from the beginning that there was a move upcoming. That your new advisor was looking around and ultimately did move. So, what were the challenges associated with that of moving and changing institutions partway through your PhD?

20:22 Katie: Yeah, so there were a few different aspects of that. First was my, at the time fiancé and my now husband, he moved out. He was a professional chef for many years in southern California and he walked away from that in California and moved to Texas since we knew I was going to be there for a while and we wanted to be together. So he moved out to Texas two months before I left my first lab. And so he had just gotten there and we stayed there for another year. And so, I had a really strong support system with my cohort. My original cohort mates were just phenomenal and still some of my best friends. And my husband moved out, got a good job and became really close friends with a lot of my cohort mates, some friends on his own as well. And so we lived there for a year and a half and then we had to move and move away from the support system that had seen us through a tough time, that had celebrated our marriage with us. And that was a really tough thing to have to move away from that support system. That was tough both personally, but also we lost support for if we needed help with anything or a place to crash or if we needed just, you know, what you lean on your community for. We had to walk away from all of that.

Financial Considerations

21:45 Katie: And so that was tough and we had just paid for my husband to move from California and then we had just had our wedding and we moved like two months after our wedding. The move itself cost us probably like total $3,500 that we didn’t have lying around. It wasn’t something we had planned for or had expected. We were really fortunate that my parents were able to lend us some money so that we could kind of basically take an interest-free loan from my parents. Not everyone has that option. So we were really, really fortunate to have that to lean on or else we wouldn’t have been able to pay for the moving truck, for instance, to move our stuff across Texas. Because it’s like a 12-hour drive basically from east Texas out to West Texas. And having to put down a new deposit on an apartment, having to start building a life there again and moving everything. And then starting over with no support system was really tough. Again, just didn’t have a place to crash if we needed, didn’t have friends to lean on that were local. And so that added, increased pressure on us in a lot of different ways, both like academically and personally. And so those were the biggest things, having to find all new doctors, having to pay copays to go and do like the initial appointment with the doctors and then just kind of going through all of that and moving. The cost of living was a little bit more expensive where we moved to in El Paso just because it is a city. Not a lot but a little bit more. So that was something that we weren’t totally prepared for either. So those were the big things I think.

Logistical Considerations

23:49 Emily: With the actual moving itself: so, the lab that I was in in graduate school, the reason that I graduated at the time that I did was because my advisor decided to change institutions. It was kind of like he graduated like six or seven people and moved some, some stayed at Duke. So I got to see the front end of the packing up of the lab and I assisted with that. But I was basically out of there at the same time that the move was actually happening. So I’m just curious how much sort of downtime there was for the lab as a whole and also for you to actually do the move physically of the lab and also of yourselves and how much of an interruption that was to your research? And whether that was like vacation time that you had to take or whether it was like, oh no, okay. Like this is something that my work is requiring me to do. So it’s like sort of papered over.

24:43 Katie: It was a pretty stressful time for us. So we got married on May 2nd, 2015. We had a destination wedding in Mexico, which was wonderful. So we took that time and then we took about a week after that to stay for our honeymoon. And then about two weeks later, I went down to my field site for the first time and I was there for about two weeks. And my field sites are really remote so I have very little communication abilities when I’m there. And then I got back home and we had to move out of our apartment I think by the end of May. So we packed everything up, put it in a pod, had that stored for a few months. My husband essentially moved in, we moved in with two of our good friends who had a house and an extra room and they let us stay there for June and July because I had a conference I was going to I think.

25:44 Katie: And I also had a two-week short course that I was going to. So I was doing some traveling as well. And so essentially we moved into a room in our friend’s house with just like a bag and our car’s worth of stuff and a bed and then shipped the rest of our stuff. So we didn’t have most of our stuff for a couple of months. And that summer was really crazy. I traveled a lot and my husband was finishing up work and then we had to drive to El Paso to look for apartments. I think we drove the 12 hours, stayed there for two days, had to get like a hotel and everything for him to go to orientation because he was actually going to be starting as a full-time undergraduate. He left the chef industry and was going back to school.

26:29 Katie: So he had to go to orientation for two days at the new university. So we took that opportunity to drive out there and spend a couple of days looking for apartments. So I think in July we drove out for two days, found an apartment right before we left, had to pay a deposit and then drove all the way back and then spent another couple of weeks in east Texas before we officially left and did the drive back out. So it was a really hectic time and it took away a lot of our honeymooning period where we didn’t really get to just “be.” And part of that we recognize in hindsight, because hindsight’s 20/20 or whatever they say. But we really should have taken more time to just be together and just enjoy being newlyweds. But it was really stressful packing up and leaving and packing up the lab.

27:27 Katie: I didn’t have a lot of stuff in that lab because I hadn’t been in there that long and I hadn’t really started my research yet. So that was a pretty easy thing, at least on my end to do. But yeah, it was a really hectic and stressful time for us. And then coming and getting settled and then jumping right into both being full-time students was challenging for us as well. I’m glad I did it because the advisor that I finished with, Tarla Rai Peterson, she’s so wonderful and was such a supportive and positive role model and still is for me. That was why we decided to make that move. It was a long discussion that my husband and I had before we decided to make that move was: is this worth it? Do we want to upheave our lives and have to go through all of this? And I could tell that this was a really good fit for me and it ended up being a phenomenal fit for me. So, I’m glad that we did it. I wish we would’ve done it a little differently and it would have been great to have planned a little bit more for an unexpected, anything really to come up, during grad school.

Advice for Making a Long-Distance Move

28:44 Emily: Yeah. I want to probe on that point just a little bit more as we finish. So speaking to another graduate student or early career PhD who’s maybe considering a big move like this. I don’t know if it’s optional or not, like this for you, you decided it was worth it. I guess technically it was optional, but you could see the advantages of sticking with that advisor. But like in, in my case, when my lab moved, many of the students were making a decision, do I move with my current advisor or do I try to find another advisor at my current institution? So both kind of for that situation, but also just sort of anyone more in general who’s facing a long-distance move. With this hindsight that you have now, what is your best advice for that person?

29:27 Katie: Make the move the most convenient it can be for you. We kind of did that in a few different ways. Like we paid the extra to have the pod that would store everything so we didn’t have to rent the cheap truck and load a storage unit and then unload it and drive it ourselves. Make sure that it’s going to benefit you to do that. It’s a lot of work to do a long-distance move. It’s hard to upheave your life and move to a new place. So definitely weigh the pros and cons. For me, the pros were hugely outweighing the cons. I would say be proactive of finding community wherever you’re moving to when it’s a new place. That can be really tough to do. It was hard for us.

30:12 Katie: We made a couple of good friends in our new place, but we weren’t there for very long and we both traveled a lot. And so we didn’t really find as full of a community as we had had previously. So think about where are you moving to? Is it a place that is going to make you happy? Just the location in general. That is a huge consideration. Think about community and how you’re going to build community when you get there and look into connections from other friends you may have from your network that’ll be there. And know that it’s going to cost some money. It’s expensive to move anywhere but especially long distance. But I think making that time as least stressful on you as you can by taking time to spend with your loved ones who are in the area. Whether it’s a partner, spend time with them just alone to really try to keep up the normal parts of your life and don’t let your move totally consume you, in the same way that I always say don’t let your research totally consume you.

31:14 Katie: It’s honestly because grad school can be so unpredictable and you don’t really know what’s going to happen if you’re going to have to move again or if you’re going to have to change labs or what that might mean for you. I think to always think that just because you sign up for a program for however many years doesn’t mean that that’s where you’re going to stay or end up. So just kind of always keeping in mind that you have options, that there can be change and that that change might require some resources that you maybe don’t have or hadn’t planned for. So planning for those resources, like trying to save money or people you can lean on that can maybe help you if you’re in a tight spot. Really think about those things. I know we already have a lot to think about, especially as new grad students, but I think just really planning for the unexpected because you never really know what’s going to happen or where you’re going to end up. And so just acknowledging from the beginning that something might happen and you might have to make a change is okay and just trying to have some support you’ve built for yourself in place to help you as you move through that.

Budgeting for the Unexpected

32:20 Emily: Yeah, I totally agree. And specifically on the financial resource, to put a little bit more of a fine, fine point on it. I mean having an emergency fund. Like okay, yeah, moving is not necessarily an emergency, but the thing is when you’re low income, like a graduate student, a lot of things qualify for emergencies that don’t sound like it. But it’s money for a necessary expense and it is unexpected to a degree. So just when you set up your budgets of your life, the first time in graduate school and your postdoc, just have a line item in your budget. It’s going be a small savings rate towards the unexpected as you said. Because the thing is, I mean, I’m always saying like money gives you options. So you were fortunate that you were able to lean on your parents to give you a loan.

33:04 Emily: That money gave you the option of moving. I mean, what if you didn’t have money yourself or didn’t have access to a loan like that? I mean, what really could you have done? Maybe you would’ve passed up this really fantastic opportunity to stay with this advisor. Maybe you wouldn’t have even finished graduate school. So yeah, just having money or having access to money is necessary at many points to sort of get to your career goals and have the life that you need to have. So yeah, if possible at all, build it into your plan that something unexpected is going to happen and you need to give yourself the option to say, to say yes to certain opportunities.

Advocacy for Graduate Students

Emily: So thank you so much, Katie, for sharing this story and being on the podcast today. How can people find you? And I understand you’ve been doing some speaking recently as well. Tell us about that.

33:52 Katie: Yeah. So, you can find me mostly on Twitter. My handle’s @krwedemeyer which is my last name, which I’m sure will be posted somewhere. You can find me on Twitter. That’s where I share a lot of my story and interact with a lot of wonderful early career academics and also established folks who share their stories as well. I was recently an invited keynote speaker at Ohio university’s graduate and professional student appreciation week celebration. And that was a really awesome opportunity to get to share my story and some advice to a room full of graduate students. And it was really cool to see them taking some of the things that I shared, like talk to each other about your struggles and your vulnerabilities, and hearing them actually go, “Oh yeah, I feel that way too. I didn’t know we could say that,” was just a really neat environment to be in. And I also got to speak with the dean of my graduate school and the Graduate Council. So a group of professors at UTEP who are in charge of graduate education and kind of the graduate school environment at UTEP.

35:03 Katie: And I got to speak with them about what we need as students and was able to work with them and they’ve now put on the docket for the fall to create an Ombud position. So, a confidential impartial person who graduate students can go to if they’re struggling with a lab or a professor they’re working with. And so they’re going to actually work to kind of create that position and fulfill that position so that students have more resources. Um, so I’ve been really thankful to be able to speak to both students and also to graduate deans and professors who are in charge of graduate schools. I’ve written a few articles for The Chronicle of Higher Education as well on these same topics, advocating for a healthier and kinder, but yet still intellectually challenging graduate school environment.

35:57 Emily: That’s excellent. And do you have a website for people to check out?

36:00 Katie: I do. It’s katiewedemeyer.wordpress.com.

36:04 Emily: Excellent. Well, thank you again for joining me today.

36:07 Katie: Yeah, thanks so much for having me. I really appreciate it.

Outtro

36:09 Emily: Listeners, thank you so much for joining me for this episode. Pfforphds.com/podcast is the hub for the Personal Finance for PhDs podcast. There, you can find links to all the episode show notes, a form to volunteer to be interviewed, and a way to join the mailing list. I’d love for you to check it out and get more involved. If you want to support the show and my business, please go to pfforphds.com/helpout. There are plenty of ways to do so without laying out any of your own money. See you in the next episode! And remember, you don’t have to have a PhD to succeed with personal finance, but it doesn’t hurt. The music is Stages of Awakening by Podington Bear from the free music archive and is shared under CC by NC.

This PhD Lecturer Found Her Perfect Side Hustle and Teaches Others to Do the Same

August 12, 2019 by Lourdes Bobbio

In this episode, Emily interviews Dr. Toyin Alli, a lecturer at the University of Georgia and founder of The Academic Society. Through her own blogging journey during grad school, Toyin found her passion for helping other graduate students excel in their programs. Two areas of particular need she notices were in productivity/accountability and side hustling. Toyin now teaches graduate students how to find their own perfect side hustles and gives several examples of side hustles that are well-suited for PhDs.

Links Mentioned in this Episode

  • The Academic Society
  • Side Hustle Mini Course
  • The Productivity Accelerator
  • Personal Finance for PhDs: Career Transition
  • Personal Finance for PhDs: Podcast Hub
  • This PhD Developed His SciComm Career Through Side Hustling
  • This Online Entrepreneur Turned His PhD Research into a Thriving Business
  • This Postdoc Epitomizes Side Hustling to Get Out from under $100,000 of Debt
  • How to Make Money without Working: Credit Card Rewards and 529s
  • This Postbac Fellow Saves 30% of Her Income through Simple Living and a SciComm Side Hustle
  • An Unfunded Summer Didn’t Deter this PhD Thanks to Her Creative Side Hustle
  • This PhD Side Hustler Maintains a Healthy Work-Life Balance
  • This PhD Student Paid Off $62,000 in Undergraduate Student Loans Prior to Grad School
  • Serving as a Resident Advisor Freed this Graduate Student from Financial Stress

Learn to Side Hustle

Teaser

00:00 Toyin: And how you don’t need to be an expert. You only need to be an expert about where you are. One of my favorite quotes from someone was what’s duh to you is mind blowing to your audience.

Introduction

00:15 Emily: Welcome to the personal finance for PhDs podcast, a higher education in personal finance. I’m your host, Emily Roberts. This is season three, episode twelve and today my guest is Dr. Toyin Alli, a lecturer at the University of Georgia and founder of The Academic Society. Through The Academic Society, Toyin creates for other graduate students, the community and accountability structure that helped her succeed during her PhD in particular around productivity and side hustling. Toyin explains what kinds of side hustles are best suited for grad students and gives examples of highly accessible side hustles that early career PhDs can excel at. Without further ado, here’s my interview with Dr. Toyin Alli.

Will You Please Introduce Yourself Further?

01:02 Emily: I have joining me on the podcast today Dr. Toyin Alli and she is a side hustler, in fact, a side hustler who has now launched her own business, part of which is about helping other grad students, early career PhDs with their side hustles. Toyin, thank you so much for joining me today and will you please introduce yourself.

01:22 Toyin: Thank you so much for having me. I am Toyin Alli. I am from Mississippi and I’ve always loved math. I went to grad school to get my PhD in math. I went to the University of Alabama and I actually had an amazing experience at the University of Alabama in the math department. It was a very nurturing and supportive community. While I was in grad school, I started blogging towards the end and then over summer after I graduated, I put in a lot of effort into my blog and then I started my career. I’m a lecturer at the University of Georgia in the math department and I started The Academic Society to help grad students with all the things that I excelled at in grad school, as well as the things that I learned in grad school because I realized people weren’t really talking to grad students very much. I’m so happy to be here to talk to you all about what The Academic Society is about and my journey to get here.

The Grad School Exerience

02:26 Emily: When we talked before this call, you said something to me along the lines of “I kicked butt during graduate school” and that was such a completely different thing to say, righ?. That’s not the narrative that I usually hear, the self-conception that I hear from PhDs who are out of graduate school. It’s not the one that I have, certainly. So I just thought that was so refreshing to hear from you. And I assume that you bring that attitude of “I am competent and are too” to what you do with this work with graduate students. Is that accurate?

03:06 Toyin: Definitely. And I will say grad school was hard. I mean I got my PhD in math. It was not easy at all, but the experience was actually enjoyable. Not that I would want to do it again, but I actually had some great takeaways from grad school. I made some great friends and I realized that my department was very supportive. I think part of it was that I came in with a bunch of women, which is pretty rare in the math department and we all had the same fellowship. It was for underrepresented groups in your field. There were at least maybe a seven women who started with me in my grad program and we worked together. Just the whole community of my department was very nurturing and supportive, even if the program was very difficult. I will say, early on I realized that grad school was different from undergrad and my time was not structured anymore. I knew I needed to have structure, it’s a part of my personality, so I imposed my own structure on my grad school experience. I made a schedule every single semester, even if it was different and somehow setting up my organization helped me to be more productive in grad school and get stuff done. My advisor really advised me well and just a great experience. I just want every grad student to feel that way, even though I know they don’t, to just to have some sense of joy in grad school, which is pretty rare.

04:45 Emily: That definitely makes sense to me. We’re skipping ahead a little bit to talking more about your business, but I can see how you can help other graduate students learn those skills that you developed during grad school and that you found really helpful and around having a community because maybe they don’t have that built in community of like this great cohort that they’re coming in with. But hey, the internet, we can find that kind of thing online now.

Blogging as a Side Hustle

05:08 Emily: Okay, let’s not skip ahead too far. Let’s go back to your days in graduate school when you were blogging and I know you blogged about different subjects at different times. You were sort of casting around. Something that you told me before that I really identified with was that you had, I believe leading up to graduate school, lost all of your hobbies. You were so singularly focused on academics. I had that experience too. My hobby was sleeping. I told people that. I mean, I needed sleep, that was true. So tell me about these things that you were trying out as you were trying to find some things to do with your time.

05:40 Toyin: I was doing an interview or something and someone asked me, “What are your hobbies and what do you like to do?” And this was when I was well into graduate school and I said, “I don’t know. I was just a grad student. That’s what I do.” And I remember thinking that when I was younger, I had all of these things that loved to do. I was so into fashion. I loved beauty stuff. I loved hair, I loved different fandoms. I was super into movies and TV stuff. I don’t know, I just felt like I had more interests before I started grad school. And I was like, “Well, why should grad school change who I am that much? I need to have something outside of grad school.”

06:23 Toyin: I discovered blogging on Pinterest and I thought it sounded cool. I should try and start a blog. I didn’t really know what to talk about, so I just talked about my experiences in grad school and I kind of brought in the fashion element, writing about what I would wear to teach my classes, what I would meal prep for the week for school, how I organize my desk in my office and things like that. I really found a passion surrounding organization, productivity, as well as style and fashion and stuff like that.

06:56 Emily: Was that one single blog that you then talked about these different things? Or did you have different iterations of these side hustles/blogs?

07:07 Toyin: That was one blog. It was called Your Unfading Beauty. Me and my friends always joked because when you read it, it looks like “you run fading beauty” and it was just supposed to be about me. It was just one blog where I talked about all of these things. And then after grad school, I took a course on how to run a fashion blog. The thing that the person said was that the fashion or style niche is very oversaturated so you have to bring in something extra or be super niche and talk about one thing in fashion. I asked myself, “What am I uniquely kind of qualified to talk about and what am I interested in?” Here I was, a grad student, I had never really had a job before and it was the summer after I graduated starting my job as a lecturer. I didn’t know anything about personal finance but as a mathematician whose research area actually had to do with financial and economic policy. I found I was kind of qualified to talk about finance. My blog was fashion and finance for newly minted professionals. I talked about what I discovered regarding how to learn about personal finance because I never learned it before. I transitioned from talking about everything to talking about style and finance and how to manage a budget and things like that when you’re new to a career. Later on that got draining and then that’s when I started The Academic Society.

08:43 Emily: You really found like a crossover point that probably very few other people were looking at. Of course I love it and I would read that blog. Let’s step back a little bit because we are talking about side hustling during this episode. Did you monetize any of those blogs, before we get to the academic society, your current website?

09:01 Toyin: Just barely. I did a lot of affiliate marketing where you have a link to something that you like and that your audience may like and when your audience clicks your link to purchase, you may get a commission for that thing. I did Amazon Affiliates and I also did Shopstyle Collective, I think that’s what it’s called, for the fashion thing. I could like link to the different outfits that I wore and get a commission. I would not say that was very lucrative, but that’s where I started. That’s also what I did with my fashion and finance blog. Then I realized for affiliate marketing to be really, really profitable, you have to have a huge audience. You had to have a lot of people to click on these things.  I really wanted to find something that I didn’t have to have a huge audience for. What I’ve learned since then is having your own products or service-based business is really helpful and you don’t have to have a huge audience to be profitable from things like that.

Other Side Hustle Experiences During Grad School

10:19 Emily: That’s setting us up really nicely for the next phase, but before we get there, did you have any other side hustles during graduate school, maybe unrelated to the blogging stuff?

10:30 Toyin: Actually, no. Math departments are very much a service department. Almost every major comes through our department, so we need a lot of people to teach.  Grad students taught, so along with my graduate teaching assistantship, I would teach two classes and I had a stipend from that. Math grad students are actually pretty well paid so I didn’t think that I needed the extra income. I didn’t really have to do any side hustling and I didn’t other than my affiliates.

Conceptualizing The Academic Society

11:05 Emily: Okay, so you’ve had these couple different blogs, you’re talking about fashion and stuff, but then you had this realization affiliate marketing wasn’t the best fit for you. I know that’s a really tough field to get into, so you were looking more into service-based businesses, creating your own products. How did you hit upon The Academic Society, your current business?

11:25 Toyin: I discovered the world of online course making and I took a course on making a course. The instructor of that course, Mariah Coz, she’s really big in the course-making industry, said typically the people you teach are where you were six months to two years ago. At that point I was trying to monetize my fashion and finance blog and I was going to create a course related to that. Then, when she said that, I asked myself, “Where was I? I was actually in grad school applying for jobs.” I actually got offered three positions really early and I thought, “Oh, I did a great job applying for jobs. That’s where I was. Maybe I can help grad students apply for academic jobs.” My first course was how to build an amazing application packet to apply for jobs. I said to myself, “This is not fashion and finance, but I’m interested in this. Maybe I like to help grad students and I actually did amazing in grad school, maybe I should help grad student.” Thus, The Academic Society was born.

12:39 Emily: I love that tip of looking to your recent past because I think a lot of people get scared off of creating courses or even blogging and putting their knowledge and perspective out there because they think “I’m not an expert,”  but as you just said, you don’t really have to be, it all depends on where your audience is. If you can find an audience that you’re just a few steps ahead of, that’s going to work out really well. Kind of like teaching a course. You don’t need to necessarily be miles and miles ahead of your students, you just have to be a few chapters ahead in some cases

Commercial

13:15 Emily: This summer I’m putting forth extra support for PhDs undergoing career transitions – into grad school, a post doc or a real job. If you’re moving onto the next stage in your career or thinking about it, please visit PFforPhDs.com/next to check out my articles, webinars and coaching program. Allow me to come alongside you during this transition to ensure that you set yourself up for financial success.

Monitizing A Blog Through Courses

13:44 Emily: That’s how you discovered who you wanted to serve through The Academic Society. Now your business is a little bit more developed. What are the different income streams and what are the different ways that you make money through The Academic Society?

14:01 Toyin: Before I do answer that, I do want to go back really quickly to what you said about like teaching and how you don’t need to be an expert. You only need to be an expert about where you are. One of my favorite quotes from someone is “What’s duh to you is mind blowing to your audience.” Even when you’re teaching, I’m always only two days ahead of my students.

14:22 Toyin: The Academic Society was pretty tough to monetize. Luckily I have a job where I don’t have to have the extra income because I realize trying to sell to grad students is really difficult because grad students don’t make a lot of money and I wouldn’t feel right charging a lot for my products and services to grad students because I know the struggle is real as a grad student. I had some pretty cheap things. I learned from the course model of business. I started with courses. I had my job application crash course, as it is known as now. I also had the grad school toolkit where I taught graduate students how to use Trello to organize their life and grad school experience. They were very cheap products, but I ended up making them free and using them to build my audience. I decided to not be instantly profitable in The Academic Society because I was so passionate about helping grad students. I decided the profitability will come later. I think it’s really important to help grad students. I just decided to make all my content free at first until I built my audience. Now, my email list is over 600 and is big enough. I know exactly what I can help my grad students with and I can create things that they really, really want.

15:55 Toyin: Last winter I was saying, “okay, what do my people really need?” I have a Facebook group for Grad students and upon entry I asked them what do they struggle most with grad school? All of them say time management, productivity and motivation. What can I offer them that will help them with this? That’s when I came up with my program, The Productivity Accelerator and it’s a two week program. I called it a productivity program, but it’s really more accountability. When students join that program, I pair them up with another grad student to be accountability partners because in my business, I actually do have an accountability partner who also owns a business. I’ve grown so much just from being in that partnership. I think this will be helpful for grad students and I remember when I was in grad school, I had all of those women that I could work with, they were my accountability partners. Other grad student need accountability; I can give them accountability partners and then we can work together. I decided virtual coworking sessions will be part of the program and we would do Pomodoro method, where we work for 25 minutes, take a break for five, work for 25 minutes, take a break for five. That’s The Productivity Accelerator. You join the program, you get partnered up, I do a couple of group coaching sessions, and we just work every day in the afternoon and at night. I also have grad students who facilitate the coworking session so it’s not just me, you really get to know the other grad students in the program. Even I was the most productive I’ve ever been in The Productivity Accelerator. I am currently running a free mini course to help grad students and academics start their own side hustle. When they finish the mini course, they have the option to join my program, Side Hustle Summer School, which is a little course on how to take your side hustle idea to market. Now I’m currently writing a book, #GRADBOSS: A Grad School Survival Guide, and I will have a book as part of monetizing The Academic Society as well.

[* This is an affiliate link. Thank you for supporting PF for PhDs!]

18:03 Emily: That is so fun and I love that you listen to your audience and were trying to really tap into what they were telling you that you needed. I love that idea of having the, the productivity, especially the accountability. Even within personal finance, accountability – people don’t want it, but it’s so effective, if you can get it in a good way. So, yeah, that sounds really fun.

Different Types of Side Hustles for Grad Students

18:28 Emily: Let’s talk more about Side Hustle Summer School and side hustling in general. Aside from blogging, you were not a side hustler during your grad degree, you didn’t have a need for it, but if someone either does have a need or just once extra income or something to do, what are some ideas for how they can side hustle during grad school?

18:49 Toyin: I definitely think a decision needs to be made if they want to be instantly profitable or have a slow build and become profitable later. What I did with my business was a slow burn. It took two years to become profitable. That was because I was passionate about what I was doing and I was okay with waiting, I had a job. But I would say if you want to be profitable immediately you should have a service-based business where you provide something for someone else or you do something for someone else and you only need one client to make money instantly. You don’t need a big audience and it’s probably someone you know that can be your first client. I actually wrote a blog post called “Nine Cheap and Easy Side Hustles for Grad Students and Academics”.

19:35 Toyin: It doesn’t have to cost money to start a side hustle. You don’t need a website. You just need to let people know what you’re doing. You probably just need like an email address and a PayPal account. Something that grad students and academics can do is tutoring. By being in grad school, you are an expert in your field, especially to undergraduates or high school students, so you can tutor them. Something that’s really interesting is being a virtual assistant. I know you have a virtual assistant and you can help someone else who owns a business by doing a little task for them or being a social media manager. If you’re great at social media and you know what kinds of posts perform on different social media platforms, you can help a business who doesn’t know or doesn’t have time to invest in learning all about that. Especially old brick and mortar businesses, they don’t really know how social media works, so you can help them.

20:33 Emily: I want to jump in and say my virtual assistant is actually a grad student. Hey Jewel! I went to my own email list when I was looking for someone to help me with my podcast editing and a lot of grad students responded and ended up working with Jewel and it’s been amazing for me and I think it’s been good for her too.

20:53 Toyin: That’s so awesome. I think it’s really awesome to work with someone who has a business because you can learn from them and figure out what you might want to do for a side hustle or business and become an entrepreneur yourself, just from that experience. There are multiple ways, especially living in a college town. If you’re in grad school, you’re probably in a college town, so your professors are maybe going on sabbatical or leaving for the summer, going on conferences. They may need someone to house sit or pet sit or nanny their children. There just so many creative things that you may not think about that you are uniquely qualified to do as a side hustle and providing a service for someone else.

21:37 Emily: Thanks so much for pointing out. The way to make money right away – this month, this week – is to go for something service-based and I think that is really accessible for a lot of grad students. The examples that you mentioned were great. It’s just important to realize that developing passive income streams, which is some of the kind of things that we’ve been talking about, like developing courses or something like that – the “make money while you sleep” billing that you sometimes see in online business – that can be a great route, but it’s not immediate. It takes a long time, as you were just saying in your own journey, to build that audience that you need before you can get to that point. So, that’s not “pay your rent” money, that’s “I want to have a long-term vision and I enjoy this thing and if it makes money later on, that’s amazing”, that’s that approach over there.

Advice for Starting Your Own Side Hustle

22:30 Emily: What advice do you have for a current grad student or an early career PhD who wants to develop a side hustle? What advice do you have for them for figuring out what is going to work best for them?

22:43 Toyin: I like to start with three things: coming up with an idea based on your why, like what you want to do; figuring out who you can help; and also knowing your financial goals. I think those are the top three things you need to be able to come up with a great idea that will work for you. In my mini course that people take before Side Hustle Summer School, I always ask them, what are the things that you are good at? And also, to go out to their friends and family and ask them what do they come to you for? It may surprise you. I actually did this exercise and asked my friends and family, “what do you think I’m good at, what have you come to me for it?” and I was blown away at their answers. They were very kind and they pointed out some things I actually never thought about.

23:32 Toyin:  Figuring out what you’re good at, figuring out if that thing that you’re good at can help someone else, and then figuring out, okay, who would actually want this thing that I could offer and who could actually afford the thing that I could offer? And figuring out how to price it based on how much you actually need to make. It determines how elaborate and high level your product will be. You can make something that could be pretty cheap or you can build up the client experience to make it more expensive to fit your needs as well. But yeah, figuring out what you’re good at and how you can help someone I think is the best way.

24:14 Emily: I think, as we were kind of talking about earlier, grad school can take a toll on your mental health. This imposter syndrome, obviously is totally widespread. I just want to say, grad students, you are good at something. Definitely. Even if it’s primarily academically related, like you have found with your own business. You are good at something. You can offer things to someone else. If you go through these exercises that Toyin is talking about, if you take her mini course, etc., you will be able to discover something in this area that will be an effective side hustle for you. Toyin, please tell us where people can go if they want to jump into this mini course, maybe even prior to taking Side Hustle Summer School?

24:59 Toyin: I have a mini course that has a five lessons. You can do it in five days and it takes you from getting your idea to coming up with a way to monetize it. If you want to just go to my website, it’s theacademicsociety.com and you can go to theacademicsociety.com/side-hustle-cheatsheet, you will get a cheat sheet full of all of the logistics of starting a side hustle as well as the workbook for all of the lessons in the mini course and you’ll be invited to the Facebook group where the mini course is hosted. You can find all of this at theacademicsociety.com.

25:43 Emily: We will also add all of those links into the show notes as well as you know, I’ve already done several podcasts episodes on people who have side hustled during graduate school or after psi or after graduate school, so we’ll add links to those previous episodes as well so you can get even more ideas for what to do next. Toyin, thank you so much for joining me on the podcast today and for lending your expertise in this area.

26:06 Toyin: Thank you so much for having me! I really enjoyed this.

Outtro

26:10 Emily: Listeners, I’m so glad you joined us for today’s episode. PFforPhDs.com/podcast is the hub for the Personal Finance for a PhDs podcast. There, you can find links to all the episode show notes, a form to volunteer to be interviewed, a survey, and a way to join the mailing list. I’d love for you to check it out and get more involved. See you in the next episode! The music is stages of awakening by Poddington Bear from the Free Music Archive, and it’s shared under cc by NC. Podcast editing and show notes creation by Jewel Lipps.

This NDSEG Fellow Prioritizes Housing and Saving for Mid- and Long-Term Goals

August 5, 2019 by Jewel Lipps

In this episode, Emily interviews Lourdes Bobbio, a graduate student in materials science at Penn State and NDSEG fellow. Lourdes breaks down the top five expenses in her budget: housing, food, taxes, utilities, and subscription services. She explains the financials systems she has put in place to reach financial success during her PhD: targeted savings, automated transfers, quarterly estimated tax, high-yield savings accounts, and taxable retirement investments with a roboadvisor. Lourdes has decided to prioritize her housing within her budget, but still balances that expense with plenty of saving for her future wedding and retirement.

Links mentioned in episode

  • Financially Navigating Your Upcoming PhD Career Transition
  • Personal Finance for PhDs Podcast Hub
  • Volunteer as a Guest for the Podcast 
  • Quarterly Estimated Tax for Fellowship Recipients
  • Lourdes’s WealthFront referral link

NDSEG fellow budget goals

0:00 Introduction

1:07 Please Introduce Yourself

Lourdes Bobbio is a fourth year PhD student at Penn State University in State College, Pennsylvania. She is in the materials science and engineering department. She currently lives alone.

1:55 What is your income?

Lourdes is on the National Defense Science and Engineering Graduate fellowship. She makes $38,400 each year which is $3,200 per month. She says that this income goes pretty far in State College.

2:37 What are your five largest expenses each month?

Lourdes explains that the cost of living in State College is fairly low, especially compared to where she grew up near Washington, DC and where she went to undergraduate in Boston. She was more accustomed to high cost of living. Her top expenses are rent, taxes, food, utilities and subscription services.

3:08 #1 Expense: Rent

Lourdes lives in the downtown area of State College. She lives on her own without roommates. She determined that she values being able to walk to work every day, living close to campus, living near restaurants, and living by herself. She doesn’t have a car, so she doesn’t have car related expenses in her budget. She says she has never owned a car. She says a majority of graduate students in State College have a car. The town is small and there is a limited number of things to do. If you want to go away for the weekend, having a car is useful. She says there is an abundance of housing close to campus and a fairly good bus system.

She spends about $1500 per month for rent. She lives in a one bedroom with an office space which could be a second bedroom. She values having a space of her own. Because it is a college town, it runs on the school schedule. She says the cycle of finding apartments is over in November and December. She has lived in the same place for her whole time in graduate school. She says for her first year of graduate school, she wasn’t on the NDSEG fellowship. Her parents helped her pay rent a little bit and they stayed in the office room when they came to visit her. When she got her fellowship, she determined she could pay for the apartment on her own.

Lourdes says that her boyfriend has a car, and several of her friends own a car. When she wants to travel out of town, she goes with them.

8:46 #2 Expense: Taxes

Lourdes charges herself for taxes. Because she has fellowship income, she does not have automatic withholding for her taxes, so she needs to make quarterly estimated tax payments to the IRS. When she gets paid at the beginning of the month, she takes out the money for taxes right away and puts it into a savings account. When it’s time to make the quarterly payment, she has the money available. Emily emphasizes that the majority of fellows do not have taxes withheld and fellows need to withhold taxes themselves.

When she first got her fellowship and realized that no taxes would be withheld, she had to go through the process of filling out the 1040-ES worksheet to figure out the total amount that she would owe. She figured that out and divided it by twelve so she could save that amount each month. She has a spreadsheet to plan her budget for the entire year. She sets it aside in a high yield savings account until she has to pay it each quarter. Emily explains that 1040-ES is not submitted to the IRS and she has a workshop to help people work through the form.

Lourdes banks with Discover online bank and she also has a credit card with them. She puts her long term savings there. She has a checking account with a local credit union and a short term savings account.

13:42 #3 Expense: Food

Lourdes includes groceries and going out to eat in her food expenses. She says she spends more on dining out than she would like to, but she doesn’t feel guilty about it because she budgets for it and knows how much she can spend. Emily shares that budgeting is “freeing” and Lourdes agrees. Lourdes says that she values the social time that is associated with dining out. She spends about $200 to $300 per month on food.

15:42 #4 and #5 Expense: Utilities and Subscription Services

Lourdes says that she pays $30 to $40 on electricity. She pays about $25 per month on subscription services, Netflix and Spotify. She says that Audible is about $15 per month and she recently cut it. She reevaluates what she is subscribed to each year.

Her apartment has internet and cable included. She wouldn’t have paid for cable if it wasn’t included. She says that internet can be pricey and she’s glad it is included in her rent.

19:08 What are you currently doing to further your financial goals?

Lourdes has short term, mid term, and long term goals. She says she has two savings accounts to break down her goals. She has a savings account through her credit union that’s connected to her checking account. She puts money for her short term goals there. Her mid term and long term goals go into her high yield savings account.

Her short term goals include a general travel fund. She takes a bus to go to DC to visit her parents. She puts about $15 to $20 per month for travelling home. She has a gift fund as well, which helps her save for going to weddings. She has a “fun fund” where she saves for higher price experiences, like going to Broadway shows that have $60 tickets. She also uses her fun fund for buying items for her hobbies, like baking equipment. Emily says that she calls this a system of targeted savings account. This is a system for saving for irregular expenses.

Her mid term savings goals is for her wedding. She is saving about a couple hundred dollars per month for her wedding. She is also thinking about buying a house in the future and she is saving with that in mind. Additionally, because she is on a fellowship, she has to pay out of pocket for her health insurance. Recently when she had to be taken off of her parent’s health insurance, she used her emergency savings account to pay for health insurance. Now she has been saving for her next year’s health insurance premium.

26:28 Do you have long term goals?

Lourdes is also saving for retirement. For one year in graduate school, before she was on her fellowship, she was able to max out her Roth IRA. She learned that she is not eligible to contribute to a Roth IRA while on a fellowship. Now she invests in a general taxable brokerage account. She does not contribute as much but she tries to put $100 or $200 per month into it.

Emily explains that your eligibility for an IRA depends on you having taxable compensation or earned income. For graduate students, this means W-2 pay which is typically an assistantship. The NDSEG fellowship doesn’t count as taxable compensation or earned income. At this point, many people don’t bother saving for retirement because they don’t have an IRA. Emily encourages investing at as an early an age as possible.

Lourdes said when she learned about the tax and retirement savings of her fellowship, she realized that she would have to invest in a taxable account. She did a lot of research into what she wanted to invest in. She didn’t feel very knowledgeable. She used Vanguard for her Roth IRA but she wanted to try something else. She currently uses an online roboadvisor Wealthfront, which she likes so far. She says it is an easy way to get a broad portfolio. She thinks in the future she would move to somewhere with lower fees. She says she has no fees because her amount is below the threshold of $15,000. Wealthfront lowers the threshold with referrals. Her referral link in these shownotes.

32:30 What is your best financial advice that you’d share with your peers?

Lourdes advises not to be afraid of having a budget. She says many people are worried that budgets are restricting. She says that budgets are freeing, especially as a graduate student on a limited income. She says the budget gives her freedom that is very valuable and makes finances less scary.

33:50 Conclusion

This PhD Developed His SciComm Career Through Side Hustling

July 29, 2019 by Emily

In this episode, Emily interviews Dr. Gaius Augustus, a PhD in cancer biology and habitual side hustler. Gaius combines his artistic talent and knowledge of science to communicate science visually and teaches others to do the same. Within Emily’s framework of side hustles, Gaius details the half-dozen side hustles he pursued during graduate school and how they have contributed to his personal and professional development. He has now turned one of his grad school side hustles into a full-fledged side business in his post-PhD life. In this discussion, Gaius shares his hard-win insights into time management, self-advocacy, and imposter syndrome. This episode is a must-listen for anyone looking to advance her career through side hustling, networking, or volunteering.

Links Mentioned in the Episode

  • Financially Navigating Your Upcoming PhD Career Transition
  • Gaius’s Website (gaiusjaugustus.com)
  • The Indigo Path
  • The Complete Guide to a Side Hustle for a PhD Student or Postdoc
  • Smart Passive Income

science communication side hustle

Teaser

00:00 Gaius: When I started doing this I just went to the office and said, look, I need extra money and this is the way that I’ve found to make extra money and I’m still going to get my work done and I expect you to hold me to that, but this is something I have to do.

Introduction

00:23 Emily: Welcome to the Personal Finance for PhDs podcast, a higher education in personal finance. I’m your host, Emily Roberts. This is season three, episode 10 and today my guest is Dr. Gaius Augustus, a PhD in cancer biology, artist and side hustler. During grad school, Gaius pursued half a dozen different side hustles, which contributed to his personal and professional development as well as financial bottom line. In what is now his side business, he combines his love of science and his artistic talent and training to communicate science visually through figures, graphical abstracts, infographics and more and teaches others to do the same. In this discussion, Gaius shares his hard-won insights into time management, self advocacy, and imposter syndrome. Without further ado, here’s my interview with Dr. Gaius Augustus.

Will You Please Introduce Yourself Further?

01:15 Emily: My guest on the podcast today is Dr. Gaius Augustus, and he’s going to be talking to us about his history with side hustling and how that’s actually turned into a side business, which is very exciting. Gaius, will you please introduce yourself a little bit further? Let us know more about who you are.

01:34 Gaius: Sure. Thank you so much for having me, Emily. I actually have a kind of interesting past. I have my PhD in cancer biology, but I actually started out as an artist and in high school. I went to a fine arts high school, I loved the arts, and I actually got really into comic making and video production. When I left high school, I actually went for film and television at a fine arts university. I ended up leaving that because the culture wasn’t quite right. I went into retail and worked retail for about five years. While I was working retail, I got some experience in the pharmacy. I was like, oh, this is pretty cool, I could make a living as a pharmacist. And I was really kind of missing the science part of my life.

02:25 Gaius: And so I decided to go back to school for pharmacy and joined a lab and just fell in love with the scientific process. I got my bachelor’s in 2014 in integrative studies, which is a kind of design your own degree program where you can mix from different disciplines. I mixed biology, chemistry and a little bit of psychology. Then I went straight into a PhD program at the Arizona Biological and Biomedical Sciences Program at University of Arizona, which is an umbrella program, again so that I could choose a program within that. Then I joined the cancer biology program in 2015. I literally, two weeks ago, April 2019, defended my PhD, and now I am trying to figure out what to do with the rest of my life.

03:26 Emily: Yeah! Fantastic. I love to hear that non-traditional route to the PhD. It’s definitely going to inform the rest of our conversation today.

Why Did You Side Hustle During Your PhD?

Emily: Throughout your progress through the PhD and maybe even before that you have been a side hustler, habitual side hustler. Why did you start side hustling during your PhD?

03:51 Gaius: I want to say that when I was an artist, I took science classes for fun in high school and everyone thought I was crazy. Again, I was at a fine arts high school. When I went back to school for science, I thought, okay, this is it, right? I’ve always missed the science. Here it is. But then as I got into science more, I realized I really missed the art. And I never really thought there was a way to balance that. I thought, okay, well these are just two separate things that I have to do. During my PhD I started thinking, okay, is there a way to mix this? So I started with just like making comics where I anthropomorphize science topics and wrote those comics and never really to share, just to have them.

04:39 Gaius: As I started going on and people started being interested in those types of things, I started thinking this is pretty cool that people are interested, but I never really thought about making money with it. So along the same time, my partner, who is not in grad school or a scientist and is an artist who has been making money in our new city as an artist, was thinking about how we can make a little bit of extra money besides just what I make for my grad school stipend and something that was a little different than them having to go get a traditional job.

05:18 Gaius: We actually started our first big side hustle, which was starting a kind of art, crafty sort of side our business, which I’ll talk about a little bit more later. Along with that, when I started talking to people about that, people were really interested in that, and they were very interested in the fact that I had been an artist. As I got interested in science communication about two years ago, the people that I was talking to about that were also like, hey, you can also do this cool artsy stuff. How can we fit that in? I started by just doing infographics, and I wanted to learn animation for fun. So I just was like, if I can figure out animation in time for whatever your deadline is, then let’s do that.

06:06 Gaius: I was actually hired by the University of Arizona Cancer Center to create infographics and animations when I could. Animations weren’t difficult because I had some experience in the past with it. It wasn’t as difficult as I thought it would be to get back into that. From there, people just start hearing about it. The more people heard about it, the more people were interested in it. So I was like, I guess I can make money doing this. That would be really awesome because I could do both art and science and learn about lots of cool science. That’s really what motivated me to start. Just knowing that there’s a possibility to make money was like the original thought, but then learning that I could do something I really loved and make money doing, it was a really big reason for me to push a little bit harder.

06:59 Emily: I really love that story. I’m so happy we’re going to go even more in depth with it in a moment. Because it seems so organic. You weren’t simply out to make extra money, although that’s a very welcome side benefit and maybe an important benefit. But it was just, what do you want to spend your time doing? Where are your interests leading you? Also you’re kind of responding to the market, right? Like you were, I’m putting some things out there, oh, and people are responding and it leads me over in this direction and then it leads me over here. I’m excited to hear even more about that.

07:38 Gaius: Something I find really interesting is I remember in my undergrad talking to one of my advisors. He always talked about how intentional his path was. I was always really jealous of how intentional everything he had done and all the types of things he had tried in order to reach where he was at that point. I still think about it all the time, that he was always saying making intentional choices to get to where you are. My life has been the complete opposite. It’s just been chaos. It’s more been like, what opportunities are available? Let’s take it, let’s move on to the next one. But still, if you allow yourself to not think of those things that you’ve done as mistakes and instead think of them as intentional choices that you made that have led you to this path, I think it’s really a good way to get yourself into new opportunities and use everything that you’ve done in your path to inform what you do with your life right now.

08:41 Emily: Yeah, you’re using the word intentional, which is like, everyone can get behind that. Like of course you want to make choices that are well considered, but I think what your professor was saying was more like a linear path, right? Like, like straightforward and efficient.

09:01 Gaius: And forward-thinking. I think he was thinking, okay, 20 years in the future, this is where I want to be, I think that was more what he thought he was saying. Whereas I think like you were about to say, you just want to make choices that you are intentional about in that moment. You mean to make the choice that you make with whatever hardships you have right now or whenever you’re dealing with right now, you make what choices you can and go forward with those.

09:29 Emily: Yeah, absolutely. Not that your professor’s path was a bad one if he’s happy with the outcome of course. But there are plenty of people who set out on a path and keep at it for decades and aren’t happy with the outcome even though they were very intentional and they were very efficient. That definitely depends more on your personality. It’s about knowing yourself really. I’m so happy to hear about your journey as a counterpoint to that.

Side Hustling Framework for PhDs

Emily: You already mentioned a couple different side hustles that you’ve had going on and also were starting to say how that’s led your current business. I have this framework that I like to use when I talk about side hustling, which is that side hustles, let’s say for a grad student, can fall into one of four categories or maybe even multiple of four categories.

10:19 Emily: The first is what I call “career-advancing.” So a side hustle, and again, these all make money in some capacity or another, but it’s letting you explore a new career area or maybe it’s expanding your network or maybe it’s demonstrating skills or learning new skills. Something that we think is going to advance your career. That doesn’t have to be your scientific career. It could just be whatever else you want to do. So there’s that. The second one is an enjoyable hobby that you happen to be able to monetize. It’s something you enjoy doing, not even necessarily a hobby, but just an activity that you enjoy that you happen to be able to monetize. The third category is that you don’t enjoy this activity at all, but it does pay you.

11:04 Emily: So I’m thinking this is like, well, you mentioned working retail earlier. I don’t know if that’s your passion. It doesn’t sound like it ended up being the route you went, but that’s also something a lot of grad students do just for extra income and I doubt it’s very career-advancing or enjoyable. The last one is passive income, which may be a little bit unfamiliar to people who are not in the entrepreneurial space. Basically in those first three paradigms, I’m assuming that you’re trading your time for money more or less directly. With passive income, it’s more about investing a lot of time, money, energy, or creativity to create a product that then sells over time. The very classic example is of an author. You write a book, and then the book sells. Over time you get those royalties. This is complicated a little bit with advances and we won’t go into that, but that’s kind of the idea. You put a lot of time and energy into something and then you sell it over time. So thinking about that framework, which we’ll link from the show notes: Put the side hustles that you’ve had into those different buckets, if you would.

12:11 Gaius: Yeah, sounds good. I thought about this from, should I talk about each one individually or should I talk about the framework? I think that the framework is so well designed or so well thought out that I’m just going to talk about it from the framework side.

Career-Advancing

Gaius: When I think about career-advancing, I’m thinking about networking. Like you said, it doesn’t have to be scientific, but it can be about growing your network and people who can help you find jobs in the future. So, like I said, I worked for the University of Arizona Cancer Center. I made infographics and animations and did some writing for them as well. That was definitely career advancing. I met so many people through that. I actually did six months of work for them volunteer, so I wasn’t getting paid at all. And then I did six months where I was getting paid, but that was a great career-advancer as far as meeting everyone at the university and people who potentially I could work for in the future.

13:20 Emily: I actually have a follow up question on that one because that sounded fantastic from the first time you brought it up. I was so excited about it. How did you get into that position? It sounds like it started with volunteering, but how did you initiate that volunteer relationship?

13:36 Gaius: One of the hardest things I think all of us have to do as graduate students is promote ourselves. Right? You have to promote yourself when you learn to write grants, you have to promote yourself when you tell your PI about your cool new experiment that you want to try that costs a lot more money than your PI maybe thinks it’s worth. I actually was helping with website design. I used to do freelance web design on the side of working retail. Like you said, I’m a longtime side hustler. So I was helping my department with redesigning their website and in order to get a better idea of what they needed, they pulled in the PR person from the Cancer Center. We just were having conversations because I show up to meetings on time and he shows up to meetings on time and academics don’t.
14:28 Gaius: We were just having conversations before all of our meetings, and I mentioned that I was looking into science communication. Finally one day he was just like, you should come work with us. I’m not sure I have a budget, but I really like what you’re saying. So it was totally me just talking about things I liked and being willing to talk about myself and what I do and what I think I do well and someone being willing to say, okay, well I want to take a chance on you and give you more experience and get a volunteer to help me out to get that opportunity.

15:09 Emily: It’s very clear from that story that this was about networking. You volunteered your skills at the small circle of your initial network, which was your department, and that led you to a slightly wider network and more opportunities there. That sounds amazing. This is a bit more of a financial or technical question, but I’m just curious about how being hired by the cancer center, the PR wing, played with your stipend. Was that in addition to it? Was that all kosher at the university level? Were you hired as an independent contractor? What were all the details there?

15:46 Gaius: At the time I was on an NIH training grant. There were a lot of discussions between the department and the Cancer Center about how that was going to work. Apparently they looked into the fellowship and made sure that there was no language saying I couldn’t get paid. Then what they did was they just said, okay, well we can only pay you up to a certain number of hours because you’re a student worker. What this person did was just found the best offer he could as far as an hourly pay where I could kind of maximize my income under the guidelines that were currently there. He was a really big advocate for me and I really appreciate that. But there was definitely some arguments and conversations that had to happen between the university and the cancer center and my department.

16:44 Emily: Clearly. In addition to just the pay issue, which it sounds like that’s a very specific solution for the training grant you were on and so forth. How did your advisor feel about you…? Because a lot of people keep their side hustles quiet, right? They don’t let their advisor or other people know about it. But clearly your advisor must have known about this from the beginning or early on. How did that go over?

17:08 Gaius: This is going to go back to kind of self advocacy again. I worked in retail for five years, and in retail there is no self-advocacy. You do what you’re told, and if you don’t, anyone could have your job or at least that’s what they tell you even when it’s not true. I’d had some really, really horrible bosses and really horrible experiences in retail. When I started back in school, one of my goals was never to be treated like that again. When I got into grad school and started thinking about doing on the side… Sadly it was never a question of is my PI going to be okay with this. When I chose a PI, I was very straightforward and saying I’m kind of going to do what I want to do and I need your support and how do you feel about that?

18:05 Gaius: And he was like, you know, I want to do what’s best for you and your career, and I will work with you. Wo when I started doing this, I just went to the office and said, look, I need extra money and this is the way that I’ve found to make extra money and I’m still going to get my work done. I expect you to hold me to that, but this is something I have to do. He was very worried about me and very worried about whether I was going to be able to keep doing it, but he supported me and never questioned it. He just made a couple of like side glances, but then it was just like, do what you got to do.

18:46 Emily: Yeah. You finished in five years it sounds like. So this didn’t end up tacking on any extra time at minimum. This is a great tip for anyone who has not yet chosen an advisor: to find someone who is going to be supportive of your career broadly defined – however you want to define your career. That person should be supportive, or if they’re not, know that early on and don’t work with them unless you’re 100% on the tenure track. I’m really glad that you described like your relationship with that person and how that worked out. That was so much detail, but that was such an exciting side hustle.

Emily: What’s the next one on your list?

19:24 Gaius: One thing that I’ve been doing a lot over just the past like six months is a lot of freelance sci art. I’ve been doing infographics, graphical abstracts, animations for scientists, for departments. That’s been extremely fun, but it’s also been a great networking experience. A lot of the time, I work with someone and then someone who they know is like, oh, this person told me that you are great to work with, I would like to work with you too. As far as career-advancing steps, the sci art, freelance, and I’ve done a little bit of writing as well has really helped with getting that networking done and also giving me the confidence that I needed to say people do enjoy my work. Also, they’re not just hiring me because they like me because strangers are hiring me. Those have been my big career-advancing hustles.

20:21 Emily: Yeah, that sounds like so much fun as you just said. If people want to see your work, where’s the best place to go?

20:28 Gaius: All of my work is available on my website, which is gaiusjaugustus.com, which I hope you’ll put in the notes since it’s not always the easiest to spell. If you also search Gaius Divi Filius on Twitter, you can see me and get to my website. I’m on Instagram as Process of InQUEERy with inquiry spelled with “queer” in the middle. I am on Facebook with Process of Inqueery as well.

20:55 Emily: I wanted to put that in the middle of the episode instead of just at the end so that people can go and look at your stuff as they’re continuing to listen to this conversation. I would imagine that just by the nature of what you did with that particular side hustle of it being art, it sounds like it’s incredibly shareable. You chose something where networking is easy. If you do a great job, people are going to ask who’s behind that work.

21:17 Gaius: It’s interesting you say that because I’ve never thought about that before. I’m a very visual person. I struggled to learn science because it was reading the books and reading articles and I do so much better when I started reframing it as look at the results and then try and frame your scientific ideas around the results and then read the articles and see if they agree with you. Same with learning science, go and look at the pictures in the chapter, try and figure out what they mean and then read the text and make sure I’m getting on the right track. I’ve just always been that kind of visual person. I’m drawing, in class, ideas out since I was little. So it’s interesting. I hadn’t really thought about the fact that people just see it and it automatically gives a good networking side of things.

22:09 Emily: Yeah. You’re much more in touch with the sci comm community than I am. But when I think of science communication, I initially think about the written word. I don’t go to to video or to art or anything, but maybe it’s a bigger component of it that I realize. Anyway, I just think it’s a really wonderful way of communicating that may be undertapped at this point.

22:35 Gaius: I agree completely. I think you hit the nail on the head about how most people feel about sci comm.

Commercial

22:43 Emily: This summer. I’m putting forth extra support for PhDs undergoing career transitions into grad school, a post doc or a real job. If you’re moving onto the next stage in your career or thinking about it, please visit pfforphds.com/next to check out my articles, webinars and coaching program. Allow me to come alongside you during this transition to ensure that you set yourself up for financial success.

Enjoyable Activity or Hobby

23:13 Emily: What’s the next side hustle? Any monetized hobbies?

23:18 Gaius: On the enjoyable category, one of the big ones is the side hustle that I started initially with my partner. We’re pagan and we love making stuff. As we were making things for us, we just decided to bring that to a broader audience. We actually make resin jewelry. We make pagan goods, things that maybe you would find in your house or things you might want to wear out to just kind of show off pagan pride as well as just things that everyone uses but instead of looking at it from just a regular angle, we say how would we look at this from a pagan angle? Recently my partner made plushes and instead of an animal or something, they made crystal balls.

24:12 Gaius: So stuff like that. We make a lot of the resin jewelry, but we’re also kind of pushing that a little bit further now into other things like plushes and shirts and things like that. That’s all through theindigopath.com, which if you go to is not anything yet. We took down our shop to do a bunch of conventions and things like that and we’re rebuilding it to put up our new branding and things like that. But that’s been something that’s just been pure enjoyment. It’s paying for itself, but that’s about it at this point.

24:47 Emily: Yeah. I love that you found something that you could do with your partner. Just something fun that’s a bonding experience or a fun project to work on together. I’m sure that it has relational benefits as well as the potential monetary benefits and just something enjoyable to do with your time. Although it does not sound like you are hard pressed for things to do with your time! Plenty going on already. What’s next in your list?

It Pays But It’s Not Enjoyable

25:10 Gaius: The next is the “it pays, but I don’t necessarily enjoy it.” The big one for me is web design. I do love web design, but I don’t necessarily like doing web design for other people. I love playing around with it for myself. I’ve been doing it for years and like I said I used to do it freelance. It pays the bills. When people want or need help with their website, I can get people up and running quickly. I can do trainings so that people can understand it. I was also a cheap sell for my department to be able to redo their website for very, very low pay. That’s probably my best example of something that pays, but it’s not necessarily the thing that I want to be doing with the rest of my life.

25:59 Emily: Yeah. Well it sounds like you should increase your rates on that. Do less of it, but get more out of what you do.

26:06 Gaius: Yes. You’re probably right.

Passive Income

26:07 Emily: Anything else in that category or should we move on to the passive one?

26:14 Gaius: Oh, let’s move on to the passive, which I’m really excited about, but also very skeptical about because I know that there is a lot of talk in my blogs about whether you should do passive income or whether you should wait until you have a following to do passive income. I’ll just tell you what I do. One thing that I do is I write blog articles for my website. I actually started doing that because I was part of the Grad Blogger Connect Group on Facebook led by Chris Coney, and I just decided to start this blog. It was the first thing I ever did to do any science communication, before I worked for the cancer center or anything. I just put ads in there, and I think I have like a $1.20 in my ads account. So it’s never really made me anything but it’s there. But because I’ve written the blog articles, those will continue to be there and when my site blows up in the near future and people are reading those articles a lot, those ads hopefully will make some income at some point.

27:21 Emily: Is this the same website that you mentioned earlier?

27:23 Gaius: Yes, it is the same website.

27:25 Emily: Okay, great. Glad to hear it’s all integrated together.

27:29 Gaius: Yeah, that was something I really wanted, but it’s very difficult to do the more side hustles you try. You have to figure out how to get all that branding to work together. The other thing actually, which is also on the same website, is I have a shop of just designs on T-shirts and pillows and things like that. I knew I wanted to do that because I love making up T-shirt designs. As part of The Indigo Path, we constantly are buying iron-on stuff to make designs. The shop doesn’t use my iron-ons, they are actually professionally printed. But I do like the idea of having a totally customized wardrobe. The shop has a lot of cool science-y themed designs. This is passive. I make the designs, I put them up in the shop. If somebody likes it, they buy it. It doesn’t matter if it’s a week from now or a year from now, I’ll still get hopefully about the same cut on that. I put in that up-front work. Whatever money I make down the road comes from the initial work that I put into making those designs.

28:44 Emily: Yeah. I don’t know if I told you this, but that shop was the reason that I invited you on the podcast. I saw that as a potentially passive income stream and I was like, alright, I need to talk to this guy.

29:01 Gaius: The shop feels to me like the dark secret of my website, because even though it’s up front, I don’t really advertise it that much. Bbut I just love making designs and putting them on stuff. Especially all over prints, which I don’t actually have that many of on the site, but I am obsessed with all over prints. So I make them, I put them up there and I don’t promote it but I think that it’s really cool and it’s probably one of the favorite things that I do.

29:34 Emily: Yeah. Like you said earlier, there’s talk about when to introduce potentially passive streams of income and so forth to your business, but it just sounds like the perfect medley of some of the other things we’ve talked about. It uses your unique skills and your unique subject area interests. It’s just something that you enjoy doing and you threw up the end result online. If people want to come and find it, cool. I think what’s interesting about passive income though, especially when we’re talking about web-based businesses, is that it’s not really ever truly passive. If no one came to your site, if you weren’t driving traffic to your site from other means, then no one would ever find it and no one would ever buy it. It’s really not truly passive because you have to still be active online and somehow trying to get traffic to your site, such as by doing podcast interviews! But anyway, your time is decoupled from what money you make from it. So that’s what makes it passive.

30:33 Gaius: Definitely. And I will say that if you put your work up on other websites, it can be more passive. Etsy is that if you get your hashtags right, so there’s some up front work as usual, but if you get your hashtags right, you really figure out the game on Etsy, you can do pretty passive income. As soon as you move into a realm where like you said, you have to drive traffic, then it becomes less passive. But it’s still way more passive than a lot of the work that I do. If you’re already creating things, in some ways there’s no drawback. If I’m already creating these designs to put on T-shirts for myself, at some point there’s no drawback to just putting it up for other people to have as well.

31:24 Gaius: That’s in my mind the great time to do passive income if you don’t have a lot of following, is to do things like you said, that you already enjoy and you’re already doing. I caution people when they’re like, I’m going to build this entire course and do all these things into it. It’s been a year developing it and I don’t even know whether people are going to sign up for it. No one knows who I am. That’s when it’s like, well if you really love designing courses and you’re really passionate about this, then that’s great. But as far as passive income is concerned, that year of work may take a lot longer to come back to you.

32:04 Emily: Yeah. If anyone in the audience is interested in passive income and you haven’t yet heard of Pat Flynn, please go check him out right now. His brand is Smart Passive Income. This story just reminded me of his origin story. He was an architect and studying for some kind of licensing exam. As he was studying, he created a study guide, and when he was done and he passed the exam, he put the study guide up online for sale. It sold like gangbusters, apparently surprising everyone, including him. That was the start of his passive income empire. As you were just saying, if you can put in 5 or 10% more work and make something that you’ve already created for yourself something that other people could use, why not go ahead and just see what happens. You haven’t invested any time that you wouldn’t have otherwise. There’s really no downside there.

Benefits and Detriments of Side Hustling During Grad School

Emily: I want to speed through the next set of questions, which is, what are the general benefits that you’ve experienced by side hustling during graduate school and the downsides or the detriments? Anything that we haven’t already covered?

33:10 Gaius: I think the biggest upside is just having that creative outlet. I also think for other people the greatest benefit is being able to try things out before you decide to switch careers, if that’s what you’re thinking. I’m thinking of leaving academia, and as soon as I started thinking about leaving academia, I was like, oh my God, if I don’t do academia, what do I do? Do I have to go back to retail? That was a big enough push to try out other things and see what happens and to see if building this kind of business model is possible. The downsides really are the commitment that you have less free time. I feel like I’m always working and have to schedule off time to say, okay, I’m really going to go do other things. It can slowly take over. It can become really fun and a good excuse to not do schoolwork. I know people already have problems with procrastination. So you do have to be very intentional about how you do it, and it does have the possibility of growing out of control. You really have to think hard about what you’re doing, when you’re doing it, and how much.

34:25 Emily: Yeah, that’s a great point. It’s actually something that I experienced during graduate school. I wouldn’t call the blog that I had at that time necessarily a side hustle, but it was certainly a time intensive hobby that brought in money a little bit. I was not very thoughtful at the time about why I was spending so much time on my blog instead of doing my work. It turns out finance is much more of a passion for me than my specific research area, no surprise now, but it was at the time. As you just said, be really thoughtful and be balanced, because financially having a side hustle can help you a lot with your cash flow during grad school. What’s not going to help you is delaying your graduation and delaying getting a full time job or launching a full time business or whatever the next thing is for you.

35:19 Gaius: I actually purposefully delayed writing my dissertation until the latest I could. I could’ve graduated probably nine months earlier, but I just kept pushing it because I knew that I would have that income and I was like, well at least I know I have income and so I’ll just keep pushing it until I can’t push it anymore. That was not smart.

35:43 Emily: I see what you’re saying because you were, as you just mentioned, thinking, do I have to go back to retail if I don’t have another job lined up? So certainly that’s a reasonable thing to be afraid of. I don’t want to graduate before I have something lined up. That’s a total thing that people might delay for that reason. But as you were exploring those other options, you are actively working on it, you weren’t just work like, oh no, I’m afraid to graduate and I’m not making any progress in actually getting to a point where I want to graduate, therefore I’m going to delay. It’s an understandable path.

Emily: Now, as I understand, you’ve just defended and you’re looking for a full time job, but you’re also now developing a side business, which is weaving together some of the different things that we’ve talked about so far. Can you talk about a little bit of the mindset shift from going from I’m a PhD student first and a side hustler second to now I’m starting a business.

36:44 Gaius: For me it was less of a change as far as I’m a PhD student to I’m a business owner and more of a shift in thinking about how other people saw me. So seeing people be like, oh Gaius draws cool stuff. This is really neat. Can you draw something for me? Going from that to wow, your work is really amazing. I would love to pay you to do it. That was a really huge jump for me. Like I said, I started out in art school, I took my first art classes like in eighth grade to start on my art career. I was always going through this thinking I’m never going to be good enough, and this is the first time that I ever thought, I am good enough to make art my living. I think having that kind of self confidence was really the big shift for me. The business side, because I’d been doing these other side hustles like The Indigo Path, it wasn’t really that hard for me, but just understanding that people appreciated me and that I was worth it and I was talented enough. That was a huge hurdle for me.

38:05 Emily: Yeah. Sounds like imposter syndrome, something we are so familiar with.

38:09 Gaius: I don’t know what you’re talking about!

38:11 Emily: It can definitely crop up in other areas besides your PhD work. That goes back to the self-advocacy theme from earlier. It’s just a different application of it. I’m really glad to hear that you’re progressing on that front and defeating your gremlins.

Last Advice for a Grad Student Side Hustler

Emily: In the last minute or so we have here, do you have any advice for another graduate student pursuing side hustling, interested in pursuing side hustling, that we haven’t already covered? We have covered so much. But did you have anything else you want to throw in there?

38:44 Gaius: No. The main thing I want to stress over and over again is that you have to balance your time. I highly suggest anyone who’s in grad school to have some kind of side passion. It doesn’t have to make you money, though it’s great if it does. Really think about how much time you’re spending, why are you doing it, why are you continuing in your PhD or grad program or whatever, and make sure that all of those things are happening in the right amount of time and the right doses as well as for the right reasons. Because the ultimate goal is for you to find a balance that makes you happy, not for any other reason. As long as you’re happy and reducing your stress overall and not just delaying your stress, I think you’re in the right place, but that balance is really important.

39:39 Emily: Oh yeah. Thank you so much for emphasizing that. Thank you so much for being my guest today.

39:44 Gaius: Thank you for having me.

Outtro

39:46 Emily: Listeners, I’m so glad you joined us for today’s episode pfforphds.com/podcast is the hub for the Personal Finance for PhDs podcast. There you can find links to all the episode show notes, a form to volunteer to be interviewed, a survey, and a way to join the mailing list. I’d love for you to check it out and get more involved. See you in the next episode! The music is stages of awakening by Paddington bear from the free music archive and is shared under CC by NC. Podcast editing and show notes creation by Jewel Lipps.

This PhD Government Scientist Is Pursuing Financial Independence: Part 2

July 22, 2019 by Jewel Lipps

In this episode, Emily interviews Dr. Gov Worker, which is the moniker used by a PhD scientist and FIRE blogger. FIRE stands for Financial Independence and Early Retirement. As a PhD, Gov Worker’s motivation for and path to FIRE are different than most and specific to his high degree of training, and he thinks other PhDs should consider FIRE as well. In this second half of the conversation, Gov Worker shares what his family is doing to achieve FIRE, how being a PhD has affected his FIRE journey, and his financial advice for early-career PhDs.

Further Listening: This PhD Government Scientist Is Pursuing Financial Independence: Part 1

Links mentioned in episode

  • Financially Navigating Your Upcoming PhD Career Transition
  • Personal Finance for PhDs Podcast Hub
  • Volunteer as a Guest for the Podcast 
  • Government Workers Pursuing FI (Financial Independence)

financial independence government PhD

Teaser

Dr. Gov Worker (00:00): When you do save any, any dollar you save, like buys you a little bit of freedom or a little bit of flexibility or some options. And that’s why I think that’s why I’m just such a big believer in the whole movement. Um, if it’s getting more people to think about and save some money that then they can use to like free themselves up to what they really wanna do.

Introduction

Emily (00:27): Welcome to the Personal Finance for PhDs podcast, a Higher Education in Personal Finance. I’m your host, Emily Roberts. This is season three, episode nine, and today my guest is Dr. Gov Worker, which is the moniker used by a PhD scientist and FIRE blogger. FIRE stands for Financial Independence and Early Retirement. Gov Worker and I had such an engaging and in-depth conversation that I’ve split it into two episodes last week’s and this one. In this episode, we discuss what his family does to pursue FIRE, how being a PhD has affected his journey, why other PhDs should consider pursuing FIRE and his financial advice for early career PhDs. Without further ado, here’s the second part of my interview with Dr. Gov Worker.

Did you make any changes to your lifestyle and spending when you decided to pursue financial independence?

Emily (01:18): Let’s go back to this question of, of how are you pursuing FIRE? You’re natural savers. You’ve been living within beneath your means for quite a long time. Did you make any changes, uh, when you decided that you were going to pursue FI?

Dr. Gov Worker (01:32): Yeah, and I think it’s been continual changes for the past nine months because I’ve been reading a lot. I’ve been learning a, a bunch and trying to been optimizing. So I think we’ve tried to switch more towards contributing or saving in, uh, tax favored accounts like your 401k or even your health savings account. You can save money there, shelter it from taxes, and then if you don’t need it for, well, there’s a whole whole bunch of things you can do with a health savings account. So we’re saving quite a bit of money in after tax accounts. And even prepaying our mortgage is like an after tax savings. Um, so we’ve switched a lot of our savings around, so we’re saving that in tax, tax deferred accounts, um, like 401Ks. And, um, we went through our expenses. I think one of our, the, like, the best thing you can do if you wanna get started is just tracking, um, every, every purchase you make. Um, so we do that in an Excel spreadsheet and I think there’s a lot of services where you can like track your finances, but for me, knowing that I’m gonna have to type something in a spreadsheet really makes me think about the purchase. So there’s something, there’s like, you know, if it just showed up on a computer screen, um, on like Mint or Personal Capital, that whatever, it just kind of goes through my head, but like having to write it down is powerful. And so we, with like tracking expenses and other stuff, we, we were able to cut quite a bit of money that we were spending kind of unconsciously or subconsciously or not getting, and, and our lives has, our lives haven’t gotten worse. We don’t feel deprived. We still spend a lot of money on things we really care about. Like I take piano lessons, my daughter takes piano lessons, my daughters take piano lessons. Like we really enjoy doing that, so we spend money on it. And yeah, we could reach financial independence, you know, maybe a few months earlier if we didn’t take piano lessons or something. But that’s not, that’s not what it’s about for me. It’s about, hey, we’re spending a whole bunch of money on like childcare from like three to 4:00 PM if, whereas if we switched our schedules, we could not have to pay for childcare for that thing and spend more time with our kids. Well that, that’s kinda like a win win-win. I mean, okay, it’s like tough if you both have meetings then and there’s headaches, there’s trade offs, but I think a lot of times we’re told like, Hey, you deserve it. Just do something easy. Like yeah, have somebody help clean your house or have somebody come watch the kids or you work really hard, it’s worth it to pay somebody like a few bucks an hour to do this for you. And sometimes that’s true and sometimes it’s not true. So I, I just really want people, if they’re interested in this, to like look at what they’re spending and then think about how much joy they get from that and try living without something. And if it, if you feel deprived, then like add it back in. But at least you know what it feels like to not have that.

Can you comment about high savings rates in the FIRE community?

Emily (04:51): I think we’re gonna go into this a little bit more, um, in a moment about maybe looking at your lifestyle as a grad student and then your lifestyle, maybe post-graduate school and thinking, can I still live the way that I did as a graduate student? Um, a little bit longer. But before we get there, um, I wanted to to ask you about savings rates because one of the things that’s really, um, notable and also intimidating about the fire movement is that people post these incredible savings rates. I save 50% of my income, I save 75% of my income, I save 85% of my income. Um, those things can also seem like fairly unattainable, but this isn’t a very important part of pursuing fi, which is to have, you know, a lot, a lot of money going into savings investments, um, and also dramatically lowering your living expenses. So you create this big, big gap between your income and your living expenses. So you can have that high savings rate. And also so that your ongoing living expenses, let’s say once you reach financial, financial independence, um, your living expenses being lower means your nest egg has to be a little bit smaller. Right? Did I get that right? And, uh, can you, can you comment a little bit about these savings rates?

Dr. Gov Worker (06:04): I would just like to say that if you see a savings rate, unless they explicitly say how they calculate it, it’s really hard to know how much they’re actually saving because some people include the amount of mortgage principle they’re paying each month as in part of their savings rate. Some people, I mean there’s the numerator and the denominator, right? So are you normalizing to like your gross income? Are you normalizing to your post-tax income? Some of the savings, your savings are pre-tax, some are post-tax and if your, you know, employer gives you a like 401k match, is that money you saved or is that just money that appears? So these numbers that people publish, there’s a wide range of what it actually is. So don’t, don’t get intimidated by those numbers because they could inflate ’em or I mean, not inflate ’em, but it could be misleading. So yeah, you got, you’ve gotta try to save as much money as you can and, and live on as little money as you can and still be happy with your life. And that ultimately determines how fast you will achieve this financial independence. Um, so for us, our savings rate isn’t like 90% or any of these impressive numbers, but daycare is a huge, huge chunk of our income. Our mortgage is another huge chunk ’cause it is a 10 year, uh, mortgage. So I haven’t really calculated a timeline to financial independence or anything like that. That’s not super important for me. ’cause I know in five years my youngest one will be in school and we’ll have the house paid off and our expenses will drop. I mean, those things consume like, I don’t know, 60 to 75% of our budget is just daycare and housing and there’s nothing we can do about that. Um, that’s just the stage of the life we’re in. Um, and so if I like compare myself to like a double income, no kid family, um, that’s putting away 90% of their income, that that doesn’t really help me think about my path to financial independence. So I, I mean, I know savings rate’s a key thing on how fast you achieve fi and if you start, if you start down this path, you can choose your own method of calculation and come to your own consensus about it. But it’s not, it’s comparing or seeing those numbers isn’t, isn’t really super duper helpful, at least to me.

Emily (08:37): Yeah. Thank you for pointing that out because, so I, maybe this is a misconception that I have, but I see that, um, okay, my savings rate is X and my time to fi is, is Y, um, as kind of core integral to the way people talk about this sort thing online. Not that necessarily everyone has to do it, but it’s a very popular thing to do. Um, and I really couldn’t relate to that because the listeners probably know, like I rent, I live in a city that I’m not interested in living in long term. So it’s really hard for me to see beyond, well, at some point I need to purchase a house and then maybe I can think about, you know, what this FI thing is. Um, so it’s hard for me to see beyond that. So similarly to you, I think that I have this, you know, transition point for you, it’s, you know, my children out of daycare and the house is paid off, then we’ll see, you know, what the calculations are. Until then, let’s just work, do good things and not worry too much about the savings rates. I think I’m in a similar spot to that. Just, you know, work on being solid financially, uh, for the time being until we get past this unknown point and then, uh, then we’ll see if we can do those calculations.

How does being a PhD affect how you think about financial independence?

Emily (09:44): So I’d like for you to speak, um, a little bit more specifically as to how being a PhD has affected, uh, your journey to FI or the way you think about FI or the journey there too.

Dr. Gov Worker (09:57): Yeah, I mean, I think on a super simple level, like I didn’t get my PhD until I was 27. Um, and there are people that I know in the fire community, they’re like retiring at age 30 or younger, right? So if you, if you’re getting a PhD, you’re not gonna be one of these early fire people because

Emily (10:17): By the way, getting a PhD at 27 early side, very,

Dr. Gov Worker (10:21): Yeah, Right. I I should have clarified that. So I, I guess speaking for myself and I, I do know that was on the early side, but so say at the earliest you’ll be 26 or 27 with your PhD, it’s unlikely that you’ll be able to retire at 30, um, because Right, you don’t have that many years to work, so you don’t,

Emily (10:43): Unless you are Jacob Lund Fisker from Early Retirement Extreme. Just wanna throw that in there. Go ahead.

Dr. Gov Worker (10:49): Okay. Yes. Okay.

Emily (10:51): I do not recommend following his route, but if you’re interested, Dr. Jacob Lund Fisker early retirement Extreme, another father of this movement.

Dr. Gov Worker (10:58): Yes, exactly. Um, so now that we’ve got that out of the way, um, I think, so I had a later start entry date into the workforce that’s common with PhDs. Um, I think getting a PhD was helpful in pursuing fire in that as a graduate student, I had to learn how to live really lean. And so I was comfortable with, um, not inflating my lifestyle as much as other people that I got my undergraduate degree with, um, and then saw what they were doing. Um, and then once I did graduate, my salary is much higher than the median salary. So I think those are things that help, um, what’s kind of more difficult as you interate, but I think those are just like the nuts and bolts. I think a lot of it more has to do with this identity factor because unlike someone that just gets an undergraduate degree, um, and a and has some broad knowledge in a general field, getting a PhD or, or getting an md I know that, uh, there’s several medical doctors who, who are in the fire community and have written really great stuff about this too, is that you, you, you’re really invested in your field because you, you spent so long obtaining this knowledge. And, and so when I think about, I definitely want to achieve financial independence because there’s some parts of my job that are really stressful and especially travel with, uh, having a young family and now having to, the higher you rise in science, the more you have to travel <laugh>. Um, and I think nobody ever talks about that, but, um, you know, early retirement is gonna be different for someone with a PhD because they have invested this years of knowledge and even if they really hate their job, like there, there was some spark that led them to pursue a PhD at some point and to obtain this field of knowledge. And so letting go of that is gonna be a different emotional process for someone that just, um, enters a field to just earn as much money as possible and as little time as possible and then leave. Yeah, so there’s an emotional aspect, uh, as well.

Commercial

Emily (13:24): This summer I’m putting forth extra support for PhDs undergoing career transitions into grad school, a postdoc or a real job. If you’re moving on to the next stage in your career or thinking about it, please visit pfforphds.com/next to check out my articles, webinars, and coaching program. Allow me to come alongside you during this transition to ensure that you set yourself up for financial success.

Once you have financial independence, do you think you’ll still use your PhD knowledge?

Emily (13:54): When I think about, um, academia like Ivory Tower academia, you know, there’s this stereotype that academics shouldn’t care about money. They shouldn’t money grub, they shouldn’t be concerned about their salaries or benefits, whatever. They should live the life of the mind and, and that’s it. Um, but I, but the best way to not care about money is to have enough money that you don’t need to be concerned about it. Um, so I actually really think that becoming financial independent is very, um, compatible with someone who wants to, you know, pursue scholarly work, for example, and not be, um, I don’t know, not be tied to like obtaining grants or, you know, whatever the normal stuff that comes with like a job once you reach fi if you decide to retire early, like, do you think you might still do anything with, um, you know, this knowledge you’ve, you’ve taught, fought hard for over time, or do you think you’re gonna be leaving that behind?

Dr. Gov Worker (14:48): No, I mean, when I think about my happiest times in the past 10 years since getting my PhD, there’ve been times when I’ve been on like a sabbatical. So I’ve been in a new environment, I’ve been working with people I know in the field professionally, but not close because we didn’t work together ’cause of distance. And so there was like this aspect of travel, there was this aspect of collaborating with new people and there was this applying my knowledge to like projects I cared about without having these administrative duties, which consume a lot of my time and are where most of my job dissatisfaction is. So I haven’t allowed myself to think too, too much about early retirement, but I could easily see, and if you don’t have to worry about money, then you can like, you know, travel to work with that colleague for six months or a year and not have to worry about having your salary covered. Um, and so, I mean, I could see easily and really enjoying doing like a series of like little sabbaticals with people, um, that I like working with. And I’ve like, uh, worked with on sabbatical before, um, I could see working as a consultant in my field. I mean, there’s a lot of things that I think I would like to do if I, if I do achieve early retirement that involve this part of me that spent all this time to gain this knowledge, um, that aren’t this traditional like ivory tower or, you know, achieving academic success or, you know, publishing papers in the, the highest tier journals or, you know, winning the most prestigious grants. You know, I just feel like, yeah, yeah, you could do that, but that doesn’t gimme as much satisfaction as, you know, really working on a really cool paper with somebody. Um, and it would be great to be financially in a point where I could work with people, um, but not have it be tied to these heavy things. But that being said, there’s a lot of other things I’d love to do. Like I love playing piano, I love doing all these other things. And so I had a chance to experience this. There was the government shutdown, um, earlier this year, so I had like more than a month of time off. And I think pursuing FIRE was really great because the first day of the shutdown I looked at, um, my accounts and I realized, well, okay, well if we don’t change anything, I’m good for several years without bringing in income, I don’t need to worry about buying groceries or anything. So I think that’s a really great reason to pursue FI because um, it gives you this peace of mind if something does come up I have this month to experience what I would do if I didn’t have, um, paid job because when the government shuts down, you have to hand in your laptop, cell phone, everything gets like locked up and you’re forbidden from interacting with work at all. And it was so magical to just have the time to focus on my passions and my family and like be right there and the kids came home from school and have like meaningful conversations and pursue leisure activities, which I think is really important. And our society minimizes the value of leisure. Um, and so I think I could easily achieve financial independence and also leave this all behind and really just focus on, uh, what, you know, being more intentional, living more in the moment and really enjoying the whole of myself, if that makes sense. Yeah. Sorry for the really long answer.

Emily (18:37): No, that was, that was really lovely actually because I found a lot in there that I can identify with. Um, and maybe the listeners have as well, like, especially about when I was in grad school and actually before I even started grad school and I was looking at the structure of academia and thinking to myself like, I love being at the bench. I love doing the work. I am not interested in having the job that my advisor has. You know, like, how do you stay in science and stay doing the work? Like at that, at the time, uh, I did a year at the NIH as a postbac and I was looking at the postdocs, and this is a bit naive I realize now, but I was looking at the postdocs and thinking, that seems like the best job. Like, I wanna be a postdoc, you know, you know, forever doc, right? I mean, no one actually wants that, but I really liked the idea of, um, staying doing the work and not having to do all these things that come with career advancement, which as you said, you’re kind of, you almost need to take, um, to stay in the field. But I just really love the idea of you, um, maybe finding a way to have all of this balance that you want in your life between your, the personal stuff you want to spend time on and also working when and how you want to, uh, when it, when it tickles your fancy. Right. Um, so I don’t know, maybe there are other people out there who can identify with, with something in there.

Do you think other PhDs should be thinking about FIRE?

Emily (19:57): Um, do you think that other PhDs should be thinking about FI, thinking about fire or pursuing it?

Dr. Gov Worker (20:04): Yeah, I think everybody should think about FI. Um, because even if you don’t achieve full financial independence, there’s so many benefits that come just from having a year’s worth of expenses saved up and know that they’re accessible. Um, I’ve seen not, not PhDs, but people I know socially that are in really toxic jobs but can’t afford to quit because they’re, you know, essentially living paycheck to paycheck. And that I think is, is really sad. Um, so I think FI or at least trying to get in better financial shape is for everyone. If you want to, if you want to try to achieve this early retirement and save, you know, 75% of your income plus or minus, you know, 25% or something, um, you should definitely do that. And I think there’s gonna be a lot of benefits that come along the way. And for me, even once I started pursuing FI, mentally, I was so much happier in my job because I knew that it didn’t have to be permanent and I wasn’t locked into my job. So I think mentally even just committing to this idea has benefits. Uh, saving, saving money and creating financial space has so many benefits, like mental benefits, like, you know, spiritual benefits. I think it’s just, it’s just so important to, to try and start down this path and that not everybody needs to achieve early retirement. Not everybody needs to retire by 30. There’s a lot of great voices in this kind of community. And so when I think about, when I think about fire, it’s more of an alternative path to pursuing happiness rather than this, you know, really hardcore eating rotten bananas ’cause they’re cheaper, you know, struggle to, you know, quit early, if that makes sense.

Emily (22:08): Yeah. And I think, um, I mean, looking at the fire movement as it exists online, at least that I’ve seen, um, very extreme stories get a lot of attention. Um, and maybe the ones that are more like yours, which is like, okay, I’m, I’m a family man living in the Midwest and I’ve got three kids and, and this kind of thing. Um, they don’t necessarily look as flashy, but there can be still so much personal satisfaction that’s found in, you know, living the way you want to and having freedom and having options along the path to fi and after you achieve fi.

What are the next steps for someone who wants to start on FIRE?

Emily (22:45): Um, so let’s say that, you know, there’s someone listening, um, a grad student, a postdoc, another PhD who has a real job, um, and they’re like, Hey, I want some of the things that you talked about during this episode. I wanna have these, these feelings and this, this freedom. Um, how should that person get started? What next steps should that person take?

Dr. Gov Worker (23:05): Yeah, I would say, um, the first thing to do would be, um, to get familiar with the fire movement, um, online. Like I said, there’s a lot of great bloggers, there’s a lot of great books that are being published, um, recently, um, on this topic. And I think to just try and continue living your graduate student lifestyle in your first job and saving as much of that as possible. Um, and if you’re listening to this and you’re like, oh, I don’t wanna pursue fire, that’s never gonna be me. Like, I just wanna make sure that like, no matter what you do, like, like absolutely a hundred percent, um, before your first paycheck comes, set up your 401k contribution to get the most of your employer max. Like, ’cause that, that is just so important. And, and as your salary grows with time, that will scale. And, and so like even if the rest of this podcast doesn’t apply to you, please just set up your 401k to get the maximum of your employer match. ’cause that’s free money. And if you want to pursue fire, then like, yeah, put as much of it in there as you can continue to have roommates if you had roommates in graduate school and are used to that and think you could do that for longer. Um, and just not, yeah, I think not try to buy into what your peers are spending their money on, because unless it makes you happy, there’s, there’s no reason to to spend money on it.

Emily (24:34): Yeah. This is the, this is the keeping up with the Joneses thing, right? Oh, well I am 30 years old, I’m 35 years old. That means that I should be using my money in this way. That means I should have this kind of car and this kind of house. Um, and that’s all fine if you can afford it and if you’ve, if that’s something that you really want, but don’t go down that path just because you see other people doing it, right. Um, really just find what’s going to give you the most, um, satisfaction in your life and probably options and freedom are going to give you life satisfaction. So like you said, you know, make it automatic, like contribute to your employer’s, uh, retirement plan and so you never even see that money. Like that’s an excellent first step. I totally agree. Anything else you wanna add on that?

Dr. Gov Worker (25:20): Um, no, I just, I just really think that, I really liked how you put it. Um, when you save money, you’re really buying yourself options or flexibility that you might want later on. And when I think about my life now, um, and my job, I just, I wish I had more time and money money’s not, not that important. And actually career success isn’t that important, but when you’re in graduate school, it’s like a pressure cooker that you need to like apply for these, you need to be fully devoted to your field. And people question that all the time in academia and, and I just, you know, it’s kind of a shame that you spend all this time in this like high intensity environment and realize, whoa, really if I could have anything in this world, I, I wish I had more time to spend, uh, with people I love or doing things I love or these other things that aren’t necessarily my job. And so when you do save any, any dollar you save, like buys you a little bit of freedom or a little bit of flexibility or some options. And that’s why I think that’s why I’m just such a big believer in the whole movement. Um, if it’s getting more people to think about and save some money that then they can use to like free themselves up to what they really wanna do.

Where can people find you online?

Emily (26:43): I think we need to end it right there. That was wonderful. Thank you so much for, for joining me today, Gov Worker, where can people find you online?

Dr. Gov Worker (26:50): I’d love to interact with any listeners who are interested in learning more about the fire movement. The best way to do that would be to check out my blog, uh, which is at, uh, governmentworkerfi.com. I’m also quite active on Twitter, so you can tweet at me as well. Um, my Twitter handle is @govworkerfi.

Emily (27:09): Yeah, that would be amazing. So hopefully at least a few people will find their way over to you and hopefully we’ve sparked some interest in this movement. Um, thanks again for joining me.

Dr. Gov Worker (27:17): Yeah, thank you Emily.

Conclusion

Emily (27:19): Listeners, I’m so glad you joined us for today’s episode, pfforphds.com/podcast is the hub for the Personal Finance for PhDs podcast. There you can find links to all the episode show notes, a form to volunteer to be interviewed, a survey, and a way to join the mailing list. I’d love for you to check it out and get more involved. See you in the next episode. The music is Stages of Awakening by Poddington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing and show notes creation by Jewel Lipps.

This PhD Government Scientist Is Pursuing Financial Independence: Part 1

July 15, 2019 by Jewel Lipps

In this episode, Emily interviews Dr. Gov Worker, which is the moniker used by a PhD scientist and FIRE blogger. FIRE stands for Financial Independence and Early Retirement. As a PhD, Gov Worker’s motivation for and path to FIRE are different than most and specific to his high degree of training, and he thinks other PhDs should consider FIRE as well. In this first half of the conversation, Gov Worker fleshes out the FIRE movement for us, including why the current stereotypes are inaccurate and harmful, discusses what pushed him to pursue FIRE, and details what his family is doing to achieve FIRE.

Further Listening: This PhD Government Scientist Is Pursuing Financial Independence: Part 2

Links mentioned in episode

  • Financially Navigating Your Upcoming PhD Career Transition
  • Personal Finance for PhDs Podcast Hub
  • Volunteer as a Guest for the Podcast 
  • Government Workers Pursuing FI (Financial Independence)
  • Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert Kiyosaki (affiliate link – thanks for supporting PF for PhDs!)
  • Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence by Vicki Robin (affiliate link – thanks for supporting PF for PhDs!)
  • PFforPhDs S1E11: This Prof Used Geographic Arbitrage to Design Her Ideal Career and Personal Life
  • PFforPhDs S3E7: This PhD Student Is Paying Her US Student Loans with Her Swedish Krona Salary 
  • PFforPhDs S2E7: How to Successfully Plan for Retirement Before and After Obtaining Your PhD

PhD financial independence 1

Teaser

Dr. Gov Worker (0:00): As academics we spend so much of our time identifying ourselves as a as our career like I am an expert in this field or I am like the world’s top person in this and I travel around the world and I talk about this and I got invited to conferences because I am this person I was like whoa I don’t have to be that person anymore I can just be myself and I myself is so much more than my professional expertise and why did I lose sight of that so that  was a really powerful thing to me and that made me that completely changed my life.

Introduction

Emily (0:39): Welcome to the personal finance for PhDs podcast. A higher education in personal finance I’m your host Emily Roberts this is season 3 episode 8 and today my guest is Dr. gov worker which is the moniker used by a PhD scientist and fire blogger. Fire stands for financial independence and early retirement. Gov Worker and I had such an engaging and in-depth conversation that I’ve split it into two episodes this one and next weeks in this episode Gov Worker tells us what fire is what pushed him to pursue it and what his family does to pursue it without further ado here’s the first part of my interview with Dr. Gov Worker.

Please Introduce Yourself

Emily (1:24): Thank you so much for joining us on the podcast today. I have the great pleasure of having a conversation today with someone who goes by the moniker gov worker maybe we should say dr. gov worker and this person gov worker I really wanted to find someone to talk to us about fire which is financial independence retire early which is a really big trend right now in the personal finance movement and it’s actually come up on a couple of our previous episodes one with Dr. Amanda and one with Crista Wathen and so I wanted to find someone who would really speak to this specifically and thankfully, gov worker and I have a mutual connection on Twitter and I found I found him through that person. So Gov Worker thank you so much for joining us this morning I’m really looking forward to this conversation would you please tell us a little more about yourself? 

Dr. Gov Worker (2:15): Yeah thanks Emily, before we get started I should say that I’m speaking in my personal capacity and my views are not representing the government so they’re my own views so I’m a government researcher I got my PhD in 2009 I live in a flyover State and I’m happily married with three daughters that’s kind of having kids or three kids it’s kind of rare for fire so we can talk about that later on I started blogging just a few months ago because I realized well there’s a lot of fire bloggers and there’s a lot of people in the personal finance space pursuing fire a lot of them aren’t like me necessarily in that they have a PhD or that they have a government job and these these are things that make pursuing fire different from typical scenario so I wanted to kind of write content that would help people in these type situations like optimize their decisions for pursuing fire. 

What is FIRE?

Emily (3:21): Yeah I’m I’m so happy to hear that actually matches really well with the reasons why I started blogging about personal finance back in 2011 not my current website but the one  before that some listeners may be aware of my previous site evolvingPF.com and I was getting really interested in the personal finance space at that you know in the couple years leading up to that time and I also didn’t see myself as a graduate student represented in the space not even just as a graduate student but as kind of a lower earner I mean most of the people I saw writing I would say I was in the bottom 1% in terms of incomes of the people I started  writing about personal finance which kind of makes sense few different reasons but anyway so that’s very similar to why I started writing and I’m so glad that you did because as we’ll talk about and you mentioned you sort of defy a couple of the the stereotypes about fire which we’re happy to go into. So first for audience who has no idea what fire is can you give a really brief definition 

Dr. Gov Worker (4:21): Yeah so so fire is an acronym for financial independence and early retirement I guess they switch the R and the E. So in my mind those are two really separate goals but they kind of get lumped in together as one acronym and one movement.

Emily (4:36): When I first started started learning about personal  finance being financially independent meant being financially independent from your parents it was like a young adult goal right so go into what each of these things means please. 

Dr. Gov Worker (4:48): Right so financial independence is a state of being where you have passive income so that’s income that your money is making for you that exceeds your living expenses so I mean in that essence like even if you retire at 62 and live off of Social Security you’re I guess in some ways  financially independent at that age because you’re not earning money and you’re living off of income that you don’t have to work for so that’s passive income and in the fire movement it’s it’s kind of roughly the rule of thumb is if you have 25 times your living expenses saved that you can generate enough returns on your investment to live comfortably off withdrawing 4% so 25 times your expenses or 4% of your liquid net worth that’s kind of this financial independence and some people debate whether it should be 25 or 30 or some multiple but you can look up a whole bunch of stuff on that but this idea is that you amass a pile of money and that money makes money and you live off of what that money makes for you and it could be through like rental properties it could be through stock market returns it could be through like dark arts I don’t know but you the like goal of the fire movement is to save enough money that your money works for you and you don’t have to work for a living you don’t have to you can work but it doesn’t have to earn money so you could do things that don’t make money like blogging or something that you really enjoy doing and create things but it doesn’t have to it could be disassociated from a paycheck because your money is earning your living expenses. 

Financial Independence vs. Early Retirement

Emily (6:35): Yeah and there’s the there’s the key difference between financial independence and early retirement right in early retirement you are committed to not working anymore whereas in financial independence it’s just an option can work more you cannot your good either way is that right?

Dr. Gov Worker (6:50): Yeah and I mean I think there’s kind of a joke in the fire movement about this internet retirement police that like if you do achieve financial independence and you quit your main job so like if I stopped becoming a government researcher because I reached financial independence but I was still earning income doing other things and you know internet trolls might say I’m not really retired so early retirement is kind of a weird nebulous thing that I don’t feel is very well defined but I guess my goal is to achieve financial independence where I don’t need to work if I don’t want to and then I can make a decision well do I want to work part time do I want to work in an academic lower stress environment once you achieve financial independence you have a whole bunch of options available one of which is like completely quitting your profession and walking away forever which is an early retirement but you could do like a phased retirement or some part-time work or something in your field that’s different so I think just achieving some space between oh I need this paycheck to live and working because you have to and working because you want to is really important and so even if you’re not pursuing early retirement I think it’s really worth trying to pursue fire because even if you don’t reach financial independence say you’re starting off with a lot of debt or starting off from a different space and you do you think financial independence are away if you work towards that even just getting you know six months salary saved up gives you options if you’re in a toxic work environment and so I think if fire doesn’t resonate to you as a listener like don’t just shut off the podcast because there’s a lot of good that can come from working towards getting in a better financial space and that’s why I think the movement is so important for everyone even if early  retirement is not for everyone. 

What Are Some of the Stereotypes Associated With FIRE?

Emily (8:51): Yeah great point because when I first heard about this movement in I don’t know 2012-2013 something like that it was it was I don’t even think the acronym fire was being used at that time because really people were talking about early retirement and I wrote a post for my site that was like early retirement I don’t care about that that’s not for me and I’m gonna dismiss this whole movement but actually I had a commenter on that post come back and say well no Emily like you are pursuing financial independence you might not be pursuing it particularly early or whatever but obviously by wanting to generate more financial security for yourself being aggressive about saving for retirement you are pursuing financial independence so don’t dismiss this movement and frankly it’s based on some of the stereotypes that I heard about the movement at that time which we can discuss so these stereotypes that you see let’s still see in the media today are like well fire is being pursued by young male single childless tech workers engineers that kind of thing it’s not for people who have lower incomes it’s not for people who have families it’s not for people who live in high cost of living areas so I note I mean brought this up earlier like let’s dispel some of those stereotypes. 

Dr. Gov Worker (10:11): Yeah I mean I think you put it very kindly but I mean you know I would say like a single white male who learned to code and got a really high paying job and it may be even anti-social so like doesn’t even fully understand these like things that people want to spend money on and there’s nothing wrong with spending money on things on the path to fire if that’s what brings you happiness it’s about in my mind financial independence is about spending money on what makes you happy and then like not spending money on other things just because other people spend money on them so I think the stereotype and then these people like not only are they in the mainstream media but are on social media and comment I think there’s a lot of this like bootstrap mentality that like well I you know I make all this money and so if you don’t do it then you aren’t working hard because I was able to do this which ignores a lot of privilege and other factors that go into this and if you start if you want to find out about fire and that is like the first resource you find and it doesn’t resonate with you there are tons of people pursuing financial independence or fire and you just need to find a story that resonates with you because there are stories about you can find peoples that are blogging and being really open about destroying mountains of debt they have student debt credit card debt any kind of debt and those stories are really powerful. You can find like you know there’s a lot of diversity in the bloggers and so everybody’s got these really great stories and you just got to find one that resonates with you and helps you that you can put yourself in you’re like that person shoes and like he’s like yeah they’re doing these things and we’re going through the same problems and that’s inspiring me to like work on my my finances and I just if I could like help anyone on this podcast just fine tell them that there’s somebody out there that’s probably writing a story that’s very similar to their is they should like go find this person and not just immediately get turned off right away by this fire because like early retirement sound so extreme and you’re like oh I can never do that I have that or I can never do that like I’m first-generation college or I could never do that because I grew up in this really bad neighborhood like there’s people who are who are writing about you know those exact situations and I just I just want to let people know it’s way more inclusive than you might think of if you just hear it like off the news or something. 

What Led You to the FIRE Movement?

Emily (12:51): Yeah we hear so much in academia in science about the importance of having models and mentors who you can identify with on some of these you know demographic factors for example so I so appreciate your point that like yeah don’t get turned off by you know one random article that you read that only features you know this type of person like there’s so many different types people in this movement and it’s important for everyone really so let’s let’s go down to into what more specifics about you especially with you as a PhD because you know it was a little bit hard for me to track down a PhD in the fire movement who was willing to talk about this so I really want to have that aspect modeled for our listeners of how a PhD can pursue fire or at least how you are as a PhD. Let’s let’s start with what led you to this movement in the first place? 

Dr. Gov Worker (13:48): Money Magazine did a feature about the fire movement last year and that was kind of the first exposure I’ve had to it I know I know people have been writing about this like mister money mustache is the most famous he started in 2011 and I just had never run across that I mean I’ve always been interested in finance like I got exposed to like the Rich Dad Poor Dad* books in like high school and was always thinking about he’s really big about passive income but his books are kind of like if you think hard enough it will like money will magically come to you or something but I mean that kind of had this idea and I was like my wife and I are natural savers but it never occurred to me that you could like retire early until I read this feature then I read Your Money or Your Life* which is like the key cornerstone book it was written I think 30 years ago by Vicki Robin it’s awesome and that book completely changed my life because at the time I was extremely stressed in my job I was kind of experiencing burnout I was having to travel a lot and I think like in academia or when you’re getting your PhD like it’s just always implicitly assumed that you’re gonna like try for like landing a major like r1 university job or like the whole mindset of my PhD experience is like you need to be the top of your field and if or like you need to at least try to be the top of your field and if you don’t get there well that’s okay because but it’s never an option just be like well I want to spend time with my family or I want this right it’s all about being the best and I worked really hard on that for a decade and it wasn’t and I guess objectively I achieved a lot of career success you know recognition and accolades and that kind of stuff but it wasn’t fulfilling because it it wasn’t ultimately what I wanted but it was really hard for me to see that that wasn’t what I wanted until I achieve career access success and then realizable why did I just spend a decade pursuing that. Reading that book just really helped me rephrase things there’s a key concept in this book that like your job is just the place where you exchange your time for money and I was like whoa like because as academics we like spend so much of our time identifying ourselves as a as our career like I am an expert in this field or I am like the world’s top person in this and I travel around the world and I talk about this and I got invited to conferences because I am this person and I was like whoa I don’t have to be that person anymore I can just be myself and myself is so much more than my professional expertise and why did I lose sight of that so that was a really powerful thing to me and that made me that completely changed my life so that was kind of how I discovered fire and how it impacted me.

[* This is an affiliate link. Thank you for supporting PF for PhDs!]

Personal Finance

Emily (16:56): Yeah of course I want to add in something in response to that though first which is that I had sort of a similar experience in a different way during graduate school when I was learning more and more about personal finance because one of these I mean really the bedrock concept in all of personal finance is regarding understanding what your own personal values are and aligning your use of money with your values with what brings you the most satisfaction in your life and I totally agree with you that inside academia inside you know work in science um our identity does become so closely tied with our  profession that it’s difficult to remember that you are a whole person needs and desires outside of that and for some people their professional accomplishments and career success is the most important thing to them but that’s not everybody within academia and I think for me learning more about personal finance and realizing this caused me to do some more introspection and it’s one of the reasons why I you know decided not to pursue a more traditional career following graduate school and why instead I’m doing this because I really love this you know helping other people in my community make the most of their money so I just I really resonate with that it sounds like our exposure to the subject area even though there are slightly different variations and personal finance really caused a similar kind of change in both of us.

Commercial

Emily (18:28): This summer I’m putting forth extra support for PhDs undergoing career transitions into grad school a postdoc or a real job if you’re moving on to the next stage in your career or thinking about it please visit pfforphds.com/next to check out my articles, webinars and coaching program allow me to come alongside you during this transition to ensure that you set yourself up for financial success.

What Are You Doing on Your Path to Financial Independence?

Emily (18:58): So yeah I’d love to now dive into more about how one pursues fire you know should one want to so specifically for you what are you doing on your path to FI?

Dr. Gov Worker (19:11): Yeah so let’s see so a couple things so we before even kind of pursuing the FI path my wife and I are always very frugal like back when you could really coupon things like local newspaper did an article about my wife’s like incredible couponing skills and we’ve always lived way below our means because we didn’t really feel the need to to keep up with things so like we both ride our bicycles to work so we don’t have to pay for parking or cars or stuff we have a 10-year mortgage which were pre paying and anytime we had gotten a raise so when we started off our marriage I got married young when I was still in graduate school and my wife was working at that time and we had like absolutely no money but every time we got a raise we would just say well we’re living just fine so we would save the raise in some account like a savings account or sometimes we increased retirement accounts or other things and so we’re always just used to when we got an increase not increasing our standard of living and it would always seem like we’d be doing really well financially and then have a baby and then like a huge percentage of our salary would then go to daycare and kind of bump up that way so in many ways we’re still living well we have improved their standard of living since like the depths of graduate school but not not by much and every time we get a raise or a bonus or anything it’s like how can we save it and so that was what we had always done and that’s what fire people would tell you to do of course the fire people are gonna say like save it in retirement account but since we weren’t necessarily focused on that goal we would save it up for like improving something on the house or maybe taking a vacation or just saving it in a emergency fund or something else so that that that stuff all kind of came naturally to us.

How Did You Manage to Keep Your Living Expenses in Check When You Did See an Increase in Income?

Emily (21:19): I want to go a little bit more in depth about a couple things you just mentioned one is the time when you were in graduate school so that’s gonna speak to a lot of my audience right now currently in graduate school. Can you just talk a little bit more about how you managed to keep your living expenses in check when you did see an increase in income because I do think there’s a tendency to you know when you let’s say get out of training sounds like your wife had a regular job maybe she was experiencing raises more frequently than you did as a graduate student but like when you get that next position out of  graduate school and there’s a big bigger bump in your salary how were you not just like I’m gonna go like wild and really raise my standard of living spend all this because there’s all this pent-up demand or desire. 

Dr. Gov Worker (22:16): Yeah I think it was probably I think the first part of your your comment did kind of address that so my wife my wife had a traditional job or non I mean she’s highly educated as well but when I was in graduate school she was working and so I think my graduate school I wasn’t as destitute as if I were single and just living off of my stipend it it also happened that I transitioned from graduate school into a job in the same city in which I graduated so we didn’t need to move or anything so we were already living in a house at that time in the city and my wife was making money so it was kind of a real just well now I’m gonna go here instead of over here and it didn’t it wasn’t a wholesale change so it wasn’t like I was was really really stretched and then got a job across the country and like oh I’ve got my first job and my first salary at you know I’m gonna go crazy it was really nice to have that bump I mean we were really stretched because we had my daughter about two years before I graduated and so day care was a huge cost and and that kind of stuff so it give us some financial breathing room and I did get my first job and then getting kind of promotions you know throughout my career since then has just given us more more breathing room. You know I look back at my time in graduate school as and maybe this is like selective bias and filtering out like bad experiences because I know graduate school is very tough not just financially but emotionally as well but I do look back on a lot of the things we did socially then with you know just happy fond memories of kind of pulling together with this community of graduate students who is all kind of struggling and like having a really good time like that and now that we’re removed from graduate school and we’re professionals and we have kids and like the social interactions we have are like a lot different from those times and so kind of keeping that you know framework and community together of people going through similar situations I think is really key thing to like keep in mind. 

Emily (25:00): That was great actually and I I just wanted to talk a little bit more about you know you’re reflecting on that time to kind of make your current situation a little bit more relatable to my audience because I mean you could look at someone you know several a decade out from graduate school who’s on this path to financial independence and think like what like that’s so far distant from where I am I could never achieve that I’m just a graduate I’m just a postdoc whatever it is at this time but that’s why I wanted to like sort of make this connection to you back at that time so it sounds like you were living in maybe a little bit better than the average guide student lifestyle because of your your wife’s job and having these wonderful low-cost experiences in social life with your fellow grad students which I really love and miss as well. And then as you guys were increasing in your salaries at work you only slightly maybe increase your standard of living you didn’t really move at least it right away it sounds like and really you just sort of kept living more or less the same life style that you had during graduate school. This is something that I have talked about before on the podcast for instance my interview with Dr. Brandon Renfro we talked about really trying to keep lifestyle inflation lifestyle creep in check when you receive those raises so it’s just good to have an example of someone who did that. 

Outtro

Emily (26:21): Listeners I’m so glad you joined us for today’s episode pffordphds.com/podcast is the hub for the personal finance for a phd’s podcast. There you can find links to all the episodes show notes, a form to volunteer to be interviewed, a survey, and a way to join the mailing list I’d love for you to check it out and get more involved see you in the next episode. The music is stages of awakening by Poddington Bear from the free music archive and a shared under CC by NC podcast editing and show notes creation by Jewel Lipps.

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