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How Grad School Rewired This Student’s Brain for Financial Success

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In this episode, Emily interviews Elise Glickert, a fifth-year PhD student in organic chemistry at the University at Buffalo. Elise got married in the summer between finishing undergrad and starting grad school. Between their student loans and car loan, Elise and her husband were in about $85,000 of debt. With two irregular incomes, they quickly realized they had to change something to do more than just get by with their finances, and they implemented a zero-based budget. Elise compares long-term debt repayment with the process of completing a PhD—both require a long-term mindset, creativity, discipline, and intentionality. Elise and her husband are now debt-free, planning their next steps with their finances, and expecting a baby.

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Teaser

00:00 Elise: Even with that, I think that was helpful. Just even for both of us to see, “Man, like, it is kind of cool how, like, you know, you can increase income just by like approaching or working towards something from a different angle.” And again, I think just like when you’re working on research projects, right? Sometimes you need like a different angle or different thought process to kind of come in and be like, “Oh, cool. Actually, I could approach this problem, look to solve this problem from this angle, instead of just this way.”

Introduction

00:30 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 11, Episode 9, and today my guest is Elise Glickert, a fifth-year PhD student in organic chemistry at the University at Buffalo. Elise got married in the summer between finishing undergrad and starting grad school. Between their student loans and car loan, Elise and her husband were in about $85,000 of debt. With two irregular incomes, they quickly realized they had to change something to do more than just get by with their finances, and they implemented a zero-based budget. Elise compares long-term debt repayment with the process of completing a PhD—both require a long-term mindset, creativity, discipline, and intentionality. Elise and her husband are now debt-free, planning their next steps with their finances, and expecting a baby.

01:30 Emily: Speaking of the transition from undergrad into grad school or the working world into grad school, I am giving away an incredible resource for rising graduate students later this week! The resource is a live webinar on the financial actions that people who will matriculate into graduate school in the coming months need to take right now. It’s really, really practical. We are covering why and how to right-size your housing and transportation expenses, budget and save up for your start-up costs, and investigate your paychecks prior to receiving the first one. I’m really looking forward to sharing this material with you and hearing your questions and concerns. If you are headed to graduate school in the fall, you can register for the webinar at PFforPhDs.com/rising/. If you’re already in or past graduate school but wish someone had sat you down to warn you about the financial pitfalls in your path to the PhD, please share the registration page with the rising graduate students in your life. Again, the URL to register for the free, live webinar on Thursday, April 28, 2022 is PFforPhDs.com/rising/. Without further ado, here’s my interview with Elise Glickert.

Will You Please Introduce Yourself Further?

02:59 Emily: I am delighted to have joining me on the podcast today Elise Glickert. She is a fifth-year PhD student at the University of Buffalo, and we are going to discuss her financial journey, along with her husband, from when she started grad school to this year, when she’s nearly done. And it has been quite a journey. So, I’m very excited to talk about Elise. Elise, will you please introduce yourself a little bit for there for the audience?

03:20 Elise: Yeah, so what’s up everyone? Yeah, just like Emily was saying I’m Elise and a fifth-year PhD student at University of Buffalo. I do organic chemistry research. So that’s kind of what I’m working on right now, synthesizing different compounds. And then primarily as well, the hope is with that to ultimately go on maybe into like academia, do some teaching or some like business type stuff. Especially like I tutor now, we’ll probably talk a little bit more about that with like kind of like side businesses and side hustles as well and stuff, so, yeah, it’s exciting.

Finances at the Beginning of Grad School

03:57 Emily: Okay. Sounds great! Let me know, let’s kind of take it back to the beginning of graduate school. I understand you got married right around that time as well.

04:05 Elise: Yes. Yeah.

04:06 Emily: So, what was going on with your finances and also, you know, your understanding of finances or your outlook on finances at that time?

04:13 Elise: Yeah, absolutely. So yeah, so my husband and I, we got married in May of 2017, and we actually got married the day after we graduated, which I will say made finals week very, very stressful. Very, very stressful. Yeah. And so, you know, because it’s like you still have all your tests and everything and then also double-checking, like, Hey, is the DJ good? Is the catering, all this stuff. But it was also a lot of fun because we went to a small college in Ohio, and so it was cool getting to you know, just like kind of have like a final like celebration per se with all of our friends and everything. So that was really awesome. And then after that, we actually headed out to Buffalo. One of the reasons I even chose Buffalo or UB was because at the time when we had started talking about like getting married and stuff I didn’t really care where we lived at all.

05:03 Elise: My family’s originally from Jacksonville, Florida, and my husband has a lot of family in New York. We had some friends in like this New York area as well. And so yeah, so UB was one of the places I applied to that accepted me. And then, yeah, basically after that got married, graduated honeymooned, and then headed out to Buffalo and I started doing some TAing during the summer, and then my husband was also working in retail at like a DICK’s Sporting Goods. So, yeah, so that’s kind of how we started with that. And then in regards to finances, I will say we are complete polar opposites. I’m a huge spender. One of the like embarrassing stories I share is so like my senior year, so entering my senior year of college, I had this goal. I have no idea why, it’s not even really that great of a goal, honestly, to just like blow a thousand dollars in a day. And I was a college student.

05:54 Elise: I didn’t, I mean, it was bad. But anyway, so I did that, and then I hadn’t actually read my like student bill correctly, so I didn’t even have enough money. So I blew the thousand, and then like three days later went into the admissions office and was like, “Hey, like I, is there any way I can get more money? Like I don’t have.” It was so bad. So very, very, yeah, very irresponsible, I would say, was more of my mindset. And then my husband is the complete opposite. Absolutely hates spending money whatsoever. So yes. Yeah. That’s kind of like, again, my financial background there. Yeah, I would say definitely no financial literacy whatsoever. It was just kind of like, yeah, you know, as long as the bank account’s not zero, enjoy spending.

Combined Debts and Incomes

06:38 Emily: Got it. And what about your like net worth or your combined net worth at that time? Did you all have debts? Did you have assets coming out of college?

06:46 Elise: Yeah. Yeah. So we both had student loans coming out of college. And so I had around like $30,000 or so, and then my husband had around like $46,000. My loans then went in deferment. But for his, right, we were then like six months later began making those payments. And then we also in like the fall, so like fall of 2017, we then also financed a car. And with that again, I will say I’m more so kind led this as a spender, but again, something I would recommend not doing. I remember we both walked into the dealership and I like told the dealer who was there, like the salesman. I was like, “Hey, yeah. So, you know, we’re looking for a car, our budget is $15,000, but we can go up if needed.” So again, not the best, really just not the best lines to use there. So as I said, yeah, I was super yeah, not super intentional with money or anything, so yeah.

07:46 Emily: Okay. Let me know about your incomes as well at that point. So like, what was your stipend when you started grad school? And what was your husband earning?

07:53 Elise: Yes. Yes. So for me, it started out around like basically $26,000 a year, like $26,300. And usually, that would be split up into like $23,000 the full like semester, both semesters, and then $3000 during the summer. So, like $3,200 during the summer.

08:13 Emily: Interesting. So you would have to prepare a little, I mean, in theory, you could prepare a little bit through savings to supplement over the summer, but I’m not thinking that was something that you were trying to do at that point.

08:25 Elise: No, definitely not. Yes. I remember even when we saw this you know, you’re like talking with other grad students, you see the forms and stuff. And yeah, I remember where both of us, as I said, since we were kind of more like opposite-minded, there kind of started to be very much a “Man, something’s going to need to change. Otherwise, this is going to be kind of disastrous.” Right? And even, I know like one of the things that can be like one of the leading causes of divorce, right, is like financial issues. And we didn’t want to have that. So, yeah. Definitely again, that kind of was what even really started, I would say especially for both of us, a passion for finance was kind of realizing, “Man, we are going to, just like what you’re saying, we’re going to have to start planning.”

09:08 Elise: Because like my income’s a little bit irregular. And then as I said, at the time he was working at DICK’s and so that was I think that like first semester or whatnot, that summer again making like $15,000 or whatnot. Or like 12 to $15,000. And then again, that was kind of irregular because he was working at DICK’s part-time and then also had like an internship as well. So, it again was like part-time. So not, yeah, we weren’t bringing in a ton of money. I think those first six months’ gross was maybe like $25,000 or so. And again it was all irregular, always irregular paychecks.

Money Mindset and Strategies in Grad School

09:52 Emily: Yeah. So let’s kind of talk through, you know, we have a good picture of the start. So let’s talk through like how those next few years went, and what you were learning. And maybe what strategies or mindsets you started to use along the way. Because you know, we’ll get to what the current picture is, and it’s a lot rosier than, you know, what the start was. So like let’s talk about that evolution.

10:13 Elise: Yes. Yeah, absolutely. So, I would say the big thing for us was kind of a desire to make sure we were on the same page. Because I will say, when we did first get married, there weren’t I guess like a lot of like financial stressors per se, it was just, everything was very disorganized. But we weren’t having like I will say we were sort of blessed. We didn’t have like any huge thing that kind of like came up where it was like, oh no, it was just, it was like, man, we are, you know, we’re little just organized and stuff, but Hey, you know, it’s good, life’s good. Like you know, I’m doing school he’s working. And then again, I would say is more so because our paychecks were so irregular, it was kind of like a “Man, we’re going to need to be a little bit more intentional with this.”

11:00 Elise: And so that was when I started doing a little bit more research into just personal finances of like, “Hey, you know, how should we like set up a budget?” You know, what’s the best way to do that. And we ended up finding like a zero base budgeting type method. And so with doing that, it’s kind of where you’re like setting up, Hey, at the beginning of the month, this is how much we’re going to spend, which was really helpful for us, especially because of, again, that irregularity. We were then able to be like, okay, well this is for sure, you know, like our expenses. And then you know, even though the incomes are irregular, this is how we can use this excess. And then we also decided that it was like, “Hey, let’s also look to start having some financial goals together.”

11:48 Elise: I would say we both do love setting goals and achieving them together. So it was also a lot of fun kind of setting like one of them was, “Hey, let’s become debt-free.” So again, let’s be intentional with that zero-based budgeting of how can we pay off our debt? And then also like, you know, getting savings account set up, stuff like that. So I would say, but the big start with that shift was really kind of like those again, how irregular the incomes were and kind of almost seeing, “Man, if we’re not intentional about this, sure, it’s fine now. But like five years down the road, this would be just disastrous, right?” It would not, because again, if anything comes up, like it’s going to be really, really bad because we’re just not keeping track of everything thing well.

Debt Repayment Goal

12:34 Emily: I’d love to talk more about the debt repayment goal. And so, you mentioned that you both had student loans, but yours were in deferment. And you had the car loan. And so, did you use any particular like methodology? Or like how did you decide what to tackle first or how much to pay? How did all that work?

12:55 Elise: Yeah, so I will say one of the big things. So we really liked Ramsey Solutions. That was again, when I was doing like the basic Google search, right, for personal finance. I mean one of the top things that came out, and they talk about doing like the debt snowball method, paying off just smallest debt. And it was fun to feel like all of those wins with things. And then, this is interesting because like I would say at the same time as all this is happening, right? I’m also like progressing in my program as a grad student, and it was interesting, I guess kind of the similarities of, I really liked the focus that like they kind of talked about of like delaying gratification. And obviously, I mean that’s a hundred percent grad school, right?

13:40 Elise: You’re constantly delaying gratification. So, I guess as my brain was already being rewired to some degree of going from, I would say like my senior year where it’s just way more you know, kind of like, “Hey, whatever feels good right now. Like let’s just do it” to a “Man, okay. Let’s put you know, kind of submit to a process.” You know, get that like I’m delaying a pleasure, right? And then again, that intentionality. I would say that was kind of the big methodologies, but I’m not going to lie. I don’t actually know if I wasn’t in grad school, like at the same time as we were doing this, that might have been honestly a little bit, maybe too much of a rewiring all at once. But it was cool because you know, at the same time I’m running experiments and I’m learning, “Hey, this is what happens when this doesn’t work.”

14:25 Elise: Then I have to come back in, you know, or “Man, this is going to be like a five to six-year journey.” You know, like my brain’s already getting used to longer journeys than just, “Oh man, I can’t like pay off all the debt in like three months. So what’s the point, you know? So it’s just interesting all the similarities there that I would say really helped both of us, especially as we were going about achieving those goals. But the big one was yeah, just paying off smallest to largest and kind of, for us, it was realizing, “Hey, this is not going to be something that we finish in a year.” But again, it’s like grad school also, right? It isn’t something that you finish in a year. So, it was difficult, but at the same time, I don’t know, like obtaining a PhD is difficult. So I think it was nice to have like those similarities.

15:14 Emily: I love that you brought up this point because this is actually something that I bring up at the beginning of one of my seminars, which is The Graduate Student and Postdoc’s Guide to Personal Finance. And so, what I say because I know that people who attend these seminars are not necessarily, you know, like you are now like, are a super podcast listener would be like, oh, I’m super interested in personal finance. Like yeah, I’m going to really dive in. You know, they may just be like casually like, oh, I probably should learn something about money. So I’m going to show up at the seminar. So what I do to kind of like frame this is like say, you as a graduate student or postdoc, you have already made the decision to commit to this, you know, as you said, five-ish year, at least maybe 10 years, training period to set yourself up for this wonderful successful career at, you know, the start of that.

15:57 Emily: And you making the decision to do that gives you certain like personality, characteristics, like going through it, like you were saying like forward-thinking, planning ahead, committing to a process. And that, I say, if you take this sort of the personality you’re developing by being a graduate student, by being a postdoc and you translate it over to the financial side of your life, you are going to be successful. Because it does take long-term thinking. It does take delayed gratification. It does, you have to think about it as an investment in your future, whether it’s debt repayment, saving, investing, whatever it is, it’s all setting you up for an easier time in the future than you’re necessarily having right now. So, I really love that you, you know, clearly saw yourself going through this process as well. Brilliant.

Student Loans and Savings

16:39 Emily: Well, I want to ask though about, you know, regarding the debt snowball, which is a great method to use, how did you treat your student loans in there? Because they were in deferment. So, they’re a little bit different than the other types of debt.

16:49 Elise: Yes. A hundred percent. So I will say with that I should say, I guess maybe like a caveat should be, we use like a debt snowball hybrid <laugh> because yeah. So, because with the deferment, right? You did have the 0% interest and yeah, basically, the way we did it was, which, I mean, we just kind of thought of all of our debts as together, I will say. But I guess if you technically split them up, we paid off like my husband’s loans first that were broken off into the like, you know, $3000, $1000, $2,000 chunks. And then did the car, and then did like the student loans that I had. But technically the student loans that I had were higher than like our car.

17:35 Emily: So, sort of a combined avalanche snowball method. Because of the 0% due to the subsidy and deferment and so forth.

17:42 Elise: Mm-Hmm <affirmative> yes.

17:44 Emily: Gotcha. And you mentioned also earlier savings. So, how were you thinking about cash savings versus this big debt payoff goal? Like how much cash did you decide to keep on hand and for what purposes? How did you think through that?

17:57 Elise: Yes. So I will say we did use where for us, we kept it a thousand dollars. I will say though, also we did keep our expenses very, very low. And we were like pretty much every month, again, once we started being intentional and doing that zero-based budget, we had usually like $2000, $3000 a month or again, depending on the year. And as I said, our incomes were irregular. But yeah, we had the $2,000, $3,000 a month where like, if something did come up, we would just take like a pause on the debt payment. But we always had with like an emergency fund of, as I said, a thousand dollars. Again, just in case like because when we were looking at kind of like our lives, it was like, “Hey, you know, the like worst thing that could happen would not exceed really like a thousand dollars, honestly.”

18:53 Elise: Because the biggest thing for us would’ve just been the car repairs, and we actually only had, and still have, one car. So, it also kind of worked out that way. And yeah, most of our expenses I will say, and even now, are like under $2,000 a month. So it also makes it again a little bit easier to with that intentionality of okay, cool. Well, you know, I always have this amount of cash flow. And we did have later on like in our marriage, whatnot and in our journey where technically, I will say, which is bad on my part, like I have actually totaled like two cars. So, when that happened, like we did have to press pause on it and we then like saving up money. And so instead of it just going to the debt again, like $2000 or again, depending on how the income varied, it would go into savings or towards yeah getting a car.

19:51 Emily: I also skated through graduate school with a thousand dollars in a designated emergency fund savings account. Because I mean the way that you described it was also sort of similar for my husband, me, like we were renters, we only had one car, not a whole lot of financial responsibilities at that time of life. Now I did have other savings in other, like I’m really big into targeted savings accounts. I had other cash in other places that were like designated for car repairs or like other purposes. So, it wasn’t like that was our only cash on hand, but I like what you said, because you know, you had the thousand dollars in savings, but every month, if something came up, you had a thousand, $2,000, you could devote to that new thing that popped up because you were so, you were cash flowing so much debt, you know, above the minimum payments every single month. So I definitely, I don’t know how much I’d recommend it, but I definitely see how you could, you know, get by with that. Were there any other like strategies or mindsets or anything that you wanted to share from, you know, that time in graduate school?

Intentionality

20:49 Elise: Yeah. I think honestly the big thing is just kind of what we’ve been talking about. Just like the intentionality. Like, I don’t know, even, I feel like just kind of when you’re choosing a lifestyle. Again, that’s another thing that I think for us going straight from like college to grad school and everything we didn’t do a lot of like the lifestyle creep. And I will say a lot of that maybe I should probably should credit as well to like my husband, because as I said, he’s way more like frugal than I am, but it is really nice, I will say. And again, this is kind of similar thinking to like grad school, it’s like once you’re in a process, it kind of becomes the norm, you know, and you don’t even think about it. So even for both us, like when people are like, “Oh man, you guys don’t,” you know, there would be times where people would say like, “You don’t have two cars?” And it’s like, well, you know, yeah, we have one, but actually we’re like good <laugh>, you know, but it becomes the norm.

21:37 Elise: Or same with when I’m talking about like grad school to people, right? And you know, sometimes you get the whole like, “Wait, you mean you don’t just work like a nine to five in grad school?” And it’s like, no, no, but it’s like, that’s the norm for me. You know what I mean? So again, once you’re in these, I think it’s just the same with personal finance. Like you really do get to set and determine, to some degree, you know, “Hey, this is the lifestyle I’m going to have.” And, I would also say with that, it also becomes harder if you like set a norm that’s maybe a little bit higher that you can’t maintain. Because then you, again, you have to like almost rewire your brain, which is one of the huge benefits, again as I was saying, I think of like being in the PhD program and also the personal finance journey. Because there are just so many similarities that can really, really assist you.

22:24 Emily: I agree.

Commercial

22:27 Emily: Emily here for a brief interlude. If you are a fan of this podcast, I invite you to check out the Personal Finance for PhDs Community at PFforPhDs.community. The Community is for PhDs and people pursuing PhDs who want to take charge of their personal finances by opening and funding an IRA, starting to budget, aggressively paying off debt, financially navigating a life or career transition, maximizing the income from a side hustle, preparing an accurate tax return, and much more. Inside the community, you’ll have access to a library of financial education products, including my recent set of Wealthy PhD Workshops. There is also a discussion forum, monthly live calls with me, and progress journaling for financial goals. Basically, the community exists to help you reach your financial goals, whatever they are. Go to pfforphds.community to find out more. I can’t wait to help propel you to financial success! Now back to the interview.

Supplementing Your Stipend

23:33 Emily: You mentioned earlier that you were tutoring. Like what was your, how did you supplement your stipend? I guess I’ll put it that way, during grad school.

23:41 Elise: Yeah, no, that’s awesome. Yes. So I will say, yeah, so for us, again, as we were kind of on like our debt repayment journey. You know, there kind of starts as you’re like going, going, going, it’s like, “Man, like what, are there any other things I can do to like speed up the process?” Again, similar with like grad school, right? Sometimes you might have weeks where it’s like, “Man, I actually, yeah, I’m going to put in more time. Or okay, I’m going to not do this because I want to, you know, I’m so close. I just man, just got to push through.” And so that was kind of how that started. And then I was looking for different like side businesses or side hustles and things to do. And during the pandemic, actually we did a little bit of like DoorDash, you know, just because you’re like in your car and just dropping off.

24:22 Elise: I mean, it was great, you know. You just pick up the food, drop off the food, and then like wave to the person from your car or whatnot. So super safe and everything. And so doing that, it was kind of like, “Oh this is cool. Like we can supplement income, you know, doing this.” And then also, as I said, our incomes have always been very irregular. And my husband, after working in the retail then went into more of like sales, which was still making around like a 30, 35 or again, depending, because it’s very irregular. But even with that, I think that was helpful. Just even for both of us to see, “Man, like it is kind of cool how like, you know, you can increase income just by like approaching or working towards something from a different angle.”

25:06 Elise: And again, I think just like when you’re working on research projects, right? Sometimes you need like a different angle or a different thought process to kind of come in and be like, “Oh cool. Actually I could approach this problem, look to solve this problem from this angle instead of just this way.” And then with that, so then it was like, man, I’m doing all this stuff with organic chemistry. And so, what would be a good like side hustle I could do that’s more related to organic chemistry? Because obviously DoorDash is not really related to organic chemistry at all. And I had always tutored like a little bit, but it was more so like I would help out like you know, like tutor some like high schoolers at like church or whatnot. Or there’d be someone who would recommend like, “Hey, can you help this student?” I’d be like, “Yeah, sure.” But I use a platform called Wyzant.

Wyzant Tutoring Income

25:50 Elise: And so I started doing that last year actually. And it was awesome. It was I think really, really cool just because I loved it, because I loved being able to teach. I love being able to talk and like communicate with students and explain concepts. And it was great too, because it’s like an online platform, and I feel like you know, obviously everyone has different like opinions and stuff about online learning, but I think a lot of people have really gotten used to it as well. And so it’s also really cool. Because this platform’s just great. And the students like they’re great, you know, it’s just awesome. Being able to like teach and communicate again that one-on-one. Yeah, so it’s just been really, really awesome and it’s been great too. Because then I get to do like organic chemistry on the side, which is also what I’m doing in lab. So I think that’s been really awesome.

26:35 Emily: Another tie-in with what I teach in many different venues, which is if you can somehow employ the specialty that you’re developing in graduate school in some other arena, you’re probably going to get paid like at a better rate than, well, one staying inside academia, like, you know, maybe tutoring at your university, and also, or just trying something totally different that doesn’t use that skillset, like you were saying with DoorDash.

27:00 Elise: A hundred percent.

27:00 Emily: Can I ask what your like pay rate or how much you’re earning like monthly is from Wyzant?

27:05 Elise: Yes. Yes. So in general, which, I will say I started it last year in June, so it wasn’t actually a huge part honestly, even of like our like debt-free journey per se. But yeah, I make on average around like a thousand to 1200 a month from it. And then I charge with it like $50 an hour for the tutoring. And usually it’s like at the college level. And then there’s a couple of students in high school that I tutor as well. But yeah, it’s awesome because again and just like what you were saying, and even like some of like the articles and things that you have posted as well, right? It’s also nice because, to some degree, right? Especially like you’re becoming like an expert, you know, in a field.

27:53 Elise: And so, it’s very, very helpful for me honestly just continuing to man, make sure I’m really communicating well. And then also it is great when, you know, they can both kind of coincide. Because like I do, you know, organic chemistry at work and I can come home in the evenings, you know, for like a couple hours or so, or during the weekends for a couple hours. And yeah, it’s really, really nice. And then, I will say, it does slow down a little bit like in January and then December as well. Just because, you know, not as many students are taking classes and stuff during those times, but yeah. So far it’s been really, really great. And I’ve really been yeah, enjoying just the one-on-one tutoring and mentoring with students.

Current Financial Situation

28:35 Emily: Yeah. That’s a great pay rate. That’s a great addition to your budget. I mean, you know, you’re on the order of magnitude of like a grad student paycheck. I mean, you’re not quite there, but it’s the same, you know, you’re in the neighborhood. So, that’s awesome. Give us an update then on how, like what your finances are like right now. You know, we went over at the beginning of graduate school, you know, the various debts that you had. What do your finances look like now? We’re recording this in January, 2022.

29:00 Elise: Yes. Yes. So now yeah, we’re a hundred percent debt-free. So got rid of all of that, the $85,500. And as I said, that was a process, right? The 47 months paying that off. But again, like grad school’s a process too. So, you know, I think that’s one of the cool things about processes is like all the stuff you can learn about yourself in them. And then right now we’re working on increasing just like our emergency fund. So, as we were talking about like a thousand, you know, it’s fine for like, in my opinion, it’s fine for a starter emergency fund. Really, I would not recommend, you know, spending the rest of your life with a $1,000 emergency fund and especially you know, we have a baby coming, so that’s really, that of course changes things where it’s like, yeah, a thousand dollars isn’t, you know, we don’t want to have that for like 20 years.

29:47 Elise: But yeah, so we’re looking to increase that right now to, which more would be like four to six months for us, which is like $10,000, just to have that nice and set up. And that should be set up in like early March or whatnot is when we should have that. And then right now, after that, we’re also looking to, we’re going to start investing, so we’re going to max out two Roth IRAs. So just kind of again, which that’s a way longer process, you know, but just getting that money saved up for retirement. And I think for that, we’ll probably I’ll be using Fidelity and then my husband as well, who set his up either with Fidelity or maybe Vanguard, because he works for Geico now. And so with that, I think they have Vanguard.

30:39 Elise: So yeah, we’ll see with that. And then, I mean I suppose we’re not a hundred percent sure what like the next five years will look like for us. And so we’re also in the process of we’ll look to get something, once our daughter’s born, we’ll look to get something set up for her for college or just future educational goals. We’re thinking of it’ll probably just be we’ll just set up a 529. And New York has some nice like tax benefits when you set up a 529. And then yeah, and then it will be like saving up for a house. Right now, our goal is to buy a house in cash, because again, with the current lifestyle that we have, as I said, it’s less than $2,000, but we are very content with that. Obviously, when our daughter’s born, you know, that will increase. That will increase a little bit.

31:28 Elise: But yeah, we think we can probably cash flow, because again, my husband’s income continues to go up and my income, hopefully, you know, will also go up beyond the graduate stipend cash flow, hopefully around like 30,000 so a year and we’re hoping to then buy, I don’t know, maybe like a condo or townhouse or single family. Again, depending what, you know, where we go for like maybe $120,000 or something like that. So we’ll see. Yeah, but that right now is kind of the plan with everything. And right now the biggest focus is just yeah, getting that savings increase from a thousand to the, or like I think right now it’s like $1,800 to $10,000. And then yeah, getting those Roth IRAs maxed out.

32:13 Emily: I really like it actually when, this point that you’ve volunteered to do this interview, at this point of we just became debt-free, and now we are ready to start these next steps. I love it that we’re talking at this point. Because whenever you have someone like you, who’s gone through this very intense, very intentional debt repayment journey, you get all of your, you know, systems and processes and mindsets, everything’s set up. So your cash flowing above your, you know, your expenses a thousand, $2,000, $3,000 a month. And it’s all been going towards this debt. And now you get to the point where you get to switch it, and it’s like this massive, you know, amount of cash flow. Like I think of it as like a huge like fire hose like you now get to direct to other goals. And I love that you have this like order. Okay, first is the emergency fund, Roth IRAs, 529, you know, you have your priorities set out. So, absolutely love that. It’s very apparent, you know, these last years have been preparing you for this state. I also want to add that I went through, again, the exact same process when we were pregnant with our first child, that I was looking at that thousand dollars emergency fund going, “Not going to cut it anymore.”

Preparing for Baby’s Arrival

33:15 Emily: And I think our goal was also something like 10 or $15,000 as that next thing to do, like before the baby comes. Which turned out to be very useful. I actually wanted to talk a little bit more about that. Are there any other, you know, you just mentioned sort of long-term financial plans and of course getting the emergency fund together, but are there any other specific financial preparations that you’ve been making or thinking through for your baby’s arrival? Like, I don’t know, like health insurance or childcare like these other, maybe leave? What other sort of major financial things are you working through right now?

33:46 Elise: Yes, yes. No, that’s a great question. So, I will say in regards to like preparing for our daughter and everything, the big thing was I got to have a fun time. Well actually, yeah, both my husband Kyle and I, but kind of doing stuff where, yeah, like reading those actual like health insurance statements. Not going to lie, when I first got to UB, they gave me the handbook and I was like, “Okay, cool, thank you.” And then did not even glance at it. And so, but just, you know, making sure that we know like, Hey, this is like our deductible, this is the amount we will be expected to pay. And it’s actually kind of cool. I will say I have been very blessed, like the lab I’m in, there’s actually like three other students who have also had kids as well.

34:27 Elise: And so for them, it’s also nice because you know, we all technically have the same insurance, and so yeah. And UB I will say does have pretty good health insurance as well. So it’s nice. So we’re of course planning for that where it’s like, okay, cool. We should you know, that’ll cost us like $200 and then, you know, you have all the visits as well, which we again, since we do the zero-base budgeting, we just budget for like, okay, this month, you know, it’s going to be this much for these visits. And then everything else in regards to just like kind of preparing for like stuff and everything, that has more so come from just kind of like asking other people in our lives and also just like other grad students, “Hey, like how much, you know, do you find yourself like spending for diapers?”

35:13 Elise: And I will say also there is a lot of information that is online as well. So it’s kind of like using a mix of like the online plus, like what, you know, our friends are actually just telling us that, “Hey, this is how much I spend for this.” Which has also been super, super helpful. Or like, “Hey, you need this, you know, this is the cost of this.” And just like adding all of that up, like, you know, car seat yeah, cribs, stuff like that. So that’s good. I would say that’s been kind of how we’ve been primarily preparing financially for that. In regards to leave, I’ll have three months of maternity leave that I’ll be taking. And then I have, yeah, kind of like a fellowship that goes through that. And then, so that’s kind of something like, again, me and my boss talked about like maybe a month and a half ago or so, just about, “Hey, this is kind of like the expectations there.”

36:04 Emily: So that’s paid, just to be clear?

36:06 Elise: Oh yes, yes, yes, yes, yes.

36:08 Emily: Fantastic!

36:09 Elise: Yes. Yes. So I would say that is, that is a nice thing again about like you know, every state’s different, but like New York does have that paid family leave. And then my husband as well is going to be taking, because as I said, yeah, he’s working for Geico now. So they do paternity family leave or like paid family leave as well. For him, his is a month though, is what, yeah, right now we’re planning on for him. And then, yeah, so that’s kind of, I would say those are the big, like financial preparations we’re doing. But again it is something that, especially, I don’t know when we first like kind of found out, I just like Googled like how to prepare for a baby. And it’s amazing how like just many articles and all this stuff that comes up, and it’s all so different again, based on the insurances, which I’m sure even, you know, right? Like there’s, so there’s just so many different variables. So I think it’s very helpful, at least for us, it’s been very helpful, like talking with other people, talking with peers, talking people from church, talking with people from our places of employment. Yeah. And just like to get that information.

37:08 Emily: I agree. I think those, especially your labmates. Same insurance, same advisor.

37:12 Elise: Exactly. Yeah.

Childcare Decision-Making

37:13 Emily: Been through it recently. Like that’s going to be the absolute best resource. Yeah, definitely. And I asked about childcare earlier, so do you have a plan yet for after your leave ends what’s going to go on?

37:25 Elise: Yes. Okay. So I will say so for that plan, we will. Yeah. We’ll kind of see, because right now, again I don’t think, so we don’t have like anything against daycare or anything like that. Like I think, and UB’s daycare actually is supposed to be like fantastic again, like two of my coworkers use it and they’ve been very, very pleased. For us though right now, so since with every, and again, we don’t know everything will happen with the pandemic, but so my husband, technically he does work from home right now. And then for me, I’m man, I’m just not a hundred percent sure if I would just, you know, maybe just have a weird schedule as opposed to like putting our daughter in daycare because one of the things my boss, obviously he wants us to make sure like we’re getting our research and everything done, but with organic chemistry, there’s a lot of stuff where like you set up a reaction for like six hours or you set up a reaction for four hours, you know, and then you’re like doing some writing stuff and like research stuff.

38:22 Elise: And so for me, yeah, I’m not, I think right now the plan is kind of where it would just be I would just kind of have a schedule set up of like, I’m just going to be in lab at weird hours, like from eight to noon and then maybe come back from like eight to 10 or you know, just weird scattered hours. But we’ll see, that could also, you know, we could also start that and then a week in if I’m like, “This is terrible.” And it’s like, okay, well she’s going to go to daycare. So, it’ll kind of depend too, I think that’s another thing with even talking with people in regards to pregnancy, it affects every woman differently. And so yeah, as much as I love to be planner, sadly, I can’t plan out exactly, “This is how I’m going to feel a hundred percent.” So yeah. But right now the plan is just, I would just have kind of weird hours and just stagger things. And again with that, at least right now, it doesn’t sound all that bad because again, it’ll take a lot of intentionality, you know, I would have to like schedule things out, but yeah, I think it would be fine, but we’ll see. We will see what happens.

39:21 Emily: I will recommend for you in case you haven’t listened to it or any other interested listeners, the interview I did back in season one with Dr. Heather. Because she talked about when she had her first child at the end of graduate school, similar timing to you, how she and her husband set up a overlapping “we’re providing our own childcare” schedule. I think he was teaching actually, he had like a visiting professorship, something like that. So like you said, there was some work that could be done from home. There was some work that had to be in person for both of them, but they just kind of worked out the schedule so that.

39:51 Elise: I like that. Yeah.

39:52 Emily: You know, they could each be with their child. I will say that since then, I believe all their children are in all the daycare and all the preschool, like as much as possible after they got out of this grad student phase. But that’s what they did for kind of the finishing up of grad school, like period. Yeah, so that’s a really, really interesting interview if that’s kind of your like philosophy and the approach that you want to take. And it’s actually a little bit similar to what my husband and I wanted to do as well.

Best Financial Advice for Another Early-Career PhD

40:14 Emily: So, awesome! Well, Elise, this has been such a delight to chat with you. Congratulations on becoming debt-free! Congratulations on the pregnancy! I’m so excited to kind of see where, you know, where your new financial next phase of your journey takes you. Because like I said, you, you have all these goals and you’re really ready, right, to tackle them. So it’s awesome. I would like to ask you the question that I end all my interviews with, which is, what is your best financial advice for another early-career PhD? And that could be something that we’ve touched on during the interview or it can be something completely different.

40:45 Elise: Yes, yes. So I would say, yeah, the biggest one I always recommend is just to do a zero-based budget. Again, you can also budget, right, where you just kind of look at the end of the month. But I just think, especially even honestly more so when you’re working on like a stipend, just get into the habit. Because again, you’re already learning how to be intentional anyway. So just go ahead and get into the habit of with finances as well, “Hey, this is how much I’m going to spend” you know, in each of these categories. Or, you know, whatever stuff you have set up, or this is much I want to save. You know, in our case it was like paying off debt and then building up savings and investing stuff. But again, whatever your financial goals are like, it’s just so much, I feel like, yeah, just so much easier and so much more helpful when you just zero-base budget it. And it also just like again with grad school, as you like are disciplined and are intentional, your confidence grows, you know?

41:42 Elise: And so I think that’s another thing too, where it’s awesome to, you know, be confident as you’re like doing experiments and stuff, but also confident in the way you’re handling your money. And when you’re able to create a plan and then, you know, like it doesn’t have to be perfect, but then able to like achieve some of the things within that plan. It’s just awesome. Yeah. To then be able to grow that confidence. So for sure.

42:05 Emily: Great advice. Well, thank you so much, Elise, for joining me for this interview!

42:09 Elise: Yes. Thank you, Emily. Thank you so much for having me on.

Outtro

42:17 Emily: Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? I have collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. If you’ve been enjoying the podcast, here are 3 ways you can help it grow: 1. Subscribe to the podcast and rate and review it on Apple Podcasts, Stitcher, or whatever platform you use. 2. Share an episode you found particularly valuable on social media, with a email list-serv, or as a link from your website. 3. Recommend me as a speaker to your university or association. My seminars cover the personal finance topics PhDs are most interested in, like investing, debt repayment, and increasing cash flow. I also license pre-recorded workshops on taxes. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Lourdes Bobbio and show notes creation by Meryem Ok.

How to Advocate for Financial Policy Change on Your Campus

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In this episode, Emily interviews Dr. Tyler Hallmark, a recent PhD in Higher Education and Student Affairs and a low-income, first-generation college student. Emily and Tyler and discuss the why, what, and how of advocating for improving university policies that relate to finances and benefits. They cover the timing of fellowship disbursements and assistantship paychecks vs. fee due dates, emergency aid funds, reimbursements, prohibitions on outside work, and more. If you want to raise an issue that they skipped, please leave a comment in the show notes, email them, or start a conversation on social media.

Links Mentioned in this Episode

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Teaser

00:00 Tyler: You don’t have to wait for a union to form. You could be the one that is forming it. I did this often informally, you know, I never thought to call us a union, but I would just share my experiences vulnerably with my peers. And they would share theirs with me. And we would come together and we would go approach the chair of our department or, you know, someone that does have power in our school and say, Hey, we’re having this issue. There are multiple of us. Is there anything we could do?

Introduction

00:32 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 11, Episode 7, and today my guest is Dr. Tyler Hallmark, a recent PhD in Higher Education and Student Affairs and a low-income, first-generation college student. Tyler and I discuss the why, what, and how of advocating for improving university policies that relate to finances and benefits. We cover the timing of fellowship disbursements and assistantship paychecks vs. fee due dates, emergency aid funds, reimbursements, prohibitions on outside work, and more. Tyler is quite knowledgeable and experienced in advocacy and shares his story with us vulnerably. I’m confident that our discussion of policies and hearing about Tyler’s approach to advocacy at the end will help enhance your own advocacy efforts on your campus. If you want to raise an issue that we skipped, please leave a comment in the show notes, email us, or start a conversation on social media.

01:42 Emily: April 18th is fast approaching, so in case you haven’t started working on your tax return yet, I wanted to point you to my #1 most popular free downloadable. It’s my tax cheat sheet for graduate students who are U.S. citizens, permanent residents, and residents for tax purposes. You can find it at PFforPhDs.com/student-tax-sheet/. The cheat sheet briefly explains my framework for the categories of higher education income, the three higher education tax benefits that might be available to you, and why students who were age 23 or younger at the end of 2021 need to be extra cautious. Better yet, once you sign up for my mailing list to download the cheat sheet, you’ll receive a free email course explaining in-depth all these concepts and more. Again, you can download the cheat sheet from PFforPhDs.com/student-tax-sheet/. Please share that link with your peers as well! Without further ado, here’s my interview with Dr. Tyler Hallmark.

Will You Please Introduce Yourself Further?

02:59 Emily: I am delighted to have joining me on the podcast today, Dr. Tyler Hallmark. I first met Tyler actually on an episode of Dear Grad Student. We were both featured by Alana on episode 27. And we talked about kind of, you know, high-level issues related to being a graduate student, advocacy topics. And I just really enjoyed that conversation so much, I wanted to invite Tyler on this podcast to dive even more deeply into that topic. So, Tyler, it’s absolutely a delight to speak with you again. And would you please introduce yourself to the audience?

03:27 Tyler: Yeah, thanks for having me. My name is Tyler Hallmark and my pronouns are he/him. I am presently working as a program associate in the higher education program at the Alfred P. Sloan Foundation here in New York City. Before I came here, I was actually finishing my PhD at the Ohio State University in higher education and student affairs. And so, a lot of my background while I was there was focusing on low-income students, first-generation students, students of color, and their journey through higher education and how we can really make the systems more equitable and more supportive for students like myself that has gone through this as someone who is from a low-income household, who was the first in their family to go to college and who is also Cherokee. And so, you know, I’ve written a lot about my experiences. I’ve written for Diverse, I’ve written for the Chronicle of Higher Education, these different outlets, really, sharing some of the backgrounds, some the challenges I faced, and trying to really shift policy, shift practices, on our college campuses for students like myself.

The Importance of Advocacy in Higher Ed

04:36 Emily: Yeah. And we’re partially basing this interview off an article that Tyler sent me in advance, so we’ll link that from the show notes if you want to get even more of his perspective on these issues. So, you know, beyond just what you explained about your own background and about your work with first-gen and low-income students, students of color, and so forth. Are there any other reasons why you think it’s important to advocate for yourself or other graduate students in higher ed?

05:00 Tyler: Well, yeah, absolutely. I think it’s always important as I was going through, I think, you know, students from backgrounds like myself already have so many barriers to face going to college, having to, you know, learn the whole admissions process, having to learn how to, you know, really make it, how to learn study habits. I didn’t really know have good study habits until I just kind of, you know, picked them up as I was going through college. And so, you know, with all those barriers already in mind, there are so many barriers that are just unnecessary that we’re facing as we’re going through college and, you know, it’s really making a big impact on whether we even complete the degrees we set out to and reach the goals we have for ourselves. So, I always try to share my own experiences and be vulnerable with people, not only just to hopefully shift the policy or practice to make it easier on my college journey, but because I know there are so many students coming after me, and I know if I don’t speak up now, then no one’s going to speak up for me. So, that’s what ultimately got me into doing this kind of work.

06:00 Emily: And I think I’ll add to that as well, like of course it’s a necessary and beautiful goal to make higher education more accessible to more people. Everyone benefits from that. But I was also thinking about this idea of like, we do it this way because this is the way it’s always been done. Or like, I had this experience in my PhD program, so that means that you’re going to have to put up with this too, and how like damaging that is and how unnecessary it is. And so, you know, as we have gone through the, you know, decades of graduate students, like we’ve learned some things that maybe don’t need to be the way they are. And I think part of the purpose of me doing this episode is to try to, you know, with your perspective as well, share what policies maybe are being tried out at some places that could be tried at other places.

Earlier Distribution of Financial Aid

06:43 Emily: Like maybe there aren’t as many barriers to changing these policies, as you know, you might assume. So that’s kind of the impetus behind the conversation. So, let’s talk specifically about what are some of these policies that you think, that I think could be changed, should be changed, that we see kind of in many places across higher education. So, I have a list in front of me and we’re just going to bang, bang, bang, go through this list. Again, partially based on this article that you wrote. So, first of all, one of the things we talked about on the Dear Grad Student podcast was earlier distribution of financial aid. Can you tell me more about that issue and how it can change?

07:17 Tyler: Yeah, absolutely. So, as you’ll see in the article that you mentioned, I talk about my experience. As a grad student, I would go into the financial aid office, and one semester, I was going to miss my rent. I didn’t have any money, and they were not going to release the funds until two weeks after classes had started, well after my rent was due. And I went into a financial aid counselor and I was like, Hey, is there any way I can get my financial aid easier? My scholarship had already sent the money to my institution, but my institution just wasn’t releasing it to my bank account until after classes started. And the financial aid advisor basically just said, well, I don’t know why you don’t have money saved up. I don’t know why you are in this predicament. You should just learn to manage your money better.

08:03 Tyler: And I was really taken aback because I didn’t have any money to manage. So you’re just really expecting me to already have the savings account and all this kind of stuff. And I didn’t have any of that. And so, what I’ve been pushing for is for institutions to really release the financial aid before the semester starts. You know, I can’t afford to wait to move until, you know, after classes start. So, you know, federal guidelines say you can release it 10 to 14 days before classes start, even loans, federal loans and that kind of stuff. And so, I’m really pushing for an earlier financial aid distribution on that regard, or in the cases that institutions can’t move the whole distribution up, at least allowing students to take an advance on financial aid. And some institutions, like my first institution I attended, actually let me take out up to $1,500, which was enough to cover me for one month of rent. However, a later institution I attended would only let me have like a $400 advance, which wasn’t nearly enough to make my rent.

09:06 Emily: It’s a little bit rich, right? Coming from this financial aid officer, whoever you’re talking to to be like, “Um, yeah, we’re going to hold your money hostage for like an extra month here. But like it’s really on you. This is your problem.” As you said, the federal guidelines allow that earlier distribution. So like why wouldn’t the universities, as you said, at least release part of it? And specifically maybe for your situation or how this works in general, when you’re talking about financial aid, I think you’re speaking about a scholarship, right? So like awarded income that, you know, had been sent to the university for you, and it was just basically giving you access to that money earlier.

Detrimental Effects of Lack of Early Access to Your Own Funding

09:40 Tyler: And a lot of this falls back to also institutions doing enrollment checks. So, you know, it’s mandated that professors and faculty report attendance to their classes. And so the financial aid office will often wait until they get those attendance records before they let students have any money to make sure they’re showing up. But I think that’s a detriment because especially, I’m in grad school. I know I often showed up to class and I didn’t have my books on the first day of class. And I had a professor saying, you’re a PhD student. How do you not have your books already? You should have learned this, you know, years ago. And I’d say, well, I’m a PhD student, but I’m still poor. I still can’t afford, you know, to get my books before classes start, unless they give me my financial aid.

10:26 Emily: Yeah. I think this is so relatable to anybody who’s been through that transition to graduate school. I mean, at least they can imagine like the difficulties in that. Like, I think back to my own move to graduate school, and like, oh wow. Now I realize how fortunate that was. Because for example, I didn’t have to move very far. Like I didn’t have to buy a plane ticket. I already had a car. So like, it was just like, okay, I’m going to pack up my possessions and go. And actually the apartment that I got into did like a student, like thing where you didn’t have to put down a deposit. So it was like all kind of set up to be like, okay. And I did have little bit of savings from the previous job that I had. So it was like, looking back on that it’s like, it went okay for me, but I can so easily see how it could be really, really difficult if you don’t have some of the things that I just mentioned already in place or like more challenges there.

11:10 Emily: Another sort of way to get at this problem is for PhD programs, in particular, to provide something like an extra bit of money, a moving bonus, a top-up fellowship, something that is specifically sort of earmarked to help students move to that institution. Because as we know, probably most great majority of PhD students are moving some distance to get to their new programs. Now, I’ve seen, like I’ve had heard reports of people telling me that their offers included this kind of thing, $500, a thousand dollars. We talked about this, for example, in the episode with George Walters-Marrah, which I’ll link to in the show notes. It was a $500 moving bonus that helped him decide between his number one and number two choice of PhD programs. Like that was kind of the final clincher was getting that offer. But I understand that you have talked about this with many people before as well, and you’ve been hearing some different things.

12:02 Tyler: Yeah. So first off, I will say I’m a big advocate for applying moving bonuses for students, especially those grad students trying to move to college that often have to go across state lines to find a graduate program that matches their needs. They have to leave home. So, a big advocate for that. And I’ve been talking about that a lot, you know, you’ll see me post about it on Twitter and those kinds of things and my own experiences showing up to college and going $5,000 in debt because I had to move across the country. But then I also had a lot of responses from, you know, deans and administration that read my work and they’ll say, Hey, we looked into doing this moving bonus thing, but it’s just not feasible. Like it’s not possible for us, we’re facing different, you know, barriers to policy that just won’t let us distribute those kinds of bonuses to students. And so I’m not, you know, super familiar with what policies are in place and if those are federal or state or how that’s working there. But I do know some institutions run into trouble when they do try to look into that.

13:02 Emily: Yeah. So this is a little bit of an open question. And maybe it does vary by state. Maybe it varies, you know, public versus private institutions. But I am glad that people, at least administrators, are at least looking into it, at least making the effort. But in places where it is possible, it is a great, great, great, incentive to help with that, as we were just talking about, that early financial crunch that everyone’s going through just to get to school. So thanks for sharing that. I hope that they keep kind of chipping away at whatever these barriers are that they’re seeing.

Benefits of Pro-Rating

13:31 Emily: Okay, another issue that I’ve had people actually on the podcast mention to me before is about the student fees that often have to be paid like really soon before the start of the semester, that can happen, or very soon into the semester. And I know for me, for example, one of the fees that I paid, it wasn’t even necessarily a required one, but I mentioned I have a car, so I paid like a parking permit fee once per year. So I paid that, you know, in one lump sum, it actually changed like how I even budget to like, be able to handle that kind of once per year expense. But I heard from some other people at other institutions that their fees and things like parking permits were prorated like per paycheck. And I thought that was such a smart idea to like spread out that payment throughout the year. Is this an issue you’ve thought about all?

14:16 Tyler: You know, I really like the idea of pro-rating. I think you run into trouble with that when you look at scholarships because you have to pay in a lump sum then. You know, when I was on my PhD, I relied on scholarships and fellowships less so than an actual job and paycheck. So I didn’t face that directly. I will say some of the things I faced, and I would often ask for, and a lot of students don’t know to even go ask for this, was these places that often require fees upfront, you can often ask for them to push that fee back. So for instance, when I would enroll for my fall courses, they would say, well, a certain amount of fees are due in May before, you know, three months away. And I was able to always petition for that and they would say, okay, we can wait until your scholarship comes in in August or September and pay it then. And so just institutions could make that more clear that students can actually ask for that. And on the student side, you should just know that that’s often an option. I’ve done that at multiple institutions so far in that regard.

15:20 Emily: Yeah. I think the basic point here is just like, let’s time the payment of fees along with when the student actually has money to pay. So if it is a monthly or whatever, kind of paycheck, let’s pay the fees with every paycheck instead of, you know, upfront all at once. Or if you’re receiving these like larger scholarship or fellowship distributions, yeah, as you just said, like let’s coincide the date of the fee needing to be paid with that disbursement because that’s when the money is available. So logical. Love it. Thank you so much for, you know, pointing out that you’ve been successful in having that exception made for you.

Emergency Aid Funds

15:52 Emily: Let’s talk about emergency aid funds now, and I’ve actually heard this in two forms, both grants and loans. I don’t know which one you have been talking about the most. But there are sometimes emergency funds available to graduate students. So, can you tell me a little bit more about this issue?

16:08 Tyler: Yeah. So, we see a lot of this coming up, especially over the pandemic. I see a lot of federal funding that is going to institutions during this time. Institutions are then turning that into an emergency aid fund. Of course, I’ve seen a wide variety of funds. Like you mentioned, there’s a loan and the actual grant money that you can just keep and not have to pay back. But also there are some that require different amounts of paperwork in different red tape to even receive. So, you know, some will actually require, and they won’t process it for a week, whereas some will process it within two days in a senior student account and those kinds of things. So, the thing I mainly advocate for is to even have these funds set up, but also have them as easy as possible for students to access.

16:55 Tyler: And the final note I will say is that too often institutions gear these towards undergraduates only. And they don’t even write that. I had one institution where I was struggling and I was going to apply for this emergency grant funding. I actually had a financial aid counselor tell me to apply for it. And after I applied, they emailed me back and said, well, you’re a graduate student. This is for undergraduates only. And even the financial aid counselor wasn’t aware that it was for graduate students only. So, making that clear around those and really targeting it towards all students on your campus and not only certain populations.

17:28 Emily: Definitely. I attended a conference in 2019, the Higher Education Financial Wellness Association’s annual conference. And I remember these like emergency aid, you know, grant and loans programs being a big topic of conversation at that time. More and more universities were implementing them. And so I think, you know, the suggestion here is just yes, more please, and also to more populations of students, please. And Hey, also postdocs. Don’t want to leave out the postdocs here. They have financial stress as well.

17:54 Tyler: Totally. Especially when you think about that it’s often these graduate students and postdocs that are more likely to have families. So they’re more likely to run into these kinds of emergency situations in different regards.

Food Pantries and Subsidized Housing

18:06 Emily: Similarly, another topic of conversation that I heard at that conference was about food pantries and food banks being set up at universities and how they were implementing those programs. Can you tell me about your experience and advocacy around these?

18:19 Tyler: Yeah, certainly. Again, this goes back to having a wide variety of what these food banks look like. The one thing I really advocate for these is really having them in a place where students hang out. You know, when I was at the University of Pennsylvania, we actually had this great intercultural center where students would just come and study, hang out with their friends, have movie nights. And there was a food pantry that was just open. There wasn’t anyone that you had to sign in and get the food. You could just walk in and take the food as you needed it. And you know, a lot of students that are often facing this food insecurity, um, are often, you know, afraid of the shame that comes with it. Afraid of someone seeing that they need help. And so having these, just being open and easy to access for students, I think that’s the best way to really go about setting up a food pantry instead of hiding it, you know, in a basement on campus or somewhere that students don’t even know where to look.

19:09 Emily: Yeah. Or putting up any like red tape or anything like that. I mean, of course they want to know how much it’s being used. But you could just do an inventory to figure that out. Great, great. Another issue that I wanted to raise is something that I’ve talked about in many of my other podcast episodes, which is offering subsidized housing in high cost-of-living areas. This happens sometimes, although we’ve had sort of questions about it on the podcast, whether it’s all it’s cracked up to be. And I’ll link to some of those previous episodes in the show notes, but then also subsidized childcare. And this is something that’s come up in two of my episodes, specifically with grad student parents. Are there any comments that you’d like to make around these issues of being able to subsidize, you know, these big, big expenses for students who need it the most?

19:56 Tyler: Yeah. The one thing I’ll add here is just when we’re thinking about housing on campuses, I know one of my grad schools, the reason I even chose it was because they actually offered a form of graduate student living that was free. I mean, I had to work for the university in their housing department, but they offered me housing. And that just made it all the more possible for me to live it in an expensive city. And so, I think even thinking about jobs and where we could provide, you know, if students do want to take on that extra job, mine was like a 15 to 20-hour job a week and I was able to get free housing for it. So it paid off for me. And that really helped me afford my master’s degree.

20:36 Emily: Absolutely. That’s something that we’ve talked about, really featured, that kind of strategy of serving as a resident advisor in two previous episodes, one with Adrian Gallo and one with Dr. Erika Moore Taylor. So check out those episodes in the show notes if you want to learn more about that. And it is a job, I know, you know because you did it, but it’s absolutely a job. It’s absolutely a part-time job. So we can’t trivialize that, but it can be very, very valuable, you know, to your bottom line, as a graduate student. I guess the other point that I want to make about these, you know, subsidized, um, resources is that they’re always too scarce. And so I think when you’re making a decision about where to attend graduate school and having, you know, the possibility of being in subsidized housing or the possibility of obtaining subsidized childcare is something that you need to have to make the finances work in that particular place.

21:21 Emily: You, you have to be so in-depth about what is the process of getting into this? How long can I have access to it for? So, for example, just recently, it was season 11 episode one, published an interview with Maya Gosztyla who was living in subsidized graduate housing at UCSD. And because she had started it, I think a couple of years ago, she had this like locked-in rent, but rent was being increased for like new people coming onto leases massively. It was like a, I don’t know, a 60% increase or something huge like that. And so, you know, these things can happen. So like you just have to really kind of understand the way the winds are blowing on campuses in terms of how much is being put behind these resources. And if you need it, you need to make sure you’re going to have access to it.

22:07 Emily: I know that childcare is always, always too scarce. I do recommend the episode I did with Lauri Lutes, if you already have a child or are planning on having a child going into graduate school. She was very intentional about choosing which graduate program would be the most supportive to her in her childcare needs and ended up at Oregon State University in terms of what she had to choose among. And they did things like for example, have free childcare, like sort of like afterschool care on campus, up to like four hours a day, completely free for students. So having it on campus and having it as like that part-time flexible option in addition to full-time, you know, daycare or something, that was vital for her, like making her finances in graduate school work.

Commercial

22:53 Emily: Emily here for a brief interlude! Taxes are weirdly, unexpectedly difficult for funded grad students and fellowship recipients at any level of PhD training. Your university might send you strange tax forms or no tax forms at all. They might not withhold income tax from your paychecks, even though you owe it. It’s a mess. I’ve created a ton of free resources to assist you with understanding and preparing your 2021 tax return, which are available at PFforPhDs.com/tax/. I hope you will check them out to ease much of the stress of tax season. If you want to go deeper with the material or have a question for me, please join one of my tax workshops, which are linked from PFforPhDs.com/tax/. I offer one workshop on preparing your annual tax return for graduate students and one workshop on calculating your quarterly estimated tax for fellowship and training grant recipients.

23:57 Emily: There are two remaining live Q&A calls for the annual tax return workshop, How to Complete Your Grad Student Tax Return (and Understand It, Too!), which are scheduled for Monday, April 4th and Sunday, April 10th. For fellowship and training grant recipients, please be aware that the deadline to make your quarter 1 2022 payment, if applicable, is April 18th, the same day as your 2021 tax return is due. The 2022 quarter one live Q&A call for my estimated tax workshop, Quarterly Estimated Tax for Fellowship Recipients, is scheduled for Thursday, April 14th. It would be my pleasure to help you save time and potentially money this tax season. So don’t hesitate to reach out. Now back to our interview.

Reimbursement Timelines

24:47 Emily: Another issue you brought up in your article was something that every grad student complains about, which is reimbursements after you, you know, outlay funds for conferences or for equipment or travel or other things. Talk to me about that reimbursement timeline issue.

25:02 Tyler: Yeah, definitely. So I think, you know, there’s this dangerous assumption we have probably in society broadly, but especially I’ve seen it in higher education is that students have the money to pay for things up front and rely on a reimbursement that can come sometimes months later, months down the line. And I think that’s really particularly concerning when we think about this professional development and how important professional development is. And even though we’re setting aside funds for students, we often expect them to pay for the conference, the hotel, the travel, everything up front, and then rely on this reimbursement that can often have a lot of red tape that, you know, students can often not be sure if they’re even going to get it back. Or even when they apply for reimbursement funds, they might not hear back until a week before the conference when flights and hotels are already super expensive. So having reimbursement not only, perhaps think about giving that money upfront, having to pay an advanced setup, but also thinking about when we approve students for it and how fast we can approve for that, that they’re going to certainly get these kinds of funds going forward. I think those are some things to really think about here.

26:14 Emily: Yeah. Pay in advance would be ideal. And if not, get that reimbursement back to them as quickly as possible. Even before the event occurs, like you said, the timing of buying flights and so forth, like you can buy these things months in advance. The conference registration fees also can be really high paid months in advance. So like, can we just reimburse them right when they have the expense, you know, one, two weeks later or do we actually really have to wait until after the event occurs? Hopefully not. And like you said, you know, there is the assumption in these systems that students have access to cash, which as we know is usually not the case. And most graduate students, I would say, put these kinds of expenses on credit cards. And then even if the reimbursement does come through, we all hope it does, then they have those months of interest that they’ve paid on, you know, hundreds over a thousand dollars worth of these kinds of expenses. And so that’s like a lot of financial damage that happens in response to this, you know, kind of system. So totally agree with you. I know everyone’s on board with that topic, right? How do we improve this reimbursement system or eliminate it?

27:13 Tyler: Absolutely. One thing I’ll also add there is, we’re assuming all students have access to credit, but I’ve actually had many students, you know, going through my career that were perhaps international students that had just gotten over here and they didn’t have an American credit line, you know, and that kind of access. So they didn’t even have a credit card to put this money on. They really had to dig into their bank account if they ever wanted to participate in these kinds of things.

Prohibitions on Outside Work as a Grad Student

27:37 Emily: Such a good point. Also my assumption. Access to cash, also assuming access to credit. Great, great point. Thank you. Another issue that I wanted to throw in here is about prohibitions against outside work as a graduate student. And tell me about your experience. I think you at least went to a couple different institutions for graduate school. Did they have any explicit prohibitions against outside work?

27:58 Tyler: Yeah, absolutely. It was actually my first year in my PhD. I received a fellowship, and in that fellowship contract, they explicitly stated that I couldn’t take any jobs. That the whole purpose of the fellowship was to fund me so that I, you know, could focus on my studies. And while I understood that it was well-intentioned, still, I had a lot of time. First year was actually the least busy year of my PhD. So that was the one year I did want to have an extra job and try to pay off some of the debt I had, pay off those moving expenses that we mentioned, and really set myself up so I could focus more on my studies in my second, third, etc. years down the road. But that first year, because I had a fellowship, they actually made me sign a contract that I wouldn’t take any other job, whether that was with the institution or outside of it.

28:47 Emily: And I totally understand your impetus for like wanting to clear up, you know, past debts. And as you said, set yourself up for having a good, you know, subsequent second, third, and fourth years. Did you feel like that fellowship was sufficient had you not had those goals? Like if it were just paying for living expenses? Or was it like already outrageous that they were thinking that was enough?

29:08 Tyler: Actually, the fellowship is like the, at that institution, is like the one thing that pays well. So, it was actually enough for me to live on. It was fine there. But to set myself up to pay these rents before, you know, the semester begins and set myself up for those kinds of money management they expect from me and the financial aid office, it wasn’t enough for that. It was just enough to cover me on a monthly basis.

29:33 Emily: It is, I think at a minimum, a great idea for a fellowship to sufficiently support a graduate student. But as we were just talking about assumptions, the assumption there is that every graduate student has the same financial needs and the same financial responsibilities. You had a different situation maybe than one of your peers and you wanted to have that outside income. My kind of stance on this is, the university should stay out of your time, the business of your time, aside from, you know, what you are devoting to your studies. So if that’s going to be whatever you decide it is, but as long as the student is making sufficient progress towards the degree, I don’t think that university, whatever, anyone in your department, your advisor should have any restrictions on what you do with the rest of your time. After all, we were just talking about people at different life situations, for example, you know, people can be parents or caregivers for other, you know, people. Maybe you have a really time-consuming hobby that you engage with.

30:27 Emily: All of that is fine. Why would someone else not be able to work during their free time as you were just talking about that wasn’t taken up with progressing towards their degree? Let students manage their own time, and if it includes making money, that’s okay. As long as they’re doing what they need to do, you know, for the PhD, kind of my opinion on that. I’m not a fan of these outside work prohibitions, especially when they’re really, really broad, like saying you can’t have any outside source of work or income versus saying something like you can’t have a job where it interferes with the hours you’re expected to be in lab. That kind of thing makes sense. Like they don’t want you being pulled away from your primary responsibilities to head to your W2 job somewhere else. But to say that you can’t have like a freelance, you know, thing on the side, that’s totally up to your own time and discretion. It just does not make logical sense to me.

31:16 Tyler: Absolutely. One thing I’ll add here also is thinking about that just because you’re telling students they can’t get jobs and be compensated for their time, that often can lead to detrimental effects in the way that a faculty member might say, oh, Hey, you have this fellowship, and it won’t let you have any other jobs. So you can do this research for me on the side, right? And it puts these weird power dynamics in place that faculty can take advantage of you. I never had that, but I will say I have seen peers struggle with that, that they’re on this fellowship year until faculty see them as someone they can add to their research team because they have extra hours now, and now they’re not being compensated for that research, but they’re still being expected to put work in. And so, those are some things we should really think about in these prohibitions.

Time to Pay Higher Stipends?

32:05 Emily: Yeah. The general problem of unpaid labor in academia coming down to a fellowship recipient. Absolutely. And the final kind of point that I wanted to bring up is just the very, very simple financial solution of pay higher stipends pay, bigger fellowships, just pay people more. Would you like to add anything on this issue as a general solution? Just give a higher stipend.

32:32 Tyler: Yeah, no, I completely agree with it. I think it’s wild that we have, you know, careers in the real world that will raise your salary annually, or supposedly, to keep up with living wages, but grad students are still getting the same stipend they did 10 years ago. And so, I absolutely agree with increasing it appropriately and really taking those things into account.

32:59 Emily: Yeah, I’m especially thinking about this issue right now in a time of, you know, high inflation and wondering, now we’ve experienced rather low inflation for the last, you know, more than 10 years now. And so having no increase in stipend or a small increase in stipend that may have been manageable. But now programs really need to be proactive about responding to these increases in inflation by offering larger annual cost of living adjustments and increases. And I’m just afraid that it’s going to take some of them like three years of studying the issue before they finally like raise the stipend for goodness sakes. And similarly, I’ve seen this issue too with fees increasing. So like sometimes state universities, they can’t increase their tuition. You know, there are certain caps on how fast they can increase it, but there are much fewer restrictions on how fast they can increase fees.

33:47 Emily: And so, fees on graduate students can increase rapidly without there being increases in the stipend to actually pay for those fees. And so that’s something I want, and obviously program administrators to keep that in mind, just like, what are you even charging your students that’s going to come out of their own pocket? And can you then add to what’s going into their pocket to make up for that because if you have this static stipend for five years and the fees increase every single year, you may not know going into graduate school that that could be a possibility, but it has happened.

34:14 Tyler: Absolutely. That’s a great point. One more thing I would like to add is, thinking about how we structure financial aid advisors and having those cater to students. You know, we mentioned the point earlier about really understanding that students have different financial needs and we should be catering these setups towards them. And one of the ways we could do that is really assigning one financial aid advisor to a student. So that one financial aid advisor gets to know you over four years, gets to know your needs. And they’re able to really cater these kinds of policies and adjustments as necessary. I have had that at some institutions. You know, my first institution, I had a really great relationship with my first financial aid advisor. You know, they knew me on a first-name basis. However, later on, I went to an institution that treated me more like a customer. That I would just come in and whoever was at the desk would serve me that day. And they often didn’t have any clue about my needs. They didn’t know how my scholarship worked and how it was, you know, structured, et cetera. And it always led to confusion and made life a lot more difficult for me. And so, that’s one solution I often put out there is for institutions to really think of students as students, as human beings, and not just customers that they can just, you know, serve with a one-stop-shop.

How Do We Advocate?

35:33 Emily: I love that point. Thank you so much for adding that. It makes total sense because once you get to know the students more intimately, and you’re not having those, like I’m meeting you for the first time conversations over and over and over again. As you said, they can better understand your needs, and then they can better advocate for you when they’re talking about policy changes within their own like offices or whatever. And speaking of advocacy, we talked at the beginning of the episode about, you know, why it’s important to advocate on these, you know, financial and benefits-related matters. We talked about what you, you know, the listener could advocate for at their own institutions. By the way, if the listener, if you listeners have other issues you want to raise, please tag us on Twitter or add a comment to the show notes for the episode, anything like that, email us, that would be great. But to conclude this, how do we actually go about advocating? What are the actions that someone could take to, you know, try to enact change on one of these issues?

36:27 Tyler: Yeah, absolutely. So, I think there are a lot of ways to go about this, and you’ve got to really find what fits you. One thing that I often do is I write, I write about my issues. I tell my story, and every story I tell, I try to end it with, you know, asking myself the question, what would make this experience better? You know, you can read the story to the article that we linked earlier. I really just wrote writing to get my frustration out about this financial aid advisor, and then telling me to manage my money better. I started writing about that frustration, and then I turned the question on myself and I said, what would’ve made that situation better so I can really think of recommendations for other people? And publishing them in these kinds of outlets that higher education practitioners read, that’s one way to do it.

37:09 Tyler: Another way would just be going through your own institutional systems, setting up meetings, you know, when you really run into something, meet with your department chair on the reimbursements. Meet with the head of your financial aid department and say, Hey, why is the system set up like this? It’s really causing a barrier for me. Having those kinds of conversations with people on your campus, I think, you know, and maybe it’s a big assumption, but I like to assume that people always have your best intention in mind. And I like to assume that people who are working on these college campuses are trying to help students and trying to listen to you. Just sometimes they might not be aware of that. And so, bringing those issues up to people that are in a position to make change is one way to go about that.

37:52 Emily: And I think, you know, back when we had that conversation on Dear Grad Student, I was listening to you, you know, share this approach of sharing your own story, vulnerably, like opening up to an administrator and saying, okay, this is the policy that’s in place, and this is the effect that it’s having on me personally. And is there something we can do to alleviate this situation? I thought that was a wonderful way to go about it. And it’s actually a theme I’ve heard over and over again as I’ve talked with graduate students about negotiation, for example, there’s, you know, an early point in this, which is like negotiating your offer letter before you even become a student at that institution. That’s a great time for negotiation. But the way that I heard that students were going about this was by sharing vulnerably how they anticipated the stipend and benefits offered by an institution, how they anticipated that would affect their personal finances and their lives and their stress level and their ability to devote, you know, time to their studies and all that kind of thing.

38:45 Emily: And it just is like, it’s not like a hard nose like you have to give me more, you have to fix this. It’s like, Hey, I’m having an issue here. Like what can be done? Like what creatives solutions can we come to that are going to help with this? And as you said, you know, that can happen not just at that early point before you become a student, but over time you can develop relationships and go back to these people over and over again. And they can really learn again how these policies are affecting you. So, I love that suggestion and your approach to it.

Unionization Movements and Collective Bargaining

39:11 Emily: One other topic I wanted to bring up was about unions and unionization movements, or not even like, necessarily like official unions, but just I’ll call it collective bargaining. So like getting together with other people, let’s say in your department, even if you’re not represented by a union and saying to the administrators, Hey, 50% of us are having a problem with this policy. Like what can we do about it? Same kind of conversation, but coming from a group rather from an individual. Do you have any thoughts on these, you know, unionization movements or how this can be a part of advocacy?

39:42 Tyler: Yeah, absolutely. I think the big thing to say here is like, you don’t have to wait for a union to form. You could be the one that is forming it. I did this often informally, you know, I never thought to call us the union, but I would just share my experiences vulnerably with my peers and they would share theirs with me. And we’d have these conversations back and forth in private until we finally, you know, just, oh, you know what, I’m having the same issue. And we’d come together and we would go approach the chair of our department or, you know, someone that does have power in our school and say, Hey, we’re having this issue. There’s multiple of us. Is there anything we could do? And that’s how I often would position any kind of argument or, you know, any kind of advocacy that I would take to someone else. I would say other students are having it, too. This is a problem that we should really, that warrants addressing. So, yes.

40:35 Emily: That’s a perfect example. I’m so glad that, I mean, just as you said, like if a union is in place, go through that channel. If a unionization movement is in place, you know, join up with that and make your issues like heard to that larger group as well. Even if not, as you said, you don’t have to wait for it, you can go as a group and express your, you know, desire for something to change. So, love that so much.

Best Financial Advice for Another Early-Career PhD

40:55 Emily: Tyler, it’s been great speaking with you again. Wonderful to have you on the podcast and have all of your insights here. I’m really glad you agreed to do this episode, and I want to ask you the standard question that I ask of all of my guests, which is what is your best financial advice for another early-career PhD? And that could be something that we’ve touched on in the course of this interview, or it could be something completely new.

41:15 Tyler: Yeah. Well, the big advice I’ve been telling people, even people starting at my current position at my, you know, Foundation has been asking for, you know, some moving expenses and a signing bonus. You know, for instance, not all jobs will let you negotiate the salary. You know, my position wouldn’t actually let me negotiate the salary. But my way of negotiating was saying, Hey, I’m a low-income student coming out of a PhD program. I could really use a moving stipend and, you know, it was, again, going back to this whole being vulnerable. I could do that in my career as well. And, you know, they really wanted me, they understood my situation and all these things I’d advocated and wrote on. They knew my experiences. And they were able to provide me a moving expense. So that was one thing. The second thing I will say is, just making sure you really understand and read deeply on your benefits when you do sign, you know, what’s it mean to start a retirement fund? Those are things important to think about when you’re starting a new job and to pay in as much as you can, when you’re still young. As much as you can afford, you know, as someone who might have loans or whatever it might be to pay off.

42:20 Emily: Love that advice. I love being able to speak with people who are already past the grad school experience and can give us a view from the other side in the world of proper full-time employee stuff. So, that’s great.

42:32 Tyler: The grass is greener over here. I promise that.

42:35 Emily: Yeah. Good to hear. Good to hear. Thank you so much for coming on. It’s been great to talk with you again!

42:40 Tyler: Yeah. It’s been great talking with you. Thank you for having me!

Outtro

42:48 Emily: Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? I have collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. If you’ve been enjoying the podcast, here are 3 ways you can help it grow: 1. Subscribe to the podcast and rate and review it on Apple Podcasts, Stitcher, or whatever platform you use. 2. Share an episode you found particularly valuable on social media, with an email list-serv, or as a link from your website. 3. Recommend me as a speaker to your university or association. My seminars cover the personal finance topics PhDs are most interested in, like investing, debt repayment, and increasing cash flow. I also license pre-recorded workshops on taxes. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC.

This Veteran Receives External Funding for Her PhD Program

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In this episode, Emily interviews Emily Knitter, a PhD student in counseling psychology at the University at Buffalo and US Army veteran. After being medically discharged from the military, Emily funded her undergraduate degree with the GI Bill and subsequently received five years of PhD funding through the Vocational Rehabilitation program. This external source of funding has given her a greater degree of autonomy in her research and enables her to serve as a spokesperson for advocacy efforts in her department. Emily also gives her insights into the mental load of home ownership and being a landlord based on her experience of owning two homes.

Links Mentioned in this Episode

This Veteran Receives External Funding for Her PhD Program

Teaser

00:00 Emily K: It’s five years. Like it’s such a long piece of our lives, that the thought of kind of putting everything else that you want to accomplish in life, in addition to this degree, on hold, just that feels like an opportunity cost to me.

Introduction

00:22 Emily R: Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. I’m your host, Dr. Emily Roberts. This is Season 11, Episode 6, and today my guest is Emily Knitter, a PhD student in counseling psychology at the University at Buffalo and U.S. Army veteran. After being medically discharged from the military, Emily funded her undergraduate degree with the GI Bill and subsequently received five years of PhD funding through the Vocational Rehabilitation program. This external source of funding has given her a greater degree of autonomy in her research and enables her to serve as a spokesperson for advocacy efforts in her department. Emily also gives her insights into the mental load of home ownership and being a landlord based on her experience of owning two homes. If I may say so myself, this would be a great time to join the Personal Finance for PhDs Community at PFforPhDs.community for a monthly price of $29.

01:25 Emily R: With Tax Day coming up on April 18th, several of the included resources are quite timely, such as: 1. How to Complete Your Grad Student Tax Return (and Understand It, Too!) and/or How to Complete Your Postdoc Tax Return (and Understand It, Too!), which help PhD trainees prepare their 2021 tax returns with respect to their higher education income and expenses. 2. Quarterly Estimated Tax for Fellowship Recipients, which helps people who aren’t having income tax withheld from their paychecks figure out their estimated tax payments. 3. Open Your First IRA, which walks you through the seven boxes you have to check to confidently open, fund, and invest your first retirement account and provides in-depth resources to support you. The deadline to open and fund a 2021 IRA is Tax Day, but you won’t want to wait quite that long.

02:19 Emily R: You’ll have access to numerous evergreen resources, such as my Wealthy PhD webinars on financial goals, investing, debt repayment, and cash flow. Your membership also includes invitations to monthly live calls with me and other Community members; you’re welcome to bring your own questions and topics of interest to these calls for discussion. Our next live call is on Wednesday, March 16, 2022. You can learn more about and join the Personal Finance for PhDs Community at PFforPhDs.community. Without further ado, here’s my interview with Emily Knitter.

Would You Please Introduce Yourself Further?

03:04 Emily R: I have joining me on the podcast today Emily Knitter. She is a third-year PhD student in counseling psychology at the University at Buffalo, and she is a veteran. And so her path to the PhD program that she’s in is a little bit different from most of the people that I interview and her funding course has been different. So I’m really excited to talk to her about that. So Emily, welcome to the program. And will you please tell the listeners a little bit more about yourself?

03:27 Emily K: Thank you. Very honored to be here. Especially since we both have great names. So yeah, like you mentioned, I was in the Army. I served as a journalist for five years. I joined straight out of high school. I was medically retired and thought I was going to go kind of down that same path, but I knew that journalism didn’t pay really well in the real world, quote unquote. So I decided to go to school for marketing. So I rolled out of school. I did one year in a marketing program down in Georgia, despised it, dropped out. And then I ended up getting a job opportunity and I moved to New York. And so I worked for a year at a YMCA doing membership management, insurance billing, a lot of office work and also despised every single minute of that. But, you know, learning kind of what pieces I liked, what pieces I didn’t.

04:21 Emily K: And at the same time I started going to therapy myself. And so, because I was in the military, I had access to therapy through the VA at no cost, which was huge at the time. And that was life-changing for me personally and professionally. It really kind of helped me start solidifying who I wanted to be and who I thought I was, which was something that I had lost when I left the military. I really didn’t feel like I identified as being a soldier with every fiber of my being while I was in, you know, I just kind of thought I was Emily who happened to wear a uniform. But then once I lost that uniform, it was like I was completely lost. And working with her, she really helped me kind of start to understand myself better, understand maybe where I would want to go with my life and the influence that she had on me combined with kind of really realizing that I liked helping solve problems at the Y and I liked helping people with that.

05:32 Emily K: You know, I started thinking maybe I should go back. I didn’t have an undergrad at all, besides my one year in marketing at the time, that maybe psychology would be a cool path to go down. And, you know, I figured if I could make a third of the difference in somebody else’s life the way that she helped me, that that would be a worthwhile way to kind of invest my life and my time. And so with not a broken heart at all, I put in my notice at the Y, and I went back. I did my undergraduate at St. Bonaventure University, which is down in Olean, New York. A really, really cool private university down there. And so I spent three years, graduated there, and then I rolled right into the PhD program that I’m in now. So that’s kind of my brief background there.

Funding Undergrad: GI Bill

06:23 Emily R: And can you tell us how you funded the undergraduate degree? Because I understand your status as a veteran played into that.

06:30 Emily K: Yes, absolutely. So I used the GI Bill, which is a program that anyone who served at least 90 days of active duty in the military qualifies for. There are a couple exceptions to beyond that, but that’s kind of the standard is basically anyone who served, made it through basic training, qualifies for this. And so it gives you 36 months of benefits where it pays all your tuition, it pays all of your fees, you get a living stipend, and you also get money for books and supplies. So it’s really an incredible program. And so I used the year of it in the marketing program. And then, so that one, I was in state in Georgia, so I didn’t have any problems there. And when I moved to New York, I had residency because I’d been there for a year. So I applied, but St. Bonaventure is private.

07:26 Emily K: And so, there was an additional program for there because the GI Bill only covers public in-state tuition and fees. And so anything above and beyond that, in theory, you would have to take on. But St. Bonaventure there’s a program that schools can buy into called the yellow ribbon program, which they end up splitting the difference with the VA of whatever is above and beyond their cap for the state. So because they were yellow ribbon program, I was able to attend this program completely at no cost to me, with the living stipend, which, you know, really was quite a luxury. Because it’s not a school I would’ve gone to if I was accruing debt at all, but it was a really, really great experience for me. And the class sizes, I mean we were usually like one to eight, one to 12 for the ratio.

08:18 Emily K: So it was just a really, really great experience. But a big thing that I’ve noticed in my experience is like how much the culture of the school really makes a difference. You know, because that was a big reason why I stopped in my marketing program is because they didn’t have any veteran support and I didn’t really feel like they cared whether I was there or not. And so like when I left, I don’t think they noticed, whereas at this school they were very responsive and it made a big difference in my experience of the program and also kind of set the bar for what I looked for when I was looking for my PhD programs.

Transition to Grad School

09:04 Emily R: So let’s talk about your transition to graduate school. We’ve already heard the motivation from your work with a counselor previously, and we’ve also heard that, you know, you’re a bit selective about the institutions that you want to apply to you because you want to be supported. How did you end up in the particular program that you did? And then we’ll talk about how you’re funding it.

09:22 Emily K: Sure. Yeah, absolutely. So the big thing actually while I was in undergrad is I met my now ex-husband at the time, but he had roots in this area. And so one of the big things that I was looking for on top of making sure it was going to be a right culture fit, because I had experienced what that doesn’t feel like in the past, was I was relatively landlocked. And so, I was entertaining the possibility of doing both master’s degrees and PhD programs. I’m kind of a like shoot for the stars and see where it lands type of person. And so this particular program that I’m in now, the counseling psychology track, was the one that stood out above and beyond everything else as what I was looking for. They seemed receptive. I was able to set up some informational interviews with some of the faculty, even before applying.

10:18 Emily K: They were getting back with me, they seemed interested. For all those reasons, this was actually the only PhD program I applied to. Like I put all my eggs in this basket and I was like, if I don’t get accepted here, the deadlines for the master’s programs were later on. So I knew I could kind of fall back and apply somewhere with that. But the big thing that I wanted to do is I wanted to make sure that I had the capability to do therapy, that I was going to be able to work with veterans afterwards on a one-to-one level, as well as doing research. So, my program is actually in the department of education, it’s not in the department of psychology, but because at the University of Buffalo, the psychology department is exclusively research focused. So if you’re getting the clinical psychology degree, you’re not doing direct intervention work.

Vocational Rehabilitation

11:13 Emily K: And so that was really important to me. And also, just the personality of the professors that I’d met and kind of the vibe I’d gotten from the program really felt like it was going to be a better fit for me. So that’s why I chose them. And then as you mentioned, so my funding, while I was an undergrad, I got really involved with the SVA, which is the Student Veterans of America club on campus. And so I’m talking to other veterans and I’m kind of, you know, getting to know like what they’re doing. And one of them who was also medically retired asked me if I had heard of this Voc Rehab program, which is the Vocational Rehabilitation and Education I think is the full title for it. And I thought that you could only use one or the other with the Voc Rehab or the GI Bill.

12:07 Emily K: And so I said, no, like I’m using the GI Bill. You know, I don’t qualify for that. And he goes, no, I use the GI Bill, too. And then I switched over. He’s like, you should at least apply and just see what they say. And it was a pretty simple online application. So I was just like, doesn’t hurt anything. And the requirements for it, which it’s a little different than anybody who served, who qualifies for the GI bill. So the Voc Rehab, you do have to have a disability rating of at least 10%, which on the spectrum is a pretty minimal bar to entry there. And so they agreed, let me come in for an interview, and then they do a face-to-face evaluation is really what they call it. And it’s looking at what jobs you’re trained or skills that you have currently, and where you would like to be.

12:59 Emily K: And one thing that I really appreciate about the program is it’s not just getting you a job, it’s making sure that you’re going to be fulfilled in what you’re doing. So even if in theory, you know, because I had the journalism background, I could have gotten a job doing something with that. But I knew that really wasn’t what I wanted to do. And so, because of the disability that I had, I can’t do something really, really physical. And so, we were able to kind of navigate that, and I got qualified to be in the program. And another thing that I really appreciate about the program is they’re very flexible, I would say. Like there are the requirements that are listed on the website as like, okay, it’s, it’s two years of funding, it’s dot dot, dot, dot dot. You have to do this, you have to be this, you can’t be out for longer than this time, but basically there’s an asterisk next to every single thing on the website that’s like, but it depends.

14:00 Emily K: And so again, with the whole shooting for the stars thing, once I got accepted into the program, my counselor who I was assigned to said, well, do some research, figure out, you know, look at salaries, talk to people, you know, really figure out what you feel like is going to not just get you a job that’s going to put you where you want to be, but you’re also going to feel content doing it. So again, I came to her on the day that I was supposed to kind of propose my path and I said, clearly I’ll be most fulfilled with a PhD, you know? And for whatever reason, again, stars aligned. And she said, okay. And so I got a waiver that instead of the two years, they covered an entire five-year program. So that was May of 2018. And that was the single best Christmas gift I’ve ever gotten in my life. I walked out of there crying, like unable to believe that that was the reality, like I felt so fortunate.

Timing with PhD Application

15:12 Emily R: So how did the timing of applying for the Voc Rehab program dovetail with your application to the PhD program? Like, were you already admitted to the program or were you then going to apply after getting the Voc Rehab, you know, funding?

15:25 Emily K: I got accepted to Voc Rehab first, and then I applied to the program. And so, and that’s what she said. She’s like, well, you know, this is all well and good that we will fund you. She’s like, but now you have to get accepted. And so, that’s where, because between the program, the Voc Rehab requirements, and then being landlocked because of my personal life, it was very much all my eggs in this basket, you know, and that’s why I had the backup plan of the master’s. Because I was like even getting a master’s funded is incredible. And I can still be a therapist and I can still counsel with the master’s. And if I were going to have to pay it out of pocket, that’s what I would’ve done was go the master’s route just for the opportunity costs, but between the two. But it’s all paid for, and I’m graduating completely debt-free. So, I couldn’t say no.

How Are Your Peers Funded?

16:23 Emily R: Yeah. So, as you said, that’s an incredible gift to be not just admitted to the program, but given, you know, 250% of the funding that you kind of were asking for initially, or thought you would get. So tell me a little bit about how your peers are funded. Because, I’m not really sure. You’ve said, you know, in the school of education, counseling psychology, so like, are your peers doing assistantships? Are they in fellowships? Are they paying out of pocket? How are they funding their program?

16:50 Emily K: Yes. So, I’m 100% the atypical weird one. You know, everybody else in my cohort is for the most part, either in an RA or a TA position. And it’s been a blessing in a number of ways because unfortunately, and I’m not sure if this is kind of the case across all of academia right now or just in my program, but most of my cohort members who came in with funding, it was promised for a year or two years. But then they were told it would be really easy to find other TA positions, other RA positions, you know, and it wouldn’t be a problem. And half of my cohort right now has unfortunately had to switch to actually taking on student loans because they just don’t have positions available. And so, it’s been so stressful for them. And it’s been kind of a different, I want to say like, a different bag than what they were sold originally.

17:52 Emily K: But it’s tough to watch, and it makes me even more thankful being in the position that I am in because it’s very secure. You know, if I take longer than five years to finish the program, then it’s on me. But as long as I stay in the timeline, then at least that is really, really consistent. I’m not worried about it. Grad school is stressful enough that I’m very thankful that it’s not also adding that burden on. And it’s been interesting, too, that because my funding is not coming from with in the program, and I don’t really have a, beyond being accepted in the program, I have an advisor who’s helping me with my research, but it’s almost more of a consultation role because I’m not doing any RA work for her or anything like that, that I have, I want to say, a lot more autonomy in a way than everybody else. You know, because there’s nothing in a contract that says I can’t work part-time, you know, and, you know, I’m not committed to doing 20 hours of whatever it is for a professor, you know, or grading, anything like that.

19:04 Emily K: And it’s been a blessing, especially because I’m coming into the program as a non-traditional student, you know, being older. My ex and I, we bought a house, you know, I had full life bills. And although it does provide a housing stipend, you know, it would be enough if I wanted to live the starving grad school life. But I’m thankful to be able, because I don’t have to work for the program, so I do have a part-time job as well. And so the supplement between that income with the stipend I get through my funding, you know, I’m able to kind of live my life a bit more comfortably than a typical grad student. And I think that that’s, I mean I’m busy, we’re all crazy busy, and it’s navigating 150 hours of work and you know, not that much time in a week. But there have definitely been points during the program, not related to funding, where I’ve taken the lead with my cohort advocating for different things, because I think there’s less of a power dynamic in my situation than there is in some of those. So it’s easier for me to kind of say, Hey, we would actually really like this or this isn’t, you know, working deadlines, timelines, different policies that they’re implementing. And so, I’m thankful that because of my funding situation, I am able to kind of stand much more confidently in myself throughout the program.

20:46 Emily R: So, I’m so glad that you’re like articulating this this way because I think this is actually much more widely applicable than just for your particular “I’m funded, you know, because of my veteran status,” like kind of situation. So because what I’m hearing is one, your peers are unfortunately experiencing this, you know, drying up of available assistantships. I’m assuming this is due to COVID, right? We’re recording this in January, 2022. So that sounds about the right timing?

21:10 Emily K: Correct. Yes. That’s the story we’re getting.

Autonomy and Advocacy

21:14 Emily R: Yeah. So because they were not, now, it’s interesting because when I talk with prospective graduate students, I don’t put a lot of emphasis on whether or not funding is guaranteed for five years or whether it’s like pretty much every one has funding for five years. It’s not explicitly guaranteed, but like the pattern is that we get people funded. It sounds like in this, you know, program, there’s been a big difference between those two, right? The expected path was not what turned out to happen. And because there was not a guarantee, you know, in writing whatever, your classmates were kind of left out to dry. Now, the advantage that you have because you know, the way that your funding, because it’s coming from a total third-party source, it sounds very much like having an external fellowship, which gives you, as you were saying, a lot more autonomy.

21:56 Emily R: You’re not beholden to like, you know, the grants or whatever that your advisor’s working on to have to do that particular kind of work. You can choose the work that you want to do. It’s more of probably more of a collegial relationship than like a, you know, boss underling kind of relationship with your advisor. And so I think that this just goes to emphasize the utility of having that kind of funding going into a graduate program. Yours is a little bit of a different source than most other people might have it, but I think the benefits are very similar. And I love that you’re, you know, you said you’re using this position of having a little bit more independence to advocate, to be the spokesperson, right? To kind of advocate on behalf of everyone. Because as you said, the power dynamics are a little bit different for your peers than for you. So, I’m really pleased with everything you’ve said, and it just sounds like yeah, that the benefits you’re articulating are also available to people with external fellowships, usually.

22:45 Emily K: 100%. Yeah. And that would be like, if you have the possibility to have any sort of external funding, that from my experience alone, I can’t speak for anything else, it seems very much the way to go.

Commercial

23:00 Emily R: Emily here for a brief interlude! Taxes are weirdly, unexpectedly difficult for funded grad students and fellowship recipients at any level of PhD training. Your university might send you strange tax forms or no tax forms at all. They might not withhold income tax from your paychecks, even though you owe it. It’s a mess. I’ve created a ton of free resources to assist you with understanding and preparing your 2021 tax return, which are available at PFforPhDs.com/tax/. I hope you will check them out to ease much of the stress of tax season. If you want to go deeper with the material or have a question for me, please join one of my tax workshops, which are linked from PFforPhDs.com/tax/. I offer one workshop on preparing your annual tax return for graduate students and one workshop on calculating your quarterly estimated tax for fellowship and training grant recipients. The next live Q&A call for the annual tax return workshop, How to Complete Your Grad Student Tax Return (and Understand It, Too!), is this coming Sunday, March 20th. It would be my pleasure to help you save you time and potentially money this tax season, so don’t hesitate to reach out. Now back to our interview.

Post-PhD Career Path: Working with Veterans

24:27 Emily R: So, yeah, I’m really glad to hear about sort of your experiential difference in your program because of this funding. Do you see this having an effect on your career later? I think you mentioned earlier that, you know, you either currently work with veterans or want to work with veterans, what do you see your future career path with this PhD?

24:45 Emily K: Yeah, that kind of has always been my bigger picture is wanting to give back to the veteran community. Especially because, you know, I could not have known making almost a slight impulse decision at 17 years old to join the military, all that I would’ve gained from it, you know. It’s really been the best dumb decision that teenage me ever made. But there’s also such a small percentage of veterans who have higher education degrees. And so being able to, you know, in the same way that right now I’m able to kind of help out and advocate for my other cohort members is being able to take that and advocate for the community by, you know, having that lived experience, but also having the legitimacy, I guess that comes from having a PhD. And through all of my pivoting to get to this point, you know, the first three years really after I got out of the military were tough, and I didn’t realize that everybody else kind of also struggled with the transition because I wasn’t talking to other veterans at that time.

26:09 Emily K: And I thought that I was the only one who was failing, you know, especially after I’d done quite well in the military. I got promoted really quickly. You know, I’m really good at kind of knowing what the expectations are and meeting them which does translate really well, I think into the PhD program too. So yeah, it’s very much my hope to continue working with veterans, particularly as they’re transitioning out, you know, and it’s figuring out the why of what they want to do, and who they are, and kind of what does that path look like for them, independently. And so I think, like I said, you know, being a veteran is definitely going to help with that path. But you know, even now, and I think if life takes me in a different direction than kind of what I’m expecting right now is, you know, on a very pragmatic level, there are hiring preferences in a lot of organizations for individuals that have a veteran’s status, especially in the VA, which is where I’m hoping to go.

27:08 Emily K: But most places there are kind of incentive programs for that. I’m not sure if the way in which I was funded per se will make a difference afterwards. But I think what we were talking about before with, you know, when you have that external funding and you’re able to kind of be more collegial with people and kind of work on, okay, how do I navigate this situation? How do I advocate here? How do I make change? I think I’m going to be going into the job market maybe with a little bit more confidence than I would have otherwise where like, okay, now I know what I’m bringing to the table. It’s not thank you for offering something to me. It’s like, this is what I’m providing. Okay. How can this be an equal relationship for both of us? So I think that more than I’ve maybe even thought before, until we’ve had this conversation, is definitely going to help, kind of, regardless of what that picture might look for me after I’m done.

Homeownership Eperience

28:09 Emily R: Beautiful. It’s very exciting! So, I want circle back to, you know, you mentioned earlier homeownership, and real estate is one of my favorite topics right now, especially for graduate students. So, I think that your path to homeownership is probably different and informed by your experience in the military. I just know sort of, I guess my stereotype impression is like people in the military sort of buy houses much more readily than people not do because of the easier funding mechanism through, you know the VA, just cultural differences, right? So, can you tell us briefly your experience with homeownership, and then how you think like someone, for instance, in your program, what would be the circumstances that would make homeownership a good idea for another PhD student, given your kind of different perspective on it?

29:03 Emily K: Sure, absolutely. Yeah. And you know, again, going back to all of the amazing things that have helped out from little teenage Emily’s decision to join the military is, so I do qualify for VA home loans which are amazing, because it’s a 0% down payment. And the whole process is pretty simple. And like you said, there is, I didn’t own a house while I was in the military, but many of my friends did, and it’s, you know, not a thing at all to kind of buy when you’re stationed here, you move a couple years later, you sell it, you rent it. You know, it’s very, very common to own a home. So there’s not, I didn’t have a big story built up in my head, I guess, of this being like a really major, big deal that I need to put five years of effort into before I do it.

29:54 Emily K: For better or for worse, frankly. You know, I think I now am much more intentional with kind of my financial journey than I was back then because, I think it’s getting better from what I’ve heard, but the military covers everything. And so you have this very strong sense of security. So you don’t have to think about your finances as much because it’s not not going to be there. And so now, you know, I’ve really kind of taken myself on a journey, and I’m much more intentional about the decisions I’m making and how I’m spending my money now. But I am thankful for that, I guess, lack of stigma of buying a house that I did see there. Because when I first moved to New York and I was working the job at the Y, the one reason I love the Buffalo, New York area is the cost of living is super low.

30:47 Emily K: And so, the year that I was there, it was substantially cheaper to buy than it was to rent. And because I didn’t need to have the down payment saved up, it was really accessible to just make that happen. And so, I bought a little renovated hunting cabin. It was 800 square feet. It was beautiful. I loved it. When I was working at the Y for that year, and it was only 20 minutes from St. Bonaventure. So it just worked out really perfectly to kind of transfer during my undergrad. And so, I lived there my entire undergrad degree time. And then when I met my ex-husband, I moved in with him and we rented it out for a year. And for me, because the financial component of it was actually not super impactful. Like, the mortgage was very affordable because it was so small. Repairs were affordable, too, when they happened.

Emotional Labor of Landlording

31:50 Emily K: And it was just, it was perfect when I lived there myself. But when I moved into the city and we rented the house out for a year, although the tenants were amazing, nothing happened terribly wrong with the house during that year, but that was also my first year of grad school. And I found I was just constantly worried when the shoe was going to drop. And when I was going to get a phone call that, you know, the roof had blown off, who knows. I don’t know, anxiety, that was my fear. And so, after that year, even though nothing happened, but it just, it added so much emotional labor that I was now needing to invest in grad school and everything else I was doing with my life, it just wasn’t worth it for me. You know, I’ve very much decided, you know, I have no desire to be a landlord in my life.

32:44 Emily K: And so I was able to sell it. I owned it for five years. So, it worked out as far as all of that. I didn’t make a lot of money off of it because I hadn’t put any money down. And the housing market had been kind of steady that whole time. But I didn’t lose any money. And so it really was kind of a wash for me in a positive way. So I loved the ownership, and then we purchased a second house, right as the program was starting. And it was great because we were dual income, you know, he’s been in the trades for 15 years, so he’s very, very successful there. He had roots there. We had planned on remaining in the area forever. So it wasn’t a matter of being concerned about, okay, what if I move for internship?

33:35 Emily K: You know, it doesn’t make sense to buy if it’s only a couple of years like that. And so it really was nice. I actually surprisingly got a lot of pushback from my program when I mentioned that we were house-hunting, just like, well, do you have time for that right now? Like how is that going to fit in with a PhD program? You know, like that’s, you know, people just seeming in awe, I guess, that we were going to buy a house, even though we owned two houses at that time. So I think there’s, at least in my experience, there’s kind of a stigma that when you’re in your program, you should not even consider anything outside of the program. It’s the blood, the sweat, the tears, and that is your life, and everything else just kind of should be on hold until you’re done.

Letting Go of Limiting Beliefs

34:29 Emily K: And I think that maybe it’s coming in from kind of later in life starting this program, maybe it’s just my personality. I don’t know, but it’s five years. Like it’s such a long piece of our lives that the thought of kind of putting everything else that you want to accomplish in life, in addition to this degree, on hold, that feels like an opportunity cost to me. You know, and that feels, there’s always going to be something that’s going to keep you, you know, make you feel like it’s not the right time to do something. And so if you can responsibly, you know, financially do it, I think it’s just all managing your priorities. And so, it worked out really great for us. We have since separated, and I will say now though, I rent an apartment and talking about the, you know, emotional labor of owning.

35:26 Emily K: It’s great. I don’t want to be a landlord. Renting right now, all my utilities are included. I get to come home. I don’t have to worry about house chores. Like, I mean, beyond cleaning, but repairs, anything maintenance, I don’t have to worry about any of that. My landlord lives next door. We have a great relationship, and it’s taken a lot of weight off my shoulders. And you know, I’m spending actually more money renting than I was when I owned on kind of a month-to-month level. But I think it’s just what you value, and what you want your life to look like. And then, you know, making sure that you are intentional about the financial side of it too, but not having that be the only piece of the puzzle, if you will.

36:17 Emily R: What I really liked about that, your perspective on this is, that it takes into account your personal preference on whether or not owning and like doing the maintenance and upkeep and blah, blah, all that other stuff, whether that is going to be exciting and fun for you or whether it’s going to be like a burden and you don’t want to have it on your mind. And I think, of course the financial component is part of it, but when you’re in a, you know, lower cost of living area and your stipend is sufficient, or you have a dual income or whatever, that owning is a financial option at all, then you get to get to that question of, do I think this will enhance my life, especially emotionally during this program? Or do I think it’s going to detract from what I have going on? It sounds like, you know, your peers or the faculty, whoever you’re hearing messaging from, they had the perspective that this is going to detract from your life and it’s going to detract from your effort in the program, whatever. But I think it very much comes down to your personality. And you’ve enjoyed it both ways, and you’ve experienced it both ways. So yeah. I just think it comes down to yeah. What your preferences are and not so much, of course the financial question is there, but the preferences matter as well.

37:20 Emily K: Yeah. And I think it’s really kind of leaning into that what do you really want versus what do you feel like you should do? You know, and I think that it’s easy to get in that trap of like, okay, right now I should be bleeding for this program, or I should be doing X or Y or Z. But then really taking a step back and being like, oh wait, is that, where am I getting that belief from?

37:48 Emily R: Perfect. Absolutely. In terms of like money mindset, and you would know a lot more about this than I do, but that’s one of those limiting beliefs, right? Like I can only do one thing well during this five-year period of my life. It has to be my program. I can’t, you know, have relationships. I can’t be working on my own physical and mental health. I can’t be a homeowner. I can’t work on my finances, all limiting beliefs. Don’t have to be true for you. You get to decide, as long as you’re, you know, cognizant of what’s going on in your own mind. So, love that.

Best Financial Advice for Another Early-Career PhD

38:18 Emily R: Let’s wrap up with the final question that I ask all of my guests, which is what is your best financial advice for another early-career PhD? And it could be something that we’ve touched on during the interview, or it could be something completely different.

38:30 Emily K: Yeah, so when I was thinking about this question, and I was thinking about it, obviously, because I’m still a student, so, you know, advice for other students per se. And the two things that came up, one is really kind of what we just wrapped up in right now is, you know, don’t be afraid to own your journey. And that it doesn’t have to be the stereotype you think it should be for being a grad student. You know, it’s making sure you’re asking questions. It’s recognizing that you are also like competent and capable, and you’re here for a reason. And so, realizing that we’re also bringing something to the table and like it’s okay to advocate for yourself. And that can be for, you know, financial things. It can be for anything that you might need. But I know, you know, even it’s shifted for me, even though we’ve talked about how much autonomy I have in my program, compared to some of my peers, it has been a slow shift over the last three years to kind of like feel comfortable being my own advocate in that way.

39:38 Emily K: Financial advice, like just flat out, I would say have a budget. Like I use the You Need a Budget software online. I’ve been using that for the last couple of years, and that has entirely changed my life is just being able to kind of give your every single dollar that you have a job. And make sure that it’s not just, yeah, just budgeting alone, knowing what you’re actually spending. And then, because you can use that once you have that knowledge, to then start deciding, okay, what do I value and how do I want to make this money work for me in whatever capability that I have at that time? And I think the other thing financial that, I don’t know, maybe, I think it’s because I’ve had to kind of go through teaching myself finances the last couple years and that I think about it a lot.

40:30 Emily K: I talk about it a decent amount, and it’s still taboo in most kind of societal circles. Just like, don’t be afraid to talk about it. Like, almost every single person that I meet, all of my advisors, all my supervisors and my practicum students, like I know how much they’re making, I know what their benefits are. Like, just because if you ask, people usually will tell you. And I’ve been using it to get more of a gauge of like, okay, what does this really look like if I were to pursue this position, you know, in this type of career, because there’s so much we can do with our degree? So having that knowledge of, okay, I kind of know how lifestyle-wise I want to live. And so, figuring out, you know, time, all the different components, but also is this going to fund how I want to be moving forward?

41:27 Emily K: And so, having that knowledge has made me feel much more confident in being able to eliminate some paths, and also kind of lean more into thinking about some paths. And all of my friends in my cohort look at me like I have two heads when I say I ask people about their finances. So that would be definitely my advice is, you know, like ask questions, do your own research. Don’t just always take at face value you know what maybe you feel like is the right answer with that.

42:04 Emily R: Yeah. Well, thank you so much! Thank you so much for giving this interview. I really love to have this like different perspective for anyone else who is considering a career in the military, has come outt of the military. Maybe, like you, it’s just through chatting with people that you find out about this fantastic, you know, funding source for graduate school. Thank you so much for giving this interview!

42:21 Emily K: Thank you so much!

Outtro

42:29 Emily R: Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? I have collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. If you’ve been enjoying the podcast, here are 3 ways you can help it grow: 1. Subscribe to the podcast and rate and review it on Apple Podcasts, Stitcher, or whatever platform you use. 2. Share an episode you found particularly valuable on social media, with an email list-serv, or as a link from your website. 3. Recommend me as a speaker to your university or association. My seminars cover the personal finance topics PhDs are most interested in, like investing, debt repayment, and increasing cash flow. I also license pre-recorded workshops on taxes. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Lourdes Bobbio and show notes creation by Meryem Ok.

This Grad Student Worked Multiple Side Jobs to Pay Off Debt

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In this episode, Emily interviews Dr. Jeanelle Horcasitas, a PhD in Cultural Studies from UCSD who worked multiple jobs to stay afloat during grad school. Because of some financial events in her childhood and being a first-generation college student, Jeanelle was determined to do her PhD without accumulating any more student loan debt. In fact, she accomplished some major financial goals during graduate school, such as self-funding for a few months leading up to her defense after her dissertation fellowship ended. Don’t miss Jeanelle’s reflections on how her financial goals have changed since finishing grad school and how she’s now resisting hustle culture.

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Image for This Grad Student Worked Multiple Side Jobs to Pay Off Debt

Teaser

00:00 Jeanelle: Before, like I said, I felt very survival mode, hustle mode. Like I’ve just got to work hard, work, hard, work hard. And I was very burned out by the time I finished graduate school. But now I’m more of, you know, I’m doing the smart thing. I’m saving. I’m saving for my future and doing what I need to. So, I’ve backed up a little off of that and given myself more grace.

Introduction

00:23 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 11, Episode 3, and today my guest is Dr. Jeanelle Horcasitas, a PhD in Literature and Cultural Studies from UCSD who worked multiple jobs to stay afloat during grad school. Because of some financial events in her childhood and being a first-generation college student, Jeanelle was determined to do her PhD without accumulating any additional student loan debt. In fact, she accomplished some major financial goals during graduate school, including self-funding for a few months leading up to her defense after her dissertation fellowship ended. Don’t miss Jeanelle’s reflections on how her financial goals have changed since finishing grad school and how she’s now resisting hustle culture.

01:14 Emily: Jeanelle and I first connected way back in 2015 when she was working as the Grad Life intern at UCSD. I had very recently launched Personal Finance for PhDs. I reached out to her cold and pitched her The Graduate Student and Postdoc’s Guide to Personal Finance, which was my only seminar offering at that time. She liked the idea and advocated for it within her office, but it didn’t go forward right away. I actually didn’t work with UCSD for the first time until 2020, but Jeanelle had planted the first seeds all those years before. If you are a fan of this podcast, would you please follow Jeanelle’s lead and request that your Graduate School, Graduate Student Association, Postdoc Office, etc. work with me in 2022? I offer a variety of live and pre-recorded seminars and workshops on topics from taxes to investing to cash flow management. My most popular seminar remains The Graduate Student and Postdoc’s Guide to Personal Finance, and although it’s changed a lot over the years, it still touches on a wide variety of personal finance topics so there’s something for everyone. The paid work I do with universities and institutions enables me to keep producing this podcast and all my other free resources. And hey, even if they aren’t able to work with me this year, your recommendation could plant a seed for an engagement in a future year. Thank you very much! Without further ado, here’s my interview with Dr. Jeanelle Horcasitas.

Will You Please Introduce Yourself Further?

02:47 Emily: I am delighted to have joining me on the podcast today, Dr. Jeanelle Horcasitas. She was a graduate student at UCSD and has been finished with her PhD for about two years, moving on to the working world. And so we are going to talk about how graduate school went financially for her, how she funded it and so forth, and then also how her, you know, financial life is going now. So Jeanelle, thank you so much for joining me for the podcast. Thank you for volunteering for this interview. And would you please introduce yourself a little bit further for the audience?

03:13 Jeanelle: Yes! Thank you so much, Emily, for bringing me on. I’m excited to speak with you today. So, I went to undergrad at UCLA for English and I did my PhD at UC San Diego in literature and cultural studies. And, you know, since I’ve received my PhD, I did a multitude of jobs within my time at graduate school, but since graduating, I spent some time in graduate career and professional development for biomedical scientists for about a year and a half. And I’ve recently transitioned into the tech space for a company called Digital Ocean. And, you know, one of my biggest motivations for school and getting through it was the fact that I’m first generation. I also come from a low-income family. So a big part of that was the fact that I had to be the one to get myself through school, to pay for it. I knew that my parents were in a financial situation. And I learned that at about 18 when they got divorced, I experienced bankruptcy, foreclosure at the time. And that was very transformative for me at that age to just recognize the impact of financial decisions. And so part of, you know, why I wanted to complete my PhD completely debt-free was because of those reasons of just knowing what having that burden can do to you and how it can impact your future.

Undergrad Funding and Student Loans

04:51 Emily: Wow. Yeah, that’s such such an impressionable age to be going through something like that. So thank you for sharing that with us. Since you mentioned being 18, when you started college, did you also have that determination to do your undergrad debt-free?

05:06 Jeanelle: So when I was 18, I actually went to community college for a few years beforehand, which was really great because since I was low-income, I was able to receive very generous grants like the Pell Grant. And I did my FAFSA, and at that point I just really wanted to start my undergrad. And I remember saying the only thing I’ll go in debt for will be my student, like education and I’ll do student loans. So, I signed away, didn’t really know what I was doing. I did receive fellowships for my undergrad, but I was living in Westwood in Los Angeles next to Bel-Air. And as you know, the cost of living is very high, especially to live in the dorms. So I was only there for about two years, but I did come out of debt. And so at that moment, I hadn’t really felt you know, I need to do this degree debt-free, but I tried to keep the amount I was taking on pretty minimal. So I feel like I didn’t graduate with too much student loan debt, but I did have some.

06:15 Emily: And did you go directly from undergrad to grad school?

06:19 Jeanelle: No. I took a year off to work full-time and try to pay down some of the student loans. And then I went to graduate school after that for about five and a half years.

06:30 Emily: Okay. So entering graduate school, you have a new perspective and you want to do this whole thing debt-free. Were you still carrying any student loan debt at that point, or had you cleared all of it?

06:40 Jeanelle: No. So at the time of graduate school, I still had most of my student loans from my undergrad, and I also had a car payment and car loans. So I carried those two things, and I think the stress came from the fact that I wasn’t getting any younger. I was about to sign away five and a half to seven years of my life. And I knew that I wouldn’t be making a ton of money. I was given like a pretty decent fellowship, but living in San Diego, it still couldn’t cover everything. And so I think from the very beginning, I knew that I wanted to put some sort of plan into place that I was still going to graduate school, but that I would be paying off these loans simultaneously. So that by the time I graduated, I’d be in a better financial position to buy a home or just to not have that hanging over my head for longer than I would’ve liked it to be.

How Does Funding Work in Your Department?

07:53 Emily: Yeah. Very, very ambitious. But I can see how you got there. Tell me a bit about how your field, your department is typically funded. You mentioned you had a fellowship for two years. Is that something you were seeing offered at like multiple different schools? And how did you end up at UCSD in particular, I guess, and specifically related to the finances?

08:13 Jeanelle: That’s a great question. So for the most part, my specific department, they don’t receive a lot of funding. They actually, most of the graduate students have to do TAships and, you know, find a teaching assistant position. And that’s how they get it paid for. Mine was actually through nomination that someone at the literature department had to do for me, and the graduate school, they were the ones that, you know, went through candidates and selected and made that decision. And so, the reason I chose UCSD is because it was such a generous, like first two years will cover you with this stipend. And then the next two years, you’re kind of guaranteed that TAship. And then you figure it out from there. I had a couple of other offers from two other graduate schools, where one was just offering like a fellowship for one quarter, which wasn’t enough for me.

09:21 Jeanelle: And then the other was I think, just a year. And so, I was like, I don’t want to have to pay for this. And I’m going to choose where the money is for the most part. And it ended up being a good decision for that reason. And just for the folks that I got to work with. So I was happy with that, because it seems like it really varies. It’s interesting because it was all UCs where these offers came from. So they have different ways of, I guess, enticing students to come with what kind of money they might have or available for fellowships.

09:58 Emily: I think that’s a point that prospective graduate students really, really need to hear, like they need to investigate the typical funding path in their field. Is it usually from TAship, so that you know, if someone’s offering you a significant fellowship, that it’s really special and they’re really trying to recruit you. And yeah, you may have to do TAships after that ends, but when does it end? Is it two years? Is it one year? You know, how much money is being directed toward you, especially as a recruiting tool. So love that you were, you know, analyzing that at that point.

Sources of Income Beyond Fellowship

10:28 Emily: So you mentioned earlier that you worked like a lot of different jobs during your PhD. And so, what did you do beyond, okay. I have this fellowship for a couple years. I know that you had a fellowship again at the end. And also the TAing that you mentioned. Did you work other jobs in addition to those? And also were they through the university or like completely independent?

10:49 Jeanelle: I had the first two years covered from the fellowship. And the last two were for the TAship. And then my fifth year I got a dissertation fellowship. However, within that time I was working multiple jobs at different places. So for the first two, two and a half years, even though I was on fellowship and taking my, my graduate courses, I was also a graduate student researcher or GSR for the the Graduate Office at UCSD. And I did some freelance writing as well. And I also worked as a student worker for the county of San Diego’s housing office. And so, you know, some, they weren’t all at the same time, but at one point I think they were all happening at once, which was pretty overwhelming, but it was nice, especially for the county job because I could work full-time during the summer, which was great because the fellowship actually it was nice, but it wasn’t always enough to get you through the summer. And they didn’t offer summer fellowships during that time.

11:57 Jeanelle: They started doing it later on during my time at the program. And then during my TAship, I really wanted to focus on teaching, but I had an opportunity to adjunct at the community college as well. So, in addition to TAing a couple of classes, I also taught one to two classes at the community college, which was a great experience. And then during one summer I did an internship in Washington DC. So there were a lot of different jobs that I was doing both, you know, if I had to go in somewhere, or freelancing, mostly writing or editing with different folks.

Side Hustling Amongst Peers

12:40 Emily: I can totally understand your motivation to take on this extra work for extra money. Because of, you know, mentioning your goals about clearing the student loan debt and the car debt and so forth. If you had not had those extra circumstances in your life, not that they’re that extra, because a lot of people have those things. But was the stipend enough to live on, or was it like no, no, everybody has to be side hustling, even if they don’t have, you know, prior student loan debt or whatever? Like, were your peers all doing this greater degree of work as well?

13:09 Jeanelle: Oh, that’s a great question. I think it really comes down to the individual and, you know, what they can take. Personally, I didn’t feel that the stipend was enough living in San Diego. The only time that it felt like it was livable was my first couple years when I was in the graduate student subsidized housing, because it’s so much cheaper. Once I had to live outside of those bounds, the cost of living is just incredible. And, you know, you’re thinking about how am I going to live, but also how am I going to eat? I have, you know, my car, my gas, my car payment, insurance, all these things. Like I said, if you’re fully independent, which I was from my parents it could be a lot at once.

14:02 Jeanelle: And so, I had a mix of, I guess, observations of folks who, there were some people that were like me that were doing at least a couple of jobs at the same time. But then there were some that were just TAing and that was fine. They seemed to be okay, but they were also in graduate housing or they were living with many roommates, which is something else I didn’t really want, and luckily my partner came to move like halfway through my program. And that actually helped a lot as far as support. So, it really depends on the person, but from what I saw, you know, there was a big group that did have to do extra. And then some that they had to sacrifice in different ways, like living with many people or living really far away and commuting, et cetera.

Money Management and Keeping a Budget

14:56 Emily: Yeah. Thank you for sharing those observations as well. So with all these different sources of income and all the different expenses and goals that you had, how were you doing the money management part of things? Like, were you keeping a budget? How did that work?

15:11 Jeanelle: Yeah, so as far as budgeting, I tried the Mint app. And then I was trying this other app called EveryDollar. The issues with those apps that I found were, it captured like your monthly overview of what you were making, but the cash flow of, you know, when the bills come out versus when you get money in and what you actually have enough to pay for groceries that week, or, you know, gas, whatever it might be, it didn’t always line up. And so this was something that my partner and I, we were struggling a lot with, especially when we combined our finances after we got married. And so we found it easiest to create an Excel spreadsheet and it’s just day by day.

16:01 Jeanelle: And it has the categories to the left. But it’s really nice for us because we can really see where we are in real-time and know, okay, if you’re getting paid this Friday, maybe we could do a little more extra fun this weekend, or we know this is coming up. We have to put aside savings for this so that we can sequence it a bit better than these apps that are just, you have this much money for the month when it’s not necessarily true. You don’t have all that money like next week yet. Especially if you’re getting paid biweekly, which for some of my jobs I was.

16:38 Emily: Yeah, I can imagine working with, like, as you said, you had so many different jobs, all the different pay schedules that you must have been dealing with, and then, you know, like your fellowship stopped over the summer, for example, like you mentioned earlier, like it’s just a lot of moving parts. And I do agree that when you have a lot of moving parts, ultimately building your own spreadsheet is maybe the fastest way to a good solution that works for you. So thank you for sharing that with us.

Final PhD Year Funding

17:02 Emily: So you also mentioned earlier that you were funded in your fifth year by a dissertation fellowship, but you said you took five and a half years to finish graduate school. So let’s square that circle. What was your funding like for the last half year?

17:17 Jeanelle: So my last year was actually my fellowship, that was the highest amount I had received. And so, when I say it was a higher amount, it was only like $5,000, you know, more than what the other years had been. But that little bump did help. But, for that one year, I really wanted to finish my dissertation. And so, I had to say no to a lot of my extra jobs that I had. And, like I said, I have a spouse and it was nice to have you know, that support. He works full-time. And he could help with some of those extra, you know, expenses that couldn’t be covered by my stipend alone or anything like that. However, because I knew that I wanted to finish, I had planned, okay, you know, I’m not going to enroll the next year.

18:19 Jeanelle: I’m going to take leave of absence if I don’t finish at the exact year mark, but I know they’re not going to give me any more money after that. So we planned ahead and I decided to teach for one semester during that time. So, I just taught one class and then the rest of the time was dissertating. But all of that went into like a savings. We knew that that was going to be the gap of whatever time off extra I would need without getting my stipend. And so basically from January to August, or no, January to December, for about a year, I had worked on the dissertation, but the money stopped in the summer. So I didn’t have money coming in for about four months. And so I was able to be covered for about three months, and then I was starting to feel really stressed looking for jobs and seeing what we were going to do. So by that last month, when I knew I had my defense date, all those things, I was doing a lot of freelance extra work because by then the savings had run out. So I would say, from that extra time of teaching, I had saved about like a three month, like emergency fund as I wasn’t working during the summer.

19:41 Emily: That end of graduate school, getting to that defense date is such, such a busy period and such a stressful period. And you did as best you could, it sounds like to, you know, be doing the planning ahead financially, but it’s tough that, you know, at the very end there, when you’re applying for jobs, you’re preparing for the defense and all of that stuff that the financial stress had to come back in at that point. But I’m glad it didn’t go on for too long. You finished up very quickly. Yeah.

Starting Dissertation Debt-Free

20:06 Jeanelle: I just wanted to add one thing. I will say, at that time, like when I started my dissertation fellowship, we were debt-free. We didn’t have any more consumer debt. And we were actively saving for this time I would be off but also saving for our house. So the end of that summer was extra stressful because that’s when we bought our first town home condo. So that was an added layer of I need a job because we need to pay for this new place that we just got.

20:35 Emily: Wow. Yeah, that is a lot to put on one, you know, short few-month period, but it is really good to hear that you were done with the debt, especially the student loans, because you know, you mentioned taking a leave of absence. I would guess that, with not being a student anymore, your payments would’ve kicked back in, had you not already been finished with paying that off so that would’ve been like another thing to pay for during that time.

21:02 Jeanelle: The other thing is health insurance. They stop your health insurance. Like I said, luckily I could get on my spouse’s for that short amount of time, but I know that that’s not always the case for everyone. So I’m always like weary of just like, this is my experience, but that’s not always the case. And to think ahead of things like that, if you’re going to do that, like health insurance costs.

21:22 Emily: Yeah, for sure. I mean, it’s good just to know, like you sort of tick down all these boxes, I have to consider this. I have to consider this so that someone else can, if they don’t make the same decisions as you, they have different situation, whatever, that’s fine. But just the thought process is good to hear.

Commercial

21:37 Emily: Emily here for a brief interlude! Taxes are weirdly, unexpectedly difficult for funded grad students and fellowship recipients at any level of PhD training. Your university might send you strange tax forms or no tax forms at all. They might not withhold income tax from your paychecks, even though you owe it. It’s a mess. I’ve created a ton of free resources to assist you with understanding and preparing your 2021 tax return, which are available at PFforPhDs.com/tax/. I hope you will check them out to ease much of the stress of tax season. If you want to go deeper with the material or have a question for me, please join one of my tax workshops, which are linked from PFforPhDs.com/tax/. I offer one workshop on preparing your annual tax return for graduate students and one workshop on calculating your quarterly estimated tax for fellowship and training grant recipients. The next live Q&A call for the annual tax return workshop, How to Complete Your Grad Student Tax Return (and Understand It, Too!), is coming up on Sunday, February 13th. It would be my pleasure to help you save you time and potentially money this tax season, so don’t hesitate to reach out. Now back to our interview.

Setting Financial Goals

23:04 Emily: So you mentioned, you know, by the time you got to the end of graduate school, you had cleared the debt, you’re working on other financial goals. You were then, you got married at some point. And so you and your partner were able to work on these things together. Can you tell me more about those financial goals that you started setting at that point, whether that’s toward the end of graduate school or after graduate school?

23:24 Jeanelle: So when my husband and I got engaged, we were pretty, I would say hesitant to get married for a while because we both had parents that were divorced and a lot of it had to do with financial issues. And so that was a big factor in getting married and figuring out how we were going to do things together. And so before we had gotten engaged, we both were very motivated to pay off our car. We both had car loans and student loans. So at that point, when we got engaged, I had paid off my car, he had paid off his student loans and all we had were basically those reverse things remaining. But now we had this wedding, and these expectations. And so we had to make some pretty hard decisions as far as, you know, this is our budget.

24:17 Jeanelle: We’re not going to go beyond this. We’re going to have a small courthouse wedding, which is what we had with immediate family and we’re gonna have a small get together at a community center. And so, we budgeted at like $10K I would say, and it was probably like $8K that we ended up for everything. And so that was a motivating factor because we wanted to go into our marriage not with anything extra outside of our loan and our cars. And so, I would say like about five months after we got married is when we really combined everything and joined forces and got rid of all of that debt and then started thinking about a house. And so, that was like our main goal is let’s just help each other out.

25:08 Jeanelle: We’re in this together now. Let’s pay these things off, let’s put together what we can for our house. And then start thinking about other things like retirement, because I felt pretty stressed about the fact that I was almost 30. I hadn’t had put anything away for retirement. And they don’t really, they don’t do that for you in graduate school. And it’s just something I didn’t know. I didn’t come from a family that, you know, had made good financial decisions. And so, it felt really tough sometimes to know what was the right thing to do at times.

Internal Motivation for Working on Personal Finance

25:46 Emily: It sounds like you, even though you, you know, were approaching 30 and didn’t have anything in retirement savings, it sounds like you really had your head on straight though about like understanding your own internal motivations for working on personal finance, the budgeting, obviously you’ve been doing, the hustling. So like the elements, right, for financial success, I can easily see were there. And it was like, okay, you clear the debt, you get the house, you’re ready to go, right? You’re ready to hit the ground running. Is that how you felt about it since like getting your post-PhD jobs and the house and how are you doing now, I guess, with these financial goals and dreams?

26:21 Jeanelle: Thank you for that. I like to feel validated because there was just so much I didn’t know. There’s still a lot I don’t know. Since then, I feel like I’ve been able to detach myself a little bit from that tussle and survival mode that I think I’ve been raised on my whole life and experienced just growing up and seeing family struggle and my family struggle. And then just also what’s still happening especially to graduate students and the kind of, you know, these difficult situations that they might be in. So since then, you know, I feel motivated still to do the next thing. So the next thing I’d really love to do is pay off our house. I think that would be really great and would set us up really well.

27:21 Jeanelle: And that’s mostly because I’d to beef up my retirement and just be very aggressive with that because, like I said, I feel like I lost some time for the, you know, those 10 years, I didn’t really do anything since I had turned, you know, 18. And that’s one thing I really wish and regret. But, like I said, because I don’t know much I was a little nervous, but we started talking to a financial advisor and this was something like I said, no one in my family had, and I never really knew what to expect. So we spent some time interviewing folks and figuring out who would actually tell us, like, this is how this is how you invest. This is good because of X reason and someone who would explain those things to us.

28:14 Jeanelle: So I think since then, I feel like I’ve been able to hone in a little bit better on what I want to do financially for my future, in a way that I feel more confident. Before, like I said, I felt very survival mode, hustle mode. Like I’ve just got to work hard, work, hard, work hard. And I was very burned out by the time I finished graduate school. And when I finished, and I defended, I worked right away, and I’ve always been working. And even so, I was still doing freelance stuff. I just felt like I couldn’t say no. I felt like I always needed to keep money flowing in. But now I’m more of, you know, I’m doing the smart thing. I’m saving. I’m saving for my future and doing what I need to do. So, I’ve backed up a little off of that and given myself more grace, because I am making good choices as far as, you know, what the future holds and what I can be doing with investing and retirement and hopefully paying off my home.

29:18 Emily: That’s fantastic to hear. I’m so glad that you’re, you know, on that journey with your money mindset, right? Away from hustling, because it is interesting, like you had to hustle for a long time. It was necessary for survival. It was necessary to meet the sort of just baseline financial goals of getting debt paid off. But now, you know, presumably you’re making a much better income from your primary job. Now you can switch to thinking about investing and how money can be generated and come from work and income you’ve earned in the past and not completely from income you’re earning in the day to day. And eventually of course, when you reach financial independence, when you’re retired or whatever, all of your income will be coming from those, you know, previous investments. So I just love to hear that. Just hearing that transition point is really interesting.

Best Financial Advice for Another Early-Career PhD

30:08 Emily: Well, this has been absolutely fascinating, Jeanelle, and thank you so much for volunteering to come on the podcast. I always end my interviews by asking my guests, what is your best financial advice for another early-career PhD? And that could be something that we have touched on already in the interview, or it could be something completely different.

30:26 Jeanelle: So, this advice I would give especially for folks who are just finishing their PhD, and are not sure, you know, what comes next, or, you know, maybe they have these residual effects or trauma, I would say, and feel like I did. Like you always need to catch up. I felt like all my friends around me were getting promotions. They were buying houses, they had retirement, you know, saved and I felt really behind and it made me feel bad. So I would say, you know, go at your own pace. Everyone is at a different point in their life and you will get there as long as you come up with a plan. And I would say like the most powerful plan you can have is your budget and really reckoning with what you have and what you can do with that.

31:20 Jeanelle: So you know, when I first started, I wasn’t getting a lot of money, but I still made it work within my budget. I lived within my means and what I could do. And now that I have a little bit more flexibility because your income usually goes up a lot more from a grad student stipend, is just to know, just because it’s gone up more, prioritize what you really want for kind of like those future financial goals that you might have. Like think about those things first. Because a lot of times those other things are just temporary satisfaction that we’re trying to get, and it’s okay to do once in a while. You know, it’s nice to splurge once in a while. So I would say, you know, don’t compare yourself. Give yourself some patience with where you’re progressing.

32:13 Jeanelle: And definitely, you know, create that budget. Know that it’s not probably going to work for the first few months. You’re going to have to take some time to get it right. And then once you’re in a place where you feel really good, if you’re like me and you don’t know much, I recommend talking to a financial advisor and expert who can lead you and teach you in a way of, you know, things like investing and what will suit you, and what are good goals to think about. Because if you’ve never learned it, you’ll just never know. And there could be something that unlocks for you. So, that’s what I would say is just, you know, keep going, don’t compare yourself and, you know, go at your own pace. Everyone’s running their own race.

33:02 Emily: I love those thoughts. I actually want to ask you a bonus follow-up question, which is, I really like the advice actually of speaking with a financial advisor once you’re ready for that. I actually am working with a financial advisor myself for the first time in 2021. And it’s actually been really good because I wouldn’t say that I’ve gained necessarily any new knowledge, because of course I am very well informed in this area. Although there have been a few, like really, really detailed questions we’ve asked. What’s been important for me is the behavior change of involving someone else in our picture, asking for advice, and then being like, Ooh, I need to act on this else. Or else this person’s going to follow up with me and I’m going to have to say I didn’t do it. So like, that’s what really, really ultimately matters in finances.

Personal Finance Resources

33:47 Emily: It doesn’t matter actually how much you know, it matters what you do, the action that you take. So like, I love that even though you’re saying, I didn’t know much, I don’t know much. As you’ve learned, you’ve done what you’ve learned about. And that’s really the most important thing, right? Is to just take the action. So, anyway, I love that advice, but the question that I wanted to ask you was, prior maybe to starting to meet with this financial advisor, did you have any personal finance resources, like media, like other podcasts or like books or anything that you consumed that helped you along that way?

34:18 Jeanelle: Yes, you know, one, one of the most helpful books for me was The Total Money Makeover. I don’t know if anyone has heard of Dave Ramsey. I won’t get into like his political stance and some of those problematic things, but I will say the baby step plan that he has is very solid. It’s, you know, I’ve tried to read other books, like How to, I think it’s How to be rich or something like that. And it talks a lot about investing and it just really went over my head. And I liked that it was like, step one, do this step two, do this step three, do this. So that really helped me, at least, and my husband just feel like we could follow a plan that we understood. It was very straightforward. And then later on, when it got to the more complex stuff, like the financial advising and investing, that’s when we were like, okay, let’s get some expertise.

35:13 Jeanelle: There’s no shame. I will say culturally, money just wasn’t talked about in my family. And I wish it was because I feel like that transparency would’ve helped me instead of seeing it in different ways. But you know, it’s nice, like you said, to have that outside person who can give you actionable things that you can do that are really making an impact on your finances and helping you grow you know, to have hopefully a good nest egg. So that was the biggest resource is probably The Total Money Makeover and then the financial advisor. And we have a San Diego financial literacy clinic. I learned about this through working with the county. And so I actually met with a pro bono financial advisor several years ago for that as well. So there are great resources like that too, where you can just talk to someone and have this neutral person listen to you and give you advice.

36:20 Emily: That’s a great, great tip. And it’s great that you found that resource that you knew about through your work. I would say also, you know, of course, anyone listening check for similar resources in your area. Check with like a local credit union. If they don’t offer something like that themselves, they probably know where to refer you for that kind of help. And I’m sure, if you’re below a certain income level, you know, they’ll have some kind of like pro bono sliding scale sort of thing going on. So thank you so much that. Jeanelle, it’s been great catching up with you and thank you again so much for giving this interview.

36:51 Jeanelle: Thank you!

Outtro

36:57 Emily: Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? I have collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. If you’ve been enjoying the podcast, here are 3 ways you can help it grow: 1. Subscribe to the podcast and rate and review it on Apple Podcasts, Stitcher, or whatever platform you use. 2. Share an episode you found particularly valuable on social media, with an email list-serv, or as a link from your website. 3. Recommend me as a speaker to your university or association. My seminars cover the personal finance topics PhDs are most interested in, like investing, debt repayment, and increasing cash flow. I also license pre-recorded workshops on taxes. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC.

This Grad Student Interrogated Her Budget and Worked on the Side to Financially Thrive

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In this episode, Emily interviews Alyce Viens, a 4th-year PhD student in communications at the University of Connecticut. On the eve of her defense, Alyce looks back over her time in graduate school to share the strategies that have help her pay off her student loans, invest for retirement, and save a down payment on a home. We discuss how Alyce budgeted, practiced frugality (including with conference travel), and supplemented her stipend.

Links Mentioned in this Episode

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Teaser

00:00 Alyce: You know, I was able to just not have to wait until I graduated and got, you know, quote unquote, a real job to start my financial journey. You know, not having to delay those things, you know, having that healthy emergency fund, but also being able to, you know, build up investments and, you know, have the down payment for a house and no debt. It’s just, it’s been very, very freeing and liberating.

Introduction

00:31 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 11, Episode 2, and today my guest is Alyce Viens, a 4th-year PhD student in communications at the University of Connecticut. On the eve of her defense, Alyce looks back over her time in graduate school to share the strategies that have helped her pay off her student loans, invest for retirement, and save a down payment on a home. We discuss how Alyce budgeted, practiced frugality (including with conference travel), and supplemented her stipend. I have a gift for you if you’re not yet subscribed to the Personal Finance for PhDs mailing list. At the end of every interview, I ask my guest for their best financial advice for another early-career PhD. My team has collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. The document is even organized by topic so you can easily see which type of advice is most popular. I invite you to join the mailing list to receive access to this document through PFforPhDs.com/advice/. I hope this quick, powerful resource will help you up-level your finances in this new year! Without further ado, here’s my interview with Alyce Viens.

Will You Please Introduce Yourself Further?

02:02 Emily: I am delighted to have joining me on the podcast today Alyce Viens. She is wrapping up her time in graduate school, finishing up her PhD very soon. And she’s here to give us a retrospective on the finances of her PhD. Where she was when she started, where she is now, what she did in between. So Alyce, thank you so much for coming on the podcast. And welcome, please tell the listeners a little bit more about yourself.

02:24 Alyce: Yeah, thank you for having me. I’m really excited to be here. So I am, I guess now a fourth-and-a-half year PhD finishing up. I’ll be defending two weeks from today, actually. So I’m very excited about that. My PhD will be in Mass Communication from the University of Connecticut. So I’ve been studying media effects and things like that for the last four plus years. But I now work as a market researcher for a consumer and brand research company that’s based in DC, but I work remotely. I live in upstate New York. So that’s what I’ve been doing for the last six months is going on to the industry side, the dark side, as I know some people in academia call it.

Budgeting Lessons for Grad Students: Tracking Spending

03:12 Emily: I do want to circle back and hear more about that decision to take that job prior to actually finishing up. But we’ll save that for the end of the interview. What lessons would you like to impart on the grad students and PhDs listening about budgeting, particularly during grad school or maybe in general?

03:28 Alyce: Yeah, so I mean, the reality is that as grad students we’re just not making a ton of money, but we still have a lot of the expenses that we would consider to be sort of adult expenses. We still have to pay for our housing, potentially cars, and we have to buy our food and all of those things that we have to pay for now that we’re adults. But we don’t have income necessarily to match all of those things. So the one thing that I would recommend to anybody, whether you’re a grad student or not, is to spend your first month before you ever build a budget and just look at any time money is leaving your pocket, whether it’s cash or debit card or an automatic subscription, a student loan payment, regardless of what it is, write it down, categorize it.

04:14 Alyce: Like don’t just say I spent, you know, $10 on food today. Well, did you spend $10 at the grocery store, or did you spend $10 at Starbucks on food? And then do that for a month. Don’t change your habits, just make it a regular month. And I think that’s the best place to start because you can really start to see, where am I spending all my money? I find that when I had less income, it wasn’t the large expenditures that I was doing. Like I wasn’t going out and buying myself a new iPhone every few months. Like I wasn’t making any large purchases. It was those little ones that time where, you know, I forgot to pack myself lunch and I had to go to a restaurant to get it. Or I had to go to the grocery store to buy something quickly. You know, it’s a lot of those really little things that can catch up with you. And as grad students with that limited income, that has to be the first place I think that you start is looking where you’re spending your money, and then we can start to assess where you can maybe make some cuts.

05:17 Emily: Did you use like software or an app? Or do you like to do things manually, and what do you recommend to other people?

05:23 Alyce: Yeah, so I would just have like a notes file going in my phone just to kind of, so for those moments where, you know, you kind of spontaneously spend money, I would throw all my receipts in my wallet for those times that I forgot to write it down. And then I would honestly just put them into an Excel sheet because you know, it makes it nice and easy, you know, when all is said and done for you to just kind of group them and see what those totals are.

Frugality is Worth it to Avoid Debt

05:53 Emily: Is there anything else that you want to add about budgeting?

05:58 Alyce: I would say, you know, I fully recognize that that 30% housing threshold may be very hard to reach. And so, you know, reach it as much as you can, get those housing costs down as much as you can, but also recognize if you spend a little bit more on housing. Okay. Well that just means we maybe need to make a little bit extra side income, or we need to just adjust our budget accordingly and maybe we spend less on something else. So I think, you know, there are opportunities, you know, depending on where you end up. Sometimes your graduate school is going to be in Southern California and you’re gonna be paying a fortune in housing. But where can you cut? Or where can you add as much as possible? And the same thing goes with really any aspect of your budget.

06:50 Alyce: You’re going to have to cut somewhere. You know, frugality and, you know, really making it as being financially well and not putting yourself further into debt as a grad student, it is going to involve some small sacrifices. I’m not going to lie and say, it’s all sunshine and rainbows all the time. There are going to be times where you have to say no to yourself, or you have to maybe get something that’s a little bit less than what you maybe wanted to. But it’s all about finding the balance. And it doesn’t have to be this miserable existence where you, you know, live in a tiny, tiny room and live on ramen noodles, but there are ways to make it work. You have to be willing to put in the work to find out where those places are. Because it’s easier to just fall into debt.

Strategies for Minimizing Expenses

07:40 Emily: Okay. So you mentioned earlier, like, okay, cutting expenses and also increasing income. And I want to ask you about both of those things. So, what are some strategies that you used in terms of decreasing expenses or minimizing expenses?

07:52 Alyce: Yeah. So the first thing that you have to do is just, like I said, cut those small unnecessary expenses. You’re going to have to buy gas for your car. You’re going to have to pay for insurance. You’re going to have to pay rent. But what you don’t have to do is buy lunch on campus every day, because you didn’t have lunch. What you don’t have to do is order pizza because you got home late. Those are things that you don’t have to spend money on. So look for opportunities to not do that. So I always kept snacks in my my drawer just, or like a loaf of bread and some peanut butter or like Graham crackers and peanut butter or something that I could kind of default to when I was on campus longer than I intended, or I didn’t have anything at home that I could make as a lunch or a dinner. You know, we’re there sometimes for a long time, I get it.

08:44 Alyce: You run out of meals. So have those emergency meals in your desk at work or in your backpack or in your car, wherever you need to keep them. Also, I like to make emergency meals for my house. So I always, like I’ll, you know, make a lot of something, you know, if I cook chicken, I’ll cook two or three extra pieces of it. So it’s done, freeze them in the individual packages, and then it’s just a microwave away. Or have emergency kind of food ready. So when you do get home late and you don’t feel like cooking, you always have that can of soup in the pantry. You always have something that you don’t have to spend money on. You can, you know, evaluate things that you are spending your money on that you do need to, or, you know, you would like to, but are there ways that you can reduce it?

09:33 Alyce: You know, do you need the, the fanciest Wi-Fi plan for your home internet? Probably not. I can tell you, I have a very cheap one now and it works just as well as any other one. Just don’t have seven devices going at a time. You know, do you have a subscription to Netflix, Hulu, Spotify? Do you have all of these and are you actually using them? Can you share expenses with somebody else? You know, I know it’s only, you know, $12 a month, but you know, those things they add up when you’re talking about how they compound on each other. So I think it’s just realistically looking at what are you spending your money on and are there ways that you could reduce that spending if not eliminate it completely?

10:21 Emily: Yeah. I like the process that you’re outlining here, like first tracking all expenses, and then interrogating each one of those expenses. I would say even, you know, the necessary expenses are also worth interrogating. There are a little bit of, well, for example, you mentioned gas in your car. Okay. So like figure out what’s the station that you’re always going to go to that consistently has like the cheapest price that’s not too far out of your way or whatever. Like just figure that out, make the decision one time, and then you’re always gonna be getting gas from that station. It’s always at the best price that you know about. So anyway, the necessary expenses are worth interrogating. You just like go down your entire list. Like you were saying, ask yourself for every one, how can I reduce this? How can I share this? Can I go without this? I really like that strategy. And it does matter, like you said, even those small few dollar expenses per month, they do matter in a grad student budget, whereas they might not in a normal salary kind of budget.

Know What’s a Good Sale Price

11:14 Alyce: Yeah, certainly. And I think I worked at a grocery store when I was in college and it was by far probably, you know, it’s retail, so it’s miserable. But in terms of life lessons, probably the best experience that I had in terms of life lessons of learning how much things should cost. Because the reality is, if you walk into a grocery store willy nilly just to buy whatever you want that day, whatever you decide that you need that week, you’re going to end up spending more than you should. You know, know what chicken breast should cost. I’ll give you an example. You should never spend more than $1.99 a pound on chicken breast. That might vary if you live in a really more expensive state. And I know we’re in inflation right now, but knowing, you know, what’s a good sale price and being willing to, you know, freeze something because you can have it later.

12:09 Alyce: Buying in bulk. You know, if that’s applicable to you. If you have roommates, there’s no reason why you can’t buy, you know, the Costco size toilet paper, you’re probably going to use it. And you’re probably going to save a lot of money in doing so. So learn how much things should cost. You know, look at the sales fires, use coupons. I’m a big proponent of coupons and people think they’re, you know, it’s challenging and you have to be like the TLC coupon moms. You really don’t. Every grocery store now has an app that you can load the coupons right onto your app, or right onto your store card. Coupons.com is a really great place. You know, if you’re going to spend the money anyway, why not save the money on it?

12:56 Emily: I love that you brought up couponing because it’s actually not something I don’t think we’ve discussed in detail on the podcast before. But as you said, I found it also like, I coupon at a very minor level. Like what my grocery store sends me, my grocery store learns my spending patterns because of whatever I’ve signed up for with them. And then they send me coupons on the stuff I actually buy, which is awesome. And then double awesome is when you can pair a coupon with like something already being on sale and that being, you know, you’re able to like stack that or whatever. Give me another like more advanced strategy. Like for instance, how are you using coupons.com?

Advanced Couponing Strategies

13:29 Alyce: Yeah. So I will check coupons.com anytime before I go shopping just to see what is available. And the trick with coupons is don’t buy something just because you have a coupon for it, because chances are, you’re probably not getting a deal. Just because you, you know, save 55 cents on that, doesn’t mean it was necessarily a good deal, especially if it’s something that you weren’t going to buy anyway. So it’s important you only use it on things that you were intending to buy, but also, you know, compare to, you know, maybe the store brand, if that’s applicable. Sometimes, you know, if it’s not on sale, you know, using a coupon on a brand name, it’s still not going to save you anymore than if you had just bought the generic brand of it. So I’ll check coupons.com just to kind of see what’s available and take the ones that I want.

14:21 Alyce: And again, only using on things that you’re going to. I’ll check the app of the store that I’m going to be shopping at to see, do they have coupons that I might want to use? I also will Google. So sometimes like, you know, P&G might have their own separate coupons that they don’t publish on like a public platform like coupons.com, and it might just be linked to their website. And you just have to put in an email. I have a burner email just for specifically that purpose. Like I don’t ever check it. It’s just for putting in to get any kind of special codes and deals. And that’s really for everything. It’s not just for for groceries. Like Kohl’s, for example, if you need to go buy new conference clothes or whatever you might need to get at Kohl’s, almost always, if you go on their website, they have at least a 15% off coupon that you can print out or show on your phone.

15:18 Alyce: You know, stores are desperate to get people actually in stores now because you know, we’re moving so much to online. So, I find that coupons are more often available than not. So if you need something, just do a little bit of searching. The other thing I would recommend is an app it’s called Ibotta. I B O T T A. And you go onto this app, and you just select what store you’re shopping at. And it will show you just a plethora of coupons available that you’ll get cash back on. And you just add it to your list. You upload your receipt afterwards, and they put this money into your kind of Ibotta account and you can withdraw that money once you reach, I think it’s $20. So I’ve saved over two, probably over $300, by using this app. And it’s often for things that, again, I’m already buying. So if I’m going to buy that box of pasta, I’m gonna buy it and save a dollar on it because I can.

16:20 Emily: All right, I have homework now. Great ideas for me to implement.

Commercial

16:25 Emily: Emily here for a brief interlude! Taxes are weirdly, unexpectedly difficult for funded grad students and fellowship recipients at any level of PhD training. Your university might send you strange tax forms or no tax forms at all. They might not withhold income tax from your paychecks, even though you owe it. It’s a mess. I’ve created a ton of free resources to assist you with understanding and preparing your 2021 tax return, which are available at PFforPhDs.com/tax/. I hope you will check them out to ease much of the stress of tax season. If you want to go deeper with the material or have a question for me, please join one of my tax workshops, which are linked from PFforPhDs.com/tax/. I offer one workshop on preparing your annual tax return for graduate students and one workshop on calculating your quarterly estimated tax for fellowship and training grant recipients. The first live Q&A call for the annual tax return workshop is coming up on Sunday, January 23rd. For fellowship and training grant recipients, please be aware that the deadline to make your quarter 4 payment, if applicable, is January 18th if you are not planning to file your tax return by the end of January. It would be my pleasure to help you save time and potentially money this tax season, so don’t hesitate to reach out. Now, back to our interview.

Conference Travel Frugality

18:01 Emily: Now, you mentioned earlier, you had a lot of thoughts on conference travel. So how have you employed frugality in that area?

18:07 Alyce: Yeah, so conferences, you know, are the bane of grad students’ financial existence, because they are so expensive. So the first thing I would recommend is looking to funding sources. And these aren’t always going to be available, but you really never know. So ask your department, you know, hopefully you’re aware by that point if they have options, but just ask them. Sometimes they’ll pay your registration fee at the very minimum. Sometimes you’ll get a travel stipend, whatever it might be. So, you know, certainly look to your department, look to the university. Sometimes, I know my university one time during your PhD, you could apply for a travel grant and it was $750. You can only use it once. But it was nice because it paid for, you know, a bulk of one of the trips that I had to make. So starting there, and then look to the conference itself.

19:03 Alyce: Sometimes they give away money to graduate students. I know one that I was attending every year, all you had to do was just check off when you registered that you were interested in graduate student funding. And when you got to the conference, you got a check for $150. Sometimes certain like caucuses, I don’t know how every you know, conference in every field runs, but at least at the communication conferences, there were different caucuses. And sometimes they would offer travel funding of, you know, $75, $150, whatever they had available. So start with those funding sources. The next thing that I would recommend, and I will preach this until the ends of the earth, do not use the conference recommended hotel or the conference recommended airline, if you do have to travel by air, as we so often do. They almost always are more expensive.

20:02 Alyce: You know, you’ve got think, when a conference is picking a hotel, they’re picking something very nice that can accommodate a lot of people, has all the conference rooms, things like that. So the room and prices are going to be more expensive. So I always, when I went to conferences, stayed no more than a quarter mile, something I could easily walk to, down the street. There’s always going to be a cheaper hotel available for you to stay at. I even did the math once. It was cheaper, even if it was a little bit further to even like take an Uber back and forth every day than it was to stay at the conference hotel. So that’s a great option that you can save money. Same thing with airlines. You know, they give you the group code, certainly check it, but also, you know, use Orbitz, use Southwest, because they’re not linked to Orbitz, and they often have really cheap prices. You know, and find the best deal. There’s no reason that you have to go with Delta airlines because that’s what the conference said you should use. If there’s a better deal on a flight, then take it. There’s no reason you have to spend more money.

Have a Conference Buddy

21:13 Emily: That’s all great stuff. And another thing you mentioned to me in our prep for this interview was to have a conference buddy. So what does that mean?

21:21 Alyce: Yeah. And I also recommend having a conference buddy. So this was somebody in my department that I traveled with. I knew we were going to be attending the same conferences most of the time. So what we would do is we would book our flights together. We would always plan to share a hotel room. It was somebody I trusted and I knew, you know, wasn’t a random stranger that’s going to steal my stuff in the middle of the night. And then we would, you know, split the cost of transportation to and from the airport, you know, we’d share the Uber. We would split the cost of parking, whatever it was, pretty much everything was, you know, minus the flight because obviously we had to pay for our own tickets, but it was all cut in half. And that, you know, saved us so much money. There was one conference we went to, we were actually able to drive to, me and my conference buddy, we actually made money on the conference based on the amount of funding that we were able to get from the conference itself and us splitting our costs.

22:20 Alyce: I think we both ended up netting like $30 each. So definitely find a conference buddy as soon as you can, somebody who you are connected with in your department or even outside of your department, if you make a friend in another school. It’s really a great way to save some money. I will also add some kind of silly ways to save money at conferences. So one, book a hotel that offers free breakfast, because that covers one of your meals. One of the biggest expenses of conferences is you’ve got to buy all of your meals while you’re there. So get your free breakfast every day. That’s one less meal that you have to pay for. And it’s a meal you’re probably never going to sit down and eat with anybody anyway. And if, you know, that free breakfast, sometimes I would, you know, take a couple extra apples or something and put them in my bag and I would bring like single serve peanut butters or something.

23:20 Alyce: And then that covered me for a lunch as well that I didn’t have to pay for. Because again, you know, you’re going from you know, panel to panel. You don’t always have time to go sit and eat a lunch anyway. So, you know, instead of spending, you know, the $10 on a small sandwich, you know, eat the stuff from the free breakfast or pack protein bars. Pack things that you can have just as kind of a go-to, because you may have to, you know, go out to eat for dinners, for networking purposes. You’re going to have to spend money for meals at conferences, but cut it where you can. Also, attend the free receptions. There’s almost always food. It’s a great opportunity for networking, but there’s always going to be food at these things or, you know, our conferences, a lot of the bigger schools would host party receptions. You obviously shouldn’t go there and just like stuff your face and leave. Like, integrate it into a networking opportunity, but there’s food. And honestly that’s, you know, a big expense at conferences that I initially found when I first started going to them was how much money I was wasting on just eating out every meal. And so I just started packing my own food as much as I could and just found opportunities to cut those costs.

24:40 Emily: Those are great suggestions. And I love the way you kind of, the outline you just gave of, you know, finding funding at your university level, finding funding at the conference level. How can you frugalize these larger expenses within the conference? How do you frugalize the smaller expenses within the conference? So clearly again, you’re sort of interrogating every step of that process and finding how to optimize it. So I just love that. Is there anything else you want to add about frugal strategies used during grad at school?

Ask for Practical Gifts

25:08 Alyce: The other thing I think I would add is just to, when you know there are going to be things that you need to have, you know, you need to buy textbooks, you need, you know, those flights, use holidays and birthdays and things like that strategically. You know, you probably really don’t need, you know, a new bag or a new pair of shoes or whatever it is that you might normally ask for for Christmas, but you may need, you know, an American airlines gift card to help you get you to that conference. You know, your life’s not going to be less fulfilled without that pair of shoes, but your life might be a heck of a lot easier if you don’t have to pay hundreds of dollars for a flight. You know, if you’re going to have to buy textbooks, ask for an Amazon gift card because you’re going to be able to buy those books and share them. I can’t tell you how many times, you know, again, my conference buddy, you know, I had sort of class buddies too. We would just buy as a class one copy of the required textbook, and we would just pass it around and have designated days that we used it. You know, there are just, if you really interrogate, like I like that word, you keep using, interrogate your expenses, there are ways to find those cuts.

26:26 Emily: Yeah. And another thing that you’ve brought up a couple times, you know, the conference buddy, now the class and textbook buddies and so forth, like use your fellow graduate students as a resource. You know, they’re in the same spot as you, more or less, right?

26:37 Alyce: They’re just as broke.

26:39 Emily: Yeah. So whatever you can share, whatever tips you can, you know, share with them, maybe you’ve taught one of them how to coupon and they’re going to teach you how to do this other thing. You know, you all are kind of a wealth of resources, a wealth of knowledge, in terms of how to manage your finances during graduate school. And again, you’re coming on the podcast, you’re sharing with everybody. That’s awesome.

Increasing Your Income

26:57 Emily: Okay. Let’s move on to increasing income then. So what strategies did you use to bring in extra income, increase your stipend, during grad school?

27:07 Alyce: Yeah, so you know, I fully recognize, you know, while we’re in the thick of it, you know, sort of that nine-month span where you’re TAing or maybe you’re an RA, it’s hard to find those opportunities to increase income. So, I would try and always make the best of those three months that I did have off. So I really did a variety of things. So the one that was probably the most lucrative was I would grade AP exams. So they’re looking for subject matter experts in, you know, these AP subjects. And, you know, I did communication, so there’s not an AP communication course, but there is a course called seminar, which is basically they learn how to evaluate and write arguments and, you know, conduct research, you know, write a research paper. And so they needed people to grade those.

28:00 Alyce: So that was something I did for the last know, six years or so. And it was one week online. So I could work from my home and, you know, you just read paper after paper and you score them. It’s certainly not fun, but I can tell you, it pays like $26 an hour. And so, one week of work was able to cover me for almost all of my entire expenses for the summer where I had no income coming in. So that’s a really great opportunity. I think you go to readap.com I think is the website for it. Or if you just Google AP scoring opportunities, it should come up.

28:44 Emily: Yeah. That’s an amazing suggestion. I think it would be applicable, most graduate students are probably going to find some kind of AP exam that they’re qualified to grade.

28:52 Alyce: I mean, they love graduate students because we’re available. You know, they’re often recruiting college professors or high school teachers, but that’s, you know, it’s a little bit harder for them. But grad students, we’re readily available and we’re desperate for money. So they know they can squeeze a lot of hours out of us. So like I said, it’s not a fun week, but you know, you can knock it out and again, you can pay for most of your expenses. And, you know, as I did it more and more, I started to get promoted to leadership positions on it. So I was able to get more hours and make more money. So it is something you can stick with long-term. Unfortunately, now that I work full-time, I won’t be able to do it anymore. But it was a great opportunity.

Balancing Summer Research and Side Hustles

29:36 Emily: Okay. So you mentioned the one week of AP grading can cover your expenses, more or less, for the whole summer. How were you spending your summers, since you didn’t have a stipend during that time? Were you trying to focus on research, or did you get other jobs aside from this AP one?

29:51 Alyce: I would do a little bit of both. So I didn’t want to spend, you know, the entire summer working all of the time. You know, I think that’s, you know, such an important time for graduate students to recharge, but I also recognize this is an opportunity for me to make a little bit of extra money when I’m not as busy. You know, you’re not going to do research for, you know, 24 hours a day, every day during the summer. You’re just not. So you know, where I could, I tried to find, you know, those additional opportunities.

30:23 Emily: Yeah. So what were some things that you did during your summers that you would recommend to someone else, like the AP grading? And then also, did you do anything during the academic year?

30:32 Alyce: Yeah, so one summer, so it was about six weeks because obviously, you know, our summer is a little bit longer than the regular school year summer. I went and substitute taught at a middle school in my town, you know, especially in COVID right now. They’re really desperate for substitute teachers. And I actually really liked it because it was such an easy job because most of the time, you know, as a substitute teacher, you’re putting on a movie or you’re giving them a worksheet to do. And so I brought my laptop and I would do work, I would do my research. And so I think, you know, I probably would’ve even considered doing that during the year if I was able to, just because it didn’t require a ton of like cognitive effort on my part. And I still was able to kind of dedicate some time. Just make sure you check with your university first.

31:26 Alyce: They usually have a policy about working any kind of supplemental income as a graduate student. You do usually have to get it approved. So make sure you check with those policies. I know some people got burned by that. So I did that. I think those were the two main ones that I did. I also would just do like little things here and there, especially during the academic year, like I would take online surveys. You know, we know how much we pay people for research. And so I would, you know, find opportunities to take those. My fiancé and I ate many a free dinner based on these online surveys and just, you know, getting the free gift cards from those things of that nature. So those were kind of the main ones that I did. I knew some people who, you know, when grocery stores have to change over all of their price tags, there was somebody I knew who would go on Saturday night, they work from like 11:00 PM to 7:00 AM, just one night a week, changing over all of the price tags. And that was the only extra job that they had, but it was enough to kind of, you know, pay for, you know, maybe one week pays for your cell phone bill, the next week pays for your electric bill. You know, when you’re accumulating 50, 60, $70 for that one night, you know, you can then apply it to a specific thing.

Financial Accomplishments During Grad School

35:13 Emily: So we’ve talked about a ton of different strategies. But I want to know for your financial picture, what did this all amount to? You know, how much did, if you wanna express that as net worth, you want to express that as not going into debt or, you know, what did you sort of accomplish financially using these strategies over the course of graduate school?

35:32 Alyce: Yeah, so you know, I’m happy to say that because of that frugality and because I was so strategic with, you know, the money that I saved, you know, if we want to quantify this, I was able to pay off all of my student loans before I ever graduated. So I’m going to graduate completely debt-free. And I didn’t have an assistantship for my master’s. I didn’t know that a thing, if anybody’s listening to this as a potential master’s student, look into those funding options, I didn’t know that was even a thing. So I was able to graduate or will graduate completely debt-free. My fiancé and I were able to buy a house. So we actually just moved into our first house a few months ago, you know, again, before graduating, which was really exciting. And in terms of, you know, if I’m quantifying this on a net worth perspective, you know, I’m sitting pretty well.

36:27 Alyce: You know, probably over $60,000, you know, in investments or in sort of cash assets, not including, you know, obviously any equity we’re building in our house, but you know, I was able to just not have to wait until I graduated and got, you know, quote unquote, a real job to start my financial journey to start building, you know, that down payment towards a house or, you know, start building my retirement income. You know, it’s so, so important. You know, the more we delay our retirement savings, the less opportunity we have to make those grow. And so, you know, not having to delay those things, you know, having that healthy emergency fund, but also being able to, you know, build up investments and, you know, have the down payment for our house, no debt, it’s just, it’s been very, very freeing and liberating. And so, I certainly encourage everybody to, you know, strive to get to that place.

37:31 Emily: I love that. I’m really glad that it amounted to all of that for you. I mean sometimes graduate students need to do everything we’ve talked about out just to break even, right? The stipends are just that, you know, dismal. But I’m really glad that for you, all that effort added up to an actual net worth increase and, you know, paying off the student loans and all the great things you’ve been able to accomplish. It’s amazing. So congratulations! Congratulations also on the job, and the upcoming defense and the house and all these wonderful things that are going on. So where can listeners find you? And I understand that you have written a book.

38:05 Alyce: Yeah. So this was kind of just a little mini passion project that I wrote because I didn’t have enough to do with working full-time and writing a dissertation that I also decided to write a little bit of a book, it’s called Financial Wellness 101: Everything You Wish You Learned in School About Saving Money, Building a Budget, and Growing Wealth as a Young Professional. And I wrote it with the intention of it really just being for those people who are kind of fresh out of college or even out of graduate school who just, you know, don’t have any idea. It’s the first time we’re really managing our money on a large scale. We don’t understand what is a 401(k), what’s a Roth IRA? What do all these letters mean? Do I really need to be saving for retirement? How do I set up a budget?

38:51 Alyce: You know, where am I spending more money than I should be? So it’s a very, you know, no frills, it’s self-published so it’s not fancy, it’s not edited by any extent. But it is available. So users can find, or your listeners can find me on Twitter @Alyce_Viens, and on that, you’ll see the link for, it’ll take you to the ebook version. If that’s something you’re interested in. And I actually set up for your listeners, if they use code GRAD, G R A D, they’ll get $5 off the cost of the book. And I will also email you an additional section that I wrote of the book that’s specifically for graduate students and some of those ways that you can save money with conferences and funding and all kinds of things like that. So it’s sort of an added perk that you would get for free, and it is also available on Amazon if you prefer Amazon.

Best Financial Advice for Another Early-Career PhD

39:52 Emily: Okay. Yeah, we will put all of those links in the show notes, that is a great offer to get that additional chapter or whatever it is. Lovely. Well, Alyce, it was so good to have you on the podcast. I ask all of my guests one final question, which is what is your best financial advice for another early-career PhD? And it could be something that we have touched on already in the interview, or it could be something completely different.

40:15 Alyce: I would say, my piece of advice is to avoid accumulating any additional debt.

40:23 Emily: Yes, very simple and very powerful advice. So that is so great. Thank you so much for coming on the podcast!

40:28 Alyce: Thank you for having me! This was fun.

Outtro

40:35 Emily: Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? I have collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. If you’ve been enjoying the podcast, here are 3 ways you can help it grow: 1. Subscribe to the podcast and rate and review it on Apple Podcasts, Stitcher, or whatever platform you use. 2. Share an episode you found particularly valuable on social media, with a email list-serv, or as a link from your website. 3. Recommend me as a speaker to your university or association. My seminars cover the personal finance topics PhDs are most interested in, like investing, debt repayment, and increasing cash flow. I also license pre-recorded workshops on taxes. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Lourdes Bobbio and show notes creation by Meryem Ok.

This Grad Student’s Defensive Financial Planning Paid Off During the Pandemic

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In this episode, Emily interviews Maya Gosztyla, a third-year graduate student in biomedical sciences at the University of California at San Diego. Maya has experienced major financial ups and downs over the three years since her first podcast interview. Her husband was unemployed for over a year between moving with her to San Diego and pandemic hiring freezes. However, she managed to support both of them with her grad student stipend and freelance side income thanks to negotiating for a spot in her university’s subsidized housing program. Now that her husband is employed again, they are aggressively pursuing FIRE through investing and enjoying occasional splurges.

Links Mentioned in the Episode

This Grad Student’s Defensive Financial Planning Paid Off During the Pandemic

Teaser

00:00 Maya: My husband didn’t have a job lined up at that point. We weren’t too worried, because San Diego’s a pretty big biotech hub. And so we were doing pretty well on just my stipend end of 2019. We got to 2020, things changed a bit. And so what we thought was going to be just like maybe like, you know, worst case, a six month-unemployment period, turned out to be like over a year of unemployment for him. So it was at that point that I was really happy that I had made the decision to choose a school that I could pay for on just my stipend. Because if we didn’t do that, we would have had a lot of debt after paying for just us that year.

Introduction

00:34 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 11, Episode 1, and today my guest is Maya Gosztyla, a third-year graduate student in biomedical sciences at the University of California at San Diego. Maya has experienced major financial ups and downs over the three years since her first podcast interview. Her husband was unemployed for over a year between moving with her to San Diego and pandemic hiring freezes. However, she managed to support both of them with her grad student stipend and freelance side income thanks to negotiating for a spot in her university’s subsidized housing program. Now that her husband is employed again, they are aggressively pursuing FIRE through investing and enjoying occasional splurges.

It’s January now and you know what that means: Tax season is upon us! At some point in the next three or so months, you will prepare and submit your 2021 tax return, and I am here to help. I have just released the 2021 version of my annual tax return workshop for graduate students, which is titled How to Complete Your Grad Student Tax Return (and Understand It, Too!). The goal of the workshop is to assist you in calculating and reporting your grad student income and maximizing your higher education tax benefits using your qualified education expenses. It supports your federal tax return preparation process whether you use software, employ a human tax preparer, or fill out the IRS forms directly. The workshop comprises videos and worksheets, plus I will hold live Q&A calls throughout tax season for any follow-up questions you might have.

There is another upcoming deadline that graduate students, postbacs, and postdocs should be aware of. The 2021 quarter 4 estimated tax payment is due on January 18, 2022 unless you plan to file your tax return by the end of January. This payment deadline may apply to you if you were paid by a fellowship or training grant for part or all of 2021 and no income tax was withheld from your paychecks. You can find out if you are required to make this payment by filling out IRS Form 1040-ES. If you need some help with calculating your payment, please join my workshop, Quarterly Estimated Tax for Fellowship Recipients. It shows you how to fill out every line of the form and answers common questions from the PhD population, such as when to make these payments if you switch onto or off of fellowship in the course of the calendar year. The quarter 4 live Q&A call for this workshop is scheduled for January 9, 2022. You can find links to these two workshops plus all of my free tax resources at PFforPhDs.com/tax/. By the way, I license both of the workshops that I just mentioned to university clients at a discounted bulk rate, so it’s well worth asking your graduate school, graduate student association, postdoc office, etc. if they are willing to purchase either or both on behalf of yourself and your peers. I hope you will use my resources to ease much of the stress of tax season. Again, you can find everything linked from PFforPhDs.com/tax/. Without further ado, here’s my interview with Maya Gosztyla.

Will You Please Introduce Yourself Further?

04:12 Emily: I am delighted to have back on the podcast, Maya Gosztyla. She’s actually contributed to the podcast three times before. So back when she was a postbac fellow, we did a full interview and season two, episode four, that was mostly about her side hustle. We’re going to hear an update about that later on today. And then she’s also given us two short updates. So season seven, episode 16, she gave us a quick update on how her finances and life were going. And then in season eight, episode seven, she was one of my anonymous guests on the podcast episode on negotiating your grad student stipend and benefits. So, because, you know, we’ve been kind of loosely in touch over the past couple of years. I know that a lot of interesting things have happened in Maya’s finances since we did our full interview. So I asked her to come back on the podcast to talk about all these various developments. So, Maya it’s really great to have you! Would you please re-introduce yourself to the listeners?

05:01 Maya: Yeah, definitely. I’m excited to be back on here after a couple of years. There are some updates. So yeah, my name’s Maya, I’m currently in my third year of my PhD program at UC San Diego studying biomedical sciences. And before this, I did my undergrad at Ohio State. And then I did a one-year postbac at the NIH.

Freelance Side Hustling

05:20 Emily: Yes. And so, that earlier interview that we did was all about your side hustle. So can you fill us in a couple of details about that side hustle?

05:27 Maya: Sure. So I’ve been doing this since like senior year of undergrad. I do some freelance science writing. And since then, I’ve gotten a little bit into science consulting and some freelance programming as well. So I’ve been doing that for a while, and it’s just kind of a way to both supplement my income and also to get some connections with various industries that I might not have met otherwise through my main research.

05:47 Emily: Yeah. I love that you started this side hustle so well in advance of grad school. So it was kind of already established. It’s really kind of hard to get something off the ground as a grad student, but I love that, you know, you already had it going and just had to maintain it.

How Taxes Played a Role in the Decision to Get Married

06:00 Emily: Okay. So we’re just kind of going to step through the last couple of years, since we published our interview. We conducted the interview in maybe like late 2018, early 2019, you were applying to grad school that year, or in that academic year. So things that have happened since then: one, I know that you got married, and I know that the timing of your marriage was influenced by tax matters. So can you explain how taxes played a role in when you decided to get married?

06:26 Maya: Yeah, definitely. So my husband and I, we actually, for a long time, were just like not planning to get married. We’d been together for close to 10 years at this point, like since high school, but, you know, neither of us is religious. We don’t really have any interest in children. So we just didn’t really see much of a need to do the whole legal marriage thing. But then as I started to research more about the kind of financial benefits of marriage, it started to become a lot more useful for us to get married, basically for like kind of a cynical my point, not very romantic view of marriage. And especially as I was going into grad school, as you mentioned, this was kind of the ideal time for us to get married. Partly because I was asking my husband to like move across the country with me and he didn’t have a job lined up yet.

07:04 Maya: So I thought that was kind of a big financial risk for him. And I wanted him to have a little legal protection, I guess. But as you said, the tax reasons were kind of the main thing. Probably most people know that when you’re married filing jointly, your overall tax rate usually goes down somewhat. That can vary depending on your exact incomes. But for us, the thing that kind of made us get married at that point was because I was still eligible for the kiddie tax from my first year of grad school, which is basically, I think it was established so that it was like people who were rich used to kind of give their adult children some of their stocks and like use that to kind of avoid taxes on their part. And so to avoid that if you’re under age 26 and you have unearned income which includes capital gains, but unfortunately also includes a lot of grad school fellowships and scholarships.

The Kiddie Tax

07:50 Maya: Your taxes are like really high on that. Like, I don’t know the exact number, but it was like 20% or something ridiculous like that. So for that first year of grad school, I was only 25. So, I think I was actually 24 going in. So like, I didn’t want to have to pay that crazy tax rate. And if you’re married, you don’t have to pay the kiddie tax. So that right there probably saved us a few thousand dollars. And it also ended up saving us more money that year because we qualified for the retirement savers’ credit which normally, you know, if it was just me, my income would have been a little bit above the limit to get like the maximum benefit. But because we were both below the limit, because my husband didn’t have a job during that first year, which we’ll get into later. Our combined income was low enough that we basically each got a thousand dollars back for that tax credit. So $2,000 plus the kiddie tax savings just for getting married that year.

08:37 Emily: Yeah. I’m sure it’s something that most people don’t think about, especially at the age that you were, you know, 23, 24, that kind of age. So yeah, people want to learn more about the kiddie tax like issue, I have an article on my website it’s linked from PFforPhDs.com/tax. You can find it linked from there. But basically, it’s pretty little known, but as you said, it’s meant to tax unearned income, but unfortunately fellowship income is defined in the same way. It’s defined as unearned income. And so yeah, grad students and postbacs like you were, can get into this strange, like potentially higher tax situation. Now around the time that you were like getting married, making these decisions, the kiddie tax was going through a little bit of a shift. So I think maybe in the year that you got married, it was the worst that it ever got because it was yeah, like the Tax Cuts and Jobs Act, which was passed, I guess at the end of 2017, so effective in 2018, it increased the kiddie tax rates up to the like trust rates.

09:38 Emily: But then after a year or two, they realized what a problem that was, especially for low-income college students. And so they brought it back down to like your parents’ tax rate, which is what it was before. Which is great if your parents are low income and that’s the reason you’re receiving grants and stuff. But like for a lot of graduate students, we received this kind of aid for merit reasons, and not necessarily because your parents have this or that kind of income. And so it can hit students and postbacs and stuff who are not dependents of their parents. So not necessarily even receiving support from their parents, but their parents’ tax rate is considered in their tax rates. So it’s really messed up. But as you said, marriage gets you out of this. It’s like the get out of jail free card for the kiddie tax, and for some other matters like this. So yeah, as you said, not very romantic, but a very practical reason. If you’re already set on being together long-term to have the legal protections, as you said, of marriage in place, and having these kind of extra weird tax benefits, like you mentioned the retirement saver’s credit as well for your husband, presumably.

10:35 Maya: Yeah, it ended up being really important, especially during my husband’s unemployment period, because one of the things that came with marriage was that he can be on my health insurance. And when he aged out of his parents’ health insurance, we would have had to pay much higher rates if we were not married. So it was a benefit that I wasn’t like even thinking about going in, but things like health insurance, also the ability to like open an IRA and contribute for each other. Like since I don’t have any earned income during grad school, I normally wouldn’t be able to use an IRA, but being married lets us do that. And there’s probably even other financial benefits I haven’t figured out yet. So I think it’s a good thing to be aware of that even if you don’t really have like romantic or religious reasons to get married, it’s sometimes still useful just for the financial reasons.

Marriage Penalty or Benefit

11:12 Emily: Yeah. I want to say actually a small correction because it was the case that you couldn’t contribute to an IRA, but that law has changed as of 2020. So even with fellowship income. But for your husband, now, if your husband, as we’ll get into, he went through a period of unemployment. As a spouse, he can still contribute to an IRA based on your earned income. So it’s like anyway, double benefit there. But yeah, it’s really interesting. I’ll try to link it from the show notes. There’s like a graphic, it’s probably from the New York Times or something, where it shows you where there’s a marriage benefit and where there’s a marriage penalty in terms of does having, you know, this income range mean lower tax rates or higher tax rates if you’re married.

11:49 Emily: And depending on where you are, it can either have no effect, there can be a benefit, here can be a penalty, I think down where I’m assuming your tax rates are, it’s neutral, there’s no benefit or penalty. But as you get into like higher incomes and more disparate income, sometimes those things can come into effect. Super interesting. So thank you for telling us about the kiddie tax. Ah, good to be reminded, especially in tax season. Okay. So that affected the timing, the fact that you got married, the timing of it and so forth, and then okay.

Role of Finances in Grad School Selection

12:15 Emily: Going into like application season, admission season, this is kind of just after we did our interview. Did finances come into play for you in considering your various offers or your selection of where to attend graduate school?

12:27 Maya: Yeah. Finances are definitely like probably in my top five or maybe even three criteria for choosing a grad program. I think everyone knows you’re not going to be like living large on a grad stipend, but I at least wanted to not have to have finances be like something else I’d have to worry about on top of my research. And I think some people, especially if you’re going into grad school in a long-term relationship, or if you’re married, you might think that maybe it doesn’t matter quite so much, because you could rely on your spouse’s income. But especially if your spouse works in a field where jobs aren’t always long-term, it’s common for people to like get laid off quickly or switch around jobs. I think it’s really important to be able to support not just yourself, but also both of you for at least a short period of time on just your grad stipend, and not think like, “Oh, I have a spouse, so therefore I don’t have to worry about it too much.”

13:12 Maya: So like for example, in our case, I really wanted somewhere where maybe we won’t be living like with anything extra really, but at least we can survive and like pay the rent and buy food on just my income. Which is like just barely the case where I am at UC San Diego. That’s kind of like right on the border of like slowly losing money over time. But there were definitely some other schools like I’ll mention like the Bay Area, several schools in that area where their stipends are a little higher than here in San Diego, but definitely not enough to cover like the difference in cost of living. And that made me really hesitant to choose any of those schools.

Subsidized Housing

13:43 Emily: Yeah. I really appreciate your mindset going into this. “Okay. I want to be able to support two adults, if necessary, for a short period of time.” And I know this is a situation that often comes up for international students who are bringing spouses along with them who don’t have, you know, the clearance to work in the U.S. And so that’s a major, major consideration for them. I’m really glad you brought that up. And I’m glad that you mentioned like other schools, California, different areas. Now some schools, like ones in the Bay Area maybe, and I know at UCSD, offer subsidized housing. So how did that come into play with your decision-making?

14:16 Maya: Yeah, housing is like, I think for most people, their biggest expense. So any way I could bring down my housing costs was a big plus for me. One of the schools I interviewed at was UCSF and they do have subsidized housing. But it’s not guaranteed, like you’re not guaranteed a slot in grad housing. And in general you only get to stay there like one year, sometimes two. So that was kind of like, made me a little nervous that I might have to pay full Bay Area rent for most, if not all, of my grad school. Here in San Diego, we also have subsidized grad housing. For us it’s a two-year limit. But I was able to, as I talked about in that negotiation video, I was able to negotiate into this program at UCSD, which is designed to recruit grad students to school, where they basically guarantee you a spot in grad housing as soon as you get there, and you get to stay until you graduate. So you don’t have to move out after two years. So basically once I got into that program, that kind of like sealed the deal for UC San Diego for me. It just made it like, like much more comfortably affordable and it just like gave me a lot of peace of mind to not have to worry about rent increases as much.

15:14 Emily: Yeah. That is incredible. Okay. So did you know about that program? Or was it something that you kind of inquired about housing, and then they told you about it? Like how did the conversation go?

15:26 Maya: Yeah, it was kind of actually something that my student host who was the one like driving me around to interviews told me about, because she was also in that program. It’s kind of a weird word of mouth thing. Like the university doesn’t really advertise it, but it’s also the kind of thing where like, if you bring it up, you’re much more likely to get it. So it can be helpful if you interview at a school, you know, even if no, one’s like really mentioned any subsidized housing, maybe some don’t even know about it because they’re not in like the subsidized housing, you know, special program, just like ask around. Because sometimes just knowing about it can really help your odds of finding something like that.

Negotiation Often Starts with a Simple Question

15:55 Emily: That’s incredible. And I think that negotiation often starts that way just like by inquiring sort of innocently like, “Oh, are there any like benefits I should know about? Any special programs I should apply for?” And how did you end up actually getting it? Like, was there an application process? Or how did you know that you secured the spot?

16:13 Maya: Yeah, so basically right after I got my official acceptance to the program and they wanted to know like, was there anything else that could answer my questions or things to basically convince me to join? And at that point, I basically sent them an email saying, “I’m really interested in the program. I also got accepted to this other school, which has a similar stipend, but is in a much lower cost of living city. If there was anything that UC to do to lower my housing costs, such as this subsidized housing program, I would basically commit to UCSD right now,” is what I told them. And then I just sent that email to the grad program. They went back for like a week or two to, I don’t know, discuss something. And then they just emailed me back and said, you have a slot in the program. There was no formal application or anything like that. So it was a very informal thing. I think other people who don’t ask about the program, just get that in their initial offer letter. Like if they’re just a really competitive candidate, they might get that off the bat. So I think it varies between people, but that was how it was for me. It was a pretty informal process.

17:06 Emily: It’s amazing, I won’t say everywhere, but at some kinds of programs, what recruitment strings administrators have to pull on that you would not know about if you weren’t really just like, kind of openly communicating with them. And I think it’s really smart to just say like, “Hey, like I have financial concerns right now. I’m looking at other offers, and what can we do here to like sweeten the pot?” Because as you said, you know, you’re obviously interested in the program, you know, passionate about the program and wanted to go, but like, there’s just this one thing holding you back. And that’s honesty, but it’s also a negotiation tactic. So I’m really, really happy to like hear that story again. Were there any other ways you wanted to mention that finances played a role in your decision of where to go to grad school?

[Addendum: After the conclusion of the interview, Maya shared that UCSD is increasing the rent for on-campus housing for new tenants. Maya’s apartment would rent to a new tenant for over double the price she currently pays. Therefore, subsidized housing at UCSD for grad students matriculating in 2022 may not be a deal compared with unaffiliated housing. More info here.]

Stipend and TA Requirement

17:50 Maya: The stipend was definitely the biggest thing. The other thing to look at, I think, was whether you have to TA to get that stipend. There are some programs, especially with things that are more like a biology program, as opposed to like a biomedical program, where you sometimes have to TA multiple quarters to basically get that stipend, which can really extend your time to graduation. So even if you’re making the same amount, like if you have to be an extra year in grad school, that could cost you like a year of entry-level industry salary, that could be a six-figure difference. So having a program where you may have to TA like one quarter, or like maybe not at all, can make a really big difference to not have to like extend your graduation time, which my program, we only have to TA one quarter. So as soon as that’s done, you can just focus on research. So that’s a big help as well.

18:31 Emily: Yeah. Super, super good point. And I cover this in my course inside the Personal Finance for PhDs Community called like Decipher Your Grad Student Offer Letters or something like that. And that’s one of the points that I go into is like, what is the reason that you are receiving this stipend? What do you have to do to receive it? And if you’re receiving a stipend because you’re TAing, then that is a time commitment. It’s at a part-time employment time commitment of you that doesn’t necessarily exist at all if you’re on fellowship or if you have a research assistantship where, you know, you’re working towards your dissertation the whole time. So really, really important point for any prospective graduate students to consider. So thank you for that.

Commercial

19:09 Emily: Emily here for a brief interlude! Taxes are weirdly, unexpectedly difficult for funded grad students and fellowship recipients at any level of PhD training. Your university might send you strange tax forms or no tax forms at all. They might not withhold income tax from your paychecks, even though you owe it. It’s a mess. I’ve created a ton of free resources to assist you with understanding and preparing your 2021 tax return, which are available at PFforPhDs.com/tax/. I hope you will check them out to ease much of the stress of tax season. If you want to go deeper with the material or have a question for me, please join one of my tax workshops, which are linked from PFforPhDs.com/tax/. I offer one workshop on preparing your annual tax return for graduate students and one workshop on calculating your quarterly estimated tax for fellowship and training grant recipients. The 2021 quarter 4 live Q&A call for the quarterly estimated tax workshop is this coming Sunday, January 9th. Please be aware that the deadline to make your quarter 4 payment, if applicable, is January 18th if you are not planning to file your tax return by the end of January. It would be my pleasure to help you save you time and potentially money this tax season, so don’t hesitate to reach out. Now back to our interview.

Financial Transition at the Start of Grad School

20:45 Emily: Okay. So let’s kind of fast forward. You’ve chosen UCSD, you’ve gotten married, you’re starting the school year. Tell me about the move, the transition to graduate school, especially financially.

20:56 Maya: Yeah, so we moved, I think basically the day after my fellowship at the NIH ended. We just like moved right to San Diego and started getting moved in. My husband didn’t have a job lined up at that point. He has a bioengineering just bachelor’s degree. We weren’t too worried at that point because San Diego is a pretty big like biotech hub, and he was already like getting some interviews after we moved there. And so we were doing pretty well on just my stipend end of 2019. Obviously, we got to 2020 things changed a bit. He’d been getting a lot of interviews and actually already had an offer in hand. But as soon as the pandemic hit, that offer got rescinded. Companies started going remote only and didn’t really want to train any new kind of biology, tech positions like that. And so what we thought was going to be just like, maybe like you know, worst case, six-month unemployment period turned out to be like over a year of unemployment for him. So it was at that point that I was really happy that I had made the decision to choose a school that I could pay for on just my stipend. Because if we didn’t do that, we would have had a lot of debt after paying for just us that year.

21:52 Emily: Yeah. That’s I mean, you couldn’t have seen what was coming, but like your just general emergency worst case scenario like planning really kicked in there. So that’s great. I can’t imagine it was very pleasant. Do you want to share anything about how, I mean, I guess everyone was kind of not really doing anything for most of 2020, like how did it go for you in terms of like actually living on that one stipend?

Managing Living on One Stipend

22:17 Maya: Yeah. I mean, one thing that definitely helped a lot with, I think I mentioned in my original interview that I had been saving really aggressively during my postbac to get kind of an emergency fund built up. And I still had that during grad school and that was super helpful. We ended up not really needing to touch that. We didn’t have any major emergencies, but just knowing that, if something came up, like, especially, you know, what if one of us had to go to the hospital or something, we would have that cushion was really helpful. But on the other hand, with like zero cashflow every month, like I was just really hesitant to spend at all beyond my stipend. Like, you know, if we had to use some of that emergency fund, we’d have no way to replenish it at all. So we had to be kind of like kind of hermits for the whole year.

22:54 Maya: Having subsidized housing definitely helps. One of the things that helped were, like, for example, we share a really old used car that we bought in cash before we moved here. It was very cheap. And I actually don’t even use that car. I bike to lab every day. So there’s basically no like gas maintenance costs at all. We just have that for like buying groceries once a week. So that definitely lowered the cost a lot. Parking is also really expensive in San Diego, so that saved us I’m sure several hundred a month easily. And also things that weren’t really within our control, like for example, loan forbearance, like, you didn’t have to make any loan payments. If we had to make those payments, we probably would have been like bleeding money a little bit during that year, for sure.

23:30 Maya: And then also my side hustle, which we mentioned, I kind of like cranked that up a little bit during that year for obvious reasons, and my husband did some of that too, while he was applying for jobs which, you know, it doesn’t bring in that much money. You only have so much time as a full time grad student to side hustle. But having that extra couple of hundred a month was like really helpful, allowed us to kind of like, maybe once a month we’d like get some takeout and like that money would come from my side hustle. So just like those, you know, occasional things where we’re just really tired and just want some cheap Chinese food or something. Like we could actually do that without having to be super anxious about just like taking from our emergency fund for that kind of thing.

Dual-Income Household

24:02 Emily: Yeah. Thank you so much for sharing that. It sounds like a difficult time, like not really having any outlets, like sort of literally, and also financially. But, eventually the corner turned and he did get a position. And when did he get his full-time job?

24:19 Maya: He first started at the beginning of this year, so just like January 2021, making very little money, like basically the same as my stipend, which is like pretty low. But then like a month or two after that, he got a new job at a different company paying quite a bit more. So we actually have some like positive cashflow, which is like a very welcome change after more than a year of having very little money.

24:39 Emily: Yeah. That’s awesome to hear. And I guess there’s been sort of a sea change with employment generally in that time. And so he probably has a lot, I don’t know, it’s actually a good time to be getting jobs like now, or, you know, earlier this year. That sounds really good.

24:52 Emily: So finally, you had a dual income household. Did you make any changes to your finances? Aside from maybe having a little bit of, you know, loosening up on the purse strings a bit. Did you have any like financial goals that you were working towards, or anything like that?

Financial Goals with Dual Income

25:05 Maya: Yeah, definitely. It was definitely like a pretty slow process. Like I think probably for the first six months of this year, we kind of still lived like hermits, because we just didn’t know like, you know, what if he loses this job again? Like what if like there’s another resurgence in the pandemic and things close down? Like we just didn’t know what’s going to happen. But I just started getting into summer and like things were kind of semi getting back to normal, we did a couple of things to kind of like actually start not just like saving money but investing it. So we’re both really interested in like FIRE, like financial independence retire early. And we had basically had been making zero progress on that, because obviously we just didn’t have any money to invest. But now we actually are able to do things like take some of our savings and put that into our IRAs.

25:40 Maya: And we’re able to max those out this year for the first time. We also had some just for our actual emergency savings, we converted some of that into I bonds, which pay a little bit more interest, like something, I think they’re like five or 6% right now just to keep up with inflation which we couldn’t do before, because you can’t touch them for a year after you put them in I bonds. But now that we have like a bit more of a buffer, we felt comfortable doing that. So we get a little more interest there. And the other thing was that I still do my side hustle, but I’m much more selective now. I’m not just like working crazy hours all weekend. And I’m able to basically just take the jobs that like pay really well per hour and are also interesting to me. And now that money, instead of being like spent every month, I just put it all into a solo 401(k). So that’s all just kind of extra money that our budget never sees. It just goes right into our investments.

Side Hustle Balancing Act

26:27 Emily: Yeah, I want to follow up on that a little bit. So that’s cool that you’ve been able to make these extra moves in your finances, like especially doing the IRAs in 2021. That’s awesome to hear that. Yeah. Talk to me a little bit more about the side hustle. So now that you, you know, feel like you don’t to have the money coming in because you’re depending on it, you said you’re more selective. Does that mean that you’ve increased your pay rate either what you’re asking for, or just you only select jobs that pay more?

26:53 Maya: Yeah, so basically, there’s kind of a balancing act, right? So if you increase your pay, you get fewer customers, but you also like maybe you don’t need as many because you’re making more. So during the pandemic, I kind of had a certain balance where like I wanted to just like maximize money per month, regardless of like hours. But now that I’m limiting myself to closer to like five hours max per week, oftentimes less, I’m definitely cranking up the pay. Like these days, since I have a good bit of experience, I charge a hundred dollars an hour or more sometimes to offer these clients. And they’re all things that I like personally enjoy. They’re not just like boring articles that I’m slugging through. So that’s been helpful, both to just like keep me motivated, like I think I would’ve started to hate it if I had to keep doing it for just any job that would come in. Now it’s more of just like a hobby that I happen to get paid for.

27:35 Emily: Okay. Hold up. So you just said that you work about five hours a week and are looking at a hundred plus dollars per hour. So that’s 2000 a month, if you work consistently. Now that’s rivaling your stipend. I mean, I’m sure your stipend’s a little bit higher, but we’re in the same, like ballpark now. That’s incredible. And so you are, as I understand, you’re not incorporating any of that income into your budget, it’s just going straight into your individual or solo 401(k), right?

28:01 Maya: Yeah, definitely. I mean, I don’t always do five hours a week. It’s kind of the upper limit, but yeah, it’s kind of tough. Sometimes I’m even tempted. I’m like, why am I working extra hours in my lab when I could be making like 10 times this hourly rate on my side hustle? So yeah, it’s like very tempting to work more at it. Honestly, I’ve had to kind of like restrain myself.

Networking via Science Writing

28:17 Emily: That’s something that’s really, really good to be thoughtful about. Because like, so for you, does this freelance writing play into your ultimate career goals? Or is this just something you do for the time being?

28:28 Maya: It’s something I’m just trying to keep open as a door. I don’t think I’d want to be like a full-time science writer, but it’s more just like I’m meeting a lot of people at companies. Like I’m more interested in like a research biotech type position. But a lot of the jobs I do, even though they’re writing, are for like biotech and pharma companies. I’ve even had people like offer me like jobs as like maybe like if you drop out of grad school, we’ll give you this job. And I’m obviously not going to do that, but be great to follow up within a few years and be like, “Hey, I actually graduated. Can I get a job there now?” So it’s more just like those connections that I think are really valuable rather than the actual, like specific writing experience that I’m doing.

29:00 Emily: That is amazing that it can serve as a networking tool as well for your future position. But yeah, I do think it’s smart to limit the number of hours you spend on this because obviously the graduate degree and how well you do with that and how much you publish, whatever, it’s still going to matter for getting your next position. So yeah, don’t leave grad school to do your side hustle full-time. But yeah, that’s an amazing rate. I’m so, I mean, like you said, you’ve been doing it for several years, it’s been what, like four years now or something? So like you’ve built up the skills and the networks and so forth. But like, that’s awesome. So that’s rivaling your stipend, but it’s all going into investments. You’re pursuing FIRE. I do want to mention, I have, again a course inside the Personal Finance for PhDs Community called, the title is like Best Financial Practices for Your Self-Employment Side Hustle.

29:45 Emily: And it goes into the choice of what retirement account to use. If you have, it’s like basically for exactly your situation: you’re in grad school or a postdoc or whatever. You have a side income, you’re self-employed, you’re already maxing out your IRA. What do you do next? And you know, not being offered a 403(b) or whatever through your primary position. Well, because you’re, self-employed, you have the opportunity to open up a self-employment retirement account. You chose the solo 401(k). I did the same thing for my business, so I know what an incredible tool it is. But that is like, if your goal is FIRE, that is really supercharging your progress compared to what you would be doing, you know, just as a grad student who’s not side hustling, so wow.

Being Selective with Clients

30:23 Emily: How are you, I don’t know, like, it seems like there are so many benefits doing it. Like you said, the money you needed it. Now it’s more of an elective thing. And the networking. How do you stay motivated to do that work?

30:36 Maya: Yeah, I think it helps that I’m just very selective in clients. And like, for example, even if the work is interesting, if the client is even kind of like slightly annoying, like if they don’t respond quickly or they like ask for a bunch of edits and don’t want to pay you extra for it, I just like don’t have a reason to take them. So I think it helps to kind of value yourself and to charge what you’re actually valued. And I would encourage people, even if they, like, I started out like, I think like 10 or $20 an hour when I first started. But every single time I got a new client, I would ratchet up that rate just a little bit. And I was expecting like, there to be kind of a cliff when no one would hire me anymore. But like, people kept hiring me.

31:09 Maya: I think some companies like, you know, even if they’re paying me a hundred dollars an hour, if I’m only doing like one or two hours of work for them, like that’s like nothing to their company budget. So even if it feels like a really high rate to you and it makes a big difference in your budget, oftentimes companies will just like take your high rate as a sign like that you must be good at what you do, and they’re willing to pay it. So I would encourage people if you’re doing any kind of side hustle to like slowly increase it until you start to like lose clients and then you can kind of back off.

Advice for Starting Freelancing

31:35 Emily: That’s really, really good advice. And do you have any advice for someone who wants to get started with this line of work? Thinking back to when you were doing it in college, like how did you get your first few clients?

31:44 Maya: Yeah, that’s definitely the hardest part is getting your foot in the door. It helps to use Upwork and those kinds of freelancing websites. Just because if you don’t have any way to like find clients, it’s pretty hard to like get them to hire you. Thos sites, you take a pretty big kind of your pay. It’s something like 20% usually, which can feel kind of painful, especially when you have to pay like 30% ish self-employment tax on top of that. But it helps to start out there. And then sometimes if you have a long-term client, you could go just like bill them directly after you’ve established yourself on there. So using those sites is helpful. And also just kind of networking. If you know like anybody in your lab or anybody else who has some experience in the area that you’re trying to get into, they’re almost always willing to help you find the job. Like I’ve given other people who I’m friends with science writing jobs. Like sometimes if I don’t have time for a client, I’ll like send them to one of my friends who wants to get started and like, they don’t have any experience yet, but because I recommended them and they trust my opinion, they’ll get that job. So those two things together, like being on the website and getting help from other people who are in that network are really helpful.

32:45 Emily: Amazing, amazing advice. And I do want to add, we did a podcast interview with Courtney Danyel in season six, episode 17. Courtney has a business called Endless Freelance Income. So she’s a freelancer herself, plus she teaches other people how to do this. So that’s a great interview also, if you want to get started with not just freelance writing, but like a variety of sort of services that you could do on a freelancing basis. So that’s incredible.

Breaking Away from the Poverty Mindset

33:07 Emily: Maya, it’s been so wonderful to catch up with you! Is there anything else that you want to add about what’s been going on with you financially over the last couple of years?

33:14 Maya: Yeah, I think it’s just definitely been a big time of transition. We’ve gone from just like being pretty much broke, like not really broke because we had an emergency fund, but feeling very broke to actually having like more than double the income we had last year. So yeah, it’s been really nice to be able to not only work toward our investment goals, but actually be able to like, as you said, buy some things that actually improve our life a little bit. Like even just small things we never would have bought last year. Like for example, we have to carry out groceries like about quarter mile from our car to our house. And so we finally bought like a wagon, like it was like a hundred dollars to buy this wagon and like, it is the best purchase we made.

33:46 Maya: Like we never would have bought that last year, but just that’s like now it seems like a small expense. It’s like, well worth it. Like recognizing those things that like, okay, now you can actually afford these things like greatly improve your life and like probably our health so that we’re not like breaking our backs with like tons of groceries. Like that’s really nice to have. So I think it’s good to recognize, like, even while you’re pursuing your investment goals, like still save a little bit to like, not be like having that poverty mindset and trying to actually improve your life a little bit too.

Financial Independence, Early Retirement (FIRE)

34:12 Emily: Totally, totally agree. And I’ll just add another question in here. Your motivation for pursuing FIRE, financial independence and early retirement. You’re in grad school, it seems like you’re planning for a long and wonderful career. How does FIRE play or not play with your career goals?

34:30 Maya: Yeah, it’s kind of a weird thing for people to say in grad school. I think sometimes it’s like, why would you go to school for this long if you don’t want to like work your career for much longer after that? I personally don’t think I would necessarily want to fully retire once I hit that number. Partly for me, it’s just a security thing. Like, you know, if I’m in a job I don’t like, and I want to maybe take a year off and go on sabbatical and then come back and maybe it’ll take me a while to find a new job. I want to be able to do that. And even if I think for now that I really love doing what I do, maybe when I’m 45, I won’t like it anymore. Maybe I’ll never want to look at a pipette ever again, who knows.

35:01 Maya: And also just the freedom for like, for example I’m really interested in the idea of working less than 40 hours a week someday. Maybe even as a freelance basis, like not necessarily in writing but maybe as a consultant or something like that, like maybe just a freelance bioinformatician. I don’t know having the freedom to do that as well is nice. So I don’t necessarily plan to do the traditional, like I hit 45 and I have X dollars, so I’m just going to retire. I have like a lot of options available to me now.

Best Financial Advice for Another Early-Career PhD

35:26 Emily: That’s great to hear. I’m actually, well, by the time this is out, by the time we publish this, this will be out again inside the Personal Finance for PhDs Community. I’m currently working on writing an e-book. It’s going to be titled something like How to Pursue FIRE in Grad School. And so I just love it when I get to meet someone who is doing that and get their like reasoning behind it and how they’re doing it. And the strategies that you’re using are now going to be kind of featured in that e-book. So that’s awesome. If the listener is interested, you can check it out, PFforPhDs.Community. Maya, again, it’s been so wonderful to talk with you. Would you please answer, I don’t think you got to answer this the last time we talked, share with the listener your best financial advice for another early-career PhD?

36:04 Maya: Yeah. So I’d say kind of like a three-pronged approach with it. I think, I don’t remember who, some professor told me this like a long time ago, which was like invest aggressively in your future, and then invest aggressively in your current self. And then everything that isn’t those two things, like cut out pretty ruthlessly. So I think what he meant by that was basically, you know, even if you can only invest $50 a month in your IRA, like do that and commit to it. Also invest in your current self, like, you know, these are my twenties, like I’m not going to be 25 again. So like if someone’s like going whale watching this weekend and it’s a hundred dollars, like if I can make that work, I’m going to do it. I’m not going to be like, “Oh, that could have been going into my retirement.”

36:39 Maya: So it kind of balance those things and be pretty aggressive about doing the things that are really important for your current self and your development as a human. But everything that isn’t those things, like just cut out. Like, you know, I could buy a car, it would make my life mildly more convenient to not have to bike every day. But that’s not something that I feel like really enriches me as a person, or it makes me that much happier. So I don’t do that. So I think that’d be my advice is to figure out like, what is really important to you now and in the future. And don’t feel any hesitation about having to cut out things that aren’t in those two categories.

37:08 Emily: I have never heard it put that way before, but that really resonates with me in my like current mindset towards money. So I’m really glad that you shared that with us. Maya, thank you again for joining us! It’s been wonderful to catch up with you!

37:20 Maya: It’s good to talk to you! It’s been a good three years overall, despite the rocky start.

Outtro

37:29 Emily: Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? I have collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. If you’ve been enjoying the podcast, here are 3 ways you can help it grow: 1. Subscribe to the podcast and rate and review it on Apple Podcasts, Stitcher, or whatever platform you use. 2. Share an episode you found particularly valuable on social media, with a email list-serv, or as a link from your website. 3. Recommend me as a speaker to your university or association. My seminars cover the personal finance topics PhDs are most interested in, like investing, debt repayment, and increasing cash flow. I also license pre-recorded workshops on taxes. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Lourdes Bobbio and show notes creation by Meryem Ok.