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This Former Prof Found True Flexibility and Profitability in Her Academic Editing Business

December 2, 2024 by Jill Hoffman Leave a Comment

In this episode, Emily interviews Dr. Paulina Cossette, a former professor and the owner of Acadia Editing. Paulina followed the prescribed academic path, but found herself profoundly unhappy in her faculty position. After leaving academia, Paulina stumbled into academic editing and eventually started working under her own brand. As a business owner, Paulina earns more, works less, and has true flexibility, which has enabled her to design her lifestyle in a way that was not possible within academia.

Links mentioned in the Episode

  • Host a PF for PhDs Tax Workshop at Your Institution
  • Dr. Paulina Cossette’s Instagram
  • Dr. Paulina Cossette’s Facebook
  • Dr. Paulina Cossette’s LinkedIn
  • Dr. Paulina Cossette’s Academic Editing Website
  • Dr. Paulina Cossette’s Free Video Series on Becoming an Academic Editor
  • PF for PhDs Subscribe to Mailing List
  • PF for PhDs Podcast Hub
This Former Prof Found True Flexibility and Profitability in Her Academic Editing Business

Teaser

Paulina (00:00): The system makes it unsustainable, particularly if you have kids, though, not exclusively. Um, and so I think I just reached a breaking point, you know, and, and it really wasn’t planned.

Introduction

Emily (00:24): Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. This podcast is for PhDs and PhDs-to-be who want to explore the hidden curriculum of finances to learn the best practices for money management, career advancement, and advocacy for yourself and others. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs.

Emily (00:53): This is Season 19, Episode 8, and today my guest is Dr. Paulina Cossette, a former professor and the owner of Acadia Editing. Paulina followed the prescribed academic path, but found herself profoundly unhappy in her faculty position. After leaving academia, Paulina stumbled into academic editing and eventually started working under her own brand. As a business owner, Paulina earns more, works less, and has true flexibility, which has enabled her to design her lifestyle in a way that was not possible within academia. If you’ve been enjoying this podcast and want to see it continue, would you please help spread the word? Take a minute to leave a review on Apple Podcasts or Spotify, text a recent episode that you enjoyed to a friend, or give it a shout-out on social media. Any of those actions helps me to grow Personal Finance for PhDs and continue finding amazing guests for the interviews. You can find the show notes for this episode at PFforPhDs.com/s19e8/. Without further ado, here’s my interview with Dr. Paulina Cossette.

Will You Please Introduce Yourself Further?

Emily (02:15): I am delighted to have joining me on the podcast today, Dr. Paulina Cossette, who is a former professor and currently has a business called Acadia Editing Services. I’m really excited to learn about her business journey, her exit from academia, all that kind of related stuff. And so, Paulina, welcome to the podcast, and will you please introduce yourself to the audience a little bit further?

Paulina (02:36): Yeah, thanks so much for having me, Emily. Um, so I used to be a political science professor. Um, I was in academia for about 12 years, uh, and in 2019, um, I had a 1-year-old child and I was just sort of, uh, very overwhelmed, um, and getting fed up with the lifestyle of academia, having to work seven days a week, you know, just facing that burnout, especially having just had a baby. Um, and so I decided to quit and we moved aco- across the country to live in Maine near our family. And I sort of fell into copy editing. And, you know, long story short, uh, four or five years later, here I am, I have a successful editing business and I work from home for myself. Um, and life is good.

Emily (03:28): I love this concept. Okay. Are you familiar with Cal Newport?

Paulina (03:32): Yes.

Emily (03:33): Okay, so I’m gonna get his like, name of this wrong, but it’s like lifestyle centered career design, something like that. Have you heard him talk about this lifestyle centric career design? Something like that? Um, so that really sounds like, I mean, you said you fell into it, but it, I mean, it really sounds like that’s kinda what you were doing, right? You had built up career capital in academia and then said, Nope, my lifestyle is more important than this particular job, and so I’m gonna pivot and use this career capital in another area that supports how I want my full life to look like. Okay. So very, very great brief introduction, but let’s kind of dive, you know, more into this and sort of starting back from the beginning of the academic journey, like what led you into the career in academia in the first place?

Dr. Paulina Cossette’s Academic Journey

Paulina (04:17): So I, you know, I was always a good student. Um, I was a first generation college student, so I didn’t really have guidance on any of that other than my grandparents who were always saying, you have to go to college because that’s how you succeed. And I just, I liked school and I liked learning, so I just, I went to college, um, I kept, I just kept going and, you know, I started doing research, uh, as an undergrad and then went on to get a, the PhD program and I didn’t really have a plan, you know, I just sort of enjoyed being in school. And then once you get to graduate school, I think this is true for many people. Um, your advisors direct you towards academia and, you know, I was in political science, so there weren’t, there wasn’t any discussion of alternatives of industry or, you know, working in government or anything else. Uh, and I didn’t really know, uh, I didn’t know any other options. And, you know, they said, you apply to these schools and you get the tenure track job, and it doesn’t matter if you don’t like where you’re living, that’s just part of it, you know, you don’t have to stay there forever. And so I, I think like many people, I sort of fell into this funnel, you know, of like, this is, this is what you do, and I just did what I was told. And, um, it worked for a little while, but that was a recipe ultimately for disaster. So, um, so yeah, I, I loved school and I loved learning, but it was just sort of like, I, I just kept doing what I was supposed to do, uh, and ended up, you know, ended up there and not very happy.

Emily (05:56): Hmm. I wonder if I was on a track similar to this myself, um, up until the point in graduate school, um, when I discovered personal finance, actually. And that’s when I figured out like, oh, people have like all kinds of different jobs and businesses sometimes, and like some people work part-time and some people retire. And like all the, it’s just sort of opened my mind. And not that I was on necessarily an academic track, but certainly to stay in research, that was my intention. Um, so that is so interesting, and I totally, I totally understand how that would happen, but also good on you for being successful, even in something where you were like, I’m just following the prescribed path here. Um, but clearly it, it went well for you for a time at any rate. Right? And then you sort of, you know, briefly said earlier that the timing of you leaving your job was, you know, around when your child was very young. Is there anything else you wanna share about that decision to leave and like maybe what you thought you were jumping into next?

Paulina (06:52): Yeah, I think, um, it was a long time coming and I’m actually, I’m reading Annie Duke’s book Quit right now, where she talks about how we put off this decision to quit far longer than we should. Um, and it, it brings back a lot of memories. ‘Cause that was the exact situation that I was in, that I was so unhappy. And I thought, well, maybe it’s just the school I’m at. So I went on the job market and I changed schools, and I was, it was better, but I was still unhappy. It’s still, you know, and like I said, I I, I had my son. I was working seven days a week, and it was just, the system makes it unsustainable, um, particularly if you have kids, though not exclusively. Um, and so I think I just reached a breaking point, you know, and, and it really wasn’t planned. Um, my husband and I had talked for a long time about moving, um, his mom had been diagnosed with lung cancer. Uh, and so all of these factors were sort of playing on our minds until we finally reached this breaking point and said, you know, I said, I just can’t do this anymore. And it was the summer of 2019 and I resigned and we sold our house and we moved to Maine. And I had no idea what I was gonna do. I, you know, I thought I would go on the non-academic job market, trying to find something around here in Maine, which is not, you know, there aren’t a lot of options, um, trying to find remote positions. And I kept striking out, you know, people kept telling me I was overqualified or I wasn’t the right fit, or they decided not to hire anyone. Or like, it was, it was a really demoralizing experience, you know, feeling like, I have all this training and education, I’m smart, I’m hardworking, but nobody sees that, you know? And I think a lot of people go through that where they just don’t know how to translate the academic lingo into industry lingo, um, on a resume. And so I had just written a book and we had worked with a freelance copy editor in as part of the process of publishing it. And I thought, oh, well I could do that. I’m a really good writer. Everybody always tells me I’m, I’m a good writer, you know, I can edit. And so initially I thought it would be temporary, but I ended up loving it. And, you know, like you were saying about the lifestyle change, uh, this was shortly before Covid and then Covid happened and I thought, oh my God, I’m so glad I’m working from home. I’m so glad I didn’t take a job in an office. Um, ’cause especially with little kids, you know, I didn’t wanna be having to go off to work and then come home and potentially, you know, getting sick or something. So, um, yeah, so I really just fell into it, um, and ended up loving it, and everything has just grown from there.

Building an Academic Editing Business

Emily (09:45): Amazing story. And I, I mean, I think so many people in academia, whether that’s just as grad students or postdocs or whether that’s a career in the professorship type position after that can relate to this. I mean, there’s so many like academic exit stories like floating around in the last 10 years. Um, even on this podcast. It hasn’t been published at the time that we were recording this interview, but an upcoming episode is someone with a very similar story of having gotten that tenure track position and then just, it was not the right fit and ended up quitting, moving across the country, you know, familial reasons in the mix, kids in the mix, all that stuff, not surprisingly another woman. Um, so there’ll be echoes of that same like, motivation, um, between these two interviews as well. Um, and so I’m so glad that you found something that you loved, but it, it, it does sound like you are casting around and applying for different things and trying different things and, um, not sitting stagnant, but really like pursuing some different things until you found something that was an awesome fit. And I, I just love that. So let us know more about your business now, like, um, it’s been a few years since you like started it. So what does it look like now?

Paulina (10:47): Um, so when I first started out, I was very much a freelancer. The idea of being an entrepreneur was like, that’s too much for me. That sounds like a lot of risk. I could never do that. Um, and so I started out freelancing for some different companies that we usually refer to as editing agencies, um, where you have scholars from all over the world upload their documents and then the company hires you as a freelancer to edit them.

Emily (11:16): I worked in such a service as a side hustle for several years, yes.

Paulina (11:19): Oh, fantastic. So, you know that it is not ideal and the pay is not very good, but when you’re just starting out, it’s a great way to learn the business. You know, you are, um, it’s essentially, I tell my students it’s on the job training. You know, it’s if, if you’re faculty, you know how to do academic editing, um, but you’ve just never done it at the level that is required, you know, in professional editing, fixing every mistake using advanced tools and word track changes, all that stuff. And so I think working for these agencies is a great way to get that initial experience. And my mistake was that I just stayed there too long. You know, I didn’t have enough confidence in myself. Um, I saw other editors in these Facebook groups talking about how the way you make real money is to get private clients. And I thought, oh, I’m not good enough for that. You know, like the, the academic imposter syndrome carried over into this new life, unfortunately. Um, but eventually I got more and more experience and I decided probably a year or two ago, you know what, I’m just gonna go for it. And I started, uh, connecting with some private clients. And at first it was just a handful of people, but I, my confidence grew and I, and, and people were happy with my work. And so I realized that I really am good at this. And I think, you know, I wish it hadn’t taken me so long. Um, I did have a second child in that period, so I, I, you know, had other things going on. But, um, but yeah, I think I’ve, I’ve learned so much from building a business, you know, and, uh, a lot of it is just having confidence in myself. But a lot of it also is also that, you know, a lot of PhDs, um, think that they don’t have any skills that they can apply outside academia. I think they’re, they’re terrified to leave graduate school or their academic position because they think that they’re not gonna be able to do anything else. But there’s so much about a PhD or other doctoral program that trains you to be successful. You know, you’re hardworking, you’re persistent, you’re creative, you’ve got thick skin, you know, like all of this stuff. You’re a, a pretty good writer, probably. Um, you know how to do research, you like to learn new things. Um, all of this, no matter whether you wanna go into editing or business or, you know, industry or whatever, you have so many skills that you can apply elsewhere. And I think that the process of building a business has taught me that

Emily (13:55): I agree so much. I actually, right when I was, I guess around the time I started my business, which is also the time that I finished graduate school, I was kind of, yeah, I was trying some different things, sort of like you did for a little while. And, um, I, I remember writing a blog post about like, the similarities between like entrepreneurship and, um, the academic life. And in addition, all those, all those characters, which that you mentioned are totally, I totally agree with them. And I don’t remember if you had this in there, but I really focused a lot on like, sort of being, um, like a self-starter slash really in charge of your own work in an independent way by the time you finish a PhD. Or certainly if you go beyond that, um, very similar to being like a solopreneur or like the top person in like a business. Um, and also for me anyway, working alone. ’cause like I am a solopreneur, so I work with contractors, but I don’t have employees of my own. Um, and so that was also very similar to like, okay in, when I was in graduate school, like I had some collaborators, but I, I worked my own projects. And so like, not being part of a closely working together team was very similar to me between those two like environments. So yeah, I mean, and I actually, I really relate also to your experience of like, I’m gonna try this, um, mode of work first as like a freelancer. So working for somebody else’s business, whether as an employee or as a contractor, either way you would sort of learn what the business is and then eventually gaining the confidence, as you said, to strike out on your own and sort of do it under your own branding. But coming with that, uh, there’s much more responsibility for actually getting clients. So like, that’s the part when I was doing the freelance, like editing work, I loved that I didn’t have to get clients, I just had to do the work. Whereas when you become the business owner, like the sales aspect is something you have responsibility for. So that’s a tough, like, that’s a big role to like add when you’re making that shift. Do you have anything else that you’d like to add to that?

Paulina (15:45): Um, yeah, you know, what you just said about, uh, marketing and things being just a bit more challenging. And that’s exactly what I tell my students is like, it’s not ideal to start out working for these editing agencies that pay less, but it lets you focus on that training, uh, and, and really perfect your editing skills before you then go out and try to attract private clients. ’cause marketing does take a lot of work. It is, you know, I don’t wanna paint the picture that entrepreneurship is easy because it’s not, but um, it certainly does pay off when you get there, you know, and you figure out how to connect with people. And I think, um, I also agree with what you were saying about the similarities between being faculty or being in academia and being a solopreneur is one of the biggest things that I hear from people that they’re terrified to leave academia because they don’t wanna lose their flexibility. And I always push back on that because, um, I don’t think academia is all that flexible. You know, there’s a meme that’s gone around that says, academia lets you work, or you have to work seven days a week, but you can choose any seven days a week that you want. Uh, and it’s so true, you know, but being, being an in entrepreneurship, you, you do, you get to keep that flexibility and you’re not working nine to five.

Emily (17:03): Hmm. I agree. Like it might be a big shift for like an employee to then strike out on their own in a business, an employee in the sense of like, not in an academic setting where like maybe you work your 40 or your 45 or your 50 hours, but you can kind of turn it off and you don’t have a ton of responsibilities like outside of that. But in the way that academia can be all consuming business also can be all consuming. And so whatever skills you’ve learned about, like the boundaries that you can put up can, it can also be translated between those two settings. And like you said, academia is flexible in the sense of like, yeah, exactly. You are just gonna have a ton to do. So like, pick what you’re gonna do, all that ton of work. And, you know, business ownership is a little bit different because you can sort of define the scope a little bit better. Someone else isn’t defining it for you of how much work there is to do.

Commercial

Emily (17:47): Emily here for a brief interlude! I’m hard at work behind the scenes updating my suite of tax return preparation workshops for tax year 2024. These educational workshops explain how to identify, calculate, and report your higher education-related income and expenses on your federal tax return. For the 2024 tax season starting in January 2025, I’m offering live and pre-recorded workshops for US citizen/resident graduate students and postdocs and non-resident graduate students and postdocs. Would you please reach out to your graduate school, graduate student government, postdoc office, international house, fellowship coordinator, etc. to request that they host one or more of these workshops for you and your peers? I’d love to receive a warm introduction to a potential sponsor this fall so we can hit the ground running in January serving those early bird filers. You can find more information about hosting these workshops at P F f o r P h D s dot com slash tax dash workshops. Please pass that page on to the potential sponsor. Now back to our interview.

Personal Finances as a Professor and as a Business Owner

Emily (19:03): Let’s talk about the money part of this. So compare, you know, your job as a professor, what that paid and what it required of you to what you’re doing now. Like how have your, I’ll say, how have your personal finances changed with this transition? And there’s a lot of transitions in there. You mentioned, you know, multiple children moving across the country. Care, you know, caring for elderly parents. Like there’s a lot in there. So like how has your financial situation changed from when you had that previous position to, to now?

Paulina (19:30): So, um, with editing specifically, uh, so much of how much you can earn is based on how quickly you can edit because there are some editors who charge hourly, but I think that’s sort of on the way out. I think both editors and clients like to charge per word. So, you know, for each project you can give a quote, uh, based on your per word rate, you know about how much you’re gonna make based on your editing speed. The client knows what they’re gonna pay. And so, um, obviously the faster you can work while, you know, being accurate still, uh, the more money you can make. And so I think I am fortunate because I can edit pretty quickly, um, certainly as I’ve gotten more experienced. Um, and so I would say that, you know, my, I was making about $60,000 when I was a, an assistant professor on the tenure track in political science when I left, plus the benefits. And, you know, you, when you have a salary job, they’re contributing to your health insurance and retirement and all that, which you obviously lose when you go freelance. Um, my first year out of my first year of freelance editing, I made about 45,000, and that was working maybe 20 to 25 hours a week. Um, and you know, just kind of trying to figure out the landscape. Uh, my second year I made the same amount, but I took three months off because I had my daughter, uh, and wanted to take time for that. Um, and then within the last few years, it’s just climbed steadily, especially when I started working with private clients. And, you know, you’re not having to, you can charge much more. You’re not giving up those costs to some other company that’s employing you. Um, and this year I’m set to hit six figures. So, uh, and that’s only working about 30 hours a week. So, you know, there are a lot of editors out there who struggle with finding clients, but I’ve, I’ve somehow managed to find this formula that lets me, that has let me build up a client base with referrals and repeat clients and just new people finding me through Google or whatever. Um, and I’ve had a lot of success. And so, you know, I’m, I’m happy to share that with other people, uh, you know, to, to try to help them find their way out of academia.

Emily (21:52): Hmm. So it’s while not, and immediately upon that transition, it’s the business that you’ve built over time, I would say does compensate you well, more than, um, the academic position did, even after accounting for the benefits and so forth. And you’re limiting your work to 30 hours a week as you said, whereas it was whatever, 60, 70, whatever it was when you were in academia. Um, awesome. I’m glad to hear that both the up the upside of more money and less time both together. That’s amazing. Um, so when you volunteered for this interview, you said that you had a message for academics who are unsatisfied with their jobs like you were. So what’s that message?

A Message for Academics Who Are Unsatisfied With Their Jobs

Paulina (22:33): Um, I, if, if I could just talk to every unhappy academic, you know, I would say you don’t have to stay you if you are miserable. And you know what, if you are in academia and you’re happy, that’s fantastic. Uh, that that’s wonderful. But there are so many people out there who are unhappy and they’re terrified to leave for all the reasons we’ve been talking about, and they just feel trapped. And, you know, in the so many people that I’ve talked to in the last several months, um, you can see the anguish in their faces, you know, you hear it in their voices and, and I know exactly what that feels like. The anxiety, the stomach churn, the do I leave? Do I stay, do I leave? Do I stay? Uh, it’s horrible and I don’t want that for anyone, you know? And so if I could, if I could tell anyone who is unhappy, that’s, that’s my message is, you know, if you wanna go into editing, great. I’d love to help you get there. But, uh, no matter what you wanna do, um, you just don’t stay right. Life is too short to, um, life is too short to be unhappy and to not do what you wanna do.

Emily (23:40): Incredible. I absolutely agree. Life is too short. I’m, I’m 39 now, and so I am, I’m not having a midlife crisis, but I’m having a midlife like rethink, like, yeah, this, this is my life. Like, am I happy with the choices that I’ve been making? Most of them, yes, I am very happy. Um, what can I do differently? You know, going forward, what can make this an even better experience for me? Because you only get one life. And so to spend your twenties and your thirties and into your forties, maybe like as you just described, like dreading every day at work. Absolutely. Life is too short. Um, so totally agree. Will you please tell us more about like, well, one, where can, where can people find you if they want to, you know, employ your editing services? And I understand there’s another arm to your business actually, which is like helping other people make this kind of transition. So tell us about all that.

Get in Touch With Dr. Paulina Cossette

Paulina (24:31): Yeah, so for editing, um, my homepage is acadiaediting.com. Um, and you can also find me on Instagram, Facebook, uh, LinkedIn. Um, and that’s, that’s pretty straightforward. If you have an editing project, I usually just ask to see a draft and give a quote and happy to help whether it’s, uh, you know, a dissertation or journal article or even I’ve edited tenure packets and job market letters. Um, and then yeah, this summer I launched a digital course and group coaching program called Becoming an Academic Editor. Uh, we’ve just wrapped our first cohort. Uh, it’s a 12 week program and we’ve started our second cohort, um, so far over 20 people have gone through it. Um, and it basically, I teach you what I did, right? How to start freelance editing, how to build a website, how to find clients, um, and it’s really awesome because of that we do these weekly Zoom calls and you’re just surrounded by people who are just like you, who understand how horrible academia can be and who are ready to get started with, you know, like you were saying with that, that midlife change of, uh, really starting to pursue what makes us happy instead of what we feel like we were supposed to be doing.

Emily (25:52): That sounds incredible. And actually not to like whatever, get content out of your course, but when you described your transition, you left the job first and then you started and you found editing after having, after struggling to find another position. And so I would imagine what you’re teaching people now is, okay, you already have an idea that you might wanna edit. Let’s start that on the side before we quit the big job. Is that right?

Paulina (26:16): There’s honestly, there’s a mix of people. Um, some found me and I had one student who said she was in a therapy appointment and decided she had to leave academia and she went home and googled it and she found my website and enrolled in the course right away. Uh, other people have started editing on their own and are not having success. They’re struggling to find work, and so they find me and, and are able to get some help. Um, other people, yeah, they just wanna make some extra money, you know, they don’t wanna leave their academic job and they like that with freelancing. They can work five or 10 hours a week editing and bring in some extra cash or do it in the summer or whatever. Um, so it’s really, it works no matter what your situation is, as long as you’re a strong writer and you understand academic publishing, then you know, it’s, it’s totally doable for whatever your timing and all that.

Emily (27:10): I love it. Um, I’ll share that. Like I, when I was doing this kind of work, which I did for, I don’t know, maybe three years or so, four years, um, strictly as a, you know, contractor for another company, um, I did it as a side hustle and I started it after I defended as I was starting personal finance for PhDs and it wasn’t bringing in as much money as I wanted to bring in yet. So it was like another, it was truly like for the money, that’s why I was doing it. I didn’t anticipate having a career in this area or anything. Um, but when I started I was like, wow, I could have been doing this earlier, like I could have been doing this during graduate school as a side hustle. Like, um, and I liked that it was within, it was all within kinda my area of expertise and like that was really like nice that I still got to use those skills. Um, so I think at any stage, if you wanna pick it up and whether it’s gonna be a thing on the side or whether it’s gonna be like you are really doing this like for a lot of time and it’s gonna be one of your main sources of income, uh, maybe transitioning on to being your full-time income, like, that’s awesome. So I’m glad that people can find you if they’re curious about this career path.

Best Financial Advice for Another Early-Career PhD

Emily (28:09): Um, let’s wrap up with the question that I ask 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 already in the interview or something completely new.

Paulina (28:22): So, um, so my biggest piece of advice I think is, you know, we all know we’re supposed to save and have a budget and all that stuff, but at some point, if you’re not earning enough money, enough money, you can’t save, right? I, I grew up with a single mom with not very much money at all. And so I know you, you just can’t save if there’s not enough coming in. And so for anybody who is getting their PhD and thinking about going on the job market, absolutely you need to negotiate. Uh, and I think this is especially important for women in particular who, you know, we don’t apply to jobs because we think we don’t, we’re not qualified. Um, whereas men will apply to any job that you know that they feel like they’re extra qualified for, even if they’re not. Um, so apply to jobs when you get an offer. Negotiate, right? Don’t be a don’t be afraid to ask for what you’re worth and, uh, let them tell you no, right? Like don’t, don’t assume that you’re not gonna get it and then be afraid to ask. Just go for it ’cause you deserve it.

Emily (29:25): Awesome. I love it. Okay, we’ll leave it there. Thank you so much for volunteering to come on the podcast. It was delightful talking with you.

Paulina (29:32): Thanks so much, Emily. It’s been fun.

Outtro

Emily (29:44): Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? My team has collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! Nothing you hear on this podcast should be taken as financial, tax, or legal advice for any individual. The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Dr. Lourdes Bobbio and show notes creation by Dr. Jill Hoffman.

Negotiation and Long-Term Thinking Effected Financial Success for This International PhD

November 18, 2024 by Jill Hoffman

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

Links mentioned in the Episode

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

Teaser

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

Introduction

Emily (02:02): Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. This podcast is for PhDs and PhDs-to-be who want to explore the hidden curriculum of finances to learn the best practices for money management, career advancement, and advocacy for yourself and others. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs.

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

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

Will You Please Introduce Yourself Further?

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

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

Finances During Childhood and Young Adulthood in China

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

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

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

Wen (09:46): Yes.

Adapting to the US Financial System

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

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

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

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

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

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

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

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

Stipend Increase During Grad School

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

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

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

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

Emily (19:29): Yeah.

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

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

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

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

Commercial

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

Low Stipends and High Costs Impact International Students Most

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

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

Financial Goals During Grad School and Beyond

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

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

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

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

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

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

Current Postdoc Position in Tech Transfer

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

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

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

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

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

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

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

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

Best Financial Advice for Another Early-Career PhD

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

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

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

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

Outtro

Emily (44:17): Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? My team has collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! Nothing you hear on this podcast should be taken as financial, tax, or legal advice for any individual. The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Dr. Lourdes Bobbio and show notes creation by Dr. Jill Hoffman.

Your Side Hustle Really Is a Business and Other Tax Insights with Hannah Cole of Sunlight Tax

September 23, 2024 by Jill Hoffman

In this episode, Emily interviews Hannah Cole, an artist and the founder of Sunlight Tax. Sunlight Tax primarily serves artists and creatives in their business tax needs, but there are many overlaps between artists and the academic community. Hannah and Emily discuss the best practices and insights that graduate students, postdocs, and PhDs with side businesses need to stay on the IRS’s good side. Hannah clarifies exactly when a business starts, the first step you must take with your finances, and how to calculate and pay your additional tax liability.

Links mentioned in the Episode

  • Host a PF for PhDs Seminar at Your Institution
  • Emily’s E-mail Address
  • PF for PhDs Subscribe to Mailing List
  • PF for PhDs Podcast Hub
  • Hannah Cole’s Sunlight Podcast Episode: The Right Step at the Right Time
  • Hannah Cole’s Website: Sunlight Tax
  • Hannah Cole’s Free Course: New Rule for LLCs Free Course
Your Side Hustle Really Is a Business and Other Tax Insights with Hannah Cole of Sunlight Tax

Teaser

Hannah (00:00): You know, we have a whole tax industry out there trying to, you know, its marketing is based around making us all hate and fear our taxes and actually kind of implicitly training us not to even look at it, to just feel so fearful. And so, like, hands off that we don’t even look at it. And I’m just here to say I hate that. I disagree with it.

Introduction

Emily (00:29): Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. This podcast is for PhDs and PhDs-to-be who want to explore the hidden curriculum of finances to learn the best practices for money management, career advancement, and advocacy for yourself and others. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs.

Emily (00:58): This is Season 19, Episode 3, and today my guest is Hannah Cole, an artist and the founder of Sunlight Tax. Sunlight Tax primarily serves artists and creatives in their business tax needs, but there are many overlaps between artists and the academic community. Hannah and I discuss the best practices and insights that graduate students, postdocs, and PhDs with side businesses need to stay on the IRS’s good side. Hannah clarifies exactly when a business starts, the first step you must take with your finances, and how to calculate and pay your additional tax liability. This whole episode is devoted to business taxes, but before we get started I want to ask you if you or your peers need help figuring out taxes on your academic income, your graduate student stipend or postdoc salary and the attendant benefits. Now is actually the best time to start the conversation with your graduate school, postdoc office, graduate student association, etc. about bringing my tax content to your university in the upcoming tax season—so that they have time to plan their budgets. In this upcoming tax season I’m offering live workshops that I will tailor to your university and state and also pre-recorded workshops that are widely applicable. I would be very grateful if you would issue a recommendation to a potentially appropriate host at your university. You can find links to more information from PFforPhDs.com/financial-education/. Thank you! You can find the show notes for this episode at PFforPhDs.com/s19e3/. Without further ado, here’s my interview with Hannah Cole of Sunlight Tax.

Will You Please Introduce Yourself Further?

Emily (02:56): I have a really special guest on the podcast today, Hannah Cole of Sunlight Tax. I have been listening to Hannah’s podcast, Sunlight, the Sunlight podcast for, I don’t know, definitely more than a year now, maybe closer to two. And she is an amazing, uh, podcaster and practitioner in her field because she teaches about taxes to her community. I’m gonna have her introduce her community to you, but I see a lot of overlap between Hannah’s community and our community of academics and PhDs and graduate students and so forth. So Hannah is really gonna be able to bring her insight into taxes and specifically self-employment taxes to our conversation today. Um, which is going to focus on self-employment situations that grad students and postdocs are typically in, which is like a self-employment side hustle. So Hannah, thank you so much for agreeing to come on the podcast. I’m really excited. Will you please introduce yourself a little bit further for our audience.

Hannah (03:48): Sure. Um, thank you so much, Emily. I appreciate it. Um, yeah, so I am an artist first. I, I went and got my MFA in painting. Um, and I have a degree in art history and, uh, started my life as a professional artist and was so upset at how I was treated by the world of accounting <laugh> by my dad’s accountant that eventually I, you know, went out to get the information on my own. I went all the way back to school for accounting and studied taxes. Um, ’cause I live with a, you know, artists are solitary creatures. You know, you, when you’re a painter like me, you’re in the studio for long, long hours alone. And the only way to build your career is through a network. So, you know, we are like, uh, super networkers and my community of artists was deeply in need of the same information that I was. And I, I like, knew there was a need out there, and I was like, I’m so upset by the way that this has been delivered to me, if at all. Um, there’s, there’s a market here. Um, so I started my business Sunlight Tax. Um, and that’s my mission is to, it’s much, it’s much bigger of an audience than just creative people, but it is really kind of for people who maybe where money is not the sole interest that they have when they do the thing they do. Right. And I think as academics, you can probably relate to that because most people who go into academics have a passion for their field. Right. They’re trying to do some research, and that probably is a little bit primary over money. And so, you know, that’s very similar to artists that’s very similar to sort of mission-driven people. So it’s kind of a big group of people where money is not the only thing, but these people need to do their taxes too.

Similarities Between Academics and Creatives

Emily (05:37): Yes. I see so much of an overlap between how you described your journey to what you do today, uh, in the tax world, at any rate, and what I do with, uh, as being a financial educator. Yeah. Um, I love you sort of got started comparing the community that you come from the artist community with the academic community. I totally agree about those, um, overlaps. Are there any, would you like to elaborate on that in any way? Specifically? I’m thinking of are there like mindsets or like skills that you’ve observed or perhaps lack of skills among your community, um, perhaps that overlap with ours that either are, um, helpful or not so helpful when it comes to running a business, which some academics end up doing.

Hannah (06:16): Yeah. Well, I’m, the, the world of academia is not foreign to me. I mean, I taught, I was a professor, uh, at Boston University for a brief moment, <laugh> before I realized that I, I, uh, the, the strictures of academia were not, not for me. I think for people like us, when you’re, when your identity is formed around a passion for a thing, um, money can become the enemy by accident. Not really on purpose usually. But I think, um, I see a parallel between people in creative fields where, you know, there’s no artist in the world who’s gonna tell you that they do anything except make the best possible art they can. Right. And I think the same is true in academia. You’re gonna do the best, highest quality research you possibly can. You’re gonna, you know, whether that’s the most innovative or, you know, you’ve got the best ideas, the best protocols, whatever, however you’re doing it. And I think when that’s the case, you can kind of lose, you know, what you focus on is what does well, and if your focus comes off of money, too much money can get, uh, it can atrophy, right? Your skills in it can atrophy. Um, when your attention is not there, you just, uh, it can kind of get away from you. Right? And so I think that that is a sort of similar issue that, um, people in academia have to people in the creative world. Um, and I think just, you know, we’re busy, right? We’re busy doing the thing, we’re doing <laugh>, and this is one of the reasons I didn’t wanna be in academia ’cause of how busy you get <laugh>. Like, I was like, I, I’m never gonna be in the studio again if I do this. Um, and, and you just, it’s hard to check like, you know, self-employment, you know, when you’re talking about like grant income or the types of income that, that we’re talking about here, like track doing, doing, setting up bookkeeping, paying estimated quarterly taxes, like things like that. You know, they are a little bit complex and they do require some ongoing attention. So that’s, that’s a challenge.

Emily (08:23): Totally agree with everything you just said. Underline that. Um, in addition, I wonder if you could speak to, because I think another commonality between these communities is a percep- a perception among ourselves that our work is undervalued by other people and then we end up undervaluing ourselves in some cases, um, which is really dangerous when it comes to business ownership

Hannah (08:45): Very much. Yeah. And I think it’s, it, it’s easy to get into a mindset like that, especially if people around you in your daily life have a mindset like that. You tend to absorb the attitudes of the people you are with all day. Um, and so yeah, if you have people around you who feel like, uh, you know, the good ideas are over here and the money is over here and they’re in opposite directions, you’re gonna start getting outta balance where with, where money is in your life, like, I, I like to think of it this way, that money is neutral, right? Money is a tool. It’s like a hammer. You can do good things with it. You can do bad things with it, right? Like it’s amplifying the power of the person who has it. So if you’re doing good work, if you’re an ethical person, you can do amazing things and you can do more of them when you have more money. I don’t know. Think, um, think Oprah, think, um, Dolly Parton, you know, these are people who have great amounts of wealth and who do truly world changing wonderful things with their money, right? Uh, we could also probably think of quite a few examples of people who do not so great things with their money <laugh>. But I think the problem is when you go from thinking of money as neutral, right? Money as just being an amplifier of your agency to being negative, that that’s where you start getting problems. You start getting in a sort of stuck space around it. Because if you think of money as negative, or if you think that somehow your motives or ethics will be corrupted, if you simply have money more of this tool, you won’t advocate for yourself properly, right? Um, you cannot walk into a job interview and really nail it, um, nail the salary negotiation part of it specifically. Um, you’re not gonna advocate the way with the fierceness in that interview that you would if you believed that money was good, right? Or, or money in your hands was a good thing. If you fundamentally think, you know, having a fully funded retirement is makes you kind of a yucky person, you’re not gonna ever fund your retirement. You know, these things are related.

How Do You Know When You’ve Actually Started a Business?

Emily (10:55): Mm-Hmm. That is so interesting. I’m really, I really like the way you put that. I haven’t thought about it quite that way before. So thank you so much. Um, okay. I wanna narrow down to talking about like business ownership for, again, my community, which has many similarities with yours. Uh, they’re gonna be doing this as a, we’re gonna say a side income though, right? They have their primary thing as being a graduate student or being a postdoc, and they’re pursuing that, but they have a self-employment side hustle as well. Oftentimes what I see is people acting as like consultants, for example. Um, or maybe they’re a writer or an editor in, in this kind of world. So these, these kinds of side hustles, whether maybe, or data science. They’re employing some skills perhaps that they have developed as an academic, but outside of that academic context as a business owner. So, and I love that you’ve talked about this extensively on your podcast, but the question to you is how does someone know when they’ve actually started a business? Because especially when it’s something on the side, it may be a little vague at first.

Hannah (11:50): Yeah. This gets really confusing if you start thinking of the other organizations that think of your business start time as different. Um, and I, I do have a whole podcast episode about specifically when each one thinks you start. Um, so if you want me to, you know, link to that in your show notes, I would be happy to send that link. Um, but, you know, that’s on the Sunlight podcast. So to the IRS and this, you know, I’m a tax person, so I’m orienting towards that. When it comes to when you report the income, when you report the expenses, um, to the IRS, your, your business begins the moment you advertise. And that actually makes a lot of sense if you understand what makes you a business. The IRS says that you’re a business versus being a hobby. Um, so your side hustle is a business and not a hobby. If you have a profit motive, if you are trying to make money with it, right? It doesn’t mean that money has to be, you know, you worship at the altar of money and there’s nothing else in your life and you throw all your ethics and your, you know, value and, and your amazing work out the window. Not that, but it has to be in there, has to be in the mix, and it has to be, you know, strong. Um, and so if you think about that, having an intent to make a profit, which is the IRS definition of you being a business that happens before you make a profit, that happens before you make money. And I think this is where people get confused. They think, I I, I, I only get to report it once I’m making money, but actually no, because you start that business with expenses, right? You have expenses first. Then once you’ve built something, um, let’s use an example of like a pizzeria. ’cause it’s very tangible and we’ve all been to one. Um, you don’t start generating income from that pizzeria day one, right? The pizzeria has to exist first. Like, you can’t sell a slice of pizza if you don’t have an oven <laugh>. You have to install the oven, you have to have a bakery, you have to have flour, right? So you’re gonna have a lot of expenses before you ever can even bring a dollar in the door. And I think it’s really important to get your head around that concept. You are not broken because that’s how your business is working. That’s actually normal, right? And we have in business school, they teach this concept called the break even point. Well, what is that? The break even point is the magical moment when you go from negative income, AKA, AKA spending <laugh> and, and, um, it’s that magical moment when you go from negative income to zero, right? And then over the zero, then the number starts getting positive. That’s the moment you become profitable, right? When your, when your income rises above the amount of your expenses for the first time, and you know what, there is no guarantee or promise that that will ever happen or that it will happen on a certain timeline. That’s all within your control and your profit motive should be driving that bus. But, uh, it’s, it’s good to know that it’s normal to have expenses first. And in fact, you’re entitled to file a Schedule C that is where you put this stuff on your tax return. You’re entitled to file one before you have a profit. So the title of the Schedule C is profit or loss from business. So one, you have to be a business, it’s in the title, but also you don’t have to have a profit that’s also in the title. So that’s kind of a good baseline. So remember, the moment you advertise, and if you think about it is, is the moment that you start that your business starts. And if you think about it, that makes sense. ’cause advertising says hello world, hello clients, I’m open, I have this thing available. If you’re the right person, if this will work for you, come and get it. Right? But also, you know, to somebody who is, let’s say, doing some freelance editing on the side, advertising is not gonna look the way it does for Coca-Cola, right? Advertising for you is probably gonna be an email to a couple of friends and family. You’re still advertising. You probably aren’t thinking of that as advertising, but whatever you do that’s signaling, Hey, hey, I do this thing, are you interested? So maybe that’s an Instagram post. Maybe it’s an email to friends and family. Um, maybe it’s a website going live. Those are all your moment when you started advertising.

Emily (16:14): I’m so glad you gave that example because as I said earlier, I see a lot of like service-based businesses as side hustles, um, for this community. And so just when you were describing that, I was like, yeah, if you put something up on LinkedIn, if you put your services out there on, um, whatever the current version of Upwork is, um, or like you said, an email to a friend putting up a website, Hey, it costs money to host a website. So like, you’re probably having your first expense when you do that. Um, or maybe you’re starting to pay for software to like get client scheduling set up or whatever it might be. Um, I think part of the confusion when people are asking this question is they think somehow it’s like a, a bad or like an onerous thing to be considered a business and have the attendant tax filing, uh, requirements along with it.

Emily (16:57): But what I really learned from your podcast and your attitude around it is no, this is a great thing to be considered a business, especially as you were just saying, when it takes some time to get to that turning point where you actually have profit. So like, if you have a whole year when you have some, some loss, even though you’ve started advertising, maybe you have some expenses, the income isn’t there yet. Um, you can use that to reduce your tax liability, actually. And so it’s not, it’s not a bad thing to be considered a business earlier. It does have some complications, but it’s, it’s, it’s actually a very positive thing to realize that you have a business

Hannah (17:29): Very much. I mean, and it, it tangibly lowers your taxes. <laugh>. I mean, we in this country are supporting business not out of a charitable purpose, but because it’s good for the u- US economy, right? Like when we support us small businesses and, and we count, you and me, Emily, we count <laugh>. Um, when you support a small business, you are, you are helping the US GDP grow, right? That’s in the interest of the nation we live in. Um, ultimately, you know, you’re gonna spend a lot of money, you get business deduction, you get business expenses, they are deductible on your tax return. That’s a incredible benefit given to you by Uncle Sam. I mean, I, I don’t think we all appreciate that quite as much as we should. Um, but that’s, that’s huge. Um, and yeah, and so you’re, you’re getting this subsidy <laugh> and it’s nice to take advantage of. It’s nice to know what your rights are and take advantage of it. Um, and of course, if you weren’t a business, if you were operating as a hobby, instead you wouldn’t get those deductions. So there’s a real difference.

Emily (18:38): Yeah. Thank you.

Commercial

Emily (18:41): Emily here for a brief interlude. Would you like to learn directly from me on a personal finance topic, such as taxes, budgeting, investing, and goal-setting, each tailored specifically for graduate students and postdocs? I offer workshops on these topics and more in a variety of formats, and I’m now booking for the 2024-2025 academic year. If you would like to bring my content to your institution, would you please recommend me as a speaker or facilitator to your university, graduate school, graduate student association, or postdoc office? My seminars are usually slated as professional development or personal wellness. Ask the potential host to go to PFforPhDs.com/financial-education/ or simply email me at [email protected] to start the process. I really appreciate these recommendations, which are the best way for me to start a conversation with a potential host. The paid work I do with universities and institutes enables me to keep producing this podcast and all my other free resources. Thank you in advance if you decide to issue a recommendation! Now back to our interview.

Best Financial Practices for Early Career Academics With Businesses

Emily (19:59): Okay. So I’m thinking still about this grad student or postdoc or early career PhD who’s, has this business now they know they’re starting it on the side. What are some best practices that they should implement in their finances from day one to make things easier or like totally above board going forward?

Hannah (20:16): Sure. Um, the first is to open a separate bank account. Um, you wanna keep your business income and expenses separated from your personal bank account and personal expenses. Um, there’s many reasons why this is a good idea. All of it is a good idea. <laugh>, there is no negative, um, except that you have to go through the effort of opening an account. Um, but the magic that that separation does is now when you have that business bank account and you deposit all the money you earn from that freelance side hustle, you know, that gig, whatever it is, now you are creating a record of everything into and out of your business. That record becomes the backbone of your bookkeeping. So now from there, setting up bookkeeping, setting up tracking becomes far simpler. Um, Emily, when I started out as a professional artist, before I knew to do all this stuff, I was printing out bank statements going through, you know, like three days before tax time, going through my bank statement, line by line with a highlighter, trying to, trying to recall if that trip I made back in February last year to Lowe’s was for business or for my home, right? <laugh>, Like we don’t want that <laugh>. If you have a dedicated business account and you keep a mindset of I only spend this money on business expenses, then everything in there is deductible. You just have to sort out what category of deduction it goes into. So man, it makes your life simple. And then, you know, once your business grows, this is a thing that grows with you. Um, you can automate that bank feed into bookkeeping software. That’s a next step thing. You don’t have to do that day one, but it gives you the, you know, the easy option. Um, also if you one day create an LLC for liability protection, your LLC will be instantly invalidated if you don’t have a separate business bank account, you, when you have a liability, uh, limited liability corporation, the whole thing you’ve done legally is to separate your business and personal selves. And if you then don’t actually do it in the background, a court of law can say you don’t have an LLC, you don’t have any liability protection, and basically your LLC is thrown out, you’ve wasted all that money. Um, so <laugh>, there’s no downside, in other words, to a business bank account. PS it doesn’t actually have to be technically a business account according to your bank’s rules. It can just be a personal account. That’s another separate account. It’s the separation that’s important. So it can be, you know, technically a personal account according to the bank. That’s fine. Just use it like it’s your business account.

Emily (23:05): Thank you so much for that. Um, that clarification, and actually you threw out a couple of terms there. So I just want to, this is partially some things I’ve learned from you, clarify for the listener. Um, this, this term LLC, the limited liability company, this is a legal status and it’s not, it doesn’t necessarily confer a specific tax status. So when you’re first starting out out, when you’re first starting out with a, a side business or something, you’re likely gonna be operating as a sole proprietor. Then maybe for the entire lifetime of the business, you’ll be a sole proprietor. Whether or not you open an LLC as well, your tax status will stay a sole proprietor. That is, unless you decide that you want to grow your business to the point where becoming a different kind of tax status would make sense, like an S selection, et cetera. But for people who keep businesses on the side, I would imagine many of them continue to operate as sole proprietors indefinitely.

Hannah (23:55): Yep. I would say that’s probably true. Yeah.

Preparing for Tax Season as a Business Owner

Emily (23:58): So you just mentioned this core first step, which is to open a separate bank account, and I totally agree with it. You know, when I first started out my very first side hustle, I didn’t have that, but I knew by the time I started this business that it was important. So that was the first thing that I did when I started this, um, this business, even though I’ve been a sole proprietor the whole time as we were just talking about. So is there anything else that someone should do, um, like at this point in the year, you know, we’re sitting in September when we’re recording this. Is there anyone, anything that, uh, business owners should do outside of their actions during tax season to set themselves up to, you know, prepare a tax to return easily to minimize their tax liability beyond this core, as you said, the backbone of having a separate account?

Hannah (24:39): I mean, there’s a whole world of year-end tax planning. I would say independent of year-end tax planning, which is coming up, we are coming upon that time of year. But independent of that, I would say from your separate business bank account, just setting up some basic bookkeeping is a good idea. Having the separate bank account isn’t bookkeeping itself, though. It forms a basis for it. So if you don’t love the idea of like sitting with your bank statements and pulling everything into a category, you know, before tax time, doing that in advance is quite nice and quite helpful. <laugh>. And I actually think if it’s at the level of a gig or a side hustle, I actually think you don’t need bookkeeping software at all. I think bookkeeping software, if I’m just being totally honest with you, it’s very easy to make very expensive mistakes that compound and, uh, that you can only get undone with very expensive accounting help. Um, so I actually don’t really think people with very, very small like side hustle level businesses maybe even should have software for bookkeeping at all. Um, but that doesn’t mean you do bookkeeping. You can just do it on a spreadsheet. So have a spreadsheet, lay out your expense categories, track your income, and just do the tallies. Um, because knowing if that will help, you know, in an ongoing way if you’re profitable or not, which is a, a big deal, it’s also what your taxes are based on. So, um, paying estimated quarterly taxes, for example, if you need to, is only going to be possible when you know what the number is, <laugh>. Um, so you wanna be able to know what your profit was for the quarter. So you can do a little calculation about what percentage of that you need to pay to the IRS and to your state for taxes.

Side Hustles and Estimated Tax

Emily (26:29): This is a little bit nuanced. Um, what I’d like to specifically talk about is how to like sort of add the estimated tax process on top of an existing salary, right? Because this is a side hustle business, so. What would you tell someone who’s, uh, who has that situation, how they should handle their estimated tax?

Hannah (26:50): Yeah, I might tell them to avoid it altogether. Um, honestly, because human behavior being what it is, estimated taxes are manual. You have to do the calculation, you have to make the payment. And we just know from data, you know, from behavioral science that people don’t do things like the, they do the default more often than not. So if you can default your taxes, that’s what you wanna do. So if you’re in the side hustle zone, the thing you wanna understand is that your taxes are holistic. They are all of your income lumped together and your spouses lumped all together and put onto one tax return with one number of what you owe, or you know, what you got a refund for if you overpaid. So if three quarters of your income comes from a job, you know, where you’re an employee and you have payroll withholding your taxes throughout the year, and one quarter of your income is coming from this gig or side hustle, you have enough proportionally money that you could take out of your W2 to never have to pay quarterly taxes. But what you need to do, the action you do need to take is to file a new W four with your employer to adjust your withholding at your day job to over withhold. In other words, you don’t wanna withhold only enough taxes to cover the tax obligation formed by the employment. You wanna overdo it and go into taking enough taxes to account for your self-employment. Um, your gig, your side hustle income that is considered self-employment income. FYI, um, and the taxes on that are always higher than you think because self-employment tax applies to self-employed income. So your employer is paying one half of that amount. It’s one of your wonderful benefits as an employee. You pay both halves when you’re self-employed because you legit are the boss <laugh>. You pay the employee and the boss half of Medicare and social security. And we call that self-employment tax. So my tip there is pull a W 4 off the internet, go to irs.gov, grab yourself a W 4, fill it out. You might need some old pay stubs. You might want last year’s tax return. If you have any bookkeeping from your business year to date, that’s great. Um, or just last year’s tax return. Um, hopefully if that gig was going already last year. And then you just wanna fill out the little, um, paycheck checkup tool on the IRS website that will help you, um, adjust your withholding to essentially give you, you know, the refund level that you wanna have. Um, I recommend zero <laugh>

Emily (29:34): I, it’s the same way I would approach things. That’s how I also teach. Um, anyone, anyone who has a fellowship income, which does not have withholding on it, but who also has W2 income, their spouse or them, that’s the same thing. I say, make this easier on yourself, just fill out a new W 4. But let’s add the added wrinkle of they don’t have the W2 position. Let’s say they’re receiving a fellowship, it already doesn’t have tax withholding on it. Maybe they’re already doing estimated tax because they have that fellowship. Um mm-Hmm. How should they incorporate the self, the self-employed income and, and the income and the self-employment tax from that, um, in with their ongoing like fellowship type income, uh, calculations?

Hannah (30:12): Yeah, well they’re gonna, you’re gonna need to do some degree of bookkeeping or else it’s gonna be a very stressful moment before the tax deadline. Um, and you will, you know, you’ll need to pay quarterly taxes every single quarter that that’s your legal obligation. So under US tax law, if on last year’s tax return you owed more than a thousand dollars, then you have to pay quarterly taxes this year or else you’ll get penalties and interest. Um, and you can pull out last year’s tax return and you can check if you’re in this category. So line 37 of your 1040 personal income tax return is gonna tell you what you owed last year. And if you see a number on there and it’s greater than a thousand, you gotta be paying quarterly taxes this year. Um, PS line 38, the line just below that is your estimated tax penalty <laugh>. So you can look at that line to see if you’re already being punished for not doing this. Um, I think that people, you know, we have a whole tax industry out there trying to, you know, its marketing is based around making us all hate and fear our taxes and actually kind of implicitly training us not to even look at it to just feel so fearful. And so, like hands off that we don’t even look at it. And I’m just here to say, I hate that I disagree with it. Your taxes are yours. Your 1040 is your information and you can, you know, the first two pages of it summarize every single thing that is in that big tax packet. And if you just look at every line on the first two pages, you have massive power. You know what’s happening. Um, and I just told you two lines, the power in those two lines, line 37 and line 38 and that, you know, that will, that will help you kind of get your head around <laugh> whether you have to pay quarterly or not. If you do, um, you know, if you think about what line 37 tax, you know, what you owe, like owing something at tax time is not supposed to happen, right? It does happen. It’s okay. It’s a reconciliation document where we reconcile the actual amount paid versus the expected amount, um, and we settle up the difference. But essentially owing anything means you underpaid your taxes throughout the year. ’cause we live in a pay as you go tax system. You’re supposed to pay your taxes as you go through the year, not all on April 15th.

Emily (32:40): I think what I would say, in addition to what you just said, um, the, the form form 1040, ES, the estimated tax worksheet is a very helpful document in calculating your estimated tax due. Um, people in the audience listening may already be familiar with this for their fellowship income, but you just have to add in a few more lines relevant to the business income and so forth. But if they don’t wanna do more calculations, I think I would tell them just to kind of, as a rule of thumb, set aside an additional 15.3% of their business profit. If there is a profit for that self-employment tax pay, that plus whatever their marginal tax rate is, let’s say it’s 12% usually for graduate students, maybe 22% for some postdocs. Um, if they’re single and just doing that much, if you don’t wanna do like a full calculation is gonna get you, that’s an 80 20 <laugh> on that is to add mm-hmm, that additional amount of money in with either your W 4 or your estimated tax payments if you’re doing it on your fellowship already. Um, but doing the detailed calculation is always gonna be the most, uh, thorough and the most accurate way to go. But Hannah, uh, when you were.

Hannah (33:46): Sure, although keep in, keep in mind ’cause it’s stressful for people. I think like especially if you’re coming to this and you’ve not learned about how estimated quarterly taxes work, um, it’s really important to remember the first word. It is an estimate and you’re not gonna know, like fundamentally you can look at your tax rate from last year, but last year’s tax rate does not guarantee this year’s tax rate, right? So even if you do it in good faith and you did the best possible job, you could, you can still be wrong. And so really, I just encourage you like 80 20 is a good attitude on this because it is called an estimate because you don’t have a crystal ball, like the law cannot compel you to accurately predict a future. So we can all just breathe a sigh of relief and just estimate and that’s okay.

Emily (34:35): The other good thing about paying those quarterly taxes, um, as you go, as you were saying is that, um, there’s never gonna be such a huge balance built up. Like something that often happens in our community with fellowship income is that people get to tax season and they realize they owe three, four, $5,000 because they never paid estimated tax or had tax withholding during the year. And that is a huge shock on like this level of income that we’re talking about. And it can happen with business income too, um, especially if you’re taking distributions from your business and then you’re spending that money. Um, so either keep the money in your business account and don’t take the distributions or as you take the distributions, make sure you’re putting aside something for either your quarterly or your annual tax bill so it doesn’t, doesn’t get away from you <laugh>.

Hannah (35:17): Absolutely. Yeah.

Sunlight Tax and the Sunlight Podcast

Emily (35:19): So just a few minutes ago when you were talking about how, um, you know, our, our system, mostly the tax industry that’s built up around our regulations, they want you to feel a certain way about taxes and in fact you should be empowered about this, et cetera, et cetera. This is a taste of what people can get on your podcast. So I would love you to take a minute and just tell everybody where they can find you, what you put out there, what you do in your business, and if they want to learn more from you or work with you in some way, how they can do that.

Hannah (35:46): Sure. Thanks Emily. Um, well, so my business is Sunlight Tax. If you go to sunlighttax.com, you’ll find everything there. So if you miss something, sunlighttax.com, I have my podcast, which comes out every Tuesday, Sunlight, um, you can find that on my website, sunlighttax.com. Um, I also have a bunch of free resources like, uh, deductions guide, a visual Guide to Tax Deductions, which you can also find on my website. Um, I offer a lot of free courses, including a recent one about, um, LLCs. If you go to sunlighttax.com/llc, if you happen to have formed an LLC for your side hustle or your business, um, there’s a mandatory, a mandatory new report required, um, from the US Treasury <laugh>. Um, but also I have a program called Money Bootcamp where I teach, um, people how to set up very simple systems to track your taxes, um, pay your estimates and fund your retirement using tax advantage accounts. So, um, all of that you can find @ sunlighttax.com and,

Emily (36:51): Excellent.

Hannah (36:51): Yeah.

Best Financial Advice for Another Early-Career PhD

Emily (36:52): Yes, and I will definitely personally vouch for the podcast because I am a listener every single week and I learn something new every week and I think it’s great. Um, okay, Hannah, I’m gonna end by asking you the question that I ask all my guests, which is, what is your best financial advice for an early career PhD? A grad student, a postdoc, someone recently out of their PhD training? Um, and that can be something that we’ve touched on already that’s related to tax, or it could be something completely aside from what we’ve discussed.

Hannah (37:19): Sure. Um, I’ll say this, it’s a bit of my personal religion, but, um, if you have never played with a compound interest calculator and seeing what the power of your money is when it is invested, um, please do yourself that favor, <laugh>. Um, and I would say do not just write yourself off. Say, I am broke right now. I will wait to put money in an IRA I really highly encourage you, if you do nothing else, maintaining an annual habit of maxing out your IRA will put you in a better position. Um, it, it will, you know, you invest the money inside the IRA so it will grow with compound interest and tax sheltered. So it’s really a wonderful thing that works when you start young <laugh>. You don’t wanna miss five years of compounding because you’re in grad school. Um, if you can, you know, just make it your religion to do it every single year without skipping, I think that is my best piece of advice. And believe you as a 45-year-old woman, woman, <laugh> talking to you, I, I wish for everyone here that we could all have started at the age that you are now. Um, and the age you are now is only it, you know, the best time to start this investments your investments was 20 years ago, but the second best time is now.

Emily (38:41): Love that advice. You touched on my two favorite topics today, taxes and investing. So it’s amazing. <laugh>. I will also just say, I mean, I love the goal of maxing out an IRA, but that’s not gonna be possible for many people. So even if it’s just, um, $50 a month, a hundred, 200, whatever you can do, be in the habit of it. And do as much as you can. And then absolutely, once you get that higher income from your lovely post-PhD job, then you can really ramp it up and use your 401k and use everything else. But having that habit of doing it from earlier and having sort of developing the identity of I am an investor and understanding things like compound interest that is gonna serve you so well later on, um, not just the dollars and the numbers, but all that psychology that comes along with it.

Hannah (39:24): Absolutely. Yeah. They, they show that even very, very poor people who have a savings account save more because just having it there helps you do it. So if you haven’t opened an IRA yet, I encourage you to do it this year. Even if it, even if you put 10 bucks in <laugh>, like open it. The fact that it’s there is setting up the infrastructure to make it easier to do that, you know, thing. And really saving, savings and investing is a muscle. So think of it as like a muscle that you have to get in some reps to get good at.

Emily (39:55): I love it. Hannah, thank you so much for joining me today. It’s been a wonderful episode and thanks again.

Hannah (40:02): Thanks so much, Emily. I really loved joining you today.

Outtro

Emily (40:15): Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? My team has collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! Nothing you hear on this podcast should be taken as financial, tax, or legal advice for any individual. The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Dr. Lourdes Bobbio and show notes creation by Dr. Jill Hoffman.

What You Should Know about Money Early in Your PhD Career

July 29, 2024 by Jill Hoffman

In this episode, Emily shares the microinterviews she recorded at two higher education conferences this summer. The conference attendees, virtually all of whom work at universities and most of whom have PhDs themselves, responded to this prompt: “What do you wish you had known about money earlier in your career?” Listen through the episode for insights into the financial steps for which, should you take them now, your future self will thank you.

Links mentioned in the Episode

  • Host a PF for PhDs Seminar at Your Institution 
  • Emily’s E-mail Address
  • PF for PhDs Subscribe to Mailing List 
  • PF for PhDs Podcast Hub
What You Should Know about Money Early in Your PhD Career

Teaser

Lyndsi B (00:00): You don’t have to make one decision and have it be the right decision for the rest of your life. Like you can make changes at any point along the way and you are allowed to fail and like you can recover from failure.

Introduction

Emily (00:20): Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. This podcast is for PhDs and PhDs-to-be who want to explore the hidden curriculum of finances to learn the best practices for money management, career advancement, and advocacy for yourself and others. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs.

Emily (00:50): This is Season 18, Episode 5, and today I’m sharing the microinterviews I recorded at two higher education conferences this summer. The conference attendees, virtually all of whom work at universities and most of whom have PhDs themselves, responded to this prompt: “What do you wish you had known about money earlier in your career?” Listen through the episode for insights into the financial steps for which, should you take them now, your future self will thank you.

Emily (01:20): The two conferences I attended were the Graduate Career Consortium Annual Meeting or GCC and the Higher Education Financial Wellness Alliance Summit or HEFWA. GCC is primarily attended by university staff members working with PhD students and postdocs in career and professional development. HEFWA is attended by university staff members working in financial wellness across undergraduate and graduate populations. These two conferences were excellent networking opportunities for me on top of the built-in professional development. However, there are plenty of universities who were not represented at these conferences. Would you please consider recommending my financial education seminars and workshops at your university? My most popularly requested events for the upcoming academic year are Your Financial Orientation to Graduate School, How to Prevent a Large, Unexpected Tax Bill on Your Fellowship Income, Expert-Level Budgeting for Graduate Students and Postdocs, and Demystifying Taxes for Graduate Students. Please direct an appropriate potential host within your graduate school, postdoc office, grad student association, etc. to PFforPhDs.com/financial-education/ where they can learn more. Thank you in advance! You can find the show notes for this episode at PFforPhDs.com/s18e5/. Without further ado, here are the microinterviews recorded at GCC and HEFWA.

What Do You Wish You Had Known About Money Earlier In Your Career?

Amy (03:03): Hi, I am Amy from Princeton and when I was in graduate school I wish I had learned more about investing and saving for retirement and sort of how all that works early in your career to benefit you later.

Sharon F (03:18): Hi, my name is Sharon Fleshman. I’m a senior associate director at Career Services at University of Pennsylvania. I think coming out of undergrad I basically took the salary, I was pitched <laugh> and that was it. So I wish I knew the implications of a starting salary across the years.

Evan W (03:34): My name is Evan Walsh. I’m a career advisor at Harvard Medical School. I really wish I knew that it only takes a little bit each week to put towards something. So every week I put money away into a travel fund. Each week I put money away towards retirement. Each money I put a little bit away towards just miscellaneous fees that I may incur and it’s all within my master budget that I now wish I would’ve known earlier that I like to do and that’s really helped me sort of save for trips and things for my future, things that I wanna prioritize, how I utilize my money. So I wish I knew earlier that your money is yours to spend the way that you want to.

Laura S (04:11): Hi, my name is Laura Stark and I work for Harvard University. I got my PhD many, many years ago and I wish that I had known that I should start saving for retirement even as a graduate student.

Briana M (04:26): I’m Briana Mohan, I am a program manager at MD Anderson Cancer Center. A lot of times we feel, I have felt that money is tied to worth and my value as a professional and there actually is no correlation at all so far as I can see. So I think that decoupling those two things so that then it’s a little bit more feasible to work with money and money questions and speak about them and grapple with them and not have it so tied to how much I’m valued or how much I am worth, I wish I would’ve known that earlier.

Alla M (05:03): So my name is Alla Mirzoyan and I’m from Florida International University and I wish I had known about credit in the United States and not to sign up for credit cards without really understanding the implications. I was an international student so I knew very little about how credit works, but I know better now.

Gina B (05:25): I’m Gina Bellavia from the University at Buffalo and what I wish I’d known about money earlier in my career is, well, particularly because I got a PhD but then I went a non-traditional route. I didn’t go into academia, so I guess it would’ve been good for me to know going that route that I might have to kind of go down in pay to, to then start a new trajectory and then work my way up again, which I guess it makes sense if you think about it, but I didn’t really think about it that way. So it’s taken a little longer to to build up I think by taking that less traditional route, but, but I’ve also had greater career satisfaction.

Manali G (06:03): I’m Manali Ghosh. I’m a senior academic recruiter at St. Jude Children’s Research Hospital and I wish I had known sooner to invest in stocks like s and p 500 earlier in my career.

Ivonne V P (06:16): My name is Ivonne Vidal Pizarro. I’m at the University of Tennessee in Knoxville. I’m the research consultant in the graduate school supporting postdocs and I wish that I’d known that if I could save more money when I was younger, I’d have more in my 401k now.

David C-B (06:30): Hi, David Cota-Buckhout. I am the assistant director of Alumni Engagement and Career Support at the University of Rochester’s Graduate Education Postdoctoral affairs office. I wish I knew that I should have paid off my private student loans earlier so that way the compounded interest wouldn’t have backed me with so much debt. And just recently I was able to get rid of those student loans and then free up over $13,000 of interest that I can now put towards other things.

Katie H (07:07): I’m Katie Homar from University of Pittsburgh and what I wish I knew about money earlier in my career was the importance of researching salaries and negotiation.

Alex Y (07:18): Hi, this is Alex Yen, a second year postdoc at Boston University’s professional development and postdoctoral affairs office. The thing I wish I had known about money earlier in my career, and I think especially in graduate school, is that open a high yield savings account as soon as you can and put just a little bit of money, even if it’s 20 bucks, 30 bucks a month. Just having that and knowing that it can, it’s a long term sort of savings space that will continue to accrue interest, will make you feel less anxious and look forward to a time when you can save more

Dan O-B (07:56): Dan Olson-Bang, Syracuse University. If I had known this, I would’ve been grateful. Uh, don’t take out loans during your PhD.

Ryan U (08:05): My name is Ryan Udan. I’m director of the office for postdocs at UTM, the Anderson Cancer Center. As a long time trainee that did not make a lot of money, who navigated into a career path that I was ultimately happy in, it did take too long of a time to get to that career path that for me, I wish I knew about other career options that I would’ve been happy with earlier that paid better and earlier. So now I have a better understanding of all the other diverse career options that are available to people, not just for people with their PhDs, but for other types of professional degree programs that would’ve gotten me to a space where I was happy with my job and that I was making a lot of money more quickly. For example, I didn’t know about optometry field, I didn’t know about radiological careers and you know, the flexibility you have for, uh, uh, obtaining jobs more easily and, and many different places from small towns to big cities. And again, immediately after you get sometimes an associate’s degree, that stuff for me was a black box when I was training.

Giovanna G-M (09:14): Hi, my name is Giovanna Guerrero-Medina and I’m director of Diversity programs at the Yale School of Medicine and the Wu Tsai Institute. One thing I would’ve liked to know about money earlier in my career has to do with how much life costs and how there are gonna be times in your life when you will need to have extra cash because of health emergencies. Because you have to take care of family members who are sick. You have an emergency trip that you have to plan and so it’s important to have a, a fund or a a some money that is liquid that you can use in an emergency at some point in, in my life after my graduate school, my family had some emergencies and I also had some healthcare costs and it was really important for me to have that extra cash that I had saved and separated.

Bill M (10:15): Bill Mahoney. I’m the Associate Dean of graduate student postdoc affairs at the University of Washington. I’m also faculty in the School of medicine and I wish I understood a little bit better that making career decisions based on the next paycheck, the most money, it’s only part of the decision. You have to make it on what you love doing, the people you’re gonna support. And if you choose to stay in higher ed, you’re probably gonna not make as much money, but you’re gonna have a bigger impact on training the next generation of scientists and students to go on and do bigger and better things in uh, and improve the world.

Meredith O (10:44): Meredith Okenquist, Director of Career Management Villanova University. What I wish I knew more about was retirement planning at the very onset of my career and investing the full maximum percentage for my 401k.

Kirsten R (10:59): My name is Kirsten Ronald. I am the program manager of advanced degree career management at UT Austin. I wish I had known that you don’t need to go back to school to make a massive career change and I also wish someone had talked with me about the ROI of going back to school before I did it.

Colleen G (11:13): My name is Colleen Gleeson and I work at the University of Texas at Austin as an associate director for advanced degree employer integration. One thing I wish I had known about money earlier in my career is thinking about careers and jobs and salary packages and benefits in a way that like evaluates in the total compensation package and how invaluable it is to have employer paid health insurance and to have things like pay time off and something that forces you to invest in a retirement account or a pension to make you think about the future.

Marlene B (11:51): So my name is, uh, Marlene Brito, Dr. Marlene Brito and I’m the associate director of DEI at NYU Career Development Center. And what I wish I had known before I started a PhD was that you self-fund a lot of your activities as a doctorate student, especially if you’re a professional who’s going to school part-time, but sometimes even as a full-time student. So like save money for conferences, save money for research expenses because all of that cost thousands of dollars.

Melissa K (12:21): Melissa King, University of Mississippi, the best advice I ever received about money was when my husband and I married 13 years ago and my mother-in-law told us it doesn’t matter how much money you make if you spend all of it right? So knowing how to spend and how to save is by far the best piece of advice. It doesn’t matter if you make six figures if you’re, you’re spending all of it, right? Mm-Hmm. <affirmative>.

Lee T (12:46): Hi, my name is Lee Tacliad. I’m a manager of alumni and employer engagement at Scripps Research and what I wish I knew about money earlier was the magical effect of compound interest.

MaKenna C (13:00): Hi, I’m MaKenna Cealie. I am a graduate student at the University of Rochester. What do I wish I had known about money earlier in my career. So I had some great advice about learning to save and invest, but I think sometimes I took that too far. So I think it would also be important to kinda spend your money too as sometimes and enjoy your life. I read this great book Die With Zero and I think that was very helpful for me.

Dan E (13:26): Hi there. My name’s Dan Emmans. I am senior coordinator for student development and engagement at Harvard Medical School. Early on, get into the habit of putting 20% away and you’ll never go wrong.

Tamar G-C (13:36): Hi, I am Tamar Gaffin-Cahn. I’m the assistant director for graduate students at the Career Development Center at Emerson College. And one thing I wish I had known about money earlier in my career is put money away. Invest really early on, even if it’s just 20 bucks a month, invest early ’cause it will grow. I would also say to diversify where you’re investing and there are lots of opportunities of how to invest in uh, that’s connected to your values as well. So there are opportunities to invest in green energy, invest in programs that are good for the environment and good technology and things like that so it your money isn’t going to corporations that do harm to this world.

Bryan M (14:12): Hi, my name is Bryan McGrath. I do employer engagement over at Harvard Medical School. What do I wish? I had known about money earlier in my career that credit cards accrue interests and you should be paying more than the minimum each time.

Linda L (14:24): My name is Linda Louie. I work at the Lawrence Berkeley National Lab and I wish that earlier in my career I had known that retirement was a thing you needed to plan for <laugh>.

Jessica R (14:35): My name’s Jessica Roman, I’m the Assistant director of Graduate career Services at Stony Brook University and something I wish I would’ve known about money earlier in my career is how private loans and their interest works because I thought it was like public loans where you have the same principal and then I graduated and I got the bill and it was very shocking and I’m still paying that off, so I wish I would’ve known how that works so I would’ve made payments while in college.

Breanna G (15:06): My name’s Breanna Gallagher and I am a career coordinator at Oklahoma State University and what I wish I would’ve known about money earlier in my career is literally just the lingo of all of the money talk, being able to understand my benefits, being able to understand 401ks and medical insurance and being able to just understand what I was reading and signing, especially in a really tight window when you’re required to do your benefits in like 24 hours.

Aimzhan I (15:39): My name is, Aimzhan Iztayeva. I work as a program associate at the graduate School of the University of Minnesota. What I wish I had known about money earlier in my career is how investment works and also how taxes work with regard to money that you gain through investment.

Natalie C (15:56): My name is Natalie Chernets, I’m director of postdoctoral affairs and professional development at Drexel University. What I wish I knew about money early on is that higher education doesn’t necessarily mean more money in your salary, especially if you are an immigrant coming from another country. There are other barriers you have to think through to earn that salary.

Rowena W (16:14): Hi, I’m Dr. Rowena Winkler. I work for the University of Maryland, Baltimore County or UMBC in their career center as the assistant director for graduate student career development. So what I wish I had known about money earlier in my career is, especially as a graduate student, I, I’m an immigrant child, so my parents came here from the Philippines and I didn’t really know good personal finance and money management practices. I wish I had taken out loans or looked for more scholarships because as a graduate student in particular, I went into a lot of credit card debt just trying to finance my way through school. And so I wish I had known more about personal finance resources or funding options as a graduate student.

Mearah Q-B (16:56): My name is Mearah Quinn-Brauner. I work at Northwestern University. I wish I had known that sometimes it’s a good idea to spend money in order to have more money later in your life. When I was in graduate school, my mom tried to convince me to buy a house and I thought that that was insane. It was a crazy idea given how much money I had at the time, but it would’ve been worth figuring out so that I would have a house in Philadelphia now.

Diane S (17:24): Hi, my name is Diane Safer. I’m the director of career and Professional Development at the Albert Einstein College of Medicine where I work with PhDs and postdocs. I wish I would’ve taken the advice that I give to my students and postdocs right now and really negotiated for higher salaries and higher starting salaries right when I got the job because you can never really make it up once you’ve started a job and you’ve lost all your negotiating power once you’re in.

Mallory F-L (17:49): Hi, my name’s Mallory Fix-Lopez. I’m with Language ConnectED. I wish I would’ve known to charge for my work earlier in my career. I’ve done a lot of work for free <laugh>.

Emily S (17:59): So my name is Emily Sferra. I am the coordinator for career and Professional Development at the University of Michigan Medical School. If given the option to contribute to a retirement account you should contribute to a retirement account.

David B (18:19): Hi, I’m David Blancha. I’m a program manager at the OCPD at University of San Francisco. The thing that I wish I had known about money earlier, especially when I was a graduate student, is that when I was doing all of the math on my finances and what I might like need to live while I was in graduate school, all of those numbers would be wrong. Eight years later when I graduated I had no, I, no sense of adjusting for inflation or markets changing or anything like that. So I assumed the math I had done to live in a one bedroom apartment <laugh> in New York in 2015 is what I was going to need in 2022 and that’s absolutely not, not right. <laugh>.

Commercial

Emily (19:09): Emily here for a brief interlude. Would you like to learn directly from me on a personal finance topic, such as taxes, goal-setting, investing, frugality, increasing income, or student loans, each tailored specifically for graduate students and postdocs? I offer seminars and workshops on these topics and more in a variety of formats, and I’m now booking for the 2024-2025 academic year. If you would like to bring my content to your institution, would you please recommend me as a speaker or facilitator to your university, graduate school, graduate student association, or postdoc office? My seminars are usually slated as professional development or personal wellness. Orientations or very close to the start of the academic year would be a perfect time for tax education or general personal finance content. Ask the potential host to go to PFforPhDs.com/financial-education/ or simply email me at [email protected] to start the process. I really appreciate these recommendations, which are the best way for me to start a conversation with a potential host. The paid work I do with universities and institutions enables me to keep producing this podcast and all my other free resources. Thank you in advance if you decide to issue a recommendation! Now back to our interview.

What Do You Wish You Had Known About Money Earlier In Your Career?

Alexis B (20:37): My name’s Alexis Boyer. I’m assistant director of Graduate student career services at MIT. And I wish I had known the difference between a 1099 and a W2 and I wish that I had known that the skills that I was developing were worthy of being paid.

RC S (20:54): RC Stabile, uh, Vanderbilt University, director of trainee engagement and wellbeing. I wish I knew about investing, putting money in target date index funds and I wish I knew about high yield savings accounts earlier.

John M (21:10): Hi, my name’s John Miles. I’m the Chief Executive officer of Inkpath, uh, the professional development platform. I wish earlier that I had known that by spending my time working on Shakespeare and taking a very academic direction that I wasn’t counting myself out of decent salaries later on that I should be confident that time will reward you and, uh, you can indulge those academic perspectives, uh, without feeling like you are narrowing down your options for the future.

Zarna P (21:42): Hi, I’m Zarna Pala. I am the assistant director of the Biological Sciences graduate program at the University of Maryland. And I wish I knew, uh, more about investment and investing money in the right direction or any sort of like small investments which I, which I could have started early on, uh, as a graduate student, as a postdoc fellow, that would’ve been really helpful.

Anne-Charlotte M (22:08): Hi, I’m Anne-Charlotte Mecklenburg. I am the postdoctoral associate for academic support at the University of Maryland College Park. And I think something that I wish that I knew about money earlier in my career was just all of the different ways of like saving money and organizing money that I would need later in my career as a graduate student it was kind of like, okay, I have a stipend and it covers all my living expenses and I can’t really do anything else with it, so I just spend it until I don’t have it anymore. And now that I’m sort of moving into more of a mid-career moment, it’s like, oh, I have a retirement account through my university and I don’t really know how that works. All that kind of stuff that I feel like in other careers people kind of learn that kind of stuff closer to right af out of college. It’s something that now feels like a little bit delayed for me and now I feel like I’m a little bit behind. So something I wish I was thinking about before I needed it so that I’d be ready when I did need it.

Amy A (23:00): I’m Amy Aines and I’m with Championing Science. What I would’ve loved to have known more about is how to invest. I think I was conservative and I was okay with a 401k with someone else thinking about it, but it would’ve been nice to know for myself what that was about and how I could take advantage of the opportunity.

Gina D (23:18): Gina Delgado, director of doctoral and post-doctoral life design and what I wish I’d known earlier about money in general is not just knowing about money but not being afraid of being broke because I’m not afraid of being broke.

Beka L (23:32): This is Beka Layton. I am the director of professional development at UNC Chapel Hill and thinking back to when I was a graduate student, I think benefits life insurance 401ks and kind of how to balance life expenses with long-term goals and budgeting. I think that whole like black box of like, I don’t know any of those things was mystifying to me. So things I learned by accident along the way and wish I knew then.

Aurora W (24:02): I’m Aurora Washington. I am currently a postdoctoral research fellow at the University of North Carolina in Chapel Hill. And something that I wish I knew about finance when I was a graduate student is how to budget a little bit better and to manage my expectations because I’m a postdoc, postdoc don’t get paid well and so I wish I knew a little bit more about benefits in negotiating in Texas.

Sam R (24:29): Hi, um, this is Sam Ramosevac, I’m director, um, at the office of Postdoctoral and Mentor trainee program at Emory University. Uh, I wish I actually negotiated my salary and I think it’s really important at least to attempt to negotiate and get more money for the level of experience you have and you know, just at least to try.

Ian K (24:57): I’m Ian Krout. I am a postdoctoral fellow at Emory University. For me, being a postdoc, I went on a training grant and realized that I was losing some benefits that I had gotten as being an employee at the university. And so I actually began to ask questions to both my PI and the postdoctoral office about if this needed to be the case and if there was any way to get benefits and advocating for myself was enough to get those benefits brought back through a workaround at the university, which was really positive for my experience and helped me to still be able to save for retirement and not pay into my health insurance myself.

Jessica T (25:35): My name is Jessica Taylor. I’m a research fellow at ACLS and I wish I had known when I was a graduate student that you’re supposed to tip in hotels.

Natalia (25:44): My name is Natalia, I work for the University of Pittsburgh as a career advisor. Yeah, and I wish I, I had known that money would be able to buy me freedom of choice.

Autumn A (25:55): Well, my name is Autumn Anthony. I manage the office for graduate student assistantships and fellowships at GW. I think it would’ve been really important for me to realize earlier that if you are looking to make more money, then you have to go to the organizations that actually have more money <laugh> and that when you are committed to the work that you’re doing and working hard and looking for opportunities to succeed in your work, just because of your commitment and just because of your hard work doesn’t mean you’re going to make more money. So you have to go where the money is.

Jessica V (26:33): My name is Jessica Vélez. I am the membership engagement and early career programs manager for the Genetic Society of America. And I definitely wish I had known that I do actually make more money than I think I do. And by creating a budget, that’s how I learned that I made more money than I thought I did and I signed up for a budgeting app at some point in my graduate career. Because of that, when I finished my PhD, I wasn’t able to immediately get a job, but I had enough money saved up from the budgeting I had done on a graduate school stipend to survive for two or three months without having to worry about unemployment because you can’t apply for unemployment as a graduate student <laugh>. So that was extremely beneficial and I’m glad that I finally learned that, but I wish I had learned that earlier for sure.

Melissa B (27:20): This is Melissa Bostrom. I’m assistant Dean for Graduate Student Professional Development at Duke University and I wish I would’ve known that investing for retirement didn’t have to be perfect. It didn’t have to be the best. I just had to get started with a small amount on a regular basis.

Chris S (27:35): Okay, my name is Chris Smith. I manage the Office of Postdoc Affairs at Virginia Tech. The importance of investing in special retirement vehicles, whether that be a Roth IRA or traditional IRA that have different benefits in terms of tax purposes, whether you pay them now or later. And it might be real benefit when you’re in your lower paying years to be in investing in or Roth where you’re paying the taxes now and then when you eventually retire, you don’t know taxes on that and all the compounding that happens over those 30 plus years of your career.

Jason H (28:06): I’m Jason Heustis, assistant Dean for Student Development Evaluation at Harvard Medical School. I’d say one of the things that would’ve been helpful to know in graduate school, similar decisions you’d make when you start getting a real paycheck, things like allocations for insurances, the different types of saving options, that type of thing would’ve been helpful for me to know earlier, right? Or to be prepared for those decisions so that I can do as much research at the time. That would’ve been helpful.

Anne X (28:30): Hi, my name is Anne Xiong. I’m from UC Berkeley Center for Financial Wellness. I wish I know that no matter how much money you have, you can start investing early.

Kelli W (28:41): I’m Kelli Wright from Wayne State University. I’m the financial wellness advisor there. I’ve been there since March of 2023. I’m an accounting background, so I’m really excited about this space and what I wish I would’ve known is the importance of saving, creating that healthy habit, of saving even $10 a month just where I would be at financially if I would’ve known that.

Charah C (29:07): Yes, my name is Charah Coleman. I work for University of California Merced, and I am the Financial Wellness Center program manager on that campus. I would say the time value of money. I don’t have any regrets with how I spent my money in my undergrad or even early grad school, but I wish I really would’ve invested earlier and given myself a leg up a lot earlier. Now I definitely have to invest a lot more aggressively and I have to cut a lot more expenses now than when I was starting off in my career. I, I definitely think having that awareness of the time value of money being aggressive at the front end, I think would’ve behoove me a lot better.

Beth H (29:49): Beth Hunsaker, MS. Uh, associate Director, financial Wellness Center, university of Utah. After my graduate work, I did take some time off to have kids and although that was a wonderful chapter of my life, I really wish I would’ve taken time to keep my network strong, to keep working on my skills because when it was time to come back for my career, which has to do with money, it was a little harder for that on ramping. And I think that there is a way to balance and do both, and I wish I would’ve focused a little more on that.

Roland K (30:27): Roland Keller Jr associate director of financial aid at Tulane University in New Orleans, Louisiana. One thing that I wish I would’ve known about a little sooner is the importance of credit. Credit is very important. It literally is life or death. So I would’ve wished I would’ve been more educated about credit

Darrel S (30:45): Darrel Stufflebeam, uh, a doctor in education from KU and I’m the new assistant director for Jayhawk Finances at ku. Uh, I wish I’d have known about the importance of starting early and compound interest and I did not have a financial background and my parents didn’t really have advice. So if I would’ve started a little earlier then I’d be much happier now, but I’m just spreading the word as part of my current job.

Khalilah L (31:12): My name is Dr. Khalilah Lauderdale. I am the Associate Athletic Director for student services at the University of Southern California. And earlier in my career, I wish I had known, um, concerning money more about how to buy a home. I was very green in our process and very reliant on my realtor resources, so that would’ve been helpful.

Nafisah G-B (31:35): My name is Nafisah Graham-Brown. I am a program administrator of a financial coaching program at SUNY WCC, that’s Westchester Community College. What I wish I had known about money earlier in my career was the value of retirement savings. Uh, unfortunately I was in a job where we were discouraged from taking part in the pension and retirement program mainly because the people that were talking to us also didn’t have much information or knowledge. So I guess the value of it wasn’t seen by most of us. And I guess the lesson is make sure you’re getting your information from someone who knows.

Aly B (32:13): My name is Aly Blakeney. I am an instructor of economics at Phillips Academy Andover. What I wish I had known about money earlier was honestly how important it is to talk with any significant other. If you have like a very serious prospect with them to talk with them and be like, Hey, where are we at in terms of money and debt? I think that will cause stress quicker than anything. And setting yourself up for future means also taking care of your financial wellness via your emotional intimacy wellness as well.

Tony F (32:45): My name is Tony Froelich. I am the financial literacy coordinator at the University of Tennessee at Chattanooga. What I wish I’d known earlier in my career about money is the power of investing in yourself. I always thought of saving as taking what was left after the month and that was my savings. So whether that was $10 or negative $50, pulling outta my savings account, but learning the lesson of taking that savings out of my paycheck first and putting that away and then spending the rest has been life changing.

Zach T (33:19): Yes, Zach Taylor, assistant professor at the University of Southern Mississippi, and what I wish I had known about money earlier in my career is saving it earlier in my career would facilitate a lot more time and that as I’ve gotten older, time is money and I’m now realizing how much more time money can buy you. And that has become so important as my parents have aged and as I have continued in my career where I feel like I have enough money now, but I don’t have the time, but if I had more money, I know I would have more time. So I think the relationship between time and money is what I wish I had known earlier in my career.

Lyndsi B (34:04): I am Lyndsi Burcham. I am the financial Wellness Program manager at the University of Pennsylvania. I think what I wish I had known about money earlier in my career isn’t even necessarily about money. It’s the fact that like you don’t have to make one decision and have it be the right decision for the rest of your life. Like you can make changes at any point along the way. And I think a lot of times when we’re having conversations about money with students, they’re so caught up in the fact that they have to do the right thing first. And oftentimes there is no right thing. And even if there is a right thing, it’s gonna change depending on your life circumstances. There’s a lot I could say about tactical information about like what is a credit score versus a credit report and, and knowing those kinds of things, but like the psychological component of it, which is you are allowed to fail and like you can recover from failure. I, I don’t think we talk about that enough and instead we instill fear in students that they have to do things the best way.

Peter B (34:59): Hi, I am Peter Bye. I am a doctor of music student at Indiana University and what I wish I had known about money earlier in my career is that sometimes it works out well and sometimes it doesn’t work out well and you kind of gotta roll with the punches and make adjustments constantly. It’s never something you figure out. You can’t solve it unless you’re like super rich, but you can make changes and slowly affect your, your situation hopefully in a positive way. Uh, so you kind of just have to roll with the punches until you hopefully get to the place you wanna get to.

Outtro

Emily (35:41): Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? My team has collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! Nothing you hear on this podcast should be taken as financial, tax, or legal advice for any individual. The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Dr. Lourdes Bobbio and show notes creation by Dr. Jill Hoffman.

How This International Graduate Student Grew His Career and Social Wealth Alongside His Net Worth

June 17, 2024 by Jill Hoffman

In this episode, Emily interviews Dr. Cyrus Liu, a postdoctoral fellow in computer science at Grinnell College. Cyrus came to the US from China as a graduate student without any knowledge of how the US financial system works. Over the course of his PhD, Cyrus found ways to minimize his expenses and increase his income so that he could meet his goal of investing $500 per month into a Roth IRA and a taxable brokerage account. He also invested in his physical and mental health and grew his career and social wealth in a frugal manner. Cyrus ends the interview with incredible insights into why he was motivated to work on his finances during graduate school and in what ways academics are truly wealthy.

Links mentioned in the Episode

  • Dr. Cyrus Liu’s Twitter
  • Dr. Cyrus Liu’s Website
  • Host a PF for PhDs Seminar at Your Institution
  • Emily’s E-mail Address
  • PF for PhDs Subscribe to Mailing List
  • PF for PhDs Podcast Hub
How This International Graduate Student Grew His Career and Social Wealth Alongside His Net Worth

Teaser

Cyrus (00:00): Don’t underestimate yourself because you are a PhD student and you definitely have the knowledge base and then sharing those knowledge with the community, and you are passing to the knowledge. This is the wealth we possess, right? Normally people think we are poor, but actually, and a wider definition of the wealth here we have this part to share with someone else.

Introduction

Emily (00:33): Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. This podcast is for PhDs and PhDs-to-be who want to explore the hidden curriculum of finances to learn the best practices for money management, career advancement, and advocacy for yourself and others. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs.

Emily (01:01): This is Season 18, Episode 2, and today my guest is Dr. Cyrus Liu, a postdoctoral fellow in computer science at Grinnell College. Cyrus came to the US from China as a graduate student without any knowledge of how the US financial system works. Over the course of his PhD, Cyrus found ways to minimize his expenses and increase his income so that he could meet his goal of investing $500 per month into a Roth IRA and a taxable brokerage account. He also invested in his physical and mental health and grew his career and social wealth in a frugal manner. Cyrus ends the interview with incredible insights into why he was motivated to work on his finances during graduate school and in what ways academics are truly wealthy.

Emily (01:45): I’m offering a new slate of workshops for my university clients this fall, and over the summer I’m practicing delivering these workshops for free to a limited number of graduate students and postdocs on the Personal Finance for PhDs mailing list. Last month, we did “Seven Steps to Start Investing as a Graduate Student or Postdoc,” and later in the summer we’ll do “Your Financial Orientation to Graduate School” and “Tax Season Preparation Starts Now for Graduate Students” and possibly more. If you’re not currently on my mailing list but want to receive notice about the upcoming pilot sessions once they are scheduled, please join now! The best way to get on the mailing list as a podcast listener is to sign up through PFforPhDs.com/advice/; you’ll receive a document that summarizes all of my interviewees’ responses regarding their best financial advice. You can find the show notes for this episode at PFforPhDs.com/s18e2/. Without further ado, here’s my interview with Dr. Cyrus Liu.

Will You Please Introduce Yourself Further?

Emily (02:56): I am delighted to have joining me on the podcast today, Dr. Cyrus Liu. He’s currently a postdoctoral fellow in computer science at Grinnell College, and we are going to be talking about his fascinating financial journey, um, as a graduate student and now a postdoc in the US as an international student. And so, Cyrus, I’m so happy that you’ve decided to join me on the podcast today, and will you please introduce yourself a little bit further?

Cyrus (03:19): Yes. Hi, Emily. Thank you for having me here. So I graduated in December, 2022 from computer science degree. Um, after that I landed this, uh, postdoc, um, fellow in computer science. And the current position, I’m do- mostly doing research in the area of programming languages and security.

Money Mindset After Arriving in the US

Emily (03:45): Excellent. So let’s go kind of all the way back to when you first arrived in the US. I assume that was at the start of graduate school, but you can correct me if that’s wrong. Um, tell me like about what your money mindset was at that point and how, if at all, how familiar you were with the US financial system.

Cyrus (04:01): Also, this is my first time before I come to US. It’s actually, I’ve never been to us before my PhD and I’m from China, so I grew up in a poor family, in fact, there. So with that in mind that I’m kind of sort of inherently frugal. But what’s interesting is back then, like I never feel poor in terms of any financials. In general, I have no idea about in credit card scores, uh, credit cards and investing or retirement. And, and that’s later on. I discovered after I entered the US that I do have, uh, a saving and spending mindfully and because how my parents raised me. Right.

Grad School Stipend vs. Local Cost of Living

Emily (04:50): I see. And so when you arrived for, um, graduate school here, can you tell me about, um, what your stipend was and how that struck you, maybe versus like the local cost of living?

Cyrus (05:02): I was living in Hoboken for, um, two years and a half, and also Stevens Institute with the university. I finished my PhD is located in this really beautiful city and it, it is, the local cost is like 60% higher than the national average. I would just say and put in the number that means like I think if you got two bedroom apartments that you might need to spend, um, at least 1700 for one bedroom, that means you need a a roommate. And back then the stipends, uh, I would say it’s like a 28 thousandish and it’s roughly, I remember we got paid like a biweekly, it’s like 2000 a hundred per month after tax.

Increasing Income During Grad School

Emily (05:55): Okay. Well, I really wanna dig into this, uh, with that, you know, relatively expensive cost of living and the relatively low stipend. Um, and the listeners don’t know yet, but this is a financial success story that we’re about to talk about <laugh>. So we’re gonna see how, you know, I wanted to see that starting point and now let’s see how you got to the end point that you got to. Um, so let’s kind of break this down, um, systematically. So during the course of your time in graduate school, how did you, what did you do to increase your income?

Cyrus (06:24): Yeah, so there are a couple things. Um, like I said that before I entering, uh, US, I have, I really have no idea what’s the, uh, um, investment, investment investing or credit cards, and that’s a totally different systems, but I do have a mindset that I need to save, right? And it is how I grew up. Um, but it’s not too much. So most of the case, um, I start to reaching out, um, all the resources I can, I, I think I start with reading the book first and then also I love reading. And then the first book I get to know is basically, uh, it is called I Will Teach Rich by the Ramit. And, and he, he actually kind of introduced me to the whole US financial system from credit card, from the, uh, uh, Roth IRA and then how you would you, uh, increase, uh, your finance and manage your, your spending habits and to how would you invest if you have extra money, even though if you don’t have extra money, just put maybe one, uh, 100 or $50 you can squeeze out. Just experience how things work. Uh, at the beginning it was a little bit overwhelming, but I, I enjoyed read his book. I I think this is also helps me to manage my life, uh, here in a completely, uh, foreign nation. Right?

Emily (08:04): Yeah, that’s a wonderful first book to get started with. I will teach you to be rich by Ramit Sethi. Um, yeah, great, great introduction. He’s very firm about how to tell if someone, someone, you know, an institution is trying to take advantage of you. Like he’s really helping you, like recognize that and push back against it. So I can definitely see how that would be useful when you’re entering a new system, um, entirely. So awesome recommendation, you started there, you read that book,

Cyrus (08:28): And then I start to act <laugh>.

Emily (08:31): Mm-Hmm. <affirmative>.

Cyrus (08:31): And then I open the credit card and then I, I, I take the, the same strategy that I recommended by the, by the book. It, it’s not promotion for the book, but it’s more like, I think around nothing to think of that it is really like you try to minimize all the possible interest, right? Rates I would have and then, or a lot of promotions provided by the credit card and then try to take advantage of that because now we think about that credit cards more like the more you expense and then the more you can potentially save and also they encourage you to spend. So, but I personally very mindful with my expense, but the same times I think they do, credit cards do offer a lot of discounts in terms of purchasing. So that’s the first step.

Emily (09:24): So are you saying that you pursued credit card rewards, like points and cash back and stuff after? Of course, you initially need to establish credit and get started there.

Cyrus (09:32): Yes, exactly.

Emily (09:32): But is that where this led eventually?

Cyrus (09:34): The, the signing bonus and also the cashback reward, that’s also something new to me that I never did, uh, touch before. And then also we do have, uh, I think the first one is the discovery. I think most of international students would get to discovery first because we don’t have any, uh, credit score history here. And so they also have these online stores that will give you 10% or 5% discount. And then when I go out to buy clothes in, or I was living in New York City area, so there’s a lot of department store that can use with this discount opportunities.

Emily (10:16): Mm-Hmm, <affirmative>. Okay. So both increasing income through credit card, um, bonuses and cash back and so forth. Also finding a way to be even more frugal in saving certain percent, percentages on the purchases that you do make.

Cyrus (10:28): After that, um, uh, I started to opening a investment account that was also a little bit struggling because I, first of all, as an international student, I do not know if I was allowed to do that. So I, that’s kind of for research myself. But in the end, after like, um, as long as we are considering as a tax payer resident, and then, so you should have the same opportunity to open all those investment account. And then I, I remembered I started with, uh, uh, 500 ish, um, over the month for the first month. So I just put, I think I, I, I was not expecting to gain anything. I just, uh, put 500 to get to understanding, uh, how the investments work and buying individual stocks. And I think I bought, that was 2018. I bought a Tesla <laugh> because I really like, uh, Elon Musk.

Cyrus (11:30): Um, but that was another story. It was really funny. And so that’s one part. And then, uh, after that, uh, I get to know the, Roth IRA and then the retirement account. Um, it’s also be, uh, I, I get to understand how the tax work here and then the tax deferred account. And I think that’s whether in long term if, uh, I am staying here or not. I, for me, it’s like, I think it’s, uh, uh, beneficial to open this account as soon as possible because I do pay a lot of taxes. I mean, it’s, uh, in terms of graduate students. Uh, so I think, uh, that’s one way you should take benefit of that. And then I did that, but um, although I didn’t have much money to put on that, and then, uh, in the end, I would, my, my goal was, uh, try to save like, uh, 500 and put into other way to the Roth IRA or the personal, um, uh, investment brokerage and yeah. But this all comes with the risk. So with the mind that you, the money you put in, in the investment account, like it’s possible to lose all of them. Right. But I was fine with that.

Contributing to a Retirement Account as an International Student

Emily (12:47): Couple things there, uh, because I get so many questions from international students and postdocs, um, yeah, maybe they know, they, you know, in theory could contribute money to a Roth ira for example. They, they understand the eligibility, but they’re more questioning like, is this a good idea? And it sounds like you came down on Yep. As soon as possible, whether I end up in the US long term or not, this is a good idea. Can you tell us a little bit more about that thought process and how you made that decision?

Cyrus (13:15): Uh, I think that this decision is very personal for me. Um, because that, that’s all really depends, um, where you going to stay, where are you going to retire in, in the future, right? Um, for me, I didn’t really think that too long. Um, I can in, in the long run, I, I prefer this. I might not stay in United States. Uh, but, uh, I, but uh, for me, you, you got to understand what, what, what’s your, uh, long-term goal. Uh, if you are not going to come back to us at all, or even this is the case, but it is still helpful that because, uh, you are kind of tax deferred assuming you grow your money over there, right? Um, and it just take some penalties if you break the, the rules that you’re taking out the money before your retirement age. But if you can stand with that, it is nothing comparing that if you in your future that you might want to settle down in US or you go want you coming back in us in a later life, it, it, it, it can benefit you a lot, but without risk balance you got assessment, what’s your goal, it is. And then for me, I would like to take that even though maybe a few years I have to, uh, uh, leave or, or for, or I have to withdraw the money, but I need to take a 20% or I don’t know exactly number the penalty for that.

Emily (14:53): Mm-Hmm, <affirmative>, yeah, if I’m remembering correctly, it’s, I think it’s only 10% and it’s only on the gains. And if we’re talking about the Roth IRA, right, because you can withdraw the contribution. So it’s, as you said, you know, there’s a, um, a, a risk there in a sense. Okay, well maybe I will need to remove this money early for some reason. Well, this is the penalty. Am I willing to accept that? Do you know, I’m, and the penalty again, is only on the growth. So it’s only if, yeah, if there things have actually gone well with that investment account, um, in the intervening years. So thank you for giving us a little bit more insight there.

Investing as a Graduate Student

Emily (15:24): And then I also wanted to ask about the taxable brokerage account. Um, you mentioned you bought Tesla. Yeah. Were you, um, cashing out, like making trades and actually taking income from this money over the years? Or is it more been like just sitting there for like, for the long term and you’re not taking income from it?

Cyrus (15:40): So for me, it’s more like a, um, a personal habit. Like, um, uh, I do, I don’t, I didn’t, I did not have much money to invest, and I think I was just bought two or three, few five shares of Tesla, but in 2018, and, but after that, Tesla was like a, like a high rocket, and I do, I did sold a couple share, but those number I really like comparing it, it’s not much. And so no, it, it, it’s more like, uh, a habit. That one is a habit. The another one is I, I did not really have much extra money to invest in this account.

Emily (16:24): Yeah. And I, you said the number of $500 earlier, was that your, was it your goal to invest $500 per month or is that over a different period of time?

Cyrus (16:32): Uh, yeah, I was, uh, uh, a month.

Minimizing Expenses as a Graduate Student

Emily (16:34): Let’s talk about keeping a lid on expenses or decreasing expenses then, because we’ve already heard that the cost of living is very challenging on your grad student stipend. So you already mentioned having multiple roommates. I think you said you were sharing a bedroom, right? So like maybe four people in a two bedroom apartment, is that right?

Cyrus (16:49): Um, um, no, that, that was like, uh, we do have five bedrooms in, uh, a big house, but we, we have our own bedroom. But the things like, uh, in that case we did cutting down a lot of expenses. We share everything.

Emily (17:05): Mm-Hmm, <affirmative>. Okay. So kind of the, the frugal tip there is like larger residents, more roommates, more people to split everything among, right?

Cyrus (17:15): Yeah. Not many PhD students actually live in Hoboken. I was lucky to find this place. Uh, but the same times, like I personally, I don’t think roommates are bad. And because I, I get a chance to know different people and, uh, in my case, uh, there’s a, a little, uh, uh, that, but I can stand with because we do sharing, uh, things, uh, and then sometimes can getting busy, but most of the case are fine with that. So we, I have four other roommates, but they are working in a different area. So basically we would have a different schedule. So in this case, uh, it’s doable and especially, uh, given the resources I have, I don’t commute that much. And then I enjoy in the on campus resource, I like to do it to gym. So it’s like a 10 minutes away from my, uh, my, my lab and then also the, to the gym. So the, I spend most of the time in the lab. And then after that, I go to the gym really just, uh, over the night, come back. And then sometimes we have the good parties, you have roommates, and you can have some little party on the weekends and watch a movie together. That was pretty nice.

Emily (18:30): Mm-Hmm. <affirmative>. Yeah. I actually really like the setup of a single family home that’s shared among multiple different, multiple, you know, people at their own bedrooms. I feel like that’s a pretty, in most areas of the country, that’s a pretty economical way to live if that type of housing is available to you as opposed to like the apartments or, you know, the townhouses or whatever. Yeah. Um, yeah. So what other ways did you find to decrease or minimize your expenses?

Cyrus (18:55): So at the same time, um, we, we do have, uh, uh, so I try to, uh, take a break from my research sometimes. And another way is like, um, travel. When, when it comes to travel, um, I prefer to go with my friends or in a group, and in, in generally I do meal prep. I do, uh, regularly do, uh, exercise and eat healthy. Um, the meal prep myself, it’s also cost less. So I think it is a, it is beneficial in two ways. Um, also in long run, I do value work workout regularly and keep your mental health checked. This would’ve, uh, stopped me going to hospital that often. Like I remember when the seasoning transitions during the transition seasonings and you catch flu isn’t sometimes it’s not just going to the hospital suffering. It’s more like you take at least one week to recover and then you get behind with my research and then that kind of padding up. It’s a lot of stress. So I, I, I wouldn’t, so I, I realized that like, and I, the good way is like take, do more exercise and then to, to keep your immune system robust, <laugh> against that. Um, another thing is like, it, it’s very funny, like when we pay in taxes, right? We, we considering as a, a tax resident. And, uh, but at the same time, I really appreciate my student id. I was living in New York City area and then using student id, you got a lot of free, uh, tickets and also discount tickets to the art gallery and museums and, and gardens. So although I, I, I was, uh, frugal, but I didn’t miss out any fun things over there. I, I still go to museums, gardens, and sometimes, uh, uh, uh, meetups and, and, and local, uh, parties. I, I was, was really fun. And it didn’t really cost you much.

Emily (21:10): Mm-Hmm. <affirmative>. So your entertainment was also satisfactory to you, but you found a way to do it in a frugal manner.

Cyrus (21:16): Yeah. Yeah.

Emily (21:18): Anything else on your list of, of expenses that you managed to minimize?

Cyrus (21:22): I don’t drive, right? So it is also, I was living in the city. It’s really, uh, so those expenses not really, uh, a thing for me. I personally, I do not really purchase too much clothing for me. I’m very minimal. Like, uh, as long I have, uh, uh, a clean fit clothing, that’s enough for me. And for shoes, like, uh, I don’t like to switch too much, and also maybe I have two or three, two, uh, three pair of shoes that one for winter and one or two I can switch during the summer or something like that. So, uh, wearing the things like to the, to the most, um, I think this is preco- probably also because the way that I, how I raised that I am fine with that. And I think that’s kind of, uh, one part, uh, that can cut off the cost in my case.

Emily (22:26): Yeah, definitely.

Commercial

Emily (22:29): Emily here for a brief interlude. Would you like to learn directly from me on a personal finance topic, such as taxes, goal-setting, investing, frugality, increasing income, or student loans, each tailored specifically for graduate students and postdocs? I offer seminars and workshops on these topics and more in a variety of formats, and I’m now booking for the 2024-2025 academic year. If you would like to bring my content to your institution, would you please recommend me as a speaker or facilitator to your university, graduate school, graduate student association, or postdoc office? My seminars are usually slated as professional development or personal wellness. Orientations or very close to the start of the academic year would be a perfect time for tax education or general personal finance content. Ask the potential host to go to PFforPhDs.com/financial-education/ or simply email me at [email protected] to start the process. I really appreciate these recommendations, which are the best way for me to start a conversation with a potential host. The paid work I do with universities and institutions enables me to keep producing this podcast and all my other free resources. Thank you in advance if you decide to issue a recommendation! Now back to our interview.

Increasing Social Wealth

Emily (23:56): Is there anything else that you would like to add about overall how you increased your net worth during graduate school? We talked about investing in the Roth, IRA and also in the taxable brokerage account. Anything else in that category?

Cyrus (24:09): Uh, I think one thing that is more intangible, the the wealth and the finance that, uh, the, it is kind of the, the social wealth, the, which I, I, I, I was not really proud of that, um, and try to, uh, take advantage of the local resources, right? And then I was lucky to live in New York City area, and then that’s, and also Hoboken locally and is very nice community, but I think no matter where you live, the local community more often, have more resources that you can imagine and you might not be aware, just try to reach out. And for example, I was attending almost like every weekend I go out and then join the meetup and conference, and most of, of the time they provide you these free meals, lunch or dinner, and then it, it, it’s a, it’s a nice way you can social and also you don’t need to cook your meal yourself. So these things are very subtle and the same things happening on campus that, um, in, in your department, uh, no matter which major you are, um, try to join the, uh, the, if you have any habit, right, join the club and then your peers, and those are most likely have this, uh, social events that can help you, uh, to reduce sometimes if you don’t want to cook or for breakfast meal. And then those are all great ways to, to do

Emily (25:59): Classic grad student strategy. Um, but I like that your focus here and kind of your spin on it is both like, yeah, you can get some free meals from time to time, but also you get, you get your entertainment and your social interaction. Um, and so it fills your, your calendar and helps you again with your work life balance and your wellness overall. And I like that you mentioned not just doing this on campus, but in the community too. And the thing is that if people are putting on events and they’re giving food and all those things, they really want you there. They really want people to come. So like you’re also, you know, you’re contributing to their community as well.

Cyrus (26:32): Yeah. Yeah. I, I think, um, one of the things not just about the meals, and another thing is about the, the, the social wealth. I would say it’s all, uh, it’s also the concept I learned from the books that, uh, it’s more how would you connect to the people? And then that was, uh, kind of potentially, and the connection may or may not be lead you to in the future when you are in the job market, you could have used these connections, but, uh, I wouldn’t say put this in more like a transactional way, but you should try genuinely more just enjoying the life. But at the same times, you might not realize by doing that, you kind of gain the social wealth.

Freedom as the Ultimate Goal

Emily (27:20): You were obviously putting in a lot of effort with your finances, right? All the things we went through, ways that you keep your lifestyle to a minimum ways you figured out how to increase your income, you know, self-education, and then that turned into more investing and so forth. Um, why, why weren’t you just satisfied with getting by day to day and saving all of that for after you finish graduate school?

Cyrus (27:45): I, I think that’s awesome. One role of the reason is due to my personality, I guess. Um, I think the, the ultimate goal is the freedom to achieve the freedom and to be confident. W- with the any decisions I’m going to make. So I would like to, we are talking about freedom and confidence. It’s more like in the sense that I was, I can make decisions based on my own personal demand, not really subject to any resources surrounding me, right? Like, like I said, like before I entering us, I never felt I’m, I’m poor <laugh> because I don’t really have, have much need and I was spending most of my life and time with school. And then after you explore the world, I have this dream, and then now the time’s moving on, and then I start to realize that I really, it’s not what you think, like ideas are great, but you have these obstacles that related to this, uh, money topic, and then you actually making decisions based on what the resources are available for you. So the final goal, then I would start to thinking like, yeah, this comes so natural, you save more, but saving is just one of those strategies. So, and then that’s why I end up start to find out the other opportunities and yeah. So I, I would say the ultimate goal is to be freedom.

Emily (29:30): Do you feel like, you know, you are, I don’t know, five, six or so years into this now, um, do you feel like you’ve attained that to a degree? Obviously you’re not, maybe, you know, complete financial independence is still, still some time away, but, um, I guess I’m, I’m wondering about, yeah, like does it feel like you are a percentage ways, like towards that at this point?

Cyrus (29:53): Uh, in terms of the net worth, obvious, No, that is a far away, but I think in terms of mindset and the knowledge, and then I am preparing myself and then I’m being mindful with my personal life. It’s called personal finance, right? And then you, I i, I was now I’m able to figuring out in the big picture and then what’s the come in flow, what’s the outflow? And I’m, I’m very mindful of that. And then in the end, it, it’s really also, it’s another pro- a question for myself. Do I really want to be retired early or not, or, so the, the, the, the freedom for me is in a more, in a wider definition that it’s more about the resource management and the organize myself, and it, it, it, it includes material and, but also my mind. I think this kind of, uh, uh, knowledge and skills over these past five to six years that I develop, it’s very helpful. Um, in the long term. I, I think if I stick to that and then keep this growth mindset and in the future, the net worth is just a number, whether you choose retire 40 at 40 or 50 a a it is, can is this is the freedom that I, I’m talking about. I can decide, doesn’t matter if, if I have to work or not, right?

Emily (31:33): Absolutely. I love that. Thank you much for pointing that out. I similarly, I think I came to this similar kinds of reflections after I had finished graduate school, after I’d been on that path for a few years, like recognizing how, um, having not only some money in terms of the net worth, but also those mindsets and the habits and the skills and everything that it took to start down that path really afforded me more, uh, choices even at that relatively early stage, um, in life. So thank you so much for sharing that. Exactly.

Personal Finance Resources for Grad Students

Emily (32:07): Um, do you have any additional resources that you’d like to recommend, either to specifically the international graduate student population or maybe graduate students and postdocs more widely? I mean, your first recommendation, I will teach you to be rich by Ramit Sethi was an excellent one. Were there any other books or I don’t know, podcasts or YouTube channels or anything else that you, uh, that you felt was really helpful along the way?

Cyrus (32:27): Yeah, I think, um, so I, I think books are really, uh, good to start with. And in terms of which books you should read, uh, um, uh, I would recommend if you use Reddit, and that there’s a personal finance Reddit channel, uh, you can join that one. There’s a lot of resources about personal finance and what books you’re getting started. And if you like a podcast, and I think this one is very nice since, uh, at the beginning I, I couldn’t find much resources. That’s also how I get to know this podcast. And I was very excited that actually someone thanks to you <laugh>, um, so you, you, you can get, keep get informed to make a good decision, right? Um, and this, uh, this, this is, uh, complete within your reach if you want to do that. And then I would suggest you do that.

Cyrus (33:28): And in terms of, uh, um, tangible resources, be mindful for the, uh, reach out to your university resources. Like, um, especially I was using this, uh, psycho, uh, psychological services therapy and be open-minded. And for those like, um, we are PhD students, we are graduate students, and then it’s can definitely be very lonely. And then even you are in a relationship, so, and those resources are really just find somewhere to talk. And this I think is the part that can easily be ignored by the students, especially international students thinking I’m really, because I’m alien here and then I feel constrained. But actually, uh, uh, in us, you can definitely, especially in your university, you have a lot of resources, uh, uh, to help you out. And then when you graduated, and actually the careers, uh, service is also very helpful, but you need to know that and you need to reach out for yourself.

Cyrus (34:41): And in terms of local community, no matter where you live, try to find a city. And what I did is like get engaged with the locals and I like running and then I go to 5K races. So those are, you can, um, reach out without any cost, right? And also you can, uh, remain your, uh, healthy mind, mind, uh, mental health. So yeah, I, I think overall just be open-minded. We are living in this, uh, information liberal age is really, you don’t feel missing out, and then you have the access to other information you can figure out yourself. And what’s, one thing I, I learned is, um, what makes you, uh, anxious is mostly the things that you actually didn’t do right? And then if you act on it, it, it, it doesn’t matter how challenging the, the things itself, and then you will be fine. But sitting there <laugh> doing nothing, that that’s the big problem.

Emily (35:54): Mm-Hmm, <affirmative>, I’ve absolutely seen that in, I mean, it, it applies widely, but certainly in the case of finances, um, it’s better to just face it and engage. Yeah. And try something. Um, yeah, instead of, as you said, kind of avoiding or spending a long time in analysis paralysis, not sure which direction you should go, just try something. And you’ve tried a lot of things and I love that we got through all of that in this interview.

Best Financial Advice for Another Early-Career PhD

Emily (36:16): Let’s wrap up with our last question that I ask all of my guests. What is your best financial advice for another early career PhD? And it could be something that we’ve touched on already in the interview, or it could be something completely new.

Cyrus (36:28): Yeah, so, um, I think everyone has a very unique experience, uh, in terms of giving. Otherwise, I would just say I wish what I have done or done more to in my PhD. Um, so one thing I think, like I mentioned couple times, um, value social wealth. And that means that, uh, try to, uh, go out and in, in your spare time, sometimes you might think you don’t have time, especially as a PhD student. And, but I tried, I have the similar mindset, uh, at a certain amount of time. But the thing is like you stick in the lab and the home, you might, you become less productive and then it might take more time than comparing that you just go out and do some activities and then come back with, uh, more energy and fresh mind. So this is the thing that I, I think I did, uh, less, uh, whether it, if you are in a relationship or not, it is the similar thing sometimes, like go out with friends and, and to the meetups and or more importantly, um, it’s also more, uh, career wise or professionally. Like we, we as a graduate student, we don’t really have money to give out, but the same, uh, idea applies. The more you give the, the, the, the, the better. So, but as a scholar, that means that volunteer to giving talks in the meetups, workshops, seminars in your neighboring institutions, I think, uh, don’t underestimate yourself because you are a PhD student and you definitely have the knowledge base and then sharing those knowledge with the community, and you are passing to the knowledge. This is the wealth we possess, right? Normally people think we are poor, but actually, um, a wider definition of the wealth here, we have this part to share with someone else. And then the same times you will get rewarding back, right? Because you, you go out and people get your idea, you get a chance to talk about your research, and the same times you build this genuine connections with the community, and in the future, this connections might help you to navigate your, your future career path.

Cyrus (38:58): So this is the thing that I, I think I missed out a lot also because we was in the covid times, and that’s really dark age. Um, on the other side, as I, I would like to share is I think what I did to contribute the success of my PhD is one thing is really be open-minded. I considering myself a very open-minded person, I, I, at the same time, very minimal for me. And then, but I do exercise more and then, and try new things at the beginning. All those investment accounts really scares me because every time I open the account, that’s a whole for legal documents I have to read. And I, as an international, I’m concerned that I fly-, am I breaking the law or something like that. But if, if you are looking into it and it’s really not that scary, right?

Cyrus (39:56): So I think, I think I, I stand with myself and then I, I try all those things. And then the, the, the, the idea is you need to realize that if you don’t do that, and it’s actually you are paying that, you are not doing that, right? Because the inflations and the interest rates, rates all the things that you have to, you kind of, everyone should open their investment account and, and, and do the investment and manage that to beat the, at least the inflation. So another thing I think I value, uh, more is the people itself, whether it be your significant others or friends. I do valuable value those things. Um, uh, that means that if, if there’s a chance I can spend more time with my friends, like, uh, we go out for a nice, a night, a fancy dinner. Sometimes we go out for, to New York, Manhattan to try different restaurants. I, I, I, I really not at that moment, I value more with the time with my friends. And even though the meal is expensive sometimes, I remember one time we spent almost a hundred each of us for one meal <laugh> was like, but I think that was really, uh, um, uh, valuable for me.

Emily (41:15): Yeah, so insightful. Thank you so much for sharing that with us. Thank you for this entire interview Cyrus, for volunteering to come on the podcast. Um, it’s been absolute pleasure to have you.

Cyrus (41:24): Thank you. And thank you for having me and it is great to sharing the stories with everyone. Thank you so much.

Outtro

Emily (41:41): Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? My team has collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! Nothing you hear on this podcast should be taken as financial, tax, or legal advice for any individual. The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Dr. Lourdes Bobbio and show notes creation by Dr. Jill Hoffman.

How This Life Sciences PhD Fosters Entrepreneurship

June 3, 2024 by Jill Hoffman Leave a Comment

In this episode, Emily interviews Dr. Marquicia Pierce, who holds a PhD in molecular physiology and biophysics from Vanderbilt University and an MBA from Northwood University. In the ten years since finishing her PhD, Marquicia has worked in various capacities to foster life science start-ups and small businesses, and she is now the owner and principal consultant for Ruby Leaf Media, a science communication company for people who want to turn their tech story into a business story. Marquicia recounts the courses and projects she pursued during graduate school that set her up for her post-PhD career and how she balanced her advisor and committee’s expectations with her career ambitions. She also details the multitude of government, academic, and private sector resources that are available to founders and inventors and the skills and mindsets that a PhD can bring to entrepreneurship.

Links mentioned in the Episode

  • Dr. Marquicia Pierce’s Website: Ruby Leaf Media
  • Volunteer for the PFforPhDs Podcast
  • Host a PF for PhDs Seminar at Your Institution
  • Emily’s E-mail Address
  • Dr. Marquicia Pierce’s LinkedIn
  • PF for PhDs Subscribe to Mailing List
  • PF for PhDs Podcast Hub
How This Life Sciences PhD Fosters Entrepreneurship

Teaser

Marquicia (00:00): Get in a great habit of, um, not only just looking at the numbers, but what is the story behind the numbers? If I was to say, have a narrative around this, what did, what did it mean? And it’ll help you uncover what your priorities are. Something that’s not working. Like I, I spent so much money on this, but I don’t know if it’s really working. You’re kind of already gut checking and doing like an audit, if you will.

Introduction

Emily (00:31): Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. This podcast is for PhDs and PhDs-to-be who want to explore the hidden curriculum of finances to learn the best practices for money management, career advancement, and advocacy for yourself and others. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs.

Emily (01:00): This is Season 18, Episode 1, and today my guest is Dr. Marquicia Pierce, who holds a PhD in molecular physiology and biophysics from Vanderbilt University and an MBA from Northwood University. In the ten years since finishing her PhD, Marquicia has worked in various capacities to foster life science start-ups and small businesses, and she is now the owner and principal consultant for Ruby Leaf Media, a science communication company for people who want to turn their tech story into a business story. Marquicia recounts the courses and projects she pursued during graduate school that set her up for her post-PhD career and how she balanced her advisor and committee’s expectations with her career ambitions. She also details the multitude of government, academic, and private sector resources that are available to founders and inventors and the skills and mindsets that a PhD can bring to entrepreneurship.

Emily (01:52): I’m looking for a couple more interviewees to round out Season 18 of this podcast! If it’s been in the back of your mind to do so, this is your official invitation to please volunteer to be interviewed. I love that on this podcast I get to feature PhDs and PhDs-to-be who are almost exclusively regular people and learn and share their real-life stories and strategies. Please go to PFforPhDs.com/podcastvolunteer/ and fill out the quick form, and I’ll be in touch over email. I look forward to interviewing you in the coming months! You can find the show notes for this episode at PFforPhDs.com/s18e1/. Without further ado, here’s my interview with Dr. Marquicia Pierce of Ruby Leaf Media.

Will You Please Introduce Yourself Further?

Emily (02:51): I am delighted to have joining me on the podcast today, Dr. Marquicia Pierce of Ruby Leaf Media, she’s the owner there. And Ruby Leaf Media, as she described to me, is a science communication company for people who want to turn their tech story into a business story. And just in our pre-interview chat that Marquicia and I had, it was so fascinating to hear about her career journey. I know you’re gonna get a lot from this as well. So, Marquicia, welcome to the podcast. Would you please introduce yourself and your company for our listeners?

Marquicia (03:18): Thank you so much, Emily, for having me. This is such a great opportunity, um, just to chat, sit down and chat with you. You’ve been providing such great valuable resources for, uh, a lot of my colleagues, so I appreciate the opportunity. Um, so yes, so my name is, um, Dr. Marquicia Pierce. I am a life scientist by training. My, uh, training was in molecular physiology and biophysics. And, uh, ever since my time in the lab, I, I found that I really enjoyed being able to take those concepts from the lab and bring them out to the community. So, um, as we’ll get into, uh, some of the, the context here, um, my background includes, um, being a military brat who, who knows that community can be, uh, made and you have an obligation to, to bring something to that community. And so, um, I’ve just been able to fortunately, have been able to do that for a lot of different, uh, high tech companies that are started by PhDs and they’re trying to cross over from the lab to, uh, bringing value to, to their community, wherever that is.

Experiences During Grad School That Went Beyond Basic Research

Emily (04:20): And this is gonna be a really fascinating interview, um, on just all the opportunities there are in front of graduate students and PhDs for doing just that, for, um, advancing their careers and translating their work. And this is gonna be amazing, but I wanna hear more about your kind of personal journey as well. So going back to graduate school, can you tell us a little bit about like the, um, the things you did that were above and beyond just your basic, basic, you know, research as a graduate student that were like side hustles or like, like extra projects that you did just experience that you gained that helped you, that helped you along in your career path?

Marquicia (04:54): Absolutely. I love this question. Um, so I did my PhD at Vanderbilt University in Nashville, Tennessee. And during that time, I knew two things for certain. I knew I wanted to incorporate some type of business into what I was, um, what I, what I was studying at the time. I was looking at how vitamin C moves in the brain, uh, on a molecular level. We were looking at different proteins that made that po- possible, if there were any, uh, phenotypes or if there’s any characteristics when you didn’t have these nutrition, um, in your, in your diet. And I love that I could connect that to and translate that to my family, like, Hey, if you don’t eat these particular nutrition, these things might happen. Um, and, uh, I remember very specifically, my, my grandmother had major symptoms of diabetes during the time that I was, um, getting my graduate program, uh, completed. And I distinctly remember one day thinking through, I know down to the molecular level what’s happening with her symptoms and her disease progression, what would happen. But I feel so useless and helpless ’cause I don’t know if there’s a particular innovation or something that could, that could help. And that I think that kind of solidified for me that there has to be a way to take what we’re learning and translate. Um, many people have done that, but that’s when it clicked for me. And so, um, I knew I wanted to incorporate business. Uh, I wanted to get an MBA, but at the time, there wasn’t really a great place to insert that into my, my program. So I ended up, um, auditing engineering, a lot of engineering management courses in the undergrad engineer engineering school, and being able to work with them on their marketing, their tech management courses.

Marquicia (06:39): Uh, I was able to be involved with one of their capstone day for seniors where they were, um, trying to put together a research project, um, around a particular technology. We were working with a small businesses in the ecosystem. Um, uh, I had a fantastic member, uh, mentor around that, Dr. John Beers who, who facilitated that connection. And so in the lab we were doing what we needed to do, but I was auditing courses, um, around that particular thing. I was involved with, uh, tech, tech Venture Challenge where we were tasked with we being other students from the medical school, the graduate school, the law school, the business school. We were all trying to get behind a particular Vanderbilt, um, or small business in Nashville invention and make a case for this could be a business that could be sustainable and provide value to the community. Um, those are, those are things that I think were pivotal to add on. You always wanna have science plus something that you, you, uh, enjoy. And also like creative graphic design types of things. So I was, uh, a lot of those art science, um, classes as well. Uh, but yeah, definitely had a lot of projects while I was getting my PhD that helped spark that fodder, if you will, for, you know, what do I do after I get my PhD.

Entrepreneurial Opportunities for Grad Students

Emily (08:02): And in your, outside of just your own personal experience in graduate school, can you think of other like, types of opportunities that graduate students might encounter that would provide similar benefits?

Marquicia (08:13): Sure. So, um, a lot of the student competitions are a great place to start. If you just want to, to dip your, your foot in. How do I work with other interdisciplinary teams, law students, business students on a project? These could be anything from a hackathon to, uh, which, you know, you spend a weekend trying to figure out a business proposal to, um, auditing a course that even, even though they’re undergraduates, that’s, that’s a great opportunity to kind of bring in some of those concepts that are complementary to your PhD. Um, we had a, we had a, uh, academic alliance that was between, uh, Vanderbilt and the entrepreneur community as a whole that, um, it was called Life Science, Tennessee Academic Alliance, where you could get involved as a, a mentor or you could, you can bring in speakers to your, your class. You could, uh, host this tech venture challenge.

Marquicia (09:08): Um, those are great opportunities if you just wanna see if that, that opportunity is for you. Um, a lot of, a lot of times now that was, that was 10 years ago, uh, I’m seeing a lot more, uh, fellowships or courses that you can take while you’re doing your, your, your PhD that will incorporate, Hey, here’s a small business proposal, a market research, um, uh, project, uh, at, at in Michigan, there is a group called My Lead. It is graduate students, postdoc students that do just that. They work as a small boutique consulting agency where they put together, uh, a market research plan. They dig into the de the details and the data both on the science side and the business side and be, and are able to work with other companies in that way. So, um, those smaller projects, six, three to six months or a semester long, uh, is a, is a great way to kind of get your feet feet wet. With that.

Pushback For Participating in Activities Outside of the Lab

Emily (10:05): I’m wondering, um, did you encounter any cultural in terms of, uh, the field that you’re in, the life sciences, any, uh, pushback to you participating in these outside of the lab activities? I’ve just noticed that the life sciences, um, among the STEM fields would probably be the most resistant, um, to those kinds of things. But it sounds like Vanderbilt itself was pretty well set up to facilitate this. I’m just wondering what your observations were around that sort of like, culture of do we engage with business, do we engage with startups, like from, you know, the research side of things?

Marquicia (10:41): That’s a great question. So I know that there were, there were parts of, um, the community that really was open to, you know, there’s, there’s opportunities to kind of engage in these particular ways. We very often had that same conversation, like, how, how much do I say? I don’t want to necessarily, um, have an update about this in my committee meeting, uh, <laugh>. It could very well in that particular case be, um, seen as a distraction. You know, you’re, you’re here for getting your graduate studies done, you stay in the lab, especially if things aren’t working, it’s very hard to justify, you know, um, yeah, well, I won’t be able to work on it, you know, I’m, I’m trying to do this particular class. Um, I think that’s why auditing the class was really helpful. And, um, uh, the way Vanderbilt was set up, it was, uh, their IGP or the interdisciplinary program was very used to these different departments had courses that was as attached to it that we were, depending on our specific route, able to go to.

Marquicia (11:47): Um, and so there was a little bit more set up for if you wanna audit a class, um, we can, we could help that. But I still have to get permission through the graduate school to audit an undergrad class. And that included a conversation with my PI and my director of graduate studies who very, at the beginning, very naively, I said, you know, Hey, I, I think I would like to get my MBA. They were really open to, that’s a, that’s a great thought, uh, in theory, <laugh>, you know, but not necessarily having a pathway for to, to that happen. But yeah, it was very much, uh, I felt like I’m living two lives, and if, if you’re going over to the dark side of consulting or industry or management of, uh, investment banking, something that in, in included that, it was, it was kind of, um, you have to be very careful and impactful of how, how you were able to ex explain that. Um, you know, this is a class that I’m taking, it will be over at this particular time, uh, for one of the projects, uh, as intern, I have to say, well, I, I would be willing to take a pay decrease because I’m not, I’m not putting in the same amount of hours per week. So it, there were, and whether or not that that’s discouraged or encouraged, um, especially if you’re going on year six, six of your PhD, it, those can be very awkward <laugh> conversations, to say the least.

Resources for Academics Who Want to Start a Business

Emily (13:09): Well, thank you so much for sharing kind of your experience in that area. I hope it’s, I hope it’s encouraging to people who are facing similar like questions of, it’s, it’s worth pushing it through. It’s worth having these conversations. Maybe you don’t need to tell them everything that’s going, you know, tell them what they need to know, but, you know, get your work done and, and still, because these, these, these extra quote unquote experiences are the ones that are the most valuable for your career. I, I would say, we’ll see in your own story how this, um, develops. So can you say anything more about, um, the, the resources that are available for, let’s say, graduate students or postdocs or people who are still associated with academia who want to start a business, how, how the, how academia can be set up to help them do that. Um, and what are like the pros and cons of accessing those resources?

Marquicia (13:54): That’s a really good question. Um, if you are in academia, you do have a lot of resources that say if you were not, and you were trying to get something, uh, into, into the marketplace on your own that you might not be aware of. So first of all, if you’re a student or a faculty member, um, the things that you would want to be on the lookout for is if there are any, uh, connections you have with your tech transfer office. Because first and foremost, you’ve probably signed some contract or you have something spelled out with your, your place of employment that any intellectual property or even idea or anything that you work on is, is owned by the university point blank period. So you’re, the process for being able to, um, if, if it’s connected with your research, bring that into a business, they, they have a process for doing that.

Marquicia (14:47): They usually, the tech transfer office will, will, uh, facilitate. Um, it includes, Hey, I have this idea. It is just here, I’m disclosing it to you. I haven’t formed a company. I have this idea. It’s, it’s outside of my research scope. What information or what types of resources do you have, uh, for, for this particular setup? Um, at Michigan State University where I did my postdoc, there was actually a research foundation that, um, helped if you were a student, a faculty member, or even a staff person that was at, at the, OR alumni that was affiliated with the university, and you want to start a company, they were there for you to provide resources like, uh, entrepreneur and residents would be a person who’s gone through that process. They will help you build out a business plan, build out your value proposition, which basically says, how do I, how do I make a business that creates value for other people?

Marquicia (15:39): How do I monetize it and sustain it? There will also be your guide for, here’s some state resources, here’s some academic resources in terms of money <laugh> to fund either other students, undergraduates or postdocs that can help you work through this idea. And they will actually be the, um, work in tandem with the tech transfer office, um, to say, Hey, this, this is related. This could be something that we would need the university to continue to help fund the research for think medical devices, therapeutics, um, things that it takes a university and maybe a team to research. They, they work together. Anything that has to do with clinical trials, you would have to need, you would have to use a village <laugh> that, that EIR or the entrepreneur residents can help guide you through. Um, so there’s academic ins, uh, resources, so tech transfer office, student entrepreneurship groups.

Marquicia (16:36): Um, I’ve had a lot of students that I’ve worked with that are working with a family company, they’ve been able to go through with their student, um, business groups, the, the business schools there. They have pitch competitions that give very real money, 10, $20,000 sometimes. And then also connections around that. How do you get your marketing out, your packaging, your, um, your, your story for pitching to other investors? Hey, you have this food company, Hey, you have this idea. Who in your alumni network can help bring some of, uh, some insights to this? So there’s, there’s resources there, uh, at the school. And then in the, um, community, you have, um, state resources that wanna see particularly life science, high tech innovations, push their economy forward. So there’s grants on that particular side for, uh, if you’re just in this particular region working on a high, high tech, high growth company, scalable company, which a lot of life science companies are, um, here’s what we can offer to you.

Marquicia (17:38): Here’s the connections, market research, um, legal consultants, regulatory consultants, um, how do you put together a website? Those are, those are resources that are available on that end. And then one last thing, I know I need to be brief, brief about this. There are, uh, government particular, uh, outside of the different accelerate accelerators for those things, there are government funding. It’s called, uh, small Business Innovation research, or S-B-I-R-S-T-T-R grants that can specifically, if you’re connected with the university, they, um, would provide high risk, um, uh, financial, financial resources to high risk, um, innovations. Those take a little bit longer to do, and you definitely want a team to help guide you through that. But those are also, that’s also money that you don’t have to give up equity or parts of your company to access. And I’ll, I’ll pause there.

Commercial

Emily (18:35): Emily here for a brief interlude. Would you like to learn directly from me on a personal finance topic, such as taxes, goal-setting, investing, frugality, increasing income, or student loans, each tailored specifically for graduate students and postdocs? I offer seminars and workshops on these topics and more in a variety of formats, and I’m now booking for the 2024-2025 academic year. If you would like to bring my content to your institution, would you please recommend me as a speaker or facilitator to your university, graduate school, graduate student association, or postdoc office? My seminars are usually slated as professional development or personal wellness. Orientations or very close to the start of the academic year would be a perfect time for tax education or general personal finance content. Ask the potential host to go to PFforPhDs.com/financial-education/ or simply email me at [email protected] to start the process. I really appreciate these recommendations, which are the best way for me to start a conversation with a potential host. The paid work I do with universities and institutions enables me to keep producing this podcast and all my other free resources. Thank you in advance if you decide to issue a recommendation! Now back to our interview.

Ownership of Ideas and Technology Created With and Without University Resources

Emily (20:02): Yeah, I think that you led right into kinda the next question, which is like the more, um, I guess aside from technology that was developed under your employment with the university, that would then be, you know, co-owned with the university. Let’s say you had an idea outside of it, not related to directly your work, the university wouldn’t own it. Um, the more kind of help you reach out for, depending on the type of help that you get, you may be giving up, um, ownership in your idea. Is that right? Can you speak a little bit about that? I mean, maybe there’s different, you know, giving up equity is different than getting a grant, for example. Can you talk about some distinctions there?

Marquicia (20:39): Sure. So at the very, um, at the very early stage in early stage in life sciences are, um, say you have a device, a medical device, you have a prototype for that device, but you haven’t tested it out on humans. You haven’t done a clinical trial or you have a therapeutic that you, you’ve maybe tested it out on mice, um, but you haven’t, you haven’t moved it towards, um, seeing if it holds up in, in humans. Most of the time you’re doing that stuff with the university. But, uh, if you, if you aren’t and you’re still in that early stage, um, the, the choices that you have are, you can go for grants and in kind services they call this non-dilutive funding, where you don’t dilute your ownership. And, um, there’s regional and government funding for that. And then sometimes accelerators or, uh, venture venture groups will have a program in which they are developing something or they’re developing co-developing with you something that can fast track that time to the market.

Marquicia (21:42): So some examples of this could be like Y Combinator or, you know, um, uh, Techstars or something where in order to have access to this, this great structure that they put in, uh, and maybe even some funds to get together, they would require a percentage of your company small, it could be many that are between five to 12% of that company. Um, the thing is, if you are, if in, if you’re in the life science space and you’re that early stage and you’re already giving up equity, you have a very long runway <laugh> to go to where every, at every milestone the company gets a little bit more valuable. And if you, you’re already given up equity at those earlier stages, you don’t have as much for the, the really heavy duty milestones, a clinical trial, uh, you know, a a distributor agreement to also incorporate or leverage giving up some of your equity. Um, so it’s, it is a very different, uh, thing for the life sciences or an academic project to, to kind of evaluate these options. Uh, if you’re really early on, you haven’t gotten a lot of the feedback or regulatory spot you could consider yourself early and the latest you can push off giving off a pa- piece of your company, the better because it’ll be valuable hopefully later on. And, um, you’ll still have that, you’ll retain that, um, that ownership.

Common Skillsets and Mindsets Between PhDs and Entrepreneurs

Emily (23:09): Well, thank you so much for giving the listeners kind of a taste of that, um, those decisions that need to be made earlier on. It, it sounds like, um, being, you know, having an academic affiliation can be so helpful because you are in many ways still considered like a learner no matter, no matter what stage you’re at. And so there’s so many resources available to help you along that path. So I’m, I’m curious now about your personal journey and also the journeys you’ve observed in others, um, from, I believe you mentioned earlier that you started your company sort of out around the time that you finished graduate school. You’ve also had a lot of other positions along the way that have, you know, added to your career. Um, and so I’m wondering for you as an entrepreneur and someone who works with entrepreneurs, what kinds of, um, skill sets, maybe mindsets are common between PhDs and people who start and run businesses? Um, like what’s help? What did we learn in the PhD that’s helpful for later entrepreneurship, those kinds of things. And that could be from your personal experience or the people you’ve known.

Marquicia (24:09): Sure. I’ll start with my personal experience. So the very first time I was introduced to like, we have to set up a company around this technology was during my postdoc. So after I left Vanderbilt, I went to Michigan State University under a, a industrial postdoc position where, um, the goal was I was working with two academic re- tenure track professors, <laugh>, trying to get a company up and going and started. And so, um, the skillset that I brought to the table and that I was trying to hone, um, was, was interesting. ’cause I was, while I was getting my PhD, I was also getting my MBA, so I was learning what were some of the frameworks that business people used, how do they talk about how they use a process, and then how do, how does that work in the lab? Or, um, how do I need to translate that from what we were doing in the lab?

Marquicia (25:00): And so, um, I would also often go back to the framework for problem solving and commu- and gr- and great communication were, um, very much similar. They just were talking about different things. So I’ll, I’ll explain. So, um, in the lab I’m working through, okay, is a small molecule, uh, useful. We do a battery of tests to distinguish why, um, based off a couple of characteristics. It might be this one is, um, it works well with cells, it’s less toxic and, you know, um, it’s, it’s easy to make. I’m being arbitrary. The way I would translate that story, um, going through my, my MBA type of framework would be, well, what value are we creating and, and specifically, who is it for? So the molecule, these, these features that we have that we were very, um, we’re trying to, trying to point out and be distinct about, now I have to turn them into benefits.

Marquicia (26:01): Well, uh, it, it’s this type of molecule that means that it’s, it’s less toxic. What does that mean to our business uh, story? Um, the people who would use it, the physicians or even the patient themselves. Well, that means that if we can keep it within the cell, it’s not messing around with your, your gut and causing you nauseous or, you know, killing other healthy cells, that means that you could take less of it. And, you know, that means for the physicians, they might adhere to the, to the drug cadence a little bit better for the patient. It means that I’m not getting upset stomachs as as often, I don’t have to, you know, get as many injections. Those are the types of communication skills where you, you are working through the same rigorous process, but you’re just trying to communicate it in a little bit different way. Um, that you, that you see when you’re filling out that story as a, as a PhD, well, I’m doing this study who, who’s in my audience? Or who’s, who’s my audience? Usually it’s your community members, right? So they wanna say they wanna see what happened, what are you doing next? And then, you know, what, what can we help you with? Same thing with a, a VC <laugh> or a, a grant writer. You have to say, what was the background, um, in their particular words, what are you working on? What is, what’s the value that you’re creating? And then where can we go from next? What’s the big milestone? So you’re, you’re able to think through a structure, uh, that’s very similar. It’s, it just needs to be translated a little bit different. Um, but being able to communicate that is, is a strength. Uh, being able to work with multiple teams that are very bright people, but they don’t work where in the same lab and the same methods and tools that you work with, you need to be able to talk their language.

Marquicia (27:41): You have to do that in, in the business world as well. And the scientists and engineers who are able to cross that gap or the ones and coachable for doing that, understanding that, okay, this is a different language. You can apply the, the practice of it, but you have to say it in a certain way. The ones that are open to learning that those are the ones that can convince other people that this is something of value. Get on our team, give us funding, give us resources, uh, that, that helps them to move that, that tech forward.

Emily (28:10): That’s fascinating. Thank you so much. Was there anything else you wanted to add on that question about skills or mindsets that transfer?

Marquicia (28:18): Um, the only other thing is that, uh, usually when I talk about my PhD and I, and I hear other people’s story and they, it comes off very linearly. We can only say one thing at a time. We did this and then we did this, and then we did this. But in reality, your, your skillset that you’re picking up with these different experiences, they aren’t a straight line. They look more like a Gantt chart. It’s like, I was trying this and then I got, I got into graphic design by being the newspaper editor for the department or something like this. And then I, that kind of went to see what policy was doing. So I volunteered a semester at this and you know, you don’t really know if they overlap or if it will lead to that big next step, if you will. But, um, that’s okay.

Marquicia (29:00): It’s, that’s what makes the journey yours is how you find out what’s create, um, how, uh, what you resonate with and the skills that you learn and these offset project or offshoot products or something that you, I was just interested in. Those are the ones that, that when you’re talking to a hiring manager or a, a program manager for that next big gig, those are the things that will resonate with them too. So, um, uh, just know that it won’t be a straight line. You’re not gonna be able to line up, uh, everything until you’ve kind of stay taken a step back and said, well, well actually, that set me up really well for this. I didn’t even know I liked doing this particular thing. So that’s, that’s all I would say for that.

Ruby Leaf Media

Emily (29:42): Absolutely. It’s just a great encouragement to, um, devote I would say a certain amount of time, a certain consistent amount of time throughout your PhD to these, like outside of the lab type activities, um, just so you can explore yourself and explore your environment and figure out what you like. And, um, as you said, you don’t know where it’s going to lead, but that’s a reason to just experiment. And I certainly did this, I didn’t do this as much in my earlier years of my PhD, but certainly by the last couple of years I was more like actively reaching out and trying different things, including the things that led to personal finance for PhDs. Um, because I wanted to figure out where I wanted to go next, and I knew I wasn’t gonna get there by just like keeping my head down and like staying in the lab all the time. Um, that wasn’t where, uh, I was gonna be headed, so. Okay. Would you please tell us a little bit more about Ruby Leaf Media and how people can get in touch with you if they would like to follow up?

Marquicia (30:31): Sure. So I, I started Ruby Leaf Media, um, shortly, like around the time I was finishing up graduate school because I wanted to continue doing these small projects around market research or, you know, putting together a, a industry report and getting paid for it <laugh>. So, uh, basically I, I started Ruby Leaf Media to, um, have that vehicle for that and I really wanted a place to infuse some creativity. Uh, at the time I was really, um, interested in how can you turn, uh, something that’s really technical into something that could be very beautiful and inspiring to your, the people that are closest to you, your family, your, your, uh, community. And so, uh, create creativity versus, um, you know, just being very defensive and, and, um, tactical about what you’re saying. I wanted to kind of merge the two. And so being able to have my own company that worked at that intersection of, uh, storytelling that businesses usually will have to do in some type of, some shape of way was my, my reason for getting started.

Marquicia (31:41): Um, today I work with, uh, a lot of ecosystem partners, accelerators, um, academic universities or academic institutions, I to, I should say, that are trying to instill some of these ideas, um, in some of these concepts and just some of this creative, um, mentor learning or peer group learning, if you will, uh, with their, with their portfolio companies or with their, with their founders. And so, um, being able to, to provide structure for that, either through a program or being able to give them tips on how do you pitch, uh, for a particular funding opportunity, how do you put that story together? That’s what, that’s, um, what my team and myself are, are really interested in doing. And we’re really interested in being able to do that for a lot of different, um, providers so that you can get that group learning experience. Um, right now, uh, the best way to look to, to figure out and see all of the different companies that I’ve worked with actually is actually my LinkedIn profile. <laugh>.

Best Financial Advice for Another Early-Career PhD

Emily (32:48): Very good, thank you. The last question that I ask of all my guests is, what is your best financial advice for another early career PhD? And that could be something that we’ve touched on already in the interview, or it could be something completely new.

Marquicia (33:01): Um, the advice part, uh, it kind of goes around budgeting. So graduate students, uh, well, when I was a graduate student, we got paid once a month and, um, I think probably a lot of graduate students started doing this. They’re doing something similar, but it really helped me got get into the idea of, um, a little bit longer term planning than two weeks or, or even one week, like what are some of the goals that we have for this particular month? IE what bills do we have to pay? What are we trying to get, get done? And, um, it set the habit of budgeting month by month and then, um, being able to bring that over to my business. Budgeting is absolutely one of the, I mean, I feel like a lot of your resources kind of talk, talk, talk through this, but, um, just getting a great habit of, um, not only just looking at the numbers, but what is the story behind the numbers?

Marquicia (33:59): Uh, just kind of walk through. I I, I kind of like when I go through my budget, like, okay, if I was to say, have a narrative around this, what did, what did it mean? And it’ll help you uncover what your priorities are. Something that’s not working. Like I, I spent so much money on this, but I don’t know if it’s really working. You’re kind of already gut checking and doing like an audit, if you will. Uh, and, and it’s, and it’s really helpful with business ’cause it’s like, I’m paying for all these subscription services, or I’m trying, I’m trying to get this marketing campaign off the, off the ground. I think it’ll be done with this quarter, but I’m already 15% into the budget. Did we do what we needed? Just kind of talk it out, <laugh>, just have a narrative around, around your finances and just, just say it out loud. We’ll help you uncover, you know, what’s, what’s working, what’s not working, what are some of your plans? Like, if you find yourself saying things over and over, it’s like, that’s, I keep saying this, uh, that’s, that’s been helpful for me.

Emily (34:55): You know, I, I don’t think I’ve ever heard that suggestion before. Like, not only within the podcast, but like in all the personal finance, you know, material that I read. I don’t think I’ve ever heard someone say, you know, in the budgeting reflection process to tell yourself a story and to create a narrative around how did this period of time go? Did I accomplish what I wanted to accomplish? And I find that to be such a good suggestion and I think I’m gonna start doing this <laugh>, um, because it feels very like non-judgmental. Like it’s, it’s just this is how things went. I’m gonna review that. I’m gonna tell myself the story of it, and next month I have the chance to start over again and make a different story next month if I want to or tell the same one if I thought it went really well.

Emily (35:37): And so, yeah. Yeah, that’s so creative and, and I obviously it plays back into this whole interview that we’ve had and the importance of communication and what you do now. So like, it shouldn’t surprise me that this advice, uh, you know, came from you in particular, but I think it’s, that was, that was really amazing. Thank you so much. Um, Marquicia, this has been such a fascinating interview. Um, thank you so much for volunteering to come on the podcast and to share kind of all of these wonderful, you know, experiences you’ve had and the resources you’ve been able to, um, tap into and just suggestions for other people who want to go on a similar path. Thank you.

Marquicia (36:08): Thank you so much for having me. I really appreciate what you’re doing and this is great. I wish I had been listening to your podcast when I was a grad student.

Outtro

Emily (36:24): Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? My team has collected short summaries of all the answers ever given on the podcast into a document that is updated with each new episode release. You can gain access to it by registering for my mailing list at PFforPhDs.com/advice/. Would you like to access transcripts or videos of each episode? I link the show notes for each episode from PFforPhDs.com/podcast/. See you in the next episode, and remember: You don’t have to have a PhD to succeed with personal finance… but it helps! Nothing you hear on this podcast should be taken as financial, tax, or legal advice for any individual. The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Dr. Lourdes Bobbio and show notes creation by Dr. Jill Hoffman.

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