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prospective grad student

This Grad Student Channeled Her Financial Exuberance into Teaching and Coaching Her Peers (Part 1)

October 21, 2024 by Jill Hoffman Leave a Comment

In this episode, Emily interviews Elle Rathbun, a 5th-year PhD candidate at UCLA. Elle shares her financial origin story of growing up in a low-income family, becoming a QuestBridge scholar during undergrad, and working for two years before matriculating at UCLA. During those years, Elle developed her financial acuity and prepared financially for grad school, including investing for retirement and saving up cash. This energy carried forward into grad school, where within her department Elle started a group to chat about money and created resources to help her peers navigate the financial aspects of their fellowship and UCLA’s bureaucracy. Tune in to the next episode for part two of the conversation!

Links mentioned in the Episode

  • PF for PhDs 15 Minute Introductory Calls
  • Host a PF for PhDs Tax Seminar at Your Institution
  • PF for PhDs Subscribe to Mailing List 
  • PF for PhDs Podcast Hub
This Grad Student Channeled Her Financial Exuberance into Teaching and Coaching Her Peers

Teaser

Elle (00:00): I think a lot of undergraduates and techs and PhD students are like, oh, I’m not making money yet, um, to any real degree. Like, I’ll just wait. Um, and I think that’s one of the worst things you can do is to wait. Um, and I think even if you have five extra dollars to put into a Roth IRA, I think that is worth doing.

Introduction

Emily (00:25): 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 (00:54): This is Season 19, Episode 5, and today my guest is Elle Rathbun, a 5th-year PhD candidate at UCLA. Elle shares her financial origin story of growing up in a low-income family, becoming a QuestBridge scholar during undergrad, and working for two years before matriculating at UCLA. During those years, Elle developed her financial acuity and prepared financially for grad school, including investing for retirement and saving up cash. This energy carried forward into grad school, where within her department Elle started a group to chat about money and created resources to help her peers navigate the financial aspects of their fellowship and UCLA’s bureaucracy. Tune in to the next episode for part two of the conversation!

Emily (01:41): This fall, I’m opening my calendar for 15-minute introductory calls! This is a chance for you and me to meet one-on-one. I want to hear your current financial questions and challenges. If I can provide some quick value by answering a question or pointing you to a resource I absolutely will. These calls are a way for me to keep a pulse on what’s going on financially in our community so that I can address whatever comes up through my seminars for universities and the free content I create. I would love to meet you, so please sign up today at PFforPhDs.com/intro/. You can find the show notes for this episode at PFforPhDs.com/s19e5/. Without further ado, here’s part 1 of my interview with Elle Rathbun.

Will You Please Introduce Yourself Further?

Emily (02:40): I am delighted to have joining me on the podcast today, Elle Rathbun, who is a, an entering fifth year PhD candidate at UCLA and Elle and I actually met last spring when I was giving an in-person seminar at UCLA, and she was there because she was part of the financial wellness office, so she was there with a booth so the students in attendance could get some extra resources after my presentation was done. And she came up to me after the presentation introduced herself, which I love it when people do that. So podcast listeners, if you ever have the opportunity, please, please introduce yourself. We had an amazing conversation right then and there, and I immediately invited her on the podcast. So we’re gonna have a really good time today learning about Elle’s story, how she came to work for the financial wellness office, everything she’s done in her personal finances, in between. So Elle, I’m absolutely delighted to have you on the podcast today, and would you please introduce yourself a little bit further for the listeners?

Elle (03:30): Absolutely. Thank you so much, Emily. I am so excited to be here. First of all, I am a long time listener, even before I started graduate school. This is really something that, um, this podcast kicked off my, my interest in personal finance as a PhD student. Um, and so yes, I was, uh, raised in Durango, Colorado, so a very small rural mountain town. Um, and my parents always sort of, um, struggled to keep things afloat in terms of, in terms of finances. Um, and so I was able to get the QuestBridge Match scholarship to the University of Chicago for my undergraduate degree. So that meant that I got a full ride, uh, uh, to to University of Chicago where I majored in neuroscience and biological sciences. Um, and I was really, really grateful for, for that opportunity. Then I stayed at the university, uh, for two years in a biophysics lab. So I was a tech there. Um, and that sort of is really when, uh, things started coming together for me in terms of what I wanted to do academically, but also when it came to personal finances. And, um, and then I ended up at UCLA’s graduate program in neuroscience. Um, and that’s where I am now.

QuestBridge

Emily (04:39): Okay, fantastic. Now I wanna talk more about your, um, interest in personal finance, your passion for the subject. And you mentioned this QuestBridge program, so maybe we should start there. Can you tell us more about that program?

Elle (04:51): Absolutely. I’m happy to. So QuestBridge is a phenomenal nationwide program that basically helps match high achieving low income students with some phenomenal, uh, undergraduate universities. So I think at the time I applied, I, we had 35 partner colleges and now we’re way above that. Um, and essentially what it is, is it’s an application on its own. You apply as a high school senior before in the fall, um, and then the people at QuestBridge look through those applications, figure out who qualifies, uh, both financially and academically, and then helps match those students to a partner college. And it’s a phenomenal program. You rank which colleges you would want to go to, and the deal is whichever one you rank the highest that accepts you, you have to go there, but you get a full ride. And so for me, that also included a stipend for housing and included money for books and for travel, um, and for food and board. And so it was just, it was a phenomenal experience. Um, and it allows me to not have the burden of student loans, which I have come to learn more about. Um, and it’s, there are thou- now thousands of, of QuestBridge alumni, um, and I’m continuing to work with them, uh, in terms of guide, sort of guiding Questees for, um, preparing for graduate school, whether that’s law school or medical school or PhD programs, um, and sort of things that people from, especially from low income backgrounds, don’t necessarily know or not are not, uh, privy to, especially since so many of them are children of immigrants, first generation students, college students, um, et cetera.

Emily (06:27): What an incredible program. I had no idea that it was both, you know, the, the tuition and fees and everything and all that plus the stipend and your living expenses. I mean, it’s a very analogous situation to, um, being in a funded graduate program, really. And so that’s a very interesting kind of like, um, twist on this in that you had some experience prior to starting graduate school with managing that kind of budget, right? The stipend kind of budget. Um, it’s just incredible that you had that opportunity and that you’re giving back now to like, you know, help shepherd, you know, other people interested in the path that you’ve taken, uh, along that same route. Okay, awesome. So college, no student loan debt. Um, great. And talk to us a little bit about that, um, interim time period before you started graduate school and like what was going on with your finances, and it sounds like you started listening to this podcast, maybe looking at other resources too during that time. Tell us that story.

Financial Journey From Childhood To Grad School

Elle (07:12): Um, I started working when I was very young. I started, uh, selling rocks by the train, uh, in Silverton, Colorado. So if you’ve ever visited Silverton, um, or took the drain from Durango to Silverton and saw kids selling rocks, I used to be one of those kids. Um, and so it was very sort of my personal finance story started very young. I I always thought about money, not necessarily always with a negative connotation or a positive connotation. It was just a reality. Um, and I knew how many rocks I had to sell in order to buy the grilled cheese sandwich that I needed, that I wanted at the end of the day. And so, um, when I entered college, I had some savings from the rocks, from working in multiple restaurants, um, in my parents’ shop, et cetera. Um, and so you’re Yeah, exactly right. That was sort of my emergency fund going into undergrad where a lot of things were paid for, but I had some flexibility and I knew I had to be very careful with that stipend. So coming out of undergrad, I was able to, I had about, I was, my net worth was about the same as going into undergrad. Um, and then I realized, okay, I need to start saving money. One of my reasons for staying in Chicago, um, for those two years before my PhD was because I knew the lay of the land. I knew that it was affordable. I knew I could get cheaper housing here than I could in LA for instance, or New York or Boston. And so, but I knew that in order to be stable and to feel, uh, like I had flexibility, um, and to be able to help my family if they needed it, I needed to really get my stuff together, um, and, and understand where I was, where I wanted to go, and how I could get there. Um, especially before starting, uh, graduate school. And so I started listening to this podcast. Um, I think this is the main podcast that I’ve just continued listening to. Um, and I think I fangirled out when I met you <laugh>, um, just because I’ve listened to like almost every episode. Um, and, uh, but I also start, I listened a little bit to Dave Ramsey, uh, which I think is fine for people with credit card debt, but that wasn’t necessarily my case. Um, the Dough Roller Money podcast Money Girl, um, I read Beth Kobliner, uh, Get a Financial Life, um, in your twenties and thirties, um, and then sort of just hodgepodged a lot of podcasts, resources, pamphlets, booklets, webinars, um, and, and try to figure out, okay, what do I need to prioritize? What do I need to do? And when can I apply to graduate school? Because applying to graduate school isn’t necessarily cheap. Um, and so, so that was sort of what, what came to be over those, over those two years.

Emily (09:48): So it sounds like you, um, knew that you were probably headed to graduate school at the, even coming out of undergrad, right? But you wanted to take some time to get your feet under you, figure out where you wanna do that. Exactly. I have the same story for my, you know, between undergrad and grad school kind of time period. Um, were you intentionally then working on like building up savings to have maybe a more robust emergency fund? Were you working on investing because maybe you knew that would be more difficult, you know, once you started graduate school? Like what, what sort of goals did you set during that time period?

Elle (10:16): At first, I was just like, okay, just figure out where I am, like, figure out how many credit cards I have, figure out how much I have in savings, figure out what those savings are for, um, how much I feel a need for a comfortable emergency fund. Um, so the first goal was just to understand where I was. And then the second goal was me looking at my benefits and being like, what is a 403B? I have never heard of that. I’ve heard of a 401k. Um, and that’s sort of it. And so it became pretty apparent that I needed to educate myself further because I knew, okay, if this is taking a good sum of my paycheck, I wanna know what that’s going into. Um, and also in my junior year, senior year, one of my, uh, older friends who worked at the university told me, just open a Roth IRA, just trust me. You won’t regret it, just open it, throw a couple dollars in, um, and, and then educate yourself on it. And so I had done that as well. And, but I had, I had put it in there, um, but didn’t invest it, uh, just was sort of sitting in that, in that cash account. And so that was my, my second goal. So after I understood where I sort of was coming from and what I had, um, I wanted to learn more about invest investing. Um, and so a lot of my youth was, uh, I was told, don’t invest. That’s fake money. Like the stock market isn’t real money. Um, and so I sort of had to reeducate myself, um, in, uh, sort of the risks, but also the benefits of investing in the stock market and the bond market, um, and what a retirement account was, why it existed, um, advantages of, of those and, and tax laws and things like that. And so, um, so that was my next step was to just sort of understand and start investing.

Resources For Learning How To Invest

Emily (11:58): You’ve already listed a few different resources, like podcasts that you listen to. Was there anything that you found, well, is there anything you would recommend to the listeners who are at a similar stage and wanna learn what investing is and how to do it and what a Roth IRA is and what a 403B is and all of that? Any books or, or any resource that you enjoyed?

Elle (12:15): Yeah, I think that Get a Financial Life book was a game changer for me in reading that. Um, and also this podcast and Money Girl, I think, um, oh, I forget the host’s name currently, but, um, the, the host does a phenomenal job breaking down everything. Um, and also, uh, if you can by Bill Bernstein, um, just sort of it, because that especially takes, really takes into account like not everyone can do this, um, but a lot of people can do at least a little bit. And that’s where to start. It’s so important to start building that habit. So once you can contribute more to a retirement account, you already know what that is and how to do it. Um, and also just your local hr,

Emily (12:55): I’m really glad to hear these resources, some of which are new to me, like the Bill Bernstein book that you just mentioned. Um, I’m gonna check those out because I found that a lot of the maybe most popular personal finance, or maybe now it’s financial independence material is much more geared for high income earners who have a different set of financial things to deal with than lower income earners. Um, I’m not at all surprised that you mentioned Dave Ramsey because even though his philosophy is maybe at odds with mine or other people’s at certain points, he does try to speak to people who are lower income at times. And so yeah, I’m just, I’m really glad to hear these resources and, and yeah, to have you speak to this because it’s a different set of things that you need to handle when you’re not quite in graduate school yet or, or in graduate school than you would, you know, later in your career.

Financial Goals Before Applying to Grad School

Elle (13:42): Yeah, absolutely. And I think, um, that, that’s something to, to keep in mind as well for, for listeners, for people who I coached, which we’ll get into later. Um, but in terms of just building the habit, um, right, I think a lot of undergraduates and techs and PhD students are like, oh, I’m not making money yet, um, to any real degree, like, I’ll just wait. Um, and I think that’s one of the worst things you can do is to wait. Um, and I think even if you have five extra dollars to put into a Roth IRA, I think that is worth doing. Um, just to, to figure out what it is. I had, I think I had $500 sitting, sitting in my Roth IRA for like two years before I figured out what that actually was. Um, and, and then as soon as I realized, oh, okay, I need to invest this, um, that sort of just took off flying. And so that was, that then became my main goal because I didn’t know when I was going to start a PhD program. I didn’t even know, even know what PhD program I was going to apply to. Um, I was deciding between, uh, neuroscience or biological sciences or even biochemistry. Um, and so while figuring out all my academic stuff, um, I decided, okay, I will apply to graduate school when I am comfortable, uh, with the idea of maxing out my Roth IRA for five years. Um, and so I didn’t necessarily need to have all of that money in cash right away, but I needed to have a plan to max out my Roth IRA for five years. Um, and that’s, that was sort of my, my threshold for, for applying to graduate school.

Emily (15:13): Hmm. That’s a really interesting goal. I mean, I definitely see the merits of it, of course. Um, now I’m wondering when you were applying to graduate school, how much you had the stipend and the cost of living, um, in mind since it had been such a focus for you over the past couple of years?

Elle (15:26): Very much in mind, um, the first, the first job was to get into graduate school. And so, um, so I sort of, I, when I applied, I didn’t consider it. I think I had looked at what graduate housing options were in all of those areas, but, um, I knew I didn’t necessarily have to go, uh, even if I applied. And then once it came time to decide, um, I was basically, it, it, it got narrowed down eventually to just two options. One was UCLA, which is, um, in a very high cost of living area, um, but it would be new to me. And they offered me basically a recruitment, um, scholarship, which was a large enough sum of money to make me feel comfortable matriculating in this program. But the other option was to stay at UChicago. Um, and there I had cheap slash uh, cheap housing essentially. Um, I was living in a house where I would be taking care of the dogs and I didn’t necessarily have to pay rent. Um, and so, but I, so that would mean that I could essentially keep the majority of my stipend and continue saving. And so in that regard, I decided that UCLA was the better career move, um, and even the overall better financial move, I could make more connections. I would have more opportunities, and I would be studying precisely what I wanted to study. Whereas UChicago, which just wasn’t as good of an academic fit.

Emily (16:47): I think that’s the ideal position to be in when you are, um, applying to graduate school and you are keeping an eye on the personal finance side of things is just the decision is not gonna be completely determined by the finances, but you least need to set some kind of bar of, like, anything above this bar I’m gonna be able to say yes to, and I can decide based on the academics or whatever other factors are important to you. But you just know that anything below that bar is, is really just not a viable option. And a lot of times you don’t really, even though it’s great to check out what the stipends are, what the, you know, what the base stipends are, what the cost of living is, et cetera, in advance, a lot of times you don’t know until you get into admission season exactly what they’re going to offer you. Because like you said, with UCLA, they could come up with an extra scholarship or fellowship that you weren’t aware that they were going to offer you. And that can completely change the calculus of the situation.

Elle (17:32): Oh, absolutely. I had, I had my mock budgets of whether I stayed or at U Chicago, whether I continued living in that house or whether I came to UCLA and lived in graduate housing versus with, without roommates. I had all the mock budgets just because, um, it’s, it’s a commitment. It’s like a five plus year commitment, um, for, especially for the biological sciences. Um, and so I knew that like, okay, this is a financial decision as much as it is a educational and, uh, career decision.

Current Housing Situation

Emily (18:03): And I’m really glad to hear that you had those different like scenarios modeled out too, because sometimes, okay, so I don’t know. So are you living in graduate housing now?

Elle (18:12): No, I, I started, uh, because I matriculated in 2020 and then, um, and so I lived my first year here in graduate housing and then I moved to a, a private rental.

Emily (18:23): Okay. Was that the plan all along or was there a possibility that you could have stayed in graduate housing?

Elle (18:28): UCLA offers three years of graduate housing. Um, and then after that it’s really hard to stay in it unless you move to family housing. And so, um, I think my plan was always like, okay, start in, uh, graduate housing, um, and then maybe go live with friends, sort of get a lay of the land <laugh> after Covid is over and, and then, um, move somewhere cheaper because graduate housing is in West la. Um, but that’s not necessarily where I needed to stay. So currently I live in Studio City, in the Valley.

Current Financial Goals

Emily (18:56): Okay. So we’ve talked about kind of the lead up, you know, your decision to go to UCLA now that you’ve been in graduate school for four years. Um, what kinds of goals have you been working on? You mentioned the Roth IRA earlier. Have you been able to do that? Anything else? Just let us know how your finances have been going

Elle (19:11): In graduate school. Yes, I’ve been keeping up with the, the Roth IRA, I’ve been learning more about different retirement, um, options. Um, and I’ve sort of stuck with the same strategy, just index funds, putting extra savings into, uh, different account types and, um, keeping up with my budget, I budget with YNAB or you need a budget, which is a phenomenal budgeting service. Um, and just sort of making sure that my finances and how I spend my money align with my goals and my priorities. So that absolutely includes, uh, investing for retirement, but also, um, I am also investing in, uh, a taxable account just for an eventual down payment on a home. And, um, making sure to spend, spend, uh, enough money on, on funds, so things like travel and seeing different sites in la. Um, and then I also, on the non-money side of things, um, sort of just created a lot of resources for myself and for others where I could sort of track my net worth because that is very motivating to me just to be able to see progress over time. Um, but also getting things in order. Like I, uh, I signed up for life insurance term life insurance, uh, when I was a first year graduate student, just because I am sort of my family’s overall retirement plan. And so if anything were to happen to me, I would want to make sure that they, um, are at least somewhat stable financially. And so, um, so sort of putting that into place, getting a feel for, um, what’s su- what is sustainable in terms of credit cards. I’m big on credit card bonuses and rewards. Um, and so that’s something else that I’ve sort of made sure that I was good to go, um, and, and to sign up for more credit cards, um, while still maintaining a good, uh, credit score and, but being, being able to take advantage of, of that, that as well.

Emily (21:10): So exciting. I love all of those. Um, I love that there’s a variety of goals in different areas, right? It’s not just about increasing the net worth, it’s also about increasing your own financial, um, education you could say, or just your, um, acuity and also like some budgeting stuff. I love that you mentioned Y-, uh, YNAB you need a budget and you know, the credit card stuff. I’m curious, um, about how your spending is overall. ’cause you mentioned that you, you wanna spend on fun things on discretionary items. You may have heard me mention on the podcast before, like the balanced money formula. It’s probably something you’re familiar with. Um, I’m curious how your overall budget conforms or doesn’t conform with the balanced money formula, because it can be so challenging to achieve that on a grad student stipend in a high cost of living area. So go ahead and have you made that comparison before?

Current Budgeting Process

Elle (22:00): Not explicitly. So I think the sort of, the way I approach things, especially in YNAB is the, I still stick with the whole pay yourself first thing. So, um, I, um, have a specific set amount that I put aside for the Roth IRA that’s just determined by the federal maximum, um, every month. And then, and I always, I save up throughout the year and then deposit it right at the beginning of the year. So I try to get it in there as, as soon as possible just so I can forget about it, um, and not have to like, keep such an eye on it or figure out when I want to, to invest it or not. And so, so that’s my strategy for that. And then I also have specific amounts for, um, a home down payment and a car down payment. Those aren’t necessarily massive funds, but they are goals of mine. And so I just make sure that every month I put in, um, that set amount. And um, and then after that I figure out, okay, like how, how am I doing, uh, and where are my finances? And then I go ahead and distribute throughout the rest of the categories, starting with, with needs. So of course, like rent, utilities, groceries, uh, gas, those are basically my big ones. Um, and I, I have a monthly goal of how much to budget, so not necessarily how much to spend, um, but how much do I wanna allocate to each category? Um, and usually I don’t really know how much I spend in a month because that varies all the time. And also if I go get car maintenance and it costs $1,500, that kind of offsets my monthly spending, but it has almost no impact on my monthly budgeting, um, because I save for that, I know I eventually need car maintenance. I know I’ve eventually want to buy an expensive plane ticket. And so, um, so my, I don’t focus too much on the spending. Um, I just make sure that I spend whatever I have available in my budget and if I don’t, I sort of just reallocate, um, when I’ve called it rolling with the punches. Um, and so, um, and then after I reach sort of that amount that I am comfortable with budgeting, if I have any leftover, then I just start putting it in next month’s categories. Um, and then if I get more than two months out ahead, um, then I just, everything else just goes straight to, um, my home down payment fund.

Emily (24:15): So I’m not a YNAB user, but I’m a longtime wine nab admirer. Does the software en enable you and, and sort of teach you how to do all the things you just mentioned? And I’m specifically wondering if the software makes any suggestions on where you house these different pools of money? Like does the software think it’s okay to all stay in your checking account? Does the software want you to have like a single separate savings account? Like sort of mechanically? How do you communicate between the software and like how you structure your accounts?

Elle (24:42): Uh, great question. Um, I love YNAB because it is so flexible, it doesn’t necessarily give information as to whether it’s something should be checking or savings, um, or a cd. Um, that’s sort of for you to completely decide. Um, and so, and then I just write it in the account name. So I have like an ally cd and that’s where I house my emergency fund because if I need, if in case of emergency, um, break glass, I don’t really care about the interest that I might lose, um, if it’s like fairly short term. Um, but they do separate things into budgeting versus tracking accounts. So basically anything that looks that is within budgeting is for spending. And if you move something from budgeting to a tracking account, it looks, it comes up in your spending reports. So I love this feature because it allows me to make saving look like spending. So if I pull up my spending reports, um, and I don’t filter out anything, it, I see exactly how much I put aside for my home down payment for my car down payment, um, and for retirement, and I can always filter those out to get my actual spending. Um, but it sort of removes it mentally and within the software of, okay, <laugh> no touching, this is for these goals only. Um, of course in reality, if I really needed those funds, I can, I can pull from them, but I also would have to go through the hassle of adding them back into my budget where it would look like income. And so, um, in terms of, of checking and savings, it doesn’t really matter. So I think you’ve talked about ally buckets before, um, and I love those. And so for me, my ally buckets are listed as different accounts within YNAB even though in reality they are one actual account with one account number one routing number. Um, and so there’s a huge amount of flexibility in that. Um, and YNAB has like several, like four main rules, um, that, uh, really just help you figure out how to approach things. Um, and yeah, it’s a great software. Highly recommend it

Emily (26:40): Since you’re highly recommending it. Um, I, if I remember correctly, it’s free for one year for students, but then after that you pay for it. Um, can you tell people where to find this, how to sign up <laugh>?

Elle (26:53): Absolutely. Um, and so this is actually one of the many resources in, uh, a folder that I share with, um, UCLA students and my friends. Um, but yes, you can actually get 13 months for free. So YNAB offers all users a 34 day trial. So what I recommend to, especially students, unless you’re about to graduate, is sign up for the 34 day trial, then you just email them saying, hi, like, I did a 34 day trial, um, I’m still really interested, but I am a student, um, and I would like to sign up or I would like to get the year, uh, free that you offer students. Um, and, and then they say, no problem. They just need a proof of enrollment or acceptance. So I started mine even the summer before I matriculated, but at that point I had already had on my paperwork from U-C-U-C-L-A, so they accept that as well. So if you’re like a tech or about to reenter school, you can still, um, get away with that as long as you can have proof of being a student or about to be a student.

Emily (27:50): Oh, perfect. Thank you so much for the detail on that. Sometimes people really need like a what exactly when exactly,

Commercial

Emily (27:58): 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.

Talking to Peers About Money

Emily (29:15): You obviously have, you know, a great deal of passion, a great deal of knowledge about the subject area. You’re working on your own finances. I understand that you then started talking to your peers and started having more sort of interpersonal interactions around money. So can you tell us how that got started and, and what you were talking about with your peers?

Elle (29:33): Absolutely. So I, as soon as I started educating myself, um, about finances and personal finances and sort of really building up that confidence, um, and then starting graduate school, um, I wouldn’t really shut up about money. And so I would have, um, I would host these discussions just among my cohort about, um, finances. And everyone was coming in from different places. You know, some people were coming in straight through undergrad, um, and then some were married, some had been already been in the workforce for the better part of a decade. Um, and so it was really nice just to be able to see, um, how’s everyone doing? Um, right, how are we figuring out stipend housing? Um, how are we saving for retirement? Um, is anyone doing any side hustles gig work? Um, TA ships and, and sort of just opening the floor for those conversations. Um, and so that was really useful. And we also have to take a presentation class, um, as a first year and, but we can pick anything. So, um, I talked about finances, um, and, uh, and I think that really made me realize how much I loved educating people and just having a discussion and being educated. Um, I don’t necessarily, it’s not a one-way conversation most of the time. I learn a lot from everyone I talk with. Um, and so before graduate school, I, I started realizing this about myself and I was familiar that, um, or I knew that UCLA has a financial wellness program. So actually before I started graduate school, um, I reached out to financial wellness and talked with the, uh, then and still current director, um, Sara Potter-Gittelson. And she just sort of reaffirmed what I was doing. She said, she told me my options in graduate school. Um, we just sort of talked about retirement investing and, and aspects of being a student at UCLA, um, and how it impacts my finances and my financial wellness.

Emily (31:22): What are the specific kinds of like issues or questions that came up during like these money talks, money groups, conversations with your peers? Um, because I understand eventually you started creating some resources. So there, there must have been, you know, certain topics that came up over and over against certain questions or certain issues.

Elle (31:38): A lot of it was based on your podcast. And so one massive thing was taxes. Like how do we pay quarterly taxes? Do we have to pay quarterly taxes? Um, what, what’s the step by step for doing that? How, how well do they need to be calculated, et cetera. So, um, taxes were a big thing. Uh, payment schedule thing, scheduling was another. Um, and so just because UCLA, they, they’ve restructured the whole system, they just restructured it again. But when I started, we got paid pre-work. So our, um, our September stipend would disperse mid August, um, which was really nice. But once you join a lab and start being employed by your PI’s department, then it goes post work and it becomes a W2 income. And so just making sure everyone was sort of understanding what, um, that situation is. Um, making sure that if sometimes issues would arise with, uh, with how we got paid. So with our stipend, which also is how we paid our housing. So, um, if we got, if we got underpaid with our stipend and then housing just took that back up, we now have no disposable income and have to use like something like credit cards or loans if we don’t, um, have an emergency fund. And so, so those are things that I think came up a lot. Um, some people were, uh, uh, thinking about tutoring. Um, so a lot of like gig work. How do we manage that? Um, is it possible to do, um, and, and sort of all the implications that come with that. Um, and yeah, yeah, I think that’s the, the majority of it. And then of course I was just saying like everyone should open a Roth IRA and I got multiple people in my cohort, uh, to open a Roth IRA, um, which I am very, very happy about <laugh>.

Emily (33:24): Uh, honestly, I mean this is something that I get to hear through my work from time to time, but I, if they haven’t already said it to you, like, that literally changes people’s lives like five years from now, 10 years from now. Like if they haven’t said it already, like they’re going to think back on that and like, really, really appreciate that they ran into you that they were, you know, had the good fortune of just being in your circles and, and hearing that. ’cause they probably wouldn’t have gotten it, you know, from many other sources at that time. So, um, that’s amazing. So tell us more about the resources. Were they about taxes? Were they about these crazy bureaucratic pay schedule things like, um, I love how specific this gets to be, right? UCLA certain fellowships your program, like, let’s talk about that.

Financial Resources for Grad Students

Elle (34:01): Um, the resources, it’s just a, it’s just a folder where I’ve put everything that I’ve created. And so, um, I think one of the, the main things that I have the pleasure and privilege of doing is the orientation finance presentation, um, just to the program, just to the first year cohort, um, sort of orienting them on, okay, this is how we get paid, um, taxes are a thing, but also, um, I have a couple slides on credit and credit cards just to make sure that everyone’s sort of on the same page and we can have a discussion about that. And if you’ve never really considered credit or if you’ve never checked your credit report, I am available to go through it with you just because I think that is so incredibly important. Um, and I also just give, I cannot give tax advice. I am by no means qualified to do that, but I do provide links. Like this is exactly where you go to get your 1098T this is exactly our site ID that you enter. Um, here are the links to the California Franchise Chat tax board that is create an account, make your tax payments. These are the dates. Um, so just sort of links to things that are kind of hard to find sometimes. Um, and that’s even when you know you need to find it. And, and I think the major case with graduate school is that, especially at a place as big as UCLA is that it’s really easy for communication to sort of, um, be looked over, right? Like we get so many emails, we’re just inundated with all this information, especially while starting a graduate program, um, that I sort of try to synthesize the main key points of information, um, and, and, uh, communicate it to the incoming cohort. I also go through pay schedules. So I say, okay, this is our stipend, but also if we’re getting paid in May for June work and then we get paid in August 1st for July work, that means you have no more income coming in between May 20th and August 1st. Um, so sign up for direct deposit to make sure that your check gets, or that your, uh, uh, income gets to you in time. Otherwise they will mail you a check and you won’t get it till August 5th. And if you rent is due August 1st, you need that money. Um, so sort of just going over things to, so that people can either approach me about it if they have any questions later. Um, right. Roth IRAs and investing are a multiple day long conversation. Um, but uh, just sort of putting things on people’s radar. Um, I tell them, uh, oh, just put it in your calendar right now, um, or set aside money or this is where to go get a loan if your, uh, payment doesn’t come through, um, et cetera. Just so they have like a go-to uh, person and also a go-to presentation that. And then I give them the link to the presentation, um, that is just full of notes and links <laugh>. So, um, those, that’s the main, uh, resource that I, uh, created. And then every year the, the presentation changes, just depending on how long the presentation is and, and what changes the university has undergone.

Emily (37:04): Your program is so lucky to have you honestly <laugh>, um, because a lot of the things you just listed, um, I actually have, I I even use the same like phrasing that you do, but I created a new workshop this year called Your Financial Orientation to Graduate School. Um, and so it’s got a lot of, it has credit, like I never talk about credit, but I decided to put it in there because I was like, this is the best time, like right at the start of graduate school to be, you know, reassessing, rethinking, um, starting to build credit if you haven’t before. Uh, but my main point though is that like, even when I’m brought in by a client to give this presentation for like a specific university, and I do look into some policies, like I try to figure out, um, about their tax policies and I try to figure out about their pay schedules and, and all that stuff, but it’s not honestly not the same as having the lived experience of and knowing all those details.

Emily (37:49): And so I honestly can’t get to that level right without working through across many different clients. So your program, UCLA more generally is very lucky to have you have put this together because these resources are needed and they are really hard to find. And until you have, um, walked through it, it’s, it’s hard to know everything that you need to know, right? Until you’ve been through it. So they’re lucky this is not happening at other places. Although by the end of this interview we’ll get to how can this be happening at more places. Um, but that is just awesome and amazing. So next phase of this is, you already mentioned that you would approach the financial wellness office, you know, sort of as a, as a, as a client. Um, but then at some point you started working with them. So can you tell us why you took that step?

Working For the Financial Wellness Office at UCLA

Elle (38:33): Definitely. So, um, at the end of my third, third year of graduate school, I had applied to an NRSA an F31 diversity. Um, and so it’s just a, a grant. Um, and I had completed my qualification exams, um, and I was sort of just looking for more whether that was, um, volunteering and I, and I signed up for some volunteer opportunities. Um, and then in the fall, um, one of the two financial graduate consult financial wellness graduate consultants, um, was no longer able to maintain the position. And so they put out like a mid-year, like hire, um, job posting. And so I said, great, I already know that this is a great office. I’ve already met with Sara, um, and I wanna be a part of this because I’m already doing so much of this work and I’m spending so much time on Reddit giving people financial advice, um, or to, uh, redirecting them to, to resources. And so, um, so I sort of wrote out a whole thing to my, to my PI saying, this is not a zero sum game. Like, this is how I will make sure that I maintain my hours in lab, because that still is my priority, but also this is a huge passion of mine and I feel like I can absolutely really help people to an even greater extent. Um, and so it was really nice just because that was all in like October of, of 2023, um, and I got my PI’s approval, which I, uh, needed, um, on a practical and moral level. Um, and, uh, so I applied the interview was, was great. And when I was, uh, being onboarded, um, things went really smoothly and they had me sort of just go through a lot of their, their training that they typically do with consultants over the summer. Um, but we were sort of working on a, on a condensed timeline. Um, but fortunately I had been able to educate myself a lot, um, in regards to personal finances and, uh, so a lot of the stuff I was just able to like reaffirm, um, and I think it was mostly like student loans that was, uh, I was mostly unfamiliar with just because I don’t have personal experience with those. Um, but then we just dove right in. Um, so after a few weeks of, of training, um, I was signing up for, for workshops and for appointments. And so those are the main aspects of my job is giving, uh, workshops and the slides were already created to undergraduate students and graduate students. Um, so clubs or organizations within UCLA could ask us to come and talk to them. So these were like resident assistants, um, who wanted us to talk about credit to their, uh, to their residents, um, in the residence halls or, uh, more specific like biology PhD students who wanted me to talk about, um, graduate school and investing. And so, um, they could request that we go and talk to the group, um, and, and just be, be available as a resource and really just tell them like, Hey, if you want to dive more into your personal situation, you can make an appointment with us. So that was the other aspect of my job was one-on-one coaching, um, just sort of helping people figure out what resources were available to them, um, just to, you know, and it kind of motivated them to put a little thing together, just say, this is where I am, this is where I wanna go, help me get there. Um, and so, um, that was a phenomenal opportunity and I got to speak to, um, not just PhD students in the Biosciences, but also PhD students, um, in, you know, the humanities and in education and also, uh, law students, medical students, um, master’s students who are about to enter, uh, some really high paying jobs, but they didn’t know what to look for in their offer letters or, um, how to talk about like, uh, restricted stock units. And so I, I really was able to get, um, a whole breadth of, of people to talk to and I was able to educate myself. So we would have the coaching appointment, um, and, and then I would follow up with, with actual links and sort of an outline of what we talked about, an action item list if we created one together. Um, and, and I think with almost every single followup email, um, I think I included one specific, uh, uh, uh, episode from your podcast, like Emily talks about it here. And so, um, especially for, for uh, students who were expecting parents or who had just had a baby, um, or living in family housing, I think those episodes were incredibly useful. Um, and so yeah, so that was sort of my experience with financial wellness.

Emily (43:13): So exciting. Again, what a credit you are to this office, <laugh>, um, coming in with a great deal of like knowledge and, and, um, experience talking with your peers and so forth.

Outtro

Emily (43:32): 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.

Unveiling the Hidden Curriculum of Grad School Funding for First-Gen BIPOC Students

July 15, 2024 by Jill Hoffman Leave a Comment

In this episode, Emily interviews Dra. Yvette Martínez-Vu and Dr. Miroslava Chavez-Garcia, the co-authors of the recent book Is Grad School for Me? Demystifying the Application Process for First-Gen BIPOC Students. Yvette, Miroslava, and Emily dive into the financial aspects of the grad school application and admissions process, from applying for external fellowships to negotiating funding offers to preparing financially to start graduate school. Yvette and Miroslava share their personal experiences as well as their insights from prospective students involved with Yvette’s Grad School Femtoring coaching and podcast and Miroslava’s McNair program at UCSB. This episode is a must-listen for prospective PhD students, especially those who come from underrepresented backgrounds.

Links mentioned in the Episode

  • Book Giveaway for Is Grad School for Me? (Deadline to enter is 7/24/2024)
  • Is Grad School for Me? Demystifying the Application Process for First-Gen BIPOC Students
    • Use the code UCPSAVE30 at the UC press website to get 30% off your purchase of the book
  • 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
Uncovering the Hidden Curriculum of Grad School Funding for First-Gen BIPOC Students

Teaser

Yvette (00:00): One year, there was one student who was really, really struggling financially, had gotten into his top choice, had to move from California to the Midwest, and he couldn’t even afford his airfare. So he contacted his soon to be advisor, told that person his situation like, look, I, you know, I’m really trying to make it things work. I’m trying to work, I, but I, I just can’t afford my flight. And that advisor, without even thinking twice, bought him the flight.

Introduction

Emily (00:37): 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 (01:06): This is Season 18, Episode 4, and today my guests are Dra. Yvette Martínez-Vu and Dr. Miroslava Chavez-Garcia, the co-authors of the recent book Is Grad School for Me? Demystifying the Application Process for First-Gen BIPOC Students. Yvette, Miroslava, and I dive into the financial aspects of the grad school application and admissions process, from applying for external fellowships to negotiating funding offers to preparing financially to start graduate school. Yvette and Miroslava share their personal experiences as well as their insights from prospective students involved with Yvette’s Grad School Femtoring coaching and podcast and Miroslava’s McNair program at UCSB. This episode is a must-listen for prospective PhD students, especially those who come from underrepresented backgrounds. In fact, I think Is Grad School for Me? is a must-read as well, so I’m giving away three copies of this book to listeners of this podcast. If you are applying to PhD programs in fall 2024 and are in the target audience for this book, i.e., a person of color who is a first-generation, low-income, and or non-traditional student, you can enter the giveaway at PFforPhDs.com/isgradschoolforme/. I would also appreciate you sharing this episode with any prospective graduate students in your life. You can find the show notes for this episode at PFforPhDs.com/s18e4/. Without further ado, here’s my interview with Dra. Yvette Martínez-Vu and Dr. Miroslava Chavez-Garcia, the co-authors of Is Grad School for Me?

Will You Please Introduce Yourself Further?

Emily (02:56): I am delighted to have joining me on the podcast today, Dr. Yvette Martínez-Vu and Dr. Miroslava Chavez-Garcia, who are the authors of the recent book Is Grad School for Me? Demystifying the Application Process for First-Gen BIPOC Students. And as you might imagine, well this guide is incredible for this population and frankly, any prospective graduate student, I highly recommend the book. I just finished it a couple of weeks ago and there’s a lot of financial content within this, as you might imagine. So I was really excited to reach out to these authors and get them on the podcast so we can dive even further into the financial aspects of the application and the admissions process for graduate school. So, Yvette, Miroslava, again, welcome to the podcast. Would you please introduce yourselves a little bit further for the listeners? Yvette, why don’t you go first?

Yvette (03:41): Yes, of course. Hi everyone, my name is Dra. Yvette Martínez-Vu. I’m a first gen Chicana, chronically ill neurodivergent productivity and grad school coach, consultant, author, speaker. Um, I do a lot of things. I have a PhD in theater and performance studies. I worked in higher ed for over 10 years supporting predominantly low income first gen students of color. That’s actually how I met Miros a few years back. Actually, at the start of the pandemic, she became my supervisor. And since then we’ve developed and nurtured a great relationship, which has manifested in US publishing and co-authoring this book together. So that’s a little bit more about me and what I do.

Miroslava (04:25): Great. Yeah. Hi. So I’m Miroslava Chavez-Garcia and I’m a professor of history and I’m also the faculty director of the UCSB McNair Scholars Program. So I’ve been at UCSB probably for the last 10 years, and before that I was at UC Davis, and then I had another job before that. So I’ve been in the game for a little while. Um, also a product from UCLA PhD Yvette and I have that in common as well. And what else about myself? So I’m also a mom juggling with children and a little needy dog. So life just keeps happening no matter what phase you are.

Grad School for Me? Demystifying the Application Process for First-Gen BIPOC Students

Emily (04:59): Fantastic. So let’s hear more about the book. Um, who is the intended audience for the book and why did you write it

Yvette (05:05): As referenced in the title of the book, uh, Is Grad School for Me? Demystifying the Application Process for First-Gen BIPOC students. The book is predominantly, um, catered to first gen bipoc students. But then, um, more broadly, we also address concerns for anyone who fits the quote unquote low income category or also non-traditional categories. So we’re thinking here of, you know, folks from working class backgrounds, we’re thinking of folks who, uh, maybe ages 25 and older. We know that more and more college campuses are no longer having what we may consider traditional students. A lot more of the, uh, student population is going back, they’re older, they have dependents, they have other commitments, and we wanted to meet, be able to address those other factors that individuals consider when they’re thinking about whether or not they want to pursue graduate school.

Miroslava (06:02): Yeah, definitely. I think that we were really interested in this, these folks who had not seen themselves reflected in all the literature that’s out there. So in looking at what’s been written, um, it’s all kind of cookie cutter in some ways. And they imagine maybe they don’t even imagine who, but we imagine it’s not us, right? When we’re looking at these books. And so we were very much with that intention to be able to provide a guide to all those folks who perhaps didn’t see themselves, um, you know, reflected and, and, um, and that was really important to us. And initially, I would have to say for myself, and I’m not sure if that had this thought, I was thought like, what, is there enough? Are there enough of an, is there enough of an audience for this? And, and yes, there is, you know, it’s, it’s that sort of, um, audience that we don’t hear from, but they’re definitely there. And the press was very, um, supportive of, of this, um, of, of, of the approach of the book. So we’re really happy that we were able to, um, target this population that’s been overlooked for so long.

Yvette (06:56): I have had the idea for this book since I was an undergrad. I was part of the inaugural cohort of Mellon May Fellows at UCLA. And despite the fact that I was in a very privileged position of getting into this prestigious graduate school preparation program, despite receiving ample support, I still was stumbling so much along the way. There was still so much information that I was missing out on. I still struggled to find mentors femtors, and I felt really frustrated and I found myself constantly pulling, you know, trying to find from the weeds as many resources as I could and then sharing them. And every year I was always surprised like, why is there not a book like this? Why is there not a book like this? I don’t see myself represented, not just, um, among the faculty, among my department. I was an English, uh, literature major at the time, but even within the literature, the research, the books I was running into, I didn’t, again, I didn’t see anyone like me a First Gen Chicana represented. And I wish that I had had that how to book. So that was, you know, an idea that I had many, many years ago. Of course, it didn’t come into fruition until Miros literally asked me when I’m gonna be writing a book. I never took it seriously until she approached me. And I thank her for her Femtorship and for her support and guidance, even through this publication process. This work wouldn’t have happened if it hadn’t been for the two of us coming together.

Miroslava (08:26): Like Yvette, most of my career has been focused on doing this kind of work, right? The hidden cur- un- unraveling or uncovering the hidden curriculum, addressing all of those isms, all these things that we feel, but we can’t quite put our finger on it. And so, um, when I was in grad school, there were some guides, but nothing like in the last that has been produced in the last 10, 15 years. And I didn’t even think we could encapsulate. And, and granted, this is not all about grad school. This is about just applying, right? So, but we’ve, it’s a pretty hefty book and we’ve top- tackled one topic. I think there’s many more that can be tackled, um, in the future. There’s other books out there as well. But definitely, um, it’s nice that we’re able to bring so many things together. I, with my more years in academia, but Yvette, with all of our up to date since, you know, things get really quickly, get out of date in academia and there’s new things, new trends, new um, approaches, um, especially we see right now a lot of changes happening. But yeah, it would just worked really well actually.

Emily (09:21): And if someone is convinced already that they need to get their hands on this book, where can they find it?

Yvette (09:26): Yeah, you can get it at IsGradSchoolForMe.com, and you can also find it at most major bookstores and even, um, a good number of independent bookstores have it too.

Miroslava (09:36): And definitely the press. And there is, um, if, if, if, uh, listeners are interested, they can contact us. We have, there’s a, there’s a discount code for now as well. It should probably be there for a while. That makes it more accessible to our, our population

Yvette (09:48): Yeah, you, you can go to the UC press website and this code should work it’s ucpsave30. So again, ucpsave30, it should work as far as we know. We don’t, it doesn’t have an expiration. So if you wanna get it and get it 30% off, um, go ahead and, um, get your copy directly from uc press.

Financial Support During Grad School and It’s Impact on Student Success

Emily (10:10): Perfect. And I definitely learned from reading the book that you all, uh, have an aligned position with mine that having, um, sufficient financial support during graduate school is very important to the students’ overall academic and personal success throughout that time period. Um, can you elaborate on that idea a little bit more? Um, how important is this? I mean, I know you said in the book like, you know, we discourage taking out student loans for our graduate degree and so forth. So just tell me a little bit more about how you came to that position.

Yvette (10:40): I mean, I think a, a big part of it is our experience, uh, both personal experience, experience working with student- with this population in particular for a lot of low income first gen students of color. The question of can I afford it and will I have adequate fund- funding is a very, very important question. And without it, some of them are even willing to go the extra mile of pursuing graduate school. So yeah, getting an advanced degree, especially pursuing a PhD is a significant investment in time, effort, resources. And for some, it’s not even an option without having at least some funding. So that’s why for us, it’s important for them to know, you know, what are the differences in funding options is between PhD programs, between master’s programs, what are these funding options packages even look like? That’s why we provided samples in the book because, um, the more financial burdens you have, if you don’t come in with generational wealth or trust funds or a savings account, just some sort of support, that means that a lot of people end up taking on insurmountable amounts of debt, debt that holds them back from reaching other major life milestones, or they end up staying one too many years in graduate school, they’re having to juggle multiple jobs to make ends meet. Or for a lot of people, they end up getting pushed out. We know that 50% of folks who go into PhD programs don’t actually make it and get to finish. And that’s a problem. And I wouldn’t be surprised if sometimes funding plays a factor in that. So we do think it’s important to, to consider the funding aspects of it, um, when you’re thinking about grad school as your next step in your career.

Miroslava (12:24): Yeah, definitely. One thing that we tackle a lot throughout the book is this idea of fit. Like is this program or this, you know, university institution for me, and one of the, I would say one of the main, you know, sort of categories of that would be around funding. I know my department does not take any PhD students. We can talk about master’s program that’s a little bit different or could be quite different. But PhD programs, we will not take anybody without funding. I mean, we have to bring in people who have support them. So that’s been going on for a while now. And I think lots of programs run that way. Uh, the PhD programs, at least in the humanities where, you know, there’s so much upfront and then no guarantee on the other end that you’re gonna be able to make up pay off that loan and, and, you know, thrive if you’re able to do that, the STEM fields might be a little bit different, but I know that in humanities, um, institutions are a little more cognizant of that, um, disconnect. Sometimes it happens.

Emily (13:13): This is something that I point out when I speak with, um, prospective graduate students. Current undergraduate students is like the funding mechanism for your undergraduate degree and professional graduate degrees is just completely different from, you know, the PhD or the, the research based graduate degrees. And while it may be perfectly okay, um, to take out debt for, um, an MD or a JD or a similar type of degree like that, it’s because the salaries on the other side of that justify taking out that debt. And depending on the PhD field that you’re in, as you just said, Mirsolava, you don’t really know what kind of career you’re going to have or what that salary is going to be on the other side. So it’s that much more important to make sure that your, um, PhD is, um, uh, you’re not, um, leveraging your future <laugh>, uh, when you’re doing that PhD, you’re only building into the future. And so in your book, one of the, one of the sections is about, um, applying for external fellowships in particular. And so why did you take the time in the book to encourage prospective graduate students to apply for that type of fellowship?

Yvette (14:14): You know, I’ll, I’ll share a personal anecdote in relation to this question. When I went into my PhD program, I was awarded a prestigious fellowship. It was a departmental fellowship, and everybody told me, oh, you got full funding, you’re good to go. You don’t have to worry about applying for anything else. And I remember my advisor at the time discouraging me from applying to external fellowships and only later on finding out about fellowships that covered multiple years that could have provided me with additional years of being on a fellowship could have minimized my teaching burden and could have even increased my chances of getting more competitive dissertation year fellowships later on. So for me, I do think it’s important, it’s not just the financial advantage of having another offer that you can then use to leverage your funding package and to shift things around as best as you can, depending on your department and their flexibility, but also access to a network. So for instance, when I became a four dissertation year fellow, I was, you know, I, I entered this space of networking, I joined the national conferences, I started meeting up with people for networking meetings, and I realized, wow, there’s like this whole world of Ford fellows out there that I didn’t know that I could have been exposed to earlier if I had known to apply to the Ford Predoctoral Fellowship if I had been encouraged. So I do think that it, it only increases your chances of, um, having access to more opportunities, having access to bigger networks. So why not do that? Why, like, don’t put all your eggs in one basket and expect to only get funding from your department or even from your program.

Miroslava (16:02): Yeah, and I would definitely agree. I’m also a Ford postdoctoral fellow. I tried the pre-doc and the dissertation, um, but the postdoc was fortunate to get that. And so Yvette’s talking about the networks, like you can’t put a dollar price on those because they’ll stay with you throughout your career. Particularly with the Ford, they always talk about us being a family and people, um, you know, in a good way, <laugh>, I don’t, so families, uh, you know, uh, but those relationships are there. They reach out to you for networking. So it’s, that’s really valuable. I think another thing to think about as well is that they bring prestige. I hate to, you know, I’m not a big, you know, showy kind of person, but nevertheless institution, it brings prestige to the, you know, value to you. Um, it shows that other institutions also value what you’re doing and it also brings more hum umph to your, the significance of your work. And I think that anytime that happens, you know, it’s, it’s for the, for the work, it’s for your subject, it’s for your project, your research, and that’s a win-win. So

Emily (16:56): I think all those reasons are so fantastic to apply for fellowships, apply for fellowships throughout your PhD, not just early on. As you said before, you aren’t when you aren’t sure what your funding is going to be. Um, but I particularly like them for prospective graduate students because, um, during admission season, it can be quite an advantage to have already been awarded an external fellowship. You can come to your program and say, Hey, I’m actually, you thought you were gonna fund me, but I’m actually bringing in X amount of dollars from this other fellowship that, that I just won. Um, can you speak more about the, um, advantages to, to that situation for that perspective graduate student?

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Negotiating as a Prospective Grad Student

Miroslava (19:03): I, I will, if it’s okay, I’m gonna jump in. I’ll give a specific example of one of our, our McNair scholars who, um, had applied to many institutions and, um, a prestigious one UCLA. She would I think she applied in the STEM fields and she got an NSF and that decision happened like overnight. I mean that they, the door was open quickly at UCLA for her to come in. They’re like, oh, come step right in. And, and so she took that position, but she had been, wait, not waitlisted, but I think she hadn’t heard. Um, and so that really granted her that, um, you know, provided I say the ticket to make her own decisions and choices. And so, um, that’s the example I like to share.

Yvette (19:40): I’ve seen the same scenario, so I was gonna say almost an identical scenario, but with a different student <laugh>. Yeah.

Emily (19:48): Yeah, because sometimes the reason for a rejection is not anything lacking in the candidate, it’s just the funding is not gonna go far enough to accept as many people as we would like, or, you know, this particular advisor didn’t have funding, but if you come with it, then you can work with that person. Um, and so it can reverse those decisions or get you off a wait list or whatever that, um, you know, situation might be. And it also provides you leverage for negotiation <laugh>.

Emily (20:12): So let’s talk about that next. I loved that you included information about negotiation in this book. I think a few years ago I didn’t really hear that many people talking about it, but it’s been, I’ve just heard more and more people familiar, like prospective graduate students when I bring up negotiation, they’re like, oh yeah, I, someone already told me I was able to do that, or at least able to attempt it. Right. So let’s talk about that, um, a little bit further. Like, how have you seen prospective graduate students successfully negotiated their funding packages? Do you have any tips about how they should do so?

Yvette (20:40): I think that it’s always important to tread the waters carefully, right? When it comes to negotiating. And it’s also good to have all of your information available. So you wanna know, don’t start to negotiate before you know, you know, what is even feasible. So, um, I’ve, I’ve seen a lot of different scenarios. Uh, one of the most successful scenario that I’ve seen work time and time again is where when someone gets multiple offers and then they send their best offer to their top choice school who maybe may is offering less, and they ask if they can match or increase their offer. And in many cases, they either increase or match it, or sometimes they say, you know what? This is the best that we can offer you. We still really want you, but there’s no way we can compete with that. And it’s up to the student to decide maybe sometimes it is worth it for them to accept the lower offer because cost of living might be different and cost of living makes it so that that’s actually a better offer financially at the end of the day when you crunch the numbers and, and create your budget. So that’s one scenario where that’s been fairly successful. What I’ve also noticed is that a lot of times folks don’t feel like they can negotiate because they say, oh, well I don’t have another offer, or, oh, they’re not offering me any funding. How can I ask? And in these scenarios, I mean, it doesn’t hurt to ask, it is rare. In fact, I’ve only seen this happen for summer programs, but it, it’s rare for folks to have their offer rescinded because they asked for more. Of course, you want to be conscientious, of course you want to be grateful, of course you want to express your enthusiasm. Um, but you can ask, and I’ve seen this happen more than once, where someone didn’t get any, they got into a master’s program, didn’t get awarded any funding, asked if there was any funding that they could apply for or that they were eligible for and could be considered for. And the next thing you know, a few days later, they’ve got a $12,000 scholarship that wasn’t there before. I’m like, so overnight you got $12,000 for asking, you wouldn’t have had that. Aside from that, a lot of applicants don’t know what else they can ask for. It’s not always just tuition remission, it’s not always just a stipend. Some graduate students get, uh, a laptop covered, some graduate students get their travel, um, or re- relocation expenses covered. Sometimes it’s partial, but it’s still something some, uh, I’m trying to think about other things that, that folks will ask for. I remember one year there was one student who was really, really struggling financially, had gotten into his top choice, had to move from California to the Midwest, and he couldn’t even afford his airfare. So he contacted his soon to be advisor, told that person his situation like, look, I, you know, I’m really trying to make it things work. I’m trying to work, I, but I, I just can’t afford my flight there. What can I do? Can I work for you? Like, is there any way that I can figure this out? And that advisor, without even thinking twice, bought him the flight. So it’s all about advocating for yourself. It’s about asking for what you need. It’s about building genuine reciprocal relationships, helping one another out. But it also, it’s about knowing again, what even can you ask for? And sometimes you get some stuff, sometimes you don’t. Uh, but I always kind of lean, lean on the side of asking because I wish that I had been taught this skill a lot earlier on. Now I have that skill of negotiating took many years trial and error. Um, but I, I just, I, I want folks to learn this skill as early as possible because it’s gonna continue to be an ongoing skill that they practice for the rest of their career.

Miroslava (24:26): Yeah, I would definitely agree that it’s like the biggest hurdle is even knowing what to ask. And I would, I was, I don’t wanna say I grew up in the generation, but I came of age in terms of academia that of my generation where we just didn’t ask. We were just grateful, right? As a, as a Chicano Latina, I was accepted first gen immigrant, you know, that I was being, I didn’t even know that this happened at all. So even for me to get comfortable after all these years, it’s really, really hard. So when you, if you’re newer, new-ish or newer ish coming into academia, practice it and you’ll get more comfortable. And, um, also there’s a question of like sharing information with your peers. That’s another topic as well. In terms of funding packages. Do you talk about them or not? Um, other, I’ll just add two more things that I’ve seen in, in the, the last, um, few years I’ve been academia a lot of times I, what I’ve seen in, um, in terms of packages is that it’s kind of set the amount, but the one thing you could do is you could ask for money to be moved around. Like instead of having that fellowship off the first semester, I’d like it to be off the second semester so you can negotiate those things. So moving money around. Also, another thing to not, not forget or, um, is summer funding. Um, ’cause a lot of these packages do not include summer funding and then summer rolls around, it’s like, oh, oh, you know, we’ve had horror stories here on my campus where students live in their cars and things like that because there’s no, they can’t afford, you know, rent in the summer In Santa Barbara here it’s very, very expensive. So some programs are getting much better at providing funding or helping them find some form of a TA ship over the summer. There’s a lot of course, a lot more online, um, online courses. There’s a huge push in our University of California system for more of those courses. And so that’s a, a space where graduate students can work and make some money over the summer. But, um, I would have summer funding like on the table when thinking about a program.

Emily (26:10): I love what kind of both of you pointed out in that, is that the, the, the start of the negotiation process or the pre-negotiations aspect is figuring out, just really having clarity on what the offer is on what the funding path is, both in the first year and in subsequent years. Um, and even just asking some clarifying questions like Yvette, your example of someone saying, well, you know, is there an internal fellowship that I could apply for anything that we can do here, um, that can sometimes result in, uh, the, the outcome you want from a negotiation without even feeling like a negotiation. You were just asking some clarifying questions. Oh, I didn’t see that there was, um, a moving stipend included in this offer, but I, I’ve seen other universities do that. Is that something that you all offer? That’s pretty like low stakes and easy to ask and it could potentially result in an offer being made. I think something that perspective graduate students should know about the negotiation process, and you all both kind of pointed this out in different ways, is that the, the director of graduate studies or whoever the person is that you’re approaching about this, um, potential augmentation of your funding offer, they know a lot more about what levers, you know, can be pulled, what can be adjusted than you do. And so I think it’s really helpful to keep your question or request very open-ended. Like is there anything that you could do to augment this package? I’m not sure how that could come about. Um, instead of saying something like, I must have my stipend increased by X many thousands of dollars because it’s an, that’s an easy no, a lot of times a base stipend can’t be increased because the rates are set, you know, above that person’s pay grade by far. But maybe there’s, you know, a top up fellowship that they could offer you. Maybe they can put your name forward for an internal fellowship. Maybe they could, uh, get you into subsidized housing. So they know all the kind of background things that could happen much better than you do. And so I think, yeah, just keeping it open-ended is a good idea. Do you have any other tips about the negotiation process that you’d like to add?

Yvette (27:57): Well, there’s one thing that you just reminded me of is about asking clarifying questions. Because not every offer looks the same. Some are very clear and they lay out every year what you’re getting. And others are more vague. They’re like, you’re gonna be receiving a stipend of X amount every year in the program. Okay, how many years is guaranteed? And you wanna have that in writing. So first I would say get very clear about what your offer is because sometimes it’s not very clear and you’re made to feel like maybe you just aren’t reading it right. So I’ve had so many cases where folks ask me to read an offer alongside with them to make sure that they’re understanding it correctly. And then I go over, I’m like, yep, they’re not telling you how many years <laugh> you need to ask this and this and this. You need to ask about healthcare. ’cause healthcare is also not the same. You need to ask about professional development support because again, that’s not the same. I’ve had clients who have had their departments pay for my coaching services and I’ve had folks ask, and if they hadn’t asked, they wouldn’t have had that support. So you, again, just make sure before you negotiate, ask as many clarifying questions as you need to know exactly what you’re getting offered. And once you know what you’re getting offered, sometimes it can help to see if you get in somewhere else to compare and contrast the offers or compare and contrast to some of the offers we mentioned in the book. Which, you know, unfortunately, I would say they might become outdated at some sort, but, or at some point. But, um, sadly these stipends are not going up that much more. So you can kind of compare and contrast between your offer and a friend’s offer if they’re comfortable, your offer and another offer or your offering, even the samples that we have in the book. So you can get a sense of what information you do have, what information you’re missing and what’s, what are the things that are your priorities that you want to ask for. Even childcare is another one that comes up too, that people ask about. Yeah, yeah.

Miroslava (29:52): I, I will add to, um, to last things and something just piggyback on what Yvette was saying in terms of, uh, you might ask as well, like, will there be other opportunities for, um, fellowships or small grants in our program at the end of the year, we have the award ceremony and people apply for these smaller, you know, pots of money, a thousand, 2000 or even $500. Um, and sometimes those pot, those awards are for people working in specific areas, but sometimes the larger, beyond your department, the graduate division might have, um, fellowships for, um, maybe first generation students or maybe Asian American students working in a particular field. So again, like as Yvette saying doesn’t hurt to ask, um, are these opportunities available for me down the road?

Emily (30:33): I wanted to follow up on one of the thing you said Miroslava, which was that, you know, um, some time ago or, or back when you were admitted to graduate school, there was this attitude of, oh, they admitted me. I’m so grateful. This is amazing. I’m not maybe gonna look too closely at what this offer is. I’m just gonna say yes. Um, because you’re so flattered, right? To be admitted right to academia, this, um, this particular institution. And I, I definitely don’t think that attitude serves the student well. In fact, during the, um, admission season, after they’ve extended an offer of admission and before you accept it, that’s the time period when that student has really the most leverage and the most power in terms of negotiating and getting what they want and, and so forth, um, compared to any other time later on in graduate school. ’cause once you say yes to them, you’re committed. And the longer you spend in that program, kind of the more sunk costs, um, there are. And so you really don’t have as much as much leverage later on as you do during the application process. So I just wanna point that out as like, um, it’s, it’s a, it’s a golden opportunity <laugh>. So when you get are in that season, um, take the best advantage of it that you can because it’s not, it’s probably not gonna come around again, frankly.

Yvette (31:38): And I would encourage folks to get support in this process because for some of us, it’s also a major cultural difference and it feels wrong to do it. Like there’s guilt <laugh> and there’s shame involved in asking for more. And so it can help to lean on a mentor femtor, someone who’s been there, who has experienced that, who can push you or coach you or guide you so that way you can test it out and have that support. Maybe they come back, reply back, we can’t do this, but can we do that? And just that, just a lot of people do this even just professionally in their careers. They’ll hire someone to help them with the negotiation process. You know, a lot of folks, recruiters, you know, they work outside of academia, like this is the norm. But for a lot of first gen students, they don’t know this is the norm. And if they’re coming from different cultural backgrounds, then they’re made to feel like this is not okay. But it is. And, um, yeah, just if, if it’s really hard for you because it was for me at one point, get the help and support that you need from a trusted mentor Femtor,

Emily (32:44): I think something that might help with that, um, sort of realignment of mindset there is understanding that, again, as I said earlier, being sufficiently financially supported during your graduate degree is more likely to help you get to that desired end point, um, of graduating and moving on to a wonderful career, which is actually where your interests and the interests of the program are completely aligned. We, everybody wants that for the student. And if finances are going to, um, help that and help the person not be stressed and not be distracted and not have to side hustle and do all the other things that people have to do, um, to make ends meet, then that’s good for the program too. So I don’t think it’s, um, illegitimate at all to <laugh> to bring it up, but as you said it, it can take a little bit of an adjustment of, of the mindset and, um, dealing with the, the cultural backgrounds of everybody. So thank you so much for, um, for elaborating on those points.

Opportunity Costs of Pursuing a PhD

Emily (33:31): And then last question, or second to last question here, um, is let’s talk a little bit about what the opportunity costs are of pursuing a PhD because they are quite steep. And how should a prospective graduate student evaluate whether graduate school is going to be, um, a good investment for their career?

Yvette (33:50): I mean there, there are a lot of opportunity costs. Um, the first thing that comes to mind off the top of my head is the amount of time that a lot of people spend in graduate school. You might be spending anywhere from four to 10 years of your life in a PhD program. And while you, your income stays relatively the same, you’ve got colleagues whose income might be going up, who are advancing in their careers, who are getting promoted, and it can feel like that’s a big, um, that’s a big sacrifice that you’re making to pursue this PhD. So that’s one thing is the the income. The other thing I think about is, um, saving and oh, not saving, investing for retirement. A lot of times when folks are in graduate school, because your income is relatively low for a lot of people, unless you’re working on the side or working full time while you’re doing your PhD, you know, a lot of folks put their, uh, retirement investing and retirement accounts on hold. And what does that mean? That means, again, four to 10 years of your life that you could be investing, that you could be preparing for your future retirement that’s gone. Um, and even some folks put their life on hold, big major life decisions on hold. They’re like, oh, I don’t wanna have a baby or I don’t wanna get married or I don’t wanna, whatever the big milestone is in their life. So those are some things to keep in mind. That’s why we ask in the book, if graduate school is right for you and also when is the right time? Because people ask all the time like, when is the right time to go? Should I go after undergrad? Should I take a gap year or two? Should I get some work experience? And really it’s you and your circumstances and you get to decide when is the right time for you. There is no right or wrong time, even if you go back 10 years later. So it is important to calculate these costs to think about like how much is it gonna cost you? Not just if you think about taking on student debt or not just if you think about your income loss, but just thinking about the timing and other life factors and whether or not you’re willing to make that sacrifice for the end goal in sight, which might be a PhD and then whatever other career opportunities can come with a PhD.

Emily (36:03): I wanna underline everything you just said, especially about the investing time lost. Amazing. But let’s not forget about student loans either. If you have student loans from your undergraduate degree and they’re unsubsidized, they’re gonna continue accumulating interest. And as you said, if you put off, uh, if you are able to defer them, which is wonderful for six or 10 years or however long it is, it’s gonna be, you know, the interest will capitalize and the balance will be that much higher on the other side.

Miroslava (36:26): Those years I was thinking, I was thinking about that my twenties, right? ’cause I went straight through, uh, and I was thinking about how much it your life is sort of on hold. I guess for me personally, I kind of felt like I couldn’t make those decisions that Yvette was referring to in terms of a family this or that. ’cause I was so focused on my work and it was really hard for me coming from a family. Um, the questions came up, when are you gonna get a real job? When are you gonna get married? You know, or somebody to take care of you, quote unquote. And I thought like, oh my goodness. And you just have to tell them I’m one, at one point I just said, I’m gonna be in school for the rest of my life and get used to it, you know? And so that, I don’t know if that settled things or not, but um, yeah, I mean you don’t realize these things later I realized, oh, I didn’t invest. I could have been investing. I mean this is for myself, you know, coming from immigrant family and, and um, not having any of this information, uh, later on. But I will say like being on the other side now for all these years, it’s the best decision I could have made.

Best Financial Advice for Another Early-Career PhD

Emily (37:15): This has been just, um, the most wonderful conversation. I thank you so much for agreeing to come on the podcast and telling us about the book and diving deeper into some of these financial aspects. It’s been so wonderful to talk with you. So I want to pose to each of you the question that I ask all of my guests at the end of interviews, which is, what is your best financial advice for another early career PhD that could be a prospective graduate student or a current graduate student, or however you wanna interpret that. And it could be something that we’ve already touched on in the interview or it could be something completely new.

Miroslava (37:43): This is based on some of the the, my own experiences, but I think it’s important when you start thinking about graduate schools, I think it’s important to come with your finances in order to the most, to the best of your ability that it’s important not to come with tons of debt or financial obligations. I think I just think about the, this is sort of like, I don’t wanna say the the, so it is the femtor in me, right? To say not to um, to come and risk putting excessive stress on yourself, on your career in grad school. Just thinking about like you have all these mounting bills, these grad, these undergrad, right? Uh, not only loans, but maybe perhaps car loans or your, you are supporting your family that you decide to, you know, come to graduate school because you, you did get a package and then that will, you know, offset you for a while. Um, I think that it’s really hard to be able to focus on your work if you have all those financial burdens. You know, we can’t, many of us can’t sleep at night when we are just thinking about where’s our, our next paycheck or am I gonna be able to do these things? Um, so you need to think about, you know, because there’ll be so many other hidden costs in graduate school. And so I’ve seen some of my students come with lots of stress, you know, financial stress and I’m always with my mouth jaws my jaw open. Like, oh my goodness, how are you doing it? So that’s one thing I would say, if possible, try to get your finances in some kind of working order or get a system to help you, um, get to your goals.

Yvette (39:01): Yeah, I mean, I’ll echo what Miros just said. I do think it’s important that this starts before you even accept an offer. So create a budget before you accept an offer and make sure you can actually make ends meet with that offer. Um, if it’s possible. Again, I know everybody’s circumstances are different, but if it’s possible, minimize debt of any kind. Um, especially, I mean all all debt I’m not a fan of, but especially when it’s more than federal debt, when it’s personal loans, when it’s credit card debt, like to try to avoid that as much as possible. And more importantly like learn about financial literacy, learn about personal finance. I put that on hold throughout my graduate school journey. I didn’t start learning until after I got my PhD and it’s a shame. I wish I would’ve just done that homework on the side because it would’ve saved me, like literally saved me a lot of money. <laugh>, Um, explore other funding or income opportunities. Some of us already learned those skills because we have to. Um, but if you haven’t quite learned that skill, you know, explore what, whether that might be tutoring, mentoring, teaching, editing, you name it, you have a lot of skills that you can use to help you make ends meet. Um, and also maximize your institutional access and resources because at one point you’re not gonna have access to that really great healthcare or to that free or low cost therapy or to those LinkedIn learning courses. At one point you’re gonna have to be the one to pay for it. So ask around, find out what those benefits are and and maximize them. And then of course, I cannot say this because I wish that older me would’ve taught younger me how to do this, which is like getting, getting into the habit of investing earlier on. Um, even if it’s something as small as, I don’t know, $25 a month, if that’s all that you can do, just getting into the habit of investing will help you in the long run. Even if it doesn’t feel like it’s gonna make a big dent, that habit will make it a lot less burdensome, a lot less scary for you to then increase that amount in the future so that you can set yourself up for success. I wish I would’ve had that. Now I have to work even harder because I started out a little later.

Miroslava (41:15): I think most of us didn’t even know that was something in my family I grew up with, um, hoarders in terms of money, immigrant, you know, put it underneath the, the mattress and save every penny. And I’m sort of grateful I didn’t go the opposite way. We sometimes we go opposite what we learn and so I’m very much a penny pincher. Um, but you know, it doesn’t grow if you leave it underneath your mattress. So, um, anyways, so we just wanna play catch up, but we try to then share that information with others to help them sort of correct some mistakes that we made.

Emily (41:46): Well, we don’t have enough time for me to praise every single piece of advice that you two just gave because that was absolutely fantastic. So I’ll just say to the listener, if you need to, you know, rerun the rerun the last couple of minutes, listen to it over and over again because there was so much gold in just those quick responses. Um, and I certainly hope the listeners will take it to heart. So once again, thank you so much for coming on the podcast. Um, it’s been absolutely great to have you. And the book again is, Is Grad School For Me? Demystifying the Application Process for First-Gen BIPOC students. Will you say the website again where they can get it?

Yvette (42:14): Yes, that’s isgradschoolforme.com.

Emily (42:17): Perfect. Thank you so much. Thank you.

Yvette (42:19): Thank you

Miroslava (42:20): This was really fun.

Outtro

Emily (42:30): 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.

Behind the Scenes at the Graduate Career Consortium 2023 Annual Meeting

July 17, 2023 by Jill Hoffman Leave a Comment

In this episode, Emily opens up the audio diary she recorded while attending the 2023 annual meeting of the Graduate Career Consortium (GCC) as a sponsor. GCC is attended by university staff members who provide career and professional development services and programming to master’s students, PhD students, and postdocs. Emily shares the insights she gleaned from the keynote and member-generated sessions and the casual conversations around the meal tables and in the hallways. If you’ve ever wondered about the business side of Personal Finance for PhDs, this episode will give you some insight!

Links mentioned in the Episode

  • Graduate Career Consortium
  • PF for PhDs Podcast Volunteer Form
  • Dr. Katy Peplin, Thrive PhD
  • Simone Stolzoff, The Good Enough Job, Reclaiming Life from Work
  • Dr. Sasha Goldman
  • Host a PF for PhDs Seminar at Your Institution
  • Emily’s E-mail Address
  • Dr. Katie Kearns
  • Archer Career
  • PF for PhDs Subscribe to Mailing List
  • PF for PhDs Podcast Hub
Behind the scenes at the Graduate Career Consortium 2023 Annual Meeting

Teaser

00:00 Emily: The basic like, sort of thesis of his book/talk is that white collar workers in America today are attempting to self-actualize through their careers and their jobs. And that’s not good for them personally, and it’s actually also not good for them in terms of their careers. He said a couple of times through the talk that putting all this, uh, pressure and expectation on our jobs is not something that they were designed to bear and they’re not bearing it. I actually found some pretty strong like personal finance themes, uh, peeking into this talk.

Introduction

00:45 Emily: Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs. 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.

01:14 Emily: This is Season 15, Episode 3, and today I’m opening up the audio diary I recorded while attending the 2023 annual meeting of the Graduate Career Consortium as a sponsor. GCC is attended by university staff members who provide career and professional development services and programming to master’s students, PhD students, and postdocs. I share the insights I gleaned from the keynotes and member-generated sessions and the casual conversations around the meal tables and in the hallways. If you’ve ever wondered about the business side of Personal Finance for PhDs, this episode will give you some insight!

01:52 Emily: I’m looking ahead to Season 16 of this podcast, in which we’ll return to our typical long-form interviews. This is your official invitation to please volunteer as a guest for one of the upcoming episodes! 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 soon! You can find the show notes for this episode at PFforPhDs.com/s15e3/.

02:25 Emily: Without further ado, here’s my audio diary from the 2023 Annual Meeting of the Graduate Career Consortium. I want to give you a tiny bit of background information before jumping into the audio diary. The Graduate Career Consortium is a decades-old volunteer-run organization of about 450 members, and it’s for university staff members who work in career and professional development. It started with a narrow focus on PhD students and postdocs and has more recently opened up to people who serve master’s students as well. 2023 is my third year sponsoring the GCC Annual Meeting but only my second year attending the in-person annual meeting. I planned for about 200 people to be in attendance, but I think the actual numbers were somewhat lower, in part due to flight delays and cancellations in that particular week.

03:19 Emily: In my business, almost all of the revenue comes from my work with universities, and very little comes from the products I sell to individuals. I vastly prefer for graduate students and postdocs to access my content at no cost to them because the university is picking up the bill. Therefore, when you hear me refer to ‘clients’ in this audio diary, I’m referring to the staff members who contract with me to provide financial education programming.

03:44 Emily: One of my objectives in attending this meeting was actually to collect audio for two podcast episodes that I’m planning to publish in August 2023. I wrote two prompts and asked meeting attendees to respond to either or both in a short sound bit, approximately 30 seconds. In the audio diary, I call these microinterviews. Let’s jump in!

Travel Day: Monday, June 26, 2023

04:09 Emily: I am recording this about midday on Tuesday, July 27th, 2023. Yesterday, Monday was my long travel day from San Diego to Indianapolis. I decided to have a more relaxed morning in San Diego, so I booked a noon flight out of there. This is because it’s a Monday, which means that it’s the beginning of the week and my kids were both in summer camps for, uh, the first time this summer. We were on vacation prior to this point, so I wanted to help my husband get them out the door without also trying to get myself out the door simultaneously. So I left my house a little bit after 9:00 AM and got to the airport. In fact, got all the way through security and to my gate by 10:00 AM which was awesome. I set up at one of those little charging workstation kind of areas and I worked on a couple of final things for this conference.

05:03 Emily: Actually, I had one more final flyer that I wanted to print, uh, once I got to Indianapolis. So during that time I kind of tweaked and finished up the design of that flyer, and then I also started getting on the hova app and being active there and messaging people and welcoming people and posting things. I had two flights, one hop from San Diego to Denver, and then from Denver into Indianapolis. Sometimes I really am inspired and love to work on planes. Um, I never pay for wifi, so it’s kind of a good time to process my thoughts without getting distracted by anything on the internet, but Monday was not one of those days. I just took the time to like relax and rest and I did a lot of reading. The book I’m reading right now is Love Lettering by Kate Clayborne was a recommendation. I’m enjoying that.

05:50 Emily: So I basically just took some me time to relax and get my energy ready for the mad dash that is gonna happen, you know, between Tuesday evening and midday on Friday, we landed in Indianapolis at around 9:00 PM and I noticed, you know, in my Uber from the airport to the conference center, even at 9:30 PM in the summer, it is late in Indianapolis because we are in the bleeding edge of eastern time zone. So that was pretty interesting. All the travel on Monday went really smoothly. I got to my hotel around 10 and I tried to drop off the swag I brought with me. I brought pens and a little tiny flyer to go into the swag bags, but, um, the people who were doing that had left for the day. So I just went back to my room, said goodnight to my kids over FaceTime and read more on my book. Went to sleep around midnight with my alarm set for 7:00 AM for Tuesday.

GCC Pre-Conference Day: Tuesday, June 27, 2023

06:50 Emily: Tuesday morning. I woke up before my alarm at about 6:30 AM I guess I’m just so excited to be at GCC. Um, so I didn’t have to rush of a morning, just got ready and then at about 7:45 went off to find, uh, the person that I needed to deliver that swag to, which thankfully I was able to do immediately. They took it off my hands, they got it into the swag bags right away. Even the registration, um, for the early bird attendees was opening at eight. So I’m really grateful that they were able to do that so quickly. I also took that time to get my booth set up, so I brought with me like a brightly colored tablecloth and a table runner and a little sign that goes on my table. And so I set all that stuff up and while I was setting up, two really good things happened. The very first conference attendee that I saw, uh, we both did a, Hey, you look familiar, where have we met before thing? And it turns out we actually worked together, um, a couple of years ago, but it was all virtual. So of course it’s different seeing someone in person. So it was really great to see that person and I am excited to maybe renew my work, um, without office. And the second person I saw was not someone I had met before, but she works for an office that I have worked for virtually in the past. And when she, you know, figured out who I was, she said, we love you . And it was so great to hear that I thanked her so much. She was so sweet. And yeah, I hope to be working with that office in the coming year as well. Now that I know I have a couple different, uh, champions over there.

08:21 Emily: By the time I got my table set up, it was about 8:15 and I went to check in at the registration desk. They didn’t have my name badge ready yet, but the conference organizer just said I should grab some breakfast and go on in and eat, even though technically I wasn’t like registered for that session. This is again, sort of the early bird, um, first day attendees, they were having a breakfast together, but I took advantage. I crashed the breakfast, grabbed a plate of food, sat down at a table, you know, introduced myself all around, met some interesting people. One person was a wealth manager before starting graduate school. You’re gonna hear from that person on the sister podcast. This one that I’m recording as we go through. In fact, I was really regretting not bringing my recorder with me to breakfast. I wasn’t expecting necessarily right away to be interacting with trainees, so I didn’t have it on me, but I was telling people about the micro interviews for the podcast and several people on the table really interested in it.

09:12 Emily: Um, so yeah, met a wealth manager, um, met a couple other people. I had some things in common with, had a really interesting, although brief conversation with someone about postdoctoral training. And of course the differences between being an employee and being not an employee. They’re especially amplified in your postdoc. So I love talking about that kind of stuff here at gcc and I’m hoping for more conversations like that. After I finished up breakfast at about 8 45, I went back to my room and did a couple of errands. So I went and picked up the flyers that I had ordered for printing to have at my table. So walked over to the u p s store to get those. And then I walked in the other direction to go to CVS to get some supplies for my table. So I got a couple of bowls and some candy just to make people, you know, entice them over and make them feel welcome and maybe talk to me or check out my stuff.

10:00 Emily: Um, so I got that all set up. So all in all, I probably walked about a mile and a half and the air quality today is no good. I think there’s like smoke from a fire or something. Um, so the air quality’s pretty rough. I probably should not have been outside for that long, but yeah, needed to do those errands on foot. So I’m glad that was over. By the time I go back to my hotel, I was really like sweaty and feeling kind of grimy, not so great. So I decided it was a good time for a workout today, Tuesday is definitely my day with the most free time. So I knew if I didn’t take advantage of workout today, I was never gonna work out the rest of the time here. So I did a little workout in my hotel room, took a shower, feel really good and refreshed. And that brings you up to the present. I am recording this right before heading out to have lunch with Katy Peplin from Thrive PhD.

10:52 Emily: It’s 1:30 PM on Tuesday. I just got back to my hotel room after a great lunch with Katy Peplin of Thrive PhD. We have known each other for many, many, many years online only, but this is the first time that we’re meeting in person. I consider her sort of my colleague as like a fellow solopreneur who serves graduate students and postdocs, albeit in a very different way and on a very different subject. But anyway, it was great to meet her and catch up with her. And we had some great conversations about kind of the state of graduate education from our perspectives as sort of like, you know, people used to be in it and now we are outside, but we talked to a lot of people inside of it. And by the time you hear this, you either have already heard a couple of contributions Katy made to existing podcast episodes or maybe they’re coming up. But yeah, we did a couple of recordings. She was my first test case in terms of recording a micro interview at this conference. So really glad to have that done with. I am taking a break in my room right now. I’m gonna do a little bit of light emailing and get back to my booth a little later this afternoon.

11:58 Emily: All right, it is now 8:15 PM on Tuesday, and I’m back in my hotel room for the night. Uh, let’s see. So I was down in the kind of main conference area all through the registration period, which is three to 6:00 PM Um, it was a little slow, but there were, you know, a handful of people who stopped by my booth and introduced themselves. And I recorded a couple of micro podcast interviews during that time. So that was all good. And then things really picked up between six and 8:00 PM which was during the reception. And, um, I did a lot of mingling and networking. Basically my, uh, stance when I come to conferences like this, my attitude is that everybody here wants to meet me and I just need to give them the opportunity by walking up and introducing myself. So as a naturally shy person, this is not at all, uh, comfortable for me, but I push myself outta that comfort zone for the sake of my business.

12:59 Emily: And it’s actually, it can be really fun when it works out. So yeah, I met, um, a couple dozen people maybe this evening, you know, caught up with some old clients or maybe, you know, colleagues of people that I’ve worked with in the past. Certainly met a lot of new people, some of whom are interested in working with me, some of whom are not. And yeah, just got to talk about financial stuff with them. Some of them had really good, um, financial insights from their either time in graduate school or, you know, their current life. Some of ’em had questions, some of ’em had ideas about policy changes, which is the subject of one of the micro interviews. So yeah, recorded a bunch more micro interviews at that time. I think I’m up to 13 for the day. Pretty good for the first day. So yeah, today was a lot of unstructured time, but tomorrow we’re really getting into the meat of the conference and I’m looking forward to learning a lot and getting some new insights and sharing them here in this audio diary. I know I need a lot of rest and a good night’s sleep to be on my game for tomorrow. So yeah, I’m gonna stay in the rest of the night, uh, get ready for bed, do some reading, call my family and go to sleep early, I hope.

GCC Conference Day 1: Wednesday, June 28, 2023

14:14 Emily: Okay, wow, here I am on Wednesday evening at almost 9:30 PM and yeah, I recently finished my first long, long day at the conference, so I will try to do a recap for you now. It’s been a really great day. I woke up at six, managed to get in about 20 minutes of yoga before I needed to shower and get ready for the day. And, uh, breakfast opened at seven 30. It was from seven 30 to eight 30. And as a sponsor, my objective is to be at breakfast the whole time and sit at least a couple different tables and just meet and talk with as many people as I can. So I did manage that. Um, was at breakfast for an hour, I believe I sat at two different tables. Um, I made some like pretty decent connections at one of them in particular, some people I’m gonna follow up with.

15:10 Emily: And that was really exciting immediately after breakfast was the welcome to the conference. Um, and also the Wednesday keynote, the keynote speaker was Simone Stolzoff, I hope I’m pronouncing that close to correctly. And he recently published his first book called The Good Enough Job, Reclaiming Life from Work. And that was kind of the subject of his talk. I thought the keynote was really great. It’s always exciting for me to see, uh, other professional speakers engaging in their craft and try to take some, you know, tips away from what they’re doing. And yeah, I thought he had a good, really good mix of, um, speaking about personal stories from his life, drawing in stories from his book, um, relating to the audience, like the specific, um, subject of this conference was definitely tied in with like all of his themes and giving us some exercises and time to talk and reflect with one another.

16:09 Emily: So from what I could understand, the basic like, sort of thesis of his book/talk is that white collar workers in America today are a attempting to self-actualize through their careers and their jobs. And that’s not good for them personally, and it’s actually also not good for them in terms of their careers. He said a couple of times through the talk that putting all this, uh, pressure and expectation on our jobs is not something that they were designed to bear, and they’re not bearing it. I actually found some pretty strong like personal finance themes, uh, peeking into this talk. Probably not that surprising. Apparently the author has an undergraduate degree, dual degrees in economics and poetry, and then he has a graduate degree, I believe in journalism, and he also worked in tech and has lived in San Francisco. So yeah, not that surprised to see that theme coming through, like pretty strongly.

17:12 Emily: But his talk definitely reminded me of the aspect of the fire movement, the financial independence and retire early movement that is, uh, emphasizing that when you want to retire early or retire at all, um, you really have to prepare during your working career and separate your identity as a person from your job, your identity as a worker, um, in preparation for that retirement date. Because if you go into your retirement still with your identity really wrapped up in your career and your job, you’re gonna be very lost and probably very unsatisfied, um, until you can get that sorted out in your retirement. And so it’s much better to do that ahead of time, maybe even find more satisfaction in your job when you’re not putting all that pressure on it, um, before you actually retire early. And then you’re not, they say a lot in the fire community.

18:01 Emily: You’re not supposed to be retiring from something like a job you really hate. You’re supposed to be retiring to something, something you’re really looking forward to doing, uh, once you’re no longer working your job. But what Simone was talking about today was more a a little bit more about people who see their profession as their calling and maybe some people who hate their jobs and wanna get outta that, you know, previously saw their careers, their calling. But yeah, more of the danger of identifying too closely with your career and even potentially being exploited by your, um, employer or by your industry more at large, because you’re in one of those professions where it’s assumed that you’re, you know, getting all this satisfaction out of your work. So of course you don’t have to be paid that well. So nonprofit work education, of course, government work, these kinds of areas.

18:50 Emily: So Simone ended the keynote with like five really good takeaways that are both for, you know, all of us in the audience personally as well as, you know, those vast majority of people in the audience unlike me, who are career advising professionals, you know, to help advise their students in postdocs. And one of them that I really liked was actually the last one, and it was to diversify your identity. So diversify, like add to the number of areas of your life from which you can draw meaning. And I’m definitely going to reflect further on, you know, the messages from this book and this talk and how they apply to me personally as a self-employed person who has, um, you know, chosen my business and chosen my profession. And I definitely feel like it’s a calling and just how all of this, all of these concepts get wrapped up for me and how they’re maybe a little bit different or a little bit similar with me being my own employer.

19:49 Emily: So that’s my homework following this keynote, and it was really enjoyable. And yeah, I’m really glad to have been introduced to this author and, uh, his take on this topic after the keynote and a break in which, you know, I’m, again, always trying to be networking during these free times. Uh, we went into the first two concurrent sessions, so they’re called the member generated sessions. So basically you have a choice among, you know, four or five different, um, sessions that you might attend at a given block of time. So we got two in the morning. So the first session I attended was titled Strengthening Networks and Career Readiness Post Documenting Committees. And the second one was charting Our Path at the Crossroads of Career Readiness Support. And I won’t go into all my takeaways from the sessions that I went to, but in general, the things that I’m listening for during this conference are, you know, to try to gain some insights into the, the format of programming that, you know, they seem to, you know, think is successful in their, um, career services kinds of jobs, because I would like to take those best practices into my business and of course suggest them to my clients. So the three formats for financial education that I’m currently offering my clients are live in person, live remote. Those are both for like seminars and workshops and stuff. And then I also have a variety of workshops that have been pre-recorded, so it’s more of a flipped classroom model. And so I’m trying to glean, uh, what other people are doing, whether are they going back in person, you know, are they seeing engagement? Are people really using pre-recorded resources? And this past year has been a really hard one, it seems for everyone in terms of levels of engagement for, you know, this type of programming and also for my programming. So yeah, we’re all trying to sort through it together, but it seems like the time and everybody is tired and everybody is burned out after the pandemic and everybody’s, you know, sick of whatever. And so, uh, it’s difficult for everyone, certainly.

21:41 Emily: Something I’m also looking for in taking note of are resources that I can use, like I wrote down, uh, like a report from the National Postdoctoral Association that I should read, and one from the National Academies of Science, engineering and Medicine. So resources like that that I can go to utilize on my own afterwards that are gonna give me more insights into the communities that I serve and today’s trends. Next on the schedule was lunch. And it was thankfully a very long lunch period. It was like almost two hours long, so we had box lunches, so I grabbed a box lunch, sat down at a table, uh, they were really heavy into their career conversation, so I did not actually get a word in and a little bit awkward. But yeah, I didn’t contribute to that conversation at all. Just really enjoyed listening to it. And after I was done eating my lunch, I just excused myself and said I had enjoy listening to everyone. And yeah, I was a bit awkward, but I headed back up to my hotel room to charge my devices. And then once they had charged a bit, I took a, you know, a small break, went back down to the lunch area, and then the second table I sat at, I was really able to engage with the couple of people there. In fact, when I sat down, they were talking about home ownership and the rising cost of rent and how the faculty and staff at universities just do not, uh, get how difficult it is living on a grad student or a postdoc type income with these rising cost of living and, you know, housing crisis kinds of costs. And so that was a really interesting conversation to step into. And I ended up talking with both of those people for, um, quite a while about various topics. And I recorded some more micro interviews. So I felt like that was a really nice way to spend the end of my lunch. Oh, and at the end of that lunch, I found out after that whole conversation that one of the people at the table had already knew who I was because she had seen me speak at MSU like 7, 6, 7, something like that years ago, um, when she was a postdoc there.

23:35 Emily: In the third member generated session in the afternoon, I listened to, uh, three Lightning talks, so like three eight minute talks in a row. And the fourth session I attended that afternoon was titled PhD Progression Micro-Credentialing for Navigating the PhD and Beyond. And this was actually presented by Dr. Sasha Goldman from Boston University. And I had the pleasure of working with Sasha a couple of times. Her office hosted webinars with me during the pandemic. And so we had a little bit of a relationship and I was so excited to see what she was presenting that she’s been developing over the past. She and her office had been developing over the past several years, which is this micro-credentialing program. And she really took us behind the scenes and how she made it. And again, this is all in like the career development area. Um, and it just was so inspirational. Well, first of all, it’s very impressive , and if you are a graduate student at bu, I really hope you are gonna take advantage of this because it seems like an amazing resource, um, to yeah, to help you get ready for your future career. And Sasha also said that, you know, this is free and she wants it to be open to lots of other universities. So I don’t know how fast that rollout is going to be, but, uh, if you have the opportunity to take this, um, I’m gonna go ahead and highly recommend it. And actually, Sasha told me later that they have a badge on personal finance inside the program from which they link to some of my like free resources, like podcast episodes and stuff I believe that I’ve produced in the past that was nice and flattering that they had done that. And they also have a badge for financial literacy with like, sort of a, a business twist on that business, financial literacy. So again, if you’re at BU and you’re a grad student or you’re at one of the institutions that this is gonna come to in the near future, wow, I really hope you take advantage of this. And it was really inspiring to me as well, and thinking about, oh, would like a micro-credentialing program potentially be a good fit for me when I’m doing this financial education stuff, um, versus like an online course. And so it really got my brain percolating about like a different way to help people, uh, master, you know, the skills within, within personal finance. So anyway, I was really excited to have attended that session, um, and really proud that my resources, a couple of them are, you know, being included in this awesome, awesome program.

25:55 Emily: One other note about, again, how I approach, uh, networking is like, I’m just always introduce myself to people. Like if we have a minute or two before a session starts, like I’m introducing myself to the person next to me, if I’ve met them before, I’m saying hi to them, um, you know, checking in. Of course, sometimes these things turn into pitches. It’s pretty naturally, um, for, you know, for working with me. And, and sometimes they don’t, and either way is fine. Um, but yeah, I’m just, it’s just such a great place to meet people because just about everybody here is like a past client or a potential client of mine, and I just have such good connections with them.

26:31 Emily: Late in the afternoon about 4:15 PM they went into what they called their regional meetings and gatherings. Now these are for GCC members, and I am not a member , but they’re, they have the country divided into like seven, um, regions. And so I just decided to go into the southwest region, including Southern California, which is where I live, and just, uh, you know, check with the organizer, was it okay if I attended? And they said yes. And it was really just a social hour. And for the Southwest region, um, pretty much most of the time was taken up playing this game. And the game was that, uh, the organizers had come up with some, uh, questions, questions about what is your preference and, you know, is your preference A or B? And we would, um, move to different parts of the room depending on if our preference was A or B. And then, uh, within that group we would decide what was our best argument for A or for B, and then tell that argument to the other group. And nothing got resolved after, it was not like a debate, it was just, uh, here’s our argument, here’s our argument. But it started off pretty light. So the first question was, is your preference to eat ice cream or is your preference to eat cake and moved through some other areas? One really kind of funny one was, would you rather camp in a beautiful location or would you rather stay in a luxury hotel? And the one that got a little contentious was, would you rather drive everywhere or would you rather walk or bike everywhere? And some of these questions were like, the answers were really obvious to me, but there was always a debate around it. And anyway, it was kind of a fun way to, you know, meet and interact with some other people who live, you know, in California and Arizona and, uh, nearby states So that was cool.

28:20 Emily: Next we had a block of free time. I used it for more networking, again, some more recording of micro interviews. And then I took like a five minute break in my hotel room to change out of my dress shoes into sneakers, um, to go to the evening reception, which started at 6:00 PM And the evening reception, which included dinner and drinks, was in this place called the Punchbowl, which was really fun, I guess was kind of like a bar atmosphere, but there were all kinds of games there. There was a bowling alley as well as a karaoke room, ping pong tables, and a bunch of smaller games as well. And they put out a lovely dinner for us. It was, um, like, make your own tacos. So I mostly just got food and sat and ate and, you know, talked with people. Um, and I talked with a few different groups over the course of my time there. Met some really, uh, interesting people, had some good conversations, recorded a couple more micro interviews, uh, made some good connections. People I’m gonna follow up with, not just about like work, but about like future collaborations. And I met another person who has recently gone full-time into self-employment like I am, uh, but you know, was a, a longtime member of GCC and it was really exciting to meet her. Oh, and I met a legend in the field who I’d never met or spoken with before and who is retiring. So I guess this was my last opportunity. So that was really cool. Oh, and I was also really surprised and flattered. Um, one of the people I met at the Punchbowl, um, I’ve only maybe exchanged an email or or two with her, but she is very aware of my work apparently, and, um, congratulated me on the success I’ve had with my business in, you know, the last few years and asked how it was going and everything. And even said that she points people to my website as an example of, um, you know, a self-employed person’s website, which, ugh, I’m so like, kind of embarrassed by my website. Sorry, y’all. Uh, I was considering a revamp of the website for this summer, but I kind of decided in the late spring that I had spent enough money already this year on professional development and didn’t really want to make an additional financial investment, at least not yet. So anyway, uh, kind of embarrassed by that, but also just really pleased again, and, and flattered that, um, you know, she has been following what I’ve been doing and, and, and thinks highly of it. So yeah, that was really great to hear. Um, stayed there for about two hours and then walked back to the hotel with a group, um, around 8:00 PM back in my room, like eight 15. And my evening since then has been a little more yoga, uh, downloading these micro interviews to my computer so I can save them recording this audio diary. And pretty soon I’m gonna be saying goodnight to my kids and reading and turning in because I have another early day tomorrow.

Commercial

31:14 Emily: 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 2023-2024 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/speaking/ 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.

GCC Conference Day 2: Thursday, June 29, 2023

32:32 Emily: All right, it is about 6:20 PM on Thursday. I’m back in my hotel room for a break after a pretty long day, but there’s still more day left as iI’ll tell you about in a few minutes. Today was another really successful day, and I’m so glad I decided to sponsor this conference again. So my alarm went off at 5 45 today, which is like no mean feat for someone who normally lives on Pacific time. Uh, and I actually went to the hotel gym for about a half an hour workout, saw some other people from the conference there and back to my room, got ready. And of course, like I told you yesterday, I was at breakfast by seven 30 when it opened and just, you know, talked to the people for the next hour. I sat at two different tables at breakfast today, and one of the tables in particular, we had such a great conversation. One person at the table asked me my origin story for how, you know, I I got into this area and started this business and everything, which I’m always happy to share. So then the conversation led into, well, what is the, you know, biggest issue or obstacle that graduate students have with their finances? And of course, I said, and other people around the table said, well, they’re just not paid enough. I mean, that’s the first thing, uh, which yes, agree. And, but then actually someone else brought up something that I very often talk about in my seminars for prospective graduate students, and she said this was her personal experience as an entering graduate student. Just the idea of being paid to get a PhD is so flattering that you don’t really consider to carefully whether it’s a living wage or enough money to be comfortable. Um, and this person’s PhD is in the humanities. And so, you know, we talked about that idea for a while as well, and that led into, you know, negotiating and advocating for your worth and all that good stuff.

34:40 Emily: After another, welcome to the conference. We had our Thursday morning keynote, which is by Dr. Katie Kearns, titled Not just Career Crossroads Social and Emotional Aspects of Grad and Postdoc Development. And Dr. Kearns was speaking from her, um, experiences more in like the teaching and learning area. I didn’t connect with this keynote as much to be honest, but she said one thing that kind of stuck with me, which she was saying this in relationship to, um, her experience teaching. It sounded like first year undergraduate students, uh, year after year after year. And, uh, having the experience of, you know, answering the same, uh, types of questions and, and having to do the same kinds of trainings over and over again. And, and personally having the realization that, oh, right, like, I’m getting older every year, but they’re always 18 years old. Uh, but anyway, what she said about that was maybe, you know, the, the problems that they’re having and the training that they need that they’re experiencing at that time in their lives, maybe that is developmentally appropriate. And so I, I’m gonna chew over that a little bit, like how I can apply that to like the financial realm and, um, not that I really like get frustrated or anything with like, repeat questions, but like, I want to think about what is developmentally appropriate for a graduate student to go through, especially one who’s entering right out of college and what kinds of, um, what kinds of skills they perhaps already have by then, and which of the skills that they should be working on.

35:56 Emily: After another slight break, we got into the next member generated session and the one I attended was called Pathways and Crossroads at the intersection of events, equity and engagement. And this group of presenters was out of Harvard Medical School, and they’re actually more former clients of mine, hopefully future clients as well. And they described, I might not be using the right words for this, but the way that they organize and advertise their programming and they put on a lot of events. Um, so the way they organize their events and also their resources so that it’s easily accessible by the people that they serve in the medical school. And it was really quite impressive to me to hear about the development of like the web-based tool that they’re using so that people can again, find these resources and events and then also how diligent they are in collecting evaluations and standardizing those across all the programs. Cuz that’s something I’m really thinking about right now is how do I, um, improve what I offer and understand whether people are getting out of it, what I hope that they’re getting out of it, um, and how I can kind of do better in that evaluation realm. And again, like I said yesterday, I’m listening for do people have best practices around attendance and engagement, um, in terms of the events that they’re putting on. And a again, still hearing, nobody has a magic formula to, um, get through to students and postdocs right now. And it’s difficult kind of, uh, across the board.

37:24 Emily: The next session I attended was, uh, revolutionizing career services in the digital age, engaging students for 21st century success, more on the same theme. And this, um, session was actually done by Archer Career, which is one of the other sponsors of this event. And, um, specifically their co-founder and CEO Pam Schilling was the one doing most of the presenting. And it was a nice session because it was a balance of, you know, hearing from Pam about her insights, especially in the ed tech space, and also doing some exercises, uh, personally and then also with, you know, my, my neighbor who I, I got to know through the exercises, which was really nice. Um, and so it, it allowed me to do some reflection even though I’m a little bit, you know, to the side of, of Pam’s intended audience. It allowed me to do some reflection on the formats that I’m offering. And I really meeting the needs of, um, you know, the people I’m working with and what, what could I do? This is called ideation. Like what could I do if there were no constraints? Like budget was no constraint, time cons was no constraint. Uh, what would I do? So I was specifically thinking about my, uh, tax education work when I was going through these exercises, and it’s definitely given me some food for thought that I’m going to continue to think about over the course of the next few months because I’m already reevaluating, uh, these programs actually. So really good timing for this session for me.

38:40 Emily: After that, we had a lovely buffet lunch, um, actually a very long lunch, and I took advantage of this because while people were waiting, um, in line to get their food at the buffet, I kind of went down the line and asked a few different people if they would go ahead and record their micro interview with me right then, which a few people took me up on and I had some good conversations. So that was actually a good strategy, although of course I ended up at the end of line and got my food last. But it was really delicious. And again, a long lunch. We had some time for conversation around the table, and then they did a recognition, um, session. So recognizing all the members of the graduate career consortium who have served in the past year, especially those who are, um, coming off of leadership roles and sometimes going on to other leadership roles, and also honoring two people who have contributed a lot to GCC over sounded like about the past 15 years. As a non-member of this organization, it was great for me to get some more insight into what exactly all is going on here. Like, what are all the things that GCC does because I’m not, uh, you know, I, I see a very narrow slice of it. So this was a really good time for me to just learn more about the organization.

39:47 Emily: And after lunch, I had a very lovely conversation with, um, someone about postdoc benefits and the lack thereof and how postdocs should be considered employees. This is a theme. Many people talk to me about this over the course of this conference. The last member generated session that I attended in the early afternoon was a really special one because it’s actually the one that I as a sponsor got to introduce. So the session was titled at the crossroads of parallel planning, integrating fellowship applications into graduate and postdoc career advising. And when I, as a sponsor, I was given a list of, uh, sessions that I could sponsor in advance, and this was my number one choice, and I’m so glad I got it because to me, the the connection is, is very clear. So what I basically said at the beginning of the session was, you know, we’re gonna learn, hopefully some best practices throughout the course of this session on how, um, you could help your graduate students and postdocs apply for fellowship funding. And hopefully as a result of you implementing this at your campuses, there will be much more fellowship money flowing to your institution, and specifically a lot more people being funded on fellowships for the first time. And, uh, when that happens, there are tax implications. And so then I got to kind of pitch my tax education stuff. I have a new seminar that I’ve developed and I also have, um, my ongoing, um, deep dive workshops that are in the flip classroom model. So I gotta say a little bit about that and then introduce the speakers. And the session was incredible. It was wonderful to learn what they’re doing over at Vanderbilt, um, to help, uh, prepare people for, for example, I think they’re doing, they’re doing a lot more than this, but for just one example, help prepare, uh, graduate students to apply for the NSF G R F P. And so they are doing boot camps and the whole process starts in like the May before, um, the application is due, you know, the following October-ish. And it’s a very long cycle of working with the applicants and also working with their letter writers, and they, they, they’re doing what they call bootcamps over the summer. So it’s like cohort groups where you have that like accountability, um, and peer mentoring and also expert mentoring to, uh, yeah, get these applications into tip chop shape. And, and based on the data they showed, these bootcamps seem to be very effective in getting the applications, you know, up higher percentage of them towards the funded stage. But another thing they emphasized, which I really liked was how really applying for fellowships is a professional development exercise. It’s not merely about winning the fellowship or not winning, winning the fellowship. It’s a huge accomplishment just to apply. Um, and you learn so much and it’s so applicable, transferable skills, et cetera. Um, just from doing the application process alone, and especially an intensive one, like the one that they’re describing and that they actually celebrate at an event at the end of the year, everybody who applied for fellowships, um, and they don’t frame it in terms of, you know, you got it, you didn’t, it’s just everybody who applied, you know, accomplished this amazing thing. And I, I actually participated in a little bit something like this when I first applied for the NSF G F P back when I was at the NIH for my Postback irta. Um, but I definitely did not utilize this kind of resource when I was a first year graduate student. And I certainly wish that I had, I don’t know if it was available to me, um, if it was, I, I didn’t access it, but it seems like an awesome idea that, uh, many universities should be following suit. I’m really glad that they presented this, um, information in the session and that I got to sponsor it.

43:17 Emily: The last event of the afternoon today was what they called a showcase session. So it was, um, posters from various people and also, um, posters from each GCC committee to show what they’ve been doing over the course of the year. And I basically use this as another kind of networking opportunity and also opportunity to record my micro interviews, kind of doing both. So it was really, um, it was a really good time for me and I got to talk with a lot more people during that period. And yeah, that was great. I even hung around for quite a while after that session, kind of officially ended to talk to the last like few stragglers and again, get a couple more interviews. I did have someone have a, not totally unexpected, but fairly strong and interesting, uh, reaction to one of my prompts. Um, it’s the one talking about what policy would you change? And so this person, and very kindly by the way that this person was warning, um, her colleague maybe don’t answer that question, like, go for the other prompts, like, maybe don’t answer this prompt because, you know, if anything is construed as like criticizing this colleague’s, uh, current employer, um, you know, that could be bad. She could ha face repercussions or even lose her job. I don’t know if that, that might be a little, little bit extreme. But, um, basically just, you know, you’re saying who you are and who you work for maybe don’t be critical of the university that you work for in terms of their policies. So they had a little kind of debate about that. Ultimately, the person, um, did not contribute to that particular question. Um, I definitely think it’s a legitimate concern, but it was just a little, you know, a little disappointing to me that people don’t think they can speak freely to criticize even legitimately, even, even gently, even nicely, um, criticize a policy of their employer, not even like a person, but a policy. And by the way, that the policy this person was, um, going to put on record but didn’t, was like very reasonable. totally, totally reasonable change that I’ve said this one many times myself. Of course, I’m my own employer and I’m not gonna fire myself for saying that sort of thing. But anyway, that was a pretty, um, interesting reaction and I certainly hope that no one participating in that episode gets any blow back. I don’t think they will. But anyway, I, I really hope it doesn’t happen and I’m really grateful to people who were willing to answer that question and kind of stand, uh, behind their opinion. Um, I’m glad that they either think their employer is reasonable or they, um, at least think their position is strong enough that they wouldn’t be kind of threatened by that. So that was an interesting interaction regarding these micro interviews. Okay, I’m gonna wrap up because I am heading out to dinner in a few minutes. I’m going to NADA here in Indianapolis, which was highly recommended. So I’m going with, um, nine other people from the conference and yeah, hope to do more of the same, of talking with people and maybe getting more of micro interviews and we’ll see just doing more of the same through this conference, which has been again, so, so enjoyable.

46:19 Emily: Oh man, it’s now 10:40 PM , uh, let’s see. I went out to dinner with a group of people from the conference. There were nine of us in total. I left at about 5 45, got back well to the hotel, maybe nine 15 or so. Stayed around chatting for a few minutes. Uh, probably got back to my hotel room about an hour ago. Uh, dinner was really, really lovely. Um, you know, talked with people walking over to the restaurant and walking back, uh, more networking and so forth. But, uh, we were at the restaurant for about two hours, so we really had a nice long dinner and I got to talk quite a bit with all the people, um, sitting around me. We talked about it, it was a little bit more, uh, relaxed and less sort of professionally oriented than the rest of the conference. So we definitely talked about some personal stuff like, uh, the vacations were going on this year and, uh, uh, parenting. And I talked with this one person about this, um, science fantasy trilogy I read recently by NK Jemison. Turns out he’s really into, uh, that other, and we chatted about it quite a bit and it was, that was pretty fun. And uh, I made him promise to bring his, uh, tabletop role playing game based on, uh, this certain trilogy series, which that’s, I asked him to bring it to GCC next year. Maybe we’ll play, it’s not my kind of game, but I’m willing to give it a shot cause I really did like this trilogy. Um, anyway, and, uh, some people sitting around me also definitely asked me about work and, and also just more about like my business, you know, not just what I could do sort of in partnership with them, but how I do what I do. And, um, yeah, that was really nice to have those kinds of conversations as well. Um, yeah, this is definitely a nice relaxed, um, atmosphere and element of, uh, this conference. And of course I recorded a few more, more micro interviews for my collection and, uh, yeah, it was a really, really good, although long and it’s certainly late now, good long, um, nice evening out and I’ve already said goodnight to my kids. So I am just going to read a bit, uh, actually finished Love Letters yesterday and today I’m starting the Southern Book Club Guide to Slaying Vampires by Grady Hendrix. Kind of another random recommendation I found online somewhere, but, uh, we’ll see how it goes. I’m definitely into the, uh, lighter reads at the moment after reading that NK Jemison Trilogy. Um, yeah, so I’m gonna just read a tiny bit and go to sleep cuz I have to be up relatively early again tomorrow morning to pack and check out before the final half day of the conference.

GCC Conference Day 3/Travel Day: Friday June 30, 2023

49:09 Emily: Okay, , this is my final, um, live entry of the audio diary of my conference. It is about 11:00 PM Pacific on Friday, June 30th. So this was the last day of the conference and I was surprised that it has ended up being the longest day, I think. Um, so I’ll go through it pretty briefly cuz I’m awfully tired at this point. Uh, my day started at 7:00 AM Eastern and I let myself not work out and sleep in a little bit this last morning because I knew it was a travel day. And so got up at seven, got ready and got down to breakfast at eight. And similar to other days between eight and nine, it was basically a networking breakfast. I believe I only sat at one table this time. Um, but I had some really nice conversations with the people there, some people who I hadn’t yet met at the conference, which is great. I was of course trying to meet everyone, but, um, didn’t quite get there, but I certainly got to, I would say at least over 50% if not 75% of the people. Um, yeah, so I got some final conversations in over breakfast and then there was between nine and about 1130. Um, a few different activities went on, but I would say the one that was of most note, um, was the panel on. Um, I don’t have the title in front of me, but it was basically a keynote panel, uh, with four panelists on how to, uh, better support the international graduate students and postdocs, um, you know, in this career services area that the conference was themed around. Um, and so of course I didn’t get, you know, the, the some of the specifics and technicalities that were discussed and that are not totally relevant to what I do, but certainly it was a great reminder to me on the importance of inclusion of those international graduate students and postdocs and the importance of, um, calling out, um, specifically when there’s content that’s, um, just for them that’s been placed in there that is specific to their experience. So I thought of a few examples with my content, um, of when I talk about, um, how international students with postdocs can get started with investing, um, while they’re living in the US of course, regarding my tax programming, um, what is specific to non-residents is solely for non-residents. But I’m sure if I thought about a bit more, I could come up with a few other examples and I wanna incorporate those into my, um, into my talks to just make sure that international students and postdocs know that they are yeah, being taken into consideration that I am, uh, speaking to them as best as I can. So that to me was like the biggest kind of takeaway of the morning. Oh, and by the way, not just for international students and postdocs, but all kinds of different, um, you know, let’s say underrepresented groups or first generation, um, grad students and so forth.

52:00 Emily: Um, okay. And then the other kind of fun announcement from this last little segment of the conference was that next year’s conference is going to take place in Philadelphia. So you can’t probably hear it in my voice right now cause I’m awfully tired, but I’m very excited about going, uh, back again and sponsoring again next year in 2024. Okay, so the conference kind of officially wrapped up, um, around 1130 and between about 11:30 AM and 1:00 PM I was, um, just sort of having my last like, conversations with people. There were a few people who I wanted to catch, um, before we all went our separate raise. Some people that I’ve known from previous work and some, um, who I just met this time around. So, for instance, I had an old mentor at Duke, I wanted to say hi to, um, it turned, I, I learned during that, um, international student postdoc panel that one person at the conference was on the board of the National Postdoctoral Association. So I grabbed him and wanted to talk with him about some maybe ways that I could work with the npa, which had been brought up to me by multiple times throughout the conference by other people of that possibility. Um, and of course I wanted to thank Annie Maxfield once again for kind of orchestrating the sponsorship, uh, my sponsorship of this conference and telling her that once again, just like last year I was so happy with how things went and that I definitely wanna sponsor again next year. So, you know, keep me on list, keep me informed, um, and all of that.

53:23 Emily: And then between about one and 3:00 PM I got really lucky. I thought I was gonna be spending that time pretty much on my own, just, you know, packing up my booth and going to the airport and I did pack up my booth, but I went and sat down with someone who I saw sitting on her own, um, who I hadn’t met yet. And it turned out that she was another sponsor of the conference. Um, and that we had some things in common. So we were just having lovely time chatting and getting to show one another. She’s also a solopreneur like I am, although she’s been in business a lot longer than I have been. Um, and in a different area. Um, and then, uh, we were also joined by Katy Peplin Thrive PhD. So my conference kind of book ended by, uh, spending time with Katy, both at the beginning and the end. So it was lovely. We spent a couple hours together. We had lunch, we chatted about business. And yeah, that was a really, really nice, um, session as well. And it turns out that, um, myself and this one other person who I’d recently met, we were on the same flight from Indianapolis to Las Vegas. So we actually headed to the airport together, got to continue talking. That was all lovely, um, and just spent time together and actually ended up sitting next to each other, uh, on the flight. And so we had a wonderful conversation, but during the flight I was telling her that I was quite tired already and needed a rest, but I couldn’t quite fall asleep on the plane. So I ended up reading, um, the book that I picked up. Uh, I think I have the title to write the Southern Book Club’s Guide to Vampire Slang. Um, so I was really into that book, so I wanted to continue reading it, um, while on the plane. And then when we got off the plane in Las Vegas, it turns out that my next flight from Vegas to San Diego also had two other people from the conference on it. Um, both of whom were from U C S D. And so we, and our flight was delayed also, uh, by about an hour and a half or two hours. And so we had dinner together, got to talk so much, um, about what they do and what I do and just getting to know each other and continue that conversation at the gate. And again, lovely, lovely time and really nice to decompress in a more like social and informal way at the end of the conference. Um, and then during my last little hop from Vegas to San Diego, I continue to read my book. I think I’m like 75% of the way through it, and it’s only been two days. This is a very fast read, um, very enjoyable and uh, that brings me just about up to now. So yeah, except for that slight delay in my second flight, um, the travel has been pretty smooth, although again, it has been a long day. And this is definitely a note to myself. Um, I do often try to justify based on flight times, um, staying after conferences and events like these until the next day. Like, I don’t like to have my travel day be the same as the last day of the conference because I like to take time to decompress and rest and maybe even get started on the massive to-do list I have, uh, based on the events of the conference. But I just couldn’t justify it to myself for this particular one, given that it ended by noon on a Friday and it was on Eastern time and I was going back to Pacific, blah, blah, blah. So I decided to travel home this day, but really, really note to myself. Give myself that extra time, uh, just spend the extra money and stay the extra night in the hotel and, um, really be able to come back like kind of better rested and stronger, um, from the conference in this date I’m in currently. So thank you all for listening to this audio diary. I hope it gave you some insight into this really special time in my life and my business, which is when I get to attend these conferences. And, um, yeah, my experiences as a sponsor and what I learned and what I’m taking away from the conference and uh, yeah. Yeah. Thanks for listen. Bye.

Outtro

57:01 Emily: That is the end of my conference audio diary. I would say this conference was very successful for me. In the end, I noted about three dozen potential clients to follow up with. I recorded 54 microinterviews, well exceeding my goal of 40, and invited one person on the podcast for a full interview. I also gleaned many ideas for organizations to partner with, resources to access, and formats for my financial education. And I had a great time! So I will definitely be back again as a sponsor next year in Philadelphia. On the date that this podcast episode will publish, I’ll actually be at another conference as a sponsor, the Higher Education Financial Wellness Summit. That conference is more about my own professional development and keeping up with my field and less about networking in comparison with the GCC Annual Meeting, though I’m still planning to record microinterviews and follow up with potential clients. If you are interested in hearing more about what I learn from the conferences I attend, please let me know! I may share in a future podcast episode or email if it’s of interest.

58:13 Emily: Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? 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! 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.

The Motivation and Strategy Behind Biology PhD Stipends

May 15, 2023 by Meryem Ok 1 Comment

In this episode, Emily interviews Shelly Gaynor, a fifth-year PhD candidate in botany at the University of Florida. After learning of the possibility of a stipend decrease in her department last year, Shelly dedicated herself to raising the stipend in her department at UF. She and a partner even launched an app to collect stipend information from other biology departments around the US. Shelly shares everything she’s learned about the factors that influence how stipends are set and her advice for other stipend advocates. The interview concludes with a round-up of all the stipend and benefits advances Shelly has witnessed in her department, through her union’s negotiations, and at other institutions.

Links Mentioned in the Episode

  • Shelly Gaynor (Twitter)
  • Shelly Gaynor’s Website
  • Biology PhD Stipends
  • PF for PhDs Office Hours
  • PF for PhDs Ask Me Anything on the PhD Home-Buying Process
  • PF for PhDs S14E10 Show Notes
  • PhD Stipends
  • PF for PhDs Season 15
  • Emily’s E-mail
  • PF for PhDs Subscribe to Mailing List (Access Advice Document)
  • PF for PhDs Podcast Hub (Show Notes)
Image for S14E10: The Motivation and Strategy Behind Biology PhD Stipends

Teaser

00:00 Shelly: I think that the conversation has to focus on how competitive the stipend is. I think that is a focus of admins, at least here at UF. That is a big focus, is, you know, they want to compare themselves to other institutions and they want to look good. So, I think that comparison’s really important.

Introduction

00:25 Emily: Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs. 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. This is Season 14, Episode 10, and today my guest is Shelly Gaynor, a fifth-year PhD candidate in botany at the University of Florida. After learning of the possibility of a stipend decrease last year, Shelly dedicated herself to raising the stipend in her department at UF. She and a partner even launched an app to collect stipend information from other biology departments around the U.S. Shelly shares everything she’s learned about the factors that influence how stipends are set and her advice for other stipend advocates. The interview concludes with a round-up of all the stipend and benefits advances Shelly has witnessed in her department, through her union’s negotiations, and at other institutions.

01:40 Emily: There are some free recurring opportunities to meet with me that I’d like you to be aware of. First, my Office Hours are back! I set aside 30 minutes once per month to chat with up to 4 early-career PhDs about whatever money-related questions or topics you’d like to bring up. I’ve set the dates for these sessions through August 2023. Register for any of them at PFforPhDs.com/officehours/. Second, through at least September 2023, I’m hosting a monthly Ask Me Anything on mortgages and being a first-time homebuyer with Sam Hogan. Sam is a mortgage originator specializing in early-career PhDs, an advertiser with Personal Finance for PhDs, and my brother. If you are considering or embarking on the home-buying process and have a question about any aspect of it, please join us! Register for the next session at PFforPhDs.com/mortgage/. I hope to see you in one of these calls in the coming months! You can find the show notes for this episode at PFforPhDs.com/s14e10/. Without further ado, here’s my interview with Shelly Gaynor.

Will You Please Introduce Yourself Further?

03:07 Emily: It’s really a special day on the podcast because today I get to interview Shelly Gaynor, a fifth-year PhD candidate in botany at the University of Florida. You may recognize Shelly’s name because she is one of the people behind an advocacy campaign and research campaign around raising stipends in her department and across the field of biology. And that’s gotten a lot of attention in the past year. So, Shelly, thank you so much for agreeing to come on the podcast. I’m really looking forward to speaking with you today! Will you please introduce yourself a little bit further for the audience?

03:40 Shelly: Well, thanks for having me! I study evolutionary biology of flowering plants here at UF and hopefully will be done in about a year.

03:49 Emily: Yeah, that’s great. So, regarding the project that I just mentioned, is there a name? How should we refer to the project?

03:56 Shelly: We call it Biology PhD Stipends.

Biology PhD Stipends

03:59 Emily: Okay. Biology PhD Stipends. So, what motivated you to start to advocate around raising stipends in your own department, which ultimately led to Biology PhD Stipends?

04:11 Shelly: So, I started advocating more formally during my fourth year of grad school. I was starting to plan out my timeline and figure out when I was going to finish my PhD, and it became very obvious that I really should take six years. We had always planned for me to take six years, but I hoped not to because I really didn’t plan for the cost of living to increase so much in Gainesville. Every year, it seemed that rent went up about a hundred dollars, but the cost of living increased even more as we moved through the pandemic. And, you know, friends everywhere were struggling, not just here, but it was very noticeable here that people were starting to struggle to afford to live. So, at first I put together a document with about four other students that outlined what the current salary meant in Gainesville, what was the take-home after taxes, tuition, fees, and health insurance, and how far did that money actually go in Gainesville.

05:05 Shelly: And the conclusion was that it doesn’t cover the average cost. Students are expected to be rent burdened and spend more than 30% of their income on rent, and they could also be health burdened and spend more than 7.5% of their income on health costs due to our really high out-of-pocket maximum. At the same time as we put together this document and distributed it through our department, at the college level, there were discussions about how to deal with the decreasing teaching assistants’ budget. And they had decided that a group of faculty were the ones who had to decide how to decrease this budget, how to deal with those decreases. And one of my dissertation committee members was a part of that committee, and he let me know about discussions regarding cutting the graduate teaching assistant pay and standardizing it across the college. And this is when I started to collect data.

06:05 Emily: That’s a bit shocking. What was the reason behind the overall budget decreasing? Is that enrollment decreasing or something further than that?

06:14 Shelly: I think it had to do, based on the documents that I’ve read, with just general flow of money, there was a line that used to go into OPS budget, which is what the teaching assistants come from, and that had been diverted elsewhere. So, they had to deal with this ongoing decrease, and the provost gave them funds for a few years to help them cover this change, but the decrease was still coming because that revenue flow wasn’t supposed to be there originally. And they just had to start to account for that.

06:48 Emily: It’s not that I don’t appreciate the budgetary strains that I think universities and schools and departments and so forth are dealing with, but it seems to me that making the budget balance seems to be too often placed on the shoulders of the graduate students and it becomes their responsibility. And the effects on them are real <laugh>. They don’t eat as much or they don’t get the type of food that they want. They don’t live in safe housing, et cetera, et cetera. Instead of being a more, I don’t know, academic exercise <laugh> to cut it elsewhere. I think it’s so unfortunate that the budget is balanced on the backs of teaching assistants, for example. Okay. So, you heard that this was a possibility of there’s not even less work to go around, it’s just the same amount of work and potentially for less pay. You started doing the research route, the actual cost of living, what the stipends were.

07:50 Shelly: And there is a happy ending to at least that part is that they did not cut, you know, graduate TA stipends. That was not the end result.

07:58 Emily: So, what happened? What did they do?

08:01 Shelly: They did allocate differently and they cut the overall amount of TA lines rather than individuals’ pay.

08:07 Emily: Okay. So, the work was just distributed among fewer people, but those people were not paid less than they were before. Is that right?

08:16 Shelly: Yes.

08:17 Emily: Okay.

08:17 Shelly: From my understanding.

Building an Argument

08:19 Emily: So, when you started collecting this information and to make this argument for not just maintaining but increasing the stipends, what elements were you looking at to include in this argument?

08:31 Shelly: So, since we put together that document about, you know, how does the pay go in Gainesville, how far does that go? I focused on what would convince those who weren’t swayed by student conditions, what would the admins want to see? And I talked to a ton of faculty and leaders at my institution, but mostly others. And what I learned from that was, you know, you need to know who controls the budget and you need to focus on the importance of hierarchy. So, there are different budget systems at universities, and from my understanding, at the University of Florida, the budget is determined by our provost and our board of trustees. Now, to get to that provost and board of trustees, the faculty members need to convince the department chair to then go to the college and the dean who then can go to the provost and board of trustees.

09:22 Shelly: So, that was part one, is that, you know, it’s a hierarchy that people need to be talking up the list so that everyone cares and is pushing for this agenda item. Now, the second part is that benchmarking is really important. At the college level, and at the university level, the main administration offices should be doing benchmarking. And what I mean by that is two parts. So first we have internal benchmarking, which is just assessing the current status of students. For example, within our department, we found we have 19 different pay rates for the same work. So, are TA positions are at 19 different rates. We also looked into the yield rate, which is the percent of students who accept our offer to come to our program. And we found that in three years, we went from 80% to about 55%. The next step is external benchmarking, and that’s pure institution comparisons, and that is what my database was made for.

10:25 Emily: So, the internal and the external benchmarking, you targeted these as areas that you could, I guess, assist with or bring your own data to. But were the administrators and you know, this hierarchy, people in this chain of command, they were already doing this, right? Or were you bringing different data to them? How were you supplementing the process that they were already engaged in?

10:49 Shelly: So, supposedly they were doing benchmarking and they have presented data at the board of trustees meetings, but it doesn’t match my data. And even if I cherry-pick my data, I can’t find a way to make it match. And one of the reasons is because they’re combining med programs with college of liberal arts and science programs and calling that biology. So yes, we do look a lot better when you take the students who are funded by the med school versus colleges that only fund based on liberal arts and graduate TA ships.

11:22 Emily: So, in your mind, they weren’t really comparing apples to apples, they were conflating a couple of different groups together?

11:28 Shelly: Exactly.

11:29 Emily: Okay. So, the process that you were engaged in was, you were thinking, presenting higher quality data than the ones that they were using in their discussions to hopefully go up this chain to the decision makers. Is that right?

11:42 Shelly: Kind of. I also wanted the data to be accessible at the faculty level. So, when we talked to other faculty, they would ask me, you know, what about the other institutions? Like, that was actually a conversation that we already started having. So, it made sense to collect our own data so that we had something to show.

11:59 Emily: Gotcha. So, it seems like the conception of Biology PhD Stipends was to be able to compare, do this external benchmarking from the University of Florida, but also many other universities would be able to use this data as well to do this external benchmarking. And you mentioned my database, PhD Stipends, which is self-reported and a starting point I would say, but you approached things a little bit differently with Biology PhD Stipends. So, can you explain to us how you were collecting this data?

12:33 Shelly: We should rewind a bit. So, originally I just made a plot of 40 or so departments and realized they didn’t meet the living wage. And once I tweeted that and got a lot of feedback from other departments, that’s when we made it public. The reason why it’s different than PhD Stipends and not self-reported is because admin don’t always want to believe that data. And so we got a ton of pushback saying, well, you know, these are self-reported, they’re probably less, they probably account for taxes already and fees, and that’s not, you know, what we’re looking at. So, we don’t trust this data. Bye. You know, they would push it away. So, my goal was to have something that an admin couldn’t push away, couldn’t discredit, to do as much due diligence as possible. We even have an option on our website to only look at nine-month salaries versus 12-month, even though those nine-month agreements are the only money you’re getting for the whole year. We still allow those divisions so that if that’s where the pushback comes from, you can already see the data that way.

Phases of Data Collection

13:44 Emily: Okay. So, I guess I’m asking maybe two phases. So first phase, when you were collecting data and you created this chart that then later got more attention, where did that data come from?

13:55 Shelly: So, part of that data came from my undergrad institution and from faculty members there who had collected internal or external benchmarking measurements for their own efforts. And the rest of it came from searching the internet or there was this one Google sheet with a couple links in it for EEB stipends. So ecology and evolutionary biology stipends. And I worked from there. So, I just started searching biology PhD stipends to see if I could find reported stipends online.

14:26 Emily: Okay. So, this is what departments themselves say about what they’re paying their students, is that right?

14:31 Shelly: Yes.

14:32 Emily: It’s interesting that, and I understand it, but that the administrators didn’t want to trust the self-reported data in PhD Stipends, for example. But I don’t trust what they put on their websites. You know, you have to get both sides of the story. Right? Okay. But you went with the self-reported in terms of the administrative self-reporting side of things for that initial set of 40 schools. And then you said you tweeted, it got lots of attention as <laugh> I’m sure anyone would be interested. And then how did you expand the data from there?

15:01 Shelly: I started talking with faculty members at a lot of different institutions as a student rep for the Botanical Society of America. And that gave me a lot of connections within my field. And so I knew faculty members at lots of different institutions and I made a Google form and had different faculty members test it out to see if they could report data accurately and if it made sense. And I, in some cases, sent it to two people at one university to see if they would report the same thing. And then we made the shiny app. Part of the reason it was a shiny app which is just a version of R, it’s an interactive R-based plot, that you can put on a website was because my significant other had just launched another shiny app. So it was like, okay, I’m going to learn how to make a shiny app with this data to make it accessible. So, we made the Google form, we put up the shiny app, and we went from there.

15:57 Emily: I guess I’m still wondering a little bit about this data collection process. It doesn’t seem too dissimilar actually from what we’re doing at PhD Stipends, but you mentioned like internally within, I can’t remember if it was your department, you said there were like 19 different pay rates. So how, if you approach a faculty member at a different department, at a different university and say, what are you paying your graduate students? How do they know which pay rate they’re supposed to choose?

16:20 Shelly: So we asked for the minimum, what is your lowest paid PhD student in your department at this time? Not in the incoming class, but in the class that still exists. Who is your lowest paid? What is that rate? And that’s what we’re looking for. We make that very clear on our Google form. And that’s why I sent it to many faculty members was, Hey, does this make sense? Do you know what you’re reporting? Yeah. And the cool thing is that a lot of faculty or a lot of different departments have been reported more than once. So we can go through, compare the wages, figure out what’s going on, and a lot of times it’s the same, which I think is really important to see.

16:59 Emily: Do you get back zeros? Are they reporting that there are unfunded students or is that something that you explicitly exclude?

17:08 Shelly: So, if you don’t have an appointment, a 0.5 FTE, then no, we’re not including you. It’s only if you have a work appointment. In biology, it’s very rare to enroll in a program and not have an associated research assistantship or teaching assistantship. And if that’s the case, run, like don’t be part of that program

17:33 Emily: Yeah. In that field for sure. And then I’m also wondering about people who are not employees, but who rather are paid from what I call awarded income or fellowship income. I’m assuming they’re not included in this survey?

17:47 Shelly: No, they are not.

Commercial

17:51 Emily: Emily here for a brief interlude! We’re doing something special for Season 15 of this podcast, and as a loyal listener, I know you’re going to want to be involved. Season 15 will be a chance to share your financial experiences, even if you don’t want to give a full-episode interview or want to remain anonymous. We’re going to publish compilation episodes around certain themes, and each episode will feature at least a half-dozen different contributors. The contributions can be audio clips or written text that I will read aloud for the episode. If you are interested in contributing, check out PFforPhDs.com/season15/. That’s the digits 1 5. On that page, you’ll find a list of the proposed themes and how many volunteers I’ve identified for each episode. Your next step is to email me at [email protected] to let me know which episode you’d like to contribute to or if you have another idea for the list. Once I’m confident that we have enough contributions for an episode to be created, I’ll give the volunteers specific prompts and directions to create their submissions. I hope you will choose to participate in this unique season! I can’t do it without you, so please get in touch! Now back to the interview.

Reallocating Funds for TAs

19:14 Emily: So, what happened as the database gained traction?

19:18 Shelly: Okay, so nothing happened here at UF Biology in response to the database gaining traction. Eventually, maybe seven months later, I ended up presenting at faculty meeting and our faculty signed a letter saying they wanted to increase salaries, but then they had voted against every option to increase salaries at the department level. Within a department, there are many ways other institutions have been able to successfully increase TA salaries. It might not be by a lot, but things that other institutions have done include converting faculty hire lines into teaching assistantship salaries. Many have reevaluated the teaching assignments and decreased their TA needs to then reallocate funds. Many admit fewer students. One cool one was fundraising to top up students, which is kind of fun to see. And then another that’s more controversial is that programs have required principal investigators to cover summer pay.

20:21 Emily: Okay. So, all of these options were sort of in the mix. Maybe this could happen, but specifically none of them were agreed to.

20:29 Shelly: Yeah, not so far. We’ll see over time how that changes. I hope that they you know, look at the TA allocations. I think that’s something in the works, but it just hasn’t started yet.

20:42 Emily: So, that’s what was happening at UF. Have you seen other reactions or other effects at other institutions?

20:50 Shelly: Yes, and so I think that’s the more positive side. I’ve seen about 50 salary increases in biology departments across the country this year. We’ve had a lot of users on our site, about 12,000 unique users and a lot of submissions and corrections. It’s always good to hear that it’s been helpful in discussions in other departments and successful in some cases.

21:16 Emily: Yeah, that’s awesome. And you’ve had people like directly attribute like, Hey, we use this data to make this argument. Yeah. That’s amazing. Well, thank you so much for doing this work, and I’m so glad it has had some positive effects for some other people not necessarily at your institution.

Behind-the-Scenes Factors for Administrators

21:32 Emily: Okay. We touched on this a little bit earlier but let’s expand. So, what have you learned about the behind-the-scenes factors that administrators are weighing when they set stipends? And in learning that, do you have any advice for people at other institutions who are advocating for stipend increases?

21:50 Shelly: I think that the conversation has to focus on how competitive the stipend is. I think that is a focus of admins, at least here at UF. That is a big focus is, you know, they want to compare themselves to other institutions and they want to look good. So, I think that comparison’s really important. From that and from behind the scenes, I think the biggest thing I’ve learned is advocacy has to happen at every level. You need to be having conversations about pay with your faculty members, and they need to have those conversations with the chair. And the chair needs to be pushing. Everyone has to push for change to happen. And not only that, the money needs to come from somewhere. We just saw that with the UC system, that in some cases in response to this amazing bargaining agreement, departments are cutting the FTE to be able to afford the pay. So, identifying where the money can come from would also be something important to administrators.

22:55 Emily: So far, these levels that you mentioned, I suspect would’ve stopped at the university president, but how about going up to the state level or federal level? Have you given thought to advocacy at those levels yet?

23:08 Shelly: To an extent, yes. In Florida, our universities can submit funding requests in order to raise stipends. And so, Florida State University was actually able to do that. So, they got that from the state, but I haven’t thought about advocacy at that level because I’m in Florida. And I don’t think it would be successful at this time. They would rather have the war against academia than work with us. So, I don’t think that’s a conversation we’ll have here.

23:39 Emily: Yeah, I was thinking about it, because I live in California, when the UC strike was going on like that again, the responsibility for balancing the budget should not be on the backs of the graduate students. It needs to be at the state level, it needs to be at the federal level. And I agree it’s a much harder road to hoe in Florida than it is in some other states. So yes, thank you for those comments. So, I understand that you have a union at UF for graduate students. Is that just for TAs or is it for research assistants? How many people does it cover?

Graduate Assistants United 

24:10 Shelly: So, it is called Graduate Assistants United, and it covers teaching assistants. So, as a fellowship recipient right now, it doesn’t technically cover me.

24:20 Emily: Okay. And so what work is the union doing on campus, and how does your Biology PhD Stipends project fit into that?

24:31 Shelly: So, our union is currently bargaining, and in the past they have won tuition waivers, health insurance coverage, and some increases including about a thousand dollars increase to the minimum last year. Biology PhD students are paid more than the minimum. So my data really isn’t helpful for our union because they’re really focused on that minimum and bringing the minimum up.

24:56 Emily: Okay. So the union has made some strides, but your biology department already being above those minimums, it’s a little bit not so relevant. But is there anything else that you want to say about how your work can complement the union efforts?

25:11 Shelly: So, our union is still currently bargaining and they have made past wins, like I mentioned. One thing that makes it really hard in Florida is we’re a no-strike state. So, that puts a lot of burden on what advocacy can be done. As we’ve seen strikes have been, you know, really successful in unions across the country. And with that off the table, I think it’s really difficult to bargain here.

25:36 Emily: Yeah, as I’m learning more and more about this topic of unionization, and because I work nationally, that’s something I need to keep in mind. That not everything operates the same in every single state. It’s really kind of a heterogeneous map. So, then what is the current status of the minimum stipend in your college?

25:56 Shelly: So, at our university, it’s now $17,000, but in the biology department, we found out that our master’s students are actually paid $18,000 while our PhD students are at $20,500 as the minimum. So, this is the same minimum we started at when we started the biology stipends database, but new students who are incoming, there’s a slight win that for the next four years in their degree, the first four years of their degree, they’ll be paid $24,000. So that we see as a win, even if it doesn’t really help the rest of us. There was also an increase in the maximum research assistantships that our faculty were allowed to write into their grants, so that now has increased as well. One other, I would say exciting increase partially because my dissertation advisor was a part of this, our biodiversity institute was able to increase their nine-month fellowships to 30,000, which is a big win.

26:58 Emily: Yeah, I’m so pleased about those things. I’m a little bit surprised actually that the raises that were given didn’t apply to current graduate students and only incoming. Do you know any more about the reasoning behind that?

27:11 Shelly: That has to do with how the university allocates funds. So, in order to, you know, recruit good students, they have funds that are only earmarked for recruitment and incoming students, and those are only four-year fellowships. So, that’s what the funds come from and sadly, they cannot be applied to current students.

27:33 Emily: I guess this is the dangerous downside of using that external benchmarking specifically as a comparison in terms of recruiting other students, is that they can then use that logic of, well, we already have students enrolled, we don’t need to worry about them leaving, we’re just going to focus on recruiting that next class with this extra money. So, a little bit sorry to hear that, but good for them. And thank you again for doing the work that you do to at least benefit those incoming students and really your department overall, if not the older classes. Okay.

Advice for Prospective Students

28:05 Emily: So, what advice, you know, speaking of prospective graduate students and being recruited and so forth, what advice do you have for prospective graduate students in light of everything that you’ve learned through this process?

28:15 Shelly: Yeah, so I just had two undergrads I mentor apply to PhD programs. And one thing I kept telling them was, know your worth and ask for more, and actively discuss pay. Ask students in your potential lab and department how much they get paid now and what opportunities exist at their institution after you’re enrolled. Just because we know that these, you know, top-ups to get you there exist in those only last four years when our programs could last much longer. So, having those conversations as you interview at institutions is really important. I just think that we really have to open the door to conversations about pay and financial wellbeing during that recruitment process, make it not taboo, really just open that dialogue. So yeah, if your prospective, I definitely say talk about it.

29:07 Emily: That component of your answer was about gathering data, right? As a prospective graduate student, what are you being paid? And I would add onto that, of course, the qualitative, how does that feel, <laugh>, are you able to live well enough? Right? But you mentioned when you first started answering, ask for more. So what do you think about that process?

29:24 Shelly: So, I’ve never done it myself, but when I was applying to grad school, a current PhD student in my lab told me, you know, apply to multiple places and then tell them how much the other institution’s gonna pay you. He said he did it successfully, and that is the only time I’ve ever heard of that working. But, you know, if an institution really wants you, they’ll find more funds if you need, like, if they really truly do or at least I think they will.

29:51 Emily: Yeah, I fortunately in my line of work have come across many examples of people using that kind of strategy and also the strategy of, I won this external fellowship. If I bring it to your institution, you know, what are you going to do for me? Et cetera, et cetera. Those kinds of strategies, I mean, they’re not universally successful, but some people do have success with it. Your comment of if they really want you, then they’re going to find more money. I don’t know, I don’t know if that’s true, but I think they should at least respond to you very respectfully and understand why you’re asking for this and explain to you at the kind of the things that you’ve learned. Well, you know, our hands are tied in this way and we have to standardize this and this and this, but we do really want you. And you know, they, they may be able to find another way to make up for it that’s not financial, at least with verbal affirmation, we hope, alone. So yes, these strategies can be successful sometimes. Any other advice for prospective graduate students?

30:42 Shelly: I think on that same line read the fine line print, like if a fellowship is only gonna be four years, ask for the other for what’s left over to be covered. If you’re on a research assistantship that pays more than your teaching assistantship in the department and that research assistantship only asked x number of years, ask to see if there are funds available to make it equivalent. In some cases there won’t be, you’re completely correct, but if there is, it’s good to know about them going in and if there isn’t, it’s good to know about them going in.

31:16 Emily: And I just think this process of asking, even if you don’t get anything from it, which I certainly hope that people will, and I think they do sometimes. I think just the process of asking signals to the DGS or whoever is you’re asking that they can go up the chain as you were saying earlier, this is an issue that is important to the graduate students that we are recruiting. And even if they can’t do anything right then for that student who’s in front of them, it goes into, you know, the anecdotes and the data that they’re collecting to make those arguments for more fellowships or higher stipends or whatever the case it is going forward. So, even if you don’t see an immediate yes result, that doesn’t mean it’s not going to have a positive effect downstream. And really that’s kind of the lesson that we’ve seen from your work overall, right? Like there have been some, you know, gains here, gains there, marginal gains here, and it’s certainly helped a lot of other people quite a bit. So, like you never really know what the end result is going to be from that ask or from that data that you collect.

32:13 Shelly: Yeah, I definitely agree. Even having the conversations about if someone brings a fellowship, we should top them up is important and something that GRFPers who received that award while they’ve been here, have been having with the department here. So, I do think just asking can have a lot of impacts.

32:35 Emily: Yeah, I literally gave that advice to someone I was speaking to last night. A current first-year graduate student won the NSF GRFP, her stipend’s going to go up by $10K for those three years. And I said, just ask, just ask for that fifth year, sixth year, whatever it’s going to be at that 10K bonus or closer at least, and it really does no harm. Just ask.

Best Financial Advice for Another Early-Career PhD

32:56 Emily: Well, Shelly, I so appreciate you coming on the podcast and sharing this information with us, and I really hope that the listeners will take some of these strategies and lessons that you’ve learned and certainly the database itself if they’re in your field, and use those for a positive effect on stipends at their own universities. And then to wrap up here, I want to ask you the question that I ask of all 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 this interview, or it could be something completely new.

33:26 Shelly: Yeah, so I went back and forth with my family about what makes sense, and one thing that I live by, save when you can and try to live within your means. And I know that’s a really hard thing to do when we’re talking about stipends not meeting the living wage. But as you move through your career, I think it’s important to keep that in mind.

33:49 Emily: I had an experience in my own life where, you know, sometimes the opportunity to earn money can be there and sometimes it cannot. And I just told myself, make hay while the sun shines <laugh>. when you have the chance, earn the money that you can, put away the money that you can because at some point that sun will stop shining. Whether that’s because of something, you know, decided for you by your university or other personal circumstances and it’s just such a peace of mind that you could have something to fall back on in those cases.

34:17 Shelly: Yeah, I definitely believe in a rainy day fund and having funds saved up.

34:23 Emily: Well, Shelly, thank you so much again for coming on the podcast and giving this interview. And for anybody wondering, you know, where to find all the great work that you’ve been doing and there’s been articles about your database and so forth, we’ll link all of that stuff from the show notes. So, thank you so much again for coming on and sharing your insights!

34:39 Shelly: No problem.

Outtro

34:45 Emily: Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? 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! The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Lourdes Bobbio and show notes creation by Meryem Ok.

This Grad Student Saved and Spent $60,000 for a Year-Long Seabbattical

May 1, 2023 by Meryem Ok Leave a Comment

In this episode, Emily interviews Michael Spano, a fifth-year PhD student in chemistry at the University of California, Irvine. After seeing his stipend offer from UCI and securing university-subsidized housing, Michael resolved to save and invest as much money as he possibly could throughout grad school. Michael shares his financial philosophy of keeping recurring expenses low, splurging only on high-value experiences, and finding joy and fulfillment in inexpensive activities. Over the course of graduate school, Michael saved up approximately $60,000 in cash, which he has spent—listen through the end of the episode to find out on what. His post-graduation plans include a year-long sabbatical and pursuing financial independence.

Links Mentioned in the Episode

  • PF for PhDs Subscribe to Mailing List (Access Advice Document)
  • PF for PhDs S14E9 Show Notes
  • PF for PhDs S8E3: Knowing Your Worth in an Environment that Devalues Your Work (Money Story with Sam McDonald)
  • PF for PhDs Season 15
  • Emily’s E-mail
  • Sailing Ambrosia (YouTube)
  • PF for PhDs Podcast Hub (Show Notes)
Image for S14E9: This Grad Student Saved and Spent $60,000 for a Year-Long Seabbattical

Teaser

00:00 Michael: I talked about how I minimized all of my recurring costs so that I have a lot of ability to save, and that allows me to make these one-time purchases that I put a lot of value on. Things that I only have to buy once. For instance, you know, a wetsuit, it’s maybe a four or $500 investment, which, you know, if you don’t have savings, it’s a lot of money. But because I had this, you know, money saving up as I’m watching it grow, I’m like, Hmm, yeah, I’ll take a little bit off the top and I’m going to buy this equipment. And it gave me hours and hours and hours of joy.

Introduction

00:36 Emily: Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs. 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. This is Season 14, Episode 9, and today my guest is Michael Spano, who at the time of this interview was a fifth-year PhD student in chemistry at the University of California, Irvine. After seeing his stipend offer from UCI and securing university-subsidized housing, Michael resolved to save and invest as much money as he possibly could throughout grad school. Michael shares his financial philosophy of keeping recurring expenses low, splurging only on high-value experiences, and finding joy and fulfillment in inexpensive activities. Over the course of graduate school, Michael saved up approximately $60,000 in cash, which he has spent—listen through the end of the episode to find out on what. His post-graduation plans include a year-long sabbatical and pursuing financial independence.

01:59 Emily: I have a personal update for you all today. The last six months or so have been pretty hard for me and my family. Starting last fall, my husband and I had some extra caregiving duties for one of our parents pop up. And the conclusion of that journey a couple of months ago was the death of that parent. So, it’s been a very trying season of course managing all of our regular life plus these extra caregiving responsibilities. Plus it was tax season, which, you know, is like the busiest time of year for me. And then of course grieving and the funeral and all these associated things. So, it’s been a lot, and I just wanted to say thank you to you all. To everyone who has supported my business in any large or small ways through this period, I’m especially appreciative. I could not do any marketing for my tax return workshops outside of like this podcast and my own mailing list because I didn’t have the time and energy for it.

03:05 Emily: So, I super appreciate all of you who recommended that workshop, whether that was to an individual or to a potential sponsor at your university. It really helped me get through this season without a huge hit to the business revenue and so forth. And I also want to say, you know, thank you for your patience with me. Some of you may have emailed me during this time and I may not have gotten back to you or gotten back to you weeks or months later. And I’m really sorry about that. It had to happen. And one more, very special thank you needs to go to my team who works with me behind the scenes on the podcast and on other aspects of my business. Jill, Lourdes, and Meryem, I appreciate you so much. It is really, really all to their credit that things have been happening in the business. That your emails have been getting answered, that podcast episodes have been coming out, that transcripts are getting done, all of those sorts of things especially over the last few months. Literally, the business would have ground to a halt without you. So, thank you.

04:03 Emily: Now that we’re near the beginning of May, I have turned my thoughts to summer vacation. I am looking forward to a change of pace and hopefully some rest and recuperation over the summer. My kids are out of school from about early June to like mid-late August, and we have a couple of vacations planned. I’m going to a couple of conferences as Personal Finance for PhDs. My kids are enrolled in fun summer camps. I’m just really looking forward to a change of pace for the summer. One exciting thing about the podcast is that we’ll be doing something different with episodes over the summer and I really want you to contribute. So, please keep listening to this episode to find out how you can be part of the special set of episodes we’re doing over the summer.

04:50 Emily: What this experience has to do with finances, let’s see. I am really grateful to myself and my husband in the past for working very diligently on our finances and especially automating as much as we can. Because whenever you hit an emergency of any type, and we’ve been through a couple, having those finances automated is just a huge peace of mind that the bills are getting paid and you do not have to do anything to make that happen. I’m also really grateful that we, you know, have aggressively saved in the past because we did have some extra costs associated with the caregiving we were doing. And we didn’t have to worry about overdrawing the checking account. We had savings that we could rely on. And this experience of losing a parent and, you know, reflecting on the life that that person had and the relationship that we had with them, it makes you realize that <laugh> life is for living, you know?

05:38 Emily: And money should be in service of that. So, I do think that we are going to be adjusting our strategy going forward. We’re not going to be saving quite so aggressively for retirement. We’re really good on that front, and we’re going to be using our money a bit more in the here and now to upgrade our lifestyle and create, you know, lasting memories with our friends and family. So again, thank you so much for bearing with me through this time period. I’m really grateful to you. Thank you for listening. Thank you for sharing these episodes. If you’d like to join my mailing list to keep up with new episodes coming out and other announcements from Personal Finance for PhDs, you can do so at PFforPhDs.com/advice. And why don’t you give your loved ones a hug or a phone call today? You can find the show notes for this episode at PFforPhDs.com/S14E9. Without further ado, here’s my interview with Michael Spano.

Will You Please Introduce Yourself Further?

06:27 Emily: I am delighted to have joining me on the podcast today, Michael Spano. He’s a fifth-year PhD student at UC Irvine in chemistry, and he was actually recommended by past guest Sam McDonald from season eight, episode three. So, Michael, thank you so much for volunteering to come on the podcast, and will you please introduce yourself a little bit further to the audience?

07:05 Michael: Yeah, sure. Thank you for the warm welcome, Emily. I’m really happy to be here and talk about my story. Sam and I are domestic partners, so we share a lot of things in common. A little bit about my background. I’m actually a dual citizen with Brazil. I spent half of my life in Brazil. I had all of my primary education there, so middle school, high school, and college. And then I got lucky in college to have a Science without Borders fellowship. So I came to North Carolina and I got exposed to what like a science lab was in the United States, and I was hooked. So I knew I had to do my PhD here. So, ever since then I’ve been working to get back to the United States. And here I am doing my PhD at UC Irvine in chemistry, and I’m, yeah, stoked.

07:49 Emily: So, I understand that when you started your PhD, well, tell us what your stipend was. And tell us how that struck you. Having, you know, recently or let’s say for college, you were in Brazil and so obviously there’s currency and, and cost of living differences there. So like what were you thinking about that stipend when you first saw that offer letter?

08:05 Michael: Yeah, absolutely, right. So, the stipend was right around $30,000. And that was an enormous amount of money, like you said, having been coming straight from Brazil that was more money than any of my professors made at university in Brazil. So, it struck me as like an opportunity. Like if I play my cards right and I’m frugal about living, I could save a ton of money and be really well off. And mind you, if you go to a federal university in Brazil, it’s free. So, I didn’t have any debts from college. And I was going into a PhD where not only was I not accruing debt, they were paying me. So I could actually build net worth if I played my cards right. So, $30,000 a year was the largest amount of money I had ever seen at the time. And I think we can agree I kind of played my cards well and built something for myself.

Cost of Living Expenses

08:56 Emily: Yes, that will be revealed through the course of the episode. I know where the exciting conclusion is here, but the listeners don’t yet. But okay. I mean, you see the number $30,000 per year, I understand how that could strike you, but we also are talking about Southern California, which is incredibly expensive. So I don’t know if you had like the context for that at that time. Like when you lived in the U.S. before, was it also in a high cost of living area? Or like how did you, before you actually got on the ground in Irvine, did you have a concept of how much your basic living expenses would, you know, account for as part of that stipend?

09:27 Michael: That’s a fantastic question. Because no, I didn’t, I had no idea. You always hear like, you know, California’s super expensive. So, kind of to back up, I applied only to three grad schools because it costs money to apply. And, you know, at the time I didn’t have it. So, I applied to three schools, got into two of them, Chapel Hill and UCI. And UCI had this really cool deal where they guaranteed you student housing if you signed up for it in your first year. And it’s common in graduate programs, at least in chemistry, for them to fly you out to see the school and you get to meet the faculty and everything. So on that trip, you know, I took a quick look at all the facilities. I was like, great, yeah, everything checks out. It’s a top-notch school.

10:08 Michael: Let me go to Aldi and buy, you know, enough groceries for a week. Let me see what that costs. Let me go fill up the rental car that I have. Let me see what it costs to actually live here. And I talked a lot with the students about housing, and I saw that the rent varied a lot. The cheapest housing units at UCI were around $550 a month, which is like fantastic. And some of the more expensive ones were around $1,500. So, that’s a difference of a thousand dollars every month. That’s 12 grand a year. That’s a $60,000 difference over the course of your PhD. So, it was essential that I got one of those cheaper units. And because I got accepted into two programs, I was willing to walk away from UCI and go to Chapel Hill because the cost of living there is much cheaper if I didn’t get the housing assignment. Did that answer your question?

10:57 Emily: Yes, it did. So I think we’ve already, if there are any prospective graduate students listening to this, we’ve gotten some lessons there already from just what you said was going on during this admission season of you actually having the opportunity to be on the ground at the university. You were checking out what are the costs that you can observe, what are the costs that you can speak with other graduate students about? And like you said, housing is number one, the most key expense to identify and make sure that it’s going to be able to fit within your budget. So, this sounds like this was a point of negotiation with your program, that you said, I must have this guaranteed housing spot, or else I have to decline the admission. Is that correct?

11:33 Michael: Not quite. I didn’t quite have the power to enforce that requirement upon the school. But I did know the date in which they would tell me if I got the housing was still not too late, that I couldn’t turn down the offer and go and join the other school in North Carolina. So it was kind of like a plan B, if I didn’t get the cheap housing, I was willing to just say, okay, I’m out. I quit and I’m going to go to this other school that’s cheaper.

12:02 Emily: Yes. Okay. Maybe not for your situation, I don’t know, but for other prospective graduate students listening, don’t be afraid to try to use this as a point of negotiation. For you, it sounds like it was just a boundary. If I get this, I’ll go here, the numbers are going to work out. If I don’t, I’m going to go with my next top choice. And that’s totally fine to have that boundary for yourself. But other people could maybe go the next proactive step and just inform the program that that’s what you’re thinking and that is going to be a boundary that you’re setting for yourself. Okay. So, you have your $30,000 per year statement. You have your guaranteed lowest cost housing. You mentioned $550 per month. Is that what this has been during your graduate career, or has that changed?

12:45 Michael: Yeah, it’s been that and it’s gone up 15 bucks every year. So, I’m still in the range of like $600 something per month. Yeah.

Money Mindset in Grad School

12:53 Emily: Okay. Amazing. So, you know, you spoke earlier about, you know, being impressed by the amount of money and that you were interested in saving as much as you could of that stipend. Can you say anything more about what motivated you to think in that direction? Because it’s definitely not a typical goal for a graduate student.

13:14 Michael: Yeah, I think I just realized at some point, you know, like this money is freedom down the road, right? Like we exchange our life for money to do things we want. And if you’re not born into wealth, all you have to work with is your salary, right? If you’re not, if you don’t get an inheritance of, you know, $500,000, a million dollars, all you’ve got to work with is, either you come up with a really good idea, you start a business, you get rich, or you work with what you have. So, that was basically me realizing like, hey, this is a really good opportunity. I’m going to work with what I have. I did the math and you know, as we’re going to get into shortly, making some really severe like austerity measures, you can save a lot of money during grad school. It’s guaranteed income for five years, and if you play your cards right, you can save it. So, I think that’s where my head was at. You know, I realized, yeah, I wasn’t born into like a lot of wealth or anything. And this was what I had to work with. So, this was my shot I was going to take it and work with it.

14:19 Emily: So interesting again, and so unusual. I think I did something similar when I was in graduate school, though not to the same extreme as you in terms of the mindset that you had. My mindset was more like, I am an adult and I need to do adulty things with my money, even though I am also a graduate student. And so that involved like saving 10%. So I’m not thinking like, oh, I want to save every single dollar I possibly could, but like having a savings rate of some kind is something that, you know, I wanted to do. And so we had a similar thought process, but you’ve taken it a little bit further than I did at that time.

Minimizing Recurring Costs

14:53 Emily: So, let’s talk about the budget that you’ve had during graduate school, and later on we’ll discuss what you’ve, you know, decided to put those savings towards. But in terms of living expenses, what have those been aside from the rent, which we’ve discussed?

15:06 Michael: Yeah, so my philosophy on living expenses was to really take a hard look at everything that I was spending money on and asking, is this absolutely necessary? Do I really need this recurring cost? And I’ll be clear, I’m trying to minimize all of my recurring costs, like rent, like insurances, like cell phone bills, all these things that you have no choice. They get billed to you every month and you have to pay them, right? If you minimize those and you can save a lot of money, then you can choose to buy things when you want them, right? Like one-time payments for an object that will bring you lots of joy in my mind was better than subscribing to things over and over. And then, you know, wasting my salary because that, like I said, that was my only leverage is building up that savings.

15:53 Michael: So, my rent, I’m going to give you some numbers here annually, but my rent equates to about $7,200 annually. So for 12 months, I decided that, you know, in California you absolutely need a car. So I had a hand-me-down little car but it needs insurance, and that’s a recurring cost. So, even if my car is parked, it still costs me insurance. That was around $348 per year. And that’s another thing, a lot of people pay way too much for car insurance. Call the competitors and haggle. Say, Hey, I’ll switch to your company if you beat this price by 50 bucks. And when they do, call up the other competitors, like six companies. Just keep doing that until you drive the cost down.

16:34 Emily: I do have to say I’m very impressed by that number. Because I hear other people talk about their expenses for car insurance but I’m assuming you have a car that doesn’t have much value, right? And that mostly you have liability insurance is mostly what it’s there for.

16:48 Michael: Exactly. It’s just liability. A car is a tool. It shouldn’t, I’m sorry, this is my opinion, it should not be your pride and joy. That’s silly. It’s a trap. It’s a financial trap. If you’ve got a new car, sell it. Go buy a junker. Anyone giving financial advice would tell you that. Buy a junker, drive it until it explodes, fix it, and keep driving it. So here we are, rent $7,200 car insurance, $348 a year. My cell phone bill, I prepaid a whole year with Mint Mobile. They were doing this promotional. $109 for the whole year. And that’s for a four gigabyte plan, unlimited talk and text. The car needs a smog check in California, it’s $36 every year. Can’t get around that. It also needs to be registered, $128 a year. So right there, those are like my basics. Living and transportation. Mind you, I don’t have to put fuel in my car.

Retirement Saving and Discretionary Spending

17:36 Michael: So that’s not non-discretionary, that’s definitely discretionary. And then one thing that I put in my budget that I was not going to skip on was maximizing my Roth IRA. Now that’s a retirement account, it’s tax leverage. So you put money in that account that you’ve already paid taxes on and it grows tax-free and you can withdraw it under certain circumstances. But typically when you’re about to retire. So I max that out, it was $5,500 and it’s grown to $6,500 now. They might even change it this year or next year to compensate for inflation. So, when you add all those up, my non-discretionary spending, things I have no choice to pay. It’s $14,321 per year as you know, the criteria there. So my gross income is $30,000. You subtract those two and I now have a discretionary spending of $15,679.

18:31 Michael: So now, what do I choose to spend my money on? How am I going to live my life, live a fulfilled life, travel, see the world, be happy on $15,679? Well one, I buy California state park pass. So, that’s $200 a year and that gives me free parking to any of the state parks. So, I live six miles from a beach and that’s my go-to place. That’s my happy spot. I also bought some, well I’ll talk about that later, but groceries is a big one. I’ve got this supermarket called wholesome choice. I mostly eat vegetables, really healthy food. It’s $35 a week. So, that equates to $1,680 a year. I choose to have beer. I like my beer money. So, you know, having two or three beers a week, that’s, you know, at the grocery store. So, it’s six bucks a week. That equates to $288 a year.

19:25 Michael: Gasoline, let’s say $60 a month to go travel, see things that really opens up your horizons. That’s $720 a year. And then finally the National Parks Pass, which is a hundred dollars a year. And that, you know, just opens your world, right? And then California, we have so many national parks. That was, you know, hands down worth it. A hundred dollars a year. So now, add up my discretionary spending, that’s $2,983. Subtract that from my discretionary spending, and I’m left with what is my saving ability. So, I’m able to save $12,696 every year if I stick to this or roughly these numbers. So, that’s about a thousand dollars a month. So, multiply that for 12 months over the course of a PhD, five years, that’s $63,480. That’s not accounting for, if this money is in a savings account or invested in the stock market growing with the market, it’s actually more than that. It turns out to be like 70, 75,000 over that five-year span. So, that was the math I did. You know, if I can be happy putting gas in my car, going, seeing national parks, doing natural things, I don’t have to spend money on movie tickets or these other things or buying clothes or whatever, right? Whatever brings people happiness. Mine was cheap quality, good happiness, and I’ve lived a very fulfilling life.

20:50 Emily: That does bring me back to kind of a note or a point or a question that I wanted to make regarding what you said earlier about, you know, like not getting trapped into like high rent or like high transportation costs in terms of what you’re calling your recurring expenses. The expenses that have to go out the door every single month. It sounds to me like you do not value those things. So, you are going to spend as little as you possibly can. And thankfully, you know, UCI has given you a good deal on housing and so forth. So, it’s not like you have to go to market rent and everything like that and compete in Irvine for that. But I just wanted to point out that other people can have a different opinion about this.

21:29 Emily: The listeners, for example, might not want to follow your example of spending the absolute minimum possible amount of money on things like housing or transportation. And that’s okay. It’s just that you have determined, what I think is really fantastic about this story is that you have been very clear about what is important to you and what is not. And minimizing the spending on what is not important to you. You know, you’ve been very intentional about that and I fully agree with, advocate for that strategy of decide what’s important, decide what’s not. Spend as little as you can on what’s not important so that, like you’re doing, you can free up money to spend on the things that are really adding value to your life. Like you mentioned the National Parks Pass and the state parks parking and all that sort of thing. The gas to get to these, you know, wonderful natural, beautiful places. You’ve decided that’s what you value. Now you’re, I don’t know if lucky’s the right word, but in your worldview it happens to be that those things are not that expensive, right? <Laugh> in the grand scheme of things. So adding a lot of value to your life for just a little bit more spending has really increased your quality of life dramatically.

22:33 Michael: Yeah, I think you nailed it. That’s a great summary of my perspective on this.

Commercial

22:39 Emily: Emily here for a brief interlude! We’re doing something special for Season 15 of this podcast, and as a loyal listener, I know you’re going to want to be involved. Season 15 will be a chance to share your financial experiences, even if you don’t want to give a full-episode interview or want to remain anonymous. We’re going to publish compilation episodes around certain themes, and each episode will feature at least a half-dozen different contributors. The contributions can be audio clips or written text that I will read aloud for the episode. If you are interested in contributing, check out PFforPhDs.com/season15/. That’s the digits 1 5. On that page, you’ll find a list of the proposed themes and how many volunteers I’ve identified for each episode. Your next step is to email me at [email protected] to let me know which episode you’d like to contribute to or if you have another idea for the list. Once I’m confident that we have enough contributions for an episode to be created, I’ll give the volunteers specific prompts and directions to create their submissions. I hope you will choose to participate in this unique season! I can’t do it without you, so please get in touch! Now back to the interview.

Spearfishing

24:02 Emily: You brought up something else in our prep for this episode that I thought was really illustrative of your kind of philosophy around spending, which was spearfishing <laugh>. So, please tell me how spearfishing fits into your financial philosophy?

24:18 Michael: Okay, so I talked about how I minimized all of my recurring costs so that I have a lot of ability to save, and that allows me to make these one-time purchases that I put a lot of value on. Things that I only have to buy once. For instance, you know, a wetsuit. I still bought a pretty cheap wetsuit, so don’t think like spearfishing, super expensive, but you know, a spear gun, a wetsuit, gloves, it adds up. It’s maybe a four or $500 investment, which, you know, if you don’t have savings, it’s a lot of money. But because I had this, you know, money saving up as I’m watching it grow, I’m like, Hmm, yeah, I’ll take a little bit off the top and I’m going to buy this equipment. And it gave me hours and hours and hours of joy. I’ve just fallen in love with the ocean and I’m so fortunate that I got to go to school here.

25:04 Michael: I’ve never been an ocean person, but by going to the ocean, I fell in love. One day when this lady, she took her goggles and put it on a kid, her daughter shoved her head underwater and she’s giggling and screaming. And I went over, I was like, can I see what’s underwater? She put the goggles on me and I was hooked, instantly hooked. I wanted everything to do with underwater. So, spearfishing actually allows me to catch quality fish, be sustainable, and save a lot of money on groceries. Like I only buy fruits and veggies at the supermarket. Most of my protein comes from the ocean. And quality protein. Lobster season just opened up. It’s legal to catch lobsters here with your bare hands. So, I’ve had fantastic lobster dinners, lots of sea bass. I make ceviche, I jerky my fish. I mean, I have a really good quality of life from spearfishing. So, it brings me joy and it reduces my costs even further by providing me quality protein that I don’t have to spend money on, or at least the cost is very little.

26:03 Emily: Yeah, what a virtuous like cycle there that you have set up. Like something that you enjoy doing with your free time, brings you some, you know value to your mental health and so forth. And oh, what do you know? It also happens to help you reduce your expenses at the same time in terms of the grocery spending and, you know, the healthful diet and all that lovely stuff. So, I think the, maybe the broader lesson to take from that for the listeners is, maybe you won’t be able to find such a hobby that will actually help you reduce your expenses after, you know, an initial investment. But finding an inexpensive hobby that really brings a lot of value to your life is wonderful during grad school. Obviously, when you don’t have, have tons and tons of money to be having a very, very expensive hobby, it’s great to find things that are just low cost. Like I know for me during graduate school I went to Duke, so I got like really into Duke basketball and like, it’s free essentially to like watch a game with your friends, right? Like, and to have that be like your social activity. So yeah, I just love that point of finding these low cost activities that you just really, really enjoy.

Self-Sufficiency and Knowing What Makes You Happy

27:05 Emily: Is there anything else that you’d like to add regarding your expenses or how you find joy and happiness at this like, lower spending level?

27:16 Michael: There are two things I might want to talk about. So one is unexpected things happen, right? We own things that might break, like our cars or laptops, whatever. I’ve gotten very good out of necessity at fixing those things myself. So, if you think about, you know, the hourly cost to bring your car into the mechanics, it’s outrageous. If you have to do that very often, because you’re driving a junker like me, it actually defeats the purpose. So I’ve gotten phenomenally good at fixing my own car. And I’ll often try to purchase equipment that will allow me to fix the car multiple times. So that thing could break, like for example, I bought a welder from Harbor Freight for a hundred dollars because I had a hole in the exhaust of my old Subaru that rusted all the pieces. So when I got a quote from a welder, it was $150 to fix it.

28:09 Michael: And I thought, well I could buy this welder for a hundred and fix it two or three more times because another hole’s going to show up. So, it’s that kind of mentality of like, I’m going to do it myself. I’m going to fix these things, I’m going to drive the cost as low as possible. And you know, for some people it might just seem like work, but you end up learning so much in the process. Like, I can fix anything now and it’s great. I mean, even like in my next steps in life, it comes in really handy to achieve those dreams because I know how to fix things and I’m good at it. So, and another thing that I would like to drive home is like when you’re trying to find these cheap hobbies, it can be hard because we live in such an environment where we’re being advertised to all the time or we compare ourselves with other people. Try and declutter everything and, and ask yourself what really makes me happy? For me it’s nature. I love nature. And the beauty is nature’s free, right? You can just walk outside, go to a park, and yeah, when you get in tune with the things that really, really make you happy and you pull back away everything that’s clouding that, not only does it make for a much more fulfilling life, but you can save a lot of money too.

29:19 Emily: Do you think that you would have gone on that same kind of journey of understanding yourself and what makes you happy had you not had the financial constraints of the stipend slash wanting to save as much as possible? Like if you had gone a different route and not gone to graduate school, had a different kind of job, do you think you would’ve ended up in the same place?

29:41 Michael: Probably not. I think another beauty of grad school is it gives you a five-year span where you can think about things, right? It’s kind of our job is to, well the Ph in the PhD is philosophical, right? So, we have this time to think. I think, I can’t quite say if things would’ve panned out the same way if for instance, I had declined UCI and gone to Chapel Hill. My life would’ve been totally different. I probably wouldn’t have discovered the ocean. I might not have had a reason to save so aggressively my stipend, who knows, right? But all I can say is that, the way it happened, I wouldn’t change it. I wouldn’t have it any other way. It’s been a fantastic experience.

Sailboat and Seabattical

30:24 Emily: I think the listeners don’t yet fully appreciate how fantastically you are setting yourself up. Because we talked about, you even talked about Roth IRA contributions as like a recurring thing that you have to do, but you’re saving on top of that around $12,000 per year. You have that opportunity to save around $12,000 per year. So, the big reveal, what are you doing with that money <laugh>?

30:50 Michael: Right. So, to everyone that pulled out their calculators and was adding up all my expenses you know, five years of saving a grand a month, that adds up to, you know, over $60,000. I’ve purchased a sailboat here in Southern California. And more importantly, sailboats actually are kind of cheap. I bought the parking space for the sailboat that was twice as much as the boat. So, it’s called a mooring system. It’s lead weights at the bottom of the harbor, and you get to park your boat on it, and it’s kind of like a lease. So, when you buy that, you buy the rights to use that indefinitely, so long as you pay a small tax. So, that’s what I’ve done with my stipend. I’ve saved up all this money. I’ve bought the mooring and the sailboat. And my view for it in the future is, you know, it’s a little place that I can call home.

31:40 Michael: I’ll always have a place to come back to in California, wherever my life might take me. And you can actually live on them for very cheap. Now, some people have all the amenities of a house on a boat and then you completely skip rent. So, in a future where perhaps I get a job somewhere here in southern California, I have a place where I could live virtually for free and that will allow me to save, repeat this process and save even more, earning six figures. And then, you know, together with Sam, we both are like-minded. We can do whatever we want. We’ll be financially free. We can take whatever job we want because we don’t have to have a job. We’ve saved up enough money and we could do this in a relatively short time-scale.

32:22 Emily: You are the first person I’ve interviewed who has purchased a boat during graduate school. And as you said, not even just the boat, but the place to house the boat even more important. Incredible.

32:33 Michael: Thank you.

32:34 Emily: Why are you living in your campus arrangement right now? Is the boat that you have right now not suitable for living in full-time?

32:41 Michael: Yeah, it’s not suitable right now. I need to do some work on the plumbing for the sewage. Now, trying to juggle a PhD and working on a boat that’s floating in the middle of the harbor is kind of difficult. So, I’ve prioritized my education right now. But also, if you look at the house around me, this is a really nice deal. It’s beautiful. I call this place home and it’s lovely. I wouldn’t want to get rid of it. So, the rent, even though I could cut that and live on the boat cheaper, the joy that this apartment brings Samantha and I for the cost is worth it. So, we’re going to stick with this until I can no longer live here when I graduate.

33:21 Emily: And so, I see how now, you know, the skills that you mentioned developing from working on your car, I’m assuming some of those are at least the same learning mindset is translating to being able to fix up the boat and maintain the boat and and so forth. So like you found a new way to apply the skills that you were trying out and practicing on maybe a lower stakes endeavor with the car?

33:42 Michael: Yeah, absolutely. Anyone that knows someone that owns a boat, they are financial nightmares unless you do the work yourself, in which case they’re a time commitment. But it’s kind of what I’m going for here. I want to have the ability to slow down and take life at a slower pace. And that means that I do the work myself on the boat, even if it takes me a little bit longer. And I’m planning as soon as I graduate to spend a whole year on the boat traveling around the world with Sam before we go into our next endeavor. You could call it a “seabbatical”. And in that time, you know, I really want to slow down, kind of refind myself again before I just jump into the next opportunity and, you know, spend the rest of my life in a career. I really want to make sure that I get that time for myself. And slowing down learning how to fix things yourself on a boat, it’s a good way to make that dream happen on a budget.

34:36 Emily: I am so amazed by this, this idea of doing the seabbatical after you finish. Now, you’re a fifth-year, so this is in the relatively near future, right? Can you tell me what the plans are for finishing up your PhD, for doing the seabbatical, for, you know, what you’ll do after that for your next job?

34:53 Michael: Yeah, absolutely. So, I’m quite, I’m right in between opportunities here. I’m trying to finish up my thesis work and get that published and submit my thesis and defend. I’m trying to do that in the next, let’s see, we’re in November. I’m trying to do that in the next three months, and then be graduated sometime in January. And I’ve already written a grant that will fund my postdoc at a National Laboratory. So, that money is already, you know, in my hands at the National Lab. So, I’ve got a guaranteed postdoc after the seabbatical. So the idea is graduate, take the boat down to Baja, explore Baja, California, cross the Pacific either to Hawaii or straight to French Polynesia. And it’s my lifelong dream. I want to see the Pacific atolls. There are these beautiful rings of coral in the middle of the Pacific Ocean. That’s my dream. If I see that in this upcoming seabbatical you know, I’ve made it, you know. Anything else can come and I’ll happily go and join a national lab and do work there and produce science.

35:57 Emily: I love the strategy of securing the funding before, like knowing really what that next step is going to be. Because it’s a little bit of a risk, and especially I think with academia type stuff. People say, oh, you know, you take a break, you get out, you can never come back and so forth. But I really like this that you have the money, which is kind of the most important part. Having that established so that you know, you have a place to land when you’re done with this lovely break. And I’m so excited for that. And I definitely want you and or Sam, both of you to come back on the podcast after you’ve taken this year break and tell me, you know, all the shifted, you know, perspectives that you have. Maybe your life won’t even be going in the same direction that you thought at that point. That would be wonderful.

National Laboratory Postdoc Funding

36:37 Emily: But I want a little bit more detail now, if you don’t mind. I understand you’re already working with this National Lab that you had then, you know, applied for the grant for and so forth where you’ll do your postdoc. So, can you talk about that like relationship between, you know, yourself and your current advisor, your current program, and that National Lab?

36:55 Michael: Yeah, absolutely. So, you know, when you join grad school, they tell you that you’re guaranteed a stipend, right? $30,000 in my case. What they don’t tell you is what you have to do to earn that $30,000. Most people find out kind of the rather harsh way that they need to be a teaching assistant their entire PhD. Or some people write NSF grants and they get a fellowship which funds them. My case was neither. My case was, you know, a fellowship that came from Los Alamos National Laboratory. They were looking for a person that had my skillset. And my advisor at Los Alamos, my current advisor now at Los Alamos, reached out to my advisor at UCI looking for this type of individual that I kind of fit the bill. And that was that they already had built up a relationship in the past.

37:38 Michael: And, you know, that’s kind of how the world works. You call up, do you know anyone that’s good at this? And yeah, I do, here. So, that’s how I got selected for this. But that didn’t quite solve my financial problems once that connection was made. Just because I was the person for the project didn’t mean the money was there yet. So, we went through multiple rounds of applying for grants to fund me in this new endeavor, this partnership collaboration between UCI and Los Alamos. And it took us three years to actually get the funding. And then finally it came through internally from Los Alamos. My advisor at Los Alamos kind of pulled through and got that funding. And it was meant to be more of like a summer internship funding. But the way that we’ve structured it is we’ve kind of spread that money out over the whole year.

38:22 Michael: And then we, it’s not enough to fund me for the whole year. So then we have to supplement it with additional funding that my advisor from Los Alamos is able to get internally there at Los Alamos. And it’s kind of the first of its kind, but there are going to be many more of these types of fellowships. So kind of like a plug to anyone that’s in the southern UC school systems. It might not be known, but the UC system is actually a third owner or administrator of the National Laboratory. So, they’re trying to build a pipeline of students from the southern UC, you know, UCLA, UC San Diego, UC Riverside, UC Irvine to go to Los Alamos because all of the Northern UC system schools already have that pathway to the National Labs in Berkeley. So Lawrence Livermore, Lawrence Berkeley, Sandia, they already have that pathway. So, their students kind of go there. And so they’re looking to build that. So, there are actually going to be more opportunities like the one I have for students in the Southern UC school system.

39:20 Emily: Yeah. And so the way that I understand this is structured is you are an employee of the National Lab, but since you’re still a student, your education expenses are still outstanding. And your department, your program has agreed to pay those on your behalf, even though you’re not, you know, a teaching assistant or you don’t have a fellowship that’s being administered by the university, they’re still covering that part of things.

39:43 Michael: Yeah, that’s correct. It’s kind of messy, right? Because once you get external funding, the school doesn’t get its cut and then it requires you to pay for tuition. But in the way that this is, because there is this unique kind of like part-ownership of the UC systems with the National Labs, they’re trying to make this work, right? They’re trying to get students from the UC systems into the National Labs. And so, you know, some kind of conversation had to occur between Los Alamos National Lab and my department where my department agreed to pick up my tuition costs.

Financial Independence, Retire Early (FIRE)

40:19 Emily: I’m so glad we got that into the interview because it’s a structure that I had not heard before. So, it’s really just interesting and good to hear that there are creative solutions to how graduate students can be funded in various ways. And thanks for letting the other, you know, UC students know about this upcoming pipeline. Surprise second-to-last question, Michael. There are some ways that you’ve been answering questions in this interview that indicate to me that you might be part of the financial independence movement. Is that the case?

40:51 Michael: I mean that’s the dream. Yeah. FIRE, right? Financial independence, retire early. And I think it’s funny because a lot of people have a negative connotation with the word retire, but it’s focused more on the financial independence, right? If you have saved enough money, built enough wealth, created passive income streams to the point where you don’t have to take a job, it means you can work on whatever you dream, whatever you wish. And because we’re humans, we’re always evolving. What we picked to do in school might not be the thing we want to do for the rest of our lives. So, having that ability to say no to that job, say no to maybe perhaps corporate America or something and say yes to entrepreneurship or whatever floats your boat, right? That’s the beauty. So that’s what Samantha and I are both trying to achieve together is that financial independence so that we can dedicate our lives to whatever we want, whatever we think has value, not necessarily the big corporate, you know, pharma company or this or that, whatever pays the bills.

41:46 Emily: Do you see this pursuit of financial independence as enabling you to continue to do science in the way that you want to? Or are you thinking of it as a way of stepping away from that vocation entirely when it might, you know, please you to do so?

42:01 Michael: Hmm. Both <laugh>. Yeah. To do science, it’s a very costly endeavor, and it’s really funny the way that we structure, you know, professorships. You get paid to teach, you don’t really get paid to do the science. You need to get that grant money kind of independently from your position as a professor. So it’s kind of like, they hire you for one thing but expect you to do the other. If you have the financial independence, you can do whatever you want. You can do research, maybe you go and pursue opportunities in science that you wouldn’t have thought of otherwise. Like perhaps joining an antarctic exploration boat or something like that, right? It means you have the flexibility to pursue what you want. That might be continuing science, that might be doing something entrepreneurial, but it’s nice to have the flexibility and the financial security, or at least striving towards the financial security, to do whatever I might please in the future.

42:59 Emily: I’m so glad we got to this point of understanding this even bigger picture. Because we’ve been talking about, you know, the expenses during grad school, the savings, saving up for the seabbatical and everything, which is not full early retirement, but it’s certainly a mini-retirement as it’s called within the FIRE community. I’m glad to see that this is a vision that you see playing out over your entire lifetime. Not something you’re doing, you know, temporarily just during grad school, just for whatever reasons. You’re going to be sort of fluidly moving in and out of different employment opportunities and maybe some other sabbaticals or mini-retirements and maybe other, you know, unusual work arrangements and so forth because you’ve already started to build up this financial capital. Even though you’re not fully FI at this point, you have enough financial wherewithal to have a lot of control over how you spend your time and everything.

Best Financial Advice for Another Early-Career PhD

43:51 Emily: And so, I’m just so pleased that we can see how, you know, that started with the seed of an idea at the beginning of graduate school and how it’s going to be blossoming over the coming years and over the coming decades. So, so glad that we got to this point in this interview that we could understand that. The question that I ask all of my guests at the end of interviews is, what is your best financial advice for another early-career PhD? That could be something that we’ve touched upon already or it could be something completely new.

44:18 Michael: Hmm, that’s good. I’m going to try and answer this as best I can. Because as we’ve established, I’m kind of an exception to this, right? So my advice might be a little bit extreme for others, but I would advise to those whoever may resonate with my story, minimize your recurring costs, advocate for yourself, whether that’s, like you pointed out, the necessity for a certain accommodation at the university. You can also advocate for a higher stipend for yourself at the university. Most people don’t know that. So, minimize recurring costs. Advocate for yourself. Those are my two big ones.

45:00 Emily: I love that. That’s sort of how I see my, you know, even business going forward of like advocacy and also doing really well with what you have, such as by minimizing those not important to you, recurring expenses. And Michael, where can people find you if they want to reach out?

45:17 Michael: Yeah, so if you want to follow me, my sailing adventures are all published on YouTube under my channel Sailing Ambrosia. So if you want to, you know, unplug and unwind, you can follow me there on YouTube.

45:30 Emily: Michael, this has been such a fascinating interview. I’m so glad that Sam recommended you. And thank you so much for taking the time to give it!

45:37 Michael: It’s been my pleasure. I really hope that someone out there resonates with this story and perhaps I’ve enlightened someone to follow in my footsteps.

Outtro

45:49 Emily: Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? 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! The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Lourdes Bobbio and show notes creation by Meryem Ok.

Budgeting for the First Year of Grad School Even with Financial Anxiety

April 17, 2023 by Meryem Ok Leave a Comment

In this episode, Emily interviews Georga-Kay Whyte, a first-year graduate student in history at Brown. Georga-Kay is a first-generation college student from Jamaica who grew up with financial insecurity, which spurred her to set a high bar for the financial support she expected from her graduate program. Georga-Kay was just as forward-thinking as she evaluated her housing and transportation options for her first year at Brown to set them at a reasonable level for her stipend. However, once she started living the grad student life, she realized she was overspending, especially on groceries and Amazon. She shares how she worked through her financial anxiety to confront her spending and start to budget. Finally, Georga-Kay details her financial goals for her 20% savings rate going forward. This episode is a must-listen for anyone with an upcoming career transition or move, especially if it’s your first!

Links Mentioned in the Episode

  • PF for PhDs Tax Center
  • PF for PhDs S14E8 Show Notes
  • PhD Stipends
  • PF for PhDs: Set Yourself Up for Financial Success in Graduate School (Workshop)
  • Rocket Money (App)
  • Mint (App)
  • The Financial Confessions (Podcast)
  • Her First $100K (Podcast)
  • I Will Teach You To Be Rich (Book by Ramit Sethi)
  • You Are a Badass at Making Money (Book by Jen Sincero)
  • Georga-Kay Whyte’s Website
  • PF for PhDs Subscribe to Mailing List (Access Advice Document)
  • PF for PhDs Podcast Hub (Show Notes)
Image for S14E8: Budgeting for the First Year of Grad School Even with Financial Anxiety

Teaser

00:00 Georga-Kay: There’s so much like financial literacy that we don’t have as graduate students because it isn’t prioritized. And so, the best way to sort of break that barrier is to talk to other people who are in similar situations. And that’s how it’s helped me to approach a lot of the things that I do now and how I think about creating a budget or how I think about my lifestyle. So, I highly recommend just reaching out to your community and starting those conversations. It helps a lot.

Introduction

00:31 Emily: Welcome to the Personal Finance for PhDs Podcast: A Higher Education in Personal Finance. I’m your host, Dr. Emily Roberts, a financial educator specializing in early-career PhDs and founder of Personal Finance for PhDs. 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. This is Season 14, Episode 8, and today my guest is Georga-Kay Whyte, a first-year graduate student in history at Brown. Georga-Kay is a first-generation college student from Jamaica who grew up with financial insecurity, which spurred her to set a high bar for the financial support she expected from her graduate program. Georga-Kay was just as forward-thinking as she evaluated her housing and transportation options for her first year at Brown to set them at a reasonable level for her stipend.

01:28 Emily: However, once she started living the grad student life, she realized she was overspending, especially on groceries and Amazon. She shares how she worked through her financial anxiety to confront her spending and start to budget. Finally, Georga-Kay details her financial goals for her 20% savings rate going forward. This episode is a must-listen for anyone with an upcoming career transition or move, especially if it’s your first! If you’re listening to this episode the day it’s released, you know that tomorrow is the filing and payment deadline for your 2022 tax return as well as the payment deadline for your quarter 1 2023 estimated tax. If you haven’t yet cracked the code for your grad student or postdoc taxes, there’s still time to receive my help! Go to PFforPhDs.com/tax/ and sign up straight away for the appropriate workshop for you. The workshops are asynchronous, so upon registration you’ll have immediate access to all the video modules with transcripts, worksheets and/or spreadsheets, and recordings of previous Q&A calls. Best of luck finishing up! You can find the show notes for this episode at PFforPhDs.com/s14e8/. Without further ado, here’s my interview with Georga-Kay Whyte.

Will You Please Introduce Yourself Further?

03:04 Emily: I’m so excited to have on the podcast with me today, Georga-Kay Whyte. She’s a first-year graduate student at Brown, and our subject today is budgeting and what she’s learned as a first-year graduate student about that topic. So Georga-Kay, would you please introduce yourself a little bit further for the audience?

03:20 Georga-Kay: Yes! First, thank you for having me. My name’s Georga-Kay, I’m a first-year history PhD student at Brown University. I study 20th century African American labor history and I’m actually first-gen Jamaican. My parents are immigrants. We all migrated to the U.S. And so, I sort of like had to figure out not only personal finances in terms of like living in a new country but also personal finances because like I didn’t grow up with a lot of personal finance talk in my family. So yeah, that’s just like my background.

03:51 Emily: Okay, so you get the multiple first-gen labels, right? Like you get first-generation American, I don’t know about first-generation college, necessarily.

03:58 Georga-Kay: I am first-gen in college as well. <Laugh>, first-gen graduate student, first-gen everything.

04:02 Emily: First-gen grad student, we got it all. Okay, that’s wonderful! And what age did you come to the U.S.?

04:08 Georga-Kay: I came to the U.S. actually right before I turned 18. So, I was pretty, yeah I was, I was much older.

04:13 Emily: Very new.

04:14 Georga-Kay: Very new to the U.S., yes.

04:16 Emily: Yes. And where did you go to college?

04:18 Georga-Kay: I went to college at Agnes Scott College in Decatur, Georgia. It’s a small women’s liberal arts school.

Money Mindset at the Start of Grad School

04:24 Emily: Yeah. Okay. So, wow. Okay, this first question that we have, what was the state of your finances and your financial background and money mindset coming into graduate school? So really we’re talking about what you grew up with in Jamaica, and then also just that short time you had in college. Yeah. So what was going on both in your finances and your like money mindset by the time you entered graduate school?

04:47 Georga-Kay: Yeah, so I grew up, I would say like relatively low income. In Jamaica, like I would be considered mostly like middle-class but in the larger scheme of things I grew up with a lot of financial insecurities. So, I had like an anxious sort of relationship with money from like childhood. And so, once I was coming into grad school I was super anxious about it because I had just started like looking online and seeing like the discourse around grad school and grad students being like they’re underpaid and they’re not like happy with their financial situation. And coming from someone who’s first-generation, I didn’t have a lot of financial safety nets. Like I just know that if anything, I’d have to figure it out on my own. And so yeah, definitely once I was like deciding to go to graduate school, this was before I found out about like what schools I’d be going to when I was thinking about like applying, I was like, “Oh my god, is this going to be the worst financial decision of my life to do this right at this time?” Because I came straight from undergrad, so I didn’t have a lot of time to like build up savings and stuff like that. But I really knew that I was passionate about the topic so I was like, I’m going to do this, hopefully it works out. Hopefully I can get a stipend that’s like livable. And that was my number one concern. I wanted a stipend that I wouldn’t be in a financially precarious situation just because I’ve already experienced so much like financial turbulence that I wanted some sort of safety net.

Role of Finances in School Selection

06:04 Emily: Absolutely. That makes so much sense. So, I want to talk a little bit more about maybe application and admissions process. You, I mean as anyone would be, were very nervous seeing the discourse currently going on, rightly so, about how difficult graduate school is financially. And all the unionization movements and so forth. So like, tell me about like the schools that you chose to apply to, were finances on your mind? Let’s talk about that. Like the selection process of where to apply.

06:31 Georga-Kay: Yeah, so I was super selective about the schools that I applied to, and I sort of feel like I was really naive in a way, but it worked out right <laugh>? I was like I’m going to apply to mostly private schools because they tend to have higher stipends, unfortunately. I started looking, I actually used, I forget what the platform is called, but they publish stipends for students. I think you might know what it’s called.

07:01 Emily: Is it PhDstipends.com?

07:03 Georga-Kay: Yes. Is that a website that you run?

07:05 Emily: That’s mine, yeah.

07:06 Georga-Kay: Yes. Okay, okay. Yes. So, thank you for that because I actually used that website a lot. So I looked at the PhD Stipends and I was really serious about, “Okay like is this a stipend that’s livable?” And then I would go ahead and like look at the livability calculator to see like, “Okay, is this going to work?” And I ruthlessly took schools off my list if they weren’t in that like situation of like they had a decent stipend for the area. So even if the stipend on its face was like, you know, almost $40K and the livability like it’s in New York, it’s like okay that’s still not going to work. So I was very serious about that, and I ended up applying to nine programs. And those nine programs I felt like had really strong stipends and they had other benefits like health insurance and stuff like that that I was looking at, too.

07:52 Emily: So, you’re the first I think interviewee I’ve had on the podcast who answered that question in that way. Because a lot of people I talk to, of course by the time they get into admission season they’re thinking about the financial offers and so forth. But to back that up into application season, I mean this is actually what I teach in my workshop for prospective graduate students: Set Yourself Up for Financial Success in Graduate School, is it starts way back the summer before you apply even earlier than that, understanding the funding models, just like, I mean you said you were naive, but that is a very advanced strategy that you’re applying. So that’s awesome. Yeah to really think through like why bother applying to a place that you are pretty confident already is not going to support you sufficiently? And so to just, if you have programs that you know, make your list, that’s great. You don’t need to bother with the other ones who aren’t. If this is a priority for you, which it was for you. It’s not necessarily going to be a priority for everybody, but for you it was. So, I love that process.

08:48 Georga-Kay: It was really just my financial situation, like coming in with so much student loans. Like I felt a lot of guilt over the amount of student loans I had, and I knew I didn’t want to get any more student loans in graduate school. And so I was like, I need to find a situation that’s going to work out. And the reason why I say naive, just because talking to people about like the admissions chances in graduate school. So I was like, okay, I’m going to be selective but these schools are going to have higher competition. Because they do like, they have high stipends and people know about them and stuff like that. So that’s why I was like, okay, well hopefully I get it <laugh>, you know?

Considering Other Factors

09:19 Emily: Yeah. But applying to nine schools, that’s a pretty good number. I think that’ll give you a lot of chance. Anyway, it has worked out. So let’s talk about admission season. I don’t know how much you want to share about how many offers you got, but like, you know, did your expectations bear out? And the offers that you did get, yes, they were decent stipends? And then maybe you could share how much more finances, if at all, played in the decision of where to go or if you’d already done that filter early on, maybe it didn’t really have to.

09:46 Georga-Kay: Yeah, so I got three admissions out of the nine that I applied to. I got admitted to Penn, Brown, and Maryland. University of Pennsylvania, Brown University, and University of Maryland. And those offers were pretty good offers honestly. Especially looking at like the averages for stipends. So, I got $38,000 from Penn and then I got $45 from Brown. And I think Maryland offered like $32. I don’t remember specifically, because I knew almost immediately that Maryland had the lowest stipend. So I was just mainly considering Penn and Brown. And yeah, those were like comparable in some sense. Obviously like there’s still a discrepancy there between the amount that I got from Penn and the amount I got from Brown. It was actually a hard decision for me because the programs were both equally great, but then also the cost of living was relative. And I knew that like if I wanted to, I could have probably negotiated with Penn, which I didn’t end up doing, but I definitely still considered finances when I was thinking about it. But it was like close enough where I felt like, “Okay, well what else do I want from graduate school?”

10:51 Emily: Based on how you’ve talked about your thought process so far, and I’m pretty sure I know the answer to this question, but were you only considering your first-year stipend and like the source of the funding? Or were you also looking forward to like, were you being funded for five years or were there guarantees or you know, was it a TAship versus a fellowship? Like did you factor all that stuff into?

11:12 Georga-Kay: I factored everything in. When I got my offers, I reached out to the like DGAs of each department and I was like, okay, explain to me how this works <laugh>? I was just like, I wanted all my bases covered. So I talked to both schools and I was like reading through the offers and sort of seeing, okay, like first year, they were very similar. So it was like first year would be fellowship and then you would TA for some years and then you’d go back on fellowship. And both schools offered like five to six years of funding. Brown guaranteed six years, Penn basically they’re like, you basically will get six years but we’re guaranteeing five. And so, I knew that like throughout the program I would be funded for the entirety of it.

11:53 Emily: I’m so glad that you shared that as well. This is another thing that I encourage in my workshop is following up with the directors of graduate studies or maybe the admin in the department to like explain to you anything that’s not really clear, or maybe they’re only talking about the first year but they’re not talking about subsequent years. Like they’re recruiting you, okay? They want to convince you to make good on that offer that they just made you and convince you to come there. And so they should have pretty solid answers to these questions. And they might say, like Penn did, “Okay, you know, we’re not officially going to guarantee that sixth year, but you know, in nine cases out of 10, like we do find funding for you know, that sixth year or whatever.” Like they should be able to give you those really well-thought-out answers to those questions. So I’m so glad that you went through that process as well of really investigating.

Financial Expectations in Grad School

12:35 Emily: And you chose Brown, and that’s where you are now. So, let’s kind of talk I guess about now that you knew the stipend, you knew that maybe had some degree of confidence that the precarity was not going to be as much of an issue for you. What were your expectations then about how your finances would look in graduate school once you had that offer in hand?

12:56 Georga-Kay: Yeah, once I had the offer, I sort of felt a lot more secure just because like I feel like $45,000 is like a relatively, it’s not like anything crazy, but it’s average enough where it’s like, okay, in Providence I could live on that. And I think I could save on that, which was like a big deal because I know that like a lot of times in graduate school people talk about not even being able to save. And I wanted to be able to save and like achieve other financial goals. So, once I got that offer in hand, I started to think about, okay, well now what do I want to do? Like I know I’m going to make this much money. How much do I want to spend on rent? Do I want to keep like my costs low? You know, how much am I willing to compromise for the next few years–because I’m in my early twenties–to sort of set myself up for a good financial foundation?

13:39 Georga-Kay: And so those were just sort of all the questions that I had in my head. And then also, I started to think about like the realities of graduate school and what in cost that would incur as well. So, I like when I was going through my stipend and sort of backtracking a little bit, going through my offer, I would see that, oh I had like research funds and these funds, but I didn’t know until I sat down with the DGS and asked about it. I was like, “Is this money that would be like deposited into my account?” And they’re like, “No, it’s reimbursements.” And I was like, “Oh okay.” So then I had to learn about this whole reimbursement thing. So I was like, I have to actually have to have a safety net, like some sort of savings because if I want to pay for something I have to pay for it first before I get the money back. And so I started to think about that and just, yeah, just a lot of wheels turning now that I know that okay this is how much I’m going to make, how can I make this work in order to like pay for my day-to-day living expenses?

Housing and Rent

14:29 Emily: And one other thing, again, I’m talking about this workshop so much because this is the process you just went through. One other thing I talk about in this workshop is about the big decisions you need to make in your budget that happen probably before you even arrive at graduate school, right? You mentioned housing, so like did you commit to a lease for example, in advance of moving? Or is that something you were able to arrange once you got there? It’s very different, you know, different housing markets.

14:50 Georga-Kay: Yeah, so housing for me was one of the biggest things that I thought about because it was going to be my first time paying rent because I came from undergrad where I was like paying tuition and that would like cover, you know, my expenses. So, I wasn’t paying anything monthly. So moving to Providence and then also having to pay for moving expenses. I knew that like housing was going to be a big deal and I knew that it would probably be my biggest expense. And I had to make a decision about whether I wanted to live with roommates or I wanted to live alone and what does that mean? So I decided to live alone. I’m currently in graduate housing and the housing is somewhat subsidized. I don’t know if they say it’s subsidized on their website, but it’s like a lower cost of living apartment than I typically would be able to find in Providence, essentially.

15:32 Georga-Kay: And that was great. I started that <laugh>, luckily I started the process early so I was able to sort of like compare housing situations. I looked at the average cost if I wanted to live with a roommate in a house or if I wanted to live in a studio. I currently live in a studio and my rent is like, I feel like it’s on the high end of what I would want to spend, but I knew that I would appreciate that more having that sense of like security and that sense of not having to worry about if I have a roommate that maybe I don’t mesh with or you know, like there’s things that you have to think about lifestyle stuff. So I was like, okay, I know that I’m willing to pay a little bit more to live alone and keep my other costs low.

16:10 Emily: What I love about this model, I mean you’ve listened to the podcast, you know, I’m always like roommates, roommates, good idea. But what you did was you worked with your numbers and you knew that it was feasible, especially making that you know, decision to go with the on-campus option and so forth. I’m curious now we’re recording this in March, 2023, if you’ve already made a decision for housing next year? Or like are you going to keep the same situation? Do you think you’re going to do something different?

16:34 Georga-Kay: Yeah so I’m definitely, unfortunately the housing at Brown, they only guarantee it for two years. So I’m going to keep those two years. So I’m going to keep going until next year because I really love the area that I live in. I love my apartment, and so I feel like I really lucked out with housing. So, I’ll keep it and I probably will have to move after my second year since it’s not guaranteed and that it’s a really high interest area. Like a lot of students want to live here. So, I feel like after the second year I’ll be more comfortable in the area I can find somewhere else.

17:02 Emily: Yeah, and you might have met someone you really like enough to live with <laugh>.

17:06 Georga-Kay: That is true.

17:07 Emily: So, a roommate might be more feasible.

17:08 Georga-Kay: I’ve also considered that. Yes, I’ve thought about that too.

Transportation and Other Expenses

17:10 Emily: Yeah. So, we’ve already talked about kind of what I call the biggest rock in your budget, which is housing. And I’d like to know about your transportation choice. Like do you own a car or do you think it’s necessary? What is your choice there?

17:24 Georga-Kay: So, I decided to actually sell my car <laugh>. I sold my car before. When I was living in Atlanta, I bought a car used and it was a great car. It carried me to my like last two years of undergrad. But then I was like, I’m moving to the northeast. The transportation here seems a little bit easier. There’s a lot of public transit and there’s also trains and stuff. So, I talked to graduate students and they said that it would be fine to live without a car. So I was like, I’m going to use that money to move. And now I currently don’t have one and I rely on public transit, walking, and Brown has a university shuttle that’s actually really, really good and I’m able to basically spend like less than $50 a month on transportation costs.

18:06 Emily: Love that. Whenever it’s possible to live car-free, especially if when you’re pairing that with the campus housing, it’s like, I’m sure it’s really convenient and everything, you can just, not eliminate entirely, but dramatically reduce the costs associated with transit by getting rid of your car. Ugh, I have a car but I’m such a like anti-car person. <Laugh>, I live in Southern California.

18:26 Georga-Kay: No, I love living in a walkable city and that’s something I considered too. I was like, I wanted to, I knew that like if I’m going to be paying a little bit higher rent then at least if I don’t pay transportation, it kind of evens out.

18:37 Emily: Yeah, absolutely. So, we’ve talked about these major, major components of your budget, the housing and the transportation. And so I’m curious like how you formulated the rest of your budget, maybe more with the other smaller fixed expenses and other variable expenses? And then kind of what you’ve learned through living with that budget for the last, you know, six, seven months?

18:55 Georga-Kay: Really the things that I thought about was rent and transportation and then the rest of it was just sort of like I was going to do trial and error. So I was like, I don’t know what’s a reasonable grocery bill? I don’t know how much I should expect to, you know, spend, I also have a pet. And so that’s also a part of my budget. So I was like, I don’t know how much I’m going to be spending for vet bills. And so, I really just was like, okay, like this is less than half of my, like my total living expenses is less than half of my stipend. And so I was like, whatever the rest is, I’ll play around with the numbers. So when I originally started, I realized I was overspending because I just sort of didn’t want to look at it to be honest.

19:32 Georga-Kay: I was like, I’m going to take care of the big stuff. And because of my financial anxiety, I sort of had a lot of avoidance about money, especially when I just moved because I was like, “Oh my god, like am I going to, you know, completely throw off my budget or something like that?” So I was like, okay, I have this wiggle room essentially and we’ll figure it out. And so I started just shopping without caring. And then once I started looking back at my budget, which is something that I’m really happy I did, I started actually looking at my money. I was like, oh, maybe I’m spending a little bit too much on groceries. Like, and talking to other graduate students as well. I’ll get to this later, but talking to other graduate students and realizing, oh this is like an average cost for, you know, a meal for a single person, like a grocery bill for a single person, or this is the average cost for electricity or something like that. So I at first was avoidant, but then I started slowly having those conversations, started slowly thinking about it and then I started actually setting price markers like, oh I want to spend $300 on groceries. Oh, I want to spend this much on electricity. And then actually going in and doing those numbers and keeping track of that.

20:38 Emily: I think this process that you’ve gone through is so relatable. Absolutely. You don’t know how much you’re going to be spending on all these little variable expenses that aren’t like a contract that you’re entering into.

20:48 Georga-Kay: Yes, <laugh>.

Financial Discussions with Other Grad Students

20:49 Emily: When you first get to a new city and you have a new lifestyle different than the one you had before. So it definitely makes sense to just kind of work it as you go. And really, I’m actually very impressed you’re talking about having financial anxiety around this just six months ago and six months later you’re coming on a financial podcast? Like that’s a lot of progress in a short period of time. So I’m very impressed. How did you start having these conversations with other graduate students? Like, did you just come out and say, what’d you spend on groceries last month? Or like, what was it?

21:15 Georga-Kay: No <laugh>, no it wasn’t like that. I feel like I just started getting closer to the people in my program, but also just to people that I’ve met through school. And I like to think I’m a pretty forthcoming person. So if like we’re talking and everyone’s like, how’s your week been? And it’s like, you know, if there’s something on my mind, especially now that I feel like I have a close relationship with some of the people in my program I’ll mention like, “Oh my god, like I feel like I’m overspending on groceries,” which is literally something I did. I was like, I feel like I’m overspending on groceries, but I don’t know. And then all of a sudden everyone starts chiming in, like, oh, I think I spend this much. And then we all start comparing. We’re like, oh. And so I sort of like, I guess instigated the conversation, but now I feel like there’s so much more financial transparency between us all, like within my history cohort and we’ll share things now where it’s like, okay, do you guys think this is a reasonable amount to spend for this or something? And yeah, so I just feel like luckily I’ve always been open to sharing and I feel like sharing invites other people to share.

22:09 Emily: Absolutely. What you did there was like, you were a little bit vulnerable, you said, oh I have a little weakness or like something I’m unsure about, can you help me?

22:19 Georga-Kay: Yes.

22:19 Emily: And you like invited that feedback. And that allows the other person to like be the expert for a second, because they’re the expert in their own budget, right?

22:25 Georga-Kay: Yeah.

22:25 Emily: So like then they can help you and everybody feels good about it and like, oh man, that’s a wonderful like sort of pattern that you have established. I think that’s going to help you so much throughout your time in graduate school. I remember for example, not necessarily about groceries, but like just asking other people how much they spend in rent. Like, oh I really like your place. Like do you mind me asking because this is what I spend and like how much do you have? And that was a way that I found like a really great deal on housing. My friend was like, you wouldn’t believe it. I only pay such and such for this great place. You know? And so just having that, those open conversations, I feel like it’s easier among people who are all paid the same <laugh>, which I suspect probably everyone in your cohort is more or less like being paid the same, at least at the moment, right?

23:05 Georga-Kay: Yeah, we’re all paid the same. I do have an additional fellowship just a little bit, but yeah, we’re relatively all on like similar pay scale. And I also with the rent thing, like that was also a thing that we talked about was like, okay, well this is how much I pay for rent. This is how much we all pay for rent. And having those conversations, like especially for someone I think because I’m first-gen and I’m also like the youngest in my program that I’m like the baby and I’m like, I want to ask because like you guys have had a few more years of like, people have been in master’s programs, so I know like I feel like accepting that like I’m still figuring it out and not having any sort of pride about it of being like, oh I’m not going to share because you know, maybe someone will judge me. Just being like, hey, like you know, I’m figuring out and you’ve had some experience like what is your take on this? As you said, like they’re the expert in their budget and so people like to help in that way.

Commercial

23:55 Emily: Emily here for a brief interlude! You’ve heard me mention several times during this interview how Georga-Kay perfectly lived out the principles and strategies I teach in my year-long asynchronous workshop, Set Yourself Up for Financial Success in Graduate School. If you would like to take a deep dive with me into financial tutorials designed for prospective and rising graduate students, please check out PFforPhDs.com/setyourselfup/. The workshop modules that relate to the topics in this interview are:

  • Stipends vs. Cost of Living
  • Decipher and Compare Offer Letters
  • Right-Size Your Necessary Expenses
  • Prepare for Your Start-Up Expenses

To learn more about these modules and the structure of the workshop, visit PFforPhDs.com/setyourselfup/. I hope to see you inside the workshop and to help you set yourself up for financial success in graduate school the way Georga-Kay has! Now back to the interview.

Tracking and Budgeting

24:53 Emily: Okay, so you’re on the ground, you’re figuring things out, you’re using your cohort to kind of bounce ideas off of. I love that. Tell me about your actual practice of budging. Because you said at first you didn’t want to look at the numbers, but does that mean that you were actually tracking? Like there were numbers there that you were avoiding looking at? Like practically, what was happening with those numbers?

25:14 Georga-Kay: Yeah, so once I moved, I sort of had a little nest egg to move because I knew that I would need that money. Luckily, we did get a transitional amount. We got $2,200 so I knew I was going to get that as well. So I had like a number in my head, okay, this is how much I’ll need to move. And once I paid for my moving costs, there’s a lot of things I didn’t think about. So like how much furniture costs, buying a trashcan, buying a trashcan is so expensive. Like all of these little things I’ve never paid for before. And I quickly went over budget and had to put some of those things on a card. And that was the first time I’ve ever done that, which is like put expenses that I couldn’t afford on a card, and that gave me a lot of financial anxiety as well.

25:52 Georga-Kay: And so once I did that I was like, I don’t want to look at this, I don’t want to know how much I have to spend because some of this stuff was like necessary expenses and I knew that once I started getting like regular stipends I could like then start thinking about it more critically. But in the first like month or two I was just like, I knew I was spending and I knew I wasn’t overspending, but I was definitely spending very close to like the borders of my budget I guess. My budget being the amount that I know that I make per month, that’s sort of like what I had in my head is like this is how much you make, this is how much you have to spend on your actual, like as you said, like the things I have to spend like contractually.

26:30 Georga-Kay: But everything else I was like okay, I’m going to spend and hope I don’t go over. And so I wasn’t looking at it. I wasn’t looking at it. I was just spending and not looking. And then after I would say about October, I downloaded Rocket Money, which is this app, I don’t know if you’ve ever heard of it, but it’s just like, it’s sort of like a Mint. If anyone’s familiar with Mint and they do like roundups, essentially. They tell you this is how much you spent on restaurants, this is how much you spent on Ubers this month and whatever. And so that was my first step into like, okay, what am I actually spending per category here? And then I saw the numbers, I was like, oh God, you know? And once I saw those numbers and I didn’t have to do a lot for it, I feel like that also is like something I would recommend if you’re scared about it and you don’t want to actually sit down, like go line by line, having some sort of like app that does it for you. It’s just like all I had to do was open, put my bank account in, open it and then just be like, okay, what is here? And so I looked at it and I was like, this is how much I’m spending per category. And then I started to think about changes that I might want to make in the future.

Frugal Measures

27:30 Emily: Yeah. Can you give some examples of what those changes were having realized that you were, your spending was a little bit too high? Like what were some, I would probably call it frugality, but what were some frugal like measures you started taking?

27:42 Georga-Kay: Yeah, so the spending that I saw was like mainly Amazon, which is <laugh>. I feel like people can relate to that. I was overspending on Amazon because I was constantly being like, oh I need to get this for my apartment because I had just moved and I realized, oh I don’t have like you know, I really want a toaster or something like that. Things that I didn’t need in the moment. And so I was like spending this much on Amazon, but I was doing it like in singular expenses, so I was never tracking how much I was actually spending and I wasn’t thinking about the cash flow of like, maybe I should wait a week or two until I get my next stipend to pay for this as opposed to like buying everything at once. And so I was just like not paying attention to it.

28:20 Georga-Kay: So once I saw it I was like, oh, I’m spending like $500 on Amazon, that’s like so much money. And then I was like, okay, I need to plan out what are the essential things that I need right now for my apartment since I just moved. Everything else will have to wait. And then also I looked at groceries, which I’ve mentioned a few times before and I was like, oh, I’m spending this much on groceries. I was spending like over $350 on groceries and I’m a single person and I wasn’t even eating that much. And I was like, that seems like a lot of money to me. And so I asked people and people were like, oh, like I actually spend like $300 or a little bit less than that on groceries. And then I realized it was because I was shopping at the more expensive grocery store. And I didn’t know, because I didn’t like shop around. I was like, this is the closest grocery store to me, so that’s what I’m going to go to. But literally if I just went in a like one that’s like a little bit further away, I found cheaper groceries and so I was able to get the same amount of groceries for a little bit less. And so yeah, those were the things that I realized once I looked at the numbers.

29:13 Emily: This is so relatable to me personally. And also I think the audience generally just, yeah, it’s a transitional time when you’re starting grad school and you don’t know the place to shop yet. And you do need, well need is a relative word. You want to have some things for your new place. And so it sounds like it was a combination of like finding some more frugal tactics to apply, and then also just really the proactive aspect of budgeting. You know, you were doing the reactive, the retrospective aspect, which is like looking at where your money had gone. And then you started adding in the, okay, well I only have, you know, available this amount of money for you know, discretionary Amazon purchases so I’ve got to keep it to that limit and anything else will have to wait for the next pay cycle and you know, we refill the coffers. Is there anything else that you’d like to add about that practice of budgeting?

30:02 Georga-Kay: I would say once I started doing like the automated where it was like the app was tracking it for me, then I actually sat down and like made an actual budget. Like I was like okay, this is how much, not like what the thing is telling me that I should spend based on my previous expenses, but based on my goals, like my savings goals, how much should I reasonably spend? And then that actually made me cut back a little bit more because I was like, oh, if I want to save up an emergency fund, then I can’t be spending this much on you know, eating out or something.

Resources for Budgeting

30:31 Emily: Yeah, I want to get back to those financial goals in just a minute, but before we do, so you said that you had some resources that you’d like to share about, you know, how you’ve learned about budgeting, how you’re practicing budgeting. You mentioned, I’m going to say Rocket Mortgage, that’s like the ads that I hear for them, but Rocket Money, is that the name of the budgeting app?

30:49 Georga-Kay: Yes, Rocket Money is the one that I started with. I’ve actually, in college I tried to use Mint because everyone was like, oh, Mint is a great app and I think it is a great app, but I quickly realized the interface just wasn’t like super user-friendly to me it was just, it was a little bit clunky. So I stopped using that and mainly also because I was just scared to budget at that point as well. It’s taken me a while to get into proactively looking at my money. And so Rocket Money has helped me to do that because it’s been like a really simple interface and once I put in my stuff it just sort of gave me all the numbers that I wanted to look at. And I would say also a lot of personal finance podcasts, which obviously this one I listened to, which I think is really, really helpful because there are just some things as an academic that like other podcasts will be like, oh you need to focus on, you know, negotiating for a raise or things like that.

31:37 Georga-Kay: And it’s like, okay, that’s not super practical to the life I’m going to be living for the next few years. But in terms of podcasts, I love The Financial Confessions. I feel like it talks a lot about like the social life of money, like money with friends and money and relationships, which I think helps a lot. I also like the Her First $100K podcast, which is like, I feel like that’s a pretty popular one, but it’s like Women in Money and thinking about how we perceive money, which is a lot of these podcasts are actually thinking about like how we think about money, how we use money on a daily basis. And then books. I love books I feel like as academics, like of course like my first sort of introduction to finance was through books. So I Will Teach You To Be Rich, which is a very popular one.

32:19 Georga-Kay: But also Jen Sincero’s, How to Be a Badass With Money [You Are a Badass at Making Money]. I think that’s the title of the book.

32:26 Emily: Yeah, I’ve read that as well.

32:27 Georga-Kay: That one really, yeah, that one is really good. I know people have mixed opinions on it, but the reason why I personally enjoyed it is because it’s sort of like allowed me to think about the ways that I talk about money to myself in ways that I didn’t really think about before. Because as I mentioned a lot that I’ve had anxieties around money and so I would just sort of be like, oh, like in college, like I’m so broke or I’m so this and like a lot of negative money talk and I’ve stopped doing that and I think having done that for a few years now and sort of reframed the way that I think about myself and my relationship with money has allowed me to make these like larger steps towards being like more financially competent.

33:02 Emily: Yeah, I noticed in those books that you listed, there are a lot of money psychology, like aspects there. It’s not, and that’s the hard part, right? Like the hard part is not necessarily the math <laugh>, like it’s not like the addition, subtraction, multiplication. It’s not the facts of like, okay, do I have access to an IRA or not? I mean I talk about that because it’s a little wonky, but like once you know, you know. The psychology part of it is the one that you need to work on over a time and it’s like you’re never really done with it <laugh>. You’re always evolving to like a new level with it. So, I like that you mentioned those like for that reason specifically. Yeah, any other resources that you’d like to add to your list?

33:41 Georga-Kay: I would say, I don’t know if this really counts as a resource, but what I mentioned previously, which is talk to graduate students. Like talk to graduate students, preferably graduate students are in a similar department to you or in a similar field to you because then you can get like ideas about, you know, the decisions that you can make that might help you in the future. Like just like daily living expenses. As you said, like maybe talking to them about apartments you might find a great deal or something. So I found that actually some of the best like resources have been like the other students in my department and students at Brown.

34:14 Emily: What I love about that suggestion is just that you’re going to get the most relevant information from the other people who are living that similar life to you. Like for me, like I work on a national level, so I do not get to be an expert in every single different state in every single different city. And so, sometimes when I go to speak at certain universities, I ask the people who are living it, like for their suggestions, like I can say some things that work generally, but like they’re going to know like the exact, like you mentioned earlier, the right grocery store to go to for like this specific thing. Like oh this farmer’s market is really wonderful for blah blah blah, whatever. Or like, oh, have you heard about this city-specific subsidized resource? Things like that. Like that is not what you’re going to get from from books and and national podcasts and so forth.

34:57 Emily: It’s really, you have to get it from the people who are living through it with you. So it’s an amazing resource. I’m so glad that you’ve been tapping into it. I hope people listening to this episode will follow that model as well.

Financial Goals

35:08 Emily: Okay, so I want to turn now to talking about the future. We’ve talked about how diligent and thorough you’ve been with like investigating your finances and becoming more comfortable with them in the past. But now I’m wondering like have you set some financial goals for the rest of your time in graduate school?

35:26 Georga-Kay: Yeah, so my biggest goal is to save three to six months of expenses so that I can have just like a little cushion if I need to so that I don’t end up incurring more debt in the future. I would love to be able to, you know, occasionally be able to go back home, go to Jamaica, go visit extended family or even having a pet. Like I am scared that if something happens and I need to cover like a really big vet bill, I don’t want to have to put that on a card. So my immediate immediate goal is to save three to six months of living expenses. And then my second goal is really a way to like manage my financial anxiety, which is just to automate a lot of the big picture stuff that I know that I want. So, automatically like saving 20% of my income.

36:09 Georga-Kay: And then also once I’ve done that, moving on to automating retirement and investment. So, that’s something I see as more like a building sort of building block sort of goal where I’ll be working on that for the next year or two of just slightly changing things within my account so that the money goes where I need it to go. My third goal is to increase my income, which is not something I hear a lot of graduate students talk about and I get why. But I really do feel like especially for me, I want to be able to help with family stuff and just feel more secure. And so I feel like the best way to do that is to increase my income. And the way that I sort of see myself doing that is through additional teaching responsibilities. So, I can teach in the summers and I can also do like proctorships that pay a little bit more and those will pay up to like $10,000 more per year. So, that’s just a small way that I can increase my income so that I can have a little bit more flexibility.

37:01 Emily: So, with your first two goals of building up that emergency fund and then you know, starting to invest and starting to save for like other types of goals as well, you mentioned a 20% figure. So, I’m wondering are you currently saving 20% and is that going towards your emergency fund? Or is 20% something you’re like working up to over time?

37:22 Georga-Kay: Yeah so I’m currently saving 20%. I have my account set up where once I get my stipend, it automatically takes off that 20%. I am not going to lie, I’ve had to dip into it a couple times. Mainly for my dog. She’s had some stomach issues and so I just had to pay a huge vet bill. But I will continue to save that as much as I can and do that 20% minimum. And in the future, I would actually like it to be more, but for now I feel like 20% is a good amount to save.

37:52 Emily: Definitely don’t feel any guilt about spending on emergencies. I mean that’s what it is when you have like a medical situation, whether it’s yourself, your family member, your pet, if it has to be done, it has to be done. That’s what, I mean you’re saving the emergency fund, that’s what the emergency fund is for, so you’re saving it and yeah, you spend down but you still have the 20% savings rate and it’ll, you know, not every month is going to have, you know, one where you have a big expense like that. So, that’s awesome. That’s an amazing savings rate for a graduate student. So, just congratulations to you and I’m really excited for, you know, when the emergency fund is filled and when the other, you know, cash savings goals are filled and you get to turn to investing, it’s going to be so exciting.

38:25 Emily: And I love this idea of, you know, of course increasing income as a graduate student but also that you’ve thought through what your options are. And sometimes like it seems like you identified in your case there are opportunities even at your university that you can sort of easily pivot to and just add on to the responsibilities that you know you’ll have in the moment that’ll allow for that additional income. And I like that because you know, side hustling is sometimes frowned upon, sometimes disallowed, but when it’s an opportunity that comes through your university, it’s like oh you’ve kind of already like been approved for this because it’s something they offer to you, you know? So it doesn’t have to be like hidden or you know, anything like that.

39:00 Georga-Kay: Yeah, and that’s something I thought about. I’m very much a work smarter not harder person. And so I was like I keep my, now we’ve gotten like emails about like, oh if you want to teach in the summer, I’m actually going to be teaching this summer. And that’s an additional $4,000. So I was like, actually this is great. Like if I teach every summer or if I try to, then I can make a couple thousand dollars and then if I take on like an extra TA assignment, I can make another couple thousand dollars and that’s like money that I can put towards savings because right now I feel like pretty good in my base living expenses that I don’t need to like, you know, upgrade apartments or anything like that. So, it’s like all that money can go towards my larger goals.

39:39 Emily: Yeah, and you’ve just identified another great strategy there, which is base your, you know, your typical budget, your contractual living expenses, your necessary expenses around the minimum amount of money you can expect to be taking in the course of the year so that you know, anything you’ve taken above that could be used for savings, or also other discretionary purchases. Like you mentioned, you know, going like back home to Jamaica, and so like that maybe you could do an extra trip, you know, and still have money to put like into savings as well. So, I love that balance and it’s a great strategy for pretty much any stage of life, not just graduate school.

Best Financial Advice for a Fellow Early-Career PhD

40:09 Emily: Well, Georga-Kay, this has been such an amazing interview. I’m definitely going to be pointing to it for all the prospective graduate students as a model for how to handle this. And even especially, you know, even like your self-awareness around the money anxiety and so forth and how you, you know, faced it and like trying to work through it and everything. Again, super relatable I think to so many people. So, I’d like to finish up here with the final question that I ask all of my guests, which is, what is your best piece of financial advice for a fellow early-career PhD? And that could be something that we’ve already touched on in the interview or it could be something completely new.

40:41 Georga-Kay: Okay, so I have two, but I’ll make it quick. I would say the first one is one that I’ve mentioned a few times, which is that you should talk to the people around you. Like I would say not even just graduate students but also if there are any postdocs in your department or even early-career faculty. I have just like had such great conversations, and it might be hard at first to sort of like bring things up, but I feel like you don’t even have to ask about specific numbers, but just how people make it work in graduate school because there’s so much like financial literacy that we don’t have as graduate students because it isn’t prioritized. And so the best way to sort of break that barrier is to talk to other people who are in similar situations. And that’s how it’s helped me to approach a lot of the things that I do now in how I think about creating a budget or how I think about my lifestyle.

41:28 Georga-Kay: So, highly recommend just reaching out to your community and starting those conversations. It helps a lot. I would also say the second thing is to look at your money <laugh>. I think that’s harder than it seems especially for people who maybe struggle with being scared about what they’ll see, but it really, really helps because you don’t even have to make any changes. Like I just start looking at it and like being cognizant of like, okay, this is how much I’m spending. And I feel like that automatically leads to you making some slightly different decisions.

41:59 Emily: I agree. Totally, totally agree. It could just be you don’t even have to do, like you sort of went very quickly from the looking at the numbers to the starting to budget stage. But even staying at that, like I’m just looking, I’m not intentionally making any changes, but as you said, it kind of works in the background of your mind and you’ll automatically most likely start to make at least a couple of changes and you don’t have to be too like forceful with yourself about it, just having that awareness. So that is great advice. Thank you so much for sharing and Georga-Kay it’s been an absolute pleasure. I’m so glad that you volunteered to come on the podcast and you know, I hope you’ll come back in a couple of years for an update.

42:31 Georga-Kay: Thank you! I’ll be back anytime you want me <laugh>.

42:35 Emily: Okay, lovely. Thank you so much!

42:37 Georga-Kay: Thank you for having me!

Outtro

42:43 Emily: Listeners, thank you for joining me for this episode! I have a gift for you! You know that final question I ask of all my guests regarding their best financial advice? 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! The music is “Stages of Awakening” by Podington Bear from the Free Music Archive and is shared under CC by NC. Podcast editing by Lourdes Bobbio and show notes creation by Meryem Ok.

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