Personal Finance for PhDs

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

In this episode, Emily interviews Maggie Canady, a rising second-year grad student at the University of California at Irvine, on her budget breakdown. Maggie gives us a peek into her life via her top five expenses each month, which are rent, car insurance, groceries, utilities, and travel. Despite taking a pay cut when she started grad school, Maggie maintains close to a 50% savings rate on her stipend. Maggie and Emily end their conversation by discussing how Maggie can get started with passive investing.

In this episode, Emily interviews Dr. Scott Grissom, a full professor of computer science at Grand Valley State University and Certified Financial Planner with Socrates Financial Planning. Scott and Emily talk through the health insurance and retirement benefits options that may be available to PhDs in their first post-PhD jobs. Scott explains the tax benefits of investing via an HSA and/or a 401(k) or 403(b) and the factors that affect the choice of a Roth or traditional option. He also helps the listener overcome potential analysis paralysis by detailing the benefits of a target date retirement account.

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

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.

In this episode, Emily interviews Dr. Carolina Mendoza Cavazos, who holds a PhD in microbiology from the University of Wisconsin-Madison and currently works in industry. Carolina has long been interested in and open about personal finances, and she focused her DEI efforts while in graduate school around finances, including starting a money club and creating clear communications regarding pay and benefits. Carolina shares her insights into the kinds of financial issues graduate students face and how universities should back up their recruitment of diverse candidates with sufficient financial support and communication. Finally, Carolina and Emily discuss the financial goals and lifestyle upgrades Carolina has enjoyed since starting her job in industry.

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

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

In this episode, Emily interview Dr. Corwin Olson, who completed his PhD in aerospace engineering and achieved financial independence (FI) just a handful of years later. Corwin argues that using a traditional IRA is typically advantageous over a Roth IRA, even for a grad student, if they have aspirations to retire early in the 0% marginal income tax bracket. Corwin and Emily walk step-by-step through his family's finances and his money mindset from the time he finished his master's in 2009 with a "$0 net worth" to when they reached FI in 2021. Corwin tried out unemployment during the pandemic, but ultimately returned to work a part-time schedule because he still wanted to use his engineering skills professionally. Corwin's story highlights how a PhD can achieve a highly satisfying job and work-life balance through a combination of financial freedom and career capital.

In this episode, Emily interviews Fern Wolburg Martinez, a 4th-year PhD student in Industrial/Organizational Psychology at Portland State University. Fern shares the pros and cons of the various income sources she's used for her graduate work: a teaching assistantship, a fellowship, student loans, side jobs, and social safety net programs. When Fern was offered a fellowship, she realized she would no longer be eligible to take out student loans and had to decline it. Fern subsequently worked on her spending and budgeting to put herself in a position to accept the fellowship and increase her income later on. Finally, Fern and Emily discuss how you can employ a researcher's skills and mindset in the personal finance arena.