Personal Finance for PhDs

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

In this episode, Emily interviews Elle Rathbun, a 5th-year PhD candidate at UCLA. This is a continuation of a conversation started in the last episode. Last year, Elle shifted her financial education efforts into an official position with the UCLA financial wellness office, through which she delivered presentations and provided one-on-one coaching. Having a 75% position with the university required her to adjust how she managed both her time and money. Elle and Emily conclude the interview by sharing ideas for how the listeners can start helping their peers at their own universities with respect to their finances.

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!

In this episode, Emily interviews Dr. Jill Hoffman, a former assistant professor who left academia to become a stay-at-home parent and part-time business owner supporting academic entrepreneurs (including Emily!). Jill recounts how she decided that academia was no longer the best place for her and how she and her husband planned out how to swap roles as the stay-at-home parent and move cross-country to be closer to family. One of the major themes of this episode is how to prepare financially and in your career for transitions. At the end of the interview, Jill gives not only her best financial advice but also her best advice for someone looking to leave academia and someone starting a side business.

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.