Personal Finance for PhDs

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.

In this episode, Emily interviews Jack Mao, the founder of Tax Fellows, a nonprofit organization that prepares pro bono tax returns for Stanford students. Tax Fellows primarily serves first-generation, low-income undergraduate and graduate students, and has a special focus on the tax implications of receiving scholarships and fellowships, such as the Kiddie Tax and estimated tax payments. Jack shares the advocacy approach he's taking to reform the Kiddie Tax at the federal level and lists ideas for how graduate students across the US can bring more attention and resources to resolve their tax pain points.

In this episode, Emily interviews Dr. Amanda, a prior podcast guest who is on the path to FIRE. Since our last interview, Amanda and her husband moved to the Twin Cities and had two children. Amanda recounts the exciting start to her FIRE journey when she was a postdoc and contrasts it with the boring middle of pursuing FIRE now with long-term jobs and a growing family. Amanda and Emily discuss the extra expenses that come with children—and those that don't have to—and how emergencies and other expensive projects mean that the progress made toward FIRE is different each and every year. Amanda and Emily conclude that pursuing FIRE really is more about the journey than the destination and all the benefits you experience along the way.

In this episode, Emily interviews Dr. Laura Portwood-Stacer, a developmental editor with Manuscript Works specializing in authors publishing with scholarly presses. Laura has personally published two books with university presses and has a third under contract and has worked with hundreds of other authors. Laura describes why a prospective author would choose a scholarly press over a household-name publisher or self-publishing. Laura and Emily systematically discuss how publishers earn money, how authors earn money (directly and indirectly) from their books, and the costs of publication. While publishing with a scholarly press is primarily a labor of love, Laura gives ranges and examples of how much an author might earn from royalties and an advance, if any, depending on the type of book they publish.

In this episode, Emily interviews Tram Pham, a 3rd-year PhD student in economics at Uppsala University in Sweden. Tram describes the financial aspect of her relationship with her boyfriend, Markus, from discussing money on their first date to how they structure their joint and separate accounts now that they live together. Even though Tram is the lower earner, she came into the relationship with savings and has guided Markus into starting to save for joint goals, such as emergencies, vacations, and gifts. She knows that her future in academia is likely to require flexibility, so she saves for the unknown. Tram and Markus have learned how to moderate one another's natural saver/spender tendencies so that they both plan for their finances and live in the moment.

In this episode, Emily interviews Dr. Ana Romero Morales, a counseling psychology PhD and a financial coach through Brewing Dinero. Ana specializes in undocumented people and mix-documentation families, having gone through undergrad and graduate school as an undocumented student herself. Emily and Ana deep-dive into how documentation status affects graduate school funding and the considerations prospective graduate students should have during application and admissions seasons. They also list underutilized resources available on campus to help all graduate students balance their budgets. Ana also cautions financial coaches and content creators about knowing the boundaries of their expertise and when clients and audiences should be referred for professional mental health counseling.

In this episode, Emily interviews Michael Dedmon, a PhD candidate in Political Science at Syracuse University and the Director of Research at the National Endowment for Financial Education. Michael's research focus is in political economy, particularly in how governments respond to economic crises like the Great Recession and the COVID-19 pandemic. Emily asks Michael to share his view of what is happening in academia today as both a graduate student and a person with relevant academic expertise. They discuss how the strong labor market, high inflation, the lack of affordable housing, and constrained state and federal budgets for education and research are putting so much financial pressure on individual graduate students. Michael also explores the avenues for advocacy that are available to graduate students, such as unionization.