Claim OwnershipPersonal Finance for PhDs
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As a PhD (in training), you face unique money challenges that stem from your low stipend/salary during your years of graduate school and postdoc training. Listen here for the hard-won financial wisdom of your fellow graduate students, postdocs, and PhDs with Real Jobs. From budgeting and frugality to investing and debt repayment, this podcast is your higher education in personal finance.
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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.
In this episode, Emily narrates the origin story of her business, Personal Finance for PhDs, which started as a personal interest when she graduated from college. She also shares why she has devoted her career to financial education for PhDs and the behind-the-scenes business operations. This episode is for you if you are an avid follower of Personal Finance for PhDs, a personal finance enthusiast, or interested in solopreneurship yourself.
Emily published the first episode of this podcast in July 2018. This is the 200th episode, and over the last five and a half years, the podcast has featured 252 unique voices in addition to Emily’s. This last episode of 2023 catches up with the guests from Seasons 1 through 11. The guests were invited to submit short audio updates on how their lives and careers have evolved since the time of their interview. They also included their best financial advice for an early-career PhD if their answer has changed since the initial interview.
In this episode, Emily interviews Dr. Laura Farrell-Wortman about her experience as a graduate student-parent at the University of Wisconsin-Madison. Laura started her PhD when her daughter was an infant, so she was very intentional about choosing a PhD program that offered strong health insurance and a childcare subsidy. However, with a $9k/year stipend as the only income for a family of three, Laura's family relied on the social safety net for a couple of years until both she and her husband increased their incomes. Laura shares the financial mindset she relied on to get through that tough period of time. Laura and Emily also discuss how the shifting political winds in Wisconsin in the early 2010s detrimentally affected the power of the grad student union at UW-Madison. Today, Laura works as a staff member at the University of Arizona Cancer Center and is making up for lost time in funding her retirement and her daughter's college education.
In this episode, Emily features contributions from the PhD community and from ChatGPT around the topic of frugal tips. Grad students in particular are typically open to exercising frugality to decrease their expenses. Emily talks through her framework on how to decide which area of spending to target first with frugality. She then demonstrates how to use ChatGPT to find as many frugal tips as you could ever want. The episode ends with the frugal tips submitted by grad students and PhDs, which are often more tailored and actionable than the generic ones you can find online.
In this episode, Emily interviews Alexandria Miller, and 5th-year PhD student in Africana Studies at Brown University. In 2021, Alexandria started a podcast, Strictly Facts: A Guide to Caribbean History and Culture, to further her vision for educational equity. Alexandria participated in a business incubator program at Brown and joined a Caribbean podcast network, and she's now considering how to transition to podcast into a business, perhaps in the ed tech space. Alexandria and Emily discuss how Alexandria manages her schedule as a grad student and podcaster and whether she is open about her side pursuit within her program.
In this episode, Emily interviews Dr. Ilana Horwitz, an assistant professor of Jewish Studies and Sociology at Tulane University. Ilana started her PhD at Stanford when her first child was nine months old, and she had a second child after her third year. Emily and Ilana discuss the frugal tactics and time management strategies that she employed while her children were young. They also discuss the income disparity and gender dynamics that came into play between Ilana and her husband during that period and when Ilana was on the academic job market. Finally, Ilana makes the case for having children as a grad student instead of as a faculty member. If you are a parent in academia, whether as a grad student or full-time employee, don't miss this episode!
In this episode, Emily interviews Dr. Jacqueline Nikpour, who holds a PhD in nursing from Duke University and is currently a postdoc at the University of Pennsylvania. Jackie side hustled with occasional nursing per diem jobs to supplement her stipend during grad school, but her side job also conferred unexpected benefits to her dissertation and career progression overall. Jackie details how she managed her schedule to fit in her research and writing, night shift job, and personal life. Jackie and Emily also discuss how finances are a barrier for many people to even pursue a PhD, how one-size-fits-all prohibitions against side hustling hurts the PhD workforce, and how Jackie advocates for the grad students she works with now.
In this episode, Emily interviews Madeline Hebert, a rising second-year PhD student in Human Development and Family Sciences at the University of Connecticut. Madeline's household has an irregular income; her assistantship stipend varies between the academic year and the summer and her husband is paid hourly throughout the year with a variable schedule. Madeline details her household budget, which accounts for their irregular income, irregular expenses, and financial goals. Their biggest financial goal at the moment is to provide for their new baby, due just a few weeks after this interview was recorded. Emily and Madeline discuss the Big Five expenses that new parents need to account for: health insurance, parental leave, childcare, baby stuff, and home/car. Madeline shares all she's learned about the benefits she receives at the federal, state, and university levels (she is part of a union), and how important it is to talk with your peers about their financial experiences.
In this episode, Emily shares the microinterviews she recorded at two higher education conferences this past summer. The conference attendees, virtually all of whom work at universities and most of whom have PhDs themselves, responded to this prompt: "What piece of financial advice are you glad you followed or do you wish you had followed as a grad student or postdoc?" Listen through the episode for excellent financial strategies that have stood the test of time for the interviewees.
In this episode, Emily shares the microinterviews she recorded at two higher education conferences this past summer. The conference attendees, virtually all of whom work at universities and most of whom have PhDs themselves, responded to this prompt: "What policy at your current university or one you worked at or attended in the past would you change to improve the financial lives of the PhD students and/or postdocs?" Listen through the episode for numerous ideas for policy change to advocate for at your university.
In this episode, Emily shares first-person stories of graduate students enjoying improved stipends and benefits thanks to prior negotiation. The first half of the episode includes the experiences of four graduate students with their unions or when taking part in unionization movements. The second half of the episode includes four individual negotiation stories from prospective graduate students.
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!
In this episode, Emily presents first-person stories from grad students who bought homes during grad school. The volunteers were simply asked to share their stories of home ownership, whatever they may be. You'll hear from three volunteers throughout this episode, both on how they purchased their homes but also what's happened since then, the benefits and the challenges. Perhaps you'll be inspired to pursue home ownership yourself sooner rather than later. The final person included in this episode is a mortgage originator specializing in early-career PhDs, who summarizes why graduate students and anyone paid by fellowship have a difficult time securing a mortgage and his system for framing them as qualified borrowers.
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