Your Side Hustle Really Is a Business and Other Tax Insights with Hannah Cole of Sunlight Tax
Release Date: 09/23/2024
How to Live on Time to Maintain Margin in Your Financial Life
Personal Finance for PhDs
In this episode, Emily explains how to live on time with your finances. Living on time means maintaining financial margin in your life to be able to absorb unexpected occurrences in your income or spending. When you’re behind in your finances, your income is going out the door right after you receive it, you have balances on your credit cards that you can’t pay off until your next paycheck comes, and/or you are unprepared for the next manual tax payment that is required of you. This may be true even if you’re not experiencing financial consequences such as interest payments on debt. The...
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How to Reduce Financial Anxiety as a Limited-Income PhD
Personal Finance for PhDs
In this episode, Emily presents five suggestions for reducing financial anxiety that you could use alongside your general anxiety management strategies. These five suggestions are designed to be used by graduate students, postdocs, and PhDs who are in objectively stressful financial situations. They include choosing just one financial goal, taking a small step, creating a recurring appointment, thinking through the worst case scenario, and talking with others.
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How This DDS/PhD Student Purchased a Condo in San Francisco
Personal Finance for PhDs
In this episode, Emily interviews Hannah Takasuka, a 3rd-year PhD/DDS student at the University of California, San Francisco. Hannah is in the process of purchasing a condo in San Francisco as part of a governmental program to provide affordable housing. Hannah overcame multiple hurdles in the journey to home ownership, including being rejected by mortgage lenders over her fellowship income. Several puzzle pieces have to come together for any graduate student to purchase a home, and Hannah shares all the numbers and details for how it happened for her.
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Business Class Flights and Hotel Elite Status on a Grad Student Stipend
Personal Finance for PhDs
In this episode, Emily interviews Brendan Henrique, a fourth-year PhD student in education at the University of California, Berkeley. Brendan leverages his conference and research travel plus personal spending into free luxury travel by amassing credit card points and elite status at hotel chains. He breaks down how he pursues the points and miles hobby even while living on a grad student stipend and how it's motivated him to work hard so he can play hard. Brendan's travel habits might seem out of sync with his income or 'student' status, but it's achievable for many grad students who are free...
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Are PhDs in a Financial Emergency?
Personal Finance for PhDs
In this episode, Emily shares her thoughts on whether PhDs are in a financial emergency. It’s possible that you are facing a financial emergency because you’ve been laid off or your grants have been terminated or interrupted or there’s some risk of that happening in the future. In this episode, Emily explores 1) what she learned from attending the National Postdoctoral Association’s Annual Conference in March, 2) what steps she recommends that you take in your personal finances and your career if you are in a financial emergency, and 3) what she's giving away this spring to help you in...
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Stipend Data and Strikes on the Path to a Grad Student Union
Personal Finance for PhDs
In this episode, Emily interviews Garrett Dunne, a 5th-year PhD candidate in the College of Fisheries and Ocean Sciences at the University of Alaska Fairbanks. Realizing that they were being dramatically underpaid, Garrett and his peers used the data from PhD Stipends to advocate for a significant stipend increase in their department. Subsequently, they joined up with grad students in other schools within the University of Alaska system to unionize and bargain for better pay and health insurance. Garrett's account of their relatively quick process includes several concrete tips for graduate...
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How and Why to Become an Entrepreneurial Scholar
Personal Finance for PhDs
In this episode, Emily interviews Dr. Ilana Horwitz, a professor at Tulane University and the author of the newly released book, The Entrepreneurial Scholar: A New Mindset for Success in Academia and Beyond. Ilana explains how a grad student or academic can be an entrepreneurial scholar and why it is so beneficial in an environment of uncertainty and limited resources. Ilana and Emily discuss the necessity for grad students to become the CEOs of their own educations and careers. Finally, they explore in more detail ideas from the chapter on how to leverage resources, both human and monetary.
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How Academics Can Apply Self-Compassion to Their Money and Time
Personal Finance for PhDs
In this episode, Emily interviews Dr. Danielle De La Mare, a career wellness coach and facilitator and the person behind Self-Compassionate Professor. Danielle recounts how she reached a crisis point in her career and personal life that led her to quit her tenured professorship. This crisis included a financial component due to her avoidant money mindset. Danielle describes how she is healing in the area of finances, especially in relationship with her husband, using self-compassionate practices. Danielle and Emily draw parallels between time management and money management to keep both in...
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Financial Hacks Unique to Graduate Students
Personal Finance for PhDs
In this episode, Emily interviews Kyle Smith, a sixth-year graduate student at Penn State, about the financial strategies and hacks he's used during grad school to increase his income and optimize how he spends and manages his money. In addition to side hustles and credit card and banking bonuses, they discuss how graduate students can benefit from using 529s and 457(b)s in a unique way. Kyle's message is that finding ways to spend a few percentage points less on much or all of your expenses really adds up over time to confer financial security in the present and increase wealth in the long...
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Financial Questions from an International Graduate Student
Personal Finance for PhDs
In this episode, Emily interviews Gauri Patel, a first-year grad student in biomedical engineering at the University of Texas at Austin. Gauri is on an F-1 visa, but she has lived in the US for over 10 years. The financial questions Gauri has encountered are different from those typically asked by both US citizens and new international students. Gauri and Emily discuss bank accounts, retirement accounts, tax reporting, and the cost of immigrating to the US.
info_outlineIn 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.