Hi, I'm relatively new to the ERE blog but definitely a fan. Currently I live in California and I'm working on my PhD, my vegetable garden, and a few other random ongoing projects. In terms of ERE goals, I've always been pretty frugal and was lucky/smart enough to finish my undergrad with a really small debt, so I got that paid off ASAP and have been working on building up savings ever since. I've also always been very into sustainability, making do with less, and DIY fixes, so that aspect of the ERE blog really appeals to me! Currently, I don't know if I will be able to pull off "retiring" in my thirties but I love that this blog presents a big goal to strive for.
Jumping on the introductions bandwagon
Welcome Catherine.
I always used to think that getting a PhD was a terrible economic setback. But looking at how many people on this board have them (or are in the process of getting one) I'm now convinced that maybe it wasn't so bad. Whether you want to or not, it at least forces you to live frugally and learn how to enjoy life on a very small budget.
I always used to think that getting a PhD was a terrible economic setback. But looking at how many people on this board have them (or are in the process of getting one) I'm now convinced that maybe it wasn't so bad. Whether you want to or not, it at least forces you to live frugally and learn how to enjoy life on a very small budget.
My PhD will be in ecology. I would say the economic value of this kind of degree is...debatable. On the plus side, it's better than a PhD in, say, philosophy, since the course of study itself has been fully funded and I will likely be able to find a job that pays more than an adjunct professorship or something like that. That said, I have friends who stopped with their master's degrees who are earning about the same amount of money now as I likely will when I finish. Clearly, there has been some opportunity cost there.
That said, committing to a PhD does also involve committing to 5 (or more) years of relatively frugal living, so it's good prep for an ERE lifestyle in that way. Another perk is that there is less pressure to get engage in high levels of consumer consumption--it's okay not to drive or to drive a really old car, to shop at the thrift store, to eat a lot of beans and rice, and to host potluck suppers instead of going out to dinner because hey, we're all poor in grad school! Of course, some people offset that with the mindset that they are going to earn a lot once they graduate, so total freedom from consumer pressures is still hard to come by.
Also, while you do have to sometimes put in long days, I've also found that compared to a regular 9-5 job (which I have also worked) I do have a lot of freedom in terms of when/how much I work, so I've also been able to spend a fair amount of time developing useful hobbies or doing things for myself that others might just pay for. For example, I have gotten very good at mending my own clothes, doing basic home repairs, cooking food from scratch, coming up with alternative solutions to a problem that might normally require money to fix, etc. In some ways that is worth the trade off of reduced income. While I would have earned more money by leaving school a few years ago, I am not sure that I would have taken the time to learn as many frugal habits, so I might be in essentially the same financial situation as I am now.
That said, committing to a PhD does also involve committing to 5 (or more) years of relatively frugal living, so it's good prep for an ERE lifestyle in that way. Another perk is that there is less pressure to get engage in high levels of consumer consumption--it's okay not to drive or to drive a really old car, to shop at the thrift store, to eat a lot of beans and rice, and to host potluck suppers instead of going out to dinner because hey, we're all poor in grad school! Of course, some people offset that with the mindset that they are going to earn a lot once they graduate, so total freedom from consumer pressures is still hard to come by.
Also, while you do have to sometimes put in long days, I've also found that compared to a regular 9-5 job (which I have also worked) I do have a lot of freedom in terms of when/how much I work, so I've also been able to spend a fair amount of time developing useful hobbies or doing things for myself that others might just pay for. For example, I have gotten very good at mending my own clothes, doing basic home repairs, cooking food from scratch, coming up with alternative solutions to a problem that might normally require money to fix, etc. In some ways that is worth the trade off of reduced income. While I would have earned more money by leaving school a few years ago, I am not sure that I would have taken the time to learn as many frugal habits, so I might be in essentially the same financial situation as I am now.
Hi Catherine,
I'm still enrolled in a PhD program even though I have not taken any classes in 6 months. I got my masters before enrolling as a PhD, but I am starting to find academia tedious and the culture self-obsessed. And yes, though for the most part you get to work "when you want to", that usually means "whenever you can" if you want to get ahead. All to impress your advisor and his four colleagues.
I got a 9-5 job to earn some money and get my bearings, but so far it hasn't given me any direction. Strangely, I am becoming more frugal now than I was as poor graduate instructor.
How did you like the 9-5? Did it pay well? Was it in your field? Why'd you leave it for academia?
I'm still enrolled in a PhD program even though I have not taken any classes in 6 months. I got my masters before enrolling as a PhD, but I am starting to find academia tedious and the culture self-obsessed. And yes, though for the most part you get to work "when you want to", that usually means "whenever you can" if you want to get ahead. All to impress your advisor and his four colleagues.
I got a 9-5 job to earn some money and get my bearings, but so far it hasn't given me any direction. Strangely, I am becoming more frugal now than I was as poor graduate instructor.
How did you like the 9-5? Did it pay well? Was it in your field? Why'd you leave it for academia?