After you’ve cut back all the expenses you can (or are willing to), you may still need to make more money. Whether you’re looking to reduce debt, or just add things to your life that move you closer to your values (e.g., travel, wedding, fun activities), there comes a time when it may be helpful to switch mindsets from “what else can I cut?” to “how can I make more money?”
A friend confided that one of her patients is stalking her. In addition to knowing where she worked, he found out her home address and cell phone number. A restraining order is in effect, but that doesn’t help to reduce her fear.
This got me thinking, if I found out someone was stalking me, what would I do different? Why wait until after someone has already begun stalking me to make those changes? By that time, it might be too late. Continue reading My Friend Has A Stalker!
In the last post, I shared my family’s actual expenses for Q1 and Q2 of this year. For the current post, I compared some of my basic expenses from my first year of post-doc to my current expenses 8 years later. Within that time, our family grew from 3 people to 5, and we moved from a two-bed/one-bath apartment to a four-bed/two-bath house.
So how did I do at avoiding lifestyle inflation? Here are my numbers as a percent of take-home pay.
Internship was a Tough Year
I just moved to a new state for internship. My husband left his job to move with me. When we arrived I found out that I was pregnant (panic!). After 5 years of graduate school, would I be able to graduate? How would I pay the medical bills? We had no family nearby – who would help with the baby? Continue reading The Debt Shrink’s Story
Post-doc can be one of the most financially challenging times in your life. You’ll be making more money than in grad school, but not as much as a staff position. Student loan payments start six months after graduation and you will have a number of other expenses as you start your career.
An estimated 79% of psychologists have student loans from graduate school and 69% of early career psychologists were not taking part in a loan forgiveness or repayment program. With their current payment plans, it would take nearly half of them (46%) more than 17 years to pay off their loans (Doran et al., 2016).
A survey of grad students and early-career psychologists by Doran and colleagues (2016) found that 43.1% of respondents had undergraduate student loan debt and 78.7% accrued graduate school debt. Of the graduate students in the sample, their expected total (undergrad and grad school) median debt was $120,000.
In a survey of how much money psychologists make from the American Psychological Association of Graduate Students (APAGS) 2014 Debt Study ,the median salary from 2010-2014 was $65,000 for PhDs and $60,000 for PsyDs (excluding post-docs). Continue reading How Much Money do Psychologists Make?