Most of the students, if not all, suffer from financial problems while doing a Ph.D. Not being from strong financial backgrounds, they are highly dependent on the fellowship amount. But this amount is meager and the needs are high. Above it, irregularities in fellowship disbursement substantiate the problem. The urge to attain financial stability as soon as possible prioritize quick financial stability over anything else. Also, the worries of the future after the termination of fellowship tenure may be dominating.
At such times, it is essential to keep yourself balanced and not to get yourself deviated from the major goal, your Ph.D. One must acknowledge the fact that a good thing always requires your time and energy. If you want to raise a side business along with your Ph.D., you may or may not be at fault. Because Ph.D. is a full-time investment and requires your full attention. But the reasons may be compelling and the nature of your business may complement your Ph.D. learning. So, it may be a good idea to get started with something early during Ph.D. years one step at a time. Here are a few tips to get yourself prepared:
1. Add Value to yourself
Develop some knowledge or skills that justify someone paying you a good amount of money. Adding value to yourself is the only way to build a strong foundation.
2. Tax Yourself
A different way of looking at your savings is to view them as taxes. Once you pay your taxes you never get the whole amount back. Treat your savings in the same way.
3. Plan and follow
Most of the rich people became rich through meticulous planning and discipline like budgets and timelines.
4. Invest frequently
You can invest in the share market. Also, many other investment options are available that can land you in a better financial situation. Talk to experts or friends who are experienced in investment before making a decision.
5. Cultivate Patience
Another important personality trait to being successful and rich is patience. Nothing big is accomplished overnight, and you can not get rich in a matter of days. All the efforts you put towards accumulating wealth could take months or even years to pay off.
6. Educate Yourself
Educate yourself, not only in the field that you have chosen but also in the ways of the world. Staying and educating yourself about current trends and events is essential.
7. Calculate your risks
There is no money made without a risk taken. Whether it’s about starting a business or investing in stocks, making money requires some risk. It is important to develop unbiased thoughts and evaluate multiple possible outcomes before you decide that investment is worth it. To earn, you should take risks but it should be calculated.
8. Give back
It is important to give back to the community. This leads back to the first point about adding value to the world around you. If you earn some money, use a part of it to a cause you believe in. This way, you are adding value to the world after added value to yourself.
Being rich means different to every individual, some are happy with a decent size home and a moderate job while some are not. Thus it varies from person to person. Each decision will gradually lead to you the ultimate goal. These decisions will lead you to achieve the level of wealth you want. Before you get started though, make sure to sort out your current finances so your bank account is ready to expand.