This Graduate Student Launched a Passion Business Based on His Research

Personal Finance for PhDs

In this episode, Emily interviews Dr. Nelson Zounlome, a recent PhD in counseling psychology from Indiana University and assistant professor at the University of Kentucky. Nelson started graduate school with a negative net worth, but over the six years of his PhD he increased his net worth to nearly six figures, including investments in both a Roth IRA and taxable brokerage account. Nelson practiced intentional frugality, particularly with respect to his large, fixed expenses and high-ticket purchases. However, what really moved the needle in Nelson's finances was increasing his income, both through winning an external fellowship and starting a business. Nelson and Emily discuss in detail how his business complements his research and became an asset during his recent hiring process.