Where we work on personal finance at ANY level, no judgement, just all the help!
I will send a monthly newsletter in which you get to see financial updates, news for the business, new promotions, occasionally I will also throw some pictures of my dog. Here is also a little secret: anybody that signs up for the newsletter, gets my toolkit for FREE! 🤫🛠. So let your friends know. I only send one email a month.
Whatever holiday you celebrate, I wish you a wonderful time with family and loved ones💙. While you have some time to reflect on how the year went, which I encourage, I also invite you to be kind to yourself.
Just as Spotify does with its wrapped day, I wanted to share with you how Finances with Carolina LLC did this year! 📈 If you want to spread the joy of financial literacy, I would love it if you could warmly introduce me to your professional development office, fellowship office, graduate coordinator, or best friend! Most of my business comes from recommendations, and yours would be the best holiday gift for my business 🙂 🎁
If you want to start working on your financial journey or support your students on theirs, feel free to book a coaching session or a seminar on behalf of your students!
I am grateful for each of you, my financial community💙. Thank you for letting me share my passion for financial literacy with you. It is an honor to be part of your financial education journey. If you have found my content helpful, I would really appreciate you sharing my business with those around you.
Gratitude helps us appreciate what we have instead of focusing on what we lack. It shifts our mindset from scarcity to abundance. When we are thankful, we feel happier, less stressed, and more satisfied. 😊 This applies to our financial health as well. I encourage you to start a gratitude journal. Write down 3-5 things you are grateful for each day. They can be simple pleasures – a warm cup of coffee, laugh with a friend, a sunny day. Over time, you may be amazed at how much you have to be grateful. 📝☕️🌞 Don’t forget to include financial wins like the third paycheck, friends that share their food, and working on your financial actionable items. As your financial literacy bestie, I am grateful to empower you on your money management journey. Wishing you a holiday season filled with reasons to be thankful 🦃. Financial literacy is a gift. I am grateful to share my knowledge with you and help you gain confidence in money management.
If you want some ideas on potential financial goals, here are my two favorite actionable items I give to every graduate student during one-on-one coaching
Open a high yield savings account. A great place for an emergency fund 🚨
Happy Halloween Month! As the season of candy and spooks arrives, I wanted to take a moment to discuss how fear can impact our financial lives. Fear is a natural reaction we all experience, but when it comes to money, fear is often rooted in something more macabre, 💀misinformation💀. We are barraged with myths, exaggerations, and downright lies about finances that can leave us frightened about our futures. Common financial fears fueled by misinformation include:
Lots of people do not want to discuss finances openly because we have been conditioned to think money is taboo or that you are bragging about how well you are doing. Be brave, talk money with your homies💸, you might learn/teach a thing or two, and ✨empower those around you✨.
This fear is due to major misinformation spread by the finance industry, which benefits economically from our fears. If you are worrying about losing money in the stock market, remember that investing is a long term objective and it has never been easier to access products that are cheap and available for all of us. Remember…👏INVESTING 👏IS 👏THE 👏ONLY 👏WAY 👏TO 👏CREATE 👏GENERATIONAL 👏WEALTH👏
This fear is very common among graduate students. HOWEVER, believing all debt is equal, is anxiety inducing. One of the most common goals from coaching clients is to deal with debt during graduate school. Here is a template to organize your current debts.
While scary, these fears are normal and common! The key is to confront them head-on, just like facing your fears when going to that haunted house as a tween that one Halloween. It is not as bad as we make it to be in our head, if we have the correct network/support. Here are some tips to get you started💪:
Finances with Carolina always prioritizes its clients to make informed and strategic financial goals! We see setbacks as learning experiences, not proof of myths. 🧠 Don’t let fear leave you frightened; let it fuel your financial bravery! You can either start your journey, you can do it the DIY way by using my toolkit📚 or signing up for coaching🗓️
Zuko in his hotdog costume
As the summer sun fades, there’s a palpable energy in the air. If you are a first year student, welcome to your graduate program! If you graduate this summer, congratulations on defending! I have always considered fall as a renewed sense of beginning, it’s a season that often inspires reflection and growth for me. I do fall-cleaning and evaluate what the are goals for the last third of the year in my household.
Below are some facts/reminders for this new fall semester. These are very nice to share with the first year’s in your labs, programs, communities, etc.
At Finances with Carolina, we work on personal finance at ANY level, no judgment, just all the help! Whether you are a new student or you are starting your first post-PhD job, check out coaching and encourage your institution to host a seminar.
I learned this from Dr. Emily Roberts’ podcast Personal Finance for PhDs in my first year. Her tax resources were extremely helpful and affordable for me, as a funded student for the entirety of my PhD. Do not get a surprise bill when filling your taxes in April 2024!
In 2019, fellowship and training grant income became eligible for Roth IRA contributions as it is taxable income (see point 2). Since this change is relatively recent, I want to make sure every student knows that this is an option for them, regardless of their income type. I have my Roth IRA account with Vanguard.
Whether you are paid monthly, biweekly or once a semester, HYSAs are a good fit for graduate students. I used them during graduate school and today to plan for large irregular expenses, like car insurance or student fees. Today, my household’s emergency fund lives happily in one of these accounts. Ally, Synchrony, and SoFi are some examples of online banks that offer these types of accounts. I have had an account with Ally since 2019.
The Biden-Harris’ Saving on a Valuable Education (SAVE) income-driven repayment plan can result in $0 payments for graduate students. Below is an estimation of what a hypothetical graduate student’s payments might look like for you based on income and household size
Let’s empower each other on our financial journeys, new students that sign up for this newsletter will get my toolkit FOR FREE. If you have any questions or need further guidance, don’t hesitate to reach out at financeswithcarolina@gmail.com. I am here to support you every step of the way!
I am thrilled to announce the launch of my first digital product: “Carolina’s Toolkit for Graduate Students”. This toolkit is a comprehensive resource designed to empower every graduate student to take charge of their financial journey! 🎓💰
Having been through the ups and downs of academic life, I understand firsthand the struggles we encounter when managing finances during our academic pursuits and beyond. I wrote this toolkit as a tailor-made guide to address the unique financial challenges that graduate students face, based on the most popular topics I see while working with my one-one-one coaching clients!
What’s inside the Grad Student Finance Toolkit?
🔹 Practical Strategies
🔹 Overcoming Misconceptions
🔹 Emergency Fund Essentials
🔹 Money Mindset
🔹 Personal Finance Made Simple
🌐 Carolina’s Toolkit for Graduate Students 🌐
As a special bonus, I have included journaling prompts to help you explore your financial attitudes and values. Take this opportunity to embark on your journey to financial freedom. Start building the foundation for your financial future today!
Spread the word and share this invaluable resource with your fellow grad students, friends, and colleagues! Let’s empower each other on our financial journeys. If you have any questions or need further guidance, don’t hesitate to reach out at financeswithcarolina@gmail.com. I am here to support you every step of the way!
Here’s to a brighter financial future for all of us! ❤️🚀
Carolina
As an advocate for financial well-being and empowerment, I truly believe that financial literacy is not just about money, but it’s also about the freedom to live a comfortable life. To me, a comfortable life means living authentically and prioritizing the things/people that bring us joy. This month, in honor of Pride, I would like to focus this newsletter on the importance of inclusive financial planning and how we can address the unique financial challenges faced by the LGBTQ+ community.
Recognizing Unique Challenges: Members of the LGBTQ+ community often face unique financial challenges due to societal biases, legal hurdles, discrimination, and family support. Recognizing these issues is the first step towards working to overcome them. For example, family planning for LGBTQ+ community can easily cost tens of thousands of dollars.
Dedicated Resources: There are numerous content creators that are either part of the LGBTQ+ community or have directly mentioned their support for the community. From my podcast library to yours, Tracy Levesque and the Debt Free Guys are a great start. Also, there are some organizations committed to providing resources specifically catered to the financial needs of the LGBTQ+ community. This includes the Human Rights Campaign and Out For Undergrad which offer a wealth of information on financial rights, planning, and advocacy.
Inclusive Financial Planning: Choosing a financial team that understands and embraces the real you might be a challenge. I strive to run an inclusive business. I will always make a deliberate effort to be as inclusive as possible when discussing financial literacy, financial planning, and financial upbringing.
Education and Advocacy: Financial literacy and empowerment also involve advocating for fair financial systems and legislation. With financial coaching, I advocate to bring financial literacy at no cost for students. We can always work together to get your graduate program, Diversity Equity and Inclusions Committee, or professional development office to sponsor an event. Events can range from online seminars, workshops, or one-on-one coaching sessions for you.
As always, and more importantly beyond Pride month, I’m here to support you on your financial journey, whatever that might look like for you. As we continue to fight for equality and acceptance, let’s also ensure that financial freedom and security are accessible to all. If you have any questions or want to chat more about inclusive financial planning, feel free to reach out!
Summer is here, the sun is shining and I have realized that I am a very complex plant. My mood automatically gets better with the extra hours of sunshine. Thus, I think it is very appropriate that May is mental health awareness month. I always like to be honest about my own mental health journey. I have been attending therapy since January 2020 and in May 2021 I was prescribed antidepressants, which I still take. About a year later, I realized that my dosage was off and needed an increase during the last semester of my PhD. I am by no means a mental health provider, but during one-on-one coaching sessions, I try to introduce the idea of challenging the negative beliefs we have towards money, retirement, and investing. I also make a priority to recognize how mental health and finances can sometimes be entangled.
While the summer months often bring a lighter course load, they can also mean a lower income for some scholars with 9 month appointments. If that is you, and summer financial planning is about how to make ends meet, please look at these resources from the UW-Madison University, the Madison community, or anywhere in the US. As the academic year winds down and summer approaches, you can find yourself in a unique position. Usually we anticipate the opportunity to immerse ourselves fully in our research without the distraction of coursework. Yet, as we delve deeper into our fields of study, there is another important area we should not neglect: our finances. If you have the capacity, let’s leverage the time and mental space summer provides to set and work towards financial goals that align with our scholarly ambitions. Here are a few things you can work towards:
Just as we’ve done in our previous newsletters, take some time to reflect and check-in with yourself. What are your financial wins this year so far? What didn’t work out? What could you do differently moving forward? Consider setting up a regular ‘money date’ with yourself, every so often. This can be an enjoyable, empowering practice to understand your financial health better and make you feel in control.
We are constantly bombarded by headlines of things we cannot control, such as inflation rates or the possibility of a recession. As researchers, we’re well-versed in focusing on areas where we can make a tangible impact. Apply this to your finances: learn more about aspects within your control, like savings, budgeting, expenses, and investing.
Just as you would pursue learning in your field of study, strive to increase your financial literacy. In a past newsletter, I listed a variety of resources such as books (“The Simple Path to Wealth” by JL Collins, “Atomic Habits” by James Clear, etc.), documentaries (Netflix’s “Get Smart with Money”), and podcasts (Smart Money Podcast by Nerdwallet). For those of you who prefer structured learning, consider online courses like Khan Academy’s Personal Finance or FDIC’s Learn Money Smart.
Whether it’s saving for a conference trip, building an emergency fund, or even starting a side hustle, have a goal for your summer of financial planning! Just as your research goal keeps you motivated and focused, a financial goal can guide your monetary decisions and habits.
Finances with Carolina offers one-on-one coaching programs, which can be incredibly helpful, especially if you’re feeling overwhelmed with managing finances or don’t know where to start. You can start the coaching process by filling out this form.
I hope the summer brings you as much joy as it brings me, remember that it’s an excellent opportunity for both scholarly growth and financial advancement. The skills and habits you develop in managing your finances will serve you well beyond your PhD journey. Looking forward to connecting with many of you this summer.
Besides tax-freakout-time, April is financial literacy month. I have a bunch of content suggestions for you to explore finances! Anything from books to online courses!
Let me be part of the team! Please consider joining this newsletter or the one-on-one coaching program. You can also recommend my seminars to your graduate program/fellowship office, or send my website to your graduate program chat/slack/email list. Looking forward to connecting with many of you 🥰
Books
If you love reading and would like to try some great first hand accounts on how to tackle personal finances and habit formation, these books are a great start!
The Simple Path to Wealth by JL Collins
Jump started my household’s investing journey. A dad writes a series of letters addressed to his adult daughter who does not want to spend her life thinking about personal finance.
Get Good with Money by Tiffany Aliche
A former kindergarten teacher, writes the lessons to reach “financial wholeness” which she has learned while becoming the public figure known as the Budgetnista.
Cashing Out by Julien & Kiersten Saunders
An amazing couple sharing their financial story from corporate America towards entrepreneurship. They introduce the concept of the 15 year career while discussing money and racial disparities
A life changing book that I wished I read during graduate school, and I am currently recommending to everybody. The teachings can absolutely be applied to personal finance, even if the book is not personal finance
Documentaries
Are you feeling more like watching a movie and enjoying some popcorn? From general to specific topics, these two documentaries are right for you!
Get Smart with Money, Netflix Film
Four individuals undergo financial coaching for a year under the guidance of 4 great coaches. Each person is tackling a different financial challenge like credit card debt, FIRE, entrepreneurship, and starting to invest.
Playing with FIRE by Scott Rieckens
A couple writes a list of the 10 things that bring them the most joy and their house on the beach does not make it to their list. This activity propels their documented one year journey to jump start their trip towards Financial Independence and Retire Early (FIRE).
Podcasts
There is a podcast for everything, says every millennial. But, it is true there is a podcast for every level of personal finance. I follow a combination of entrepreneurs, financial media, and public radio.
Brown Ambition by Tiffany Aliche and Mandi Woodruff-Santos
Tiffany and Mandi are your financial besties and they tackle career, money, businesses, while being a woman of color. They have two weekly episodes, one on Wednesdays and the second one is a Q&A format on Friday.
Popcorn Finance by Chris Browning
Chris breaks down financial topics “in about the time it takes to make a bag of popcorn.” I love his approach to finances, his candor, his voice, the fact that is a foodie, and all the guests he brings. He has one episode a week released on Tuesdays.
Smart Money Podcast by Nerdwallet
Sean Pyles and in many episodes Liz Weston, answer your money questions with the help of financial nerds! All the questions are submitted by listeners that are living life, so we get to learn about retirement, investing, banking, family relationships and happiness.
Dr. Emily Roberts has curated unique content tailored specifically to graduate students. She is an expert on personal finance, is my go to site for tax question as I have purchased one of her digital products. Her weekly podcast covers anything from funding to entrepreneurship. Definitely worth a listen!
Journey to Launch by Jamila Souffrant
Jamila has documented her own journey to pursue FIRE since 2015, when she had a 2 hour commute and was, as she says, very pregnant. Today, in her podcast she gives you the inspiration you need to launch your financial freedom journey.
Choose FI by Brad Berret and Jonathan Mendonsa
If you want to explore the concept of FIRE, Brad and his guests break down the most current topics and trending issues within the Financial Independence community. I enjoy their actionable advice every Monday, their weekly newsletter every Tuesday, and one day I wish to be interviewed by them.
Economics related by not specifically personal finance
The Indicator and Planet Money by NPR
These two podcasts have made me heavily interested in economics. I bought their comic book called MicroFace, downloaded their song Inflation from their new record label, learned about patents and race, and look forward to their version of the Oscars called the Beigies. Their humor is full of nerdiness and I am here for it!
Online Courses
The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures. They also have an awesome catalog of financial courses for young people, young adults, adults, older adults, and small business owners. The courses range from coloring books regarding the economy to avoiding scams targeting the elderly. Money Smart has a course for everybody!
Khan Academy, Personal Finance
Lots of science majors are familiar with Khan Academy and their videos that explain the Kreb’s cycle. Well Khan academy, has a section called life skills that targets personal finance, careers, and entrepreneurship. The personal finance course topics are wide and include but are not limited to savings, budgeting, income, benefits, housing and car expenses.
Better late than never. March is the month in which my new year’s resolutions usually die. Life gets busy, tax season gets me very stressed, and I simply want to revert to the comfy zone. Thankfully, a Fidelity seminar featuring Venus Williams reminded me to write my personal finance newsletter! If you have a Fidelity account, I would definitely recommend joining their Women Talk Money Seminar Series. In this seminar Fidelity executives(Lorna Kaputa, Sangeeta Moorjani, and Ryan Viktorin) and Venus Williams chatted about knowing, and growing, your worth every day.
The various speakers talked a lot about the role of fear in personal finance. I think the biggest takeaways from the speakers was to use fear as fuel instead of freezing over fear.
I believe personal finance is a part of our overall health. I also am a strong believer of mental health advocacy. In therapy, I have learned that focusing on what I have control over, is liberating. Letting go of the things I cannot change and focusing on what it is within my power. Here is where personal finance gets tricky. We are constantly being bombarded by headlines of things we cannot control, such as what inflation is today and how there is a looming recession. All of this negative talk can make us think that finances are out of our control. I invite you to use the fear inducing headlines as fuel to work on the part of personal finance that we CAN control.
Are you concerned about the Silicon Valley Bank collapse? Investigate what the FDIC role is in deposit insurance. If you take some time to read about this, you will find that the FDIC’s protection secures up to $250K per individual per institution. So if my bank account balance at Chase is less than $250,000 I literally have no reason to worry.
The second takeaway was to think of yourself as the Chief Executive Officer (CEO) of your financial life. What do you think a CEO of a company does to make a company successful? When I think of a CEO I think of a confident person that is surrounded by a team of experts, they all work together to make decisions based on data and projections. Together with the team of experts the CEO determines and prepares for upcoming challenges, how to tackle them, and where the company is going. So, how was quarter 1 (Q1) of your financial life?
Shameless plug, let me be part of the team that advises you, the CEO of a financial life. Please consider joining this newsletter or the one-on-one coaching program. You can also recommend my seminars to your graduate program/fellowship office, or send my website to your graduate program chat/slack/email list. Looking forward to connecting with many of you 🥰
