Hey everyone, I'm a 25 (turning 26 in a few months) year old male living in Texas, and I recently quit my job to pursue becoming a physicist.
I have ~$80k in savings (savings account balance), ~$20k in liquid stocks, and ~$100k in my 401k. I currently share an apartment with my girlfriend, for which I pay ~$550 per month. I rejoined my parents health insurance plan and plan to stay on that until I turn 26. Some smaller recurring expenses are a gym membership ($50/month), an individual phone bill ($100/month), and car insurance (not sure exactly how much, but it's relatively cheap to other options for car insurance). My parents are financially stable, though they are at some risk of instability due to volatility in their industries. Regardless, I would rather return to engineering than to rely on my parents for any financial assistance.
My undergraduate degree is in electrical engineering, so I plan to first pursue a master's degree in physics, which will be unfunded, then pursue a PhD. I'm currently studying ~50 hours a week in hopes of being admitted into a solid masters program, so I don't want a job unless it is related to physics. In between admission and attendance of the masters program, I am hoping to do paid research for half a year, which may net $1-1.5k a month. The prospective path to becoming a physicist will require up to 4 years without income other than dividends from stocks (i.e., a couple grand over those years). PhD programs are essentially always funded and accompanying stipends average to $30k for programs I am interested in.
I am particularly concerned about the following:
- Accessibility to affordable health insurance once I turn 26.
- Having enough money to afford essentials and infrequent comforts over the next few years.
I truly appreciate you reading this far. Any advice or thoughts you share with me will be appreciated as well. Thank you!
Submitted June 11, 2017 at 10:44AM by wantpfhelp1 http://ift.tt/2rZAkXX
