Financial Independence & Academic Career?

[Arnie]

Hi everbody!

I am pursuing an academic career as a researcher in the field of theoretical physics ( I'm currently working on my undergrad thesis ). I'm very passionate about enhancing our scientific understanding of nature to the point of a theory of everything, if such thing exists - I want to find out -, and that's the thing I would call my life purpose. In addition to that, I not only want to understand nature and life, but also experience all that it has to offer for human beings. So you might formulate my complete life purpose to "understanding and experiencing life".

But here's the problem: Jobs at universities or other research institutes are mostly low-paid. Even the highest academic position, that of a professor, is not that much paid ( at least you can earn a lot more with a job at some big company or its research lab ). If you are really good, you may be supported by some sponsor or you work at sponsored institutes. But this all means being financial dependent on the good will of others and the overall economic situation. I thought about things that I can do in order to gain income from other sources than my job at university. Those have to be closely related to my scientific work, otherwise I would get distracted from my main commitment and probably waste time.

I came up with being some sort of instructor for scientific or general logical thinking, like giving private lessons to students, what I am currently doing, but on a much higher level and for broader audience. I consider myself to have some uncommon approaches that really help people to understand maths and physics at a high level. That would be one option.

Can you think of others? I would really appreciate some ideas and suggestions from you how to be financial independent while being on a academic career. Many thanks in advance!

Best wishes,

Arnie

[Dhana Choko]

I am sure you can do many things. You can give talks, you can have your own side business, you can work in other companies as advisor or give lectures. Just be creative and try new things as they come up. You don't have to do just one thing. Introduce yourself to other people and let them now that you are open to giving talks or doing co-operation with people. You would be amazed what comes up!

[Simon Zackrisson]

I feel inspired reading your aspirations and feelings.

I don't know if this has relevance, but I subscribe to one scientist, Thunderf00t, who I know has reached a certain financial security through his content on YouTube.

[Arnie]

Thanks Dhana and Simon for your replies!

@Dhana Choko Thanks in particular for your suggestions and ideas and encouragements!

@Simon Zackrisson Actually I thought of something like YouTube content to start with. Thanks for the reminder and the introduction of Thunderf00t, as far as I can tell from briefly going through his content, I like him!

[Guest]

@ArnieFunny enough, I used to have your same exact career ambitions. I quit because my interests are diverse enough that the more lucrative alternatives became my new path. More specific to you though, I'd recommend not forgetting basic personal finance. Make sure to be a wise spender: cutting down your cost of living and sticking to a frugal lifestyle are probably the best ways to make sure you don't run out of money. Also, think of putting aside some of your savings into low-risk investments, the interest will do you well in the long run.

As for a short term means of acquiring extra money, I think a YouTube channel may be a great idea. If your approach is truly unique and helpful, and you are dedicated enough to make your service of good quality, I'm sure you can find an audience-- though it might be slow and even work against you for the first few years while things are taking off. On the more extreme end, you may be interested in taking up a part time job that isn't cognitively demanding, so you can spend time thinking about your ideas while making side money.

Edited February 26, 2016 by Saitama

[Simon Zackrisson]

@Saitama +1

I think it does indeed take time to build an audience, so if you're serious about this Arnie, consider everything in the light of reasonability, as so you don't get ambushed by overwhelming problems through unnecessary  miscalculations.

[Leo Gura]

A lot of academics have gone big by writing best-selling books.

Don't limit your ideas to only the cookie-cutter academic traditional business model. There is so much more you could do. Think outside the box and cross-pollinate between industries and marketplaces.

[Electron]

@Arnie I have always been ignorant of making money in the future. I hardly think about it. Even the idea doesn't occur to me. I just kinda assume that things are going to work out somehow and because I don't have much needs, I will live on what little money I will earn through my research endeavors.

But as I grow more and more this thing with money is heating up my ass too. I realize now that there is so much to see and experience. And I probably don't want to isolate myself in my room and chase the equations throughout my life. I want to explore new things and therefore I need money, and that too in abundance. This is I thing the bad aspect of being a researcher. Even if someone is not into money, he needs to be otherwise he won't get it.

Whenever I try to think about ways to earn money, I feel inauthentic and disrespectful towards my pursuit of the truth. As if I am trying to sell away my heart to the people just to have enough means to survive. It feels kinda fake. And that's why I give up the idea as soon it arises.

 

[Guest]

@Sigma I don't think there is anything fake about that. It's harder to pursue truth to your full extent without having a stable living condition and security. Plus, just because you have thoughts outside of your research doesn't mean you are being inauthentic. The world is far too complicated for anyone to understand, and learning opportunities are around every corner.