Ways of bringing in extra income during full time PhD

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k-92
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Having worked out my money situation on a dire stipend of 14.5k, I'm looking into ways I can supplement my income...

How much time do you realistically have to do any part time work? I have no qualms getting a retail job or something. I have been advised I'm expected to be in the office during office hours, which sounds like I could make time in evenings/the weekend to work a bit. I thought especially in the first year before I start my data collection, I will be mostly desk based doing research methods, lit review, ethics applications etc so might have a bit more time to start with?

I've looked at tutoring but this seems more in demand for STEM subjects and not so much for the humanities (if I were a parent I wouldn't pay someone to teach my kid English tbh). I might get some teaching opportunities but its not set in stone so I don't want to rely on it.

Am I missing any obvious ways of bringing in some extra income? Also, what happens with the tax on this? My stipend is tax free, so as long as I don't earn enough to meet the point at which you start paying tax, would I not have to pay any tax on any extra income either?
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alleycat393
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(Original post by infairverona)

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Tutoring and teaching are the usual ways to go. Getting a part time job is an option but what you need to consider is how much time you will have for it and how you will work it around your actual work. PhDs are very demanding (depending on subject) and that needs to come first (and that will be the expectation). In terms of tax you're right about your having to earn above the limit to have to pay tax so you should be fine.
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doodle_333
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phDs are really intense and you need to make sure you finish before your 'dire stipend' (it's really not that bad considering it's tax free and you can live as a student...) runs out so I would focus on your studies NOT working, even in London you should be able to make 14k work for a few years... the normal way to make extra income as a phD student would be to do a little teaching or TA work, it's generally pretty well paid so you wouldn't have to do loads to make a difference but as you said you shouldn't expect it (I think my partner did TA work on 3 modules and taught 1 module during his phD). Other than that I wouldn't take a 'proper job', most people who do phDs work more than the 40 office hours per week, especially at busy times (e.g. submission deadlines, in the last 6-9 months).
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k-92
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(Original post by alleycat393)
Tutoring and teaching are the usual ways to go. Getting a part time job is an option but what you need to consider is how much time you will have for it and how you will work it around your actual work. PhDs are very demanding (depending on subject) and that needs to come first (and that will be the expectation). In terms of tax you're right about your having to earn above the limit to have to pay tax so you should be fine.
Yeah I would only work at the beginning if anything and only if I could fit it in. I've done my MA part time whilst working full time so I'm used to not having any spare time. PhD would ofc come first. Thanks for tax info

(Original post by doodle_333)
phDs are really intense and you need to make sure you finish before your 'dire stipend' (it's really not that bad considering it's tax free and you can live as a student...) runs out so I would focus on your studies NOT working, even in London you should be able to make 14k work for a few years... the normal way to make extra income as a phD student would be to do a little teaching or TA work, it's generally pretty well paid so you wouldn't have to do loads to make a difference but as you said you shouldn't expect it (I think my partner did TA work on 3 modules and taught 1 module during his phD). Other than that I wouldn't take a 'proper job', most people who do phDs work more than the 40 office hours per week, especially at busy times (e.g. submission deadlines, in the last 6-9 months).
Considering I've worked full time for 3 years and it's not even half my salary, the stipend is dire to me! Which is why I'm keen to supplement it in some way. I'm not going to be in London fortunately, 14k would hardly stretch at all here (my family home is in London). I did say in my initial post I would only really consider a retail job before I start my data collection, certainly not around deadlines or writing up. Good to hear that the teaching can be relatively well paid though as I've heard from some people that you don't even get paid at all sometimes (not sure if that's on different funding, mine's a department scholarship) thanks
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taichung
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I invest my stipend in the stock market

So far I get £100-£180 a month in dividend income, it will go over £200 by the end of the year.
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k-92
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(Original post by taichung)
I invest my stipend in the stock market

So far I get £100-£180 a month in dividend income, it will go over £200 by the end of the year.
Do you invest the whole thing? How do you live? Sorry if dumb questions, I know absolutely nothing about how stocks work
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yudothis
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Cam model, sugar baby, escort? (These are not illegal btw, and can provide a significant income, more than your job after PhD most likely, if successful).
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taichung
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(Original post by infairverona)
Do you invest the whole thing? How do you live? Sorry if dumb questions, I know absolutely nothing about how stocks work
Yes, I have £33,000 in the stock market.....but my PhD is in finance, so that is no surprise. I live with my parents, I can save and invest money that way.

You should look to generate a stream of income with any money you have. Whether that is investing in dividend stocks or REITs (real estate investment trusts) or bonds.

People forget, you may work hard for your money, but is your money working hard for you!
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yudothis
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(Original post by taichung)
Yes, I have £33,000 in the stock market.....but my PhD is in finance, so that is no surprise. I live with my parents, I can save and invest money that way.

You should look to generate a stream of income with any money you have. Whether that is investing in dividend stocks or REITs (real estate investment trusts) or bonds.

People forget, you may work hard for your money, but is your money working hard for you!
I think by now we get it, you are gonna be the next Warren Buffet.

Stop giving people the wrong idea about investing.
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k-92
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(Original post by taichung)
Yes, I have £33,000 in the stock market.....but my PhD is in finance, so that is no surprise. I live with my parents, I can save and invest money that way.

You should look to generate a stream of income with any money you have. Whether that is investing in dividend stocks or REITs (real estate investment trusts) or bonds.

People forget, you may work hard for your money, but is your money working hard for you!
Impressive! Sadly mine is going to be in Bioethics so I have no idea about any of that. I do have about 5k in savings that I might put in premium bonds, I don't know how often people actually win those things though. I suppose you could surely make some extra income charging for financial services advice as well?

(Original post by yudothis)
Cam model, sugar baby, escort? (These are not illegal btw, and can provide a significant income, more than your job after PhD most likely, if successful).
I wouldn't want to sleep with anyone for money or show my face on a camera, I do know someone who does the sugar baby thing and she's loaded so you're definitely right about that...but it's not for me
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taichung
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(Original post by infairverona)
Impressive! Sadly mine is going to be in Bioethics so I have no idea about any of that. I do have about 5k in savings that I might put in premium bonds, I don't know how often people actually win those things though. I suppose you could surely make some extra income charging for financial services advice as well?



I wouldn't want to sleep with anyone for money or show my face on a camera, I do know someone who does the sugar baby thing and she's loaded so you're definitely right about that...but it's not for me
Premium bonds have an average return of 1.25%, you can't literally get that since the lowest prize is £25, but plenty of people make £0 in premium bonds, that's how we end up with an average of 1.25%.

I would take the money and look at your investment horizon. Any money you need within 2 years should be in cash or corporate bonds, any money you need after 5 years should be in stocks. Any money in-between 2-5 years is your call, depending on your risk tolerance.

If you have the time, I would do this....

Keep 10% in cash, 90% in an S&P 500 tracker fund

You should average 6-7% a year over the next 10 years at least, probably more as economies become more productive.

I personally pick my own stocks, which is much riskier, but the returns can be impressive. Last year I returned close to 22% and my best stock returned 51% in 9 months.
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monkyvirus
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Where are you living that 14.5K is dire????

Sometimes I don't know what to do with mine and a good portion goes on textbooks. I live independently so it's not like I'm not paying living costs or something...

Usually your school will offer PGR teaching opportunities and you get paid for that. You are expected to do around 40hours a week on your PhD but unless you have to physically be somewhere like a lab to do it you can fit it around any other activity like a part-time job. Though I would only recommend that if you have a lot of energy and have tried that sort of thing before. I wouldn't be able to do it personally.
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taichung
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(Original post by monkyvirus)
Where are you living that 14.5K is dire????

Sometimes I don't know what to do with mine and a good portion goes on textbooks. I live independently so it's not like I'm not paying living costs or something...

Usually your school will offer PGR teaching opportunities and you get paid for that. You are expected to do around 40hours a week on your PhD but unless you have to physically be somewhere like a lab to do it you can fit it around any other activity like a part-time job. Though I would only recommend that if you have a lot of energy and have tried that sort of thing before. I wouldn't be able to do it personally.
The contact hours in PhD are so slim, you could fit in a full time job effectively. You only need 2-3 days a week to write, you could easily work part time those other days.
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monkyvirus
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(Original post by taichung)
The contact hours in PhD are so slim, you could fit in a full time job effectively. You only need 2-3 days a week to write, you could easily work part time those other days.
Well it depends on the person. 40 hours a week is enough work for some people (it's why you get a stipend in the first place, you aren't expected to take on another job).

If you aren't doing 40 hours so you can fit in part-time work, you do not have your priorities straight.
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taichung
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(Original post by monkyvirus)
Well it depends on the person. 40 hours a week is enough work for some people (it's why you get a stipend in the first place, you aren't expected to take on another job).

If you aren't doing 40 hours so you can fit in part-time work, you do not have your priorities straight.
No PhD student does 40 hours, maybe near submission (probably a lot more than 40 then).

Academia is too relaxed.
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yudothis
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(Original post by infairverona)
I wouldn't want to sleep with anyone for money or show my face on a camera, I do know someone who does the sugar baby thing and she's loaded so you're definitely right about that...but it's not for me
Fair enough, I just thought to throw it out there, it's fairly "easy" so if it had been your thing could have worked quite well. Though I do want to point out that sugar babies often do not even have sexual relations with the men.

And you do? I don't actually know anyone, but it appears to be so common! There are websites for it and all.

Also, I totally don't get it, but yea, can be amazing money.
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k-92
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(Original post by monkyvirus)
Where are you living that 14.5K is dire????

Sometimes I don't know what to do with mine and a good portion goes on textbooks. I live independently so it's not like I'm not paying living costs or something...

Usually your school will offer PGR teaching opportunities and you get paid for that. You are expected to do around 40hours a week on your PhD but unless you have to physically be somewhere like a lab to do it you can fit it around any other activity like a part-time job. Though I would only recommend that if you have a lot of energy and have tried that sort of thing before. I wouldn't be able to do it personally.
I'm going to Warwick so probably Coventry. But like I said above, it's dire because I'm taking a huge pay cut to go back to full time studying, and if I am able to supplement it then I'd like to. I don't have to be in a lab as it's humanities kind of (hard to explain - bioethics, based in the medicine school). I have worked full time and studied a master's degree part time for nearly 2 years now and neither have suffered, so I am used to being very busy in that sense. My supervisor has said she'd like me to commit considerable office hours to being at the uni, I am hoping to do maybe 4 days a week in the office and 1 day working at home, which would mean I could start early and finish early and then maybe go to a part time job. Are you based in a lab or humanities/something else?

(Original post by taichung)
The contact hours in PhD are so slim, you could fit in a full time job effectively. You only need 2-3 days a week to write, you could easily work part time those other days.
Are you doing only desk based research for your PhD though? I don't know how finance works. I will be carrying out qualitative research so I will have to be travelling about interviewing people and the like, but I thought before I started doing all of that (probably towards the end of the first year) I will be doing taught research methods modules, literature reviews, and ethics applications, all of which will be desk based...so I could probably fit in part time work at least for that time? I hope anyway!
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k-92
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(Original post by yudothis)
Fair enough, I just thought to throw it out there, it's fairly "easy" so if it had been your thing could have worked quite well. Though I do want to point out that sugar babies often do not even have sexual relations with the men.

And you do? I don't actually know anyone, but it appears to be so common! There are websites for it and all.

Also, I totally don't get it, but yea, can be amazing money.

Yeah it does seem easy money! Do they not? My friend does...really gross old men as well, I couldn't do it. She's loaded though!
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taichung
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(Original post by infairverona)
I'm going to Warwick so probably Coventry. But like I said above, it's dire because I'm taking a huge pay cut to go back to full time studying, and if I am able to supplement it then I'd like to. I don't have to be in a lab as it's humanities kind of (hard to explain - bioethics, based in the medicine school). I have worked full time and studied a master's degree part time for nearly 2 years now and neither have suffered, so I am used to being very busy in that sense. My supervisor has said she'd like me to commit considerable office hours to being at the uni, I am hoping to do maybe 4 days a week in the office and 1 day working at home, which would mean I could start early and finish early and then maybe go to a part time job. Are you based in a lab or humanities/something else?



Are you doing only desk based research for your PhD though? I don't know how finance works. I will be carrying out qualitative research so I will have to be travelling about interviewing people and the like, but I thought before I started doing all of that (probably towards the end of the first year) I will be doing taught research methods modules, literature reviews, and ethics applications, all of which will be desk based...so I could probably fit in part time work at least for that time? I hope anyway!
Finance is purely quantitative methods, you will never find any qualitative stuff in economics or finance. Maybe in sociology you would and definitely in psychology.

Ironically we had to do a module on qualitative methods, which was pretty bad for me to sit through given how I will never use any of that stuff. But you are right, you will be going into a field/ doing interviews/focus groups etc etc

My taught modules are coming to an end, when you are writing up, you will have the whole week free basically, other than meeting your supervisor every 2 weeks. You can basically pick up a part time job then if you want. Academia is pretty relaxed, maybe because I've slaved away in retail.

Retail is by far the worst in terms of workload and pay.
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k-92
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(Original post by taichung)
Finance is purely quantitative methods, you will never find any qualitative stuff in economics or finance. Maybe in sociology you would and definitely in psychology.

Ironically we had to do a module on qualitative methods, which was pretty bad for me to sit through given how I will never use any of that stuff. But you are right, you will be going into a field/ doing interviews/focus groups etc etc

My taught modules are coming to an end, when you are writing up, you will have the whole week free basically, other than meeting your supervisor every 2 weeks. You can basically pick up a part time job then if you want. Academia is pretty relaxed, maybe because I've slaved away in retail.

Retail is by far the worst in terms of workload and pay.
Oh ok! Yeah I will be doing qualitative, I love it. I work in clinical research at the moment so luckily it's not new to me (my undergrad/postgrad have been in Law so no real research there either).

Are you in your first year then? I will probably be writing up as and when I do the data collection (so end of first year onwards). I'll be honest, I can't see a PhD being much worse than working full time in the NHS and studying MA part time has been so maybe we are well prepared. I don't like retail, I'd rather keep working in an office or something (although having been quite senior now I don't think I could stand doing filing and basic admin stuff, I'd rather at least work in a shop than do mindless tasks like that). If I can find a way to bring in £200ish extra a month that would be really great.
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