Academics and Their Money
Ever feel like you’ve got a PhD in your field but only a 101-level understanding of your finances? Welcome to Academics and Their Money, the podcast where we make money talk as smart—and as entertaining—as you are. Because let’s be honest: knowledge is powerful, but a well-earned paycheck doesn’t hurt either. Whether you’re a fresh PhD navigating that first real paycheck, a tenured professor pondering what’s next, or a former academic with some ‘unique’ insights—this show dives into making your intellect work for you, tackling the financial quirks of academic life, and uncovering the untold money stories behind the ivory tower.
If you’re a fan of Planet Money, Freakonomics Radio, or HerMoney with Jean Chatzky, you’ll feel right at home here. But fair warning: this isn’t another boring money podcast. We keep it real, relatable, and just a bit irreverent to make finance feel fresh. Let’s get smarter about money—and wealthier—together!
Academics and Their Money
From Professor to Business Owner: The Financial Basics Every Academic Entrepreneur Needs to Know
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Many academics dream about turning their expertise into something more, whether that means consulting, coaching, writing, speaking, creating courses, tutoring, or building a private practice. But moving from professor to business owner comes with a lot of financial questions: Do I actually have a business? Do I need an LLC? How do taxes work? What retirement accounts are available?
In this episode of Academics and Their Money, Neeka Miremadi and Inga Timmerman break down the financial basics academics need to know when starting a business on the side or transitioning into entrepreneurship.
They discuss the difference between a hobby and a business, why you do not need an LLC to be considered self employed, and what an LLC actually does (and does not do) for you. They also explain self employment taxes, quarterly estimated payments, business deductions, and the different ways businesses can be structured, including sole proprietorships, LLCs, and S Corps.
The conversation also covers overlooked opportunities for self employed academics, including SEP IRAs and solo 401(k)s, how to keep university employment and business activities separate, basic bookkeeping practices, and when it is worth bringing in outside experts like CPAs, attorneys, or financial planners.
Whether you are thinking about starting a side business, monetizing your expertise, or leaving academia altogether, this episode provides a practical roadmap for building a strong financial foundation as an academic entrepreneur.
If you’ve got questions, suggestions for future topics, or just want to say ‘hello,’ you can reach us at https://attainablewealthfp.com/schedule-a-call/.
Any product or financial recommendations provided by Academics and Their Money, Inga, or Neeka are made solely in the author’s opinion and do not constitute professional financial or legal advice. All content is for educational purposes only.