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Lab technician: My budget and planning for the future

Video transcript

my name is Brian dobisch I am 23 years old I am a research associate more comfort to as a lab tech at the Weiss lab for synthetic biology at MIT and I make $47,000 a year so for me when I started researching what scholarships were available to me I felt very small I had no idea where to even start under the advice of the professor that I worked with northeastern my freshman year she is such a story at the NSF web page National Science Foundation and there they have hundreds of pages listing the grants that they provide or and also provided by other governmental institutions and so I started with this massive webpages clicking on every single link reading through it and seeing if I was okay to apply for it for all of those that were okay I started writing essays and filling out all the questionnaires that I had to surveys something that really helped was to remember that if I just write on my own I'm not that strong of a writer I'm probably not going to get the scholarship or grant and so I had teachers or and also friends help me through my essays and tell me what was good what was bad what they thought about it and that was important for me to get the scholarships that I needed fortunately dude with the combination of scholarships and family support I was able to graduate from college without having to take out any loans but in addition to those two things I also worked throughout college doing a variety of tests as I've been mentioning at least relevant to my science career I worked in three different labs during my time at Northeastern I was a TA a teaching assistant to help people in the class and I also tutor throughout undergrad and I continued doing that now and all of these were supplemental income that helped pay through college but rather than when I create my budget I will round my numbers and underestimate how much money I have an overestimate how much I'm spending that way at the end of creating my budget I'm pleasantly surprised when I save a lot more than I calculated but for this I'll use the real numbers and so my annual salary is forty-seven thousand four hundred seventy five dollars and 96 cents before taxes and deductions that comes out to three thousand nine hundred and fifty six dollars and 33 cents and then for taxes there's about 18 to 20 percent taken out so seven hundred and thirty-two and then for my 401 K I put in one thousand three hundred and forty the 401 K has eighteen thousand dollars per year that you can put in and also if your employer helps match some of your 401k contributions that always helps some other benefits that I get from MIT are dental and health insurance and they also pay for public transportation within Boston and Cambridge area and there's also a small amount that they pay for gas if you need another nice perk of working academic environment is that there's always food available there's clubs meeting and their leftovers come to us as well at the end of all of that my take home or net income is about one thousand eight hundred seventy six dollars a month my rent is twenty five hundred which if you split it between three people is eight hundred and thirty three dollars and 33 cents a month and my guest and electric comes out to about sixty dollars depending upon the month TV and internet is fifty and my phone bill is about forty and for my student loans thanks to scholarships and family support as well as having a few job throughout undergrad I have no loans food i budget about forty dollars per week for groceries so one hundred and sixty a month and then I also enjoy going rock climbing and so that's about seventy-five dollars a month and then also because I can't just make food all the time I do go out and I budget about two hundred dollars a month for that in the end what I have left over is $418 and I guess about 61 cents and then I also have a few extra side income because I still tutor which can be anywhere from a hundred and fifty dollars to thirteen hundred a month depending upon how much a tutor an important thing is having an emergency fund something were a place where you have money in case something that unexpected happen you know maybe you fall down and break your leg something where you can pay for an unexpected occurrence and so for me I have three months of savings saved up for that I'm but I have more as well and so when I was creating that emergency fund it was probably closer to about 30 or 40% that I was putting into my savings account so what prompted me to budget was like I say in the beginning I ate a lot I was a big fat kid and so I had saw seen that my big issue was eating out so I made an effort to cook at home when I started cooking at home and buying my own groceries I realized how much money I was saving and so from that point I started looking at what other ways could I say what could I be doing better with my lifestyle choices so I guess my first prompting to start saving money was trying to make myself look good for my financial goals for the future I really don't have too many I guess one day I'd like to have a house and live comfortably like most people but I also had some hobbies one day I want to have a piano I enjoyed playing that when I was younger and when I went to college that didn't really continue I have a piano one day and have a house and that requires a lot of maintenance and so I don't have anything to concrete besides that stuff so PST is interesting and it and upon what you're studying but for most STEM fields you don't pay anything they pay all your tuition and they will also give you a yearly stipend in return for doing lab work for grad school I receive a stipend of $30,000 and that's a reduction from what I'm making now but there's also cost of living and so rent is about a 40% decrease which is a big amount then other things in the area are also cheaper doesn't cost as much to go to a concert but something else that happens in Atlanta is that you also have to have a car and so that's budget of workers now you have gas money which you don't have when you take public transportation here in Boston so there are lifestyle choices but there are additional scholarships in grant for grad school as well that can help out with that
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