After years of hard work, I finally achieved my PhD last August. My area of expertise is in elucidating cancer-driving mechanisms and discovering novel therapeutic strategies to target them. I am now working at one of the top universities in the world in this field, using CRISPR, stem cells, and all the other trendy scientific buzzwords in my research.
The problem is, I am completely and utterly dissatisfied.
I discovered The Millionaire Fastlane when I was a 20-year-old undergrad, about five years ago now. After reading it, followed by Unscripted in short succession, I felt a paradigm shift in my thinking. However, I had been aspiring to be a scientist since I was in elementary school, and I was quickly approaching PhD admission. I told myself that I should just go ahead and finish my PhD, so then I would have a “backup plan” to entrepreneurship. After all, this was during COVID, and the biotech space was booming. Fresh PhDs were getting placed in jobs with ease and making $150k+ straight out of school.
As I gained admission to graduate school and began my research, the intense drive inspired by the books gradually faded to the background. Throughout my PhD I passively searched for business ideas but never dedicated significant time or energy to it. This continued until my graduation last August, when I got a hard reality-check. As it turns out, I had graduated into the worst biotech/pharma job market in recent history. The rising interest rates had dried up the easy VC money and forced most biotech/pharma companies to do mass layoffs. Gone were the days of fresh PhDs easily securing jobs, and I had to settle for a “postdoctoral fellowship,”—a low-paying, temporary academic research position that’s necessary for aspiring professors but a poor substitute for an industry job. I now find myself in one of the most expensive cities in the world, making below median income.
That said, my income is not ultimately what is making me unhappy. Although obviously not ideal, I have enough for my basic needs, and I love the city I’m living in, even though it’s UHCOL. The factor that irks me enough to bring me here today is my lack of control over my time, income, and future. I’m sure I don’t need to elaborate much on this as it’s the main thesis of MJ’s books, but I’ve come to despise the idea of begging someone for a job, giving them 70% of my week for enough to retire in 40 years (assuming nothing catastrophic happens), and then getting laid off and starting the cycle again.
My parents, dedicated slow-laners who have admittedly done better than most, have suggested that I go back to school for an MBA, an MS in Comp Sci, a PMP certification, a JD, etc. I know that doing so will not solve my fundamental problem. My good friend who’s the same age as I makes over $400k/year at a FAANG tech company, and I know I would not be happy even with his job. Fundamentally, his life doesn’t look different than mine, he just has more expensive things and the potential to possibly retire in his 50s instead of his 60s. Until then, he just gets to drive to work 5 days/week in his BMW M instead of my Honda Accord.
I’m now finally ready to begin my journey into entrepreneurship. I have developed many skills through my PhD and other experiences that I hope will be translatable to being a successful business owner. Like many, I have always struggled greatly with viable idea generation, and I think this forum will be a great resource to overcome that. If any of you have tips for me, I’d love to hear them. I look forward to offering value to this forum in any way I can and in turn learning from all of you!
The problem is, I am completely and utterly dissatisfied.
I discovered The Millionaire Fastlane when I was a 20-year-old undergrad, about five years ago now. After reading it, followed by Unscripted in short succession, I felt a paradigm shift in my thinking. However, I had been aspiring to be a scientist since I was in elementary school, and I was quickly approaching PhD admission. I told myself that I should just go ahead and finish my PhD, so then I would have a “backup plan” to entrepreneurship. After all, this was during COVID, and the biotech space was booming. Fresh PhDs were getting placed in jobs with ease and making $150k+ straight out of school.
As I gained admission to graduate school and began my research, the intense drive inspired by the books gradually faded to the background. Throughout my PhD I passively searched for business ideas but never dedicated significant time or energy to it. This continued until my graduation last August, when I got a hard reality-check. As it turns out, I had graduated into the worst biotech/pharma job market in recent history. The rising interest rates had dried up the easy VC money and forced most biotech/pharma companies to do mass layoffs. Gone were the days of fresh PhDs easily securing jobs, and I had to settle for a “postdoctoral fellowship,”—a low-paying, temporary academic research position that’s necessary for aspiring professors but a poor substitute for an industry job. I now find myself in one of the most expensive cities in the world, making below median income.
That said, my income is not ultimately what is making me unhappy. Although obviously not ideal, I have enough for my basic needs, and I love the city I’m living in, even though it’s UHCOL. The factor that irks me enough to bring me here today is my lack of control over my time, income, and future. I’m sure I don’t need to elaborate much on this as it’s the main thesis of MJ’s books, but I’ve come to despise the idea of begging someone for a job, giving them 70% of my week for enough to retire in 40 years (assuming nothing catastrophic happens), and then getting laid off and starting the cycle again.
My parents, dedicated slow-laners who have admittedly done better than most, have suggested that I go back to school for an MBA, an MS in Comp Sci, a PMP certification, a JD, etc. I know that doing so will not solve my fundamental problem. My good friend who’s the same age as I makes over $400k/year at a FAANG tech company, and I know I would not be happy even with his job. Fundamentally, his life doesn’t look different than mine, he just has more expensive things and the potential to possibly retire in his 50s instead of his 60s. Until then, he just gets to drive to work 5 days/week in his BMW M instead of my Honda Accord.
I’m now finally ready to begin my journey into entrepreneurship. I have developed many skills through my PhD and other experiences that I hope will be translatable to being a successful business owner. Like many, I have always struggled greatly with viable idea generation, and I think this forum will be a great resource to overcome that. If any of you have tips for me, I’d love to hear them. I look forward to offering value to this forum in any way I can and in turn learning from all of you!
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