​The Power of Compound Interest
Albert Einstein purportedly described compounding as the most powerful force in the universe and compound interest as the eighth wonder of the world. 
​
We mostly think of compound interest in the form of finances and growing wealth. And compound interest in that domain is, indeed, quite powerful and important. The crucial aspect of this type of growth is that it relies heavily on time. The more time one has to allow their money to grow at some rate of return (3%, 5%, 8%), the more money they will have at the end of some specified period of time. The earnings that accrue each year (or day, or month, depending on how interest is paid out) adds to the amount the individual invests themselves and also, itself, produces interest and earnings over time.

​An example from the investment learning blog grow illustrates how much of a difference 10 years can make: if a person starts saving $5,000/year for their retirement at age 25, they will end up with more than twice as much retirement savings ($1,300,000) by age 65 as someone who waits until 35 to start ($565,000), assuming an 8% rate of return, compounded annually.

​So, don't wait to invest in your retirement...even if it is $50 or $100 per month. That adds up over time. 

​Exponential Growth & COVID-19
Time matters so much in the world of compound interest as the growth of money in this case is exponential.

You might have heard a bit about the power of exponential growth as it relates to the spread of COVID-19 within a population. While pure exponential growth is not the best way to model the spread of COVID-19 infections, using it as an example demonstrates the point that, again, time matters when it comes to compounding growth of, in this case, a viral infection.

​An example used in the Forbes article linked above nicely illustrates the point of growth in viral spread: if just 1 person is infected on January 1st and the number of infected people doubles every three days (1 person has the ability to infect another in three days time from casual interactions, etc...), 1,024 people will be infected on January 31 (as each newly infected person also infects someone else every 3 days), 2,048 on February 3 (doubling of infections every 3 days), and by March 19th (78 days after the initial infection), 67 million people will be infected! Obviously COVID-19 didn't spread this fast due to various measures to slow the spread but, clearly, exponential growth is scary.

​The point here, and that we learned all too well in 2020, is that if one does not intervene early to stop the spread, the growth of viral spread will produce levels of infection that are nearly impossible to deal with barring some major new intervention like a vaccine, which thankfully, is coming in the case of the SARS-CoV-2 virus that causes the disease that is COVID-19. 

Another interesting bit of research that resurfaced in the media during the spread of COVID-19 was the concept of exponential growth bias - the fact that most people ​consistently underestimate how fact value increases exponentially. In fact, an interesting study published in PNAS found that helping individuals better understand how impactful exponential growth can be for COVID-19 transmission led to increased support for measures to slow the spread of the virus.

​So, while we may struggle to comprehend exponential growth initially, understanding this process better is critical to taking actions that can affect this type of growth, whether we want to harness it for good (i.e., saving for retirement) or combat its negative effects (viral transmission).

Big Things Come from Small Beginnings - Growing Your Professional Presence & Career

​What does exponential growth have to do with your career?

Well, I believe we build our expertise and personal brand over time and can experience outsized returns in our careers if we start early and seek out means of increasing our rate of return, which could include:

1. Publishing your scholarly work (if you are a researcher)
2. Building an online brand and presence (via LinkedIn and/or a personal website)
3. Sharing your work & expertise via online platforms (LinkedIn posts, articles, or blog posts on other platforms)
4. Growing your professional network & reach
5. Developing relationships with professionals in your current or desired career field
6. Communicating your value, expertise, and story broadly, including learning how to communicate to general audiences  

Original Publication Date: November 2018                           NEW Perspectives, Comments, & Insights
Part of a series revisiting my NIH BEST Blog pieces. ​

Is a postdoc worth it? It can be, if you use it strategically.

Recently, I came across a passage in the book Educated: A Memoir by Tara Westover that I think perfectly captures the nature of finding one’s place in the world. When talking about all the decisions that go into making a life, Westover makes the following analogy:

“Decided. Choices (that people make, together and on their own), numberless as grains of sand, had layered, compressed, coalescing into sediment, then into rock, until all was set in stone.”

The Fundamental Post-Ph.D. Choice Point: To Postdoc or Not? 
Truly, the choices we make throughout our life ultimately shape and define us. Some choices may seem small and trivial (grains of sand) but they compound over time. The choice to pursue a postdoc is certainly not a trivial one but some of the experiences that accompany it can add up to have an impact on one’s career trajectory, often in unexpected ways.

The most pressing decision for the majority of late-stage graduate students is whether to pursue postdoctoral training. Long the default for those Ph.D.s interested in faculty careers in academia, the postdoctoral fellowship, especially in the sciences has become ubiquitous and a virtually expected next step after graduate school. According to NSF data, ~61% of US life science Ph.D.s with post graduation commitments are pursuing a postdoc and ~38% of all Ph.D. recipients surveyed pursue a postdoc. Even for graduate students interested in careers in industry, many are told that employers want to see postdoctoral experience before offering them a job. Nevertheless, graduate students should definitely consider the value of a postdoc to their own career goals before committing to a few (or often more) years of training.

Why Pursue the Postdoc Path? Pluses & Minuses
If you love doing research, a postdoc can seem like a great thing as there are no longer pesky classes and dissertation committee meetings that go along with being a Ph.D. student. Rather, a research postdoc is all about the science. However, there are clear short-term financial costs to pursuing a postdoc as a well-publicized 2017 study found, estimating that 15 years into their careers, former postdoc researchers earned a total salary ~20% less than non-postdocs across a variety of sectors (non-tenure track academic research, government/nonprofit, industry). While this number is somewhat depressing, I am about to use a cliché but one I whole-heartedly believe in when it comes to the postdoctoral experience: it’s not all about the money.

In addition, I used my time as a postdoc to explore a variety of career options via informational interviews and on-campus sessions as part of Vanderbilt’s BEST Program: ASPIRE. I also greatly expanded my professional network by attending a variety of local and national conferences on topics ranging from Healthcare to Data Science to Neuroscience. I honed my written and oral communication by volunteering to write/blog for a variety of outlets and never saying no to an invitation to talk about my research work, which I have done at conferences, universities, on Twitter, and at a local science club in Nashville. These varied experiences have shaped who I now am. I didn’t come to this postdoc thinking all of these experiences would happen to me but they did and I am a better person for experiencing them. From these experiences, I know I can write effectively, speak publicly, organize meetings, work as part of a team, and plan and execute a variety of projects, all skills that will be valuable in whatever career I pursue post postdoc.

A Postdoc Can Provide Life Flexibility 
Furthermore, and while it will vary from lab to lab, I have to say that my postdoctoral experience has also given me the ability to live a flexible life. I can take a few weeks off between Christmas and New Years to visit with my parents and sisters, take a week off in the summer to go to the beach with family and friends, or take a Friday off to get a jumpstart on a weekend trip. As long as one's work gets done, a good postdoc advisor won't micromanage your working hours. Thus, a postdoc can offer a good deal of autonomy and flexibility, albeit compensating you at a lower rate than the market might allow. Importantly, postdoc compensation is improving, as measured by NIH NRSA postdoc stipend levels.  

​While the above quote referencing the time/money trade-off is certainly not always true, I feel like my position as a postdoc, while not giving me the best monetary reward, gave and still gives me a lot of flexibility and a good work-life balance. It is hard to put a price on that. As my parents get older, I am keenly aware that I should take the time when I can to visit them and other family members. My choice to do a flexible postdoc (as opposed to working in the corporate, 9-5 always “on” world) has given me the ability to make time for family.

Moving to any of these hubs will greatly increase your opportunity to find employment after your postdoc and by doing your postdoc in these metro areas, you will be able to actively network with individuals working in the life science and technology sectors. Obviously, COVID-19 will limit your ability to physically network with most anyone over the coming months but many regional groups such as MassBio and the NC Biotechnology Center are currently offering virtual networking opportunities. 
Finally, living in your desired geographic area as a postdoc will allow you to rapidly act on job market opportunities. If a position opens up and they want you to start in a few weeks, you will already have made the move and will be ready to hit the ground running in your new position. ​

Transitioning Out of the Postdoc​
Obviously, a postdoc should eventually come to an end and I think one shouldn’t stay too long in a postdoc. What "too long" is will vary by field but I would argue that if you don't feel like you are building new skills and growing as a researcher, you should start planning to transition out of the postdoc. It is easy to get complacent but the postdoc position should be a temporary “stepping stone” to bigger and better things. 

Further References & Readings:
Career Conversations for Researchers in the Age of COVID-19 from UCSF's Office of Career & Professional Development

The National Postdoctoral Association (NPA) has laid out 6 core competencies around effective postdoctoral training: 
​1. Discipline-specific conceptual knowledge
2. Research skill development
3. Communication skills
4. Professionalism
5. Leadership and management skills
6. Responsible conduct of research

NPA Postdoc Career Resources

Postdoc Academy Resources, including those around succeeding as a postdoc

More from the Reflections Blog:
NIH BEST Blog Rewind: Pondering the "next step" as a late-stage postdoctoral fellow
​​Career Exploration 101
​Post Ph.D.-Career Plans: Consider the Possibilities 
The End of Work as We Know It: How an increasingly automated world will change everything
​Why you should get involved in things outside the lab/work

Acknowledging my faculty career doubts and discovering alternative career paths during my postdoc 
I spent 4.5 years as a postdoc at Vanderbilt University and it was a really wonderful time. I felt I grew as a person, contributed important work to my field of neuroscience, and gained leadership experience in the Vanderbilt Postdoctoral Association. And while I went deep down the path toward obtaining a faculty position (even getting an onsite interview back in Spring 2018), in the back of my mind I had doubts about being a faculty member; that path just didn’t feel right. Having access to career/professional development programming at Vanderbilt helped me learn about other career paths for Ph.D.s.

I now work in career and professional development helping current graduate students and postdocs at North Carolina State University. You can read more about my personal career exploration journey and transition to postdoc affairs in my series of NIH BEST blog posts.

Self-reflect & begin designing the life you want
Exercises to increase your self-awareness. 
Designing Your Career online course from Stanford University (free).
More life design resources from Stanford.