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A DINK in The Office

being a DINK, DINKs in the office, office politics

retro colorful officeHow many of us DINKS work in an office environment? I do, and there is nothing more than I hate than office politics.  Unfortunately, politics are a major part of our office lives.

Is the way you act at work the same as the way you act at home? There is an episode of the popular television show Friends called “The One with Chandler’s Work Laugh”.  In this episode Chandler develops an office personality, complete with a fake office laugh.  Do you have an office personality?

It is said that a person must have a stable home life in order to have a successful work life. Is it possible that we can only make money if we are married? I would like you to think back to your single life before you became a DINK.  Were you more, or less successful than you are as a DINK?

Is being a DINK hurting your career and holding back financial opportunities?

Some people think that childless couples can dedicate more hours to their work week because they don’t have to rush home to fufill their family obligations.  Some people also think that  people without children may be able to contribute a larger effort into their overall career because they don’t have children to distract them. Yet somehow married people with children are considered more reliable in the workforce.

There was a time when hiring a single woman in her 20’s and 30’s was considered a liability because eventually she will want to start a family, and go on maternity leave.  Before a woman has children she is a liability.  But after she returns from maternity leave, she is considered a stable and valued employee.

As a married or unmarried employee with no children, are you treated differently than your colleagues with kids?

It is difficult for me to understand this logic of thinking because I don’t have children.  However, I guess the logic behind this mentality is that a married woman with children needs more stability because she has her husband and family relying on her financially.  She can’t afford to take the risks that us single DINKS with no children can afford to take.  Are childless couples considered as the new office slacker?

(Photo By Mudpig )

Treat Your Money Like Your Marriage

money advice, money tips, financial advice

wedding rings hands

As readers of DINKS Finance we are generally interested in 2 things….our relationships and our finances. Today we are going to discuss how to grow and preserve both of them.  Here are some quick tips about how to treat our money like our marriages, or in my case, our relationships.

Hopefully our marriage is the priority in our lives and our money is the second.  I don’t feel that we need to separate the two most important things in our lives.  We want our money to last just as long as our marriages, so why not treat them equally…and the same.

Here are 5 pieces of advice for saving our money and our marriages (or relationships).

1. Let The Love Grow. Most relationships don’t start with love at first sight.  We slowly fall in love with the person over time. Eventually, our boyfriend becomes our husband, or our girlfriend becomes our wife. The same thing is true for our finances.  We won’t become rich over night.  We have to preserve our income and eventually our money becomes our wealth.

2. Cherish The Relationship. We don’t take our spouses for granted, and we shouldn’t take our money for granted either.  Our money may not always be there if we don’t spend it wisely and our spouses may not always be there if we don’t treat them with respect. Cherish both your money and your relationship because in the blink of an eye, we could make a wrong move and loose them both.

3. It takes hard work. No one said that relationships are easy.  It takes a lot of hard work for a successful relationship to sustain over the long term.  It also takes a lot of hard work to become successful and grow a financial empire.

4. The secret is compromise. If you spend a little too much one day, then save a little more the next day.  Everyone tells me that the secret to a happy relationship is compromise.  I believe that this is true for any relationship, whether it is with our loved ones or with our love of money.

5. Pick your Battles. We can’t win them all.  We should accept defeat gracefully when things don’t as we plan.  I for one was extremely disappointed when the value of my retirement savings plan dropped by approximately 27% from 2008 to 2009.  However, getting upset about it was not going to help the situation. So I just kept my investments as they were and moved on.  I have the same strategy with my boyfriend Nick. Not everything is worth the fight so sometimes I just don’t put on my boxing gloves.

We should enjoy our money and our marriages or relationships.  We are very blessed, and very lucky to have both.

( Photo By EduardoDeboni )

Moving for Money

career tips, career opportunity, basketball

A story making recent headlines in the sports world is the decision of NBA basketball all star Lebron James to relocate to Miami Florida.

Lebron James will move from his hometown team of the Cleveland Cavillers to the sunny state of Florida and play basketball for the Miami Heat. Have you ever relocated for an amazing career opportunity?

Lebron James is an NBA all star who has played his entire career (to date) in Cleveland Ohio.  However, with the recent expiration of his NBA contract he has made the decision to relocate to Florida and play for the Miami Heat.

Lebron James has taken a lot of “heat” from the sports world regarding his decision to relocate to Miami.  I apologize for the pun, but it seemed appropriate. He has played his entire basketball career in Ohio. However, they are not a historically winning team.

Lebron James has said that his decision to relocate to Miami Florida was purely business based, as his career goal is to win an NBA Championship and receive a championship ring.  He feels that relocating to Florida to play basketball for the Miami Heat will help him win an NBA Championship ring. If you were offered the financial opportunity of a lifetime would you change your whole world and relocate to a new city?

There has been backlash from Cleveland Cavaliers fans.  I guess you could say that Lebron James was a hometown hero.  In my opinion Lebron James’ decision to relocate to Miami Florida is a personal decision. We all have a career path and Lebron James is following his career goal.  Would you do anything to achieve your personal career goals? (Even if it had negative consequences)

YahooFinance recently posted an article about the top US cities with the most millionaires.  Unfortunately, Miami did not make the list.  However, New York and Washington D.C. were both named as cities with the most millionaires. DINKS, as you read this blog I ask you…

Where do you live?

Maybe if we relocate to one of the cities with the most millionaires, we will be surrounded by good company and therefore we will become millionaires as well. Maybe the cities with the most millionaires have the most opportunities. When you make a business decision is money the only factor?

Here are some other interesting articles from the week — Happy Friday!

Photo by Myki

Is Your Cell Phone Worth It?

cellphone advice, cellphone worth, cellphone tips

After your living expenses such as housing, utilities, food, and transportation are paid each month, what is your next biggest expense?

Mine, is my cell phone bill.  Every month my TELUS Mobility cell phone bill can cost $50 to $100.  In the last seven years that I have been with the same cell phone provider, my monthly bill has never been the same. Never, not once.

Are you happy with the customer service of your cell phone provider?

Whenever I call to inquire about the charges on my cell phone bill, the customer service agent is never able to exactly explain them.  As an example, last month I paid $5.50 in “Other Data Services”. When I inquired about the charge, no one in the customer service call center was able to explain the random charge. I find this extremely frustrating.

Another thing that I find really annoying with my cell phone provider is that whenever I do contact the customer service call center from my cell phone by dialing *611 on my cell, it counts as usage of my daytime minutes.  I am already paying a monthly fee for the cell phone, shouldn’t customer service be included?

How did you choose your cell phone provider?

I don’t switch cell phone providers because I assume (you know what they say about assuming) that the monthly cell phone rate plans are similar with every company.    I chose TELUS Mobility because they do a lot of advertising, especially in the movie theatres.  Seven years ago when I was ready for a cell phone, TELUS Mobility was the most well known cell phone service provider.  Nowadays, the cell phone market is saturated with a monthly rate plan, and free phone upgrade for everyone.

If I lived in New York City I would choose T-Mobile as my cell phone provider. I use the example of NYC because I visit about four times a year, and I am in the process of trying to relocate.  T-Mobile does a lot of advertising on television and the spokesperson was Catherine Zeta Jones. I figure, if it’s good enough for her, then it’s good enough for me.  As a new-New Yorker I would want to choose a brand that I was familiar with.  Also, their logo color is hot pink, and I love hot pink!  I guess that good marketing does equal great money.

Another variable on my cell phone bill are my long distance and roaming charges. If I travel to another province within Canada or I cross the border into the US (which I do approximately 4 times a year) my monthly cell phone bill can cost up to $150.  This is really bizarre because I pay an extra fee to have a long distance plan added to my monthly bill.

As a long time “valued” customer I have a great low rate cell phone plan that is no longer offered to new TELUS Mobility clients.  I am not sure how a $10 monthly cell phone rate plan can cost over $50 every month, but it does.

Here is breakdown of my “regular” monthly cell phone fees:

  • $10.00 for my monthly rate plan which includes up to 150 daytime minutes
  • $5.00 per month for 250 outgoing text messages and unlimited incoming messages
  • $10.00 for 100 long distance minutes anywhere within Canada. The long distance charges are included but the time still counts in my 150 daytime minutes. Basically I’m double charged for the long distance minutes.

My caller id and my voicemail are free because I signed up for the eco friendly e-bill. After the system access fee of $7.95 per month and the 911 Emergency access fee of $2.00 per month there are “Other Charges and Credits” along with “Other Fees”.

By the time this all adds up, my great $10 per month rate plan costs a total of $68.44.

Photo By BFSMan

Our Better Halves

couples advice, couples talk, partner tips

Our spouses can either directly or indirectly influence our everyday decisions. Whether we eat in or dine out is influenced by our spouse.  Where we decide to take our next vacation is also influenced by our spouse.

Some of us, like myself and my boyfriend Nick, have been DINKS for a while. Some others of us, such as my sister Tara and her boyfriend are Newly-DINKS.

Adjusting to DINK life may not always be easy.

When we make the adjustment from a single person to a DINK many aspects of our lives will change. As we merge two lives into one our living situation will change along with other aspects of our lives such as our grocery bill and home furnishings. Our finances will also need to adjust accordingly. How has being a DINK influenced your financial habits?

I personally believe that being in a relationship is great, and being a DINK is a great financial decision.

I enjoy having someone to share my dreams with as well as the monthly costs.  Money is not the primary focus in my relationship with Nick; however, it is a contributing factor to our relationship.

Do you spend as much as a DINK as you did when you were single? Do you save more for your combined future than you did when you were alone and single?

I like that Nick and I don’t have to think twice about taking a trip or spending money on a new HD flat screen television.  I enjoy not having the added cost of children as a monthly expense.

I love the fact that there is someone waiting for me at home after work to share my dreams and goals. I also love the fact that Nick is here to share my financial goals. Nick acts as my financial guardian angel. Whenever I am considering a large purchase I am glad that he is by my side to reassure my decision or steer me in the other direction.

We share everything, including our financial decisions. However, this is not the case for all couples.  My Dad and his (new) finance do not make financial decisions together. Basically, she does whatever she wants, and then she tells him to pay half of the bill. I personally would not be happy with that type of mutual financial responsibility.

When it comes to money management…is your spouse the better half?

Photo By PlayingWithPSP

Education Equals Debt. But Not a Job.

having an education, student loan advice, career advice

As DINKS some of us may have college or university degrees and therefore some of us may have student debts. However, a college education does not always lead to a career, especially in this tough economy when unemployment is at a high, and a lot of companies have a hiring freeze.

As mentioned in a previous comment by Tim there are subjects in school that can rack up massive student debt over a three or four year degree.  After graduation the workforce salary of some subjects cannot support the accumulated student debts.
Are you thinking about returning to school because of a career change? If so, is the workforce salary a deciding factor in your subject of choice?

I would like to know if any of us DINKS work in human resources.  If so, when you are reviewing applications, is it more desirable for an applicant to have relevant work experience or a great education? I would like to think that education provides a solid foundation for our careers and workforce experience makes up the housing decor.  Basically, education is the vanilla ice cream and our relevant work experience is the chocolate sauce, whipped cream, sprinkles, and cherry on top.  One without the other isn’t quite as good.

If we are thinking about returning to school because we are changing careers or furthering our current education through grad school, we have to ask ourselves will the risk be worth the reward?  We don’t want to spend a lot of money on a university degree and not earn enough money afterwards to live comfortably, let alone repay a massive student loan debt.

How many DINKS are currently in grad school or have a master’s degree?

CNNMoney recently posted an article titled “Low Paying College Degrees”. It discusses certain fields such as Social Work that can cost a small fortune in tuition fees, but only pay small peanuts upon job placement.  When you got hired at your first job…did you have any experience? Or did you get the job solely based on your education?

Graduate School is another option for recent undergraduates who can’t find a job in this economy. In my opinion, Graduate School may help us, but it also may hurt us. As a Financial Planner with 10 years of experience an MBA of Financial Services would not add any value to my current role. It would merely be a title beside my name.

However, if I wanted to change careers and start along a new path such as international management, an MBA along with my Bachelors Degree may be a great asset. Grad programs may provide added benefits such as international opportunities to study abroad. By learning about different cultures and systems, we can gain valuable experience along with our education and other life experiences.  Subjects such as management, import and export, or political science all offer international opportunities to study abroad.

A Graduate Degree gives us an advantage because we receive an extended education and we become more specialized in our field. A Graduate Degree could be an added benefit, like a masters degree, or it may just be an accumulation of excessive debt.

Photo By Schlusselbein

A Banking Break Up

opening a joint bank account tips, joint bank account advice, pros and cons of a joint bank account

torndollar by suburbandollar.Having a joint bank account is not always a smart idea.  As with many financial decisions, there are ups and downs to opening a joint bank account.

I have a joint bank account with my Dad because we live in 2 different cities. It is easier (and cheaper) to send money back and forth via our joint bank account.  I can deposit money into our account in Montreal and instantly my Dad has access to the money in Toronto.

I have been with my boyfriend, Nick, for 10 years and we do not have a joint bank account.  Our monthly bills are divided evenly and each of us pays our own portion.  As an example, I make the monthly the car payments; and Nick pays for the gas, parking, and insurance. Since we can’t commit to combining our lives until death do us part, I don’t feel we should assume each others assets…and liabilities.

If you are thinking of opening a joint bank account here are some Pros and Cons to help you make your decision easier

Four Good Reasons to Open a Joint Bank Account

  1. If you are in different cities you can avoid fees on sending money orders
  2. If you travel or are away from home your partner will still have access to the money for joint expenses and household bills
  3. You have instant access to your money.  You don’t need to wait for a cheque to clear if the other person owes you money
  4. It is easier to transfer money between your other personal accounts and your joint account

Four Reasons Why a Joint Bank Account Is a Bad Idea

  1. You may both always need to be together for any transactions
  2. You may not have access to telephone and online banking.  This depends on the account ownership type
  3. It can cost more in fees for a joint account because more transactions are needed per month
  4. If you no longer want the account to be joint, in many cases it must be closed. You cannot (often) remove one person’s name and keep the bank account active

Do you have a joint bank account with someone?

Photo By suburbandollar

Crimes of Money

money crime, Madoff, money talk

 

Happy Friday DINKS! As we are all (hopefully) in the wealth accumulation stage of our lives, today we are going to discuss loosing it all! The wealth accumulation stage is the time in our lives when we are focusing on paying off debt and saving our money.  If we bought our homes in our mid to late twenties, our debts outweighed our assets.  Now, 10-15 years later in our mid to late thirties our home values should be higher than our mortgage loan balance.  The wealth accumulation stage of our lives also focuses on saving for retirement because we should have our cars and homes already up and running.

We know from his comments that Khaleef works in Finance. Some of you other DINKS may also work in the financial services industry.  I want to know how you feel about the financial scandals that have made headlines over the last year. Have you or your families been victimized by the Earl Jones scandal, or the infamous Bernard Madoff ?

How would you feel if your hard earned money and accumulated wealth all disappeared because you trusted your personal banker?  I am not saying that all personal investment brokers or independent financial representatives are all bad and lack ethics in their work.

There are definitely benefits to using a personal investment broker vs. a major financial institution. Investment brokers have access to a wider variety of products on the open market than the average financial institution.  Generally, Investment Brokers offer a better personalized service because the work 100% on commission, and they have fewer clients to manager.

However, there are also some downfalls to using an Independent Investment Broker vs. a Major Financial Institution. You usually cannot visit your investment broker and also perform other general banking transactions such as deposit, withdrawals, and other cash transactions.  The fees to have the services of an Independent Broker can also be very high.  Sometimes Investment Brokers charge fee per transaction as well as an annual fee between 1% and 5% of your total account value.

Have a great weekend!

(Photo By SteakPinball)

Branding Ourselves Online

online persona, being online, online personality

We are readers of the DINKS Finance blog.  We are all online users and therefore, we all have online personas.

How did you choose your online blog user name?

I chose to use my true identity online; Kristina is part of my real name.  I also chose to post a picture of myself…with sunglasses on, but nevertheless, the picture is of me.

My friend J. Money has chosen to use an alias. Although, his real name may or may not be Jay; that information is top secret.  I love J. Money’s online persona.  I feel that it is very suited to his domination of online personal money blogs which includes Budgets Are Sexy.

Is your online persona a reflection of your true identity, or a channel to break free of your everyday life?

Let’s ask some of our DINKS friends about their online personalities…Is Tim your real name? We know from a previous comment that Donna works as a self employed writer.  Is Donna Freedman your pen name or your real name? What about our DINKS friend Honey.  What is the story behind Honey’s online persona? Does she work as a beekeeper, or is she an heiress to a honey empire in her everyday life?

We have to be very careful about our online presence.  Potential employers may no longer check our references, but they will “Google” us. If you choose to use your real name online be careful about your comments, pictures, and social networking.  Your online presence could cost you a career.  If you were going to start an internet blog or an online business would your branding reflect your personality? Or would your online personality be purely strategic for business purposes?

Money Make Up or Financial Break Up?

It is said that money is the root of all evil. As a Financial Planner, I settle all of the estates in my branch.  I have seen with my own eyes that money does, in fact,  bring out the worst in people.

Today, we are discussing the two main components that make up DINKS Finance. Today, we are discussing our relationships and our money.

Money is a very common reason for people to get divorced. Money can be stressful.  With the financial crisis over the last few years, times have been tough for a lot of families. People have lost their homes, and their jobs.  I am sure that finances have caused some friction in a lot of relationships.

What do you and your spouse fight about?

Nick (my boyfriend) and I don’t fight about too many things. We are close in age, and we have similar interests.  When we do disagree about something, the root of the problem is always indirectly related to money and our finances.

One thing that we definitely do not agree upon is sports. Nick is obsessed with everything about sports.  I personally do not see why sports fans have to watch a pre game show about what they think may happen in the upcoming game, the actual game, and then the post game show that discusses everything that just happened.  What a waste of time! I could think of 5 other things that I would rather do in those 5 hours than watch sports.  Not to mention the extra monthly costs to our monthly satellite bill. We have every single Canadian, American, and European sports channel package that exists with our satellite company.

Another thing that we really don’t see eye to eye on, is entertainment. I love to go out, and Nick prefers to stay in. This is the great thing about being in a couple. When my spending gets out of control, I have my loving and sensible boyfriend to bring me back down from my financial cloud 9.

Relationships are about compromise.

But, compromise shouldn’t be costly. When you disagree with your spouse about money, who makes the final decision?  When Nick and I disagree about money, the person who wants something that the other person does not want, pays for that luxury. Nick pays our monthly satellite bill, because if I were single I wouldn’t have that expense.  When I go out with my friends I use my sole owner account, not our joint money.  How do you and your spouse split your joint monthly bills?

Photo By TheWelshPoppy

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