Financial Truth or Dare

by Kristina on August 2, 2011 · 6 comments

blindfolded

Good Morning DINKS! For those of you who are following us on Twitter @dinks_finance you know that we have started Financial Truth or Dare game.  Every so often we ask you to be honest about your finances, or we dare you to try something outrageous with your money.  It’s fun and it lets us try new experiences. For those of you who don’t have the chance to follow us on Twitter we are going to play our own game of Financial Truth or Dare today.

We are going to ask you 5 questions about your personal finances and we hope that everyone answers honestly.  Of course we will also participate.  Personal Finance blogging and DINKS Finance are about sharing our stories, ideas, opinions, and experiences with each other. Next Friday we will give you an update on our Financial Dares and we hope you do the same. Don’t forget that you can connect with us anytime on Twitter.

Let’s play (Financial) Truth or Dare:

DINKS Truth:

  1. Are you secretly or openly jealous of people who make more money than you? Are you still jealous if one of those people is your spouse?
  2. What is the one thing that you overpay for or that you feel is overpriced?
  3. What is your current net worth? If your Net Worth is positive how did you build it?
  4. How much do you owe in consumer debts, including loans, lines of credit, financing, and credit cards? (not including your mortgage). What is your strategy to pay them off?
  5. If you have a home do you regret buying your home? If you are renting do you regret not buying a home?

DINKS Dares:

  1. We dare you to donate (not sell) your unused and unwanted items.  Have a look through your closets, cupboards, and drawers for items that you haven’t used in the last 6 months, put them in a box, and donate them to a good cause. Don’t list them on craigslist.
  2. Leave your wallet at home for the week.  We dare you to live for one week without buying coffee, lunch, snacks, magazines, clothes and all other impulse personal spending purchases.
  3. Live without a luxury item.  If you are addicted to your iPhone, Blackberry, Car or any other luxury item that is not a necessity for life, try to live without it for a week (or at least a day).
  4. Save what you usually spend.  If your daily personal spending budget is $10 a day then save it instead of spending it, you will be surprised how quickly your savings account will grow.
  5. Just Buy It.  If you have been contemplating a purchase for yourself, for your spouse, or for your home then stop torturing yourself and just buy it.  You can use our DINKS Financial Truth or Dare to justify your purchase later.

Don’t forget to let us all know how it goes.  Enjoy!


Photo by Life in Pictures



{ 6 comments… read them below or add one }

1 Kristina August 2, 2011 at 9:29 pm

I am absolutely jealous of people who have more money. However I would want to be rich, but not famous because I don’t want to have my personal life invaded. I am also not willing to give up my personal time to work more and make more money. It’s all about balance.

I definitely overpay for my Satellite and it drives me crazy every month. I also used to overpay for my car it was almost $800 per month and that is why I sold it.

My current net worth is $55,000 to $60,000 which includes an employer stock purchase plan, a pension plan and my personal savings.This does not include any Real Estate. I save regularly each pay check and I also (try to) invest my annual tax refund. I usually spend my annual employee bonus. I basically save to spend later on vacations etc. I believe in having life experiences. If I continue working with my current employer I can retire at 60 with a monthly pension of $4700 which will be more than enough for me to live in retirement.

I currently owe $200 on my MasterCard and $770 on my VISA which will both be paid off by the end of the month so that I am not charged any interest. These charges are from the cost of redecorating for my Mother in Laws visit.

I currently rent an apartment with my boyfriend Nick and I love it. I have no immediate plans to buy a home. We did make 2 previous offers on condos but we chickened out both times and got our deposit back.

2 Kristina August 2, 2011 at 9:37 pm

CHECK OUT how readers of the Womens Saving Club are playing DINKS Financial Truth or Dare!

http://www.womenssavingclub.com/2011/08/financial-truth-or-dare/

3 Andi August 22, 2011 at 5:31 pm

I’m not so jealous of people who make more than me, just surprised when I see what some incomes are versus the amount of work they actually put in to it (I work an average of 70 hours per week between a full- and part-time job while going to school– no, I don’t sleep. My annual take-home is about $28,000)

My current net worth is about even, since my debts are roughly equal to my overall liquid and non-liquid assets. Car depreciation will take care of that soon enough (oy vay).

Debt:
Student loans: $10,000
Credit card: $500
At the moment I am saving up to put a large downpayment on a household, so I’m not putting as much toward student loans as I should… I WAS paying between $200-$500 per month in order to pay them down and claim the interest on my tax returns. The one nice thing about being low-income is that I get some amazing tax credits at the end of the year!
As for my credit card, I constantly pay off the balance as I use it, so I don’t actually pay any interest on the funds– it’s more like my debit card. My current bank offers a competitive rewards program for all credit purchases, so I basically charge everything and pay it off that evening. If I have to make a larger purchase (i.e. textbooks and newer laptop for school this fall) I budget the rest of my month out accordingly.

I have rented for almost 5 years now and am ambivalent in the matter. I didn’t have access to a stable enough job to even consider purchasing a home for many years, but I do regret paying a landlord so much money instead of paying myself household equity! I hope to take advantage of lower equity interest rates in the near future to pay off my loans at a lower fixed rate.

4 Dan August 22, 2011 at 5:51 pm

Hi, first of all I only feel comfortable sharing two of my answers. First, yes I am jealous of people who make more money than me, but normally I keep it to myself. I just received my master’s degree in social work and I feel very realistic in terms of my expected income in this particular field. Second, I spend too much money on taxis, which are probably overpriced in the first place. I happen to be totally blind but that is absolutely no excuse. I’ve been working on a side project which started as a hobby: I am a blind food critic. I have been working on my blog for a few years and people are starting to notice, check it out if you like:
http://www.blindtastetest.net
Thanks everyone!

5 Kristina August 22, 2011 at 7:57 pm

@ Dan – I think that is great. They say that when we lose one sense the others become more efficient. You must be an amazing food critic. I also feel bad every time I take a taxi so I try not to do it very often. Taxis here have a starting fare of $3.75.

@ Andi – Congrats on getting your education while maintaining a strong work ethic. I wish that we would see more people who did that! It seems like you are on the right financial track, not paying high interest on your credit cards, saving for a down payment, and constantly paying off your student loans.

6 Harold December 14, 2011 at 2:32 am

Thanks for sharing this information with us. The post is really interesting. Keep posting the good work in future too.

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