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Author Archives: Kristina Tahnyak

Avatar photo About Kristina Tahnyak

Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.

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What is financial freedom?

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financial freedom, financial stability, financial status, goal to financial freedom

financial freedom, financial stability, financial status, goal to financial freedomThat term is thrown around quite a bit in the world of personal finance, but what does it really mean?  Some people think financial freedom is retirement and it very well can be.  The thought of not waking up to an alarm clock and having to be somewhere at the same time everyday sounds like freedom to me.  But is that the definition for everyone?

Living debt free

Some people may think financial freedom is being debt free, but does that seem too simple?  Almost.  I was drowning in debt in my 20s and early 30s.  I have to tell you that not having the majority of my paycheck go towards paying off debt is definitely rewarding, but I’m not sure I would call it freedom.

Spending money however you want to

I think this is the most literal definition of financial freedom.  I mean the dictionary version of freedom is being at liberty to do what you want to do, this includes being able to spend your money however you want to.  Is this how you live?  Maybe you pay rent because you want to, maybe you pay a mortgage because you want to own property or maybe you save every penny you can because that’s your choice.  The ability to choose is definitely a form of freedom.

Your Screw You moment

I just watched  the movie The Gambler staring Mark Wahlburg and John Goodman.  On a side note does anyone else LOVE the fact that John Goodman is making a comeback as a badass?  In the movie Goodman describes financial freedom to Wahlburg as your “Screw you moment”.  Actually he uses another word that’s not so family friendly, but I’ll let your imagination take that.

It’s the moment when someone offers you something, usually a less than legal job, and you don’t need the money so you can tell them to “Screw You”.  That’s John Goodman’s definition of financial freedom.

You tell your money what to do not vice versa

I personally think the definition of financial freedom is when you can decide to what to do with your money instead of your money telling you how you have to spend it.  When I had over $50k of debt I had no choice but to spend my hard earned money paying off my debt.  I couldn’t decide what to do with it and where to spend my money,  I had only one choice and that sucks.

Having savings in the bank

This is also a great way to define financial freedom.  Building up your savings means you don’t have other financial obligations.  You can do whatever you want with your money and you choose to save it.  If you choose to spend it on a vacation, a new home or a new car later on that’s your choice, but you don’t have to if you don’t want to.

Having savings means you’re not living paycheck to paycheck and that alone can be very liberating.  There’s nothing worse than knowing one financial mistake can completely wipe you out, trust me I’ve been there.  But now I can hop on a plane or train whenever I want to and to me that’s financial freedom.

Money advice for newlyweds

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money advice, financial advice, financial advice for newlyweds, financial advice for couples, money advice for couples

money advice, financial advice, financial advice for newlyweds, financial advice for couples, money advice for couplesGood morning Dinks.  You may remember from earlier in the week that my high school friend Jessica just moved in with her boyfriend.  While we were chatting about her big milestone over coffee she asked me “Do you have any advice?”

As a financial planner I’m naturally full of good advice.  My words of wisdom to  this couple who is about to merge their lives is to “avoid joint accounts until at least one year after moving in together”.  The reason is in the first year you are still getting used to merging your lives and living together.  There’s no need to learn how to manage your money together at the same time.

Waiting at least a year before merging your money also lets you see how your other half takes care of their money, it’s easier to adjust if each person does it on their own instead of trying to do it together.  And who says you need a joint account anyways?  They’re not for everyone you know.

What advice would you give to newlyweds?

This advice came at the perfect time because two singles in the world of money blogging just became a couple.  In honor of their matrimonial celebration the personal finance community celebrated the way only a bunch of money bloggers can…by giving pieces of financial advice for newlyweds along with our best wishes.

Congrats to LaTisha D Styles and Romeo Jeremiah.  Here are the money and relationship tips our friends had to share:

“Congrats!!! My advice is “happy wife, happy life”

“Honesty.  We celebrate 15 years this year and the only advice I’d have is– get really good at forgiving and compromising if you aren’t already. It’s worth it.”

“My advice is to extend the same grace to your spouse you would want when you mess up. Forgive quickly, joke around often and have lots of sex!”

“Always give yourselves something to look forward to and don’t stop dreaming together.”

“My advice is to never listen to unsolicited advice.”

” I’m not married, but 15 years in the same relationship has taught me to always make time for my boyfriend. No matter how busy life gets just always make time for each other.”

“I will be celebrating 30 years of marriage this year! – Talk to each other with gentle hearts and compromise. When receiving advice or suggestions – always take 2 minutes to consider what was shared before responding – in other words, don’t be too quick to say NO The goal should always be to make each other happy.”

“My advice is to make sure you always take time for each other. It can be challenging when you have careers, families, and if kids enter the picture. It doesn’t have to be fancy or expensive–we have some of the best times just going to get a cup of coffee together–but it’s key to staying connected.”

“Always talk, when you think you are communicating go another step!”

 

Weekly Roundup: Minimalism and Millionaires

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minimalism,millionaires, financial blog posts, financial article, personal finance, personal finance article

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Happy Friday Dinks. We have some good reads for you this weekend.  So let’s get right into it.

Enjoy!

Clever Dude – Tips to Improve Your Health and Wealth

Blonde on a Budget – Minimalism Isn’t a Numbers Game

Free From Broke – 5 Ways Fantasy Baseball is Like Personal Finance

Mr Everyday Dollar – Becoming a Millionaire Is a Letdown

Mr. Money Mustache – How Rich Are You?

 

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How to be financially savvy

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financially savvy, smart about money, financially smart

financially savvy, smart about money, financially smartGood morning Dinks.  Usually I hate that phrase – financially savvy, it sounds so snobby – but in this case it’s a perfect fit for what we’re going to discuss today.  Let me ask you a question, are you good with money?

I had lunch with my high school friend Jessica yesterday; she told me that she’s just about to move in with her boyfriend of over two years.  Jessica and her boyfriend seem to be perfect together, except when it comes to money.  “He told me to manage the money because I’ve always been good with money and he’s not.”

How did you learn about money?

Jessica’s statement made me start thinking, why has she always been good with money and I didn’t learn until my 30s?  We grew up in the same city and went to the same high school, overall we had very similar lives – except when it comes to money.

If you were (or are) less than perfect with money what are you doing about it.  I think there’s a number of ways we can learn how to be smart with money.  Which way did you (or are you) learning to be financially savvy?

Learn from your mistakes.  The good old “I’ll never do that again” philosophy.  This is exactly how I learned to manage money.  I made a ton of debt mistakes in my late teens and 20s.  I paid for them – literally – in my 30s but now I’m proud to say that’s a lesson you only need to learn once.

Stumble upon the way.  Sometimes you can learn along the way without causing too much devastation to your financial situation.  Unfortunately I am a go big or go home type of person so I made a bunch of colossal mistakes, most notably I bought a $35,000 car, but it doesn’t have to be like that for everyone.  Sometimes we can make a bad decision, it sets us back a bit and we do it better the next time.  That’s how mistakes should be right?

Talk to your friends.  Before the invention of the internet and before Google took over this was the way people interacted.  When you had a question you could ask someone and expect an honest answer instead of today’s annoyed response of “Just Google it”.   I hate that phrase.  I love the internet for many things, but it’s definitely taken away a lot of human interaction.  Sometimes the best way to learn something is to just talk about it with your friends and family.

Get hands on training.  Sometimes you can only learn in a classroom.  I always advise students to take at least one finance course in college and even before if possible.  It’s important to learn about managing money before starting life on our own.  Money mistakes are easier to recover from if you’re living at home and have fewer financial obligations.  Attending money expert seminars are also a good way to go.

Negotiating at a new job

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negotiating, new job opportunities, new job, career tip, career advice

negotiating, new job opportunities, new job, career tip, career adviceGood morning Dinks.  As mentioned on Monday I have some good news, I have a new job. Remember how my company went through a takeover and I had no idea what was going to happen with my career?  Well all that’s over now.  A job came up with my new employer, I applied for it, had two interviews and I got the job.  Isn’t that great?  All my worrying and stressing was for nothing because I am officially one of the first employees to move over to our new employer.

Starting a new job within the same company is very different than starting a new job with a new employer.  First of all information crosses over including performance reviews and all information can be verified as the new manager has direct access to your previous boss.

Should a new job always bring better things?

When we take a new job the idea is to have a new challenge with bigger and better benefits.  Last week I asked the Twitter-verse to tell me the best thing about starting a new job.  Some people said the new salary and other said the learning environment.  I personally think the change of scenery is a big plus when starting a new job but the idea of a big paycheck and more vacation is also very motivating.

But how do you negotiate everything you want without seeming ungrateful and totally selfish?

We have to find a graceful way to get everything we want without starting off on the wrong foot with our new boss.  So here’s the question, how do you negotiate your true value without setting a bad first impression?

Focus on what’s important

The truth is not everything is negotiable, some things just can’t be changed because they’re part of the standard company offering.  Salary and vacation are the most important things for me so that’s what I like to negotiate.  Employee benefits are also important but they usually aren’t negotiable because all employees receive the same treatment when it comes to health and dental coverage.

Have a reason for the increase

Asking for a raise is just like asking for any other favor, you need a good reason.  If you’re asking for more money or more vacation days tell your new boss (or HR Recruiter) why you deserve it.  List your accomplishments from the past year, talk about ideas you have for the new job as well as what your salary expectations are for the amount of work involved with the new position.

Don’t push too hard

When starting a new job you want to show that you’re the perfect candidate without seeming like you’re going to be a troubled employee.  I like to tell my employer what I’m worth, but if they don’t see the value it’s really out of my control at that point.

Under normal circumstances after two rounds of negotiations I would just walk out, but that’s if I was still at a job and had a fall back plan.  This company takeover is a bit different because my new boss knows my position is being eliminated and that I have to find a new job.  That makes negotiations a bit difficult.

I started my new job two weeks ago and all in all it was a good negotiation.  I will have the same 21 days vacation and a salary increase with a review (and additional increase) in six months.  I would have liked an extra week vacation and the salary isn’t exactly as much as I hoped, but I am O.K. with a review in six months instead of the normal year.  It shows they’re willing to make an effort and that’s always a compliment.

 

5 questions to ask your financial adviser

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financial advice, questions to ask your financial adviser, financial adviser, finances

financial advice, questions to ask your financial adviser, financial adviser, financesGood morning Dinks.  Do you have a financial planner?  As a financial planner myself I’m always curious as to how many people actually use the financial services of a professional.

Do you manage your own money or seek the advice of a professional?

One of my new co-workers (yes I got a new job, more about that on Wednesday) came up to me in the kitchen yesterday and said “You’re a financial planner right?”  Of course I replied yes, even though I know it always opens a can of worms of people who are looking for free advice.  I asked my co-worker why she was inquiring and she said “I’m thinking of getting one.”

Just like that, as if hiring a financial planner is the equivalent of picking up a bottle of wine after work.  I feel what she really wanted to say was “I’m thinking of getting it but I’m sure it’s a good decision.”  I didn’t really know how to reply so I just finished filling up my water bottle, smiled and said “Yes I think it’s a good idea” then I left the kitchen.

As I went back to my office I thought to myself I wonder why she doesn’t have a financial planner.  Since I’m in the business it never occurred to me that some people don’t seek the advice of a professional or that some people just prefer to manage their money on their own.  Say it ain’t so!

How to find a good financial adviser

If you’re looking for a new financial planner or are looking to make a change you probably want the best. Right?  Don’t be afraid to ask questions.  It’s O.K. we get it all the time.  With so many buyer beware stories ripped from the headlines we can’t blame people for wanting to take precautions when it comes to their money.

I’m going to give you a bit of insider information when it comes to finding a good financial planner.  When you walk into their office there are three things you should look for: their diplomas to make sure they graduated from university, their business cards to make sure they’re licensed and other papers or files.  This will help ensure the person is qualified to give financial advice and ensure they have other clients.

Before hiring a financial adviser ask the following questions:

What are your fees?

If you’re going to pay for expert advice you’ll most likely want to know how you’re being charged.  Some financial planners are paid a commission based on the products they sell and others are fee only advisers, meaning they charge their clients a fee for service. It’s important to know this so you’ll have an idea of how much the service will cost.

How long have you been in the business?

Experience is an important factor when choosing any type of professional from a doctor to a consultant and a decorator to a financial adviser.  There’s a certain prestige that comes with years of experience, this is not to say that a new adviser isn’t helpful; they just may not know all the tricks of the trade that come with years of experience.

Do you have a niche?

Different types of professions have different money needs and different tax considerations.  Some financial planners choose to target a specific niche such as doctors, self employed professionals or CEOs.  If you have specific financial needs it’s a good idea to find a professional who specializes in your field.

What do you look for in a good financial adviser?

Weekly roundup: It’s a day off

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day off, rest day, financial article, financial blog, personal finance article, personal finance blog

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Happy Friday!  I don’t know about you but today as you read this I am still at home in my pyjamas and I tend to stay this way.  Thanks for Good Friday my office is closed and I can sleep in.  Thank you Easter!

How are you spending this long weekend?

I hope whatever you’re doing is relaxing and fun.  Enjoy these good reads from our friends:

Everybody Loves Your Money – Top 5 Ways to Save Money Online

Money Crashers – Top 5 Free Online Tax Preparation Services

Life Love Work – 8 Ways to Feel Better About Yourself

The Everyday Minimalist – 7 Tasty Products the World is Running Out Of

Cash Cow Couple – Is a Budget Necessary for Financial Success?

 

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The cost of my unlimited lifestyle

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cost of living, cost of lifestyle, lifestyle living

cost of living, cost of lifestyle, lifestyle livingGood morning Dinks.  Let me as you a question, do you  believe in paying for convenience?  Normally I would say no.  I am the type of person who will walk five blocks in a snow storm to my bank to save on bank fees even though there is another ABM only a few feet away.  I think it’s completely ridiculous to be charged for taking out money from another bank’s ABM.  My bank is going to charge me $3 and the other bank is going to charge me $3 and that’s just too much money.

All that to say I usually don’t believe in paying for convenience.  I will take the bus or train over flying if it saves me $300, depending on how much time it saves.  Paying extra for convenience is OK sometimes if there are really no other options, however overpaying just because we’re lazy is probably a waste of money.

The exception to that rule is restrictions.  I don’t mind paying for convenience if it means not being restricted.  As you know I have major commitment issues.  I never follow through on anything and I can’t keep a standing appointment if my life depended on it.  I tried giving up Diet Coke for Lent and that was an epic fail, I lasted five days.  I don’t like being told what to do and that’s the one time I’m willing to pay for my freedom.  Are you the same way?

Here are two ways I waste money on unlimited living:

Monthly Banking Fees.  Since I left the world of  banking and started working for an investment firm I have had to start paying banking fees.  As a former bank employee who hasn’t paid for anything since she started working for a bank at 19 I can tell you that  banking fees are the bane of my existence.

I pay $14.95 for an unlimited checking account because I like to use my debit card whenever and where ever I want to and I can’t commit to keeping $3000 in my account at all times.  Thanks to my need for personal freedom and my lack of the ability to commit to anything I pay $180 a year in bank fees.

Cell Phone Usage.  After a few major cell phone bills of over $200 each I finally caved in and changed my plan to unlimited.  Now for only an extra $20 per month I can call across the country to any one at any time without restrictions.  I used to have to run out and buy a phone card if I needed to make a long distance call before 5 pm and I always told myself “It’s just this one time”.

That one time turned into several times and on many occasions I found myself needing to make calls without a phone card.  So after several hundred dollars in cell phone charges I caved in and switched to an unlimited plan.   I don’t like committing to pay an extra $20 per month but obviously I didn’t have the discipline to stay within the rules of my previous plan.

Do you pay extra on anything for the convenience of it?

3 types of clients, which one are you?

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clientele, tax filing season, type of client, financial client

clientele, tax filing season, type of client, financial clientGood morning Dinks.  As the tax filing deadline quickly approaches on April 15 people all around the country are deciding if they want to contribute into their retirement accounts before the deadline and if so how much money do they need.

Although I no longer work in the world of banking many of my friends still do.  They are ready to rip their hair out this time of year as the last 15 days before the deadline approach.  Ah I remember those days of working 8 am to 8 pm so clients can come and make deposits into their IRAs at their convenience.

I can’t help but think about my ten years working during the rush season.  I had clients of all kinds walk in and each one had a unique story.  I don’t know what it is about this time of year but it’s almost like it’s the full moon of banking, the crazies come out.  It’s not funny at the time but it makes a good story afterwards.

Next time you’re less than polite to a teller or go off on your financial planner think about the story they’ll tell afterwards.

These are three types of clients that come into the bank, which one are you?

The order giver.  This is the type of client who comes in with their check already prepared and the type of investment marked in the notes section.  They don’t care about personal greetings and they don’t want any advice.  They just want the transaction to be processed, they want their receipt and they want to get out of there ASAP.

For a teller this is the ideal client because they keep the flow of traffic moving.  However as a financial planner there are procedures that need to be followed and personal information that has to be updated.  The order givers of the world have very little patience for anything that doesn’t directly involve what they tell people to do and that can make for a very uncomfortable few minutes.

As these types of clients left my office I always reminded them that they can also process transactions themselves online.

The whatever you think is best.  Ah I have nothing but eternal love for these types of clients.  They want my advice and as long as they understand why I’m recommending these specific products they have total faith that I’m doing it for their best interest.

In a nutshell they are a financial planner’s dream client. They value the advice, appreciate the work involved and never take more time than needed.

The let’s talk it out.  These types of clients always make the best stories.  I had one client from France who would visit me on a weekly basis to discuss her retirement investments every time her parents told her something new happened in France.  One week she would want to leave her money in cash, the next week she would want to invest in gold and then the week after she wanted bonds.

It was a total nightmare from both a compliance and customer service point of view.  I wasted several hours with her talking about the different scenarios for the same money, without any new deposits.  I finally lost my patience and transferred her portfolio to another financial planner.

Which type of client are you?

Would You Take a College Do Over?

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go to college again, take college all over again, go back to college, college do over

go to college again, take college all over again, go back to college, college do overGood morning Dinks.  This year marks the 10 year anniversary of my college graduation.  I can’t even believe it but I graduated from college in December of 2005.  It seems like a lifetime ago, but at the same time I remember it like it was yesterday.

What have you accomplished since graduation?

So much has happened since I walked that stage with my diploma in hand: I’ve had nine different jobs (some overlapping and two of my own), I’ve moved twice, I got my certified financial planners designation and I’ve gone back to school twice to study business law and journalism.  WOW, that’s a lot in a decade.

Even though I was in college ten years ago I still think about it a lot.  I wonder what my life would be like if I stayed at home and went to school instead of moving 800 miles away from my family.  I wonder what would have happened if I went back home after school instead of staying in the same city and I wonder if maybe I wouldn’t even be in the country if I would have taken a semester abroad to study.

If you could go back to school would you do it differently?

Do you ever think about your college years?  If I could go back and do it all again I would definitely do things differently.  I had a great college experience in the sense that I graduated and landed a full time job immediately afterwards.  However I don’t think I really got the full college experience.

During college I was always running between my two jobs, classes and group work sessions.  Group work is the worst!  During my entire four years I felt like I was always three steps behind.  I never really got a chance to take a breath until the day I realized I had enough credits to graduate.  I never spent an afternoon laying on the grass under a tree, I never studied with friends in the library and I never went to a single football game.  These are all things I would like to do if I went back to school.

Make friends

I know this sounds weird but I didn’t make any friends in college.  I wasn’t a weird loner or anything, I spoke to other kids in my class but I just never had time to hang out on the weekends because I was always working.  I also didn’t keep in touch with anyone after graduation, not even through Facebook.

Go on spring break

Whenever spring break came around I never hopped on a plane to Mexico or Europe.  I always took the week off school as an opportunity to get more hours at work and make more money.  Looking back at it now I wish I experienced a real spring break, even just once.

Take a semester abroad

This is probably my biggest regret.  If I could go back I would take a semester abroad.  I would study in a foreign country while travelling the world.  I wish I went to Portugal, Spain or even France.

Do you have any college regrets?

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