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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 to do and where to go in New Orleans

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southern hospitality, New Orleans, Bayou, trip to New Orleans, FinCon

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Good morning Dinks.  As you know in just a few days I’m headed to New Orleans for FinCon.  Ever since I was a little girl I’ve always wanted to go to New Orleans so when I hit 30 years old and started to travel New Orleans jumped to the top of my bucket list.

This trip is personal

When I was young and my parents were still married they would leave my sister and I with our grandparents and spend an extra long weekend in Louisiana with two other couples.  Needless to say when my parents got divorced the yearly trips stopped and neither of them has ever been back.

I know that current day New Orleans is probably not the same as it was pre-Katrina but I would still like to see the city.  I am excited to see the place where my parents spent so many happy times together.  Of course I’m also excited to see all my personal finance friends.  This will be my first trip to the south.  As a girl who was born and raised in the Northeast I have never been to the southern United States…other than Florida.  I keep hearing about the generous southern hospitality and I can’t wait to experience it firsthand.

Visiting as much as possible

Even though the primary purpose of my trip to New Orleans is business I fully expect to take advantage of everything the city has to offer.  I want to go out and see the sights so I  booked a two hour haunted walking tour that is going to take us through an old cemetery and a voo doo shop.  It’s at night so it might be a bit scary but I’m really looking forward to it because I’ve never done anything like that before.

I am definitely going to spend less money on shopping during this trip and more money on tourist attractions. The only things I know about New Orleans is what I’ve seen on TV.  I want to see as much as possible in the five days I’m going to be in The Big Easy.  I definitely want to spend an afternoon at the aquarium and I am hoping to organize a bayou tour one morning before it gets too hot.

If you want to join the bayou tour let me know, I’m hoping to get as many people as possible so we can get a really good group rate.  The problem is there are so many tours out there I just don’t know which one to pick.  If you’ve been to New Orleans and done a bayou tour please drop me a line and let me know – I’m taking all recommendations.

That southern hospitality

Now let’s talk about the food.  Although I don’t eat meat I am extremely looking forward to tasting the local cuisine.  I want to try some of the southern mac and cheese that I keep hearing about as well as the beignet pastries.  I hope there is a vegetarian option for other local cuisine like gumbo and jambalaya but I’m not sure.

Is there anything else that I’m missing.  If you have been to New Orleans or you’re from the area I would love to hear your suggestions on places to eat, things to see and stuff to do.

Photo from Flickr

Why I still celebrate back to school

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going back to school, back to studying, classes again, school time

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Good morning Dinks.  Well it’s that time of year again; the cities are full of young students ready to see their friends after a summer of fun, high school students getting back in the classroom after a summer of part time jobs and college student eager to get away from their parents to start their own lives.  It’s time to go back to school.

I personally love back to school and at 33 years old there is still some type of excitement that comes over me, even though I haven’t gone back to school in a few years.  After graduating with my Bachelor’s degree I went back to school twice to pursue a two year degree in business law as well as a two year degree in journalism.  I won’t be going back to school this Septembers but there is still something in the air that gets me excited.

Back to school  means summer is over

September brings a change in the atmosphere and it makes me reflect on the past few months.  As the days get shorter and the air gets a little brisk I think about everything I did over the warm summer months.  I had a great summer this year; I went to New York City twice, I saw Justin Timberlake in concert and I recently just got back from a family reunion where I had a chance to catch up with extended family who I haven’t seen in years.

I definitely spend more money in the summer than I do in the winter and that’s simply because I go out more in the summer.  I spend more time with friends, Nick and I spend more evenings out on the town, I tend to travel more in the summer and of course there are all the must see summer blockbuster movies.

Back to school means fall is here

I know some people get sad when it’s time for back to school because it means the cold weather is about to set in, but I personally love it.  The weather at the beginning of fall (before it gets too cold) is perfect to wear a light sweater and maybe a scarf.  Fall also means my birthday is coming and in just four weeks I’ll be 34 years old.  That’s always something to look forward to.

The one time I spend more money in the fall than in the summer is at Starbucks.  Oh yes coffee fans fall means the Pumpkin Spice Latte is about to make its comeback and I for one look forward to it every year.

I still want to partake in all the back to school rituals such as buying new clothes and shopping for school supplies.  Sometimes I even stop by Staples and pick up a pack of Bic pens, colourful folders and a new notebook.  Of course I don’t need any school supplies and my office provides all the stationary we need, but I just like shopping for back to school.

I know it’s weird but I love the smell of paper.  I’ll use the pens at my home office, I’ll use the colorful folders to organize my projects at the office (or my taxes at home) and I’ll use my new notebook as a journal.  Stationary never goes to waste in my life and back to school seems like a good time to stock up.

Do you get giddy this time of year with back to school?

Photo from Flickr

Weekly roundup: Philly and the NFL

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2432720887_22efd835ff_zHappy Friday Dinks.  As you read this I’m in Philly.  Yes that’s right this weekend I’m spending four days in the city of brotherly love and crossing another item off my bucket list.  Philadelphia is a six hour drive from where I live so yesterday morning I hit the road for an extra long weekend road trip.

For those sports fans out there this is the opening weekend of the NFL season.  For all the girlfriends, fiancés and wives of sports fans out there you know that this weekend we don’t exist.  Nick will be watching his favorite team, who by coincidence is the Philadelphia Eagles, all weekend on our NFL package so I figured it’s the perfect weekend to get away for some peace and quiet.  This weekend my apartment will be full of pizza, beer, chicken wings, yelling and nothing but four days of sports commentary and that my friends is something I can live without.

If you are the other half of a sports fan, you live in the Philadelphia area and you want to get out of your home this weekend send me a message on Twitter because I’d love to meet up for drinks or dinner.

Have a great weekend Dinks, enjoy these great posts:

Hudson and Emily – What is SEO? 6 Laws of SEO for Bloggers

Financial Samurai – What Do You Have Left To Prove?

Narrow Bridge Finance – Is Your Car Keeping You Broke?

Wealth Pilgrim – Lending Money to Friends and Family without Ending the Relationship

Save Up – The Power, Sex Appeal and Greed of Savings

Girls Just Wanna Have Funds – Now This Is How You Live On Half Of Your Income!

Photo from Flickr

Ask a CFP: Where is the market going?

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Good morning Dinks.  If I had a dollar for every single time someone asked me this question I would be a very rich lady.  The question is so random and absolutely unpredictable.  It’s like asking someone what do you think the weather will be like tomorrow?  The truth is no one knows, not even the weather man.  Just like he can’t tell you if it’s going to be sunny, I as a financial planner can’t tell you what the market is going to do.

The market as the new safe topic

It is said that people should never discuss politics or religion at work or at a dinner party.  I believe the reason is because these are two subjects that seem to bring out very strong opinions from people.  So when a group of new friends get together for the first time it’s a good idea to stay away from controversial topics.

Does this mean the market is a safe topic?  Did I just use the words market and safe in the same sentence?  I believe the answer is yes.  Safe topics in public forums include topics where the majority rules and I honestly believe the majority of people like to talk about the stock market.  People agree that the stock market is unpredictable and they love to talk about it.

It’s not the first time, so what’s the big deal?

Yes I said it.  I know some people think the market crash was just a normal downturn in a regular market cycle, however it was more than that.  Investment professionals love to compare the recent market crash to the great depression but that’s not a fair comparison.  Why?  Because the people who are building their wealth now don’t remember or weren’t alive during the great depression.

This is the second major drop I have lived through (or should I say remember) during my lifetime.  We saw the market decline in 2000-2001 after the millennium and now we saw the decline in 2008.  As a financial services employee I can tell you that the market crash of 2008 changed the way banks think about money and it changed the way people think about banks.

The market crash forever changed our mindset

The market crash of 2008 has forever changed the way people think about money, not just the bottom line and dollar signs but the fear and emotions that come with investing.  People are generally afraid to put their money back into the market for fear of losing more money.

The market crash also changed the way that banks think about money and clients.  The focus of banks has always been the bottom line, I’m not denying it.  Thanks to the credit crisis several banks took major losses on their books.  This created a shift in banking culture from customer service to selling products.

Has your investment philosophy changed since the market crash?

Photo from Flickr

Saving isn’t enough to retire

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retirement goals, retirement plans, nest egg, invest, retirement, planning for retirement

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Good morning Dinks.  Let me ask you a question, how far away are you from your retirement date?  Some of us may want to spend our lives flourishing in our careers and plan to retire at 65, some people want to work hard and retire early at 55 and some of us save every single penny to take our retirement as soon as possible, maybe even in our 40s.  So which one are you?

Are you saving or planning for retirement?

A lot of the books we read and advice we hear tells us to save, save, save for retirement.  But what if saving isn’t enough.  Well it’s not.  We can’t just blindly save for retirement because money is only a part of retirement.  The truth is retiring – at any age – takes planning and the dollar signs is only one aspect of the plan.

Actually I should say that the amount of money you need in retirement is the final outcome of four other contributing factors.  Before you start saving for retirement you need to know what you want to do, where you want to go and how you want to live when you retire.

Income vs. lifestyle in retirement

The truth is a lot of people don’t see retirement as a planning process, especially older generations.  My parents didn’t.  They worked, supported a family of four and saved whatever extra money they had.  My Dad’s employer offered an employer-sponsored pension plan.  Once his total age plus years of service equalled 85 he could retire with a full pension.  This is the only goal my Dad worked towards his whole life and just as planned he retired at 55 years old and has never looked back.

My Dad didn’t know how much he needed to support his lifestyle in retirement because he didn’t know what he wanted to do, all he knew was that he wanted to retire as soon as he could because he didn’t want to work anymore.  Now my Dad’s lifestyle is based on his income, not the other way around.

Set realistic retirement goals that you can afford

Your retirement goals need to reflect your current income as well as your projected needs during retirement.  This includes things such as where do you want to live, how do you want to live, what do you want to do in your spare time and what type of lifestyle do you want to have during retirement.  Once you determine the type of retirement you want to have you will be able to figure out how much you need to save.

You will need to save a portion of your current income to help support the lifestyle you want in retirement.  If you set unrealistic retirement goals that you can’t afford to support you will end up not saving anything and that’s not good.  I would love to live on a yacht in the South of France when I turn 55, but that’s just not realistic because my current income won’t allow me to save for such an elaborate retirement goal.

Photo from Flickr

It ain’t trickin if you got it

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money talk, discussion about finances, financial discussion, talk about money

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That’s a hip way to say it’s OK to spend money if you have it.  I have to tell you I’m not so sure.  Maybe As you know I work in finance aka the land of corporate douche bags.  Every single day I am surrounded by men in $2000 suits – I know this because I have to hear them talk about the cost of their wardrobe on the 19 floor elevator ride up to my office.

Every single day I eat lunch in a room full of men who have nothing more to talk about than how much money they made the day before.  Please don’t get me wrong I’m not hating on them because they have money.  I’m hating on them because they feel the need to talk about how much money they have.

Is it taboo to talk about your money?

It’s sad to think that we live in a materialistic world where all that matters is how much you paid for your car, the price of your home and the value of your investment portfolio.  As a financial planner I have said it time and time again that I live in a world ruled by money.

My friends and I are very open with money – because we all work in personal finance.  When we go on vacation together we always factor in the cost, before we decide to eat at a restaurant we make sure everyone can afford it and before we buy any gifts we all set a spending limit.  That’s just how we roll.  We all openly talk about money, we just don’t talk about our own money.

Never is it OK to brag about how much money you earn, how much money you have and how much money you spend.  However some people may disagree with me.  Just like I would brag about buying a brand new handbag at a great discount price someone who paid full price for a gorgeous new handbag should also be able to brag about it, shouldn’t they?

Should you spend money just because you can?

In my (humble) opinion the answer is no.  Just because you have money doesn’t mean you should overspend.  Spending money on things you love, places you want to go and experiences you want to have is OK because that’s what money is for.  However overspending on things just because you have money to spend is just not smart.

I am not going to tell anyone how to spend their money, unless they ask for my professional opinion, but let me give you a perfect example.  My co-worker is going to New York City for the weekend and when I asked her where she’s staying she said “Oh I like to stay in midtown, we’re staying at the Double Tree in Times Square.  It’s costing $1000 but it will be worth it.”

I just can’t justify this type of expense, especially since you can get four star hotels on Priceline or Hotwire for $150 a night.  I would definitely pay more to stay closer to where I want to be, but I wouldn’t overpay without looking for a deal just because I have money to spend.

Is it just me or is this crazy?

Photo by Flickr

Weekly roundup: Long weekends and Labor Day

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Good morning Dinks and Happy Friday.  Well it’s Labour Day weekend and you know what that means, our summer is officially coming to an end.  I had a great summer this year and I’m definitely sad to see it go, but I also have a great Fall lined up so I’m really excited for the leaves to change.

This weekend I’m headed home for a family picnic, next weekend I’m headed to Philadelphia for four days and after that I’m off to New Orleans for FinCon. I look forward to meeting you all at FinCon and I’m really excited to visit The Big Easy.

I have a list of things I want to do in New Orleans which includes a ghost/haunted tour with Broke Girl Rich.  I would love to do a bayou tour, does anyone know if that’s being organized? If you want to meet up, have lunch or go explore New Orleans let me know, I’m always looking to fill up my schedule – if that includes a bayou tour so be it.

Have a great weekend.  Enjoy these posts from our friends:

Financial Samurai – Someone Stole My Credit Card – What To Do?

Money Talks News – Is Your Online Love Interest Putting Your Money at Risk?

Money Crush – Goodbye, Job!

Yes, I Am Cheap – 3 Simple DIY Projects That Will Save You Money

PT Money – Rebalance IRA: A Balanced Approach to Managing your Retirement Portfolio

Clever Dude – Lack Of Organization Can Cost You Money

Photo from Flickr

Ask a CFP: What’s an ETF?

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ETF, investment, mutual funds, stock market, forex, stock exchange, investment portfolio, exchange traded funds

ETF

Good morning Dinks.  Since the market crash in 2008 everyone is trying to save money whenever and where ever possible.  People want discounts on their food, need coupons for their household goods and search for the lowest fees on their investments.  So let me ask you a question, has your investment style changed since the market crash?

The market crash forever changed how investors think

As a financial planner I have seen a shift in investor behaviour over the last six years.  After the crash investors wanted security because they were afraid of losing more money.  People lost their jobs, their incomes and in some cases their homes.  How did this affect their mentality about money? I think the market crash has forever changed how people think about money.  To some degree it installed a level of fear in people’s psyche that will take many years to overcome.

I see a trend with clients who spend less money and save more money, but not necessarily invest it.  Some of my clients continue to aggressively save money because they want to be prepared if the market ever crashes again, but they don’t invest their money because if the market does crash they don’t want to lose any more money.  It’s kind of a vicious circle and it will be very hard to break, especially for those who lost a large percentage of their savings and have not yet recovered it since the market crash.

As a financial planner I recommend ETFs for the low cost

As the market crash fades further into our past we may not have forgotten what happened, but we are willing to (slowly) move on.  In the last 12 months I’ve noticed that investors are becoming more open to putting their money back into the market.  I have clients who still keep a hefty chunk of cash in their bank accounts, but at least they are open to the idea of investing in mutual funds, stocks and ETFs.

People want the most bang for their buck.  They want to get good financial advice because they need an expert to help them invest wisely and diversify their investment portfolio, but they don’t necessarily want to pay big bucks for it.

If you lost money during the market crash you may be very wary about getting back into the market and you are probably more cautious about paying for investment advice – even though you may need it.  So how can we find a balanced between quality and fees?  The answer is simple, with low fee, well balanced investments such as ETFs and mutual funds.

As an investor I buy ETFs for the low cost

You may remember that I am a huge fan of mutual funds (if the cost is reasonable) because I like diversified investments.  I am not a huge fan of buying a single stock because it’s too risky.  An ETF or Exchange Traded Fund is defined by Investopedia as “A security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange. ETFs experience price changes throughout the day as they are bought and sold.”

I wouldn’t hold only index mutual funds or exchange traded funds because they lack the expertise of a fund manager.  However, I hold two ETFs in my retirement account and one in my non registered portfolio because it helps keep the overall cost down.

Photo from Flickr

 

Venus and Mars and Shopping

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men are from mars, women are from venus, venus and mars series, women and shopping, men and shopping

shopping cart

Good morning Dinks.  Today we’re featuring another post in our Venus and Mars series.  As one half of a couple I have to say that the differences between men and women are astonishing.  Yet we continue to leave (somewhat harmoniously) together here on Earth.  I used to think the difference of opinions in my relationship were a Kristina vs. Nick thing, but now that we have been together several years I am realizing that they’re actually a man vs. woman thing.

One of the biggest areas in our relationship that we tend to both agree and disagree on is how we spend money shopping.  I used to think that our disagreements about how to spend money were just personal preferences, but now I actually understand that they are in our genetics.

Are women genetically drawn to shopping?

Yes I am convinced that how men and women spend money is in our DNA.  Why?  Because when I tell my father stories about how Nick and I spend money he always tends to agree with Nick.  This doesn’t help me see the light when it comes to spending money in our relationship, it just stops me from arguing about it with Nick because it won’t change anything.  How men and women choose to spend money is based on our gender – it’s as plain and simple as that!

Nick and I both agree that money spent on food is money well spent.  We know that our culinary skills are not up to par (I mean you give someone food poisoning one time and they can never let it go) so we do tend to eat out more often than not.  However we agree to keep the costs to a minimum while trying to eat healthy, well balanced meals.  This is an expense we both agree is worth the cost.

Luxury items and personal spending is where we don’t always see eye to eye.  Think about the last time you bought a pair of shoes.  If you are a man it’s probably because you needed a new pair of shoes and if you are a woman it’s probably because you saw a cute pair of shoes that were on sale so you bought them.  Am I right?

Maybe men always need to have the best of everything

Now let’s talk about a sore spot in our relationship – the NFL.  If you’ve been a friend of Dinks Finance for a long time you know that Nick and I aren’t married.  You also know that it’s probably because he loves his sports more than he loves me.  It used to bother me…a lot, but now I’ve just come to accept it.

I don’t see the point in spending $80 a month on the NFL Network cable package from September until January, but Nick disagrees.  I don’t know why he needs to have six channels showing every single NFL game when he can only watch one at a time.  Now let’s talk about what he watches sports on…our big screen curved screen Samsung TV.  Our old TV wasn’t broken, but it was over three years old.  So naturally we had to upgrade right?  I didn’t think so, yet I paid half the bill.

Is the need to have the biggest and best of everything just Nick or is it in a man’s DNA?

Photo from Flickr

Ask a CFP: What’s the difference between a financial planner and a stock broker

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financial planner, stock broker, investing, investment tips, investment strategies, financial planning

stock broker

Good morning Dinks.  As a financial planner I see all kinds of clients.  When I tell you that everyone is unique it’s true.  Every time someone comes to see me they have a reason why they want to invest – trust me, I hear all kinds of stories from clients.  My job as a financial planner is to listen, give advice and build long term relationships with my clients.

Sometimes clients come to see me to invest money in a particular stock because their neighbor told them to and they want to know if it’s a good idea.  Sometimes finance graduates come to see me to invest in precious metals because they know they’ll make money by investing in gold and sometimes people come see me because they want to start investing but they don’t know where to begin.

Can you see the difference between the scenarios?  There are three kinds of investors in the world: those who listen to advice but also do their own research (i.e. verifying your neighbors investment tips), those who know everything and just want someone to process the transaction (these are know it all investors who aren’t interested in advice because they already know everything) and those who know they need to invest but don’t know where to start aka people who need the advice of a financial planner.

One of these types of clients needs a financial planner, one could benefit from professional advice and the third really only needs a stock broker.  Do you know which one is which?

You need a stock broker if…

A stock broker is a live by the minute kind of investment professional.  They usually aren’t interested in helping clients plan for their future or achieve specific goals.  Stock brokers are transactional based, they buy and sell individual stocks several times throughout the day.

If you aren’t interested in advice and only want access to investments a stock broker is the right for you.  Stock brokers will usually require a minimum investment and they can be on the lookout for the next big investment.  If you don’t mind taking some risk and want to day trade with your investment portfolio then you should definitely call a stock broker.

A financial planner is right for you if…

A financial planner can help you plan your financial life over the long term.  If you want someone to manage your money for both short and long term goals or you need a little help deciding where and how to invest your money then a financial planner is right for you.  A financial planner can help you get out of debt, save for retirement, achieve multiple financial goals and invest based on your comfort level with risk.

Maybe you are somewhere in the middle – somewhere between knowing it all and not knowing where to begin.  Maybe you like to do your own research and make your own decisions but you just need someone to validate your choices – that person can be your financial planner.

So which type of investor are you?

 Photo from Flickr

 

 

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