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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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Weekly roundup: Vacations and more vacations

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Happy Friday Dinks. So this is it, as you read this I am already starting my two week adventure in New York City.  Next week I will be in Philadelphia looking at the liberty bell and visiting the jail cell where Al Capone stayed and then the week after that I will be walking through the Smithsonian zoo in Washington D.C.

But I’m sure that you are all sick and tired of reading my over excited posts about my great two week adventure.

So let’s talk about vacations, what’s the best thing about being on vacation?

Alone time for myself to think. I am travelling alone, but meeting up with friends and family in each city along the way.  Being by myself gives me time to just take a breath, sit back and relax.  I like to do what I want, when I want and not worry about anything else.

Quiet time to get some work done.  I like travelling by train because it gives me time to just focus on my work.  If I shut off the TV I can accomplish a lot more work in a lot less time.

No chores.  I don’t live in a huge apartment, but I hate cleaning it just the same.  Over the next two weeks someone else will make my bed every morning, vacuum my carpets and clean my bathroom.

Just being away on vacation.  A vacation gives us the opportunity to do things that we normally wouldn’t do and visit places that we have never before seen.  I am going to visit two cities where I have never been before and I am so excited about discovering Philadelphia and Washington D.C.

Enjoy these great posts from our personal finance friends:

My Diary Entry – is giving away a bottle of Skinny & Co. Coconut Oil.  You can DIY everything with this all natural product from cooking to skin care – it’s awesome.

Young Adult Money – How do you know if you are ready for a mortgage?

Budgets Are Sexy – Wallet Crashers #1: J. Money

Wise Bread – Don’t Tell Anyone: 11 Secret Starbucks Saving Tips

Modest Money – 9 Ways You Can Make Money From Blogging

Mr. Money Mustache  – Wealth Advice that Should Be Obvious

Photo by LeoN

Learning about money later in life

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learning about money later in life

Good morning Dinks.  As you know I haven’t always been good with money.  In my late teens and early 20s I racked up thousands of dollars in debt and spent the rest of my 20s paying it off.  I like to tell my story because I really want to help people avoid making the same mistakes that I did.  I also want people who are in debt to know that this is not the end of the road; your situation will get better if you make smart choices to make your financial life better.

Some of us learn smart money management from our mistakes, some of us learned how to be financially responsible from our parents and some of us learned how to manage our money from reading tips and stories on personal finance blogs.

What if you could find the best of a who’s who of personal finance in just one place?  Well now you can. Allow me to introduce Rockstar Finance by our friend J. Money.  I recently discovered this website and I am really surprised that someone didn’t have this great idea sooner.  Rockstar Finance is one stop shopping for the best of the best of personal finance blogs.

3 money tips that I learned from Rockstar Finance

Try to put your emotions aside.  There is always an emotional part of everything that we do in life when it comes to the choices we make, but emotions and money just don’t mix.  In the post “Emotions of Financial Independence” by Mad Fientist I learned that the mental and emotional reliefs of becoming debt fee are almost just as rewarding as the financial benefits.  The opposite is also true:  having debt, worrying about money and not being able to pay our bills is also very stressful.  Impulse purchases from gum to stocks are usually based on emotions and they almost always end up being a mistake.  The key to personal and financial success is to not get into debt, but if you are already in debt the key to the stress relief is to get out of debt as quickly as possible.

Always save, no matter how much money you make.  As a financial planner one of the biggest mistakes that I see people make is taking money for granted.  You may think that you don’t need to save money because you have a really great income that lets you afford all the things that you want in life, but I am here to tell you that money will not always be around.  Saving money doesn’t only mean that you transfer from your checking to savings account each month; it also means that you search for deals and get the most out of all the money you spend.  Yahoo! Finance tells us that even billionaires save money in the post “Top Secrets of Penny-Pinching Billionaires”.

Your money will be what you make it.  In the post “How to Win the Lottery Called Life” J.D. Roth talks about life after money.  Life is about doing what we love and making ourselves happy; so often people think that this means having a lot of money, but the truth is that life is about so much more than money.

 Photo by petyosi

So how did it happen, your debt that is.

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debt, getting into debt, getting out of debt, debt story

Good morning Dinks. We always read about how people are getting out of debt and how living debt free is the best feeling in the world.  But let’s, just for today, talk about how we got into debt.

Do you talk about your debt, past or present?

Some people don`t like to talk about their debt because they are ashamed of their past behaviour, but the truth is that our debt is a part of us. We should be proud of our accomplishment of becoming debt free and learning from our money mistakes instead of hiding our financial past.

Then there are those people who are the complete opposite.  Some people who have been in debt or who are currently in debt are more than willing to share their debt story because they want to help others avoid making the same money mistakes that they did.

I know how I got into debt and I want to know how it happened to you.  

When I was in debt I never talked about my financial troubles.  Actually my family didn’t even know how serious the problem was until I started writing about it once I became debt free.  I was ashamed of my debt, not while I was accumulating it, but when I realized just how serious it was when I woke up one day with over $50,000 in debt in my 20s.

When I tell my debt story I always say that I let debt happen to me, but that isn’t really true.  If we know that we shouldn’t do something and we do it anyways then yes, we let it happen to us.  But if we just don’t know any better then it’s an honest mistake.  Now I say that I let my debt happen to me because I know better,  but back then I didn’t know what I was getting in to.   I really didn’t know any better.  If I could go back to my early twenties with the knowledge that I have now I would definitely know how to not get in debt and why it’s important to stay out of debt.

Being in debt is not just paying off the debt

I am a financial planner and I tell people the textbook ways to pay off debt such as cutting costs and budgeting.  These methods do work and I did use them, but they were not the primary reasons why I was able to pay off my debt.  I chose to be more disciplined in my choices and earning more income was my choice as opposed to cutting expenses.

Debt is super easy to accumulate, I racked up tens of thousands of dollars in debt in a very short period of time; and I did it all with 3 credit cards, a line of credit and a car.  I wish that I never got into debt, but now that it’s paid off I am glad that I lived to tell the story.

So tell us, how did you get into debt?

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Would you give up your goals for $1 million?

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goals, money, given the money, money opportunity

Good morning Dinks. What is it that you want out of life? Maybe you want to be successful, maybe you want to be rich, maybe you want to be famous or maybe you want to be happy.  If you want to be or have something in life that you don’t have right now my question is – what’s stopping you from achieving it.

If we gave you $1 million to give up your dream would you do it?

Just think about that for a minute.  Every day we wake up and go to work (or stay at home and work if you are self employed) to earn money and work towards our personal goals. But what if you no longer had that dream?  Would you still work?

If someone gave you $1 million in cash today to completely forget your old life, your job and your dreams, would you do it?  For some of us the start over may be coming at the perfect time. But for some others maybe you have been working towards your goals for so long that you wouldn’t even know what to do every day if you weren’t working towards them.

Maybe you would keep working because $1 million isn’t enough for you, and if it’s not then how much would it take for you to give up your dreams and create new ones?

What I would do with my $1 million

If someone handed me a million dollars to give up my dream of moving to NYC and my dream of becoming an author, I would probably do it and use the money to create new dreams.  Maybe I would move to Europe to a country where I no longer have to endure the harsh snowy winters of the cold Northeast.  I would start a foundation to help children learn about money management, learn how to work to earn money, how to save for college, what to expect when living on your own in college and learn how to use credit cards responsibility.

Maybe I would be an educational board game, like the Game of Life minus the marriage and kids factor.  Maybe it would be a semester long course in school, or maybe it would just be an assembly where we talk to kids and answer their money questions.

One of the main problems with youth today is that everyone wants to preach to them, but no one listens to them.  If I could create a forum where I could talk with kids about money and answer their questions, instead of just preaching to them while they are looking at the clock waiting to be dismissed, I think the world would be a better place. But this is a backup plan, it’s just something that I am thinking about, it’s not my dream.

But for now I’m keeping my dream

I like having my goal of moving to NYC because it gives me something to look forward to.  I am not 100 % sure that I would be willing to accept a large sum of money to know that it will never ever happen in my lifetime.  That’s kind of sad, isn’t it?

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Weekly roundup: Running, giveaways and long term goals

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Good morning Dinks. Well this is it, the last Friday of September and October is creeping in.  With the change of a season – especially a colder season – comes all kinds of costs.  This time of year our heating bill gets high and we need to buy warm sweaters.

I don’t know what it is about the change of seasons but it just makes me want to shop.  As a former spender who was out of control I try to keep my spending to a limit or avoid the temptation all together.

How to you keep your home costs down?

My Diary Entry – is giving away a FlipBelt.  If you love running, jogging or walking enter to win.

Boomer & Echo – When Doing What You Love Doesn’t Pay The Bills

Enemy of Debt – My Short Term Mindset is Getting in the way of my Long Term Goals

Everything Finance – The single best thing you can do for your financial future

The SITS Girls – Perfect Your Blog’s Sidebar

Credit Sesame – 5 Easy Ways to Make Yourself Contribute to Your Savings

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Making a career change at 32 was the best decision I ever made

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career change, career opportunities, best career decision

Good morning Dinks.  Are you happy with your job or do you want to change career paths?  If you are like me then you just kind of stumbled into your career at a young age and just sort of stuck with it.  I started working in retail sales when I was 16 and continued with it until college when I started working in financial sales at the bank.  I have always worked in sales, up until very recently.

Let’s go back for a moment so I can exactly how I made the transition from retail sales to working in a bank.  I moved away for college to study languages and enrolled in an economics class just for my personal information.  To make a long story short I fell in love with money.

I needed a job and working for a bank had flexible hours and good benefits.  I discovered that my employer had an education program where they refund the tuition fees for any employees who take courses related to the industry.  Well as a student living away from home and working full time I have to say that I jumped on that train as fast as I could.  The bank paid for the remainder of my Bachelor’s degree as well as the entire two years of study to become a certified financial planner.  Perfect right?

Not so perfect.  After over 13 years of working in banking I decided that I wanted to go back to doing what I really loved…writing and creating.  When I started applying for jobs people kept telling me that I had the financial experience, knowledge and education but not the writing experience.  So what did I do? I went back to school and got the education that I needed.

I am living proof that it’s never too late to make a career change, especially if you aren’t happy at your current job and want to be doing something else.  So let me ask you a question Dinks…are you happy at your job?   If not, what do you really want to do in life?

3 steps to make a career change

1. Find out what you need to know. Then go and get it.  Having passion for a particular field is a good start but it’s not good enough.  If you really want to make a career change then you need to research and find out what skills, education and background you need to get the job.

2. Prepare financially.  Most people don’t leave one job until they have found another, but if you really want to leave your job maybe you can’t wait for the next one to come along.  Being unemployed while looking for a new job can be very stressful if you are worried about money, but if you are financially prepared for the lull then being unemployed for a few weeks can be the long awaited break that you need from your daily routine.

3. Don’t quit your day job. Actually use your day job to your advantage. If they have an education program use it to go back to school and get the education or skills that you need for your new job.  When creating your new resume think about the skills you already have, maybe you aren’t as far off from the new job as you may think.

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I’d rather go to Starbucks

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Starbucks, good coffee, quality coffee

Good morning Dinks.  Today we are talking about something that I really don’t like…wasting money. If I pay for food that’s not good or go and see a movie that I don’t like I get really upset about it and it bothers me for at least a day or so.  I don’t mind spending money on good food and quality clothes but I really really hate wasting money.

Don’t waste money, just do what you love

Think about the last time that your friend asked you to do something that you really didn’t want to do, now think about what you would rather be doing.  9 times out of 10 when my friends ask me to spend $15 on a movie that I really don’t want to see or $25 on dinner at a restaurant that I really don’t want to go to I always think to myself, oh I don’t want to spend money on that, I’d rather go to Starbucks.

Yesterday I had lunch with one of my colleagues at a new cafe-style restaurant that opened up near our office building where we paid $10 for half a sandwich and a bowl of soup, $13 including a drink.  The soup was warm and the sandwich was not filling.  After we left the cafe I looked at my co-worker and said “We should have just gone to Starbucks because we could have bought a coffee and a scone for half price.”

Trying something new could be costly

Starbucks never disappoints.  In all my years of drinking Caramel Frappuccinos and Spiced Pumpkin Lattes I have never thrown out my drinks or food from Starbucks.  I have been in Starbucks cafes all over North America and not once have I ever regretted my purchase.  Why is that? It’s absolutely because Starbucks is always a good decision.

I’d rather go to Starbucks is a little game that my friends and I play when we really don’t want to go somewhere but don’t want to hurt someone’s feelings.  When you say “I’d rather go to Starbucks” it means that you would rather spend that money on something else, something better than the offer. It doesn’t necessarily mean that you absolutely want to go get a latte at Starbucks; it just means that you would rather be doing something else.

What would you rather do with your money?

The next time your friends, co-workers and family ask you to do something that you really don’t want to do and spend money on  something when you would rather spend the money on something else, just tell them…”No thanks, I’d rather go to Starbucks.”

Now it’s your turn.  Tell us something that you would rather go to Starbucks than spend money on.

Here are three of mine…

 

– Seeing the Steve Jobs movie again.  I would definitely rather go to Starbucks.

– Eat Indian food.  I really hate curry and anything spicy.

– Discount shop at outlets.  I love a good deal, but shopping in crowded outlets with only one of everything really drives me crazy.

 

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Are DINKS the new normal?

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childless couple, dual income, couples

Good morning Dinks.  So many times here on Dinks we have talked about how people with no kids work harder at the office because we don’t have the time commitment to rush home to and how childless couples are seen as being selfish in the eyes of society.  But maybe this isn’t so true anymore.

Dinks may be the norm, worldwide

According to a recent survey released by Quick Quid there are more and more homes in the UK choosing not to have kids.  In 1961 the average household had 3.1 people and in 2011 that number decreased to 2.4 people.  This trend may be due to the fact that couples (and singles) are choosing to remain childless to focus on their careers and their lifestyle.  In 2011 57% of UK households were made up of childless singles and couples without kids.

So why are couples choosing to remain childless?

Some people feel that the choice not to have children is completely selfish, but I disagree.  The decision to remain childless is a personal choice and some couples –myself included – just aren’t ready to have kids.  However, even if the decision not to have kids was selfish, aren’t all personal decisions just a little bit selfish?

When you don’t have kids your life is more flexible.  You can travel more often, you can eat out with friends and you don’t have to stick to a fixed schedule – if you don’t want to.  But then again, the same thing can be said about having a pet.  Having kids is definitely a restriction on your life, but at the same time it can also bring a lot of joy – so I’ve heard.

Why should you have kids?

One of my closest friends just gave birth to her first child last week, a little baby boy.  Actually I shouldn’t say that because he was not very little, her son came two weeks late and he weighed 10 lbs. 7 ounces.   That’s a really big baby.

My friend is 35 years old, she just had her first baby a week ago and she already wants more kids.  My friend never wanted kids; they just weren’t in her plans.  But then she fell in love, got married and now she has her first –of many to come – baby.

Maybe in five, ten or fifteen years I will regret not having kids, but for right now I’m ok.

Why you should remain childless.

I could list a whole bunch of reasons why I choose to remain childless such as the flexibility in my lifestyle and the lack of financial commitment.  According to a recent article released by Go Banking Rates it costs approximately $250,000 to raise a child in the United States. That’s a lot of money.  I am sure that we can all think about a dozen other things that we would rather do with a quarter of a million dollars. I know that I could.

Now let’s hear from you.  Do you have kids? If so what is the best thing about having kids?  If you are like me and you choose to remain childless why did you make that choice?

Photo by Gareth1953

Weekly roundup: DC, Side Hustles and Making Money

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Good morning Dinks and Happy Friday. September is almost over and my my how time flies.  I feel like I was just writing the same thing about it being the end of July.  Before we know it the leaves will be dropping, the weather will require warm sweaters and then it will be my birthday.

This year I am turning 33 and as you may remember I am celebrating with a lovely trip to NYC, Philadelphia and Washington D.C.  I am so excited to get on the road and get my trip started.

If you have a favorite place to visit or eat in any of those three cities I’d love to hear about it.  Please do share!

Bryan Maltier – How I Plan On Making Money Blogging

Budgets Are Sexy – When to Quit a Side Hustle

Go Banking Rates – We’ve Discovered the Secret to Wealth: Don’t Have Kids

Money Crashers – Top 13 Fitness & Spa Vacations on a Budget

50 Plus Finance – Benefits of a Cloud Based Phone System

Investor Junkie – Invest in Companies that Have These Attributes

Yes, I Am Cheap – How to Score Free Money From Airlines

 

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How to play poker and win

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gambling, playing poker, winning at poker

Good morning Dinks.  I don’t know if I ever told you about my poker clients, but I don’t think so, so now I am going to tell you because my poker clients make thousands of dollars each month, all from the comfort of their own homes.  These three young men play poker for a living; they don’t have part time jobs or any other jobs.

All they do is play poker, make money and travel to Las Vegas for the World Series of Poker tournament every summer.  These three young men are professional poker players, that’s how they make their living; they make approximately $120,000 per year playing poker.  Oh and did I mention they are 3 college dropouts and they are only 22 years old.

Poker is just a game, or is it?

I have seen the World Series of Poker on TV, but I’ve never actually met anyone who makes their living – and a good living at that – by playing poker.  So I asked my clients “how did you start playing poker?” and they all had the same story.

All three boys started playing poker in college as a way to make some extra money or as a way to make new friends.  They started winning and quickly became addicted the adrenaline rush of winning money without actually having to “work” for it, that they dropped out of college to become full time poker players.

Poker is a business just like any other profession

This is the case for so many people, sometimes we don’t end up being in the profession that we planned, and sometimes we just fall into a career and then fall in love with it.

My clients chose to play poker for a living and at the end of the year their balance sheets are in the black. However not every day at the office is great.  One client says that the difference between playing poker and having a “real” job is that some days he ends up losing money, that doesn’t happen to those of us with 9 to 5 salaried jobs.  But it can happen to anyone who is self employed – regardless of your profession.

The key to being successfully self employed is to not bet all your money and always keep a reserve to make sure you always have money.  Don’t spend money that you don’t have.  One of the main reasons why start up businesses go broke is because they spend money too quickly before turning a sustainable profit.

How to always make a profit in a risky business

My clients keep their poker business profitable because they treat their winnings like a salary.  After all, playing poker is just like running any other kind of business.  They allocate a portion of their winnings towards long term investments, a portion for daily living expenses, a portion in short term cash for emergencies and a portion in reserve to keep on betting.

The key to never going broke when you are self employed is to stick to your budget and don’t be tempted to spend money that you don’t have.  Being in debt is not the way to run a business and racking up personal debt is not the way to gamble responsibly.

Photo by ImagesofMoney

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