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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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Would you give back money?

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give back money, good money week, refund

Good morning Dinks.  I had an absolutely great money week because I received additional money on a refund and I got a huge discount on one of my purchases.  I just love when that happens to me – don’t you? But when money is given to you that is not yours there comes the inevitable question of should you keep it or should you give the money back?

I didn’t take it; the money was given to me so it’s not stolen right?

Two weeks ago I went to my hometown to visit my parents and my best friend.  To make a long story short my best friend and I did some shopping and I mailed myself a package because I didn’t want to carry all of my stuff back home with me on the train.  I paid a premium for my package to be delivered overnight and I paid to include $200 worth of insurance just in case the package didn’t arrive.

Well, in true post office fashion my package didn’t arrive the next day, it arrived two days later so I called the post office to get a refund on my shipping.  I gave the customer service representative my full name, address, the tracking number on my receipt as well as the total amount that I paid which was $20.11. The customer service representative apologized for the inconvenience and assured me that within 10 business days I will receive a check in the mail for the full amount.

I did in fact receive a cheque in the mail, but not for $20.11.  I received a check in the mail for $61.12.  What do you think I did – should I have called the post office or should I have just kept the money?

In true Kristina fashion, I deposited the check into my bank account and that is that. Would you have done the same?

Any discount is good, a 60% discount is even better!

Next weekend I am headed to Toronto for the Canadian Personal Finance Conference and I am travelling by train.  I originally booked my round trip ticket at the lowest fare which means I am not travelling at the most convenient times.  Both of my trains are longer than usual and after thinking about it I am really not looking forward to my trip – and that’s not good because I really love taking the train.

I decided to upgrade my tickets to first class in order to travel a little more comfortably and to travel at a more convenient time – all the cheaper tickets were sold out.  When I originally called the train customer service they told me that the upgrades and time changes would cost $80.

After thinking about the additional cost I am justifying it by telling myself that I always travel cheap – and that’s true. So I called back to reserve my new tickets.  The customer service representative told me that the difference owing with fees and taxes is $61. Score!

Friday I went to the train station to pick up my tickets and to pay the difference.  To my surprise I only owed $38.  This was my second good financial windfall of the week so I knew it had to be too good to be true. I gave the representative my confirmation number and told her twice that it should be $61.  I’m not sure what magic she worked but instead of owing $80 I only paid $38.  I love my money life this week.

Has something like this ever happened to you? Tell us! I love a good money story.

Photo by taxcredits

Real estate investing: Are you convinced?

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real estate investment, property investment, investment

real estate investment, property investment, investment

Good morning Dinks.  As a financial planner I am always looking for the perfect investment strategy.  I don’t try to time the market, I try to find the perfect balance between different investment classes that include both fixed income and equity.

I am what you would call a balanced investor.  I don’t like to take too much risk in any of my investment portfolios because the thought of losing money is just more stress than I can handle.  I know that we can’t have big rewards without taking big risks, but I’m not looking for a big reward.  I am just looking for a little bit of constant growth over time with less than average fluctuations in the value of my investments during market downturns.

Is real estate your go-to-investment?

I personally don’t invest in real estate directly; however I do invest in real estate indirectly through income mutual funds.  I know that a lot of our Dinks friends do invest in real estate through their own homes as well as with income properties.

Real estate is just too risky of an investment for me – there is the risk that you won’t be able to rent out the apartment.  Even if you don’t rent out the apartment the mortgage payment is still due and that’s scary.

I have clients who not only invest in local real estate; they also own condos or homes in other countries.  Investing in foreign real estate is way too risky for me, but I’m sure it’s nice to have a condo in Spain on the Mediterranean to visit any time you want. Maybe if I researched the housing markets – both foreign and domestic –my fears would go away. But I would rather just stick to what I know.

How can you make money in real estate investing?

Flippers. The first type of real estate investors are flippers.  These people buy houses cheap, renovate them quickly and flip them to sell at a profit.  The downside of being a flipper is that renovations can be expensive. Also, the entire time you are renovating you must make mortgage payments and utility payments…that can be very expensive.  Then there is the question, but what if you don’t sell the house right away? Well you still need to make mortgage payments every month just the same.

Income properties.  This maybe the most common form of real estate investing, at least it’s the one that I see the most at the bank.  Income property investors buy properties with multiple units such as a triplex or an apartment building, in some cases investors buy a single family home or a condo and rent it out.  This provides a monthly income from the rent, but even if the units are rented out…the mortgage payments are still due each month.

Investing in commercial real estate.  Commercial real estate investors put their money into large developments such as shopping centers, gated communities, new neighborhoods and office buildings.  Some people say that commercial real estate investing is less risky than investing in housing – but I’m not so sure.  One thing that I do know is that investing in commercial real estate is a lot more expensive.

 Photo by imagesofmoney

Weekly roundup: Sugar Daddys, Apple and Unwinding for Free

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Happy Friday Dinks. Or should I say Happy Friday the 13th.  I hope you all have good luck today.

Last Friday I told you that I was going to see the new Steve Jobs movie.  Well, I went to the movies and I have to tell you that it was not good.  The movie was way too long and it actually wasn’t so much about Steve Jobs as it was about Apple and it was boring.

At 2.5 hours into the movie we were only at the Mac Book created, the iPod and the iPhone were not yet even invented in the storyline.  Thank goodness the movie ended there but a movie about Apple without mentioning the iPod or the iPhone seems a little bit silly.

I am a Blackberry user and I have been for a while, but that has nothing to do with my dislike for this movie.  I am not a huge fan of Facebook, but I could watch the movie The Social Network over and over again.

I wanted to go see the Steve Jobs movie because I didn’t read his biography so I wanted to learn about him.  Well $6 and 2.5 hours later I don’t know anything else about Steve Jobs because the movie was not about his life.  OH WAIT. I actually did learn one thing – Steve Jobs didn’t create any Apple products.

If you are thinking about going to see the Steve Jobs movie let me give you a piece of advice – Save your money!

Financial Samurai – If you were broke, in debt or unemployed would you settle for a less than ideal partner to save you?

Get Rich Slowly – What are the best financial accounts and tools available?

Blonde & Balanced – 10 Ways to Unwind for Free

Clever Dude – What Apple and Car Salesmen Have In Common

Sustainable Family Finances – A sugar daddy budget comparison

 

Photo by woodleywonderworks

What does your health have to do with your budget?

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health, budget, being healthy

Good morning Dinks.  The answer is everything.  Think about the last time you grabbed some food on the go – was it the healthiest option or was it the cheapest option? Think about the last time you went out for drinks with your colleagues after work – did you order your favorite drink or the cheapest drink on the menu? The truth is that all the choices we make in life, not only food, are directly related to our budget and how much money we have.

Would you rather gain weight or gain debt?

I have a younger sister who is pretty and perfect and can do no wrong.  She is very organized and extremely set in her ways with every aspect of her life – including both her diet and her money.  As you know I have been with my boyfriend for 14 years and we aren’t married – nor are we planning on having kids any time soon.  So my younger sister is my parent’s only hope for becoming grandparents.

Well, I hate to burst their potential grandparent bubble but my sister is not having children any time soon either. My sister hates debt with a passion – she has never been in debt and avoids it like the plague. I’m sure this has to do with her controlling personality. But to be honest I think that my sister would rather be $10,000 in debt than gain 10 lbs.

If you said debt then you are normal

According to Credit Karma  my sister is actually the normal – who knew? In a recent survey Credit Karma confirmed that 72% of Americans prefer to have debt over gaining weight.  This survey, conducted in June of this year showed that “debt-ridden Americans often put their physical appearance ahead of their financial state”.

I am not sure if this is the way that it should be.  As a financial planner I am sad to know that people’s financial well-being is not at the top of their priority list.  But as a regular person I am happy to learn that people are taking pride in their physical appearance.

Where do you choose to spend your money?

A gorgeous physical appearance is different than being healthy.  You can be skinny because you don’t eat – which saves money.  Or you can be physically fit thanks to exercise and eating right – which can be costly.

Spending money on gym memberships and healthy food are not the most budget friendly choices, but it is what’s best for our health.  I am a vegetarian and I try to work out four times a week.  I try to live a healthy lifestyle while being budget friendly.

Find a balance between your budget and being healthy.

The majority of my money is spent on comfy and cute workout clothes, but instead of buying $85 yoga pants at Lulu Lemon I buy $19 yoga pants at Aeropostale. I don’t spend too much money on special organic food; I try to make vegetarian recipes that include regular ingredients that you can buy at any grocery store or bulk food store.  This helps save money and be healthy at the same time.

What is your best grocery money savings tip?

Photo by khargrav

7 things that you should know by now

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life lessons, learning, career, debt

Good morning Dinks.  Today we are talking about getting older and getting wiser.  As I grow older and experience more of life’s trials and tribulations I often say to myself…oh if I only knew then what I know now.  When I was younger I didn’t really understand why people always said this, but now that I am older I absolutely get it.

This applies for so many things in my life from money to relationships.  It’s not so much about regrets as it is learning from my mistakes.  For example, I would love to go back 15 years and tell myself…

Don’t get a credit card until your last year of college.

Don’t move in with your boyfriend until you have a ring.

Study abroad for a semester in college and find other cheap ways to travel.

The thing about learning from our mistakes is that we always learn the lessons to late.  It’s great that we gain the knowledge as we get older, but we don’t need it anymore because we’ve already learned the lesson.

I wish that I knew the damage to my life that credit cards can cause if we misuse them.  I wish that I knew how many tears and 70 hour work weeks it would take to pay off my debt.  That’s the funny thing about debt; it’s easy to accumulate but hard to pay off.

According to MSN here are 5 lessons that you should have already learned:

1. Time is precious.  I wish that I didn’t stay up all night with friends while I was in college, my GPA would have been a lot higher.  I wish that I knew in my 20s how precious time is in a relationship.  I should have worked less and focused on my relationship, it could have saved us a lot of trouble.

2. Everyone is talented.  If you want to succeed you have to be really talented and bring new, innovative ideas to the table at work.  Everyone is talent, you need to stand out.  I thought that I was a great employee because I was a good salesperson, but I came to find out that was just another number in the workplace.

3. Don’t procrastinate.  Oh Lord.  This was me, and still is me sometimes.  Being late – or almost late – really stresses me out and I should not do it.

4. Take responsibility for your mistakes.  I usually don’t try to take responsibility for my mistakes as I do try to cover them up and correct the problem before anyone notices, but maybe I should just be more honest about my shortcomings.

5. Be loyal to your employer.  I used to think that the days of starting a job at 19 and retiring with the same company are over, but changing jobs every couple of years is not really a great career strategy. Employers like long term commitment and you could be financially rewarded for your loyalty.

6. You don’t know it all. You need a mentor.  We don’t know everything, no matter how smart we are.  Sometimes it’s ok to ask for advice, help and assistance from co-workers or from friends.

7. Spend less than you make.  This should go without saying, but trust me I didn’t know it when I was younger.  According to MSN you should spend 25% less money than you earn and you will be able to afford all the things you want in life as well as build up your personal savings.

What advice would you like to give yourself 15 years ago?

Photo by marcf

 

Jeff Rose gets personal in Soldier of Finance

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Jeff Rose, CFP®Good morning Dinks.  Today I am excited to tell you a little bit about my friend Jeff Rose and his newest venture.  You may know Jeff from his personal finance blog Good Financial Cents or you may know him from his work at The Debt Movement.  And now you’ll know him from his new book Soldier of Finance.

Enlist in a financial boot camp

Do your finances need a good kick in the butt? If you want to change your personal spending habits, increase your net worth, pay down your debt and find investment strategies that work for you, then Jeff Rose can help…and he will.

This book starts with the question “What the hell am I doing here?” If you have ever thought that about your money then raise your hand.  I am sure that we have all been there; I have definitely been there and done that.  I was so deep in debt that I bought the souvenir shot glass and mailed the postcard.

As an Iraq combat veteran, Jeff Rose doesn’t sugar coat anything.  Yes, he is a husband and a daddy of three so he does have a soft side, but not when it comes to money.  In his new book Rose gets down and dirty into everything related to personal finance from examining your past habits and dealing with personal issues to living happily ever after with your money.

imageIt’s not business, it’s definitely personal

Jeff Rose doesn’t hold anything back in Soldier of Finance as he talks about his time overseas, his money, his family and his career. This book reads like a personal story about one man’s money journey over the years.

I know what you’re thinking…OH NO, not another personal finance book by a personal finance blogger.  But the truth is that turning the pages of this book is like scrolling through one of Rose’s many websites.  Soldier of Finance includes interviews with other personal finance bloggers like J. Money from Budgets Are Sexy, photos of Rose’s time in the military and personal accounts of what his personal and financial lives have been like – up to now.

Solider of Finance is not another boring personal finance book.  Actually it’s quite the opposite.  Rose writes his book as if he is having a conversation with you in person.  Reading about his life is what kept me turning the pages; learning to be disciplined and getting my money right are just an added bonus.

Don’t get me wrong, Soldier of Finance is a hard-core-book that will kick-start your new financial life.  You can use it as a personal money journal to prioritize your debts, set your goals and track your progress.  Rose gives you pages to write down the personal financial states of your credit report, emergency savings and even your charitable donations.

From now on you will know exactly where your money is going, why you are making mistakes and how you are going to make your financial future better.

Why you need to get a copy of Soldier of Finance

As a fellow financial planner I could give you a whole list of reasons why Soldier of Finance is a good book, like it tells a personal story and you will definitely relate to it.  But the truth is that you should read this new book because Jeff Rose is a really great guy, who has a superior knowledge of personal finance and who can talk about money to people like they are actually people.

Photos by SoldierofFinance

Weekly Roundup: Haircuts, money and women

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Good morning Dinks.  It’s Friday…WOOT WOOT.  Nothing much happened in my week so not too much to talk about.  I finally got to see the Steve Jobs movie…loved it.  Today after work I am getting my haircut.  I know this seems like a ridiculous discussion topic but please keep reading…there is a point to my story.D

I shamefully say that at almost 33 years old (next month) my grey hair is starting to creep through my natural shade of brown.  So as of today I am going to be a bottle brunette.

After searching around and price shopping for a new hairdresser I finally found a salon that offers haircuts starting at $55.  This sounds like a great deal to me because my old hair dresser charged $70 plus tax for a haircut.

When I told my father about my supposedly great news his first reaction was “Who the hell pays $70 for a hair cut.”

I am sure that many of our male Dinks just had this same reaction, whereas our lady Dinks might be a little more understanding.  My dad told me that he pays $15 for a hair cut at his barber and if he wants to add in a shave it’s another $10.  Who knew that a day of pampering could only cost $25? Ladies…am I right?

This is just another example of how men and women differ when it comes to money.  What I, as a woman, think is a great deal may seem like a totally outrageous expense to a man.

What do you think?

Enjoy these posts from our personal finance friends. Have a great weekend.

– LearnVest – One bank or many: Where should I keep my accounts?

– Budgets Are Sexy – Being cheap vs. Being frugal

– Thirty Six Months – The perfect time to start Christmas shopping

– Gajizmo – How To Get Out Of Jury Duty

– Feeling Financial – Inflation Risk – Go Broke Slowly

– Dough Roller – 4 Options When you Can’t Open a Bank Account

– Budget & the Beach – Multiple streams of income and happiness

 

Photo by thebarb

Planning ahead isn’t always a good thing

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change of plans, planning ahead, planning

Good morning Dinks.  As you know I have always been a poster child for planning ahead, organizing my life and making lists of things to do.  My family thinks I’m crazy and my coworkers think that I am obsessive compulsive, but I like planning ahead because the unknown kind of scares me.  But you know what scares me even more than the unknown? Losing money!

Adjusts well to change is not on my resume

I personally don’t really like change, I like a routine.  Sometimes I complain about being bored, but still, I like my normal routine.  I am the girl in the office who cringes every time someone calls a team meeting to tell us that there are new things to come.

This year my personal philosophy of planning ahead kicked my bank account’s butt.  It’s September and I have lost over $300 this year just because I took the initiative to plan ahead.  Dinks – do you know why planning ahead isn’t always a good thing? When plans change.

I have to tell you, I am really starting to rethink my personal philosophy of always planning ahead.  I usually like to plan ahead because it gives me something to look forward to, but when plans change and I have to cancel my travel accommodations or reservations, I lose money and I just get angry.

So how can I still plan ahead and not lose money if my plans change?

Please someone help me, I am open to all suggestions.  This year I am almost $500 in the red and it’s only September.  My planning ahead usually seems like a good idea but now I’m not so sure.

I was planning a weeklong trip along the California coast from San Francisco to San Diego in May, but now I’m not so sure. I have a $30 credit from United Airlines that I have to use before the expiration date but I am so nervous to book a flight in case my plans change that it might just expire.  The flight has to be booked by September 12, and I have to travel within a year from that date.  But I really don’t want to plan another trip in advance.

Here is a rundown of financial mistakes that I’ve made this year thanks to my planning in advance.

$150 for a non-refundable flight.  Remember my trip to NYC, Philadelphia and Washington D.C. that I had planned this fall? Well it doesn’t look like it’s going to happen and my one way ticket back to Montreal from D.C.

$150 for my ticket to a BlogHer workshop that I couldn’t sell.  I purchased an early bird conference ticket and a ticket to a workshop about how to turn your blog into a book – because my goal in life is to become an author.  I was able to see the early bird ticket, but unfortunately I am out the $150 for the workshop.

$65 to change the times (not the dates) of a train trip I booked.  I booked my train ticket in advance when they were having a sale – smart right? Well it turns out that because of the cheap fare the ticket is not refundable and not exchangeable so I had to purchase a new ticket.

$110 for a conference pass that I booked and now can’t attend. PS – It’s not FinCon, although I am also not able to attend FinCon this year in St. Louis because another girl at my office booked off the same weekend.

Photo by imagesofmoney

Tips for FinCon: How to succeed at a conference

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conference, successful conference, fincon

(Good morning Dinks.  This is a guest post from Mr. FinCon himself – Philip Taylor from PT Money.  Enjoy!)

Conferences can be a lot of fun and a great way to stay connected to people in your area of interest.

But conferences can be expensive – easily over $1,000 after you add up entry fee, flight, and hotel. With that type of expense, you’ll want to make sure you are making the most of our investment.

Here are some tips for succeeding at your next conference beyond the usual “bring business cards” and “dress in layers” advice. 

– Define What Success Is to You

What will make this event a success? Meeting the right people? Learning a specific insight or skill? Communicating your message? Before you sign up for an event you should have 3 or 4 things jotted down that if accomplished will make the investment in this conference worth while.

– Connect with Attendees, Speakers, and Sponsors Before the Event

Get your hands on the attendee, speaker, and sponsor list and start making connections. Look for people who can help you achieve your goals, as well as those you might be able to help. Connecting with speakers is a great way to ensure content is tailored to your needs. You might even get a shutout from the stage. Don’t neglect the conference organizer. Connect with them and inquire about any opportunities to volunteer or participate in some way.

– Plan a Mini Event that Compliments the Main Event

Use this gathering of the like-minds to form a smaller tribe of attendees interested in a common activity. For instance, you could organize a local tour to an art museum. This would instantly put you in a position of authority and other attendees would see you as a connector. It would also guarantee a few buddies for the remainder of the conference.

A mini event could also be a great way to promote your latest initiative (i.e. book, product, etc). Hold a happy hour and buy everyone a drink while your share details about your latest thing. Be sure this kind of thing is okay with the organizer.

– Ask These Three Questions and Know the Answers for Yourself

Adrian Segar, author of Conferences that Work, outlines three questions that all good peer conferences need to address:

  1. How did you get here? i.e. a little relevant background
  2. What do your want to get from this experience?
  3. What can you offer others?

You should prepared to ask these questions to new people you meet and of course be able to answer them yourself. You will never have an awkward moment at a conference armed with these three questions.

– Use the Event to Create Something Valuable

This is probably my favorite tip. The conference offers something you probably could not generate yourself: a collection of related people. Use this dynamic to create something valuable. As a blogger, creating content is the first thing to come to mind. But it could be anything: a survey, a picture, another event, etc.

– Allow for Unconference Time

It’s tempting to sit down with a copy of the conference agenda and map out your entire schedule. Be sure to add holes in your schedule for impromptu meetings, sessions, and social opportunities. Prioritize everything else so you know what’s crucial and what you can pass on for an extra conversation or hour of sleep.

– Follow Up 24 and 24

I stole this from “Ambassador” Mike Bruny. Follow up with your new contacts 24 hours after the event just to give them your info and then contact them 24 days later to initiate any further business.

————-
– Philip Taylor blogs at PT Money: Personal Finance and is the creator of FinCon, a conference at the center of money and media.

Photo by kiwanja

Doin’ it well – managing your money that is

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managing money, couples finances, financial handling

Good morning Dinks.  If your financial situation is less than perfect don’t fret, we are here to help.  Some people don’t like to talk with their spouse about their financial mistakes because they are ashamed.  Money is such a touchy subject and you just never know how people are going to react when you bring it up.

Do you talk about money in your relationship?

My boyfriend doesn’t like to talk about money, I mean he REALLY doesn’t like to talk about money.  He clips coupons and pays his bills every month, but he doesn’t like to discuss our savings.  He knows we both contribute towards our future on a regular basis but he has no interest in checking the balance of our accounts every day or opening our account statements to see if our investment portfolios have increased or decreased in value over the last quarter.

I guess that’s ok because I am really obsessive-compulsive about money.  I log in to my online banking at least twice a day to verify transactions, check my balances and make sure that everything is copasetic. I don’t mind not talking about money after 5 pm when I get home because I talk about money with people all day at my job.  My boyfriend doesn’t like to talk about money because he has better things to do.  I guess it’s true what they say, opposites really do attract.

It’s not better not to talk about it

As a financial planner and as a girlfriend I don’t ever like surprises when it comes to money.  I respect the fact that my boyfriend doesn’t LIKE to talk about money but people can’t always do only the things they like to do in life.  I am not a pushy girlfriend (HELLO…14 years together and we aren’t even engaged) but when there is something that needs to be discussed I would like to have my boyfriends full attention.

We started dating when we were two broke students, so we didn’t really talk about money too much.  Then when we started working and paying off student loans we still didn’t have a lot of money because we were in debt…big time.  Then in our late 20s we went crazy with the credit cards and that was a huge mistake. We didn’t really talk about money, we just charged purchases on our credit cards and then argued about how broke we were at the end of the month because all of our income went to paying off debt.  This was a huge mistake.  I wish we talked more about money and learned about managing our money wisely because it could have saved us several years of grief while being thousands of dollars in debt.

So sit down and talk about it

My relationship is definitely not the normal.  Not all relationships start at 19 years old and live happily ever after – I am not bragging, believe me there have been times when we both wanted to call it quits.  Not every relationship has a financial planner in it.

Most happily married couples meet later on in life after they are established in their careers, hopefully have some savings and after they know what they are looking for in a spouse instead of hoping that their high school sweetheart turns into their one true love.  If I was my age now (32 going to be 33 in October) I would definitely talk about money with potential mates before making any type of serious commitment.  Is that just smart financial sense?

Photo by Angelo

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