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.
Happy Friday Dinks and Happy Long Weekend! What are you up to over the next few days? I am thinking about going to see the new Steve Jobs movie – have you seen it? Please tell me what you think. I really love Ashton Kutcher and based on the previews I think that the movie is going to be really good. Watching Ashton Kutcher as a genius is not a bad way to spend two hours this long weekend.
I have not read the Steve Jobs biography and admittedly I know very little about him but I love watching life stories and I really love watching personal documentaries on the Biography channel, so I am most likely going to see the new Steve Jobs movie.
Personal Confession: I don’t have an iPhone, I have a Blackberry.
Enjoy these posts from around the web. Have a great long weekend Dinks.
Take Our Stuff– Love Grenade Stuffed With Money (LAST CALL this ends tomorrow)
Good morning Dinks. Almost every single time I write a post about my own issues or experiences I feel guilty about being a little bit self centered – but yet, here we are. With another post about what I want to do with my life, where I want to be in my career and where I want to go in my travels.
I like writing about my life because my plans seem so much clearer when I write them out. Having my goals posted here on Dinks Finance also helps keep me accountable for achieving my goals and not slack off or procrastinate with them. I am also a HUGE fan of lists because I like to be organized so all and all it’s a good thing, for me. I can only hope that you enjoy reading about my life and that my tips help you achieve your personal goals.
This year I am turning 33 years old and my best friend and I decided that this is going to be OUR year. It’s our time to really have fun, stop worrying about where we SHOULD BE in life and just enjoy where we are.
Admittedly I am not exactly where I thought I would be at 33 but hey, what can you do? I was always told that I should graduate from university, get married and have kids. Well, 1 out of 3 isn’t so bad, right? I did graduate from university but I am not married and I do not want to have kids. To say that my parents are a little bit disappointed would be an understatement.
This year I am planning an amazing trip for my birthday. I will be off work from October 3 to October 15 and during those 12 days I will visit my beloved New York City. I will also travel on a new adventure to visit Philadelphia and end my excursion in Washington D.C. To say that I am extremely excited would also be a major understatement.
So how am I planning to stay in a hotel for 2 weeks?
The key to travelling is to do it on a budget without sacrificing your fun.
Budget. I have a total budget planned for my trip and the less money I have to spend on food and hotels, the more money I can spend on enjoying the cities. I found some really cool things to do during this trip – I am going to the American Museum of Natural History in NYC (total $22), I am going to the jail where Al Capone stayed in Philadelphia (total $14) and I am going to the Smithsonian Zoo in Washington D.C. (FREE).
Plan ahead. I like to plan ahead for my vacations because I don’t want to miss any great things that the city has to offer. I like to plan my transportation to find the most efficient and cheapest ways to get from point A to point B. I also like to plan the location of my hotel based on the things that I want to do. Sometimes cheap hotels are not in the best location – I learned that on my last trip to Las Vegas.
Good morning Dinks. Let me ask you a question…how much risk are you willing to take in order to receive a substantial reward? I guess your answer will depend on your comfort level with risk as well as how badly you want a big reward.
If you are really hoping for a big reward then you are most likely willing to place your entire bet on the line and hope to roll a 7 or 11. However, if you prefer to take your time to achieve your goals because making a lot of money in a short period of time is just too risky for you then you may only place the minimum bet on the pass line.
The question about risk applies for both your investment portfolio and your life. If you like to take risks with your money maybe you don’t like to do so in other aspects of your life, maybe it’s the total opposite or maybe you like to take risks with both. Some people are just risk takers in general, they like to gamble with their money and they like to take gambles in their life. I wouldn’t say that I am either type of those kinds of people because although I like to travel and try new things I definitely wouldn’t say that I am a risk taker.
If you had to choose between your money or your life…
Which one would it be?
If you could only pick only one to be adventurous with, which one would it be? I have clients who choose to take risks in their life because if they don’t live life to the fullest there is no point in having money. However, if I had to pick one it would probably be the opposite. I would rather gamble with my money than take a risk with something dangerous in my life. I am afraid of heights so bungee jumping or diving out of a plane just doesn’t appeal to me.
I would someday like to learn to surf, but I am afraid to be eaten by a shark so that probably won’t happen.
I would much prefer to take risks with my money than within my life, but even that is a major overstatement. When I am in Las Vegas at the craps table I never bet more than my original investment, so if I started with $40 and won $300 I would never be able to bet the entire $300 and roll the dice because the risk is just too much for my liking.
I also wouldn’t put my money into high risk investments such as real estate developments and start up companies. I am a little bit nervous about buying into investments that are a crap shoot and could go either way – the thought of winning a lot intrigues me, but the thought of losing a lot makes me sick to my stomach.
I am a balanced investor when it comes to my portfolio and I am mostly vanilla with a little bit of hot pink when it comes to my lifestyle.
Good morning Dinks. Ok so you are a financial blogger or a money enthusiast – so how do you make friends in the online world of personal finance and how do you learn about new industry trends? By going to Fin Con of course!
Before making my recent career change to corporate communications I was employed in the world of personal finance for a long time, so what does that mean and what does that have to do with attending a conference?
Building relationships will get you business
It means that I work in sales. Over my 12 years of working in financial sales I learned that the best way to get business is to promote yourself and your services. When I go to a conference for my own freelance writing business or for my 9 to 5 job I always hope for a predetermined outcome…to gain new clients.
How do you get new clients? By talking to complete strangers about yourself. It’s always awkward and I never want to do it, but I have to if I want to gain clients, grow my business and make money.
Building relationships is the key to growing a business. You can be the best financial planner on the planet, but if people don’t want to talk to you because they don’t like you as a person then it doesn’t matter. Personal finance is a hard business to break into and it’s overflowing with corporate douche bags – so if you want to succeed you have to stand out and your personality is the way to do so.
My very first conference was at 25
My first “conference” was a golf tournament with a cocktail hour and a meal afterwards. I was only 25 years old and my objective (set by my boss) was to have 3 new clients by the end of the night. There is a fine line between being transparent and building relationships.
Succeed at your next conference with these 3 tips
1. Set a goal before you go. Last year I went to BlogHer and I had no idea what to expect. But three hours into my first day I set goals for myself for the next day. I wanted to work with brands and to do that I had to come out of my shell and talk to brands. I wanted to leave BlogHer with at least one potential new client and I walk away with two bloggers who could connect me with companies that needed personal finance writers. What a great experience.
2. Talk and ask questions at the end of sessions. Get your name out there. Meet attendees, speakers and other bloggers in person. When you ask questions state your name and blog name, it will help people remember you and your work. Some people may be too shy to speak up in a room full of other professionals but learning from experienced bloggers can only help your career.
3. Always have business cards on you. Leave a lasting impression by leaving your business card everywhere you go and with everyone that you talk to. Bring 50 business cards for every day that you are at the conference because you just never know who you are going to meet. It’s better to bring some business cards home than run out of business cards while at the conference.
Good morning Dinks. It’s Friday, another week is over and I am on another weekend getaway. As you read this I am on a train to go back to my hometown. I don’t go home very often since the whole fallout with my family three years ago, but to tell you the truth I miss my best friend. I have been avoiding my home town because every time I think about that place I remember that awful night and I am reminded about every thing that I lost. But I miss my best friend – so I am going home to spend some time with her.
Do you have a childhood friend that you are still in contact with?
There is no relationship like the one you have with someone who grew up just like you, who understands everything about you and more importantly why you are the way you are because they are like that too.
Have a great weekend Dinks. Enjoy these wonderful posts from our personal finance friends.
Money Beagle – There’s No Time For Those Who Don’t Have Time For You
Good morning Dinks. Just in case you don’t know I am 32 years old, I have been with my boyfriend for 14 years and we are not even close to being engaged, let alone almost getting married. So now with all of that being said, is it crazy to save for a wedding if you aren’t even engaged?
I have a friend who is my age and who has been dating her current boyfriend for a year. She already has $7,000 saved for her wedding and the truth is that she started saving a long time before she ever started dating her current boyfriend.
Lady Dinks and Man Dinks – did you start saving for your wedding when you were still dating?
I haven’t given up hope on getting married to my boyfriend, but do you know how much I have saved for our pretend upcoming nuptials? Absolutely nothing. I figure that if the day ever comes when I get married to my boyfriend then we will start saving then because if it takes over 14 years for my boyfriend to propose, who knows how long, the engagement will be.
3 reasons why you always need to save for a wedding
1. The days of relying on our parents are over. A few years ago I confessed to my parents that my long time boyfriend Nick and I aren’t getting married anytime soon. To say that my parents were disappointed would be an understatement, but they are happy that I have someone in my life and that I am not alone. I asked my parents to give me the money that they have saved for my wedding to me now so that I can have it for the down payment on our first home. My parents laughed in my face because they don’t have any money saved for my wedding – I guess they are just as hopeless as I am.
2. People are getting married older. The days of women getting married at 19 are over. Nowadays women are getting married well into their 30s. With more and more couple’s getting divorced, more and more people are getting married for the second (or third time) later on in life. Getting married when you are older gives you more time to save, more time to plan and it can help you avoid getting into debt over your wedding. If you are young and in love don’t rush, take the time you need to save for your wedding. My only advice – just don’t wait 14 years.
3. Find ways to cut costs on a wedding from invitations to the last dance. Rushing into a wedding can create a huge cost burden. Taking your time to plan the wedding can help you find creative ways to DIY and cut costs. Talk to your friends about their wedding and maybe they can recommend a good DJ, a cost efficient hall and other ways to save money on your big day. Don’t forget about your Moms – they can help and trust me they want to help. If I ever do get married I know that my mother will want to input her 2 cents but believe me my bridesmaids will not wear peach.
Good morning Dinks. Money, money, money. Let’s talk about how you and your spouse discuss money. You and your spouse most likely talk about money management, you decide how much you want to spend each month and what type of lifestyle you want to have – this includes your investment strategies.
Some couple’s have joint bank accounts, but not a lot of people have joint investing accounts. So let me ask you a question Dinks – do you talk with your spouse about how you invest for retirement? Just like every day bank accounts and your monthly expenses, couples can choose to maintain separate investment accounts or you can choose to plan your investment strategy together. In basic terms, the best way to balance out each out is to be complete opposites.
4 tips to learn how to invest as a couple:
1. Set your goals together. Couple’s can have both individual goals as well as joint goals. The key to being happy when saving as a couple is to keep yourself in mind too. One of the reasons why people – not only couples – don’t stick with their goals is because they feel neglected. We are more likely to stick with something until the end if we don’t feel it’s too much of a burden or too big of a sacrifice, so set your couple’s goals together and know what you are saving for. It can be as simple as planning your next vacation or it can be as long term as planning your retirement together. Either way it’s good to set your goals as a couple so that you both know what you are working towards.
2. Take some risk. If you are a high risk investor talk about it with your spouse. If you are planning for a couple’s retirement or saving for another joint goal, it’s important to coordinate your investment strategy. If you are saving separately for joint goals it’s a good idea to discuss how you are investing because if you are both taking too much risk you could end up losing all your money and not achieving your goals. This is not good for your savings or for your relationship.
3. Talk about how much you can save. Saving for your goals is a part of your monthly couple’s budget. If you have set too many goals as a couple you may not be able to afford them all. You may have to pick and choose which goals should take priority and which goals should be set on the back burner – for now. If your goals are unrealistic for your budget you can cut some goals out or you can prolong your goals which gives you more time to save.
4. Make sure you are both comfortable. Setting your goals as a couple, balancing out each other’s risk and setting your budget as a couple will help you achieve your goals. If you or your spouse are not comfortable with any of these things it’s a good idea to talk about it. This ensures that you are saving towards goals that you really want and your investment style is complementing each other, not hurting each other.
Good morning Dinks. I am planning my next vacation and it’s going to be totally awesome, if I do say so myself. This October I am going to spend 9 days travelling around the East coast, starting with 4 days in New York where I’m going to meet up with my girl Athena @According to Athena. Then I am spending 2 days in Philadelphia and ending up with 3 days in Washington, DC. I am super excited because I have never been to Philadelphia or Washington. What’s the best part of my vacation? I’m doing it all on my own.
Traveling alone doesn’t mean your relationship is in trouble
My boyfriend Nick decided not to embark on my Amtrak adventure so I am going to do it alone, and surprisingly I am OK with it. I actually travel along quite often and whenever I tell friends or coworkers their reaction is always the same – Why do you do that? I would never travel alone. Last year I went to New York City, Denver and Las Vegas alone – and I had a great time.
I know that the whole point of being in a couple is to have someone to spend your life with. But what happens when that person doesn’t share your passion for travelling and what happens when that person doesn’t want to do the things that you want to? In my opinion it’s better to do things alone than not do them at all.
The truth is that I actually like travelling by myself and my reason is totally selfish – I can keep the hotel room at the temperature that makes me comfortable (which is usually really hot) and I can see everything on my list. I like travelling alone because it’s a feeling of personal freedom the disadvantage though, is that sometimes it’s cheaper to travel as a couple. Everything is about me and sometimes that is a really great feeling – even when you are in a couple.
The cons of traveling alone
There is always safety in numbers. Exploring the city alone can be fun because there is no drama among travellers and when you travel alone you are sure to see everything on your to do list. But travelling alone can also be a little terrifying, especially sleeping alone in a hotel room. I have had a few scary nights, but at the same time I can watch TV and eat in bed without worrying about anyone else.
There is no one to share your experience with. There have been a few times that I had a great experience that I wish I could have shared with my boyfriend, but then I remind myself that it was his choice not to come along on the vacation. I saw Mary Poppins on Broadway in NYC and it was great, but I wish I had someone to talk to during the intermission.
The cost of travelling alone can be expensive. This is probably the biggest downside of travelling alone. Travel expenses can quickly add up when you are just a party of one. But then again, I can eat when and where I want to and if I want to skip a meal all together it’s ok because I am by myself. The cost of physically travelling doesn’t change when traveling with your spouse – actually it’s more expensive because we now have two flights to purchase. But sometimes it would be nice to split the cost of a hotel room with someone.
Good morning Dinks and Happy Friday. I hope you had a great week. I continue to enjoy my summer nights and take full advantage of the sun on summer weekends. This week I saw 2 Guns – the new movie with Denzel Washington and Mark Wahlburg and I have to tell you that it’s awesome. As you know I am a huge fan of action movies and this one was no disappointment.
What is your favourite action movie?
Enjoy these posts from our friends. Have a great weekend.
Good morning Dinks. I know that everyday some of us experience the same money dilemma – should I or shouldn’t I use my credit card for my purchases. There are several benefits to using your credit card for every purchase such as collecting rewards point and earning cash back. However there are also downsides to using your credit card for purchases such as not keeping track of your spending and spending more on your credit card than you can afford to pay off.
Keeping a balance on your credit card leads to all kinds of trouble – trust me I know from a firsthand experience – such as expensive interest charges, a lower credit score and monthly payments that can be better spent on something else.
So let me ask you a question Dinks, when is it OK to use your credit card?
There are two main reasons why I use my credit card, the first is if I don’t have any cash on me and the second is if my credit card offers added benefits such as an extended warranty. I like to book my travel accommodations on my credit card because I get extra benefits such as trip delay protection insurance, baggage loss insurance coverage and trip cancellation coverage.
I usually don’t charge everyday purchases such as my groceries and clothing on my credit card because it doesn’t help me budget and stay within my spending limits. I am a reformed super-spender so even though I should charge everything onto my credit card to earn travel points, I don’t because never ever want to be in debt again.
Do you and your spouse set credit card rules?
If you have a joint credit card you may not charge a lot of purchases on your credit card because your spouse will see them. One year I purchased NBA tickets for my boyfriend as a Christmas gift and I charged them onto our credit card. I didn’t think it would be a problem because he rarely checks our credit card statement because he keeps a running tally of what he spends each month. However, for a reason unknown, that month he did check the credit card bill and unfortunately he discovered his gift two weeks before Christmas. We had fun at the game just the same, but the surprise was ruined.
Some couples set spending limits and reasons why they will spend money on their credit cards. I have friends who set a couple’s rule that they can only charge couple’s expenses on their joint credit card. All personal expenses must be charged on a personal credit card or paid in cash. This limits the liability of each spouse in case the other decides to spend uncontrollably on their credit card.
I think that setting credit card spending rules is a little bit harsh, but it can also be a good way to keep peace and harmony in the couple if you have experience money troubles in the past. However, setting spending rules, especially credit spending limits, seems that each spouse is protecting their liabilities in case of a divorce. Maybe I am being crazy, or maybe every couple needs to set down spending rules.
What do you think – can limiting spending bring a couple closer together or tear them apart?
About Kristina Tahnyak
