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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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Buying Your Bank Stock: Good Move or Bad Idea?

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bank stock, stock market, buying stocks

bank stock, stock market, buying stocks

Good Morning DINKS.  There is an old saying that says we shouldn’t s#*t where we eat. In a less vulgar way it means that we shouldn`t get rid our garbage in the same place where we also profit from the good things in life, or it can also mean that we shouldn`t mix the bad things in our lives with the good things. Regardless of how we each interpret the phrase I believe that the message is clear, don’t do everything in the same place. On a sort of similar note I want to know if you would you invest in the stocks of the bank where you also have your personal banking business, or is that sort of double dipping?

It is said by many investment professionals that we should not have all of our eggs in one basket, does confiding in our bank as our financial institution as well as owning stocks of that same bank count as having all of our eggs in one basket?  If ever something bad happens and our bank ends up going bankrupt we can lose our money from the banking relationship and we can also lose our money from investing in their stock.

If banks are not making any profits they may cut back on their staff and they may close bank branches.  This will greatly impact the level of service from your bank; on top of that you are also losing money on the stocks you own.

This is the exact same principle as an Employee Share Ownership Plan (which I am a member of at my work) Employees contribute a portion of their annual income into purchasing shares of the company where they work and in exchange their employer also contributes a percentage into company shares.  However if ever the company goes bankrupt the employee could end up losing their job as well as their savings?

Do you own stocks in your bank?  Just for fun let’s compare the stock performance of four major US Banks.

– TD Bank.  It is no secret that I use TD Bank  for all of my US Banking needs so let’s start comparing stocks with TD. The Toronto-Dominion Bank (symbol TD) trades on the New York Stock Exchange.  According to Yahoo Finance TD stock is estimated to reach a 1 year target of $92.31 and it is currently trading at $78.01 (Friday July 6, 2012). The dividend yield for TD is $2.83 which equals 3.60%.  The last 52 week price range is $64.56 to $86.56.

– Bank of America. To say that Bank of America has experienced a difficult past couple of years would be an understatement and this is reflected in the price of their stock.  Bank of America Corporation (symbol BAC) also trades on the New York Stock Exchange.  The estimated 1 year target price is $9.41 and it is currently trading at $7.66 (July 6, 2012).  The dividend payout for Bank of America stock is $0.04 per share which equals a yield of 0.5%.

– JP Morgan Chase. I used to own stocks of JP Morgan Chase & Co. but I sold them not too long ago when the “accounting” news started to break.  I knew that JP Morgan Chase (symbol JPM) would continue to decline and therefore I sold my stocks before the value declined too much. The 1 year estimate target price for JP Morgan stock is $45.57 and it is currently trading at $33.90 (Friday July 6, 2012).  JP Morgan stock has a very high dividend yield; it is currently paying $1.20 per share which is a 3.50% yield.

Which bank stock would you buy?

Photo by Katrina

The Cheapest Cities to Live in the World

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cheapest city, cheap living, cheapest cities

Good Morning Dinks.  Let me ask you a question, where do you live and why? I live in a city 7 hours away from the town where I grew up because I wanted to move away from home and I wanted to move to a big city.  The freedom, the career opportunities and the life experiences are a lot greater in a big metropolis  than they are in a small suburban town.  However, the cost of having that freedom and those life experiences are a lot more expensive in a big city.  Think about the last time that you went to a fast food restaurant and think about the last time  you went to the movies, how much did it cost? The odds are that your fast food meal and your movie ticket cost between $10 and $20 each.

 Where do you live?

Some of us left home and moved to a city far away to gain freedom and life experiences. Some of us moved for greater job opportunities, and some of us may have moved to a new city or a new country for the change in culture.  However, maybe you are the opposite of me. Maybe you moved from a big city to a small town because the cost of living is cheaper.  Maybe you moved out of the downtown area into the suburbs because the home prices are cheaper.

MSN recently published a list of the cheapest cities to live in the world.

Do you live in a cheap city?

Tirana, Albania – This is the capital of Albania and the cost of living is very cheap. People can see a movie for only $4.74 and get a cup of coffee for only $1.90. There are 421,000 who live in this town.

Tegucigalpa, Honduras – This is the capital city in Honduras and you can rent a luxury two bedroom apartment for only $700 per month.

Skopje, Macedonia – Even though this is the 8th cheapest city in the world, not everything in Skopje is a bargain.

Kolkata, India – Can you imagine paying only $2.72 for a fast food meal? Maybe you should move to Kolkata.  Everyday consumer goods are very cheap in Kolkata.

Tunis, Tunisia – If you live in Tunis you can rent a luxury two bedroom apartment for less than $500 per month. How much are you currently paying for rent?

La Paz, Bolivia – This city has the second largest population in the country.  A movie ticket costs only $3.62 in La Paz and a fast food meal is only $5.06.

Bishkek, Kyrgyzstan – Not many people know the city of Bishkek, but many budget friendly travellers know exactly where it is located. The population of Bishkek is over 830,000 and people can rent a luxury two bedroom apartment for only $700 per month.

Managua, Nicaragua – This capital city is the cheapest in both North and South America. A movie ticket costs only $3.25 and you can buy a cup of copy for only $1.63.

Islamabad, Pakistan – Not everything is very cheap in this city. Although housing can be very expensive in Islamabad, daily necessities such as a cup of coffee are only $2.76 and a fast food meal is $4.19.

Karachi, Pakistan – Is the leading cheapest city in the world. It is the largest city in Pakistan and also the cheapest. A luxury two bedroom apartment can be rented for only $352 per month.

Photo by Kevin Dooley

The Hour Between Dog and Wolf: Book Review and Giveaway

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The Hour Between Dog and WolfGood Morning DINKS. It’s time for another great book giveaway from Dinks Finance!

Thanks to our good friends at TLC Book Tours we are giving away a copy of the book “The Hour Between Dog and Wolf” by John Coates.  One lucky reader will win a copy of this book which discusses the physical reactions and physical effects that our biological composition has on our decisions related to risk taking, investing, and strategizing.

“The Hour Between Dog and Wolf” by Dr. John Coates

“The Hour Between Dog and Wolf” by John Coates is about taking risks, following our gut feelings, and how our biological composition affects our investing philosophy during booms and busts.  Does your personality reflect your investment style? If you are a conservative person who likes to plan and organize everything in your life do you also take a low-risk investment strategy?  Maybe your reactions to ups and downs in the market are not a direct reflection of your individual personality, but instead your reactions may be a direct reflection of your individual biological composition.

Dr. John Coates is a former wall-street derivatives trader who left New York City to pursue neuroscience at Cambridge University. He believes that our body chemistry and our biological composition are affected by our body’s excitement when we make money as well as our ability to deal with stress when we lose money.  The point of view from a former wall-street trader turned neuroscientist is definitely a very interesting point of view.  As a financial professional this book gave me a whole new outlook on the way that I view personal investment strategies and personal reactions to market fluctuations.

“The Hour Between Dog and Wolf” is the timeframe during the transformation from a conservative and strategic person to a euphoric overconfident risk taker when people are forced to act under pressure.  It is the Jekyll-and-Hyde transformation when people want to bet big to win big when taking risks.  The Hour Between Dog and Wolf can also be the down period when people become saddened with the reality of taking a loss.  John Coates believes that the need to take risk or become extremely conservative is a physical experience based on our chemical composition, rather than an emotional reaction or an intellectual strategy.

Win a Copy of “The Hour Between Dog and Wolf”

Now DINKS it’s your chance to win a copy of “The Hour Between Dog and Wolf” by Dr. John Coates.  Leave a comment on this post or send us a Tweet @dinks_finance and tell us about the craziest thing that you have ever done in the spirit of the moment.  Tell us about a time when adrenaline or emotions took over your body and you did something out of character because you were not in control of your own actions.  One lucky reader will win a copy of “The Hour Between Dog and Wolf” by John Coates.

Good Luck everyone. The winner will be announced next week.

Skinny Wallet or Skinny Belly?

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saving money, getting fit, overspending

Good Morning DINKS. Throughout the year I mostly struggle with two aspects of my life…my wallet and my weight. I try to stay active and eat healthy throughout the year, but there is definitely added pressure to look good and be skinny during the hot summer months when everyone is wearing short shorts and bikinis.  This time of the year also brings out all of the summer sales at stores in malls all across America. I have said it before and I will say it again, there are many similarities between personal finance and personal health because they are both a direct reflection of our personality.

If someone is well organized and lives a very well planned life their eating habits as well as their personal finances are usually under control.  Someone who manages their money on a short leash usually also control their weight very well with very little spending or eating splurges.  On the other hand if people have a more go with the flow attitude they may eat whatever they want to and they may spend their money on whatever they feel like buying. This type of person usually keeps eating until their belly is more than full and they may also spend their money until carelessly until it is all gone.  Our personal habits, both financial and health are a direct reflection of our personality.

Saving Money or Saving Calories?

During my daily lunch hour at office I often find myself struggling with the choice whether to keep my wallet full or my belly full.  Every day at 12 noon I have two options on how I can chose to spend my lunch hour and unfortunately I can’t seem to decide between either. I can save my money and spend the lunch hour eating, but then I am adding excess calories into my body. Or I cannot eat, save the calories, and walk around the mall while I go shopping. This saves calories  but it does not save money.

If I eat during my lunch hour then I am saving money, but at the same time I am gaining weight. If I chose to shop during my lunch hour I am saving calories by not eating, but I am not saving any money.  I guess at the end of the day this is a personal choice that I have to make; I have to decide if it is more important for me to save my money or to save my calories. I enjoy spending my lunch time eating with my friends and co workers, but sometimes I just want to be alone.  The only way to be alone is leave my office and walk around the shopping mall.

Sometimes I get the urge to eat more food then I need to and sometimes I also get the urge to spend money carelessly; afterwards I usually feel bad about them both.  Although to be honest whenever I waste money I dwell on it and regret my purchase for several days, whereas when I overeat or splurge on not so healthy foods I usually get over it within the same day.

Would you rather over eat or over spend?

Photo by steven depolo

Roundup: New Businesses, Your Job, and Writing a Book

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idea manHappy Friday DINKS.

I have a question to ask you, how many of you are self employed or want to be self employed?

It is no secret that I want to be self employed because I blog about it all the time. Specifically, I want to be an author because I love writing.  I am currently working on a series of personal finance books for children and teenagers because good financial habits should start when we are young.  I have also started sending out queries to publishing houses in hopes that one of them will want to publish my young adult fiction trilogy.

I enjoy all types of writing from personal stories and fiction to corporate communications and press releases.  Whether I do it in the corporate world or I do it on my own my dream is to be a full time writer.

If you could start your own business what would you do?

Have a great weekend Dinks and Enjoy these great posts from our friends around the web:< – Bargaineering – Your Take: Presidential Candidates Releasing Tax Returns

– Free Money Finance – Are Investment Management Fess Tax Deductible?

– Passive Income Now – What Tools Do You Need to Create an eBook?

– The Financial Blogger – Is There A Right Way To Share Your Income?

– How’s Married Life – Is a Job Worth Your Happiness?

Photo by fostersartofchilling

Are You Credit Worthy?

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credit worthy, credit tips, good credit

visa mastercard logos

Today we are going to answer the ever demanding question of whether having more credit cards makes you more Credit Worthy.  Many people think that their credit worthiness is based on the amount of credit that they have available to them as well as the number of credit cards that they have.  Some people (and this is a true story) even think that the credit card companies who approve them for credit cards increases their credit worthiness.

This past week I had a client come into our bank branch who wanted to be approved for a mortgage. He didn’t bring any proof of income or any statements confirming his assets at other banks; he did however bring his American Express credit card.  The client continued to tell me that he was the proud owner of an American Express credit card and he reminded me that we do not offer American Express in our bank branch.  I bet that you are wondering what was the colour of his American Express Card…well let me tell you that it wasn’t black.  This client was holding a green American Express credit card with a $5000 limit.

I tried to explain to this client that just because he currently has a lot of credit cards and just because he has credit cards from companies that are deemed to be prestigious it doesn’t automatically (or necessarily) mean that he will be approved for more credit.  This is especially true when clients are applying for a mortgage because it requires enough income to make the monthly payment on such a large amount of debt.

The truth is that people may not be approved for other credit products such as overdraft protection, a personal loan, a line of credit, or a mortgage if they already have a lot of credit.  If you already have a lot of credit products the odds of you being approved for more credit are very slim.  Of course this depends on several variables such as your personal income, personal stability, and total assets i.e. positive net worth.

Even if you have credit products that you are not currently using your bank will take them into consideration because technically you have the money available to be used at any time. The general rule of thumb is that banks will factor in a minimum payment of 3% of the total credit limit.  This is why we should always accept credit when it is offered to us i.e. pre approvals or mail offers because when we are in a financial bind and really need money the odds of us being approved for more credit are very low.

All I can say is that this man is lucky he has a very good financial advisor (me) to help him understand exactly how credit works.  I continued to explain to him that credit cards are not assets; believe it or not some people get the two very confused. Credit cards actually decrease our net worth, not increase it.

Take the test to find out if you are Credit Worthy

  1. Can you afford to pay off your credit card balances in full at the end of each month?
  2. Do you only make minimum payments onto your debts and carry credit card balances?
  3. Which percentage of your total income goes towards paying off debts?
  4. Is your net worth positive?

Photo by Philip Taylor

Dinks Reality: The Real Housewives

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real housewife, dinks reality, real life

house wifeAs you may remember I am a huge fan of Reality TV.  I watch several Reality TV shows from Storage Wars and Big Brother to Survivor and The Real Housewives. Last Saturday as I watched an episode of The Real Housewives of Orange County I started thinking “Would I be happy if I didn’t have to work and if I could stay at home all day?”

With that thought in mind I ask you DINKS; could you be a housewife or a kept man? I know that the idea of not having to work and having access to money is a very tempting though, but if you didn’t have to work what would you do all day?

Being a Housewife: A fair exchange?

There are several different branches of The Real Housewives series in cities such as New York, New Jersey, Orange County, Beverly Hills and Atlanta. The business of being a housewife is that the woman is expected to stay home and take care of the house and children; in exchange the husband buys them everything that they want.

On The Real Housewives reality TV shows it appears as though the women are just another piece of property that the husband owns. In many cases the wives are told what to do, how to act, and how to look by their husbands. Whenever the wife does something good the husband showers her with luxurious gifts. What is the cost of being a housewife? These women have to look a certain way, act a certain way which is usually submissive, and talk a certain way which is usually not at all because they are not educated. Even if they did speak or have ideas their opinions are not valued by their husbands. I don’t know about you, but I could not live like that, even for all of the money in the world.

Being a Housewife: Exploitation?

Some of the women on The Real Housewives of Orange County, The Real Housewives of New York City, and The Housewives of New Jersey do have jobs, but many of the wives just stay home all day to take care of the children and clean the house.  There was an episode of The Real Housewives of New Jersey when one of the cast members said that her husband prefers when she is pregnant and in the kitchen. What does that mean? I would be incredibly insulted if my husband only thought that I was good for procreation and providing food.

There was an episode of The Real Housewives of Orange County when one of the cast members said that her job is to take care of her husband and her kids. I am sorry but why does a grown man need to be taken care of? This cast member never refers to her children as their kids; she always refers to them as her kids.  Actually her husband doesn’t even know how to change diapers. Where is the partnership in that marriage?

Being a Housewife: Gold digger and Spoiled?

Are housewives just lazy and spoiled women who chose to marry a rich man who can take care of them financially instead of actually working for their own money? I am by no means a marriage expert  because I am not married; however I am familiar with the concept of an equal relationship.  Both my boyfriend and I pull our own weight in our relationship.  It is very clear that I don’t work for him, we are equals.

My idea of a housewife is a woman who does not work at an office, she works at home. A housewife cooks and cleans and takes care of her kids.  If this is the definition of a housewife isn’t every family woman in America who has kids a housewife in some way? Just because you have a job doesn’t mean that women neglect their kids, their home, and their husband. Being a housewife is not a job, it is just the normal duties of every mother and wife across America.  So, if a wife is being paid to take care of her home and her children isn’t she just the maid? And if a wife is being paid to take care of her husband isn’t she just a prostitute?

Photo by Stevendepolo

What Do You Buy For The Couple Who Has Everything?

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bridal shower, couples tips, couples advice

I am 31 years old and over the last couple of years it seems like everyone around me is either getting married or having children.  Don’t get me wrong, I am not complaining, I am happy for my friends and their life choices. However I am tired of trying to find unique and creative wedding or baby gifts every single month. You may remember from a previous post that my last experience shopping for a bridal shower gift did not go so well. If you are in your 30’s what would you like to receive as a baby or wedding gift?

Trying to buy a Bridal Shower Gift

Within the past few months three of my friends announced that they are either getting married or having a baby or both. Last Saturday I went to a bridal shower for one of my closest friends.  She has been living on her own for at least 6 years and her new fiancé has already been married, all this to say that they are starting their life together but they are not starting their lives as individuals.  My friend did not register anywhere for her bridal shower and their wedding gifts because they already have all of their household furnishings, appliances, and decor.

At the bridal shower we found out that my friend is also 6 weeks pregnant. Now not only do I have to find the perfect wedding gift for the couple who already has everything, I also have to find the perfect baby gift for a dual income couple with the disposable income to purchase everything and anything that they want.

I know that we are supposed to buy a bridal shower gift for the bride or buy something that the bride can use with her husband on their wedding night.  We are supposed to buy a wedding gift that the couple can use together in their new home as they start their life together, and we are supposed to buy a baby gift that will help the couple take care of and cherish their child’s memories as they grow up. But what can I buy for the couple who already has everything?

Even though my best friend is only 6 weeks pregnant they have been planning to have a baby for almost a year.  They have already started buying baby clothes, baby necessities, and baby furnishings.  My friend and her fiancé already started buying items themselves whenever something that they needed was on sale.  They don’t want people to have to pay full price for anything if they can get it cheaper.

Trying to buy a Baby Gift

If you think that buying a gift for the couple who has everything is hard, think about buying a gift for a Financial Blogger who not only could afford to buy anything that he wants, but who also would not want people spending insane amounts of money to spoil his new child.

My friend J. Money from Budgets Are Sexy recently had a baby boy and I want to buy a gift for his new born baby.  I will be meeting up with J. Money in just over a month at the Financial Blogger Conference (FINCON12) in Denver Colorado.  I really want to buy a gift for his new baby, but I honestly don’t even know where to start shopping.

The obvious gift for the baby of a financial blogger is a Piggy Bank, but I am sure that J. Money already has a saving account and an education saving fund started for his new baby boy.  I thought about getting him a gift card to Target so that he and his wife could buy whatever they need for their new baby boy, but should I really buy a gift card for a financial blogger? My third idea (and in my opinion the best idea) is to buy a photo album. This way J. Money and his wife can enjoy and cherish every minute with their new baby boy.

What do you think?

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Different Ways You Can Waste Your Money!

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wasting money, money tips, money advice

recycling trash bins

If there is one thing in life that I really don’t like, it’s wasting money. I don’t mind spending money on items or services that are worth the cost, and I don’t mind being wrong (every once in a while) but I really hate wasting money.  Actually I hate wasting anything in life whether its food, money, or my time; but that is just because I like to be efficient and organized on a level that borders obsessive-compulsive.

Financial Awakenings recently published a blog post about all of the different ways that people waste their money on everything from travelling to investing. Most personal finance bloggers write about different ways that people can save money  or different ways how to make money when investing. But not Financial Awakenings. Financial Awakenings tells us all of the ways that people are currently wasting their money.  Hopefully we will learn from this list and stop wasting money.

You are currently wasting money on Travelling if you:

Buy premade vacation package deals, a timeshare unit, or stay at an all inclusive hotel if you don’t take advantage of all of the hotels amenities.  Many of us may be guilty of wasting money while travelling and we tell ourselves its ok because I am on vacation. But the truth is that wasting money is still a waste of money regardless of where we are in the world.  Eating at restaurants in hotels and using overpriced room service just for convenience are also ways that travellers waste their money.

You are currently wasting money on Major Purchases if you:

Purchased a hybrid car, purchased a new car, or if you pay full price for anything.  When I was shopping around for my Honda Civic I definitely considered the option of purchasing a hybrid model, but it was just too expensive and the financing interest rate was a lot higher than the regular Honda Civic model.  I loved having a new car for the low maintenance and the warranty, but we all know that it turned out to be the biggest financial mistake of my life.

You are currently wasting money on Investing if you:

Are not contributing to your employer plan if your employer contributes on your behalf.  I personally couldn’t agree more. Employer contribution plans allow you to have an automatic rate of return in the form of your employer’s contributions, regardless of how your investment performs.  You are also wasting money on investing if you purchase Mutual Funds, Stocks, ETFs, or other investments that charge commissions or fees.

You are currently wasting money in your Everyday Life if you:

Drive around searching for cheap gas, if you don’t wait for sales, if you buy bottled water, and if you pay ATM fees.  I have said it before and I will say it again, I will walk for 10 blocks in the rain if it saves me a $3 ATM fee.  I absolutely hate paying bank fees of any kind (and I work at a bank).

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Weekly Roundup: Batman, Spiderman, and Magic Mike!

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Good Morning DINKS and Happy Friday.  We are still in the middle of a heat wave in the sweaty North East and I haven’t really done very much this past week except for eat popsicles and watch movies.  Last week my boyfriend Nick and I went to see the new Spiderman movie and on Tuesday I saw the movie Magic Mike with my girlfriends. Tonight Nick and I are going to see the new Batman movie.  I am not a huge comic book or super hero fan, but Nick is; and we both appreciate a good action movie.

The next action movie that I really want to see is the next film in the Jason Borne series. It is being released in August and I can’t wait to see it.  The Borne Legacy stars Jeremy Runner who is currently my favourite actor (tied with Ryan Reynolds).

I absolutely love going to the movies, and the best part is that I am not paying for any of my movie tickets.  I belong to a Movie Watcher program that allows me to accumulate points towards free movie tickets.  Since I hate the cold weather I very rarely go outside during the winter months, therefore I accumulate rewards points all year round and I use them to see all of the summer blockbuster movies for free. What is your favorite rewards program?

Have a great weekend DINKS and enjoy these great posts from around the web this week:

– Go Banking Rates – How Much Does it Cost to Receive the Education of a Genius?

– Get Rich Slowly – How Much Do You Spend on Self Improvement?

– Clever Dude – Getting over the sting of past mistakes

– Couples Money – Financial Compatibility Quiz

– How’s Married Life – Is a Job Worth Your Happiness? (formerly 20 and Engaged)

Photo by slideshowbruce

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