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Author Archives: Kristina Tahnyak

Avatar photo About Kristina Tahnyak

Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.

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What if You Won the Lottery… And Then Lost It All?

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financially savvy, financial tips, financial advice

stack of cashGood Morning DINKS.  If you read our blog on a daily basis then you know that I am huge fan of Mr. Anderson Cooper.   I think that he’s intelligent, well spoken, charming, charismatic, and very good looking; it also doesn’t hurt that he has a million dollar smile.  All this to say that I try to watch his new talk show Anderson on a daily basis.  Minus the celebrity visits, which never interest me, Anderson Cooper has some very interesting topics. He recently featured lottery winners who suddenly came into loads of money…and then lost it all.

I am not sure what is worse, winning the lottery and loosing it by continuing to gamble or winning the lottery and loosing it all by spending it excessively.  I am so extremely obsessive about counting my money that if I won the lottery I don’t think that I would spend it on lavish items.  I had a car and I sold it because I never used it, and I chose to rent over buying a condo because the commitment and responsibility really freaks me out, so I am never going to buy a house.

If I won the lottery I would definitely take some time off to travel, actually that’s not true.  I would travel while I work remotely.  I can’t imagine a world where I don’t have to work 12 hours a day!  I would definitely spend some money on a really good immigration lawyer so that I could get an American Green Card and move to New York City to pursue my dreams of becoming an author.  If I won millions of dollars in the lottery I don’t know if I would be able to wake up each morning knowing that I lost it all because of my own mistakes.

Some people cannot handle receiving a large amount of money in a lump sum payment, especially if they have never been good with money. Anderson Cooper interviewed a guest named Rhoda who admits that she was never financially savvy. She never had to be good with money because she never had a lot of money.  After winning 47 million dollars in a state lottery Rhoda purchased a 13 million dollar home, she had an extravagant 2nd wedding, she purchased multiple luxury cars, and she bought a large RV.  However only 2 years after winning the lottery Rhoda ended up in jail because of tax fraud.

Even after being released from jail Rhoda said that she has never recovered financially, she currently lives in poverty in a home without running water. Anderson Cooper asked Rhoda what she would do differently if she ever won the lottery again. She said that she would hire a financial advisor, get an attorney, and find a good accountant. Rhoda admits that she lost her millions because she did not plan well.

Tips to Be Financially Savvy with Your Money

  • Trade in Your Old Electronics.  If you have any electronic devices from an old stereo to a cell phone you can trade them in for store credit or cash at stores such as Target and Staples.
  • Raid Your Closet.  If you have anything in your closet or dresser that you have not worn for 6 months then get rid of it.  You can donate it or you can try to sell it at a vintage shop.  If one store turns you down then try another store, very often different stores carry different items.
  • Search for Unclaimed Money and Property.  Very often people may forget about money that is owed to them.  Visit old Missing Money or Unclaimed.org and type in your name to find old Safety Deposit Boxes, Missing Pensions, and Forgotten Checks that are owed to you.

Photo by PurpleSlog

Why I’m Glad I Got Into Debt… And How I Got Out of It.

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get out of debt, debt tips, debt-free living

Very often people think of being in debt as a bad thing, I don’t necessarily think that is true.  Debt can definitely be a burden if we can’t afford to make our payments, but we can learn many financial lessons from getting into debt as well as getting out of it.  We may have got into debt because we were financially irresponsible (or at least I did), but paying of our debt(s) makes us financially responsible.

Paying off my debt definitely sucks. I can think of many other things that I would rather do with my monthly payments, but I guess that is the price I paid for learning the hard way.  I don’t regret getting into debt, although I definitely don’t recommend it.  I wish that I could have learned to be financially responsible without carrying thousands of dollars of debt; but unfortunately  I have yet to see “Introduction to Personal Finance” being taught in elementary schools and high schools (although I am trying to work on it).

How did you learn your financial responsibility?

As a kid I had to help out around the house and I definitely had to do chores, but I never really had to work for my money until my parents decided to get divorced.  Money was just kind of always around when I was a kid.  As I grew older and I didn’t have enough money to buy all of the things that I wanted, I used my Credit Cards to buy them.  Unfortunately this bad habit helped me accumulate thousands of dollars in debt with high interest rates at a very young age.

I was making minimum payments on all of my Credit Cards and I was not worrying about the interest costs.  As soon as I made a payment and my credit became available again I was out spending money and maxing out my Credit Cards.  This bad behaviour went on for several years until one day I decided that enough is enough.

How did you get out of debt?

I continued working two jobs throughout University and after graduation I decided to get my finances in order.  I set up regular biweekly payments to all of my Credit Cards.  My primary financial strategy was to make the largest payments on to the Credit Cards with the highest interest rates and the largest balance.  I stopped lending money to friends and I stopped offering to pay for meals. I started tracking every single penny that I earned and spent.  I also set a “get out of debt” target date.

Nowadays if I can’t afford to buy something I think twice about how much I really want it.  If I can live without the item then I just forget about it.  However if I really want it then I save up to buy it.  But usually I decide that I don’t really need or want the item.  I admit that living without everything I want really sucks, but it’s a lot better than being thousands of dollars in debt.

Subconsciously, maybe this is why I enjoy renting and don’t want to buy a home.  Maybe it’s because I don’t want to have a mortgage.  I know that buying a home can be a good investment, and I know that people think that renting an apartment is throwing away money. But if I can’t mentally cope with being thousands of dollars in debt how am I going to mentally manage being hundreds of thousands of dollars in debt?!

Photo by Tom Newby

Is Your House a Home or an Investment?

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home tips, property investment, house decor

Good Morning DINKS.  As winter is winding down and spring is approaching a lot of clients are coming into the bank for their mortgage pre approvals.  Clients want to guarantee their potential mortgage rate for the next 3 months while they search for their dream home, or at least while they search for their next home.  I have a question for all of you homeowners out there….Is your house a home or an investment?

Many people buy their dream house because they want to have a place to live and a place to call home; but other people buy a home with the dream of making a profit over the next few years when they move out and sell the house.

If you are a homeowner how important was the price of your home? If your price was the deciding factor in your home purchase was it because you had a budget, because you were worried about the expensive interest costs, or because you wanted to buy your home at the lowest possible price so that you can sell it for the largest possible profit at a later date.

Very often people put their blood, sweat, and tears into renovating their home and decorating their home because they want to enjoy their living space.  However, some people renovate and upgrade their house because it increases the resale value of the house.

I personally love the freedom, flexibility, and non commitment of renting my apartment.  I don’t have any plans to buy a home in the near future.  Just because we don’t own a home, doesn’t mean that our rented apartment isn’t ours.  I absolutely love the decor of my apartment.  I am not crazy about the apartment itself, but I really love the colours, the art, and the decor of my apartment.  Of course if I had more space I would do some things a little differently, but I never intended to live here for the long term.  Our current apartment was supposed to be a temporary situation, but three years later my boyfriend Nick and I still live here.

Moving is definitely a lot of work and it can also be a lot of trouble. I guess that Nick and I weren’t ready to go through the hassle of moving again, but now I am at the point where I can’t live here any longer because I am ready for a change in my living arrangements.  That is the beauty of renting an apartment.  Once a year we can decide to leave without any trouble, hassle, or headaches.  If we really hate our apartment we always have the option to sublet our apartment and move on without visiting a bank or a notary.

MSN posted an article that featured the Best Homes of 2011 according to House and Home Magazine.

What is your favourite type of home decor?

1. A Modern Decor Home that features Art, Deco, and Furniture.

2. A Grand Georgian Home with Symmetry and very clean lines but still offers comfort.

3. A Tailored and Timeless Home add colour to a classic design. Colour is not the focus, it’s the accent.

4. A Scandinavian-Style Home can feature a Brick Fireplace, and Rod Iron Light Fixtures with Wooden Furniture.

5. A Casual Lakeside Home offers “The Hamptons look”. It combines Pastels with lots of sunlight. Furniture can be white or light wood.

6. A Naturally Chic Country Home is a home in the woods but it doesn’t necessarily have to be a log cabin.

7. A Retro-Inspired Home offers 1950s and 1960s style with a modern twist.  This style is popping up all around. Retro appliances add a nice touch of colour and style.

Photo by James Thompson

Friday Roundup: Goals Planning, Mobile Apps, & Money Myths

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Happy Friday DINKS.  I hope you all had a great week.  Today we have rounded up the best posts from around the web about couples planning their lives together, rebuilding our finances after the recession, a different view on credit cards, as well as some money myths.

We learn how to do things correctly by learning from our mistakes.  But financial books, blogs, and websites can also be a great source for us to learn about money management, investing wisely, setting a budget and helpful financial tools.

Enjoy The Posts DINKS.  Have a Great Weekend!

– Adaptu helps couples come to a consensus on mutual goals and planning our lives together in the post “Planning Your Life Together & Sharing Personal Goals” Adaptu also has a Mobile App  that helps manage our money on the go.  We can download it directly from iTunes.

– 50 Plus Finance provides encouragement for our finances in the post “Rebuilding Your Financial Plan After Recession”

– First Gen American takes a different approach to credit cards and borrowing to boost our budgets in the post “Do Credit Cards Make Finances Simple”

– The Simple Dollar helps us save money when making a big purchase in the post “Don’t Buy a Service Contract or an Extended Warranty”

– Money Ning helps us break some money myths and learn the truth about money in the post “Money Beliefs that Hurt Your Finances”

– Generation X Finance gives us some helpful tips for those who are in the market to buy a new car in the post “6 Things You Need to Know Before Buying Your Next Car”

Photo by epsos

Quick Tips to Make Your Home Eco-Friendly & Energy Efficient

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green living, eco-friendly home, going green

Good Morning Everyone.  As we all try to live more eco friendly greener lives we may find it hard to break our old bad habits.  My boyfriend Nick and I have changed our light bulbs to be more energy efficient, we recycle as much as possible, and we try to turn off our lights and appliances when they are not in use.

Check out these tips to help make our home more Eco Friendly and Energy Efficient:

Eco-Friendly Decorating Tips

We should always try to burn eco friendly candles made from beeswax or soy candles.  Paraffin is a petroleum by-product and therefore Paraffin Wax candles are not eco friendly.

We can buy Recycled Paints, Low or Zero Volatile Organic Compound Paints as well as Milk Paints.  These are all eco-friendly.  Volatile Organic Compounds are harmful compounds that are released into the air when normal paint dries and they can cause a variety of personal injuries such as headaches, nose bleeds, and even kidney damage. Benjamin Moore and Sherwin-Williams both produce Low (or No) VOC paints. Milk Paint is produced from milk proteins, clay and limestone.  They are non toxic and eco friendly. Homestead House produces Milk Paints.

Eco-Friendly Furniture

We can buy everything from Eco Friendly Sofas to Energy Efficient Televisions.  Eco-Friendly Sofas are made from fiberboard instead of harmful wood or metals. The cushions can be filled with recycled foam, soy foam, or latex foam which are all eco friendly and light-weight materials. Lighter weight materials make it easier for transportation.

Eco-Friendly Electronics

We can buy Televisions that are certified by Energy Star which makes them energy efficient.  When we buy energy efficient electronics or appliances we are saving on our hydro costs as well as using less energy which saves our resources.  Televisions with LED backlit panels reduce energy needs and therefore costs.  It`s nice to know that Sony recycles all of their electronics.  We should also try to purchase Televisions that are made without Lead or Mercury, which are both harmful materials.  Before we buy any electronics we can visit the manufacturer’s website to see if they support eco-sustainability and recycling programs.

Eco-Friendly Appliances

We can purchase many different Eco-Friendly appliances such as Range Hoods and Ventilation Fans for our Stoves, Refrigerators, Dishwashers and even Waters Coolers. Energy Efficient Range Hoods use 65% less electricity than a regular Range Hood.

Energy Efficient Refrigerators use 20% less electricity and keep our groceries just as cold as regular Refrigerators thanks to the use of more efficient insulation.  We should also make our own ice instead of an automatic ice maker in the door of our Refrigerators.  An improved cooling system makes Eco-Friendly Water Coolers use 45% less energy than regular hot/cold Water Coolers.  Energy Efficient Dishwashers use 10% less energy and can save up to 4900 litres of water.  Be sure to check for the Energy Star approval before you buy your next Appliance.

Photo by CarolSides

Friends With Money.

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beneficial friendship, types of friends, friends with money

Beautiful Silhouettes of People

Good Morning DINKS.  Today we are discussing one of the benefits of having friends… the benefit of friends with money.  Let me ask you a question, if you were experiencing financial hardships would you ask your friends for money or would you ask your family?  They say that family and money don’t mix, but do friends and money mix any better?

I have definitely had my share of money problems with certain extended  family members.  However, I have also had some great experiences with my immediate family members.  My Mother, my Father, and my younger Sister are all very open with me and with each other about our money.  This is mostly because my sister and I both work in personal finance, but it’s also (probably) because we feel comfortable enough with each other to discuss our personal finances.

Finances and Friends

How honest are you with your friends about your money and your personal financial situation? Most of my friends are currently my colleagues at work, or they were my former colleagues in the past.  Therefore we are all very open with each other regarding our personal finances because we are surrounded by money all day.  As we grow up from careless and broke college students into young professional adults our personal financial situation changes but hopefully our friends remain the same.  It’s nice (and sort of comforting) to discuss money with other people my age because they may have the same questions as I do and they may be experiencing the same situations that I am.  Very often birds of a feather flock together and people with same approximate income and lifestyle usually hang out in the same circles.  I like talking to my friends about money, but more importantly I like knowing that if I ever needed some financial help my friends would always be there for me.

Finance as a Competition

Many people don’t talk about their money with their friends because personal finance is just another reason to start a friendly competition.  Our bank account balances may become a reason for us to show off in front of our friends, but no one likes to hang out with a know it all.  Finance doesn’t need to be a competition amongst friends, our friends can actually be a source of knowledge and a helpful resource for discovering new money management tools, choosing a new bank, as well as investment options.  We don’t necessarily need to compare our Net Worth with the Net Worth of our friends because everyone’s financial situation is different; just because someone has a lower (or larger) bank account balance doesn’t make them less of a friend.

I feel that comparing personal finance is like comparing something else in our personal lives…we have to use the rule of three.  We should always take peoples money talks with a grain of salt because not everything can always add up.  However, we can definitely talk to our friends about different products and services to hear their opinions and get their recommendations.  Comparing finances amongst friends could also lead to animosity or jealousy if our bank account balance is less than our friends.  The balance of someones bank account is not important, but as our friend their opinion should definitely be valued.

(Photo by L Lemos)

Do You Like Your Boss?

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career, job advice, boss

lots of chairs

The first quarter of the fiscal year is over and that means it’s time to fill out our quarterly employee evaluations. As every fiscal quarter comes to an end the hungry sharks, aka bankers in business suits, become a little more aggressive as everyone struggles to boost their sales before the end of the quarter.

Our branch manager is a woman, I know that as a woman I should be more supportive of women in upper management positions, but unfortunately I am not.  It is absolutely a personal opinion that women are more emotional than men, and in my personal experience I work better with men than I do with women.  I have been working since I was 15 years old (my first job was at Mc Donald’s) and now I am 31 years old.  Please trust me when I say that I have had my share of crazy female bosses in the past 16 years from over energetic young and inexperienced bosses, to seasoned managers who don’t care about day to day operations because they are just counting the days until their retirement.

Take a moment and think about your favourite boss.  Was he or she a man or a woman? I don’t feel that women are successful managers because they usually feel that they have something to prove and therefore they like to show off their authority, this can be very dangerous for employees. I don’t particularly like working for women, but I definitely fake it…especially when it’s time for my quarterly evaluations because my money is in left in the hands of my boss.

This week I will complete my quarterly employee review and 50% of my quarterly performance review is evaluated at my boss’s discretion; this is why it is important to have a good relationship with our boss.

10 Tips on how to have a good relationship with your boss:

  1. Smile. No matter what your boss says or does, just smile. An expression is worth a thousand words.
  2. Keep Personal Opinion to Yourself.  They may ask but they don’t really want it.  They just want us to reaffirm their opinions.
  3. Stay Away From Office Gossip.  Being known as the office gossip can really hurt your image and your career.
  4. Be an Active Team Player.  Participate in round tables and workshops but don’t be too overbearing or bossy, we should always keep in mind that we aren’t the boss.
  5. Have Great Team Spirit. We should try our best to get along with our coworkers; it makes our day and our workload easier.
  6. Be on Time. The key to success is to blend in with the team but stand out in our individual work. We shouldn’t be the last employee to arrive in the morning or the first one to leave in the evening.
  7. Work Hard.  We are paid to work so we shouldn’t complain about being busy. No one likes a negative person.
  8. Remember That Our Boss is Always Watching.  Don’t try and get away with things that you know aren’t right because either they already know or someone will tell them.
  9. Take The Time to Build a Relationship.  Make sure to talk with your boss one on one at least once a day.  Give them an update on your work progress or ask them a question (even if you know the answer) this keeps the communication door open.
  10. Volunteer Your Time.  If your office is organizing an outing or a fundraising event offer to help.  Our extracurricular activities can help our professional careers.  It shows dedication, organization, and time management.

Photo by GavinSt.Ours

Bad Money Habits from our Childhood

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bad money habits, money habits, financial advice

lemonade stand

Good Morning DINKS.  Take a moment to think about your childhood and if you grew up with or without money in your life. How did you first learn about money and how did your parents manage their money? The way that we grew up learning about money as kids definitely has an impact on how we manage our money as adults.  If we grew up with money maybe we take money for granted as an adult, and if we didn’t lead a privileged life as a child maybe we work harder now to enjoy the finer things in life that we didn’t have when we were younger.

For many of us we never learned about money as kids, I never learned about money until my parents told me to get a job…and I got two. Money was kind of just always around when I was a kid and I never really learned to appreciate money until I had to start earning it myself.  As I got older and started making a lot more money I started to take money for granted.  After the market crash a few years ago I learned the hard way that I should never take money for granted because there is definitely no guarantee that money will always be there.  Now as a 31 year old professional I have come full circle and once again I am appreciating my hard earned dollars.  I made a promise to myself to never take money for granted ever again.

Our parents (or at least my parents) always said that they wanted to give us (my younger sister and I) more than they had while they were growing up.  Both of my parents come from Eastern European immigrant families with 6 kids on each side. My Father and my Mother are both one of the older kids in their families, therefore they had a lot of responsibilities growing up and unfortunately there was not a lot of money to go around.  Money was spent on necessities such as housing, food, and clothing for a family of eight; it was not spent on life’s luxuries such as toys and family vacations.

Did your childhood money memories make you grow up to appreciate a hard earned dollar, or did you grow up taking money for granted?

Here are 5 Bad Habits that We Develop when we Grow Up Without Money (according to Cracked.com)

  1. Acquiring a Taste For Bad Food.  I have to be honest there is nothing like some feeling good but bad for you comfort food to make a bad day better!
  2. Spending Extra Money Instead of Saving It.  I was definitely guilty of this in the past; every single quarterly bonus was accounted for and spent even before it was paid into my bank account.
  3. Going Over Board with Gift Giving.  Christmas and Birthdays are a big deal in my family full of gifts, parties, and lots of food.  In my opinion there is nothing wrong with giving lavish gifts as long as we can afford to do so.  I don’t believe in getting into debt over giving gifts.
  4. You Become an Obsessive Compulsive Money Tracker. I am sooooo guilty of this.  After my income crashed with the market I became obsessed with my money; I started tracking every single penny to make sure that there was always money in my accounts.  I know every cent that comes in and every single cent that goes out and (now) I don’t think that will ever change.
  5. Only Focusing on Money in the Short Term.  When we don’t have a lot of money we don’t really think about the long term, this is only normal because after every pay check there is no money left over.  We can break this bad habit by saving even $10 per pay check for the long term, anything to change our habits.

Photo by Vivid

Friday Roundup: Money Hoarding and Hating Money!

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money scrabble

Happy Friday DINKS.  I hope that you all had a nice week and welcome to the first Friday in February.  Today we have rounded up the best posts from around the web from our favourite personal finance bloggers.  This week was an extremely great week for finance posts, and we hope you really enjoy them. Don’t forget, if you have a favourite personal finance post yourself please share it with us!

Have a Great Weekend Everyone!

Money Reasons asks if we are frugal, a savvy saver, or just plain crazy in the post “Are You a Money Hoarder”  There may be a fine line between being frugal and being a money hoarder, check out this post to see on which side of the line you fall.

Financial Uproar gives his political opinion in the post `Can We Just Legalize It Already” This is an ongoing discussion that seems to come up everywhere we turn.  It is also a topic that everyone has an opinion on regardless of whether you are pro or con legalization.  Read his post to find out on which side of the fence Financial Uproar stands.

Adaptu helps DINKS keep a little money on the side in the post “How To Evaluate Your Own Personal Goals in a Relationship”  This topic is so important because we have to know that its ok to keep our own separate savings even when we are in a couple.

Go Banking Rates reminds us that its time to invest in our IRAs and helps us with our investment options in the post “Is Investing with a Discount Broker the Right Option for You?”  This is a great post because there are so many different investment options available for us on the market other than investing with our bank.

Budgets Are Sexy questions our motives in the post “Does America Hate Money?” Read this post for a different kind of view on daily living, buying goods, and paying taxes.

(Photo by 401K)

Dream Save Do: Book Giveaway

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Dream Save Do BookGood Morning DINKS. Would you consider your marriage to be luggage? So often when we become a couple and we lose our individuality.  We start to consider our spouse before we consider our self and we may even put our personal goals on hold in order to help our spouse achieve theirs.

What would you do if your spouse told you tomorrow that they wanted to travel the world and they were going with or without you? Would you give up your stability, your career, and your dual income to follow your spouse’s dream?

The reason this subject is coming up is because I know two couples who recently broke up and got divorced because one of them wanted to pursue their own personal dreams and their spouse didn’t share the same goals. So one person left their couple to pursue  their personal goals and unfortunately it cost them their relationship. However this may not always be a couples reality. Very often DINKS do share the same dreams and the same goals.  Even more often we may be willing to make some small compromises in our personal goals and dreams in order to be with our spouse.

Dream Save Do: Live Your Dreams

When Warren Talbot from Married with Luggage contacted DINKS Finance to offer us a copy of his new book called “Dream Save Do: A No-Nonsense, Step By Step Blueprint for Amassing the Cash You Need to Live Your Dreams” we were more than delighted to accept his offer and giveaway a copy to one lucky DINKS reader.  Warren and his wife Betsy are currently Married with Luggage, but it has a whole other meaning.  Warren and Betsy decided to follow their mutual dream of travelling the world…together. They are currently travelling around the world, they are living out of their luggage, they are together, and they are happy!

Warren Talbot and his wife Betsy tell their story of how they quit their corporate jobs and packed their bags to pursue their dreams of travelling around the world. Warren says that the book “Dream Save Do” “is not a get-rich-quick scheme or a fad. It is simply a more focused way to think about money and how it can be used to fund your dream life. If you aren’t living your dream life, then you are in the same place as 90% of the people on the planet. And we know, because we were there, too.”

Now it’s time to Give Away a Copy of the book “Dream Save Do: A No-Nonsense, Step By Step Blueprint for Amassing the Cash You Need to Live Your Dream.”  The book is currently a Kindle Edition but Warren and Betsy Talbot have been gracious enough to offer one lucky DINKS reader a copy of the book in whichever electronic format you wish or even in PDF format if you prefer.

Enter our Go Live Your Dreams Giveaway to win a copy of the Kindle book Dream Save Do by Warren and Betsy Talbot.

To enter our Kindle Book Giveaway, please leave a comment on this post and tell us what you would be doing if you weren’t married. Would you be travelling the world? Would you pursue your career goals? Would you be living on a beach somewhere? Feel free to post anonymously, just in case your spouse reads DINKS Finance too!

We will announce the winner next week and you will have to contact us by email to claim your prize

Good Luck Everyone!

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