by on Jan 30 2015 - 16 Comments

Are your hobbies costing you too much? It might be time to reflect on their significance. This post is from our regular Wednesday contributor, Erin.

Do you know how much your hobbies are costing you on a yearly basis?

If not, do you at least have a rough estimate?

You might be wondering why this is important – after all, hobbies are often creative outlets, and they’re meant to be enjoyed!

Well, this post was actually inspired by my dad, because he’s had a penchant for computers for as long as I’ve been alive.

For anyone familiar with building their own PC, it’s not cheap, especially when you want a gaming PC. (I was actually looking at a build for $1,200 the other day; I had to walk away.)

Luckily, my dad has mostly gotten away with getting upgrades for his birthday and Christmas, which means my mom and I end up splitting the bill, and we don’t have to complain about struggling to shop for him. Win-win!

However, it got me thinking: how many people have expensive hobbies? Ones they might not be getting much out of?

In light of our recent post on spending meaningfully, I’m campaigning that we should also aim to spend meaningfully where our passions and hobbies are concerned.

Let’s see if your hobbies are costing you too much, and what you can do about it if they are.

Read more

by on Jan 29 2015 - 3 Comments

WSOP MAIN EVENTIt’s always been a dream of mine to play in the $10,000 World Series of Poker (WSOP) Main Event.

Everyone at the final table (top 9 finishers) make approximately $1 million or more. First place routinely pulls in $10 million. That’s life changing money!

I first became interested in poker in high school. It was a historic time in poker as online poker became extremely popular. 18-25 year-olds were making a ridiculous amount of money. I even went to high school with someone who cashed over $300,000 in an online poker tournament. (If you are curious about his story, check out my interview with him DINKS Finance).

Read more

by on Jan 28 2015 - 33 Comments

Are you spending mindlessly, or meaningfully? Here are a few simple ways to put the focus back on spending meaningfully.This post is from our regular Wednesday contributor, Erin.

After countless mentions of mindless spending, the need to have your spending align with your values, and then spending on what matters most to you, I’ve finally decided to write a post specifically on how you can spend meaningfully.

Why is it important to spend meaningfully? I believe the number one reason is that it serves to make us feel better about our overall spending.

If we know we’re putting money toward our values, and not wasting it on meaningless stuff, we feel good.

Personally, I tend to feel guilty when I make an unplanned purchase, or when I spend on something I’d consider a bit trivial.

While I can technically afford to do so, I’d rather be putting my extra funds toward my student loan debt. When I fail to do that, I feel disappointed in myself.

Spending meaningfully means unplanned purchases happen less often (or not at all), allowing me to feel a lot better about my spending and my financial decisions as a whole.

A lot of people don’t realize how much stress their spending is causing them, as evidenced by the amount of people that complain they’re living paycheck-to-paycheck while spending frivolously.

When you spend meaningfully, you’ll encounter less stress.

By evaluating your values and determining what makes you happy, you’ll know what’s worth spending your money on.

If this sounds great to you, read on to find out how exactly can you go about spending meaningfully.

Read more

by on Jan 26 2015 - 33 Comments

Is it possible to be addicted to earning money to the point where it's detrimental? This post is from our regular Wednesday contributor, Erin.

Have you ever been in a position where you were addicted to earning more money?

I’m not talking about gambling, or investing.

I’m talking about not being able to say “no” to opportunities that come your way, because you want more.

More to the point of sacrificing your well-being, relationships, or your sanity.

When you have an intense financial goal like paying off a bunch of debt, or saving enough to afford a down payment on a home, you might be tempted to say “yes” to everything.

After all, who doesn’t want more money?

It’s a very easy trap to fall in, and I’m talking from personal experience here.

This is something I realized only recently, which is why I wanted to share it with you. Truthfully, I do believe there’s a risk in becoming too addicted to earning money. Here’s why.

Read more

by on Jan 23 2015 - 16 Comments

Do you have a tendency to be a little reckless on the road? Here's how being a bad driver can cost you - financially, mentally, and physically.This post is from our regular Wednesday contributor, Erin.

Are you guilty of being a bad driver at some point in your life? Considering an average of 112,000 people get a speeding ticket on a daily basis, I’d wager a few of us are.

Statistics Brain goes on to say that the average cost of a speeding ticket is $152, and that annually, $6,232,000,000 is paid toward them.

Can you believe that!?

As young adults, I think it’s important we establish decent driving habits early on – otherwise, they could end up costing us big time over the long run!

Today, we’re going to take a look at how being a bad driver can cost you, both financially, mentally, and physically.

Read more