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December 22, 2000/Kislev 25, 5761, Vol. 53, No.13
Finance doctor helps heal financial woes
BETH OLSON
Editorial Assistant
Greg Dinkin, 29, graduated from Arizona State University with an MBA and $25,000 in credit card debt.
He credits his experiences with getting out of debt after college, prior experience as a door-to-door salesman, and upbringing in a fiscally responsible family, with inspiring him to become "Dr. Dink" - a self-proclaimed finance doctor.
Dinkin, who now resides in Santa Monica, Calif., is the author of "The Finance Doctor: An 8-Step Prescription So You Can Stop Chasing Your Bills and Start Chasing Your Dreams" (Vital Publishing, $14.95 paperback). He recently visited the Valley to promote his book and to present a seminar at Changing Hands Bookstore in Tempe based on the financial principles outlined in his book.
In "The Finance Doctor," Dinkin uses a personal narrative style to teach readers personal finance lessons he learned from his life experiences.
He found it challenging to teach through storytelling.
"The compromise was to write a story - to write a narrative - that keeps people's interest but that contains enough information," Dinkin explains. "I tried to find that balance of entertaining the reader, but still keeping on the topic."
Dinkin and his brother, Andy, were raised in Potomac, Md., by their mother, Erlaine Bernstein, who had divorced their father, Art Dinkin, when Greg was 8.
Dinkin attended Cornell University in New York and after graduation became a salesman, selling windows door-to-door.
In the book, Dinkin tells how surprised he was that people would buy thousands of dollars worth of windows, finance them over 15 or 30 years, and never ask about the total cost. He gives the example of financing $5,000 of windows over 30 years at an interest rate of 20 percent; the buyer would get sold on the $84 monthly payment and never look at the fact that the windows would cost a total of $30,000, including interest.
"What I learned from that job is people are terrible buyers. People are not educated consumers," he says.
After working as a salesman, Dinkin taught special education, earned his master's degree in business administration at ASU and then worked as a financial consultant.
His interest in writing started with e-mail.
"I just loved e-mail, and I started writing a column about personal finance (for the MBA newsletter at ASU) and so that's really what started it. I felt like I had a way to connect with people."
When he decided to write "The Finance Doctor" he solicited the help of Frank Scatoni, a book publisher from New York.
"I felt like I needed someone who was really strong editorially, which (Scatoni) is, and also kind of knew the way of the business."
Since writing the book, Dinkin and Scatoni have a started a literary agency. Dinkin is also working on a second book, as well as a book of short stories.
"The Finance Doctor" can be purchased through Dinkin's Web site, www.doctordink.com.
Eight steps to financial wellness
- Apply Q-Q-Kachoo to decision making
Use a three-step process for making financial decisions. The first "Q" stands for "quantitative" - do the numbers. The second "Q" is for "qualitative" - list the pros and cons. "Kachoo" means to check your gut instinct.
- Create your vision of financial wellness
Decide what "financial wellness" looks like to you, then set goals that are specific, challenging, attainable and have deadlines.
- Use buyer's antibiotic for big purchases
Get three bids on any major purchase.
- Enjoy the money you earn - stop giving it to the banks
Get rid of high-interest debt.
- Monitor your vital signs - make more than you spend
Make more money and spend less money.
- Keep your balance and know the Rule of 72
The Rule of 72 allows people to double their money every six years by utilizing compound interest.
- Understand the risks and rewards of investing
Know the basics of investing, managing risk and setting realistic expectations.
- Maintain financial wellness for a lifetime
Dedicate a half hour each month to finances.
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