Three Northwood University professors — Dr. Alexander Tokarev, Associate Professor of Economics and Philosophy; Dr. Patti Timm, Division Chair of Finance and Accounting and Professor of Accounting; and Dr. Dan Holloway, Adjunct Faculty, DeVos Graduate School — have been featured in the “Ask the Experts” series on the consumer-finance site WalletHub.
Dr. Patti Timm on Building a Sustainable Budget
Dr. Timm joins the WalletHub panel to share her expert guidance on devising and maintaining a practical personal budget. She emphasizes that budgeting is not about total deprivation but rather about balancing short-term enjoyment with longer-term financial goals. She advises being realistic — recognizing that cutting out all discretionary spending is unsustainable — and flexible, acknowledging that a first draft budget will likely evolve as circumstances change. She also highlights commonly overlooked expenses — such as quarterly bills, gifts, vacations, and repairs — and suggests setting aside regular savings and creating separate accounts for emergency funds, travel, and future-cost categories.
Dr. Timm’s insight underscores Northwood University’s commitment to empowering students and alumni with financial literacy skills that align with the institution’s broader mission of combining business acumen with ethical groundedness. You can read her insight here on WalletHub.
Dr. Alexander Tokarev on Credit-Card Fees and Instant-Approval Offers
Dr. Tokarev contributes his expertise on instant-approval credit cards and the broader topic of credit card fees and costs. He urges consumers to understand that annual fees may sometimes be worth it if the card’s benefits align with the user’s spending patterns, but that fees and interest charges should always be weighed carefully. He also cautions that “instant-approval” offers can carry hidden risks: the seemingly fast approval may hide restrictive terms, higher costs or less favorable benefit structures.
His involvement with WalletHub reinforces Northwood University’s strength in offering students and the community expert commentary grounded in solid economic reasoning and real-world application. You can read his insight here.
Dr. Dan Holloway on the World’s Most Exclusive Credit Cards
Dr. Holloway offers expert commentary in WalletHub’s feature exploring the most exclusive credit cards — luxury financial products designed for high-net-worth individuals. Drawing on his background in business administration and leadership, Dr. Holloway notes that exclusivity often carries symbolic value, but consumers should critically assess whether the tangible benefits justify the high fees or spending thresholds. He explains that while elite cards may project prestige or offer concierge-level perks, they make sense only if the rewards and services align with one’s lifestyle and financial discipline.
Dr. Holloway’s participation showcases Northwood’s thought leadership in understanding both the psychology and practicality of consumer finance. You can read his insight here.
Northwood University is committed to equipping students with the knowledge and skills they need to succeed in business, the professions, and public service. With nationally recognized faculty such as Dr. Timm, Dr. Tokarev, and Dr. Holloway, Northwood promotes a learning environment where free enterprise, critical thinking, and ethical decision-making converge.
