Debt Free In 30

There are a lot of scenarios where borrowing makes sense: buying a home, a car, or paying for school. But if you don’t stop to think before borrowing, you can face some serious unintended consequences. Sure, that 8-year car loan seems affordable today, but what if you face reduced income or something happens to the car and you’re stuck with repayment? Would you still be able to afford it? On today’s podcast, guest Ted Michalos and Doug Hoyes go through eight borrowing scenarios and the potential problems that come with them, along with practical advice for each case. Tune in!   Links:   5 Debt Lessons Every Student Should Know https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/ How Car Loans and Car Loan Rollovers Lead to Insolvency https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Should You Get a Wedding Loan? https://www.hoyes.com/blog/should-you-get-a-wedding-loan/ Why Does Home Ownership Cause Financial Problems? https://www.hoyes.com/blog/why-does-home-ownership-cause-f

Times have changed. Cost of living is higher than ever, and wages have barely kept up. Jobs are no longer as stable as they used to be, and good paying jobs don’t require 4-year degrees necessarily. Knowing this, why do we still give the same financial advice we gave decades ago? On today’s podcast guest Scott Terrio and Doug Hoyes discuss six pieces of common financial advice that we may want to rethink in 2021. Tune in for lots of practical advice!   Additional Links: Podcast 231: Think Twice Before Getting a Home Equity Line of Credit https://youtu.be/RiKKbg_pyu8 Straight Talk On Your Money book by Doug Hoyes: https://www.hoyes.com/straight-talk/

We are now 16 months into the Coronavirus pandemic, and everything has changed. Canadians have increased their savings rate and put a dent in their unsecured debt obligations. But are these trends going to last? Will savings go back down and credit card balances surge once the economy fully reopens? And will stress levels increase when we are back together in the workplace? Join guest Ted Michalos for a lively discussion on what’s happening and what’s next.   Time Stamps:   3:50 How much are Canadians saving now? 6:54 What’s happening with credit card debt? 11:11 What’s in store for the future? 20:00 When will things return to normal? 24:48 Practical advice   Related Links: Ep. 290 Dealing with Debt During COVID-19 https://youtu.be/lWmZDLaJ63o Ep. 291 COVID-19 & Debt Update: Dealing with your Creditors https://youtu.be/NPUSxwQR-pg Ep. 292 Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession with Ben Rabidoux https://youtu.be/fek4xUoIkrc Ep. 295 The Vultures are Circling: COVID-19 & H

If you have a little money, is it better to invest it or just leave it in a savings account? And if you do invest, how can you do so with very small amounts of money? Enter Robert Brown, author of Wealthing Like Rabbits. On today’s podcast, Robert shares best practices for beginner investors. Robert reviews where to store your money depending on your financial goals (RRSPs, TFSAs) and which types of investments are sound, which ones should be avoided, and the importance of looking at the ‘costs’ of investing. Tune in to this podcast for lots of valuable practical advice! Additional Links: Wealthing Like Rabbits – An Original Introduction to Personal Finance On Amazon: https://amzn.to/35sEmN0 (Kindle, Paperback and Audiobook) Robert Brown's previous appearances on Debt Free in 30: -Episode 14:  https://www.hoyes.com/blog/wealthing-like-rabbits-robert-brown/ -Episode 77:  Change Your Debt Perspective, https://youtu.be/u8MK9XVI5rA -Episode 140: Banks Behaving Badly, Who to Trust, and Has Toronto Real Estate Peak

When a financial product is more affordable (or even free), banks aren’t too keen on promoting it or helping you access it. Why? Because they want to make money. Banks are also very good at manipulating consumers into thinking they’re getting a ‘deal’ when they’re really paying a hefty price. So, how can you know when it’s truly free money and when it’s a ploy? Enter Alan Whitton (aka Big Cajun Man). On today’s podcast, Alan gives real examples of false ‘free’ financial services and products to help us make more informed banking and investing decisions. Alan also explains how RDSPs and RESPs work and how to access income-based benefits in the two plans. Tune in for lots of practical advice!   Resources:   Canadian Personal Finance Blog: https://www.canajunfinances.com RESP & University Expenses Page: https://www.canajunfinances.com/RESP/ RDSP Information: https://www.canajunfinances.com/RDSP Alan Whitton on Twitter (@bigcajunman): https://twitter.com/bigcajunman Alan Whitton (Canajun Finances) on Facebook

The economic shutdown has been costly for small businesses. If you’re an owner concerned about the future health of your business, what should you do? Sell your business? What are your options if you have a lot of business debt? On today’s podcast, David Barnett, a business broker, returns to discuss how COVID-19 has impacted small businesses and why some businesses are having a harder time selling than others. He also shares strategies some companies have deployed to stay afloat during the pandemic and advice to avoid bad business funding choices. David also explains the sunk-cost fallacy and recency bias to help you understand whether it’s financially worthwhile to maintain your business. Tune in for lots of practical advice!   Related Links:   Debt Traps of Buying a Business with David Barnett: https://www.youtube.com/watch?v=-HbW9ww2BNg David Barnett’s Website: davidcbarnett.com and   https://www.investlocalbook.com/ David Barnett on Twitter: https://twitter.com/DBarnettMoncton

With the rapid rise in the real estate market, you may find yourself with significant equity in your home, yet you are also carrying high interest unsecured debt. On paper you have equity in your home, but you may still be “insolvent”, meaning you can’t pay your bills as they come due. So, what should you do? On today’s podcast, guest Ted Michalos explains how you can deal with debt as a homeowner through either a home equity line of credit, a second mortgage, or by filing a consumer proposal. Tune in for lots of practical advice! Helpful Links: Second Mortgage Home Equity Loan or Interest-Free Consumer Proposal? https://www.hoyes.com/blog/second-mortgage-or-interest-free-consumer-proposal/ Will a Second Mortgage Clean Up All Your Debts? https://www.hoyes.com/blog/will-a-second-mortgage-clean-up-all-your-debts/

Making the minimum payment on your credit card can make you believe your debt is manageable. But the reality is, minimum payments will keep you in debt forever. On today’s podcast, guest and Certified Credit Counsellor Diane Cunha explains the ‘lie’ behind minimum payments and why people fall into the trap. Diane also gives practical advice on how to avoid the minimum payment debt cycle.   Related Links:   Minimum Payments on Credit Cards Are Keeping You in Debt: https://www.hoyes.com/blog/minimum-payments-on-credit-cards-are-keeping-you-in-debt/ Straight Talk on Your Money, available on Amazon, Kindle and as an audiobook: https://www.hoyes.com/straight-talk/

There are a lot of misconceptions about why someone files for bankruptcy in Canada. Did they spend too much? Were they reckless or irresponsible? The truth is debt problems can happen to anyone at any time and when they least expect it. On today’s podcast, Doug Hoyes and guest Ted Michalos share stories and dig deep into how the debt trap often starts for individuals and dispel common myths surrounding why Canadians face insolvency. They also share practical advice for anyone struggling with debt. Tune in! Links: Hoyes Michalos Study: Bankruptcy Causes in Canada: https://www.hoyes.com/press/joe-debtor/causes-of-insolvency/

Is there any point in teaching a kid in Grade 10 mortgage amortizations?  And if you as a parent aren't a money expert, isn't it counter productive for you to try to explain money to your kid? Robin Taub is a Chartered Professional Accountant and author of the just released book The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life, and she says that teaching kids money management is very important, and on today's podcast she gives practical examples of how to empower your children and help them learn about money management (in a post-pandemic world) in a clear and simple way, no matter how old they are.   Related Links: Robin's Book: The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life on Amazon: https://amzn.to/3hhPnbh The Wisest Investment website: https://www.thewisestinvestment.com/ Robin Taub’s website: https://robintaub.com/ Robin Taub on Twitter: https://twitter.com/robintaub Robin's first appearance on Debt Free

Should you put all of your savings at risk in the stock market to earn enough for a down payment on a house?  Probably not. Danielle Park, lawyer, and wealth manager explains why some financial advice is "heinous", how to recognize bad financial advice, and why you should think critically about the financial advice we are bombarded with every day. Related Links: Links:   Danielle's blog post on Doug Hoyes’ TV appearance: https://jugglingdynamite.com/2021/04/22/financial-stress-rising-for-households/ The Questrade ad: https://youtu.be/Ta2a7LkVVHc Doug Hoyes on BNN Bloomberg on April 21, 2021: https://www.bnnbloomberg.ca/video/~2185816 Podcast 248 – Danielle's first appearance: Building Wealth in a Challenging World: https://youtu.be/Y9mc-3ht0Uw Podcast 348 – How Deflation Will Impact the Economy and Your Debt with Jeff Booth: https://youtu.be/7Kt7KBfemh8 Danielle Park’s website: https://jugglingdynamite.com/​ Danielle's book: Juggling Dynamite: An Insider's Wisdom on Money Management, Markets, and Wealth That

We worry about inflation, but the technology we increasingly use is deflationary.  Hard to believe, but that's why most of the apps on your phone are free. Deflation is great if you can buy things for less, but debt doesn't deflate, so you could end up with much higher debt costs in real dollars.  On today's podcast first-time guest Jeff Booth, entrepreneur, and author of The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, explains why we should think about deflation, and how it will impact the economy, inequality, your job, and your debt.  You may not agree with Jeff's perspective, but it will make you think.  Enjoy! Related Links: Jeff Booth's book, The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, on Amazon: https://amzn.to/3dVDrKc Jeff on Twitter: https://twitter.com/JeffBooth  @JeffBooth Jeff Rubin episode #317:  https://youtu.be/-4vvcQqFuxU: Modern Monetary Theory episode https://youtu.be/TMGDaTGx3V4 Statistics Canada Inflation statistics: https://www150.statcan.g

It can be hard to know that you’ve reached a tipping point with your debt, especially when you’re keeping up with minimum payments. So, when do you know that it’s time to fold? On today’s podcast, Ted Michalos and Doug Hoyes explain key warning signs of a debt problem – from emotional stress to relying on credit to make ends meet. They also give practical advice on how to beat an endless debt cycle. Tune in!   Related Links:   Warning Signs You Have a Debt Problem: https://www.hoyes.com/blog/20-warning-signs-you-have-debt-problems-what-to-do-next/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Are half of Canadians really just $200 away from bankruptcy? No. But that does make a compelling headline, doesn’t it? Media outlets compete for our attention – it makes them money. But clickbait headlines about Canada’s personal debt (or any subject for that matter) shouldn’t be accepted at face value. Doug Hoyes and Ted Michalos explain how and why the media “enrages to engage” and they offer practical advice to help you navigate news stories to be better informed. Tune in!   Related Links:   Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

You have a budget, and you try to stay within it, but a lack of planning leads you to overspend. This is one of the most common ways people sabotage their own budgets. On today’s podcast, credit counsellor Diane Cunha and host Doug Hoyes discuss the common mistakes people make when budgeting – from using debt as an extension of income to paying too much for transportation. They also share advice for how to avoid making these mistakes so you can budget more successfully! Tune in for lots of practical advice.   Helpful Links:   Hoyes Michalos Fresh Start Program: https://www.hoyes.com/fresh-start/ Hoyes Michalos Newsletter: https://www.hoyes.com/subscribe-newsletter/

You may think that human trafficking is something that only happens in countries outside of Canada, or only happens to poor people, or recent immigrants. That is not the case. Most police reported cases in Ontario are girls and women who are Canadian citizens or permanent residents. But what does human trafficking have to do with debt and financial fraud? On today’s podcast, we have a first-time special guest who shares her remarkable story of survival and explains how trafficking victims are targeted in Canada, how common this is, and how perpetrators financially abuse their victims. This leaves many trafficking survivors with not only psychological and emotional trauma, but also major debt problems to overcome. We have resources listed below to help you recognize the signs of human trafficking, what you can do to protect yourself and others you know and to help you understand that human trafficking in Canada is more common than we’d like to believe. Resources Mentioned in the Show: Human Trafficking - Know

The coronavirus pandemic and job losses have led many people to rethink their careers. What can you do if your job no longer exists?  How can you reinvent yourself? And how do you do that without taking on debt? On today’s podcast, Scott Terrio and Doug Hoyes discuss how jobs are expected to change post-pandemic and share several success stories of clients relying on their skills to find new employment. They also provide tips for taking on a career change, without harming your finances. Tune in! Resources Mentioned: McKinsey Report: The Future of Work After COVID-19 https://www.mckinsey.com/featured-insights/future-of-work/the-future-of-work-after-covid-19#

Having a savings fund helps you avoid a lot of financial headache in the event of an emergency. The trouble is, how do you get started on saving if cash is tight? On today’s podcast, Certified Credit Counsellor Diane Cunha provides realistic tips for saving money, so you stay motivated. She also shares advice for how to save if you have a limited income and which accounts are best for storing a savings fund. Tune in!   Helpful Links:   Emergency Fund or Credit Card Debt? https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/ Why You Need an Emergency Fund: https://www.hoyes.com/blog/why-you-need-an-emergency-fund/ The Secret to Budgeting? Don’t Budget: https://www.youtube.com/watch?v=u5q1Qge3k8s

Payday loans aren’t the only predatory loans out there. These days, several fintech companies offer ‘easy’ installment loans at high rates, ranging from 39% to 59%! On today’s podcast, Ted Michalos and Doug Hoyes explain how these loans work and what makes them predatory. Doug and Ted also discuss high-cost loan regulations, the changes the Government of Ontario is proposing, and give their two cents on consumer protections they believe should be implemented to help borrowers make informed financial decisions. Tune in!   Helpful Links:   Government of Ontario High-Cost Credit Consultation Paper: https://www.ontariocanada.com/registry/view.do?postingId=36067&language=en Why Bad Credit Installment Loans Are Seldom the Answer: https://www.hoyes.com/blog/why-bad-credit-financing-loans-are-seldom-the-answer/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

E-transfer fraud is on the rise. From e-transfers being redirected to a hacker’s bank account to job and puppy scams - how do you stay protected? How can you tell what’s real and what’s fake? Enter Rachel Jolicoeur – Director of Fraud Prevention and Partnerships at Interac. On today’s podcast, Rachel discusses common ways people become victims of e-transfer fraud. She also explains how to spot e-transfer scams and how to keep your accounts safe from fraudsters. Tune in to the show for lots of practical advice and see our resources below to keep your finances safe. #FraudPreventionMonth Helpful Resources:   Interac e-Transfer Security & Fraud Prevention: https://www.interac.ca/en/consumers/security/interac-e-transfer/ Canadian Anti-Fraud Centre – Protect Yourself From Scams: https://www.antifraudcentre-centreantifraude.ca/protect-protegez-eng.htm Time Stamps: 4:10 Fraud #1 - E-mail Account Compromise 8:45 Prevent Fraud with Auto Deposit 13:05 Fraud #2 - Bad Deposit Transfer 14:08 Fraud #3 – Big Cheque Sca