Debt Free In 30

The Canada Emergency Response Benefit (CERB) has now come to an end and is transitioning to four different financial aid programs: EI, CRB, CRSB, and CRCB. But what do these income supports mean for Canadians’ household budgets and debt repayment? Will they be enough to help Canadians still battling the financial effects of COVID-19? And which individuals no longer qualify to receive federal help? On today’s podcast, our guest is David Macdonald, Senior Economist at the Canadian Centre for Policy Alternatives (CCPA). David explains the financial impact of switching from CERB to these new aid programs. He walks us through how these programs work, eligibility, and whether Canadians who have returned to work at reduced hours can still get help. He also shares his thoughts on the long-term implications of these supports for the Canadian economy. Tune in to this important discussion with Doug Hoyes.   We also encourage you to check the Government of Canada website for up-to-date information as these programs may e

Filing income taxes can be complicated, especially if you're a self-employed individual. And if you can't afford an accountant, you fall behind on filing your taxes and face trouble with the Canada Revenue Agency. Could we make the Canadian tax system simpler?  And what would a simpler system mean for tax deductions? Enter Neal Winokur, author of the The Grumpy Accountant - One Fed-Up Tax Pro's Practical Plan to Fix Canada's Senselessly Complicated Tax System​. On today's podcast, Neal shares his radical vision for an easier income tax system and what it would look like for everyday Canadians. He and Doug Hoyes also discuss whether the government could consider other sources of revenue instead of income taxes and the impact on Canadian politics. It's a lively discussion so be sure to tune in! Related Links: Neal Winokur’s website: https://grumpyaccountant.ca/ The Grumpy Accountant - One Fed-Up Tax Pro's Practical Plan to Fix Canada's Senselessly Complicated Tax System On Amazon: https://amzn.to/33Wpnd9

Today's first time guest is Jeff Rubin, who was the Chief Economist at CIBC World Markets (where he worked for over 20 years).  He has just released a new book: The Expendables: How the Middle Class Got Screwed by Globalization, where he says that the decline in permanent, well paying full time jobs is a direct result of free trade agreements that transferred jobs to lower wage countries, leaving factories in Canada idle.  On today's show Jeff Rubin argues that globalization allows the rich to get richer, and that leads to increasing inequality, and that leads to high debt levels for the average Canadian.  Is there a solution?  We discuss that and a lot more on today's show. Helpful Links: Jeff Rubin on Twitter  https://twitter.com/jeffrubin The Expendables  How the Middle Class Got Screwed By Globalization  link to book on Amazon: https://amzn.to/2FLeORE Debt Free in 30 Podcast on Modern Monetary Theory: https://youtu.be/TMGDaTGx3V4   Topics Covered: 00:47 What is globalization, and who are the expendables w

Like debt problems, food insecurity can happen to anyone. What causes individuals and families to require food assistance? On today's podcast, we have first-time guest Wendi Campbell, CEO at The Food Bank of Waterloo Region to help us get a better understanding of local food issues and what "food insecurity" really means. Wendi also addresses common misconceptions surrounding food bank visitors and discusses the importance of working together as a society to help alleviate the problem of food insecurity.  The Food Bank of Waterloo Region is accepting non-perishable food donations through contactless drop-offs at their location on 50 Alpine Court in Kitchener, ON. Financial donations can be made online at https://www.thefoodbank.ca/donate/. Of course, if you are outside of the K-W region, you can donate to your local food bank if you have the means.   Helpful links: The Food Bank of Waterloo Region Website: https://www.thefoodbank.ca/ Stats on Hunger in Waterloo Region: https://www.thefoodbank.ca/network/hunge

Last week, Doug Hoyes walked us through several key statistics, including insolvency filings, household savings rates, and loan deferrals. On today's show, he digs deeper into the 'whys' behind the numbers with guest Ted Michalos. Tune in as they give an update on why personal insolvencies are down and how much longer they expect filings will decline; They also discuss why savings rates are up and whether they will remain high; and why car sales have increased despite many people working from home. Doug and Ted also offer practical advice for managing your debt if you are still looking for work or if you have benefited financially from the lock-down. Don't miss a great discussion! Related Links: Season 7 Premiere & What's Going to Happen with Debt in the Fall: https://www.youtube.com/watch?v=odokdpoPng8​  Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

Welcome to the season 7 premiere of Debt Free in 30. It's only September but it's been an eventful year already, eh? Insolvency filings were high at the start of 2020 but fell to record lows by the month of May.  Unemployment is high, but so is the savings rate.  How is that possible? Today we discuss these stats, and look ahead to the Fall. Collection agencies are starting to make more calls, so will insolvencies go back up? The federal government has also announced that the CERB will soon end and transition to EI. Will this be enough for individuals still out of work? That and more on the first show of Season 7; enjoy! Relevant Links:   Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Coping with Consumer Debt as the Economy Reopens: https://www.hoyes.com/blog/coping-with-consumer-debt-as-the-economy-reopens/ Canadian Bankers Association - Facts on Bank Measures in Response to COVID-19: https://cba.ca/fast-facts-on-bank-measures-in-response-to-

Millions of Canadians have received CERB (and may have a tax debt next year), and many Canadians have incurred and deferred debt to survive the pandemic.  How will they repay that debt? First aired in May, today we have a new introduction and update, and then we rebroadcast our episode on an ancient concept that is getting a lot of new interest: a debt jubilee. Enjoy!  Helpful Reads:   Is A Debt Jubilee the Solution to Our Collective Debt Problem: https://www.hoyes.com/blog/is-a-debt-jubilee-the-solution-to-our-collective-debt-problem/ Insolvency Predictions Post COVID-19: https://www.hoyes.com/blog/insolvency-predictions-post-covid-19/ ...and forgive them their debts by Michael Hudson: https://michael-hudson.com/2018/08/and-forgive-them-their-debts/ Can We Avoid Another Financial Crisis by Steve Keen: https://www.dw.com/en/can-we-avoid-another-financial-crisis/a-41111841 10 Key Canadian Debt Statistics That Explain Consumer Insolvency Growth in 2019: https://www.hoyes.com/blog/10-top-debt-statistics/ 7-Year

Costco became the "go to" store during the 2020 pandemic, as long lines formed so we could all buy toilet paper.  Today we revisit our podcast on that wonderful, magical place called Costco, with some updated thoughts on the pandemic.  Is it a store?  A finance company?  Something else?  And why does it matter?  All that and more on today’s podcast (and I’ve got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube).

Is it possible to financially recover from the coronavirus pandemic of 2020?  Yes, but it starts with $20.  On today's podcast we discuss the pandemic, and then present a special rebroadcast of the fable of the 20 dollar bill, and explain how $20 can set you up for financial success. A fable, as it were. Enjoy!

Doug Hoyes explains why even with high debt and high pandemic-related unemployment bankruptcy filings continue to drop, and he gives his predictions for the next few months, and then, given the stress caused by the COVID-19 lock down, we rebroadcast our conversation with Shannon Lee Simmons, author of Living Debt-Free: The No-Shame, No-Blame Guide to Getting Rid of Your Debt about how negative feelings towards debt can create more debt and strategies that can put you in the right direction when dealing with your debt.

Doug Hoyes gives an update on how collection agents are dealing with the COVID shut down (spoiler alert: they've found a way to keep calling), and then we rebroadcast our discussion with Blair Demarco-Wettlaufer, a real-life collection agent, who explains how a collection agent gets paid, and how you can negotiate with a collection agent. Enjoy!

Are you a success because of your superior brain power, and skill, and hard work? Or was it all luck? If you are having a rough time, is it because you screwed up, or was it bad luck? On today's show Doug Hoyes days that most of what happens to you and me, good or bad, is luck. We've all just endured the great coronavirus lock down of 2020, many businesses have failed, millions of people lost their jobs, some permanently. That was all bad luck. None of us caused the big bad virus, but we are all suffering the effects. That's one example of bad luck; we've got lots more on today's show. And no, we are not saying you shouldn't work hard.  Of course you should.  It's just that sometimes stuff happens, and we need to recognize what we control, and what we don't. Tune in to the luck episode, this week on Debt Free in 30. Links:   The Long-Term Labor Market Consequences of Graduating From College in a Bad Economy by Lisa B. Kahn https://www.sciencedirect.com/science/article/abs/pii/S0927537109001018#! Outliers: The

As a new parent on maternity leave, you'll have a lot to do. The last thing you want is to worry about how you will make ends meet. On today's podcast, we have first-time guest and Hoyes Michalos Licensed Insolvency Trustee, Julie Wildman. Julie is a mother of two young children and recently returned from her second maternity leave. She outlines how expecting parents can prepare financially for the income drop that happens during mat leave, how to navigate the different benefits available in Canada such as EI and parental benefits, and how to budget for increased spending on childcare. Julie also discusses the importance of paying off debt before going on leave. There's lots of practical advice in this episode so be sure to tune in! Related Links: Maternity Benefits Overview Canada: https://www.canada.ca/en/services/benefits/ei/ei-maternity-parental.html The Secret to Budgeting Part 1: https://www.hoyes.com/blog/the-secret-to-budgeting-part-1-video/ The Secret to Budgeting Part 2: https://www.hoyes.com/blog/t

When this podcast was recorded on the morning of July 8, 2020 the Canadian government was projected to run a deficit for the year of $250 billion.  By the end of the day, after this podcast was recorded, the Finance Minister was projecting a deficit of $343 billion. That's a lot of debt, and it leads many to wonder how we'll ever pay it back. But a prominent economist, Dr. Stephanie Kelton, says the government shouldn't be concerned with massive deficits as long as they control the printing of their currency. In fact, she argues that the government should spend even more money so that more jobs are created until unemployment is no longer an issue, based on Modern Monetary Theory (MMT). On today's podcast, Doug Hoyes challenges this economic theory by explaining its unintended consequences and real life implications. Yes, we need to help those in need, but MMT may cause more problems than it solves.  You be the judge. He also outlines what our current deflationary environment means for individuals carrying deb

Life's milestones like going to college or university, buying a house, or getting married cost money. And often the pressure to achieve these milestones at a young age leads to hasty decisions that come with a big debt load. But what if you took time off before making a major financial move? Would life turn out so differently if we didn't follow conventional wisdom? On today's podcast, Scott Terrio and Doug Hoyes explore the idea of delayed gratification and discuss why pausing before big decisions can lead to a more fulfilling future. While you may not be able to delay or avoid all of life's major milestones, you can take your time with at least one major financial decision to avoid being overwhelmed. Tune in to the show for lots of thought-provoking discussion! Links: Why You Want to Avoid Debt at Every Age: https://www.hoyes.com/blog/why-you-want-to-avoid-debt-at-every-age/   Should You Get a Wedding Loan? https://www.hoyes.com/blog/should-you-get-a-wedding-loan/ Student Debt Crisis - A Generation Buried i

A lot has changed as a result of COVID-19. There are obvious reasons for pessimism, but there are a lot of reasons to be optimistic.  For example, more people have made meaningful changes to their financial habits. Canadians are saving more and some are even able to pay off more of their debt. Many of us have also used the time to learn a new skill. With every major life transition comes positive and negative change and we are forced to adjust to a new reality. On today's podcast, Doug and Ted share social and economics reasons for why we should be optimistic about the future and explain how we can use this new reality to our advantage. Lots of great thought-provoking commentary on this episode, so tune in!   Related Links:   Dealing with the Consequences of Loan Deferrals: https://www.hoyes.com/blog/dealing-with-the-consequences-of-loan-deferrals-when-the-deferral-period-ends/ Savings, Debt & Modern Monetary Theory with Hilliard MacBeth: https://www.youtube.com/watch?v=Wx_7T6YWT8w​ Episode 290, our first

We have record unemployment and millions of Canadians are relying on CERB payments to make ends meet, and yet our savings rate is increasing. How is that possible? On today's podcast, our guest is author and financial analyst, Hilliard MacBeth, who provides insight on how the savings rate is calculated, and whether increased savings mean Canadians are curbing their appetite for debt. We also discuss what to expect with the real estate market and deflation, and we talk about Modern Monetary Theory and whether we should really worry about national deficits. There's lots to learn from this episode, so tune in! Related Links: ​How Banks and Faulty Economics Contribute to the Consumer Debt Binge: https://www.youtube.com/watch?v=0d7CLXsk7N0 Hilliard MacBeth's book, When The Bubble Bursts: https://amzn.to/2YMigRT Hilliard's Client Notes - The Return of the Saver: https://web.richardsongmp.com/MacBeth.MacLeod/blog/1724032-The-return-of-the-saver Hilliard MacBeth on Twitter: https://twitter.com/hmacbe Statistics Canad

If you're thinking of buying a small business, this podcast is for you. Over the years, we've had a lot of clients who decided to buy a business either because they were frustrated with working for someone else and they wanted to go out on their own, or maybe the owner of their company wanted to retire. While there are benefits to small business ownership, how do you avoid the debt traps? How can you make the most of your purchase and avoid undervaluing your own contributions? And what does owning or selling a small business look like now in COVID-19? On today's show David Barnett, a business broker and adviser, shares practical advice to help you think through the costs of purchasing a business and provides insight into how transactions are doing amid the pandemic. Related Links: David Barnett's Website: www.davidcbarnett.com   David Barnett on Twitter: https://twitter.com/DBarnettMoncton

After a three year absence (she was a guest on episodes 131 and 133), Victoria Ryce is back on the show, and today we discuss transitions, like having a child, getting married (or separated), and starting or completing a consumer proposal or bankruptcy. In a crises we tend to freeze up; Victoria has lots of practical advice on how to make a plan to manage transitions, and what to do if you have an unplanned transition. We recorded this episode just before the COVID-19 lock-down took place, but the lessons and advice that Victoria provides are more relevant now than ever. Tune in.  Related Reads: How to Master Being Suddenly Single: https://www.hoyes.com/blog/how-to-master-being-suddenly-single/ The Financial Impact of Becoming the CEO of Everything: https://www.hoyes.com/blog/the-financial-impact-of-becoming-the-ceo-of-everything/

This is episode #300, so for something completely different, today we discuss whether or not you can create your own reality. That would appear to be a silly thought; if I hit my thumb with a hammer, I can't create a reality where my thumb doesn't hurt.  I can't just imagine that I'm the King of England.  That makes logical sense, but it is also true that how we see the world determines how we respond to it, so in that sense we can create our own reality. There is of course a lot more to it than that, so on today's show we start with Plato, and discuss the work of Professor Donald Hoffman, and relate it all to the world of debt, and men's beards during the COVID-19 lock down.  Enjoy!