Debt Free in 30

Latest Episodes:

470 – Season 10 Season Premiere: Are You Hitting The Wall? Sep 02, 2023

Show notes

Welcome to Season #10 of Debt Free in 30. Debt is up. Interest rates are up. Not surprisingly, personal insolvency filings are way up. Many people are hitting the wall. On today's abbreviated podcast, Doug Hoyes explains the numbers and why we live in a "Tale of Two Economies." If you are rich, all is good. If you have depleted your savings and have debt, times are tough.

We explain the impact of the numbers and "tease" some of the topics we will be discussing in the coming weeks.

Tune in, and enjoy!

469 – REBROADCAST - Debt Mistakes to Avoid When Cash is Tight Aug 26, 2023

Show notes

For our final rebroadcast of the summer, we are rebroadcasting episode #452. We know rising inflation is tough on Canadians. If your budget is getting tighter, you may be tempted to use credit (debt) to make ends meet, but that may not be a good strategy. On today's podcast, Jennifer Kwon returns with some solid practical advice for what to do if you feel you're living paycheque to paycheque and the dos and don'ts of using credit to get by. Jennifer and Doug Hoyes discuss common debt traps that should be avoided and what to do instead. They also help you think about the root causes of financial trouble so you can come up with good solutions. Tune in for a great discussion!

Related Links:

Dealing with Debt When Living Paycheque to Paycheque: https://www.hoyes.com/blog/dealing-with-debt-when-living-paycheque-to-paycheque/

Are Credit Cards Right for Credit Repair? https://youtu.be/Hy708HhFljk

Buy Now Pay Later – Is It Debt? https://youtu.be/KvCO7_PUCDI

Zero-based budgeting: How to Give Every Dollar a Purpose: https://www.hoyes.com/blog/zero-based-budgeting-how-to-give-every-dollar-a-purpose/

468 – REBROADCAST - Should Shopping Be a Game? Risks of Apps Like Temu Aug 19, 2023

Show notes

Today we rebroadcast episode #453. Online shopping isn't new. Apps are not new. But is shopping supposed to be a game? That's the angle a new shopping app called Temu appears to have taken. Since its launch in September 2022, the app has millions of monthly users, offers very deep discounts, and has strong incentives to keep users coming back. On today's podcast, Doug Hoyes takes a closer look at how Temu works and interviews users from very different age groups for comparison. He also discusses whether we should be concerned about shopping gamification in general, how data is potentially treated on Temu, and whether cheaper is always better. Tune in for a unique show!

Links:

CNN Article: 'One of China's most popular apps has the ability to spy on its users' https://www.cnn.com/2023/04/02/tech/china-pinduoduo-malware-cybersecurity-analysis-intl-hnk/index.html

How Temu topped by U.S. app charts by turning shopping into a game: https://restofworld.org/2023/temu-mobile-gaming/

467 – REBROADCAST - How to Earn More Money Without a Second Job Aug 12, 2023

Show notes

Today we rebroadcast episode #448.

Most money experts will tell you that the best way to avoid money problems is to cut costs. And they're right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today's podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it's best to go back to school to increase your earning potential. Finally, they review the dos and don'ts of increasing income if you have a lot of debt. Tune for great tips!

Links:

Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Bank of Canada Inflation Calculator: https://www.bankofcanada.ca/rates/related/inflation-calculator/

Avoid the Surplus Income Penalty With a Consumer Proposal: https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/

Surplus Income Calculator 2023: https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/

466 – REBROADCAST - What's Making Our Groceries So Expensive? w/ The Food Professor Aug 05, 2023

Show notes

Originally aired at episode 450 on April 15, 2023, the Food Professor returns. Food is now more expensive than ever. But why? Is it just corporate greed? Or something greater? Enter Dr. Sylvain Charlebois, a.k.a. The Food Professor. Sylvain is a Professor and the Scientific Director at Agri-Food Analytics Lab at Dalhousie University. On today's podcast, he demystifies grocery pricing and explains why food inflation is a global phenomenon. Sylvain also discusses the part the Canadian government plays in grocery price hikes and gives lots of valuable practical advice for how to save on your food bill. You won't want to miss this episode. Tune in!

Time Stamps

7:42 What is Shrinkflation?

8:31 Groceries vs. Snacks + Tax

11:55 Is the Grocery Rebate Even Helpful?

19:01 Which Days of The Week To Shop Groceries?

23:30 Shop at 3 Different Stores

27:04 Consumers Can Make a Difference

Links:

The Food Professor Podcast: https://the-food-professor.simplecast.com/episodes

Dr. Sylvain Charlebois on Twitter: https://twitter.com/FoodProfessor

CRA: GST/HST on food products: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-020/bars.html

Toronto Sun article on the food rebate: https://torontosun.com/opinion/columnists/charlebois-government-handouts-are-mirage-for-needy

Episode #254 – What Costco Can Teach Us About Making Financial Decisions: https://www.youtube.com/watch?v=-8PlGkHjHG8

Episode #270 – The Fable of the 20 Dollar Bill - https://www.youtube.com/watch?v=5fYfAvSnNps

465 – Has The Recession Started? Where are we headed? Jul 29, 2023

Show notes

In the season 9 finale episode of Debt Free in 30, Doug Hoyes and Ted Michalos discuss the current state of consumer insolvencies in Canada and why they're going back up. They also discuss the impact of inflation remaining higher than wage increases, higher credit card debt, and higher interest rates. Where are we heading in the latter part of 2023? Has the recession begun? What can homeowners expect in this climate? Tune in for a great discussion!

Related Links:

Episode 435, Debt Free in 30 Year End Prediction Show https://youtu.be/3i22JpmcozY

Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401

Statistics Canada, Average Weekly Earnings https://www150.statcan.gc.ca/n1/daily-quotidien/230629/dq230629a-eng.htm?HPA=1&indid=3555-1&indgeo=0

Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901

Mortgage Rate History from Ratehub.ca: https://www.ratehub.ca/5-year-fixed-mortgage-rate-history

Mortgage Calculator, Butler Mortgage: https://www.butlermortgage.ca/mortgage-calculator/

Bank of Canada, Monetary Aggregates (Money Supply) https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

464 – Getting a Car Loan Today - What NOT To Do Jul 22, 2023

Show notes

Buying a car has never been more expensive. But what if you have no choice but to buy one? How can you avoid buying too much car these days? On today's podcast, Ted Michalos and Doug Hoyes explain what's causing high car prices in both the new and used car categories, as well as, how to buy without taking out a huge auto loan. Tune in for lots of practical tips on shopping for a car and dealing with salesmen.

Resources Mentioned i the Show:

Buying and Maintaining an Affordable Car: https://www.hoyes.com/blog/buying-and-maintaining-an-affordable-car/

Auto Trader Price Index March 2023: https://editorials.autotrader.ca/media/klxhaqq5/autotrader_priceindex_finalv3_march2023_en.pdf?_gl=1*uou0k4*_gcl_au*OTQ3ODQ3MTMzLjE2ODc0OTI1NDQ.&_ga=2.183395302.1188701862.1687492545-911279650.1687492545

Car Guru – Price Trends: https://www.cargurus.ca/Cars/price-trends/

CBC Car Market Analysis: https://www.cbc.ca/news/business/car-market-analysis-1.6873747

463 – Want To Buy a Business? Here's What To Know First Jul 15, 2023

Show notes

Maybe you're tired of working for someone. Or you're looking to be your own boss. You may consider buying a business. It's not a bad idea, but just as there are advantages, there are also pitfalls you need to be aware of. Enter David Barnett. David is a seasoned expert in buying and selling small to medium-sized businesses. On today's podcast, David demystifies the process of buying a business and provides insight on how to avoid debt problems when doing so. Tune in for a great discussion with lots of practical advice.

Related Links:

David Barnett's Website: https://www.investlocalbook.com/

David Barnett on Twitter: https://twitter.com/DBarnettMoncton

Debt Traps of Buying a Business with David Barnett: https://www.youtube.com/watch?v=-HbW9ww2BNg

Bad Funding Choices for Small Business with David Barnett: https://www.youtube.com/watch?v=UaklFv3eBvI

462 – How To Spot The Bank's Sales Tricks Jul 08, 2023

Show notes

Your bank is a business, so they're always trying to sell to you because they want to make more money. How do you navigate their tricks? How do you avoid upsells when you just want to do a simple transaction? On today's podcast, Scott Terrio and Doug Hoyes discuss the pervasive sales culture at financial institutions, what you need to look out for, and teach you the basics to making better money decisions on the spot. Tune in for a great discussion!

Related Links:

Pervasive Sales Culture at Canadian Banks – Globe and Mail article: https://www.theglobeandmail.com/investing/personal-finance/article-pervasive-sales-culture-at-canadian-banks-positions-system-against-its/

Investment Selling is Not Financial Planning: https://www.hoyes.com/blog/investment-selling-is-not-financial-planning/

Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

461 – Can't Pay Your Mortgage? Options To Keep Your Home Jul 01, 2023

Show notes

With nine interest rate hikes since March 2022, mortgage borrowers have either already started to feel the increased payment pressures or will at renewal time. So, what if your mortgage payments become too much to manage? How do you avoid risking your home? On today's podcast, Doug Hoyes and Ted Michalos give practical advice for what to do if you're struggling with your mortgage payments, including the dos and don'ts, and ways to cut back on interest costs if you can afford it. Tune in for a great show!

Related Links:

Rising Interest Rates and Debt: What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/

Walking Away From a Mortgage in Canada: https://www.hoyes.com/blog/walking-away-from-a-mortgage-in-canada/

Can't Pay Your Mortgage? Options to Keep Your House: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Bank of Canada Financial System Review: https://www.bankofcanada.ca/2023/05/financial-system-review-2023/#Households

Butler Mortgage Interest Rates: https://www.butlermortgage.ca/rates/