Debt Free in 30

Latest Episodes:

460 – Top Credit Repair Questions (& Fears) Answered! Jun 24, 2023

Show notes

We know it can be daunting to start your credit repair journey. We are often asked where to begin and what is the fastest way to rebuild. On today's podcast, Maureen Parent is back to answer some of the most common credit rebuilding questions and address fears and misconceptions about repairing your credit. Tune in for lots of great practical advice and recommendations on which tools to use.

Related Links:

Free Credit Rebuilding Course by Hoyes Michalos: https://courses.hoyes.com/courses/rebuild-credit

How to Repair and Rebuild Credit: https://www.hoyes.com/blog/how-to-rebuild-credit-5-simple-steps/

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

Fix Bad Credit Yourself – Tips & Tricks From an Expert: https://youtu.be/BtncJCxN4So

459 – The Pros & Cons of Self-Employment Jun 17, 2023

Show notes

Self-employment has many advantages like you get to be your own boss, set your own hours, and even make more money. On the other hand, self-employment comes with challenges. Over the years, we've met with a lot of clients who were self-employed but became overwhelmed by unpaid tax debt. On today's podcast, Doug Hoyes and Ted Michalos break down what it means to be a self-employed person, explaining the benefits and pitfalls you need to be aware of before you decide to become your own employer. Tune in for lots of great practical advice!

Links:

Should You Start Your Own Business: https://youtu.be/hhawMCZF_kw

Self-Employed: Financing Wisely to Avoid Debt Trouble: https://youtu.be/F_lo_0JP46Q

What To Do If You Owe Back Taxes to CRA: https://www.hoyes.com/blog/what-to-do-if-you-owe-back-taxes-to-cra/

Keeping Your Small Business Afloat While Dealing with Debt: https://www.hoyes.com/blog/keeping-small-business-afloat-dealing-debt/

458 – Why You May Need More Than One Bank Account Jun 10, 2023

Show notes

While bank failures are not a common occurrence in Canada, it may still be in your best interest to have more than one bank account. On today's podcast, Joel Sandwith, our LIT in London, joins Doug Hoyes to discuss banking best practices, including how many accounts you should have, where to store your savings, and why it's important to understand the right of offset if you owe your bank. They also explain how deposit insurance works and high-interest savings accounts. Tune in for an informative discussion and practical advice!

Links:

Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/

Frozen Bank Account. Your Rights and What To Do Next: https://www.hoyes.com/blog/frozen-bank-account-your-rights-and-what-to-do-next/

What is the Right of Offset and What Can You Do About It: https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/

Joel Sandwith, LIT in London: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/joel-sandwith/

457 – Gas Costs May Be Higher Than You Think Jun 03, 2023

Show notes

The price at the gas pump includes a lot of hidden costs, and they are going up. How will this impact your budget? What does it mean for the future of car ownership? On today's podcast, Ted Michalos and Doug Hoyes discuss the hidden costs of gas and how the increase in some of the price components will mean you'll only be paying more to fuel your car. They also talk about the Ontario government's plans to increase ethanol in oil and how that may impact fuel efficiency, and again, your budget. Tune in for an insightful conversation!

Related Links:

Statistics Canada. Table 18-10-0001-01 Monthly average retail prices for gasoline and fuel oil, by geography https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000101

Government of Ontario, Fuel Price Components: https://www.ontario.ca/motor-fuel-prices/

Government of Ontario, Cleaner Transportation Fuels: https://www.ontario.ca/page/cleaner-transportation-fuels

Ontario Regulation: O. Reg. 663/20: CLEANER TRANSPORTATION FUELS: RENEWABLE CONTENT REQUIREMENTS FOR GASOLINE AND DIESEL FUELS https://www.ontario.ca/laws/regulation/r20663

Government of Ontario Press Release, November 26, 2020: https://news.ontario.ca/en/release/59352/ontario-to-be-national-leader-and-require-cleaner-and-greener-gasoline

Ethanol Production Using Corn, Switchgrass, and Wood; Biodiesel Production Using Soybean and Sunflower, research study: https://link.springer.com/article/10.1007/s11053-005-4679-8

The effect of bioenergy expansion: Food, energy, and environment, research study: https://www.sciencedirect.com/science/article/pii/S1364032114000677?via%3Dihub

Federal government, Ethanol, https://natural-resources.canada.ca/energy-efficiency/transportation-alternative-fuels/alternative-fuels/biofuels/ethanol/3493

Environmental outcomes of the US Renewable Fuel Standard, research study: https://www.pnas.org/doi/10.1073/pnas.2101084119

456 – Has Tipping Gone Too Far? (Dealing w/ Tip Creep + Your Budget) May 27, 2023

Show notes

Tipping has always been a part of the dining experience. But lately, the expectation to leave a tip has become so common that we have to make it a new budgeting item. So how do you navigate tip creep? On today's podcast, we have a special guest, Sean Cassidy, who shares his experience with tipping prompts and how he's adapted his budget. Doug and Sean discuss why tip nudges are so prevalent post-Covid and lots of practical advice on how to budget for this new cost and minimize social awkwardness. Tune in for a great discussion!

Resources Mentioned in the Show:

The Fable of the 20 Dollar Bill: https://youtu.be/5fYfAvSnNps

The Angry Mortgage Podcast with Ron Butler: https://www.youtube.com/@angrymortgage

What's Really Causing Grocery & Food Inflation? https://youtu.be/bZrsL4LgI2A

Should Shopping Be a Game? Risks of Apps Like Temu: https://youtu.be/B7Duzop33mM

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/

455 – Is Your Emergency Fund Good Enough For Any Crisis? May 20, 2023

Show notes

Everyone says you need an emergency fund. But how much is enough? And what is an emergency vs. an inconvenience? Where should you store your savings? Enter Maureen Parent. Maureen returns to share lots of practical advice on how to setup a realistic system to create your emergency fund. She also explains how much you should have saved at different stages, the types of emergencies to prepare for, and why credit cards and lines of credit are not good rainy day fund tools to rely on. Tune in for lots of great tips!

Links:

Build an Annual Budget You Can Adjust For Inflation & Goals: https://youtu.be/4N9rX_x8Wjc

How to Manage Your Money in a Crisis: https://youtu.be/1iYKQAX1koI

Why You Need an Emergency Fund: https://www.hoyes.com/blog/why-you-need-an-emergency-fund/

Maureen Parent, LIT https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/

Maureen on Twitter: https://twitter.com/MaureenParent7

454 – Is Raising Your Credit Limit a Bad Sign? May 13, 2023

Show notes

Say your bank offers you a credit limit increase. You may be tempted to take it, but should you? When is seeking more credit a sign that your finances aren't in good shape? On today's podcast, Mark Borysiak, our LIT in Barrie, joins Doug Hoyes to discuss just how much access to credit you should have and why getting an increase can cause debt problems. Mark and Doug also explain why the banks offer credit increases in the first place and why it's good to first evaluate your finances before taking on any offers. Tune in for a great discussion!

Related Links:

The Pros & Cons of a Pre-Approved Credit Limit Increase: https://www.hoyes.com/blog/the-pros-cons-of-a-pre-approved-credit-limit-increase/

Mark Borysiak, LIT in Barrie: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/mark-borysiak/

453 – Should Shopping Be a Game? Risks of Apps Like Temu May 06, 2023

Show notes

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/

Time Stamps:

00:32 What is Temu?

1:20 An 87-year-old's perspective of Temu

14:33 An 18-year-old's perspective of Temu

21:37 What are the risks to Temu & making informed decisions about spending

452 – Debt Mistakes to Avoid When Cash is Tight Apr 29, 2023

Show notes

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/

451 – Minimum Debt Payments Going Up - What Do You Do? Apr 22, 2023

Show notes

According to TransUnion, the average credit consumer with a balance in Canada saw a 10% year-over-year increase in their minimum monthly debt payments in Q4 2022. If your minimum payments start going up, what should you do? What if they already have? On today's podcast, Maureen Parent returns to discuss why minimum payments increase in the first place, and practical advice on how to get ahead of them. Maureen and Doug also share specific tips for you to negotiate with your credit card company to possibly reduce your debt costs. Tune in for a great discussion!

Podcast Ep 352 - The Minimum Payment Lie: https://youtu.be/6nbkc8UBW54

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/

Maureen Parent on Twitter: https://twitter.com/MaureenParent7

Maureen Parent, LIT: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected