Debt Free in 30

Latest Episodes:

361 – How Not to Get Scammed by a Debt Consultant Jul 31, 2021

Show notes

Unlicensed and unregulated debt consultants prey on vulnerable, indebted Canadians. They say they can eliminate your debt, but all they really do is charge you a big fee and then refer you to a Licensed Insolvency Trustee to file a consumer proposal. On today's podcast, Ted Michalos and Doug Hoyes discuss how debt consultants work, how to prevent yourself from getting scammed by them, and provide their recommendations on how this unregulated industry should be eliminated. Tune in for a great discussion!

Additional Links:

Podcast 220: The Cold-Hard Truth About Unlicensed Debt Consultants: https://youtu.be/6ESHYGnwcOU

Ontario Government – search for a collection agency: https://www.ontario.ca/page/search-business-licence-registration-or-appointment

Government of Canada - search for a licensed insolvency trustee: https://www.ic.gc.ca/app/scr/tds/web

How Credit Counselling agencies really work today: https://www.hoyes.com/blog/a-different-view-of-credit-counselling/ and

https://www.hoyes.com/blog/are-not-for-profit-credit-counselling-agencies-now-just-debt-collectors/

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

Ontario Ministry of Government and Consumer Services https://www.ontario.ca/page/ministry-government-and-consumer-services

Ontario Collection and Debt Settlement Services Act https://www.ontario.ca/laws/statute/90c14

$23 million in fees paid to debt consultants – OSB data: https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br03754.html

Time Stamps:

3:08 What is credit counselling?

4:42 What is a consumer proposal?

5:50 How 'debt consultants' work

7:59 The debt consultant business model

11:22 What are debt consultant tricks?

13:50 What questions to ask when meeting with a debt professional

23:10 Advice to the Office of the Superintendent of Bankruptcy to better regulate debt consultant scams

360 – How to Plan for Retirement on a Limited Income Jul 24, 2021

Show notes

Experts say you should have 10 times your income saved to retire, but for many people that's a difficult target. What can you do if your savings are nowhere near that amount or, more likely, you haven't even started saving yet? How can you plan a retirement on a limited income? Enter Jason Heath, Certified Financial Planner. On today's podcast, Jason provides practical advice on retirement income sources like CPP, OAS, GIS, and how and when to claim them. He also helps listeners understand how to be strategic and make the most of their TFSAs and RRSPs for retirement. Tune in!

Links:

Objective Financial Partners Inc. website: https://objectivefinancialpartners.com/

Jason Heath on Twitter: (@JasonHeathCFP) https://twitter.com/JasonHeathCFP

Podcast 198 – How to Find a Credible Financial Planner: https://www.youtube.com/watch?v=ORuEiYR5zpI

CPP Information Canada.ca: https://www.canada.ca/en/services/benefits/publicpensions/cpp.html

Guaranteed Income Supplement (GIS) Information: https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/guaranteed-income-supplement.html

Old-Age Security Overview: https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security.html

359 – The Unintended Consequences of Debt Jul 17, 2021

Show notes

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-financial-problems/

What to Know About Credit Cards So You Use Credit Wisely: https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/

8 Alternatives to Payday Loans https://www.hoyes.com/blog/8-alternatives-to-payday-loans/

Time Stamps -

Unintended Consequences of:

1:42 Car Loans

5:01 Mortgage Loans

7:15 Credit Cards

8:33 Payday Loans

10:29 Student Loans

14:15 Wedding Loans

18:55 Borrowing to Invest

24:23 Borrowing to Start a Business

358 – 6 Outdated Pieces of Financial Advice You Should Rethink Jul 10, 2021

Show notes

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/

357 – 16 Months Post-COVID: What's Going on with Debt, Savings & What's Next? Jul 03, 2021

Show notes

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 & High-Interest Loans https://youtu.be/yLK40Eq0vZw

Ep. 296 Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact https://youtu.be/S86gnBEkeUY

Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

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

356 – How To Invest If You Can Only Save $100 a Month Jun 26, 2021

Show notes

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 Peaked? https://www.hoyes.com/debt-free-30-podcast/page/21/

-Episode 184: Debt: Why is no-one listening https://youtu.be/nCZ6ojT9h5k

-Episode 211: Are you Having a Personal Financial Crisis? https://youtu.be/tuNN3c54kaU (first video podcast in Kitchener, before the studio was built)

-Episode 275: The Huge Business of Marketing, https://youtu.be/jbX6ZzS1Gdc

355 – Understanding 'Free' Money & Navigating RDSPs & RESPs with Alan Whitton Jun 19, 2021

Show notes

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: https://www.facebook.com/canajunfinances

354 – Bad Funding Choices for Small Business with David Barnett Jun 12, 2021

Show notes

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!

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