Debt Free in 30

Latest Episodes:

351 – What Causes People to File Bankruptcy? May 22, 2021

Show notes

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/

350 – Is it a Waste of Time to Teach Kids About Money? with Robin Taub May 15, 2021

Show notes

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 in 30: Podcast 23 - The Importance of Teaching Kids That Money Matters: https://www.hoyes.com/blog/the-importance-of-teaching-kids-that-money-matters/

349 – How to Recognize Heinous Financial Advice with Danielle Park May 08, 2021

Show notes

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 Lasts on Amazon: https://amzn.to/3h349lZ

Danielle on Twitter: https://twitter.com/kdaniellepark

Danielle's investment management firm – Venable Park: http://www.venablepark.com/

348 – How Deflation Will Impact the Economy and Your Debt with Jeff Booth May 01, 2021

Show notes

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.gc.ca/t1/tbl1/en/tv.action?pid=1810000501

347 – Warning Signs You Have Too Much Debt. Knowing When to Fold Apr 24, 2021

Show notes

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/

346 – Enrage to Engage: How the Media Misreports our Debt Problems Apr 17, 2021

Show notes

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/

345 – Avoid These Common Mistakes That Can Sabotage Your Budget Apr 10, 2021

Show notes

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/

344 – Human Trafficking and Financial Fraud: A Survivor's Story Apr 03, 2021

Show notes

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 Signs: https://www.ontario.ca/page/human-trafficking

RAP Sheet – Human Trafficking: https://preventingcrime.ca/wp-content/uploads/2020/02/RAP-Sheet-on-Human-Sex-Trafficking.pdf

Project Recover Organization: https://projectrecover.ca/

Concord Adex Survivor's Fund: https://www.survivorsfund.ca/donations/the-concord-end-of-crisis-housing-fund/

Waterloo Regional Police Services – How to Stay Safe Against Human Trafficking: https://www.wrps.on.ca/en/staying-safe/human-trafficking.aspx

Ontario's Anti-Human Trafficking Strategy: https://www.ontario.ca/page/ontarios-anti-human-trafficking-strategy-2020-2025

What is Human Trafficking: https://www.canada.ca/en/public-safety-canada/campaigns/human-trafficking.html

343 – Should You Reinvent Yourself Career-Wise Post Pandemic & How To Be Ready Mar 27, 2021

Show notes

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#

342 – How to Save Money Without Losing Your Motivation Mar 20, 2021

Show notes

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

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