Debt Free in 30

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141 – How Car Loans Can Lead to Insolvency May 13, 2017

Show notes

There are two major purchases we make in our life that we typically use debt to purchase. The first (no surprise here) is our home, and the second is our car. But can car loans lead to insolvency? Believe it or not, yes car loans can lead to insolvency.

As cars are getting more sophisticated and fitted with new gadgets and features, which means they're also getting more expensive. You're no longer buying just a car, you're buying a driving computer. Instead of the days where we could just pay cash up front for our vehicle, we're presented with loans and leases as a way to stretch the total amount over a number of years. In some cases, car loans extend up to eight years.

This makes cars more affordable for the every day consumer, which is great for car companies as they're able to continue with the technological evolution of their cars.

But, they can get expensive, so on today's show Doug Hoyes explains why we get into debt with cars, and he gives practical advice for dealing with car loan debt.

140 – Banks Behaving Badly, Who To Trust, and Has Toronto Real Estate Peaked? May 06, 2017

Show notes

Welcome to the third round table edition of Debt Free in 30,recorded in person at the Hoyes Michalos offices in downtown Toronto, so you can listen to the audio, or watch the video on YouTube.

My guests today are all personal finance experts based in Ontario.

Kerry K. Taylor writes the very popular Squawkfox blog;
Robert Brown wrote the best selling personal finance book Wealthing Like Rabbits; and
Barry Choi writes on the Money We Have blog about personal finance and travel.

Today we cover three stories in the news:

Banks behaving badly – starts at 4:01
Social Media Influencers – who can you trust? – starts at 15:52
The Toronto Real Estate Market – starts at 30:43 (where I predict that prices peaked on Wednesday April 26, 2017)

139 – Seniors and Finance With Vanessa Benedict Apr 29, 2017

Show notes

Many seniors are finding it increasingly difficult to make ends meet. Our 2017 Joe Debtor study showed that the total number of debtors who are seniors is now 12%, up from 2015's 10% and up again from 2013's 8%. With fixed incomes, potential long-term care options and adult children to think about, there are a lot of ways seniors can end up in debt.

My guest today is Vanessa Benedict, a Wealth Advisor with one of the largest banks in Canada. Vanessa's job covers everything from estate planning, financial planning and investment portfolios. Vanessa has many seniors as clients and is always surprised when someone in their 60's still has significant mortgage debt. These are people who saw their parents live so frugally and wanted more for themselves, and for their children. But how much is too much, and who do you turn to for advice?

All that and more on today's show.

138 – Financial Stress Facing Single Parents Apr 22, 2017

Show notes

Struggling financially is difficult for anyone. It can be exceptionally stressful if you're a single parent trying to juggle your finances, work, and parenting all on your own. Without a partner you're solely responsible for the fate of your family. My guest today is here to talk about how going through insolvency as a single parent feels, and how she overcame her debt.

Her name and personal information are kept anonymous for confidentiality reasons so we'll call her Joan. Joan was a working professional with a job on Bay Street. Like many Bay Street positions, Joan was making a very good salary. Shortly after Joan celebrated her 50th birthday, work at her office was slow and she was downsized.

On today's show we hear her story, and how a consumer proposal helped her deal with her debts.

137 – News You Can Use April 2017 Apr 15, 2017

Show notes

Welcome to the second edition of our Debt Free in 30 News You Can Use round table. Our first one aired in January 2017 and covered Walmart vs. VISA, 2017 Debt Repayment Predictions, Bank of Canada Warnings and Paid Promotions vs. Personal Finance Advice. This month we have a whole new panel of experts and a whole new stock of stories to cover.

Today's guests are Blair Mantin from Sands & Associates in British Columbia, Daniel Budd from M. Diamond & Associates in Montreal, and Ian Penny from Janes & Noseworthy in Newfoundland & Labrador. As you might have guessed from the firm names, we are all Licensed Insolvency Trustees. Specific bankruptcy details vary from province to province and we're all facing different economic factors depending on where you are in the country. Our panel of experts today provides insight from coast to coast.

136 – Thinking Ahead and Planning For Your Future Apr 08, 2017

Show notes

My guest today is Shamez Kassam, a financial advisor based in Calgary who has just published his first book, Your Money's Worth: The Essential Guide to Financial Advice for Canadians.

Shamez wanted to write a book that acted as a road map for how the Canadian financial advice industry worked. There's only so much you can learn within the traditional educational institutions. Shamez himself tried learning on his own before losing it all in the tech bubble. That's when he decided to go back and do his MBA in New York.

The Millennial Conundrum

Younger generations or anyone who is just starting out have a lot of challenges to overcome to succeed financially. Debt loads are high, job security is low, and student debt is higher than ever. Our Joe Debtor study found that millennials are the most likely of all age groups to use payday loans. So they're not only operating within unsecured territory, but they're adding volatile, high-interest debts to their list of challenges. We discuss this and more on today's show.

136 – Thinking Ahead and Planning For Your Future Apr 08, 2017

Show notes

My guest today is Shamez Kassam, a financial advisor based in Calgary who has just published his first book, Your Money's Worth: The Essential Guide to Financial Advice for Canadians.

The Millennial Conundrum

135 – The Economic Reality of Vulnerable Debtors Apr 01, 2017

Show notes

Earlier this week, our firm Hoyes, Michalos & Associates launched our 2017 study of Joe Debtor. Joe Debtor is a report on the average insolvent Ontarian that we publish every two years. This year marks our sixth published study, which means we have a lot of comparative data and can identify trends.

We're increasingly seeing a certain type of Ontarian filing insolvency. Although we have Ontarians from all income levels filing either a consumer proposal or bankruptcy, there are certain vulnerable debtors who are more likely to declare themselves insolvent.

Key findings from our study:

Joe Debtor's take-home income is 41% below the median Ontario household income
He is using most of his income to pay for necessities, not luxuries
Joe Debtor has just $302 a month available for unsecured debt repayment - but that debt carries an estimated interest cost of $960 a month

Who Are the Vulnerable Debtors?

We're seeing an increase in certain demographics based on our findings year-over-year. We'll post demographic-specific podcasts in the upcoming weeks so we can discuss each one in detail.

There is a steady rise in insolvent millennials, who are just starting out their adult lives. We've also seen an increase in senior debtors who are carrying debt into retirement. Today's podcast talks about the certain types of debt that these vulnerable debtors are carrying and why it's so dangerous.

134 – The Money Mindset of a Hoyes Michalos Client Mar 25, 2017

Show notes

On Debt Free in 30 I interview many debt experts, but I don't often have the opportunity to speak with someone who has actually dealt directly with their own debt issues. We have conversations with clients every day, but it's very rare that one wants to open up about their story and help others from one debtor to another.

My guest today is Dana Pharant. Dana operated a successful business that was doing more than a million dollars in sales. The business unfortunately experienced three major catastrophes, including a large customer stiffing her on the bill, and Dana turned to her personal credit to support her business. With more personal debt than she could handle, Dana reached out to the professionals at Hoyes Michalos in January 2012. We discussed her options with her and she decided to file a consumer proposal. Dana is pleased to report that in just a few months her consumer proposal will be paid in full.

Like most clients, Dana weighed her options before making the decision to file. On today's show she discusses that decision, and talks about her own business, and how she developed a money, and life, mindset.

133 – The Financial Impact of Becoming the CEO of Everything Mar 18, 2017

Show notes

My guest on show #131 was Victoria Ryce, co-author, with Gail Vaz-Oxlade, of a new book, CEO of Everything: Flying Solo and Soaring, that deals with how to cope with becoming suddenly single.

On that show we talked in detail about the emotional aspects of becoming separated, divorced, or widowed, and Victoria had a lot of practical advice for either the person who is now single, or for people who have loved ones who are suddenly single. Click here to listen to show #131.

In many relationships, one person manages the money while the other is happy simply being kept in the loop or ignoring the money completely.

This is very common, so one of the challenges when you become unexpectedly single is that you are now in charge of everything. Your first priority will be to "take stock" and make sure you have access to funds for day-to-day living.

But what's the next step? What if you get a life insurance payout, or a divorce settlement? What should you do with the money? Victoria has some surprising advice: the correct answer, initially, may be to do nothing. On today's show Victoria explains doing nothing, and the steps necessary to be financial secure when you become suddenly single.

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