Debt Free in 30

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132 – Fraud in 2017: Romance, Phishing, and CRA Scams Mar 11, 2017

Show notes

In 2016 the Canadian Anti-Fraud Centre (CAFC) received 77,348 mass marketing fraud complaints with a total reported dollar loss of $99,198,188. That's a big number, but CAFC believes that fewer than 5% of victims file a report. It's likely that because of the unreported instances, victims lost approximately $2 billion in Canada due to mass market fraud in 2016.

Fraudsters keep coming up with new scams, so it's important to be aware of the new scams, and understand how to protect yourself and your loved ones.

To find out how to recognize the new scams and protect yourself, I'm pleased to welcome Kelley Keehn back to our show. Kelley was my guest back on show #75 where we discussed a book she wrote for the CPA Institute Protecting You and Your Money: A Guide To Avoiding Identity Theft and Fraud. Kelley has published eight books, co-hosted a TV show, regularly contributes to publications like The Globe & Mail, and has had numerous TV appearances including as the personal finance expert on The Marilyn Denis Show.

On today's show we discuss the most dangerous frauds of 2017, including the romance scam, phishing frauds, and the CRA scam.

131 – How to Master Being Suddenly Single Mar 04, 2017

Show notes

How could you cope if, due to divorce or the death of your partner, you became suddenly single?

That question is the theme of a new book, CEO of Everything, Flying Solo and Soaring, co-authored by Gail Vaz-Oxlade and my guest today, Victoria Ryce. As they say in their book, the biggest adjustment when you become suddenly single is that:

Everything in the house is now your job: when the smoke alarm starts beeping, when the water stops flowing, when the microwave blows ups, you must act. Grass will grow and you will cut it. Snow will fall and you will shovel it. The cat will puke on the carpet and you will clean it up.

As a suddenly single person you worry about what people will think, whether or not you will lose your friends, and whether or not you will always be alone. Sudden changes are emotionally draining.

What's Victoria's advice to stay sane and regain control? All that and more on today's show.

130 – Yes, We Have A Payday Loan Crisis Feb 25, 2017

Show notes

We have a crisis and it's called payday loans. At Hoyes Michalos we believe payday loans are a real problem because all too often they create a vicious cycle of debt. We also don't believe that recent efforts by the Ontario Government have been enough to deal with the hidden truth behind payday loans: already indebted Ontarians are borrowing multiple payday loans, from multiple payday lenders at the same time, and this is contributing to a record rate of payday loan induced insolvencies.

How we know this is because every two years we analyze data from actual insolvencies to find out why someone files insolvency. We call this our Joe Debtor study. Part of our study includes a detailed dig into payday loan use by Joe Debtor so that we can isolate the behaviour and profile of the average insolvent payday loan user.

Our data points to four startling findings:

1 in 4 insolvent debtors had at least one payday loan at the time they filed a bankruptcy or consumer proposal.
The average insolvent payday loan borrower has 3.4 payday loans with total outstanding balances of $2,997.
Payday loans make up 9% of borrower's total unsecured debt of $34,255
An insolvent debtor with payday loans owes 121% of their MONTHLY take home pay in payday loans.

Full details on the show with Doug Hoyes and Ted Michalos.

129 – Burn Your Mortgage with Sean Cooper Feb 18, 2017

Show notes

Sean Cooper returns to the podcast today to talk about his new book, Burn Your Mortgage, to be published on March 1, 2017. Sean worked up to 80 hours a week for many years to save for a down payment, and then he managed to pay off his mortgage in less than four years. He held a mortgage burning party that was covered by the CBC, and that's where the fun began.

Some people applauded his frugal lifestyle, but others said that it's not realistic to work that hard just to pay off a mortgage quicker, earning him a lot of online haters, which is where I got involved in the story when I was interviewed by the CBC in a follow up article. I believe that some of Sean's strategies will work for some people; the key is to listen to his ideas and apply what you are able to do, given your financial situation. As Sean Cooper says, the starting point is "setting a goal, because for so many people what keeps them from being homeowners is they're not able to come up with that down payment."

On today's show Sean Cooper talks about his new book, talks about the on-line haters, and provides advice on how to "burn your mortgage".

128 –Ontario Limitations Act and Old Debts Feb 11, 2017

Show notes

Is it true that if you just ignore an old debt it will go away? Not exactly. There are a few misconceptions about the Ontario Limitations Act. This week's Technical Tidbits edition of Debt Free in 30 will help separate the fact from fiction.

Let's start with what we know

We all know that if you don't pay a debt, you will get collection calls and, perhaps, have your wages garnisheed. So yes you can ignore a debt, but it may lead to collection actions. Doing nothing isn't generally a good option.

If you don't have a job, you don't need to worry about wage garnishments. But that doesn't mean that you can simply ignore a debt and have it go away.

Full details on today's Technical Tidbits edition of Debt Free in 30.

127 – Surviving Job Loss with David Trahair Feb 04, 2017

Show notes

Losing a job is very difficult. Whether you're a single adult or have a family that relies on your pay cheque, job loss can be devastating. The most important thing you can do for yourself, and for your finances, is to move past it. Today's guest provides practical steps to move ahead financially and put yourself in the best possible position.

David Trahair is a Chartered Professional Accountant and author of several books. You may remember David from shows #25 and #90 where he discussed some of his previous books. His newest book Survive and Thrive, Move Ahead Financially After Losing Your Job,discusses job loss from all levels. Emotional, psychological, financial, and educational challenges that recently unemployed people face.

CPA Canada sees a need for this book and has decided to finance it and give it away free. No cost to it, you just download a free PDF version of the book. Share it with whoever you think may need it.

126 – News You Can Use – January 2017 Jan 28, 2017

Show notes

Welcome to a special edition of Debt Free in 30. This week, instead of featuring one industry expert we're giving you four (including myself, of course). In today's show our panel of experts will answer questions on four recent issues within the personal finance realm. Each expert brings something different to the table, which gives us a well rounded view at these issues from all angles.

Today's guests are Barton Goth, a Licensed Insolvency Trustee. Barton is joining us today from Edmonton, Alberta where he owns and operates his firm Goth & Company. We have personal finance expert Robert Brown, author of Wealthing Like Rabbits joining us from Ajax, Ontario. Lastly, we have my Hoyes Michalos co-founder Ted Michalos joining me here at our head office in Kitchener, Ontario.

Today we discuss four stories in the news:

Walmart vs. Visa
CIBC Survey: Will Canadians Pay Down Their Debt in 2017?
Bank of Canada Issues Warning to Consumers
Paid Promotion and Financial Advice

125 – How One Man Retired Debt-Free at Age 48 Jan 21, 2017

Show notes

If you are like most Canadians, you dream of a long and enjoyable retirement. Is it possible to retire early and achieve that by the age of 48? While it is an anomaly, my guest today did just that.

Bob Lassaline worked for 30 years and retired when he was 48 years old. He is 80 years old today, so he has been officially retired for longer than he was employed.

How did he do it? Full details are in the podcast.

124 – Advertising Tricks: What We Can Learn From Donald Trump Jan 14, 2017

Show notes

This is our last show before Donald Trump officially becomes the President of the United States of America. That's a scary thought for many people. I have no opinion on whether he will be a great President or a great disaster – I'm a Canadian, so that's not my worry.

I am interested in how President Trump's policies will impact Canada. Even the experts don't know what will happen; how could they? None of them predicted that Trump would win the election, so the future is uncertain. We made some predictions on last week's podcast. My guess is that interest rates will increase, trade with the U.S. may become more difficult, and that may impact Canada. The prudent course of action is to reduce your debt now, so that you are protected from higher interest rates.

Of greater interest to me, as an observer from Canada, is how Donald Trump used various tricks to convince Americans to vote for him. These tricks are the same tricks that advertisers use to get us to buy their products, so learning these tricks can help protect us against advertising.

We humans are driven by emotions in a lot of what we do. We have seen cases where people turn to debt as a way of coping with loss. It could be grief for the loss of a loved one, or maybe loss of income that launches you towards a new opportunity.

Trump's biggest trick is that he appeals to people on an emotional level. He ignores facts and some would say that he just makes stuff up.

123 – What it Means to Have U.S. Debts in Canada Jan 07, 2017

Show notes

Canadians have always had a strong relationship with our southern neighbours. We escape the winter, they explore new places, and we support each other's economy. We also partake in cross-border shopping. Americans hop the border with their strong dollar and purchase goods from Canada. Canadians cross over and grab great sales at major U.S. retailers, but depending on how we pay, we're racking up U.S. debts.

Some of these purchases are made on our own Canadian credit cards, but some are made using U.S. store credit cards. Those who live closer to the border have an even stronger relationship with the U.S. Depending on their industry, some Canadians work in the U.S., but live in Canada. When the U.S. has a strong dollar, it makes sense for Canadians as their take home pay is higher than what they would make in Canada. This is great if the U.S. economy stays strong, but when it waivers, it's not so good.

Today we discuss what happens with U.S. debts when you have financial problems in Canada, with my guest, Licensed Insolvency Trustee Rebecca Martyn.

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