Debt Free in 30

Latest Episodes:

102 – BEST OF SHOW - Crushing Debt: Why Canadians Should Drop Everything And Pay Off Debt Aug 13, 2016

Show notes

David Trahair is a CPA and prolific writer. Today's show is a rebroadcast of his first appearance on Debt Free in 30, back in early 2015, where we talked about his book Crushing Debt: Why Canadians Should Drop Everything and Pay Off Debt. You can read the full show notes on our show notes page for Crushing Debt. (David appeared again in 2016 on Show #90 where we discussed his latest book, A Procrastinator's Guide to Retirement).

David's advice is very practical. One of his most important bits of advice is to identify the big cash drains in your current budget, and work to eliminate those expenses.

That should free up cash to help you pay off debt.

101 – BEST OF SHOW - Should You Pay Down Debt, Or Invest In RRSP? Aug 06, 2016

Show notes

Today's show is a rebroadcast from Season #1. It's one of our most down-loaded shows, because it answers a common question: Should I pay down my debt, or contribute to my RRSP? The answer is not always obvious.

We all know that investing in an RRSP generates a tax refund. If you are in the 40% tax bracket, a $1,000 contribution to your RRSP generates a $400 tax refund. (Of course I'm over-simplifying this example; your actual tax refund will depend on your marginal tax rate, and many other factors). $400 sounds great, so why would I ever use that $1,000 to pay down debt? Isn't the RRSP contribution always the best answer?

No.

As we discuss on the show, this is largely a math question.

100 – 30 Practical Tips To Avoid Debt Jul 30, 2016

Show notes

Debt Free in 30 has broadcast 100 episodes over 2 seasons to thousands of listeners. In addition, I have interviewed many personal finance experts for their opinions on the debt issues that matter most to Canadians.

To celebrate this milestone, I broke away from my usual format. No guests, no specific topics. Instead, I shared my top 30 tips to help you avoid unwanted debt. Many of these tips are based on the topics I've covered over the last 99 episodes, and tips that have helped my clients.

99 – How to Fix the Payday Loan Industry Jul 23, 2016

Show notes

This past season, I have talked extensively with industry experts about payday loan solutions and alternatives. When I asked my guests from show 83, Brian Dijkema and Rhys McKendry, and my guest from show 85, Jonathon Bishop about what they think would improve the payday loan industry, they had so much to say that I wasn't able to air everything in the original podcasts. Today, I am sharing their previously un-aired thoughts.

Brian Dijkema and Rhy McKendry, experts from the Cardus think-tank, authored a study titled: "Banking on the Margins: Finding Ways to Build an Enabling Small Dollar Credit Market." They suggest that the solution to payday loans is for communities to pool their resources to provide financial products with the assistance of someone with financial expertise that can help them evaluate risk.

Jonathon Bishop, a Research and Parliamentary Affairs Analyst with the Public Interest Advocacy Centre, suggests that the federal government repeal the usury law back to what it was before 2007. This would remove the exemption from the criminal code that allows payday loan companies to operate as they do and make payday loans as they are today illegal. Alternatively, Jonathon suggests that provinces could lower the maximum interest rate payday loans can charge incrementally over a period of a few years to allow the payday loan industry to adjust to these new rules.

98 – BEST OF SHOW - 4 Easy Steps To Save Money Each Week With Nicole Olsen Jul 16, 2016

Show notes

Today's show is a repeat broadcast of one of our most downloaded shows, with our guest Nicole Olsen, the Financial Literacy Program Director for Financial Fitness in Windsor and Sarnia, Ontario.

Nicole shares 4 steps to save money at the grocery store (but it's her bonus tip on "unit pricing" that is a must listen). Enjoy!

97 – BEST OF SHOW: Is Making A Budget A Waste Of Time? Jul 09, 2016

Show notes

Over the summer we will be airing rebroadcasts of our most downloaded shows. Today's show features our most popular guest, and a mis-understood topic: Budgeting. It's a word that people either love or hate.

We may get mixed reviews about the advice that I share on today's episode, but for many, budgeting is a waste of time. Budgeting takes discipline, it takes time and it takes some skill to use a budgeting spreadsheet or app. Because it's difficult, for some people it can actually have a negative impact on their finances. They lose motivation or interest, and eventually discouraged, stop paying attention to their finances all together.

We are not advocating that people shouldn't manage their money, but we are suggesting that you need to find a solution that will work for you and your finances.

It's very important to know where you're spending your money because if you don't know where it goes, you can't make adjustments to pay down debt and build your savings.

Doug Hoyes is joined once again by money expert, Gail Vaz-Oxlade who is an advocate for having a system in place that will help you to pay off debt, save money and spend wisely. Gail is well known for her magic jar concept; the idea that you should allocate a specific amount of money to a number of goals (i.e. bill payments, savings, entertainment, groceries etc.) to keep yourself on track each month. Today we discuss her approach to budgeting, and the alternatives to budgeting.

96 – Renting vs. Buying: What Makes the Most Sense? Jul 02, 2016

Show notes

Given today's real estate market, it's not surprising that the most popular podcast episodes of this year featured Hilliard MacBeth discussing his book, When The Bubble Bursts, Surviving the Canadian Real Estate Crash, and Ben Rabidoux sharing his thoughts on the Canadian real estate market. Clearly, listeners want to know if they should rent or if they should buy? While I am not a real estate expert, I want to help those who are trying to decide by comparing the different possible outcomes of renting vs buying.

From our own Joe Debtor study, we know that home owners in high ratio mortgages are at an increased risk of becoming insolvent. The average insolvent home owner had a mortgage ratio of 90% and owed over $68,000 in unsecured debt. Why? Because most people focus on the mortgage payments and forget to pay attention to all the other costs associated with owning a home.

95 – How To Deal With Divorce And Bankruptcy Jun 25, 2016

Show notes

Generally, money problems and financial problems go hand in hand. In fact, 28% of our clients were separated or divorce when they filed for insolvency. And 19% cited marital or relationship breakdown as the main cause of their financial difficulties. To delve deeper into the relationship between divorce and bankruptcy law, Ted Michalos joins us today on Debt Free in 30.

When a relationship starts to fail, the last thing anyone focuses on is taking care of money. In fact, spending often increases as a way to make things 'better' and both partners forget to pay attention to their debt. When the relationship falls apart, the debt that was incurred during the marriage will have to be dealt with.

94 – What Happens To Debt When House Prices Fall? Jun 18, 2016

Show notes

Our guest on today's podcast, Ben Rabidoux is the President of North Cove Advisors, a macro research firm that works with institutional investors like mutual fund companies, hedge funds, and pensions, providing a broad view of the economy at any time.Today he visits Debt Free in 30 to share his insights on the current status and future of the Canadian housing market (and it's not pretty).

93 – Self Employed: Dealing with Business Debts Jun 11, 2016

Show notes

As our economy in Canada has evolved so has the nature of most people's employment. Downsizing and outsourcing has become more prevalent, stable jobs have become more scarce, and more people are becoming self employed. While the freedom and potential for success are great, being self-employed brings it's own challenges when it comes to managing business debts.

On this week's podcast I talk with Ian Martin, Scott Schaefer and Ted Michalos about the potential debt problems that entrepreneurs and self-employed persons might face and provide tips that can help you avoid these common small business mistakes when it comes to managing your finances.

I also talk with our experts about how to deal with one of the most common business debts: tax debts owing to Canada Revenue Agency.

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