Debt Free In 30

In this episode, Doug Hoyes is joined by Ted Michalos as they discuss the importance of doing an annual financial checkup.  Doug explains the importance of having a plan and touches on various topics such as updating your will, insurance, investments, bank accounts, taxes, passwords, and debt.  Now is the time to review your finances and make a plan for the new year so you can set yourself up for success! Time Stamps   00:00 Introduction 01:20 Self Assessment 02:03 Review and Update Your Will 02:57 Power of Attorney for Personal Care & Power of Attorney Over Property 04:18 Insurance 04:24 Life Insurance 05:16 Term Insurance 06:15 Mortgage Insurance vs. Life Insurance 08:15 Medical/Disability Insurance 09:23 Asset Insurance (Car Insurance, Homeowners Insurance) 10:31 Credit Insurance 11:32 Investments 11:39 Do Investments Still Make Sense? 13:53 Bank Accounts 14:41 Should You Have More Than One Bank Account? 18:30 Big Banks vs. Virtual Banks Interest Rates and Fees 23:41 Should You Reconcile Your Bank Acco

In this episode, Doug Hoyes discusses retirement planning with special guest Rona Birenbaum, a Certified Financial Planner at Caring for Clients. The episode covers various retirement-related topics, including the importance of financial planning, the role of financial advisors, and the complexities of decisions such as when to retire and when to start receiving government benefits like CPP.   The discussion emphasizes the need for careful consideration of lifestyle preferences, budgeting, and financial goals when planning for retirement. The conversation also touches on the role of debt in retirement planning, highlighting the benefits of entering retirement with minimal debt. The episode aims to provide valuable information and perspectives to help individuals navigate the complexities of retirement planning.     Related Links:   Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments   Caring for Clients: www.careingforclients.com   Caring for Clie

Doug Hoyes and Ted discuss a pressing issue that many Canadians face: the challenge of closing on a house when real estate prices have taken a hit. They discuss the complexities of the real estate market, particularly the implications for those who bought pre-construction homes or condos. They also explain the risks associated with pre-construction purchases, such as the potential loss of deposits and the financial difficulties of closing on a property with a lower appraised value. This episode provides practical advice and raises thought-provoking questions about the need for changes in deposit protection laws, shedding light on a crucial topic in today's housing market.   Related Links: StateView homes receivership https://www.tarion.com/media/important-information-purchasers-and-owners-stateview-homes Tarion New Home Deposit Protection https://www.tarion.com/media/deposit-protection-takes-stress-out-buying-new-homes Why a House Does Not Guarantee Financial Security https://www.hoyes.com/blog/why-a-house

Doug Hoyes and Ted Michalos discuss the state of the economy and explore the possibility of a silent depression.  Their discussion includes topics such as unemployment rates, the challenges confronted by the Millennial and Gen-Z generations, the recent increase in credit card debt, and the state of the real estate market. They also offer guidance on how to regain hope and devise a path towards achieving success amidst these challenging circumstances.   Related Links: Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments The State of Mortgages with Ron Butler: https://www.youtube.com/live/e9lVf-moV1E?si=5O96QM8NfJbRc5Fo Statistics Canada. Table 14-10-0287-01  Labour Force Characteristics, Monthly, Seasonally Adjusted and Trend-Cycle, Last 5 Months: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Statistics Canada. Table 18-10-0004-01  Consumer Price Index, Monthly, Not Seasonally Adjusted: https://www150.statcan.gc.ca/t1/tbl1/en/tv.ac

Doug Hoyes and special guest Ron Butler from The Angry Mortgage Podcast came together for a live episode on Monday, October 23rd. During this special event, they talked about current mortgage trends, real estate, Bank of Canada interest rates, inflation, and addressed questions from their audience. Whether you own a home or are planning to buy one in the near future, this conversation is definitely one you should listen to.   Related Links Ron’s Links Ron Butler on Twitter: @ronmortgageguy - https://twitter.com/ronmortgageguy Ron Butler on Instagram: @ronmortgageguy https://www.instagram.com/ronmortgageguy/ Ron Butler LinkedIn: https://www.linkedin.com/in/ron-butler-345531b/ Butler Mortgage (mortgage rates) - https://www.butlermortgage.ca/mortgage-calculator/ Angry Mortgage Podcast - https://www.youtube.com/channel/UC8vl-_vvvf7VZcxKPJ-v-Xg   Hoyes Blog Links High Interest Rates: What Can You Do/ - https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Bank of Canada, share of mortgages w

Doug Hoyes is joined by special guest, Blair Demarco-Wettlaufer, a collection agent, who serves as the Chief Operations Officer at collection agency Kingston Data & Credit. This marks Blair's seventh appearance on the show! In this episode, Doug and Blair discuss the messy world of debt collection, statute-barred claims, and credit reporting. They answer questions such as, how long does it take for a credit card company to send your debt to collections? Does a statute-barred debt affect your credit report? What happens if you don't pay it? Can you be sued and when is it time to speak to a Licensed Insolvency Trustee? Tune in for lots of great advice and tips!   00:00 Introduction 01:44 How long does it take for collection agencies to report to a collection agency? 04:44 How does a collection agency receive new files to collect? 06:36 How do collection agencies contact and monitor those in debt? 09:59 When do collection agencies report to the credit bureau? 11:05 What is the difference between a trade line

What happens to debt when someone passes away?  Host Doug Hoyes is joined by Ted Michalos to discuss a topic that might sound eerie but is incredibly important.  They chat about the different types of debt: credit card balances, car loans, and mortgages. Ted provides clear and valuable advice on important topics such as life insurance, wills, and power of attorney. Doug also highlights the significance of his "Death Checklist" and the importance of informing your spouse to guarantee seamless access to your accounts. This informative conversation gives great insights for financial planning when dealing with an inevitable part of life. Related Links: How many humans have ever lived? https://www.visualcapitalist.com/cp/how-many-humans-have-ever-lived/ Doug’s book, Straight Talk on Your Money https://www.hoyes.com/straight-talk/

You've probably noticed that Artificial Intelligence is everywhere these days, but can it help you out with debt and managing your money? Doug Hoyes and Scott Terrio are here to chat about just that! They discuss how AI looks at your spending habits, and discuss concerns related to biases and privacy, talk about the pros and cons of using ChatGPT to handle your finances, and help you understand what it can and can't do.  Don't miss out on valuable tips and advice for making smart financial decisions in our AI-driven world.   Related Links: Straight Talk on Your Money - https://www.hoyes.com/straight-talk/ How Credit Karma is Demystifying Personal Finance with AI - https://www.interactions.com/podcasts/how-credit-karma-is-demystifying-personal-finance-with-ai Chat GPT - https://chat.openai.com/

Are you a small business dealing with the CEBA loan repayment dilemma?  Ted Michalos and Doug Hoyes dive deep into the world of CEBA loans and the crucial decisions you need to make about repaying them.  For many small businesses, the loan was a lifeline during the pandemic but as the repayment deadline is looming it’s time to evaluate your options.  Join us as we help you to understand the pros and cons of getting a bank loan to repay the CEBA loan, tax considerations that could impact your decision and explore what to do if you don’t qualify for the CEBA loan repayment. Related Links: What happens it you can’t pay your CEBA loan blog:  https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/ Federal Government CEBA loan page: https://ceba-cuec.ca/

Join the conversation with Ian Penney, a Licensed Trustee from Janes & Noseworthy, and Doug Hoyes as they provide insights into managing your finances in the aftermath of the pandemic, with a focus on the distinctions between Newfoundland and Ontario.  During the discussion, they delve into the economic landscapes of these regions, spotlighting key industries such as oil and gas, fishing, forestry, tourism, and mining.  Tune in to gain valuable advice on navigating your financial journey post-pandemic. Related Links: Website: https://janesnoseworthy.ca/ LinkedIn Janes & Noseworthy: https://www.linkedin.com/company/janes-and-noseworthy/ Facebook: https://www.facebook.com/JanesNoseworthy Twitter: https://twitter.com/JanesNoseworthy

Every successful budget makes room for fun spending. But how much is OK to spend on fun? What if you feel guilty? Is it ever wrong to spend money on your hobbies and interests? On today’s podcast, Maureen Parent returns to give advice on this less explored area of our budget and gives practical advice on how to allocate your income wisely towards leisure and why it’s essential for your mental and financial health to do so. Tune in! Related Links: The Secret To Budgeting? Don’t Budget https://youtu.be/u5q1Qge3k8s The P.L.A.N. Account for Budgeting: https://youtu.be/pSQ3jvrFVHU Is The 50/30/20 Budget Rule Even Possible Today? https://youtu.be/hANI5zadF2I

Higher education isn’t getting any cheaper. The cost of going to university has more than tripled since the 1990s and we see first-hand the financial burden caused by student loans. So, is it still worth it to get into debt for post-secondary schooling? With so many advancements in free online education, aren’t there cheaper alternatives? When is college the better option? Is an undergraduate degree still going to give you a job right away? Tune in to this discussion with Ted Michalos and Doug Hoyes as they share graduate statistics and give practical advice on how to think through your career and education choices. Resources Mentioned in the Show: Statistics Canada, National Student Survey: https://www150.statcan.gc.ca/n1/pub/75-006-x/2020001/article/00005-eng.htm University of Toronto, Facts & Figures https://data.utoronto.ca/facts-and-figures/ Ontario, graduation rates: https://www.iaccess.gov.on.ca/OsapRatesWeb/enterapp/home.xhtml Ontario budget, 2022-2023 https://www.ontario.ca/page/expenditure-est

Welcome to Season #10 of Debt Free in 30.  Debt is up.  Interest rates are up.  Not surprisingly, personal insolvency filings are way up.  Many people are hitting the wall.  On today’s abbreviated podcast, Doug Hoyes explains the numbers and why we live in a “Tale of Two Economies.”  If you are rich, all is good.  If you have depleted your savings and have debt, times are tough. We explain the impact of the numbers and “tease” some of the topics we will be discussing in the coming weeks. Tune in, and enjoy!

For our final rebroadcast of the summer, we are rebroadcasting episode #452. We know rising inflation is tough on Canadians. If your budget is getting tighter, you may be tempted to use credit (debt) to make ends meet, but that may not be a good strategy. On today’s podcast, Jennifer Kwon returns with some solid practical advice for what to do if you feel you’re living paycheque to paycheque and the dos and don’ts of using credit to get by. Jennifer and Doug Hoyes discuss common debt traps that should be avoided and what to do instead. They also help you think about the root causes of financial trouble so you can come up with good solutions. Tune in for a great discussion!   Related Links:   Dealing with Debt When Living Paycheque to Paycheque: https://www.hoyes.com/blog/dealing-with-debt-when-living-paycheque-to-paycheque/ Are Credit Cards Right for Credit Repair? https://youtu.be/Hy708HhFljk Buy Now Pay Later – Is It Debt? https://youtu.be/KvCO7_PUCDI Zero-based budgeting: How to Give Every Dollar a Purpos

Today we rebroadcast episode #453. Online shopping isn’t new. Apps are not new. But is shopping supposed to be a game? That’s the angle a new shopping app called Temu appears to have taken. Since its launch in September 2022, the app has millions of monthly users, offers very deep discounts, and has strong incentives to keep users coming back. On today’s podcast, Doug Hoyes takes a closer look at how Temu works and interviews users from very different age groups for comparison. He also discusses whether we should be concerned about shopping gamification in general, how data is potentially treated on Temu, and whether cheaper is always better. Tune in for a unique show! Links: CNN Article: ‘One of China’s most popular apps has the ability to spy on its users’ https://www.cnn.com/2023/04/02/tech/china-pinduoduo-malware-cybersecurity-analysis-intl-hnk/index.html How Temu topped by U.S. app charts by turning shopping into a game: https://restofworld.org/2023/temu-mobile-gaming/  

Today we rebroadcast episode #448. Most money experts will tell you that the best way to avoid money problems is to cut costs. And they’re right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today’s podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it’s best to go back to school to increase your earning potential. Finally, they review the dos and don’ts of increasing income if you have a lot of debt. Tune for great tips!   Links:   Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Bank of Canada Inflation Calculator: https://www.bankofcanada.ca/rates/related/inflation-calculator/ Avoid the Surplus Income Penalty With a Consumer Proposal: https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/ S

Originally aired at episode 450 on April 15, 2023, the Food Professor returns. Food is now more expensive than ever. But why? Is it just corporate greed? Or something greater? Enter Dr. Sylvain Charlebois, a.k.a. The Food Professor. Sylvain is a Professor and the Scientific Director at Agri-Food Analytics Lab at Dalhousie University. On today’s podcast, he demystifies grocery pricing and explains why food inflation is a global phenomenon. Sylvain also discusses the part the Canadian government plays in grocery price hikes and gives lots of valuable practical advice for how to save on your food bill. You won’t want to miss this episode. Tune in! Time Stamps 7:42 What is Shrinkflation? 8:31 Groceries vs. Snacks + Tax 11:55 Is the Grocery Rebate Even Helpful? 19:01 Which Days of The Week To Shop Groceries? 23:30 Shop at 3 Different Stores 27:04 Consumers Can Make a Difference Links: The Food Professor Podcast: https://the-food-professor.simplecast.com/episodes Dr. Sylvain Charlebois on Twitter: https://twitter.c

In the season 9 finale episode of Debt Free in 30, Doug Hoyes and Ted Michalos discuss the current state of consumer insolvencies in Canada and why they’re going back up. They also discuss the impact of inflation remaining higher than wage increases, higher credit card debt, and higher interest rates.  Where are we heading in the latter part of 2023? Has the recession begun? What can homeowners expect in this climate? Tune in for a great discussion! Related Links: Episode 435, Debt Free in 30 Year End Prediction Show https://youtu.be/3i22JpmcozY Statistics Canada. Table 18-10-0004-01  Consumer Price Index, monthly, not seasonally adjusted https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 Statistics Canada, Average Weekly Earnings https://www150.statcan.gc.ca/n1/daily-quotidien/230629/dq230629a-eng.htm?HPA=1&indid=3555-1&indgeo=0 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 Mortgag

Buying a car has never been more expensive. But what if you have no choice but to buy one? How can you avoid buying too much car these days? On today’s podcast, Ted Michalos and Doug Hoyes explain what’s causing high car prices in both the new and used car categories, as well as, how to buy without taking out a huge auto loan. Tune in for lots of practical tips on shopping for a car and dealing with salesmen.   Resources Mentioned i the Show: Buying and Maintaining an Affordable Car: https://www.hoyes.com/blog/buying-and-maintaining-an-affordable-car/ Auto Trader Price Index March 2023: https://editorials.autotrader.ca/media/klxhaqq5/autotrader_priceindex_finalv3_march2023_en.pdf?_gl=1*uou0k4*_gcl_au*OTQ3ODQ3MTMzLjE2ODc0OTI1NDQ.&_ga=2.183395302.1188701862.1687492545-911279650.1687492545 Car Guru – Price Trends: https://www.cargurus.ca/Cars/price-trends/ CBC Car Market Analysis: https://www.cbc.ca/news/business/car-market-analysis-1.6873747

Maybe you’re tired of working for someone. Or you’re looking to be your own boss. You may consider buying a business. It’s not a bad idea, but just as there are advantages, there are also pitfalls you need to be aware of. Enter David Barnett. David is a seasoned expert in buying and selling small to medium-sized businesses. On today’s podcast, David demystifies the process of buying a business and provides insight on how to avoid debt problems when doing so. Tune in for a great discussion with lots of practical advice. Related Links: David Barnett’s Website: https://www.investlocalbook.com/ David Barnett on Twitter: https://twitter.com/DBarnettMoncton Debt Traps of Buying a Business with David Barnett: https://www.youtube.com/watch?v=-HbW9ww2BNg Bad Funding Choices for Small Business with David Barnett: https://www.youtube.com/watch?v=UaklFv3eBvI