Every week we take 30 minutes and talk to industry experts about debt, money and personal finance.
13 - How to Go Broke - Barry Choi29/11/2014 Duration: 30min
On today's show Barry Choi, a personal finance expert, gives his tips for going broke. Tip #1 - Having too many credit cards. Barry gives his views on how many are enough. Tip #2 - Ignoring the interest you are paying on your debts. Tip #3 - Keeping up with the Joneses Tip #4 - Spending money you don't have (particularly on presents) Tip #5 - Buying too much house Those tips and much more on today's podcast.
12 – Challenges of Managing Money in a Booming Economy – Barton Goth22/11/2014 Duration: 33min
Today’s guest is Barton Goth, a bankruptcy trustee from Alberta who tells us that even in an economy booming due to the oil industry, personal debt is still a big problem. Barton explains how even highly paid oil patch workers can get into debt problems, and he offers some practical solutions for becoming debt free. Barton discusses consumer proposals, a legislated debt settlement option that is now more popular than bankruptcy in both Alberta and Ontario. In the bonus podcast only segment Barton discusses other differences between Alberta and the rest of the country, and offers additional practical advice.
11 – Turning Debt Problems into Hope – Chris deVries15/11/2014 Duration: 35min
Today’s guest is Chris deVries, a former banker who provides personal financial counselling to people of all ages. He advocates a straight forward approach to resolving money problems, and on today’s show he gives many practical examples of strategies to deal with debt issues. He discusses the importance of knowing where your money goes, and then taking steps to save money. He gives practical examples, including a strategy to reduce cell phone costs. Through his many years of counselling Chris has worked with many people in what appear to be hopeless situations, but he believes that despite how serious a situation may appear, there is always hope.
10 - Financial Literacy Starts with Being Suspicious - Ellen Roseman08/11/2014 Duration: 24min
On today's show, Ellen Roseman, a Toronto Star columnist and consumer advocate, explains that we tend to get financial advice from people with a vested interest, like car salesmen and bankers. They all have "skin in the game", so consumers need to find someone who can give them unbiased advice. Ms. Roseman suggests reading financial blogs (and particularly the comments) and using Google to research everything before you buy. To improve your financial literacy: be suspicious. Ask questions, and never say "yes" right away. Always consider the downside before you commit. All that and more on today's show.
9 – Should the Government Promote Financial Literacy – Jane Rooney01/11/2014 Duration: 31min
Today’s guest is Jane Rooney, Canada’s Financial Literacy Leader, who explains why she believes the federal government should take an active role in promoting financial literacy. While there are numerous groups promoting financial literacy, Ms. Rooney explains that her role is to bring together the various groups so that Canadians have easy access to all resources. Ms. Rooney is working towards a national strategy on financial literacy, to be released in 2015, that will identify any gaps in resources currently available, and create a plan to bridge those gaps. Ms. Rooney believes that the federal government is best positioned to provide those resources. In the bonus segment Doug Hoyes reviews the definitions of financial literacy, gives his own, and gives his opinion on how each individual Canadian can best best promote financial literacy.
8 - Predatory Practices of U.S. Debt Settlement Companies – Blair Mantin25/10/2014 Duration: 32min
On today’s show Blair Mantin, a bankruptcy trustee with Sands & Associates, British Columbia’s largest personal insolvency firm, discusses his objections to U.S. based debt settlement companies that take advantage of Canadians. We discuss legislation in both Ontario and B.C. to curb this practice. Blair believes that consumer proposals are often a better option, and he discusses why more than half of the people he helps are now choosing a consumer proposal instead of bankruptcy. In the bonus podcast only segment we discuss Limitation Periods, a little known strategy to deal with debts.
7 – Not for Profit Credit Counselling vs. Debt Reduction Companies: What’s the Difference? – Sue Davey18/10/2014 Duration: 35min
Today’s guest is Sue Davey, a credit counsellor with the Family Counselling Centre of Brant, who explains what credit counselling is, and what it costs. Sue explains the differences between those debt reduction companies you see advertising all the time, and a not for profit credit counselling agency. She tells us about the problems caused by excessive payday loans, and gives real life stories of people she has helped during her 19 year career as a credit counsellor.
6 – RESPs and Debt – Mike Davies, Barton Goth, Ted Michalos11/10/2014 Duration: 30min
On today’s show we have three guests. Mike Davies is a financial planners with IPC Investment Corporation in Brantford, and he explains the RESP rules, including how much you can contribute. In the second segment Barton Goth, a bankruptcy trustee based in Edmonton, Alberta, explains what happens to an RESP if you go bankrupt. Alberta has different rules than Ontario, and we discuss the differences. In the bonus segment Ted Michalos, co-founder of Hoyes Michalos, gives his opinion on how the federal government should change the rules to make the RESP rules consistent across Canada.
5 – Findependence – Jonathan Chevreau04/10/2014 Duration: 29min
Jonathan Chevreau’s byline has appeared on the National Post for over 20 years writing about personal finance topics. As he says in today’s interview: “To me, debt is something to be dispensed with as soon as possible.” It's impossible to be financially independent if you are carrying debt. Eliminating debt is the first step. How do you do that? Mr. Chevreau explains his concept of guerrilla frugality to live as frugally as possible, so that you can pay down debt, and then start saving money.
4 - Credit Counselling – An Open and Honest Conversation – Heather Cudmore27/09/2014 Duration: 36min
Heather Cudmore is a credit counsellor with Mosaic Counselling and Family Services, a program of Carizon Family and Community Services in Kitchener, Ontario, and on today's show we discuss credit counselling. Who does a credit counsellor work for? Is it true that they are just a collection agency for the big banks? What does it cost? What are the fees? Isn't a debt settlement better and cheaper? What about other options? Answers to those questions and a lot more on today's show, and in the bonus segment Heather shares lots of practical advice for getting the best deal on a loan, and much more.
3 - Is Reality TV Real? – Gail Vaz-Oxlade20/09/2014 Duration: 33min
Today's guest is one of the most well-known personal finance experts in Canada, Gail Vaz-Oxlade. Gail was the host of three popular television shows: Till Debt Do Us Part Princess Money Moron She is also a very prolific writer, having written for many publications, and she is also the author of 12 books. Her latest book is Money Rules, and it does a great job of debunking some of the rules about money we follow that we should never have followed in the first place. Gail explains why she no longer has any desire to appear on reality TV, and what she thinks we need to do to improve our money management skills.
2 - Seniors and Debt - Bag Lady Fears13/09/2014 Duration: 21min
The fastest growing age group of people who declare bankruptcy are seniors. How is that possible? Isn't it true that seniors are the richest generation, benefiting from high real estate values and company pensions? While some seniors are financially secure, a large group of seniors face serious financial challenges. In today's podcast, Dr. Lee Anne Davies, co-author of When Life Bites You in the Wallet, discusses the financial challenges faced by seniors, and gives practical advice for over-coming Bag Lady Fears.
1 - Ted Michalos Rants About Payday Loans01/09/2014 Duration: 30min
Host Doug Hoyes talks to Ted Michalos about the new Debt Free in 30 radio show and podcast. In this first episode they discuss their plan for the show in the first segment. In the second segment Ted explains his biggest "pet peeve": payday loans. In the bonus podcast-only segment Doug and Ted give practical advice on what to do when you have a short term cash flow crunch and you are tempted to use payday loans.