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Debt Free in 30
27 minutes | a day ago
326 – Why Some Loans Never Go Away
Some loans feel like you’ve been paying them forever without an end in sight. In other cases, you may even be surprised to see your loan balances grow instead of shrink with regular payments. On today’s podcast, Doug Hoyes and Ted Michalos define important terms for understanding how loans work, how to spot an expensive loan, and the risks you face with longer term loans. They also teach you how to avoid borrowing more than you can afford and provide practical advice for what to ask your lender while you’re in the borrowing process. Helpful resources: Term vs Amortization Explainer: https://www.youtube.com/watch?v=gaMt1zW7ViA How Does Compound Interest Work: https://www.youtube.com/watch?v=mO5lhuXhWFk Debt Servicing Costs: https://www.youtube.com/watch?v=qoV5LD0eMk4 What is a Line of Credit: https://www.youtube.com/watch?v=yFR9Cag40OU How Car Loans and Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Why Payday Loans Won’t Go Away: https://www.hoyes.com/blog/why-payday-loans-wont-go-away/
34 minutes | 8 days ago
325 – Income Tax Deductions & COVID-19 Work From Home
An unprecedented number of Canadians went from being office employees to working from home during this pandemic. Many also took on home office costs in 2020. So, what does this mean for our 2020 income tax filing? Which expenses will we be able to deduct and which ones will we not? On today’s podcast, Ian Martin, CPA and Licensed Insolvency Trustee, shares his thoughts on how the CRA may approach expenses like office supplies, masks, furniture, internet and rent next year. Ian also gives us his honest opinion on how the CRA should approach tax audits of individuals. Tune in to this meaningful discussion with lots of practical tips! Additional Resources: 10 Tips for Dealing with CRA and Tax Debts: https://www.youtube.com/watch?v=Pp7rVK02OVI T2200 Declaration of Conditions of Employment: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2200.html T777 Statement of Employment Expenses: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t777.html
36 minutes | 15 days ago
324 – Will We Finally Spend Less This Christmas?
Every January, we meet with clients who tell us they spent way too much during the holiday season. But given the current pandemic, income problems, and gathering restrictions, will 2020 finally be the year when Canadians spend less? On today's podcast, Diane Cunha and Doug Hoyes discuss what generally drives people to spend so much over the holidays and why this year might be different. They share practical advice for how to cope with COVID fatigue and resist the temptation to over-buy. Diane also answers spending questions from our newsletter readers. Lots of great tips in this show so be sure to tune in! Related Links: Deloitte 2020 Holiday Retail Survey: https://www2.deloitte.com/us/en/insights/industry/retail-distribution/holiday-retail-sales-consumer-survey.html Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034 Podcast 322: How to Build an Emergency Fund if You Have Debt: https://www.youtube.com/watch?v=YxyO8in9Swg Sign up for the Debt Free Digest Newsletter: https://www.hoyes.com/subscribe-newsletter/
18 minutes | 22 days ago
323 – Is Good Money Management a Talent or a Learnable Skill?
It's the 10th annual financial literacy month sponsored by the federal government. Are we more financially literate than we were 10 years ago? Our debt levels keep increasing, so it doesn’t appear so. Is it possible to learn money management skills, or do you have to be born with it, like athletic ability. On today’s short podcast Doug Hoyes explains why he believes you can learn to manage your money, and he gives four lessons on how to do it. #FLM2020 Time Stamps: 7:28 – Lesson 1 – What do you want? 9:47 – Lesson 2 – Do it the easy way 11:11 – Lesson 3 – Understand the Other Guy 14:54 – Lesson 4 – Ask Questions Related Links: Government of Canada Financial Literacy Month website: https://www.canada.ca/en/financial-consumer-agency/campaigns/financial-literacy-month.html Government of Canada, have a plan to pay off your debt: https://www.canada.ca/en/financial-consumer-agency/campaigns/it-pays-to-know.html Government of Canada, de-emphasizing the most powerful debt relief options: https://www.canada.ca/en/financial-consumer-agency/services/debt.html The “Don’t Budget” Video: https://youtu.be/u5q1Qge3k8s Can you create your own reality? https://youtu.be/PuiP9I6_cMg Getting out of debt requires a system, not just a goal https://youtu.be/ysvkV0uN7mM The Fable of the $20 bill https://youtu.be/5fYfAvSnNps Doug’s Book, Straight Talk on Your Money, available on Amazon, Kindle and as an audio book: https://www.hoyes.com/straight-talk/
33 minutes | a month ago
322 – How to Build an Emergency Fund if You Have Debt
Every financial guru says you need an emergency fund. But if you also have debt, is it possible to balance saving and paying down high-interest credit cards or lines of credit? What are the steps to get started? On today’s podcast, Diane Cunha, Certified Credit Counsellor at Hoyes Michalos discusses the different types of emergency funds, teaches us how to set aside cash even if we have debt, and gives tips on where to store our savings so they are easily accessible. Tune in to the show for lots of practical advice! Related Links: Credit and Debt Decisions That Can Backfire Podcast 288: https://www.youtube.com/watch?v=0mHPf8CLhs0 What To Know About Credit Cards So You Use Credit Wisely Podcast 235: https://www.youtube.com/watch?v=u-bMxcdl55A Emergency Fund or Credit Card Debt? What's the Better Choice? https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/ Why You Need an Emergency Fund: https://www.hoyes.com/blog/why-you-need-an-emergency-fund/
28 minutes | a month ago
321 – Is Multi-Level Marketing (MLM) a Scam?
Description: Amid economic uncertainty, side hustles have become a popular way to earn extra income. But while many side hustles are good, some are risky and can lead to serious debt problems. On today's podcast, guest and Hoyes Michalos LIT Julie Wildman discusses the risks of multi-level marketing ventures (or MLMs). While an MLM can seem like a great opportunity to "be your own boss" and work from home, it often comes with significant upfront costs that are rarely recovered. Julie walks us through how MLMs work, their success rates, and who is often targeted in MLM schemes. She also shares practical advice for how to ensure that if you do go into the business of selling products, you avoid taking on a massive debt burden. Tune in! Related links: AARP Study of Multilevel Marketing, 2018: https://www.aarp.org/content/dam/aarp/aarp_foundation/2018/pdf/AARP%20Foundation%20MLM%20Research%20Study%20Report%2010.8.18.pdf
32 minutes | a month ago
320 – Dealing with the End of Debt Deferrals
As of August 31st, 778,000 Canadians with a mortgage at Canada’s big banks deferred or skipped a payment on their mortgage. The deferral periods for many mortgages and other credit loans and products have now come to an end. What does this mean for your debt? On today’s podcast, Ted Michalos and Doug Hoyes review different credit products (mortgages, credit cards, lines of credit, auto loans) and discuss what may happen to your balances and debt carrying costs now that the deferral periods are over. They also share practical advice for how to negotiate with your creditors and steps you can take if you don’t have the cash to start making your debt payments again. Tune in to this very timely and helpful episode! Helpful Links: Dealing with the Consequences of Loan Deferrals When the Deferral Period Ends: https://www.hoyes.com/blog/dealing-with-the-consequences-of-loan-deferrals-when-the-deferral-period-ends/ What To Do If You Can’t Pay Deferred Mortgage Payments: https://www.hoyes.com/blog/what-to-do-if-you-cant-pay-deferred-mortgage-payments/ CMHC Residential Mortgage Industry Report: https://assets.cmhc-schl.gc.ca/sites/cmhc/data-research/publications-reports/residential-mortgage-industry-report/2020/residential-mortgage-industry-report-2020-en.pdf CBA Fast Facts on Bank Measures in Response to COVID-19: https://cba.ca/fast-facts-on-bank-measures-in-response-to-the-covid-19-pandemic Scotiabank Auto Loan Payment Relief Terms: https://www.scotiabank.com/ca/en/personal/scotia-support/terms-and-conditions/auto-loan-spl-payment-relief.html
43 minutes | 2 months ago
319 – CERB Transition to EI: What Does It Mean For Your Budget & Debt?
The Canada Emergency Response Benefit (CERB) has now come to an end and is transitioning to four different financial aid programs: EI, CRB, CRSB, and CRCB. But what do these income supports mean for Canadians’ household budgets and debt repayment? Will they be enough to help Canadians still battling the financial effects of COVID-19? And which individuals no longer qualify to receive federal help? On today’s podcast, our guest is David Macdonald, Senior Economist at the Canadian Centre for Policy Alternatives (CCPA). David explains the financial impact of switching from CERB to these new aid programs. He walks us through how these programs work, eligibility, and whether Canadians who have returned to work at reduced hours can still get help. He also shares his thoughts on the long-term implications of these supports for the Canadian economy. Tune in to this important discussion with Doug Hoyes. We also encourage you to check the Government of Canada website for up-to-date information as these programs may evolve: https://www.canada.ca/en/department-finance/economic-response-plan.html#individuals Additional Links: David Macdonald on Twitter: https://twitter.com/DavidMacCdn CCPA Report – 1.8 Million Canadians Better Off with a Higher EI and CRB Floor: https://behindthenumbers.ca/2020/09/28/1-8-million-canadians-better-off-with-a-higher-ei-and-crb-floor/ Canadian Centre for Policy Alternatives: https://www.policyalternatives.ca/ David Macdonald’s first appearance on Debt Free in 30 – ep. 114: Basic Income: Is It a Silver Bullet for Poverty? https://www.hoyes.com/blog/basic-income-is-it-a-silver-bullet-for-poverty/ and on YouTube (audio only): https://youtu.be/mi3tWjg1bC4 Our podcast on Modern Monetary Theory https://youtu.be/TMGDaTGx3V4 Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Time Stamps: 2:22 CERB – How it worked, qualification requirements 5:44 The new Employment Insurance, how it works, who qualifies 8:32 How taxes work for CERB and EI 9:44 Why a lot of Canadians may have a big tax bill in the spring of 2021 12:15 Is it possible that CRA creates special rules to mitigate the big tax bill many Canadians will face in 2021? 17:00 CRB (Canada Recovery Benefit) – what it is, who qualifies 21:00 CRSB (Canada Recovery Sickness Benefit) – what it is, who qualifies 22:30 CRCB (Canada Recovery Caregiving Benefit) – what it is, who qualifies 24:30 What if I'm only working one day per week? How does that impact my benefits? 27:50 Who qualified for CERB, but now won't receive any income support? 30:25 What are some of the shortcomings in the current programs you would like to see addressed? 33:30 Are we moving towards a Basic Income? 37:00 These programs are very expensive; how will we pay for them?
36 minutes | 2 months ago
318 – Could Canada Have a Simpler Tax System? with Neal Winokur
Filing income taxes can be complicated, especially if you're a self-employed individual. And if you can't afford an accountant, you fall behind on filing your taxes and face trouble with the Canada Revenue Agency. Could we make the Canadian tax system simpler? And what would a simpler system mean for tax deductions? Enter Neal Winokur, author of the The Grumpy Accountant - One Fed-Up Tax Pro's Practical Plan to Fix Canada's Senselessly Complicated Tax System. On today's podcast, Neal shares his radical vision for an easier income tax system and what it would look like for everyday Canadians. He and Doug Hoyes also discuss whether the government could consider other sources of revenue instead of income taxes and the impact on Canadian politics. It's a lively discussion so be sure to tune in! Related Links: Neal Winokur’s website: https://grumpyaccountant.ca/ The Grumpy Accountant - One Fed-Up Tax Pro's Practical Plan to Fix Canada's Senselessly Complicated Tax System On Amazon: https://amzn.to/33Wpnd9
35 minutes | 2 months ago
317 – Globalization, Inequality and Debt With Jeff Rubin
Today's first time guest is Jeff Rubin, who was the Chief Economist at CIBC World Markets (where he worked for over 20 years). He has just released a new book: The Expendables: How the Middle Class Got Screwed by Globalization, where he says that the decline in permanent, well paying full time jobs is a direct result of free trade agreements that transferred jobs to lower wage countries, leaving factories in Canada idle. On today's show Jeff Rubin argues that globalization allows the rich to get richer, and that leads to increasing inequality, and that leads to high debt levels for the average Canadian. Is there a solution? We discuss that and a lot more on today's show. Helpful Links: Jeff Rubin on Twitter https://twitter.com/jeffrubin The Expendables How the Middle Class Got Screwed By Globalization link to book on Amazon: https://amzn.to/2FLeORE Debt Free in 30 Podcast on Modern Monetary Theory: https://youtu.be/TMGDaTGx3V4 Topics Covered: 00:47 What is globalization, and who are the expendables who got screwed by it? 2:48 What's wrong with moving jobs to lower wage countries? Consumers pay less, and corporate profits are higher; what's the problem? 5:55 Does outsourcing lead to lower wages, lower interest rates, and lower inflation? 7:40 How are low wages tied to consumer debt? 9:50 Interest rates are very low, so does it matter that governments have high deficits? 11:18 How does globalization lead to more middle class debt? 13:43 Does globalization lead to speculative bubbles (like the stock market and the housing bubble)? 15:51 Do you agree or disagree with David Ricardo's Theory of Comparative Advantage? Are we not better off if we do what we are best at? 18:48 With globalization we have more exposure to other cultures; does that increase the chances for world peace? Is that not an upside of globalization? 20:14 What are the solutions to the problems caused by globalization? 21:27 Donald Trump and Bernie Sanders both have the same trade policy 23:39 Not being able to get N95 masks was a big problem, because we didn't produce them in Canada. Do you expect in the future to see more manufacturing returning to Canada? 27:15 Contrary to popular belief, why do you not think we have a progressive tax system? 29:10 But if we had a more progressive tax system, would that not lead to money and jobs and wealthy people leaving the country, making our economic situation even worse? 33:00 Closing comments: advice for the average Canadian hurt by globalization.
37 minutes | 2 months ago
316 – Combating the Stigma Around Food Insecurity with Wendi Campbell
Like debt problems, food insecurity can happen to anyone. What causes individuals and families to require food assistance? On today's podcast, we have first-time guest Wendi Campbell, CEO at The Food Bank of Waterloo Region to help us get a better understanding of local food issues and what "food insecurity" really means. Wendi also addresses common misconceptions surrounding food bank visitors and discusses the importance of working together as a society to help alleviate the problem of food insecurity. The Food Bank of Waterloo Region is accepting non-perishable food donations through contactless drop-offs at their location on 50 Alpine Court in Kitchener, ON. Financial donations can be made online at https://www.thefoodbank.ca/donate/. Of course, if you are outside of the K-W region, you can donate to your local food bank if you have the means. Helpful links: The Food Bank of Waterloo Region Website: https://www.thefoodbank.ca/ Stats on Hunger in Waterloo Region: https://www.thefoodbank.ca/network/hunger/ The Food Bank 2018-19 Financial Statement: https://www.thefoodbank.ca/wp-content/uploads/2019/09/FBWR-2019-financial-statements-final.pdf
31 minutes | 3 months ago
315 – Debt, Savings & Consumer Spending with Ted Michalos
Last week, Doug Hoyes walked us through several key statistics, including insolvency filings, household savings rates, and loan deferrals. On today's show, he digs deeper into the 'whys' behind the numbers with guest Ted Michalos. Tune in as they give an update on why personal insolvencies are down and how much longer they expect filings will decline; They also discuss why savings rates are up and whether they will remain high; and why car sales have increased despite many people working from home. Doug and Ted also offer practical advice for managing your debt if you are still looking for work or if you have benefited financially from the lock-down. Don't miss a great discussion! Related Links: Season 7 Premiere & What's Going to Happen with Debt in the Fall: https://www.youtube.com/watch?v=odokdpoPng8 Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/
19 minutes | 3 months ago
314 – Season 7 Premiere: What's Going to Happen with Debt in the Fall?
Welcome to the season 7 premiere of Debt Free in 30. It's only September but it's been an eventful year already, eh? Insolvency filings were high at the start of 2020 but fell to record lows by the month of May. Unemployment is high, but so is the savings rate. How is that possible? Today we discuss these stats, and look ahead to the Fall. Collection agencies are starting to make more calls, so will insolvencies go back up? The federal government has also announced that the CERB will soon end and transition to EI. Will this be enough for individuals still out of work? That and more on the first show of Season 7; enjoy! Relevant Links: Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Coping with Consumer Debt as the Economy Reopens: https://www.hoyes.com/blog/coping-with-consumer-debt-as-the-economy-reopens/ Canadian Bankers Association - Facts on Bank Measures in Response to COVID-19: https://cba.ca/fast-facts-on-bank-measures-in-response-to-the-covid-19-pandemic Retail Trade, June 2020, Statistics Canada: https://www150.statcan.gc.ca/n1/daily-quotidien/200821/dq200821a-eng.htm Savings, Debt & Modern Monetary Theory with Hilliard MacBeth: https://www.youtube.com/watch?v=Wx_7T6YWT8w Debt Free in 30 Full Podcast Archives: https://www.hoyes.com/debt-free-30-podcast/
28 minutes | 3 months ago
313 – Pandemic Update, and REBROADCAST: Debt Forgiveness: Is a Debt Jubilee the Answer?
Millions of Canadians have received CERB (and may have a tax debt next year), and many Canadians have incurred and deferred debt to survive the pandemic. How will they repay that debt? First aired in May, today we have a new introduction and update, and then we rebroadcast our episode on an ancient concept that is getting a lot of new interest: a debt jubilee. Enjoy! Helpful Reads: Is A Debt Jubilee the Solution to Our Collective Debt Problem: https://www.hoyes.com/blog/is-a-debt-jubilee-the-solution-to-our-collective-debt-problem/ Insolvency Predictions Post COVID-19: https://www.hoyes.com/blog/insolvency-predictions-post-covid-19/ ...and forgive them their debts by Michael Hudson: https://michael-hudson.com/2018/08/and-forgive-them-their-debts/ Can We Avoid Another Financial Crisis by Steve Keen: https://www.dw.com/en/can-we-avoid-another-financial-crisis/a-41111841 10 Key Canadian Debt Statistics That Explain Consumer Insolvency Growth in 2019: https://www.hoyes.com/blog/10-top-debt-statistics/ 7-Year Waiting Rule on Student Loans: https://www.hoyes.com/blog/are-your-student-loans-past-the-7-year-rule-a-vaughan-bankruptcy-story/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/
26 minutes | 3 months ago
312 – Thoughts on Toilet Paper and REBROADCAST: What Costco Can Teach Us About Making Financial Decisions
Costco became the "go to" store during the 2020 pandemic, as long lines formed so we could all buy toilet paper. Today we revisit our podcast on that wonderful, magical place called Costco, with some updated thoughts on the pandemic. Is it a store? A finance company? Something else? And why does it matter? All that and more on today’s podcast (and I’ve got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube).
23 minutes | 3 months ago
311 – Pandemic Thoughts and REBROADCAST: The Fable of the $20 Bill
Is it possible to financially recover from the coronavirus pandemic of 2020? Yes, but it starts with $20. On today's podcast we discuss the pandemic, and then present a special rebroadcast of the fable of the 20 dollar bill, and explain how $20 can set you up for financial success. A fable, as it were. Enjoy!
39 minutes | 4 months ago
310 – Bankruptcy Statistics Update, and REBROADCAST: Take The Blame And Shame Out Of Debt Repayment with Shannon Lee Simmons
Doug Hoyes explains why even with high debt and high pandemic-related unemployment bankruptcy filings continue to drop, and he gives his predictions for the next few months, and then, given the stress caused by the COVID-19 lock down, we rebroadcast our conversation with Shannon Lee Simmons, author of Living Debt-Free: The No-Shame, No-Blame Guide to Getting Rid of Your Debt about how negative feelings towards debt can create more debt and strategies that can put you in the right direction when dealing with your debt.
45 minutes | 4 months ago
309 – COVID update, and REBROADCAST: How To Negotiate with a Collection Agent
Doug Hoyes gives an update on how collection agents are dealing with the COVID shut down (spoiler alert: they've found a way to keep calling), and then we rebroadcast our discussion with Blair Demarco-Wettlaufer, a real-life collection agent, who explains how a collection agent gets paid, and how you can negotiate with a collection agent. Enjoy!
31 minutes | 5 months ago
304 – Debt and Reasons for Optimism
A lot has changed as a result of COVID-19. There are obvious reasons for pessimism, but there are a lot of reasons to be optimistic. For example, more people have made meaningful changes to their financial habits. Canadians are saving more and some are even able to pay off more of their debt. Many of us have also used the time to learn a new skill. With every major life transition comes positive and negative change and we are forced to adjust to a new reality. On today's podcast, Doug and Ted share social and economics reasons for why we should be optimistic about the future and explain how we can use this new reality to our advantage. Lots of great thought-provoking commentary on this episode, so tune in! Related Links: Dealing with the Consequences of Loan Deferrals: https://www.hoyes.com/blog/dealing-with-the-consequences-of-loan-deferrals-when-the-deferral-period-ends/ Savings, Debt & Modern Monetary Theory with Hilliard MacBeth: https://www.youtube.com/watch?v=Wx_7T6YWT8w Episode 290, our first COVID-19 show https://youtu.be/lWmZDLaJ63o Canadian unemployment rate https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028703 Canadians applying for CERB https://www.canada.ca/en/services/benefits/ei/claims-report.html
42 minutes | 5 months ago
303 – Savings, Debt & Modern Monetary Theory with Hilliard MacBeth
We have record unemployment and millions of Canadians are relying on CERB payments to make ends meet, and yet our savings rate is increasing. How is that possible? On today's podcast, our guest is author and financial analyst, Hilliard MacBeth, who provides insight on how the savings rate is calculated, and whether increased savings mean Canadians are curbing their appetite for debt. We also discuss what to expect with the real estate market and deflation, and we talk about Modern Monetary Theory and whether we should really worry about national deficits. There's lots to learn from this episode, so tune in! Related Links: How Banks and Faulty Economics Contribute to the Consumer Debt Binge: https://www.youtube.com/watch?v=0d7CLXsk7N0 Hilliard MacBeth's book, When The Bubble Bursts: https://amzn.to/2YMigRT Hilliard's Client Notes - The Return of the Saver: https://web.richardsongmp.com/MacBeth.MacLeod/blog/1724032-The-return-of-the-saver Hilliard MacBeth on Twitter: https://twitter.com/hmacbe Statistics Canada Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Stephanie Kelton's book, The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy: https://amzn.to/2UX6BOY CERB Claims Report: https://www.canada.ca/en/services/benefits/ei/claims-report.html
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