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Debt Free in 30

Updated 6 days ago

Business
Education
Investing
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Each week Doug Hoyes talks to industry experts about debt, money, and personal finance. Don't be confused; listen as the guest experts cut through the jargon and share practical advice.

Read more

Each week Doug Hoyes talks to industry experts about debt, money, and personal finance. Don't be confused; listen as the guest experts cut through the jargon and share practical advice.

iTunes Ratings

30 Ratings
Average Ratings
18
6
2
1
3

Money Magic

By Katie Joy B. - Dec 13 2018
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Doug and his wide variety of knowledgeable guests are making financial management viable! The great advice they provide, combined with the relatable way in which they deliver it had me hooked from the very first listen. Thanks for putting out such a stellar show Doug - keep up the great work!

Awesome show, highly recommend!

By J. Barshop - Apr 19 2018
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Doug and his guests provide some incredibly actionable and compelling content on how to manage and invest your finances more thoughtfully. Highly recommend listening and subscribing to Debt Free in 30 if you want the knowledge AND mindsets build an all-around healthier relationship with your money (and inch closer towards financial freedom as a result)!

iTunes Ratings

30 Ratings
Average Ratings
18
6
2
1
3

Money Magic

By Katie Joy B. - Dec 13 2018
Read more
Doug and his wide variety of knowledgeable guests are making financial management viable! The great advice they provide, combined with the relatable way in which they deliver it had me hooked from the very first listen. Thanks for putting out such a stellar show Doug - keep up the great work!

Awesome show, highly recommend!

By J. Barshop - Apr 19 2018
Read more
Doug and his guests provide some incredibly actionable and compelling content on how to manage and invest your finances more thoughtfully. Highly recommend listening and subscribing to Debt Free in 30 if you want the knowledge AND mindsets build an all-around healthier relationship with your money (and inch closer towards financial freedom as a result)!

Listen to:

Cover image of Debt Free in 30

Debt Free in 30

Updated 6 days ago

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Each week Doug Hoyes talks to industry experts about debt, money, and personal finance. Don't be confused; listen as the guest experts cut through the jargon and share practical advice.

Rank #1: 19 – Clean Up Your Debt Mess

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Our first guest is Gail Vaz-Oxlade who says it’s time to “stop whining about being in debt, you had your fun, you made a mess, now it’s time to clean it up, get busy.”  She provides a four step plan for cleaning up your debt mess.

In our second segment Ted Michalos returns, and we consider the case of Mary and Joe, who have a good income, but have more debt than they can ever hope to pay off on their own.  We discuss how a consumer proposal can help them clean up their debt mess.

Their options for dealing with debt, but it takes a plan, and the sooner you start, the sooner you will be debt free.

Jan 10 2015

22mins

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Rank #2: 227 – Getting Out Of Debt Requires A System, Not Just A Goal

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Every financial guru says that achieving success starts with setting a goal.

I disagree.  While there is some benefit to setting goals, you are more likely to achieve success if, instead of focusing on goals, you have a system. I discuss goals vs systems on today’s podcast. Listen or read the transcript below.

This is our first episode of 2019, and I’ve got a question for you: how did you do with your New Year’s resolutions last year?  How are you doing with your New Year’s resolutions this year?  If you’re like many people, you’ve probably already given up.

If your goal is to get out of debt or to save more money, you might be a little frustrated knowing another year has come and gone without improving your finances.

So what if your goal this year is to get out of debt? Or save more money? What’s the best way to achieve any goal?

The answer may be to not focus on the goal at all, but instead to create a system to reach that goal. 

Today on Debt Free in 30, I want to explain why, in most cases, systems are better than goals. 

Jan 05 2019

17mins

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Rank #3: 190 – The 80/20 Rule of Money Management

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Money management is hard. That’s why so many people don’t do it. Over the years at many credit counselling sessions with clients I’ve explained budgeting, and spreadsheets, and budgeting apps, and lots of other techniques to manage money.  Some of my clients love the process of recording every transaction.  Others, not so much.

So, what can you do if you want to keep track of your money, but don’t have the time or the inclination to keep a spreadsheet or spending journal?

You cheat.

By cheat, I don’t mean “act dishonestly”, I mean “avoid something undesirable by luck or skill”, like eating healthy to “cheat” getting sick.

On today’s podcast I give my thoughts on how to manage your spending without a budget, and I explain how the 80/20 rule, known as the Pareto principle, can be used in all areas of money management, and in life.

Apr 21 2018

9mins

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Rank #4: 125 – How One Man Retired Debt-Free at Age 48

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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.

Jan 21 2017

37mins

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Rank #5: 4 - Credit Counselling – An Open and Honest Conversation – Heather Cudmore

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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.

Sep 27 2014

36mins

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Rank #6: 138 – Financial Stress Facing Single Parents

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Struggling financially is difficult for anyone. It can be exceptionally stressful if you're a single parent trying to juggle your finances, work, and parenting all on your own. Without a partner you're solely responsible for the fate of your family. My guest today is here to talk about how going through insolvency as a single parent feels, and how she overcame her debt.

Her name and personal information are kept anonymous for confidentiality reasons so we'll call her Joan. Joan was a working professional with a job on Bay Street. Like many Bay Street positions, Joan was making a very good salary. Shortly after Joan celebrated her 50th birthday, work at her office was slow and she was downsized.

On today’s show we hear her story, and how a consumer proposal helped her deal with her debts.

Apr 22 2017

33mins

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Rank #7: 77 – Change your Debt Perspective with Robert Brown

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Is it enough to calculate the amount of debt you have and focus exclusively on making that number smaller? I'm an accountant and a licensed insolvency trustee, so to me, the numbers matters. That being said, getting into debt and struggling to get out of debt again has a lot to do with behaviour and mindset. 

My guest today first appeared on episode 14 of Debt Free in 30 to talk about his newly released book, Wealthing Like Rabbits and followed up that interview with one about good debt vs. bad debt. Robert Brown is back to shed some light on the importance of changing our perspective about debt. 

Feb 20 2016

29mins

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Rank #8: 143 – Debt Consultants: Avoid the Extra Cost

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For the first time ever, the federal government just issued a BOMBSHELL report, saying that it appears that two very large debt consulting firms in Canada are taking advantage of vulnerable consumers.  They charge large upfront fees, and often they only service they provide is to refer you to a Licensed Insolvency Trustee.

On today’s show we discuss what the government reports says about unlicensed debt consultants, and we provide practical advice for consumers on how to avoid paying for a service that you don’t need.

May 27 2017

37mins

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Rank #9: 129 – Burn Your Mortgage with Sean Cooper

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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".

Feb 18 2017

31mins

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Rank #10: 72 – Is Making A Budget A Waste Of Your Time?

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 Budgeting. It's a word that people either love or hate (mostly 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.

Jan 16 2016

29mins

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Rank #11: 67 – How To Deal With Depression & Anxiety Over The Holidays

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The holidays are known for being a time of happiness and joy. But for those struggling with depression, anxiety or loss, the holidays can be a difficult. Our guest today is Theresa Karn, Manager of Clinical Services at Carizon Family & Community Services in Kitchener, Ontario.

Attempting to create the perfect holiday experience and living up to expectations set by yourself and others can lead to stress, sadness and even depression. 

On today’s show we provide practical advice for identifying and dealing with depression and anxiety.

Dec 12 2015

28mins

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Rank #12: 113 – Mogo Loans: Are They A Good Deal?

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My guest today is Kerry Taylor.  Her website, Squawkfox,  was voted Canada’s best money blog by the Globe & Mail in 2010, and in 2014 Chatelaine said she was the "gold standard for personal finance blogging”.

I’ve followed Kerry’s work for many years, so I was very interested to read her Globe & Mail article where she described her visit to Mogo Lounge, operated by Mogo, a new “sexy, fintech” lender.

What Kelly discovered was today's new form of payday and alternative lender. No more ugly yellow stores, these new loan shops have a much more attractive approach. Nice looking locations that look more like lounges than payday loan outlets, they offer free water, an online app - and best of all a 3 minute signup process. In addition, they give you a free credit report, with your credit score.

As we discuss on the show, Mogo markets themselves to people who feel like they are “getting screwed by the banks” (and those are the words on the packages of free condoms they hand out).  Their marketing pitch is simple: go to the app, get your credit score for free, and in three minutes you may get pre-approved for a loan of up to $35,000 with rates starting at 5.9%.

But are the rates really that good?  What’s the catch?  And what do condoms have to do with it. That’s what we discuss on today’s show.

Oct 29 2016

35mins

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Rank #13: 247 – Managing Your Second Biggest Expense: Food Budget

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For the average Canadian family, their largest monthly expense is their rent or mortgage payment, and unless they have a very expensive car, their second biggest expense is often food.

If you have a limited income, how can you manage your food budget effectively?

Is it possible eat healthy without breaking the bank?

On today’s show we welcome Heidi Pola, a Registered Dietitian who gives practical advice on how to eat healthy and save money.

May 25 2019

32mins

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Rank #14: 11 – Turning Debt Problems into Hope – Chris deVries

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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.

Nov 15 2014

35mins

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Rank #15: 191 – Pay Off Debt First or Follow Your Passion?

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As a Licensed Insolvency Trustee, I'll always advise that you prioritize debt repayment. Why is it important to pay off debt first? So that you are no longer burdened by it. While that is the most prudent course of action, not everyone wants to wait until they are debt free before pursuing their dreams. For example, if you are a recent graduate, you might not want to delay starting a business until you've paid off all your debt.

This is exactly the decision that my guest, Alex Grodnik, made. Still owing $75,000 in student loan debt, he left a stable job to follow his passion. But, should you follow in his footsteps? Alex says it depends on the kind of person you are and if you're willing to take risks.

More on Alex’s story, and some practical advice, on today’s podcast.

Apr 28 2018

28mins

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Rank #16: 261 – REBROADCAST: Getting Out Of Debt Requires A System, Not Just A Goal

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Every financial guru says that achieving success starts with setting a goal.

I disagree.  While there is some benefit to setting goals, you are more likely to achieve success if, instead of focusing on goals, you have a system. I discuss goals vs systems on this special rebroadcast episode, originally aired in January, 2019.

If your goal is to get out of debt or to save more money, you might be a little frustrated knowing another year has come and gone without improving your finances.

So what if your goal this year is to get out of debt? Or save more money? What’s the best way to achieve any goal?

The answer may be to not focus on the goal at all, but instead to create a system to reach that goal. 

Today on Debt Free in 30, I want to explain why, in most cases, systems are better than goals. 

Aug 31 2019

18mins

Play

Rank #17: 81 – How To Pay Off Your Mortgage Faster with Sean Cooper

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A conventional mortgage today has a 25 year amortization, because the typical borrower wants, or needs, 25 years to pay off their mortgage.  So is it possible to pay off your mortgage faster?

Sean Cooper became a media sensation after paying off his $255,000 mortgage in just three years. We talked with Sean about how he paid off his mortgage so quickly, what sacrifices he made, what he might have done differently in hindsight and what tips he has for anyone wanting to pay down their mortgage sooner.

Mar 19 2016

29mins

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Rank #18: 249 – The 5 Stages of Debt

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You’ve heard of the five stages of grief; today Scott Terrio returns to discuss the 5 stages of debt, with examples from the people we meet with every day.

Stage 3 (Bargaining) is where we can make the most mistakes; stage 4 (depression) is where most people are when they reach out for help, and stage 5 (acceptance) is the most important stage to get a fresh start.

Lots of client anecdotes on today’s show!

Jun 08 2019

30mins

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Rank #19: 145 – Poverty Reduction: What Can We Do? – With Tom Cooper

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We know from our Joe Debtor study that the average person in Ontario who files a consumer proposal or bankruptcy has an income that is almost 40% lower than the median income in Ontario. Low or sporadic incomes make it difficult to keep up with the cost of living. The Ontario government has recognized this fact and has started a pilot project for basic income in three cities across the province. Hamilton is one of those cities, and with me today is Tom Cooper, Director of the Hamilton Roundtable for Poverty Reduction, to discuss how this pilot project may help alleviate poverty in Hamilton.

This basic income pilot project is an initiative to reduce poverty in our province and provide people with a basic standard of living. Many existing benefits are not enough for people to pay rent, food, and transportation costs. As a result, more people turn to debt to make ends meet as noted in our 2017 Joe Debtor study.

On today’s show we discuss basic income and a living wage as a way to increase incomes in Ontario.

Jun 10 2017

33mins

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Rank #20: 236 – Take The Blame And Shame Out Of Debt Repayment

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In over 20 years helping Canadians eliminate their debt, I've yet to hear a single client say they chose to have debt problems. Debt accumulates over time and then it becomes an even bigger problem when you lose your job, become ill or get divorced. But for many of my clients, despite knowing that the cause of their money troubles was beyond their control, they still blamed themselves for their financial woes. 

So, how does one overcome self-blame to achieve debt relief? Today we talk 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.

Mar 09 2019

33mins

Play