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Debt Free in 30

Updated 3 days ago

Rank #147 in Investing category

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

29 Ratings
Average Ratings
18
5
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

29 Ratings
Average Ratings
18
5
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)!
Cover image of Debt Free in 30

Debt Free in 30

Updated 3 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: 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 #2: 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 #3: 51 – BEST OF SHOW: Clean Up Your Debt Mess

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For the month of August we are rebroadcasting our most popular shows.

On today's rebroadcast we talk with Gail Vaz-Oxlade about how to build a repayment plan to deal with your debt before it reaches the tipping point. If however you find that you are looking at years and years to pay back your debt then you may need to consider other options.

We also talk with Ted Michalos, bankruptcy trustee and co-founder of Hoyes, Michalos about how a consumer proposal can help you get out of debt while avoiding the need to file for bankruptcy.

Aug 22 2015

28mins

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Rank #4: 58 – Student Loan Debt

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As the cost of higher education increases, so to does the amount of student loan debt for those graduating from university or college and entering the workforce. 

On today's show we talk about the average student loan debtor, explain why females carrying student loan debt have more difficulty paying it off and Ted Michalos points out that student loan debt doesn't only delay big life events for graduates, but ultimately, it affects the overall economy as well.

Oct 10 2015

29mins

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Rank #5: 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 #6: 107 – LIVE: Everything You Were Afraid to Ask About Debt

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For the first time ever Debt Free in 30 broadcast LIVE on video, over YouTube.  The response was fantastic. We asked our listeners to leave us questions through sound clips, email, twitter and Facebook in advance of the show and took questions during the show.  Doug Hoyes and Ted Michalos answered as many of those questions as we could during the webcast.

We talked about debt, consumer proposals, car loans and mortgages.  We even had a “celebrity” question.

The full video is also available on the Hoyes Michalos YouTube Channel.

Sep 17 2016

51mins

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Rank #7: 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 #8: 111 – Why You Should Never Loan Money To Family and Friends

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We all want to help when someone is in trouble. But helping someone out of financial trouble can come with unexpected costs and consequences. It is for that reason that I strongly advise against ever loaning money to family and friends.

On today's show we hear three stories:

  1. Mabel is a widow who chose to help her adult son who was struggling financially after a divorce. In the end, Mabel ended up maxing out her own line of credit and was having trouble keeping up with her own rent and debt payments.
  2. Larry loaned his son money for a down payment on a new home. Unfortunately, Larry's son separated from his wife who received the house as part of the separation agreement.  Larry's down payment went to his son's ex-spouse.
  3. Amanda's parents gave her the 5% down payment she needed to enter the housing market. Unfortunately Amanda quickly found out she couldn't keep up with the bills associated with her new house. Maintenance, a job loss and a flooded basement resulted in her selling the home for less than she owed including some additional credit she incurred trying to keep up.

What's common about all these stories we heard on today's podcast is that in each case, loaning money to someone to 'help out' ended up with very bad consequences for everyone involved.

There are plenty of reasons not to loan money to a friend or family member:

  • If they don't pay you back, you could jeopardize your relationship.
  • Other family members may expect the same treatment or become resentful if you are seen to be favouring one child with money over another.
  • If you have to borrow money yourself, this can lead to your own financial struggles, even your own bankruptcy if you are not repaid.
  • You may be enabling bad spending behaviour by bailing your friend or child out, rather than forcing them to deal with their money problems on their own.

Sometimes the best help you can give is no help at all. However if you do want to do something, ask yourself these questions first:

  1. Can you afford it?  I recommend gifting money over loaning them money.  That way you only gift money you can afford.  Also, if there is no obligation to pay it back, there is less of a chance that the gift will create friction between you.  If they pay it back, you will appreciate the gesture and the friendship will last.
  2. Are you really helping?  Again, this goes back to enabling bad financial choices.  If your child can't afford to maintain their new home, you are doing more harm than good.  If they know they can turn to you for a loan, they will never learn to save or live within their means.

Oct 15 2016

17mins

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Rank #9: 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 #10: 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 #11: 155 – REBROADCAST: Burn Your Mortgage with Sean Cooper

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For our final rebroadcast of the summer, we are rebroadcasting our most downloaded show from the past year.  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".

Aug 19 2017

32mins

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Rank #12: 141 – How Car Loans Can Lead to Insolvency

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There are two major purchases we make in our life that we typically use debt to purchase. The first (no surprise here) is our home, and the second is our car. But can car loans lead to insolvency? Believe it or not, yes car loans can lead to insolvency.

As cars are getting more sophisticated and fitted with new gadgets and features, which means they're also getting more expensive. You're no longer buying just a car, you're buying a driving computer. Instead of the days where we could just pay cash up front for our vehicle, we're presented with loans and leases as a way to stretch the total amount over a number of years. In some cases, car loans extend up to eight years.

This makes cars more affordable for the every day consumer, which is great for car companies as they're able to continue with the technological evolution of their cars.

But, they can get expensive, so on today’s show Doug Hoyes explains why we get into debt with cars, and he gives practical advice for dealing with car loan debt.

May 13 2017

21mins

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Rank #13: 154 – REBROADCAST: How One Man Retired Debt-Free at Age 48

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This is a special rebroadcast of one of our most downloaded shows: it’s my father-in-law, telling me how he retired at age 48, and has now been retired for longer than he worked at his job!  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.

Aug 12 2017

38mins

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Rank #14: 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 #15: 71 – 4 Easy Steps To Save Money Each Week With Nicole Olsen

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The weekly trip to the grocery store is a big expense for a family, so saving money on food can go a long way.  But how do you save money?  Is the only way to save by clipping coupons and buying no-name brands?

There are other strategies, and on today's show, Nicole Olsen, the Financial Literacy Program Director for Financial Fitness in Windsor and Sarnia, Ontario, joins us back on the show to share her smart shopping tips.

Jan 09 2016

29mins

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Rank #16: 206 – REBROADCAST: How to Pay Down Massive Debt

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It’s the month of August, and we are replaying the most downloaded episodes from the past season of Debt Free in 30.

This episode was inspired by all of those personal finance bloggers who love to write stories about how they paid off a massive amount of debt in a short period of time.  That’s great if you have a massive income and can do it, but what if you can’t?

That’s the topic on today’s rebroadcast, so please enjoy our take on a Realistic Approach to Paying Down Massive Debt.

Aug 11 2018

16mins

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Rank #17: 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 #18: 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 #19: 136 – Thinking Ahead and Planning For Your Future

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My guest today is Shamez Kassam, a financial advisor based in Calgary who has just published his first book, Your Money’s Worth: The Essential Guide to Financial Advice for Canadians.

Shamez wanted to write a book that acted as a road map for how the Canadian financial advice industry worked. There's only so much you can learn within the traditional educational institutions. Shamez himself tried learning on his own before losing it all in the tech bubble. That's when he decided to go back and do his MBA in New York.

The Millennial Conundrum

Younger generations or anyone who is just starting out have a lot of challenges to overcome to succeed financially. Debt loads are high, job security is low, and student debt is higher than ever. Our Joe Debtor study found that millennials are the most likely of all age groups to use payday loans. So they're not only operating within unsecured territory, but they're adding volatile, high-interest debts to their list of challenges.  We discuss this and more on today’s show.

Apr 08 2017

23mins

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Rank #20: 207 – REBROADCAST: Which Debts Should You Pay First?

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For the month of August we are replaying the most downloaded podcasts of the past year; not surprisingly, the first two rebroadcasts were about debt, and so is this one.

Originally broadcast back in January, on this podcast Ted Michalos and Doug Hoyes answer the question: which debts should you pay first?

Should you knock off the small ones first, or go for the high interest rate ones first?  Does it matter if the debts are secured, like a car loan or mortgage, or unsecured, like a credit card?

This is a short podcast, less than 18 minutes, but that’s all we needed; I have strong opinions on this topic, which I why I addressed this in both chapter 18 and chapter 19 of my book, and Ted also has no shortage of opinions, so here’s a rebroadcast where we answer the question what debts should you pay first?

Aug 18 2018

18mins

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