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.
Why Some Loans Never Go Away
Some loans feel like you’ve been paying them forever without an end in sight. 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.
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. Enjoy!
Will We Finally Spend Less This Christmas?
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!
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.
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? Today 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!
Is Multi-Level Marketing (MLM) a Scam?
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. Tune in for practical advice!