Debt Free in 30 Doug Hoyes

Join Doug and Ted as they uncover the hidden costs of home ownership that often surprise new homeowners. From maintenance and repairs to rising interest rates and potential job loss, they discuss real-life examples and offer practical advice on deciding whether to buy a home, mitigating risks, and estimating unforeseen costs. Plus, they break down the costs of renting versus buying in today's market. Don’t miss this informative discussion on the true cost of owning a home.
Time Stamps:
00:00 Introduction
01:20 Mortgage vs rent payments
03:31 Upfront costs of purchasing a home
04:41 Maintenance costs
16:05 Unexpected costs of home ownership
18:18 Practical advice
27:22 Conclusion
Related Links:
Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/
Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/
Renting Vs. Buying: Which One Makes More Sense?: https://www.hoyes.com/blog/renting-vs-buying-which-one-makes-more-sense/
Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/
How to Avoid Being House Poor – https://www.hoyes.com/blog/how-to-avoid-being-house-poor/
Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/
How to Get a Mortgage Even After Bankruptcy: https://www.hoyes.com/blog/how-to-get-a-mortgage-after-bankruptcy/

Doug is joined by Technical Platform Cybersecurity Specialist, Eric Boivin from Flare. They discuss how cyber attacks can target your bank accounts and personal information, leading to money loss or identity theft. How weak cybersecurity can lead to debt, especially for those with student loans, mortgages, or credit card obligations. Eric shares practical advice on how to avoid fraud, choosing the best password using a password manager, and tools for watching financial accounts for suspicious activity.
Time Stamps:
00:00 Introduction
04:46 How can you protect yourself against cyber attacks
10:00 Passwords
20:51 What can you do to protect yourself from a cyberattack?
31:32 Practical advice
Related Links:
Flare Website - https://flare.io/
Flare LinkedIn - https://www.linkedin.com/company/flare-io/
Bitwarden Password Manager - https://bitwarden.com/

Doug is joined by special guest Canadian economist and author, Jeff Rubin. Jeff discusses his latest book A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever. They discuss inflation, sanctions and their impact on Canadian wages and employment. The conversation also touches on the Bank of Canada, bond yields, mortgages, interest rates, international trade, and the potential for a recession soon and closes with practical advice for Canadians.
Time Stamps:
00:00 Introduction
03:45 Inflation
10:47 What does the central bank do to make inflation higher or lower?
19:33 Mortgages and Interest rates
24:15 Are we in a recession now?
26:07 Credit card debt
27:37 Predictions for the future of Canada’s economy
 
 
Related Links:
A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever by Jeff Rubin on Amazon https://amzn.to/4a5dSQI
 The Expendables - How the Middle Class Got Screwed by Globalization by Jeff Rubin on Amazon
https://amzn.to/3UKTorM
Globalization, Inequality and Debt with Jeff Rubin – Episode 317 https://www.youtube.com/watch?v=-4vvcQqFuxU
Jeff Rubin X https://twitter.com/JeffRubin

In this episode, Doug and Ted discuss the subtle ways debt accumulates over time, highlighting the unnoticed expenses that may lead you into debt. Have you ever calculated how much you spend monthly on subscriptions? Consider services like Amazon, Netflix, Disney, meal kits such as HelloFresh or Factor, pet and beauty subscriptions, car subscriptions, book clubs, and newspapers. These examples highlight how your money can slip away without you realizing it and potentially lead you toward bankruptcy. Tune in for practical advice on what to do to reduce these expenses, so you don’t find yourself in debt.
 
Time Stamps:
00:00 Introduction
03:00 Set it and forget it method
04:03 Subscriptions
13:01 Why would a business want you to be on a subscription service?
16:49 Practical advice
 
Related Links:
The Marketing of Consumer Debt. Avoid The Traps - https://www.hoyes.com/blog/the-marketing-of-consumer-debt-avoid-the-traps/
52 Tips to Avoid Debt -  https://www.hoyes.com/blog/52-tips-avoid-debt/
5 Debt Lessons Every Student Should Know - https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/
How To Minimize Debt as a Millennial - https://www.hoyes.com/blog/how-to-minimize-debt-as-a-millennial/
How to Minimize Debt as Your Family Grows - https://www.hoyes.com/blog/how-to-minimize-debt-as-your-family-grows/
How to Minimize Debt Before and After Retirement – https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/

Doug is joined by Amanda Clayman, a financial therapist specializing in helping clients understand how their thoughts, feelings, and past experiences shape their financial choices through Cognitive Behavioral Therapy. Her expertise has been highlighted in various media outlets including CNBC, Forbes, The Wall Street Journal, The New York Times, and The Oprah Magazine.
In this episode, we look at the emotional aspects of financial challenges and address the impact it can have on our mental health.  Amanda shares strategies for achieving financial objectives during times of struggle. We also discuss how financial decisions affect our relationships and the importance of values and goals.
Time Stamps:
00:00 Introduction
01:17 What is a financial therapist?
03:35 How can a financial therapist help you?
04:13 Do financial problems cause psychological stress?
06:07 How does financial therapy work?
09:01 What’s an example of how someone would describe their financial situation?
11:53 Advice for couples dealing with difficult financial decisions
17:00 Client trends in financial therapy
17:37 Values and goals
24:13 How many sessions of financial therapy will you need?
 
 
Related Links:
Are Debt and Mental Health Connected? Understanding Debt Stress: https://www.hoyes.com/blog/are-debt-and-mental-health-connected-understanding-debt-stress/
About Amanda: https://amandaclayman.com/about
Amanda Clayman Website: https://amandaclayman.com/
Amanda’s Podcast, Emotional Investment: www.Audible.com/emotionalinvestment
Amanda Clayman LinkedIn: https://www.linkedin.com/in/amandaclayman/
Amanda Clayman Twitter: https://twitter.com/mandaclay
Amanda Clayman Instagram: https://www.instagram.com/amandaclayman/
Amanda Clayman Facebook:  https://www.facebook.com/AmandaClaymanFinancialTherapy/
Amanda Clayman Pinterest: https://www.pinterest.ca/claymanamanda/

Doug and Ted sit down to chat about the 2024 federal budget. Believe it or not Doug actually read the entire budget! They discuss taxes, what a budget means, making tax filing automatic, government single sign-in portal, reducing CRA call centre wait times, NSF fees, free and affordable bank accounts, cell phone charges, credit reports, and payday loans. They also get into detail about how credit for paying rent will impact Canadians.
 
Timestamps:
 
00:00 Documentary announcement
 
02:37 Why should you care about the Federal budget?
 
03:00 Taxes
 
06:28 What is a budget?
 
08:07 Automatic tax filing for low-income Canadians
 
10:29 Single sign in portal for government services
 
11:35 Reduce CRA call centre wait times
 
12:07 NSF Fees
 
14:23 Free and affordable bank accounts
 
17:47 Cell phone fees
 
18:38 Credit for paying rent
 
24:12 Credit utilization for rent
 
26:10 Student housing
 
27:45 Credit bureaus
 
29:03 Payday loans
 
29:55 Final thoughts
 
Related Links:
 
Should Rent Be a Part of a Credit Score?: https://www.hoyes.com/blog/should-rent-be-a-part-of-a-credit-score/
Federal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html
TurboTax Personal Tax Calculator: https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp
Bretton Woods and Related Agreements Act: https://laws-lois.justice.gc.ca/eng/acts/b-7/index.html