414 episodes

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.

Debt Free in 30 Doug Hoyes

    • Business
    • 4.2 • 57 Ratings

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.

    REBROADCAST - Managing Your Second Biggest Expense: Food Budget

    REBROADCAST - Managing Your Second Biggest Expense: Food Budget

    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 Dietician who gives practical advice on how to eat healthy and save money.

    • 32 min
    Mid-Year Review & Predictions: Has Inflation Peaked? Are Bankruptcies Back Up?

    Mid-Year Review & Predictions: Has Inflation Peaked? Are Bankruptcies Back Up?

    The summer is only half over, yet so much has happened to the economy in 2022. Gas prices have started to come down after intense surging, and interest rate hikes are at record highs and may keep going. What can we expect for the next six months of the year? Enter Doug and Ted. On today’s podcast, Doug Hoyes and Ted Michalos give us their mid-year review and share their predictions for consumer debt levels, inflation, bankruptcy filings, and whether CRA collections will intensify in the Fall. Tune in for a lively discussion and practical advice on managing your finances for the rest of the year.
    Additional Resources:
    Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/
    Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

    • 29 min
    Is an Affordable Mortgage Possible Today?

    Is an Affordable Mortgage Possible Today?

    So far in 2022 the Bank of Canada has raised its overnight lending rate four times. Its most recent hike in July was the biggest one since 1998. If you’re trying to buy a home now, what can you do to make the purchase affordable? Is it a good time to even get a mortgage? Would it be better to rent and wait? On today’s podcast, Doug Hoyes and Ted Michalos walk you through the basics of mortgage borrowing, costs that comes with it, explain common mortgage terms, and discuss the factors to consider before buying a home in the first place. Tune in for lots of practical advice & explainers!
    Links:
    CMHC Mortgage Loan Insurance Cost: https://www.cmhc-schl.gc.ca/en/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost
    What’s Happening to Mortgages Now That Rates Are Up? With Ron Butler: https://youtu.be/Iw-HtqgOgJM

    • 28 min
    High Home Equity, But Can’t Refinance - How to Deal with Debt?

    High Home Equity, But Can’t Refinance - How to Deal with Debt?

    What options do homeowners have when they’ve got a lot of home equity and a lot of unsecured debt, but the bank won’t let them refinance by borrowing against their home? On today’s podcast, Ted Michalos and Doug Hoyes explain why homeowners often carry so much more debt than non-homeowners, how to deal with your unsecured debts whether refinancing is an option or not, and how an insolvency filing can affect your home. Given today’s economic situation, this may sadly be a reality for many homeowners in the months and years to come. Tune in for lots of practical strategies and advice!
     
    Helpful Links:
     
    Second Mortgage or Interest-Free Consumer Proposal: https://www.hoyes.com/blog/second-mortgage-or-interest-free-consumer-proposal/
    Hoyes Michalos Joe Debtor Bankruptcy Study  https://www.hoyes.com/press/joe-debtor/            
    Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

    • 33 min
    Why Are We Afraid to Talk About Debt?

    Why Are We Afraid to Talk About Debt?

    We often meet with clients who have struggled with their debt for a lot longer than they needed to. This is often because they feel embarrassed or ashamed to ask for help. But why do we struggle so much to talk about our financial situation? On today’s podcast, Maureen Parent, LIT in our Kanata office returns to give insight as to why we are so afraid to talk about debt. Maureen and Doug draw from their years of experience helping clients and share lots of practical advice to help you overcome the fear of talking debt. Tune in!
    Additional Links:
    Is the 50-30-20 Budget Rule Even Do-Able Today? https://youtu.be/hANI5zadF2I
    Maureen Parent on Twitter: https://twitter.com/MaureenParent7
    Doug Hoyes on Twitter: https://twitter.com/doughoyes
    Hoyes Michalos Kanata office: https://www.hoyes.com/ontario-offices/kanata/

    • 38 min
    Should You Ever Borrow Money to Invest?

    Should You Ever Borrow Money to Invest?

    One of the most common borrow-to-invest strategies is to take money from your home equity to purchase an investment property. But is this always a good idea? What if you borrow to invest in the stock market instead? Is that riskier? Is it ever OK to take on debt to invest or is it something you should never do? On today’s podcast, Ted Michalos and Doug Hoyes walk you through how to decide when you are ready to invest, the three ways to invest in stocks, what risks are, and the general dos and don’ts of using your hard-earned money to potentially get a return on it. Tune in for lots of practical advice!
    Resources Mentioned in the Show:
    Straight Talk on Your Money book by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034/
    Hoyes Michalos Joe Debtor Bankruptcy Study  https://www.hoyes.com/press/joe-debtor/            
    Residential House Prices, Historical Chart: https://fred.stlouisfed.org/series/QCAR628BIS

    • 29 min

Customer Reviews

4.2 out of 5
57 Ratings

57 Ratings

New Destiny ahead ,

Episode 365

I found this episode very helpful and interesting, and I hope to hear more like this. It’s a different way to accomplish a goal without the day to day stress. Thank you so much!

Lilaaron11 ,

??

Is this for people in America also?

Katie Joy B. ,

Money Magic

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!

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