Debt Free in 30 Doug Hoyes

In this episode, Doug and Maureen tackle a common financial question: should you build an emergency fund first or pay off debt? They explain why prioritizing an emergency fund can be important, even if you have debt. Learn how developing a savings habit can shield you from unexpected expenses and stop lenders from reducing your credit limit. They also discuss the risks of relying solely on debt for emergencies and how savings can keep you financially secure. Plus, they cover the benefits of paying off debt first, like saving on interest, boosting your credit score, and having the option to use credit for emergencies.
Time Stamps:
00:00 Introduction
01:50 What do you use your emergency fund for?
02:59 Reasons why an emergency fund is more important than paying down debt
06:40 The habit of savings
11:11 How much does your emergency fund need to be?
15:20 Where should you put your emergency savings?
23:11 Why should you pay off debt first before saving for an emergency fund
29:12 Final thoughts
Related Links:
Emergency Fund Critical For Single Parents - https://www.hoyes.com/blog/emergency-fund- - critical-for-single-parents/
Why You Need an Emergency Fund - https://www.hoyes.com/blog/why-you-need-an-emergency-fund/
Emergency Fund or Credit Card Debt? What’s the Better Choice? - https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/
Which Debts Should You Pay First? - https://www.hoyes.com/blog/which-debts-should-you-pay-first/
Dr. Brad Klontz Financial Psychologist - https://www.bradklontz.com/

Doug is joined by first-time guest Dr. Saul Schwartz, Professor Emeritus at the School of Public Administration at Carleton University in Ottawa, who holds a Ph.D. in Economics. They discuss Dr. Schwartz's recent paper titled "Tilting the Playing Field Away from the Discharge of Debts: The Case of Consumer Proposals in Canada." Together, they discuss the rise of consumer proposals over bankruptcies in Canada, surplus income, the influence of licensed insolvency trustees and creditors, unregulated debt advisors, and potential solutions for low-income debtors.
Time Stamps:
00:00 Introduction
03:35 Failure rate for consumer proposals
05:07 Why have consumer proposals overtaken bankruptcies in Canada?
08:33 Surplus income
12:12 Are the licensed insolvency trustees making more money on consumer proposals?
14:50 The creditors impact on a bankruptcy and consumer proposals
24:55 Unregulated debt advisors
33:39 Solutions for low-income debtors
44:22 Final thoughts
Related Links:
Dr. Saul Schwartz, Biography - https://carleton.ca/sppa/people/schwartz-saul/
The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system
Consumer Proposal vs Personal Bankruptcy - https://www.hoyes.com/consumer-proposals/consumer-proposal-vs-bankruptcy/
Is a Consumer Proposal the same as a Bankruptcy? - https://www.hoyes.com/blog/consumer-proposal-bankruptcy/
Who Does What in a Bankruptcy and Consumer Proposal? - https://www.hoyes.com/blog/who-does-what-in-a-bankruptcy-and-consumer-proposal/
Bankruptcy & Your Credit Score - https://www.hoyes.com/personal-bankruptcy/effect-bankruptcy-credit-rating/
Consumer Proposal And Your Credit Rating - https://www.hoyes.com/consumer-proposals/consumer-proposal-affect-credit-rating/
Negotiating Consumer Proposals. What Your Creditors Expect - https://www.hoyes.com/blog/negotiating-consumer-proposals-what-your-creditors-are-expecting/
Avoid The Surplus Income Penalty With A Consumer Proposal -https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/
Why Surplus Income Is an Important Part Of Your Debt Recovery - https://www.hoyes.com/blog/surplus-income-important-part-debt-recovery/
Surplus Income Bankruptcy Calculator - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/
Surplus Income Payments - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-payments/
Will the Federal Government Finally Put an End to Unregulated, Unlicensed Debt Consultants? - https://www.hoyes.com/blog/will-the-federal-government-finally-put-an-end-to-unregulated-unlicensed-debt-consultants/

Doug is joined by Kim Wilhelm, CEO of the Food Bank of Waterloo Region. Together, they talk about the various programs available to the local community in need of food. They discuss the impact cost of living has had on the food bank, issues of food inflation and food insecurity, changes in demand since the pandemic, ways to donate, and how those in need can access food.
Time Stamps:
00:00 Introduction
01:30 Food assistance programs
02:41 Hunger count
06:56 Food insecurity
08:13 How has the demand for the food bank changed since the pandemic
11:14 Food inflation
14:13 How does the food bank receive food
16:01 How can you donate cash to the food bank
16:51 The impact cost of living has had on food donations
18:20 How can you receive food from the food bank
22:04 Food bank delivery program
22:40 Food bank eligibility and agency support
29:44 Food banks most needed food items
33:40 Conclusion
 
Related Links:
Hoyes Michalos is a proud partner of the Food Bank of Waterloo Region - https://www.hoyes.com/community-involvement/
Food Bank of Waterloo Region - https://www.thefoodbank.ca/
Food for Thought Blog - https://www.thefoodbank.ca/blog/
Volunteer at the Food Bank - www.thefoodbank.ca/volunteer
Community Food Assistance Network- www.thefoodbank.ca/network/map
Hunger in Waterloo Region - www.thefoodbank.ca/about/hunger/

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