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.
What’s The Wealth Effect? (And Why It Matters To You)
When you think you're rich, you’re more likely to spend more. And when you’re not so confident about money, you may hold back and save. This is how the wealth effect works. But are there any risks to this effect? On today’s podcast Doug Hoyes and Ted Michalos give real-life examples of how the wealth effect works and why it may cause you unwanted debt problems if you’re not careful. Tune in for a great discussion.
Are Wealth Effects Important For Canada? https://www.bankofcanada.ca/wp-content/uploads/2010/06/pichettee.pdf
Podcast 435 – Why Are Consumer Insolvencies Back Up? https://youtu.be/3i22JpmcozY
How Do Lenders (& Credit Bureaus) Encourage Borrowing?
Sometimes borrowing money is a necessity. But do we always borrow because we need to? What role do banks, credit unions, and credit score providers play in influencing our decisions? On today’s podcast, Scott Terrio is back with Doug Hoyes to break down how lenders encourage borrowing and they share practical advice for how to say no. Tune in for a great discussion!
Loan Affordability – What To Know Before You Borrow: https://youtu.be/GgdykU5lGvw
Banks Can Take Your Money Without Warning: https://youtu.be/OgO-3JE6wGM
The Average Joe and Jane Guide to Smart Borrowing: https://www.hoyes.com/blog/average-joe-jane-guide-smart-borrowing/
What’s The Best Way To Start Tackling Debt?
When you’ve got a lot of debt to deal with, it can be tough to know where to start. Should you pay off the smallest debt first? Or the highest interest one? On today’s podcast, Doug Hoyes and Ted Michalos break down how to answer this age-old question with lots of practical advice, a discussion about the debt snowball vs. debt avalanche method, whether debt consolidation is a good idea, and when it’s time to speak to a Licensed Insolvency Trustee. Tune in for lots of great tips!
Which Debts Should You Pay First? https://www.hoyes.com/blog/which-debts-should-you-pay-first/
Debt Snowball Method vs. High Interest First https://www.hoyes.com/blog/debt-snowball-method-vs-high-interest-first/
Build an Annual Budget You Can Adjust For Inflation & Goals
It’s the start of a new year and a good time to plan your finances for the next few months. On today’s podcast, Maureen Parent is back to walk you through the steps. She explains how you can plan for your expenses and the importance of looking at costs on an annual basis instead of monthly. Maureen also gives practical advice on adjusting your budget for inflation as grocery costs keep rising, as well as on how to budget for longer-term goals. And, if you don’t like budgeting, there are lots of tips for you, too, so your finances are still organized! Tune in for a great discussion.
7 Reasons Why Budgets Fail & How You Can Succeed: https://www.hoyes.com/blog/7-reasons-why-budgets-fail-and-how-you-can-succeed/
Use a P.L.A.N. Account When Budgeting: https://youtu.be/pSQ3jvrFVHU
The Secret To Budgeting – Pay Your Bills As You Get Paid: https://www.hoyes.com/blog/the-secret-to-budgeting/
Free Budgeting Workbook: https://www.hoyes.com/free-budgeting-workbook/
Mint.com Budget App: https://mint.intuit.com/
Goodbudget App: https://goodbudget.com/
Investing Basics – Where To Start Now That You’re Debt Free: https://youtu.be/VSgb8POKcjs
Why Are Consumer Insolvencies Back Up? [Year-End Analysis + 2023 Predictions]
Both consumer debt and insolvencies have turned sharply upward again. What’s contributing to this shift? Are record-high interest rates to blame? Inflation? Or are we just picking up where we left off pre-pandemic? Doug Hoyes and Ted Michalos are back with our year-end analysis and predictions podcast. They discuss the top statistics from 2022 that help explain what’s happened with bankruptcies this year and give their predictions for what’s the come in 2023. Tune in for a great discussion!
Sources & Related Links:
Top 10 Debt Statistics for 2022 & What’s Ahead for Consumer Insolvencies: https://www.hoyes.com/blog/top-10-debt-statistics-for-2022-and-whats-ahead-for-consumer-insolvencies/
National Rent Report, Rentals.ca: https://rentals.ca/national-rent-report
Teranet-National Bank House Price Index: https://housepriceindex.ca/2022/11/october2022/
Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/
Consumer Price Index Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401
Hourly Wages Data Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410032001
Credit Liabilities of Households: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901
Last year's show: Predictions for Consumer Debt Coming Out Of The Pandemic, Ep. 383: https://youtu.be/LCE6EkOwi8E
Are You Living Real Life Like It’s The Virtual World?
We spend a lot of our time in the virtual world these days – on our phones, apps, social media – and sometimes the line between virtual reality and physical reality gets blurred. Sometimes even to the point where we make real world decisions based on what we see in the virtual world. On today’s special and short podcast, Doug Hoyes helps us understand why it’s important to distinguish between physical and virtual reality so we don’t end up in serious financial trouble.
Love this show!
Doug Hoyes is a fantastic host. I love the content of the show and watch him on YouTube also. I am listening from Southern California.
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!
Is this for people in America also?