Does financial literacy belong in high schools? This question is surfacing more and more as Canadians dig themselves further into debt. Today's guest is Prakash Amarasooriya, a member of the Toronto Youth Cabinet who recently launched a petition urging the Ontario Ministry of Education to beef up their Grade 10 career studies course to include basic financial skills like budgeting. Within less than a month the petition was signed by nearly 900 supporters. What should be taught? Will it have an i...
Nov 19, 2016•27 min
Air Miles has been in the news a lot lately about their new points expiry policy . Maybe it's because of the media attention, but we have had a lot of potential clients ask what would happen to their Air Miles and other loyalty points if they file bankruptcy? Here is a short summary of what would happen under bankruptcy law: Section 67 of the Bankruptcy & Insolvency Act says that a bankrupt’s assets include “all property wherever situated at the date of the bankruptcy”. What that means is if...
Nov 12, 2016•6 min
Everyone wants to end poverty. The controversy begins when you start talking about how to solve the problem. One solution which has received a lot of media attention lately is the concept of basic income or guaranteed annual income. In Ontario, former senator Hugh Segal is due to release a report which will guide the Ontario government in developing a pilot project around basic income. To help us better understand the costs and consequences of a guaranteed income program, I talked with David McD...
Nov 05, 2016•30 min
My guest today is Kerry Taylor. Her website, Squawkfox , was voted Canada’s best money blog by the Globe & Mail in 2010, and in 2014 Chatelaine said she was the "gold standard for personal finance blogging”. I’ve followed Kerry’s work for many years, so I was very interested to read her Globe & Mail article where she described her visit to Mogo Lounge , operated by Mogo, a new “sexy, fintech” lender. What Kelly discovered was today's new form of payday and alternative lender. No more ugl...
Oct 29, 2016•35 min
We're living in very different times in terms of our economy. To help us explore this topic further I talked with economist David Bond about how the Canadian economy as a whole is impacted by household debt and the root causes of debt, including income inequality and our tax system. David is a PHD in economics from Yale University, but more than that he brings a broad perspective of someone who has worked as an academic, civil servant and in industry. Mr. Bond points out that we must face the fa...
Oct 22, 2016•31 min
We all want to help when someone is in trouble. But helping someone out of financial trouble can come with unexpected costs and consequences. It is for that reason that I strongly advise against ever loaning money to family and friends. On today's show we hear three stories: Mabel is a widow who chose to help her adult son who was struggling financially after a divorce. In the end, Mabel ended up maxing out her own line of credit and was having trouble keeping up with her own rent and debt payme...
Oct 15, 2016•18 min
On October 3, 2016 Finance Minister Bill Morneau announced big changes to Canada’s mortgage lending rules, designed to make it more difficult for high ratio borrowers to qualify for mortgages. It appears that both the government and industry professionals believe that the sky is falling. On today’s show Ted Michalos and Doug Hoyes discuss how the new rules will impact borrowers, lenders and more. We also ask the important questions: Is it really necessary for the government to protect the big ba...
Oct 08, 2016•23 min
This is a common question, and changes to the law have changed the answer from what we would have advised a few years ago. The answer depends on: How much debt you have; and What type of debt you have. We explore the answer on today’s podcast.
Oct 01, 2016•7 min
Today’s podcast is the first ever podcast interview with Jonathan Chevreau and Mike Drak together, talking about their new book Victory Lap Retirement . This is so exclusive an interview that the book won’t even be officially released until October 10, 2016 but it is available for pre-order at amazon.ca , and the Kindle version is available now . Jonathan was a guest back on Show #5 where we discussed his previous book, Findependence Day . Mike Drak created the concept of a Victory Lap as an alt...
Sep 24, 2016•34 min
For the first time ever Debt Free in 30 broadcast LIVE on video, over YouTube. The response was fantastic. We asked our listeners to leave us questions through sound clips, email, twitter and Facebook in advance of the show and took questions during the show. Doug Hoyes and Ted Michalos answered as many of those questions as we could during the webcast. We talked about debt, consumer proposals, car loans and mortgages. We even had a “celebrity” question. The full video is also available on the H...
Sep 17, 2016•51 min
In June 2016 Walmart Canada announced that they believe interchange fees charged by Visa are too high, so, starting with their three stores in Thunder Bay Ontario, they would no longer accept Visa cards at their stores in Canada. As of September, 2016 Walmart has not implemented this policy outside of Thunder Bay, presumably so they can continue to negotiate with Visa for lower fees. On this edition of Debt Free in 30 we answer the question: what's the real reason that Walmart doesn't want to ac...
Sep 10, 2016•23 min
SPECIAL ANNOUNCEMENT: It's the start of Season #3 of Debt Free in 30 , and I am excited to share that with our new season we have a new and improved format. For two seasons Debt Free in 30 was both a radio show and a podcast. To meet the time constraints of radio it had be an exact number of minutes. Not anymore! Much to the disappoint of our radio station affiliates I’ve taken the show off the radio, and now it will be a podcast-only broadcast. That means that this season I can do shorter shows...
Sep 03, 2016•7 min
This is our final "best of" show of the summer, and it's a doozy: my interview with Hilliard Macbeth (you can find the original show notes on our is the Canadian real estate bubble about to burst page) is the most downloaded show of 2016. Why is a show on debt and real estate our most downloaded show? I think it's because there are two opposite opinions: one group believes that real estate is the greatest investment ever, and another group believes it is over-valued. Obviously Mr. Macbeth is of ...
Aug 27, 2016•29 min
As I said on this show, Robert Brown's book Wealthing Like Rabbits contains the best first chapter in any personal finance book I have ever read. (If you haven't read the book, you should). This show is a rebroadcast from earlier this year. You can read the full show notes on our Change Your Debt Perspective page. Robert advises us to "visualize" our debt. See it. Make it real. By visualizing our debt we can make a plan to start paying it off....
Aug 20, 2016•29 min
David Trahair is a CPA and prolific writer. Today's show is a rebroadcast of his first appearance on Debt Free in 30 , back in early 2015, where we talked about his book Crushing Debt: Why Canadians Should Drop Everything and Pay Off Debt . You can read the full show notes on our show notes page for Crushing Debt . (David appeared again in 2016 on Show #90 where we discussed his latest book, A Procrastinator's Guide to Retirement ). David's advice is very practical. One of his most important bit...
Aug 13, 2016•29 min
Today's show is a rebroadcast from Season #1. It's one of our most down-loaded shows, because it answers a common question: Should I pay down my debt, or contribute to my RRSP? The answer is not always obvious. We all know that investing in an RRSP generates a tax refund. If you are in the 40% tax bracket, a $1,000 contribution to your RRSP generates a $400 tax refund. (Of course I'm over-simplifying this example; your actual tax refund will depend on your marginal tax rate, and many other facto...
Aug 06, 2016•29 min
Debt Free in 30 has broadcast 100 episodes over 2 seasons to thousands of listeners. In addition, I have interviewed many personal finance experts for their opinions on the debt issues that matter most to Canadians. To celebrate this milestone, I broke away from my usual format. No guests, no specific topics. Instead, I shared my top 30 tips to help you avoid unwanted debt. Many of these tips are based on the topics I've covered over the last 99 episodes, and tips that have helped my clients....
Jul 30, 2016•29 min
This past season, I have talked extensively with industry experts about payday loan solutions and alternatives. When I asked my guests from show 83, Brian Dijkema and Rhys McKendry, and my guest from show 85, Jonathon Bishop about what they think would improve the payday loan industry, they had so much to say that I wasn't able to air everything in the original podcasts. Today, I am sharing their previously un-aired thoughts. Brian Dijkema and Rhy McKendry, experts from the Cardus think-tank, au...
Jul 23, 2016•29 min
Today's show is a repeat broadcast of one of our most downloaded shows, with our guest Nicole Olsen, the Financial Literacy Program Director for Financial Fitness in Windsor and Sarnia, Ontario. Nicole shares 4 steps to save money at the grocery store (but it's her bonus tip on "unit pricing" that is a must listen). Enjoy!
Jul 16, 2016•29 min
Over the summer we will be airing rebroadcasts of our most downloaded shows. Today's show features our most popular guest, and a mis-understood topic: Budgeting. It's a word that people either love or hate. We may get mixed reviews about the advice that I share on today's episode, but for many, budgeting is a waste of time. Budgeting takes discipline, it takes time and it takes some skill to use a budgeting spreadsheet or app. Because it's difficult, for some people it can actually have a negati...
Jul 09, 2016•29 min
Given today’s real estate market, it’s not surprising that the most popular podcast episodes of this year featured Hilliard MacBeth discussing his book, When The Bubble Bursts, Surviving the Canadian Real Estate Crash, and Ben Rabidoux sharing his thoughts on the Canadian real estate market. Clearly, listeners want to know if they should rent or if they should buy? While I am not a real estate expert, I want to help those who are trying to decide by comparing the different possible outcomes of r...
Jul 02, 2016•29 min
Generally, money problems and financial problems go hand in hand. In fact, 28% of our clients were separated or divorce when they filed for insolvency. And 19% cited marital or relationship breakdown as the main cause of their financial difficulties. To delve deeper into the relationship between divorce and bankruptcy law , Ted Michalos joins us today on Debt Free in 30. When a relationship starts to fail, the last thing anyone focuses on is taking care of money. In fact, spending often increase...
Jun 25, 2016•29 min
Our guest on today’s podcast, Ben Rabidoux is the President of North Cove Advisors, a macro research firm that works with institutional investors like mutual fund companies, hedge funds, and pensions, providing a broad view of the economy at any time. Today he visits Debt Free in 30 to share his insights on the current status and future of the Canadian housing market (and it’s not pretty).
Jun 18, 2016•29 min
As our economy in Canada has evolved so has the nature of most people’s employment. Downsizing and outsourcing has become more prevalent, stable jobs have become more scarce, and more people are becoming self employed. While the freedom and potential for success are great, being self-employed brings it's own challenges when it comes to managing business debts. On this week's podcast I talk with Ian Martin, Scott Schaefer and Ted Michalos about the potential debt problems that entrepreneurs and s...
Jun 11, 2016•29 min
Payday loans are expensive. Lenders charge a ridiculously high interest rate and demand repayment in one balloon payment. Inevitably, this traps some payday loan borrowers into a debt cycle. As a result, the Ontario government is reviewing current payday loan legislation and it's considering changes. In today's show, Ted Michalos, my partner and co-founder, joins me to discuss some of the suggested changes, our own recommendations for the government, and which payday loan alternatives to conside...
Jun 04, 2016•29 min
If you are struggling with debt, how do you know which debt relief option is right for you? Both consumer proposals and bankruptcies have similar benefits, but the length and cost are different. On today’s podcast Ted Michalos, compares various aspects of filing a consumer proposal vs bankruptcy .
May 28, 2016•29 min
Are you planning for retirement? Have you started to save? Do you know how much you need? If not, then today’s podcast is for you. My guest, David Trahair, stops by to discuss his new book, The Procrastinator's Guide to Retirement: How You Can Retire in 10 Years or Less, and provides tips for Canadians who’ve delayed saving for retirement.
May 21, 2016•29 min
Is Canadian real estate due for a crash? On today's show, I speak with Hilliard MacBeth, a portfolio manager and author of When the Bubble Bursts: Surviving the Canadian Real Estate Crash, who thinks the Canadian housing bubble is about to burst. Hilliard notes that there are four symptoms of a bubble: A period of rapidly rising prices People telling each other stories about why the price increase makes sense People experiencing regret that they didn’t get into the market earlier, or the fear of...
May 14, 2016•29 min
On today’s show we discuss a common question: if I have some extra money, should I pay off my debt, or use it to invest? In some cases the answer is easy. If you owe money on a credit card with a 29% interest rate, and your investment will earn 1%, you should obviously pay off your credit card. But what if your debt is a low interest mortgage, and you think you can earn a greater rate of return on an investment. Than what? That’s the question we asked Sean Cooper (famous for paying off his mortg...
May 07, 2016•29 min
Today I ask a question that generates a lot of debate on our Facebook page: what happens if you stop paying your debts? More specifically, what happens if you stop paying your debts and you are not in a consumer proposal or bankruptcy? To help me delve deeper into this topic, Ted Michalos, my partner and co-founder of Hoyes, Michalos & Associates, joins me to discuss the various outcomes of not paying your debts.
Apr 30, 2016•29 min
