Are you considering stepping into the world of homeownership? This episode is packed with insights every first-time homebuyer needs. Doug Hoyes and Ted Michalos discuss why a declining market might benefit new buyers, the emotional traps leading to risky financial decisions, and the true cost of homeownership – beyond the mortgage. Learn how unexpected expenses (from land transfer taxes to home repairs) can derail your budget if you’re not prepared, the biggest regrets homeowners face, and how to avoid being “burned” by your first purchase. 00:00 - Why a declining market can be an opportunity for new homebuyers 02:30 - The emotional reasons people want to own a home over renting 04:45 - The biggest emotional mistake of buying a house 10:40 - The mortgage is just the tip of the iceberg for home costs 16:00 - Emergency fund vs. line of credit for home maintenance 18:00 - The inevitability of things needing repair 19:00 - Land transfer tax, and so much more 21:00 - The many other costs of buying a home: lawyer fees, moving, and HOAs 23:00 - The biggest regrets new homeowners have 27:00 - How to avoid being "burned" by buying a house 29:00 - The pressure of "keeping up with the Joneses” A House Is Not An Investment If You Can’t Afford It – Debt Free in 30 Episode “What to do if I can’t pay my mortgage?” Hoyes Michalos YouTube Channel “I can’t afford my mortgage renewal, now what?” – Hoyes Michalos FAQ Sign Up for the Monthly Debt Free Digest Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.
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31:26
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31:26
575 – Why Canadians Are Financially Struggling, Even When Doing Everything Right
Staying financially stable in Canada has never been harder. Even when you’re working, budgeting, and “doing everything right,” rising insolvencies, higher debt loads, and a cooling housing market are leaving many Canadians struggling to stay afloat in 2025. If you’ve ever wondered why it feels impossible to get ahead financially (even when you’re trying your best!?), this episode helps explain the challenges in today’s economy and offers practical strategies to help Canadians move forward. 0:00 – Season 12 kicks off, Doug Hoyes and Ted Michalos discuss the future of DFI30 2:00 – Canada’s economy today: rising insolvencies and financial strain 4:00 – The impact of higher unemployment and growing uncertainty 7:15 – Why home equity isn’t the financial safety net it once was 10:50 – How financial exhaustion affects mental health and overall wellness 13:00 – Breaking the stigma: addressing shame around debt 14:30 – Key warning signs that you may have too much debt 17:00 – Why many Canadians underestimate how much debt they carry 20:00 – First steps to take when debt feels unmanageable 23:30 – Why working more hours won’t solve financial problems 24:20 – How consumer proposals help Canadians get back on track Indicators of Financial Vulnerabilities – Household Credit Performance Chart Who’s Filing Insolvency in Canada and Why? Joe Debtor Bankruptcy Study Free Canadian Credit Repair Resources Hoyes Michalos YouTube Channel Sign Up for the Monthly Debt Free Digest Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed
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29:57
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29:57
574 – Simple Shifts: Ways to Save More and Spend Less
Looking to save more and spend smarter? This episode is packed with practical, expert-backed tips - from insider grocery hacks and avoiding hidden fees to smarter banking strategies. Learn how simple shifts, like opening a second bank account or using preloaded credit cards, can help you take control of your money and reach your financial goals faster. (01:00) Avoiding hidden service charges (04:00) Top Canadian grocery tips: Snacks vs. Groceries with The Food Professor (05:40) How preventive costs can save you big (09:45) Why you should open a second bank account (10:30) More grocery hacks to cut your bill (15:00) The payoff of investing in insurance (17:50) Top 3 shopping tips to save money (20:00) Why a home isn’t always an investment: Renting vs. owning (24:00) The benefits of preloaded credit cards with digital banks (28:00) The importance of diversifying your money Free Canadian Credit Repair Resources 10 Tips for Dealing With Collection Agencies Ontario Consumer Proposal and Bankruptcy FAQ Hoyes Michalos YouTube Channel Sign Up for the Monthly Debt Free Digest Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.
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30:44
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30:44
573 – The Best Get Out of Debt Advice from Top Guests (Compilation)
Listen for great get-out-of-debt advice from some of our most popular guests! Featuring Canadian financial experts from Hoyes Michalos and Chris Enns, founder of Rags to Reasonable, and Danielle Park, author of Juggling Dynamite. From spotting predatory financial advisors to the importance of building an emergency fund, this episode is packed with practical, real-world tips and strategies you can start using today to get out of debt! 00:00 – The Snowball vs. Avalanche Method with Licensed Insolvency Trustee Joel Sandwith 01:20 – How to Avoid Predatory Financial Advice with Danielle Park 04:40 – How to Realistically Start Managing Your Money with Chris Enns 07:45 – Predatory Credit Advisors – What You Need to Know cont. 11:30 – Why Canadians Aren’t Prepared for Financial Emergencies with Scott Terrio 13:00 – Snowball and Avalanche Method – Advanced Tips 16:30 – Why Your Perspective on Loans Matters 19:50 – Getting Out of Debt and Building Savings Has To Be Practical with Danielle Park 22:35 – Key Indicators of Debt Trouble – When to Seek Help 25:00 – A “Holistic” Approach to Paying Off Debt? Danielle Park on Debt Free in 30: Building Wealth In A Challenging World Chris Enns on Debt Free in 30: Managing Money on a Variable Income Juggling Dynamite | Debtasized: How our reliance on credit leads to price inflation Learn More: Snowball Vs. Avalanche Debt Methods – Which One is Best? Hoyes Michalos Free Canadian Credit Rebuilding and Repair Course Sign Up for the Monthly Debt Free Digest Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.
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29:14
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29:14
572 – Best Advice for Getting Out of Debt - Top Strategies from Debt Free in 30
This special compilation episode is packed with nuggets of wisdom and strategies for getting out of debt. We've pulled together the best clips on avoiding credit traps, building emergency funds, and implementing practical “budgeting” strategies. 00:00 – August is a special month before launching a new season 01:00 – Why people end up in debt 02:10 – How to avoid the minimum payment trap 03:40 – Building and maintaining an emergency fund 06:00 – How insolvency clients are a leading indicator of the economy 07:30 – Why you shouldn’t rely on credit in an emergency 10:00 – First steps to begin getting out of debt 12:05 – The problems with consolidation loans 14:00 – Practical budgeting tips: tracking income and expenses 16:00 – The benefits of putting your bills on autopay 19:00 – Don’t ignore your finances 21:10 – Why paying off high-interest debt is the best strategy (and why you still need an emergency fund) 24:00 – Why debt consultants send their clients to Licensed Insolvency Trustees Debt Relief in Ontario Debt Relief Biggest FAQs Hoyes Michalos Free Canadian Credit Rebuilding and Repair Course Hoyes Michalos YouTube Channel Sign Up For The Monthly Debt Free Digest Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.
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.
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