585 – Small Business: Mixing Personal and Business Debt Pros & Cons
Many Ontario small business owners use personal credit to get a venture off the ground, because banks rarely lend to brand-new businesses. That convenience can help with early cash-flow gaps and sometimes costs less than a high-risk business loan, but it also creates serious personal exposure: guarantees, blurred books, CRA headaches, and credit-score damage. Doug and Ted walk through when using personal debt might make sense, the major risks to watch for, and practical ways to structure your finances. (00:00) Self-employment: Opportunity vs. Necessity (02:00) Capital-Intensive vs. Lean Start-Ups (with examples) (04:00) Why banks don't fund brand-new businesses and what "collateral" means (06:30) Pro #1- Easier access to credit for start-ups (08:00) Pro #2 - Cash flow and other short-term advantages (09:30) Con #1- Personal liability: when business failure becomes personal insolvency (12:00) Con #2 - Blurred finances: bookkeeping pitfalls, CRA risk, and collection stress (14:00) Con #3 - Credit-score impact: utilization and missed-payment damage (16:00) Best practices and tips (19:00) The three roles every small business owner needs Debt Traps of Buying a Business with David Barnett – Debt Free in 30 Bad Funding Choices for Small Businesses with David Barnett – Debt Free in 30 Want to Buy a Business? Here's What to Know First – Debt Free in 30 Starting or Buying A Business Out of Necessity – Debt Free in 30 DIY Free Credit Repair Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario 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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32:14
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32:14
584 – Top Mistakes Debtors Make and How to Avoid Them
Drawing on experience from 25+ years and 73,000+ filings, Doug and Ted break down the top debt mistakes Canadians make, and how to avoid them. They explain how problems creep up, why waiting narrows your options, high-cost credit and payday-loan cycles, CRA's real collection powers, and so much more. Canada-specific guidance for debtors with tips on protecting your long-term financial health. (00:00) How debt mistakes happen (02:00) Spotting debt problems early (04:30) Waiting too long is costly: interest, stress, fewer options (06:30) Choosing the right help: Licensed Insolvency Trustees vs. "debt consultants" (08:30) Minimum payments: is it ever a good strategy? (10:30) High-cost credit & payday loan cycle (13:30) Ignoring CRA debt: the powers of the Canada Revenue Agency (15:30) RRSPs to pay debt? Taxes, exemptions, and better paths (18:00) The credit-score trap (21:00) Practical resets, scam red flags Hoyes Michalos Joe Debtor Consumer Insolvency Study 2024 DIY Free Credit Repair Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario 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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31:22
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31:22
583 – Job Loss: What to Do Financially in Your First 30 Days
582 – How to Prioritize When Every Expense Feels Urgent
When money is tight, everything feels urgent. Rent, groceries, a credit card bill, and that unexpected car repair. In this episode, we walk through a survival-mode framework for prioritizing essentials, organizing a bare-minimum budget, and avoiding common traps that lead to a deeper debt spiral. We discuss why "loud" debts aren't always the ones you should pay first, and when it makes sense to speak with a Licensed Insolvency Trustee about a consumer proposal. If the math "isn't mathing" this guide helps you focus on stability right now and a path to rebuild next. 00:00 – How to Make Smart Decisions in Survival Mode 03:30 – Inflation Pressure: Why Everything Feels Urgent 06:00 – What Comes First: Rent, Utilities, and Food 09:00 – Organizing Finances: Your Personal Priority Order 12:00 – Grocery Strategies That Stretch a Tight Budget 13:30 – Collections 101: Small Debts Are Loud, Big Debts Need a Plan 15:00 – Shame, Stress, and the Realities Canadians Face 19:00 – Don't Let the Loudest Creditor Set Your Budget 23:00 – Joe Debtor Study: What We Know & Why You Have Options 26:00 – Negotiating with Creditors & How Consumer Proposals Work 28:00 – Survival First, Debt Strategy Second: Keep Moving Forward Hidden Costs on Food in Canada: The Food Professor on Debt Free in 30 Blows Up Our TikTok Food Inflation Exposed: The Surprising Truth About Grocery Prices - The Food Professor on Debt Free in 30 Ways To Survive Without A Credit Card Personal Budgeting Help and Free Spreadsheet DIY Credit Repair Strategies and Free Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel 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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31:01
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31:01
581 – Why the Best Financial Advice Sounds Boring – But Works
Ever feel like the best financial advice sounds... boring and hard to stick to? Doug Hoyes and guest Licensed Insolvency Trustee Maureen Parent discuss why the most effective money habits are often the least exciting. From the myth of quick fixes to the power of slow, steady progress, they explore how consistency, not complexity, builds lasting financial stability. You'll also hear practical, realistic ways to start building better habits today (even when life gets in the way). (00:00) – Does money management have to be complicated? The myth of the quick fix (05:00) – Everyday challenges to managing money (11:00) – Discipline vs. intelligence: which matters more? (15:30) – The "first three months suck" mindset (17:00) – Why boring habits beat willpower (19:00) – Needs vs. wants and being realistic (21:30) – Starting with just one small habit (28:30) – Avoiding a financial hangover How To Find a Credible Financial Planner Personal Budgeting Help and Free Spreadsheet DIY Credit Repair Strategies and Free Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel 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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