On today’s show Scott Terrio explains that, for most of our clients, debt “sneaks up on you”.  You borrow the money and expect to have no trouble paying it off, but then life happens, and the debt problems begin.  We discuss how debt causes problems, and Scott creates a new term: Financially Catatonic.  All that and more on today’s show.

For the last show of the year Doug Hoyes and Ted Michalos look back on 2019 and ask the obvious question: the economy is doing well, unemployment is low, and yet bankruptcy and consumer proposal filings in Ontario have had the largest spike upward in over a decade, up about 16% so far this year.  Why? We debunk the conventional wisdom from the talking heads on TV (it has nothing to do with unemployment or interest rates, and it’s not a temporary blip) and explain what’s really happening.  We play a clip from our predictions show from last year so you can see how accurate we were, and then Ted and Doug close the show with their predictions for personal insolvencies in 2020.

If you listen to the news, or read the comments on YouTube, you may think the world is getting worse.  All we hear about are political scandals, crime, and economic problems.  That’s not surprising; bad news sells; negative clickbait works! But as we discuss on today’s podcast, world health continues to improve, and extreme poverty is at its lowest level in history.  So why do we think things are getting worse?  It’s partly due to the “negativity instinct”, a concept discussed in the book Factfulness: Ten Reasons We’re Wrong About the World, and Why Things are Better Than you Think by Hans Rosling.  On today’s show we discuss how to spot negativity, and how you can see the positive side of life.

Everyone likes gift cards.  Free money!  An easy gift for anyone on your Christmas list, but there is a downside.

On today’s podcast, first time guest and Hoyes Michalos credit counsellor Patty Sweeney explains the advantages and disadvantages of gift cards, and she gives lots of practical advice if you give or receive gift cards.

Robert Brown, author of Wealthing Like Rabbits, returns for his sixth appearance on the podcast, where we discuss marketing in its many forms.

Cross selling, upselling and reselling are happening all the time, and we often don’t realize it.

We provide many examples, and strategies to keep more of your money in your pocket.

Over 600 big name store locations have closed in Canada in the last three years, resulting in over 17,000 lost jobs, and that doesn’t include hundreds more small stores that have shut down.  Is this just the impact of Amazon, or is there something deeper happening?  And what does this mean for the Canadian economy going forward?

On today’s show first-time guest Stephanie Hughes explains why the stores are closing, and what this means for the typical retail worker specifically, and the Canadian economy and real estate.

The Sunk Cost Fallacy is easy to understand: you’ve spent the money, it’s gone, but you keep on doing what you’re doing, whether or not it makes sense, because you’ve spent the money.

You go to a restaurant and eat every morsel of food on your plate, whether you are full or not, because you’ve spent the money!

On today’s show Ted Michalos explains how the Sunk Cost Fallacy is a disaster with how you treat debt, and we give some practical advice on how to overcome it.

On today’s podcast we’ve got two hockey parents: Kristen Kral, a credit counsellor in our Brantford office, and Rebecca Martyn, our Windsor trustee, who give their thoughts on how to save money on kid’s sports (particularly hockey).

Enjoy!

It’s amazing how many of my client are confused about the difference between a TFSA and an RRSP, so today Ian Martin and I go through the basics.

But isn’t this a podcast about debt?

Yes it is, so we also discuss what happens to a TFSA or RRSP if you go bankrupt, and we discuss which savings vehicle is best once you are out of debt and are getting back on track.

It’s the start of Financial Literacy Month in Canada, so instead of following the crowd and telling you to make a budget (which is the most common suggestion you will hear this month), I will go a different route and tell you a story about a 20 dollar bill.

A fable, as it were.

Enjoy!