Debt Free in 30

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!

We advise our clients to open a new bank account at a new bank where they don't owe any money, before filing a consumer proposal or bankruptcy, to ensure that their money is not "accidentally" seized by a creditor. It's wise to have a bank account at a bank where you don't owe money even if you aren't in financial trouble, for exactly that reason. But which bank should you pick? Are they all the same? On today's podcast credit counsellor Diane Cunha walks you through how to pick a bank and save money on bank fees.

Ted Michalos often says "no good deed goes unpunished". What does he mean by that? Does he have a negative view of humanity? On today's show he gives examples to illustrate his point, and we give practical advice on how to make sure that if you are helping friends of family with money problems, you don't put yourself in financial jeopardy.

On today's show: no statistics, no numbers, just stories about the clients we help. Scott Terrio talks about the growing trend of renovictions, how the decline of retail stores is impacting our clients, and how stagnant incomes but rising living costs are putting the squeeze on everyone.

After a three year absence Ben Rabidoux is back on the show. We start with the story of how he got sued for libel due to some tweets he sent out, and then we discuss how borrowers can deal with the more restrictive mortgage rules, and we discuss whether or not we are headed for a recession.

It's our longest show of the year, so far, so sit back and enjoy.

My guest today is Cameron Huddleston, who wrote a new book called Mom and Dad, We Need to Talk: How to have essential conversations with your parents about their finances.

How do you have the "money talk" with your parents as they get older?

How do you even know if they need help?

Those topics and more on today's episode.

Today on the show my guest is Blair Demarco-Wettlaufer, a real-life collection agent, who explains how a collection agent gets paid, and how you can negotiate with a collection agent.

If you start a business, and get into trouble, no problem, you can go bankrupt or file a consumer proposal to get debt relief. Even tax debt goes away in a bankruptcy. But, if you have a government guaranteed student loan, the law says you must wait 7 years after you leave school to be able to automatically discharge student loan debt in a bankruptcy or consumer proposal.

That's both unfair and punitive, so on today's podcast we explain how the rule works, and give our suggestions for fixing this injustice.

In season #5 I started doing "rants", single topic shows with just me talking. The most downloaded show of the past 12 months was a "rant", Show #227 where I talked about why systems are better than goals, and that was the show that I replayed just last week.

What's in store for this year?

Lots more guests, and rants, and who knows what else.

Thanks for listening, and please enjoy Season #6!