Debt Free in 30

Every financial guru says that achieving success starts with setting a goal.

I disagree. While there is some benefit to setting goals, you are more likely to achieve success if, instead of focusing on goals, you have a system. I discuss goals vs systems on this special rebroadcast episode, originally aired in January, 2019.

If your goal is to get out of debt or to save more money, you might be a little frustrated knowing another year has come and gone without improving your finances.

So what if your goal this year is to get out of debt? Or save more money? What's the best way to achieve any goal?

The answer may be to not focus on the goal at all, but instead to create a system to reach that goal.

Today on Debt Free in 30, I want to explain why, in most cases, systems are better than goals.

In over 20 years of helping Canadians eliminate their debt, I've yet to hear a single client say they chose to have debt problems. Debt accumulates over time and then it becomes an even bigger problem when you lose your job, become ill or get divorced. But for many of my clients, despite knowing that the cause of their money troubles was beyond their control, they still blamed themselves for their financial woes.

So, how does one overcome self-blame to achieve debt relief? On today's special rebroadcast episode we talk with Shannon Lee Simmons, author of Living Debt-Free: The No-Shame, No-Blame Guide to Getting Rid of Your Debt about how negative feelings towards debt can create more debt and strategies that can put you in the right direction when dealing with your debt.

When used correctly, a credit card is a helpful tool to build your credit history, and it's a safer than carrying cash. However, when mismanaged, a credit card can quickly become one of the most expensive borrowing options, leading to serious debt trouble. For many of our clients, credit card debt is the second biggest debt they carry.

To help you avoid the common pitfalls that come with owning a credit card, on this special rebroadcast episode I talk with Diane Cunha, one of our certified credit counsellors. She shares tips for using credit wisely to avoid debt problems.

We discuss billing cycles, due dates and grace periods, and we have 8 tips for avoiding credit card debt.

It's August, and we are rebroadcasting our most downloaded episodes of the last year, with a new introduction, and this one has opera!

How do you stay on top of your finances when your income differs from one month to the next? Chris Enns is an opera-singer and a fee-only financial planner specializing in helping people who work in creative careers organize their sporadic salaries. He understands first-hand the struggles of applying traditional financial advice to a non-traditional cash-flow. Today Chris outlines his approach for managing cash-flow when you have variable or intermittent income.

Chris explains that many people in the creative world avoid thinking about money because they believe they are just bad at it; they just don't get it so they think managing their finances is something they can't do. As 'money misfits' they don't feel they are part of the financial conversation. The terminology around money is foreign so they don't connect with the language.

On today's show Chris explains how creative people, or anyone with variable income, can manage their money.

A home equity line of credit (HELOC) is a loan secured by the equity in your house. A HELOC is often presented as a great borrowing tool because unlike with credit cards or unsecured loans, you have access to a large amount of revolving cash at a lower interest rate.

But what you probably don't know is that your bank can change the borrowing terms on your HELOC whenever they want. On today's special rebroadcast, we talk with Scott Terrio and he shares why you need to think twice before signing up for a home equity line of credit.

What is a debt buyer? What should you do if you find out that a debt buyer has bought your debt?

On today's show a former collection agency lawyer explains the law, and discusses options for negotiating with a debt buyer.

Could you survive without debt? Sounds like an easy question to answer, but many of our clients are so dependent on credit cards that they don't realize they are borrowing to live.

On today's show Ted Michalos discusses how you can tell if you are dependent on debt, and how to get off the debt treadmill.

Today we discuss a wonderful, magical place called Costco. Is it a store? A finance company? Something else? And why does it matter? All that and more on today's podcast (and I've got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube).

Many people have no choice: if they want to work, they have to be a "sub-contractor", or "self-employed". This is very common in the construction industry (Dry wallers, framers, plumbers, electricians, roofers) and in high tech (programmers, web developers).

On today's podcast Ted Michalos helps us explore how you can finance your self-employment, and we give a warning about personal guarantees and other traps to be wary of, including the tax man.

My guest today is Dr. Thomas Richardson. He has a doctorate in Clinical Psychology, with a special interest in financial difficulties and mental problems. He's done a lot of research on the subject, including co-authoring a research paper that examined the relationship between personal unsecured debt and mental and physical health.

Does debt cause mental health problems, or do mental health problems lead to debt?

We explore the answer, and some solutions, on today's podcast.