Join Doug and Ted as they uncover the hidden costs of home ownership that often surprise new homeowners. From maintenance and repairs to rising interest rates and potential job loss, they discuss real-life examples and offer practical advice on deciding whether to buy a home, mitigating risks, and estimating unforeseen costs. Plus, they break down the costs of renting versus buying in today's market. Don’t miss this informative discussion on the true cost of owning a home.

Time Stamps:

00:00 Introduction

01:20 Mortgage vs rent payments

03:31 Upfront costs of purchasing a home

04:41 Maintenance costs

16:05 Unexpected costs of home ownership

18:18 Practical advice

27:22 Conclusion

Related Links:

Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Renting Vs. Buying: Which One Makes More Sense?: https://www.hoyes.com/blog/renting-vs-buying-which-one-makes-more-sense/

Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/

How to Avoid Being House Poor – https://www.hoyes.com/blog/how-to-avoid-being-house-poor/

Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/

How to Get a Mortgage Even After Bankruptcy: https://www.hoyes.com/blog/how-to-get-a-mortgage-after-bankruptcy/

Doug is joined by Technical Platform Cybersecurity Specialist, Eric Boivin from Flare. They discuss how cyber attacks can target your bank accounts and personal information, leading to money loss or identity theft. How weak cybersecurity can lead to debt, especially for those with student loans, mortgages, or credit card obligations. Eric shares practical advice on how to avoid fraud, choosing the best password using a password manager, and tools for watching financial accounts for suspicious activity.

Time Stamps:

00:00 Introduction

04:46 How can you protect yourself against cyber attacks

10:00 Passwords

20:51 What can you do to protect yourself from a cyberattack?

31:32 Practical advice

Related Links:

Flare Website - https://flare.io/

Flare LinkedIn - https://www.linkedin.com/company/flare-io/

Bitwarden Password Manager - https://bitwarden.com/

Doug is joined by special guest Canadian economist and author, Jeff Rubin. Jeff discusses his latest book A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever. They discuss inflation, sanctions and their impact on Canadian wages and employment. The conversation also touches on the Bank of Canada, bond yields, mortgages, interest rates, international trade, and the potential for a recession soon and closes with practical advice for Canadians.

Time Stamps:

00:00 Introduction

03:45 Inflation

10:47 What does the central bank do to make inflation higher or lower?

19:33 Mortgages and Interest rates

24:15 Are we in a recession now?

26:07 Credit card debt

27:37 Predictions for the future of Canada’s economy

Related Links:

A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever by Jeff Rubin on Amazon https://amzn.to/4a5dSQI

The Expendables - How the Middle Class Got Screwed by Globalization by Jeff Rubin on Amazon

https://amzn.to/3UKTorM

Globalization, Inequality and Debt with Jeff Rubin – Episode 317 https://www.youtube.com/watch?v=-4vvcQqFuxU

Jeff Rubin X https://twitter.com/JeffRubin

In this episode, Doug and Ted discuss the subtle ways debt accumulates over time, highlighting the unnoticed expenses that may lead you into debt. Have you ever calculated how much you spend monthly on subscriptions? Consider services like Amazon, Netflix, Disney, meal kits such as HelloFresh or Factor, pet and beauty subscriptions, car subscriptions, book clubs, and newspapers. These examples highlight how your money can slip away without you realizing it and potentially lead you toward bankruptcy. Tune in for practical advice on what to do to reduce these expenses, so you don’t find yourself in debt.

Time Stamps:

00:00 Introduction

03:00 Set it and forget it method

04:03 Subscriptions

13:01 Why would a business want you to be on a subscription service?

16:49 Practical advice

Related Links:

The Marketing of Consumer Debt. Avoid The Traps - https://www.hoyes.com/blog/the-marketing-of-consumer-debt-avoid-the-traps/

52 Tips to Avoid Debt - https://www.hoyes.com/blog/52-tips-avoid-debt/

5 Debt Lessons Every Student Should Know - https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/

How To Minimize Debt as a Millennial - https://www.hoyes.com/blog/how-to-minimize-debt-as-a-millennial/

How to Minimize Debt as Your Family Grows - https://www.hoyes.com/blog/how-to-minimize-debt-as-your-family-grows/

How to Minimize Debt Before and After Retirement – https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/

Doug is joined by Amanda Clayman, a financial therapist specializing in helping clients understand how their thoughts, feelings, and past experiences shape their financial choices through Cognitive Behavioral Therapy. Her expertise has been highlighted in various media outlets including CNBC, Forbes, The Wall Street Journal, The New York Times, and The Oprah Magazine.

In this episode, we look at the emotional aspects of financial challenges and address the impact it can have on our mental health. Amanda shares strategies for achieving financial objectives during times of struggle. We also discuss how financial decisions affect our relationships and the importance of values and goals.

Time Stamps:

00:00 Introduction

01:17 What is a financial therapist?

03:35 How can a financial therapist help you?

04:13 Do financial problems cause psychological stress?

06:07 How does financial therapy work?

09:01 What’s an example of how someone would describe their financial situation?

11:53 Advice for couples dealing with difficult financial decisions

17:00 Client trends in financial therapy

17:37 Values and goals

24:13 How many sessions of financial therapy will you need?

Related Links:

Are Debt and Mental Health Connected? Understanding Debt Stress: https://www.hoyes.com/blog/are-debt-and-mental-health-connected-understanding-debt-stress/

About Amanda: https://amandaclayman.com/about

Amanda Clayman Website: https://amandaclayman.com/

Amanda’s Podcast, Emotional Investment: www.Audible.com/emotionalinvestment

Amanda Clayman LinkedIn: https://www.linkedin.com/in/amandaclayman/

Amanda Clayman Twitter: https://twitter.com/mandaclay

Amanda Clayman Instagram: https://www.instagram.com/amandaclayman/

Amanda Clayman Facebook: https://www.facebook.com/AmandaClaymanFinancialTherapy/

Amanda Clayman Pinterest: https://www.pinterest.ca/claymanamanda/

Doug and Ted sit down to chat about the 2024 federal budget. Believe it or not Doug actually read the entire budget! They discuss taxes, what a budget means, making tax filing automatic, government single sign-in portal, reducing CRA call centre wait times, NSF fees, free and affordable bank accounts, cell phone charges, credit reports, and payday loans. They also get into detail about how credit for paying rent will impact Canadians.

Timestamps:

00:00 Documentary announcement

02:37 Why should you care about the Federal budget?

03:00 Taxes

06:28 What is a budget?

08:07 Automatic tax filing for low-income Canadians

10:29 Single sign in portal for government services

11:35 Reduce CRA call centre wait times

12:07 NSF Fees

14:23 Free and affordable bank accounts

17:47 Cell phone fees

18:38 Credit for paying rent

24:12 Credit utilization for rent

26:10 Student housing

27:45 Credit bureaus

29:03 Payday loans

29:55 Final thoughts

Related Links:

Should Rent Be a Part of a Credit Score?: https://www.hoyes.com/blog/should-rent-be-a-part-of-a-credit-score/

Federal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html

TurboTax Personal Tax Calculator: https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp

Bretton Woods and Related Agreements Act: https://laws-lois.justice.gc.ca/eng/acts/b-7/index.html

How much does it cost to own a pet? Join Doug and special guest Maureen Parent as they break down the expenses, from breeder fees to food, vet bills, travel, dental, training, and more! Maureen offers valuable tips for managing your pet's expenses while avoiding debt.

Time Stamps:

00:00 Introduction

02:05 What are the upfront costs of owning a pet?

06:11 The regular costs of owning a pet

16:55 The unexpected costs of owning a pet

20:33 How much does it cost to board your pet?

21:55 Practical advice for owning a pet

24:04 Pet Insurance

25:42 Smaller pets vs. large pets

27:30 Can rescue pets save you money?

27:55 Toy and treat tips to save you money

29:59 Conclusion

Related Links:

The Cost of Dog Parenthood in 2024 - https://www.rover.com/ca/blog/cost-of-dog-parenthood/

Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home. From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out.

Time Stamps:

00:00 Introduction

01:00 Reasons you should own a home

03:38 Is a mortgage a forced savings plan?

06:10 Reasons not to buy a home

06:21 Timing is everything in real estate

08:17 Variable rate interest only mortgage vs. amortization mortgage

12:03 Moving if you own a home vs. if you rent

15:29 Maintenance

18:50 Credit creep

24:11 Practical advice

Related Links:

Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/

Think Twice Before You Get a Home Equity Line of Credit: https://www.hoyes.com/blog/think-twice-before-you-get-a-home-equity-line-of-credit/

Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/