Debt Free in 30

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!

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.

My guest today is Hilliard Macbeth, an investment portfolio manager and author of When the Bubble Bursts: Surviving the Canadian Real Estate Crash. When Mr. Macbeth first appeared on this podcast just over 3 years ago we discussed his prediction that the real estate bubble would burst. My first question to him today: did it? Was your prediction wrong? We also discuss how money is actually created (it's not how you think) and how banks and faulty economic thinking have contributed to our massive levels of debt. He's got advice if you are thinking of buying a home, so this is a "must listen" episode.

Even though the economy appears to still be in good shape, our stress levels are very high. Why? On today's show I explain that everyone isn't benefitting from the good economy; the cost of living is high; we have longer commutes to work; we are carrying more debt and we use debt to survive. I provide my advice on how to deal with high stress in today's stressful world.

You've heard of the five stages of grief; today Scott Terrio returns to discuss the 5 stages of debt, with examples from the people we meet with every day. Stage 3 (Bargaining) is where we can make the most mistakes; stage 4 (depression) is where most people are when they reach out for help, and stage 5 (acceptance) is the most important stage to get a fresh start. Lots of client anecdotes on today's show!

Today on the podcast we have a first time guest, Danielle Park, a Chartered Financial Analyst and the President and co-founder of Venable Park Investment Counsel Inc., a money management firm. In her book, Juggling Dynamite, she accurately describes the risk of excessive debt, and she says that she has come to "see credit and prescription drugs as some of the great ironies of our time." On today's show Danielle explains why saving money is more important than making money, the importance of liquidity, and how to build wealth in a challenging world.

For the average Canadian family, their largest monthly expense is their rent or mortgage payment, and unless they have a very expensive car, their second biggest expense is often food. If you have a limited income, how can you manage your food budget effectively? Is it possible eat healthy without breaking the bank? On today's show we welcome Heidi Pola, a Registered Dietitian who gives practical advice on how to eat healthy and save money.

You've got debt, you think you might need to file a consumer proposal or go bankrupt, but you're worried, because you travel for your job, or you have a family vacation booked, and you are worried that if you are bankrupt you may get stopped at the border. Is that a thing? Can you travel while you are bankrupt? That's today's question here on Debt Free in 30, so to discuss it I'm joined by Ian Martin, a Licensed Insolvency Trustee with Hoyes Michalos here in Kitchener.

When I ask my clients "what happened; how did you get into so much debt?", they tell me that the credit card company offered them a credit limit increase on their credit card, so they took it. Or, they offered me a line of credit, so I took it. Makes sense; if someone offers you something, you take it. But is it always a good idea? What should you watch out for? So today on Debt Free in 30 I've invited back Diane Cunha, who was with us back on show 235 when we talked about credit cards; today we'll have a discussion about the pros and cons of pre-approved credit limit increases and lines of credit. I'm going to explain why conventional wisdom says they are a good idea, and Diane will explain why the conventional wisdom is often wrong.

When Sears went bankrupt and the employees discovered they wouldn't get their full pensions, there was an understandable outcry, and many people has said that the solution is to make pensions the first creditor to be paid in a bankruptcy, ahead of the banks. That sounds good, but that policy may cause some unintended consequences that hurt workers, as we explain on today's podcast, and we offer some other solutions to this very serious problem.

Debts arising from the failure of a business is a common reason that someone may have to file a personal bankruptcy. That's not surprising; you borrow money personally to invest in a business, it doesn't work out, you're left with the debt, so you file bankruptcy. I've personally done hundreds of bankruptcies that were the result of a business failure. So what can you do to reduce the chance of business failure? Or stated with a more positive perspective, what can you do to make your business a success? That's the question I'll answer on today's edition of Debt Free in 30, where we'll tell you the 6 Skills You need to be successful in business.

There is a lot of bad credit and debt advice out there. We see it on YouTube, and Twitter, and Reddit, and in personal finance blogs. And it seems that one of the most popular areas to give bad advice is on how to improve your credit score. So, today, Scott Terrio and I are going to share and debunk the bad advice you can get on the internet for improving your credit score. Some of the bad advice we discuss: Raise your credit limit Have many credit cards Have a 30% utilization on all of your credit cards Don't pay off your credit cards early Show credit growth – get a new card every few months Take out longer loans Start getting credit cards as a student

Getting a copy of your credit report and credit score for free, from one of those "credit monitoring" services, can be very expensive. On today's show I rant about why I don't like those services, and I give practical advice on how and when to monitor your credit score.

Today's episode is a quick "Technical Tidbits" edition where we answer one question from our listeners. The short answer is yes, it is possible for a collection agency to take you to court, but it's not a common occurrence. We explain when they are most likely to take you to court, and what your option are if they do.

On today's show we discuss the proposed changes in the federal budget, including help for new home buyers, and explore whether or not these changes will actually help millennials and others.

Every year, we analyze information we collect about our clients to develop an updated profile of the average person filing insolvency. We call this person Joe Debtor. As the economy changes, so too does Joe Debtor. In 2014/2015 we warned that we were seeing an increase in the number of seniors filing bankruptcy. In 2017 we highlighted that, despite a robust economy, we were leaving people behind who were struggling on a lower than average household income and becoming insolvent because they were relying on debt to make ends meet. In 2018 we continued to raise concerns about the payday loan crisis facing heavily indebted borrowers. While some of those trends continued our recent Joe Debtor study, completed in 2019 based on 2018 insolvencies with our firm, highlighted the plight felt by Millennials. They are the fastest growing cohort filing insolvency. And it's not just that they are aging in - they are dealing with more debt at a younger age than any previous generation. They are filing bankruptcy at a rate that far outstrips their entry into the working world. I talk with Hoyes Michalos co-founder Ted Michalos as we explore reasons why Millennials are struggling with debt repayment and why they are filing a bankruptcy or consumer proposal so soon.

Budgeting for bill payments and saving can be a straightforward process when you have a regular, consistent paycheque. But how do you stay on top of your finances when your income differs from one month to the next? What if you're just not someone who can follow traditional financial planning? Enter Chris Enns. Chris 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 he gives practical advice on how to manage money, even if you think of yourself as a money misfit.

In over 20 years 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? Today 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, 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.

Many people we meet are surprised to find themselves so far behind financially they can no longer pay their bills. The problem with debt is that it creeps up on us slowly. Today we are going to take a lesson from the business world and apply it to personal finance. Businesses use financial ratio analysis all the time to assess their financial risks. Today we are going to look at 4 personal financial ratios that can help you measure your debt risk and determine some financial priorities.

Whether you are a borrower or a beginning saver, the best way to beat the bank at its own game is to learn some basics so you can make a better decision. I talk with Larry Bates, author of Beat the Bank, as he shares tips for outsmarting financial institutions and keeping the most of your hard-earned money in your own pocket rather than the bank's. One of Larry's biggest messages is that if you understand the cost or fee structure of the financial products you are using, you can choose options that lower that cost. By keeping more of your money, each and every year, these seemingly small savings build up over time and can have a significant impact on your long term finances. All that and more on today's show.

A debt collector does just what the name suggests: they collect on unpaid debt. They won't review all your debt relief options with you or give you a plan that makes debt repayment realistic and affordable. Their only goal is to recover as much debt for the creditor as possible. That's how their business makes money. You might be shocked to learn that some big not-for-profit credit counselling agencies are now operating the same way. In fact, they are registered with the Ontario government as debt collection agencies. Credit counselling agencies have changed. Many are no longer registered charities. Credit counselling agencies don't do a lot of budgeting or actual in person counselling anymore either. Credit counselling organizations in Canada today are often big, national call centers. Now when you call a credit counselling call centre, you may be sold a debt management plan (DMP), where you repay 100% of the debts you owe, but with a lowered interest rate. Credit counselling companies sell this regardless of whether that's the right course of action for you because they are sponsored by financial institutions to do so. We take a deep look at why not-for-profit credit counselling agencies have become nothing more than debt collectors. We also examine the implications for you as a debtor in need of help. But it's not all bad news: We believe that there is a very important role that not-for-profit credit counsellors can play in helping Canadians with money problems, so we end the show by laying out our solutions and recommendations.

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. I talk with Scott Terrio and he shares why you need to think twice before signing up for a home equity line of credit.

If you can sell your assets, pay the taxes (there's a tax hit when you cash in an RRSP), and have enough to pay off your debts, it may make sense to sell your assets to pay off your debt. But, if your assets won't cover your debts in full, there may be a better option. On today's podcast we discuss how to determine if selling assets is a good debt reduction strategy.

Whether your inheritance is included in a bankruptcy depends entirely on when you become entitled to receive the proceeds. As this is a complex issue, I talk with Ted Michalos and we take a detailed look at bankruptcy implications for inheritances. While we discuss inheritances and bankruptcy specifically in this podcast, the advice applies to virtually any cash windfall including a cash gift, work bonus or lottery winnings.

The best way to control your auto expenses is to buy a car you can afford. This keeps your monthly car loan payments low (since you borrow less) and ensures that you don't over-finance. But how do you buy an affordable car that fits within your budget? Should you buy new or used? If it's used, how can you know it's reliable? Enter Scott Marshall. With 30 years of experience in the driver training industry, he shares his first-hand knowledge of how to make car ownership affordable. He also suggests that there is a correlation between safe driving and saving money. 8 Ways to Make Car Ownership Affordable Scott shares the following tips for successfully keeping your car buying costs low: Buy used. According to Scott, a used car is a great way to achieve affordability. A used vehicle can be reliable if you're strategic in your purchase and maintain your car well. Buy a car that's only 3 or 4 years old. Your car will still be very close to the most modern vehicle, but at only 60% of the cost. Don't worry about newer features because the most important ones (anti-lock brakes, electronic stability control, and airbags) are all standard anyway. Buy from a credible dealer. Browse websites like Auto Trader, where you can find a car that is certified pre-owned, meaning it's backed by the original manufacturer. That also means it's been through rigorous inspection. Save on insurance proactively. Your insurance payments depend partly on the type of car you buy. Minimize these monthly costs by asking your insurance company how much your payments will be based on vehicle models. Test-drive more than one car. Don't give up if you're unhappy with your first test-drive. If you've found a model that fits your budget, test multiple cars. They will each drive differently, even if they're the same make. Save money on tires by alternating them. Scott suggests buying winter tires in the colder months to replace your all-seasons. Even at a temperature of plus 7 degrees Celsius, all-season tires will harden and wear more quickly. By investing in winter tires, you can extend the life of your all-seasons by 3 or 4 more years, saving you a lot of money in the future. Consider getting a CAA membership. CAA memberships cost less than $80 a year. While this still sounds like an added expense, it saves you hundreds of dollars on a towing service in the event of a roadside emergency. Determine the kind of car you'll need 5 years from now. Think carefully before you buy your vehicle. If you think you'll need a bigger car in the future, don't buy a smaller one now. You'll save a lot more money because you'll avoid rolling over auto loans and risking financial trouble.

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 today's podcast. Listen or read the transcript below. This is our first episode of 2019, and I've got a question for you: how did you do with your New Year's resolutions last year? How are you doing with your New Year's resolutions this year? If you're like many people, you've probably already given up. 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.

It's been a long time coming, longer than Ted Michalos and I predicted in our past year-in-review podcasts. We predicted that 2014 and 2015 consumer insolvencies would remain flat, and they did. However, last year, we predicted that the seeds of a debt crisis had been planted, and we fully expected consumer insolvencies to begin to rise. And they did, albeit not until the end of the year. As of October 2018, year-to-date Ontario bankruptcies and consumer proposal volumes were up 0.6%. That growth came mostly in the latter part of the year, with 5 of the previous 7 months showing year-over-year. We believe a consumer debt crisis will hit us in 2019; on today's show we analyze the numbers, and give you our predictions for 2019.

If you just earned a bonus from your employer or received an unexpected sum of money, how should you use that bonus if you also have debt? On today's show we talk with Scott Terrio and we outline what to prioritize to get the most bang for your buck. We also take a look at common mistakes people make when they receive a surprise lump sum of money and discuss the impact a bonus can have on a bankruptcy filing.

Financial technology, or fin-tech, has come a long way. Much more than just a budgeting app, now you can do your banking, money management, investing and even borrowing, online. In addition to apps, fin-tech companies are following the chatbot trend. On today's show I talk with Alan Whitton, (known as the Big Cajun Man), who has spent 35 years working in the tech industry, about whether chatbots are good for us financially and security issues around fin-tech in general. Alan interestingly points out that there isn't a lot of fin-tech companies helping people get out of debt. Most fin-tech companies go where the big money is - and that's selling new stuff. There are very few apps that tell you to prioritize savings, create an emergency fund, or pay off debt. Instead, we hear about robo-investors and companies like Borrowell that make a lot of money offering 'free' credit scores to entice you to borrow more. Are chatbots just a sales pitch, or can they really help us? Tune in for more on today's show.

When you have debt, Christmas is a stressful time. With pressure to spend on family, friends, co-workers, and maybe even your barber, the season turns into more of a financial burden than a time to be merry. And even though you want to give, your budget is limited. Is it possible to say no to holiday spending without feeling guilty? Actually, it is. It's all in your approach. On today's show I talk with Lisa Orr, an etiquette and protocol consultant, and we take a look at how to navigate the holiday season without awkwardness and forced overspending. Lisa also shares etiquette advice on common and sometimes uncomfortable spending scenarios like charitable donations, tipping, and re-gifting.

The death of a spouse and divorce bring an emotional burden, but sadly such catastrophic events also create financial consequences. In fact, the death of a spouse or divorce are both common reasons why people file bankruptcy. Without proper financial planning, people can find themselves unable to cope with existing debt and often take on new debt to pay the bills. Doris Belland, our guest today was left with $400,000 in debt after the death of her spouse. After struggling to repay that debt and rebuild her finances, she embarked on a mission to learn more about how to cope financially with a traumatic event like a death or divorce and now works as a financial literacy educator to help people be prepared when it comes to money. On today's podcast Doris shares her advice that is good for anyone struggling with debt or who want to be prepared financially for any unexpected life event including job loss, illness, divorce or the death of a spouse.

If you are out of work or laid-off and need to upgrade your skills to improve your employment potential, how can you do this without incurring more debt? The Ontario government has a Second Career program that offers financial support to retrain for in-demand jobs for those who qualify. On today's show we talk with David Shumaker, an employment counsellor at The Working Centre in Kitchener, where he coaches program applicants through the process. We look at how Second Career works and provide advice on how to manage debt while you are retraining.

Indebted Canadians pay at least $24 million a year for what is often unnecessary debt advice. How does this happen? Well, when you have overwhelming debt, you're not just thinking about the money. There's also an emotional element: You're stressed, anxious, and worried about your future. Enter unlicensed debt consultants. They know that you fear going bankrupt, or even talking with a bankruptcy trustee. They take advantage of your vulnerability and offer you a comforting sales pitch about how they can get you a better plan to eliminate your debt. In the end, they do nothing except refer you to a Licensed Insolvency Trustee for a consumer proposal. But before they do, they also have you sign a contract to pay them thousands of dollars in fees for that referral. On today's podcast, we get some insight from our special guest who experienced this exact scenario and explain how you can avoid falling into this same trap.

Being injured or in an accident can have broad reaching financial implications. In addition to the costs of care, you can lose income if you are off work and may incur additional legal costs. Finding ways to recover some of those expenses can help you avoid the debt problems that can occur after an injury. Our guest, personal injury lawyer Lisa Morell, explains when you might want to talk to a personal injury lawyer to review your benefit options.

This year marks the 8th Financial Literacy Month in Canada, which begs the question: has our financial literacy improved in eight years? Total household debt is at record highs while personal savings rates are at record lows. I'd say that's evidence that the program is not meeting its core objectives. On today's show we ask the question: "Can the government even teach Canadians to take better control of their finances and if not, what does it really take to become financially literate?" The cost of not developing some understanding of what impacts your finances is high. Credit is much more accessible than ever before. Corporate pension plans and job security are a thing of the past. An explosion of financial advisors and the introduction of technology and new products are making the world of personal finance more complex. Unfortunately, an annual government awareness program and a few tweets here and there is not going to stem this tide. It's up to you to take charge. To be considered truly 'financially literate,' there are three areas in which you should be highly proficient: Technical knowledge Self-knowledge "Other Guy" knowledge What are these three prongs of financial literacy? Ted Michalos and Doug Hoyes explain on today's podcast.

Whether you are about to start your post-secondary education, start a family, or are headed for retirement, debt problems can happen at any age. While the average person who files for bankruptcy in Canada is in their mid-40s, Hoyes Michalos has filed bankruptcy for people as young as 18 and as old as 93. Avoiding bankruptcy means taking charge of your debt choices at each of these milestones and being prepared to handle any challenges that occur along the way. On today's podcast we explain why you want to avoid debt at every age.

If you owe a debt in Canada, but live elsewhere in the world, should you ignore past due Canadian debts you can't afford to pay, or can you file bankruptcy in Canada when living abroad? As the Licensed Insolvency Trustee in charge of our Windsor office, Rebecca Martyn deals with a lot of cross-border consumer insolvency questions and is often contacted by Canadians living across the border who receive multiple creditor calls a day on their Canadian debts. Rebecca explains the requirements for filing a Canadian bankruptcy when living in the United States, the principles of which apply to those living in any country outside of Canada.

The use of computer technology to manage money continues to explode across the financial services industry. Enter the robo-planner. The question is can an online computer platform help answer common financial questions like should you invest in an RRSP or TFSA, or should you pay off your mortgage sooner? Today we talk about the use and potential benefit of robo-planners with Rona Birenbaum of Viviplan, a new Canadian robo-planning website. Robo-planning vs robo-investing A robo-planner provides access to unbiased financial planning advice through an online platform, replacing much of the face-to-face engagement involved in working with an individual to create a personal financial plan. A robo-planner differs from a robo-advisor, which uses online technology to help you choose and manage your investments. While the terms robo-advisor and robo-planner are often used interchangeably, according to Rona, they don't provide the same service. A robo-advisor's primary aim is to gather assets. It focuses on your investments, not on delivering customized advice like whether you should buy instead of rent or how to prepare for retirement, for example. On today's show we discuss using a robo-planner, and how robo-planning can help you deal with your debt.

A joint bank account is an account that allows two or more parties to each deposit, withdraw and manage funds in the account. Whether or not it's a good idea to get a joint account with your spouse, a friend or any family member depends on your personal situation. On today's show, with guest Ted Michalos, we take a look at the different types of joint accounts, their pros and cons, how they are treated in an insolvency filing, and help you decide whether you should or shouldn't get a joint account.

Current regulations allow financial advisors to sell products like mutual funds and give the appearance that they are giving you financial advice that fits your situation. The problem is embedded advisors, like those at your friendly neighbourhood bank, are paid on a commission matrix that rewards sales. That means you don't really know if you are paying for the product or for good advice. So when should you pay a professional for investment advice who isn't going to try and sell you a product? Our guest today, Sandi Martin, an advice only Certified Financial Planner with Spring Financial Planning, calls this being 'solution agnostic'. With Sandi's help, we outline when you can benefit from hiring a financial planner.