This episode of the More Money Podcast is sponsored by the PolicyMe. Looking to get some term life insurance and want to make sure you get the right policy, with the right insurance provider, for the best price? PolicyMe is a new Canadian online insurance brokerage who can help you with that. Visit them at policyme.com to learn more.
It’s been way too long since I first had Doug Hoyes, licensed insolvency trustee and co-founder of Hoyes Michalos, on the show! I’m talking years! He was first on the show to talk about consumer proposals and bankruptcies back in May 2016 for episode 49, and he’s back to talk about things to consider if you’re dealing with mounting debt during this pandemic.
Not only that, but he is now also an author with his book Straight Talk on Your Money, which we also discuss in this episode. What I enjoyed most about his book is his very unique perspective on some of the money myths or traditional financial advice we’ve all heard over the years. Since Doug has worked with a number of clients over the course of his career, he has seen almost every situation possible first-hand. If you haven’t read it yet, I’d highly recommend it.
There are some great sections on day-to-day money management and dealing with debt that I found so different in their take. For instance, a common piece of financial advice is to pay off either your most expensive debt or your smallest debt first. But maybe the best route to take is to pay off your callable or secured debts first since those debts are linked to assets that can be taken away.
Follow Doug Hoyes
Doug Hoyes is a licensed insolvency trustee, co-founder of Hoyes Michalos, host of the Debt Free in 30 Podcast, and author of Straight Talk on Your Money. To learn more about his work and his tips to manage debt, follow him below!
Grab a Copy of Doug’s Book
- Straight Talk on Your Money: The Biggest Financial Myths and Mistakes…and How to Avoid Them Kindle Edition
Looking for Financial Help?
Looking for some financial help during these tough and uncertain times? I’m currently opening up slots to my financial counseling program, and have just reduced the prices on all my online courses to make the more accessible. Moreover, I’ve just opened up a scholarship program so if you still want to enroll but can’t currently afford to, you can apply for a scholarship here.