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Content provided by Douglas Hoyes and Doug Hoyes. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Douglas Hoyes and Doug Hoyes or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
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517 – Should you pay off your debt or invest?
Manage episode 430967954 series 117835
Content provided by Douglas Hoyes and Doug Hoyes. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Douglas Hoyes and Doug Hoyes or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
You’ve got some extra cash. Should you pay down debt or invest it? In this episode, Doug and Ted discuss whether to use your extra money to tackle high-interest credit card debt, invest in an RRSP, or pay down a mortgage. They’ll also share their advice on what steps to take if you’re unable to pay off your debt—like turning to a consumer proposal. Tune in to learn how to effectively manage your finances and make the most of your money.
Time Stamps:
00:00 Pay off debt on your credit card
02:53 Pay off debt or put money in an RRSP?
04:54 Pay off your mortgage or invest in an RRSP?
06:16 Investing may be better than paying off debt for first time home buyers
07:03 Investing makes sense when you inherit a lot of money
08:08 RISK
11:42 The smart way to pay off your debt
13:17 Is there an advantage to paying off a secured debt vs an unsecured debt?
16:19 If you can’t pay your debts you can file a consumer proposal
21:29 Receiving a lump sum of money during a consumer proposal
27:18 Final thoughts
Related Links:
Should You Pay Down Debt or Invest in RRSP? - https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/
Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/who-can-file-a-consumer-proposal/
Calculating Payments in a Consumer Proposal - https://www.hoyes.com/blog/calculating-payments-in-a-consumer-proposal-the-last-step/
How to File a Consumer Proposal in Ontario - https://www.hoyes.com/consumer-proposals/filing-consumer-proposal-process/
Consumer Proposal Help When Expecting Lump Sum Payments - https://www.hoyes.com/blog/consumer-proposal-when-lump-sum-payments-received/
Hidden cameras reveal how big banks are upselling you (Marketplace) by CBC - https://youtu.be/htm38oM5WFE?si=jNfQ-euLVoS-p7Sn
Pay Down Debt or Invest Calculator - https://www.getsmarteraboutmoney.ca/calculators/pay-down-debt-or-invest-calculator/
Pay Down Your Mortgage, or Contribute to an RRSP? - https://www.taxtips.ca/rrsp/pay-down-mortgage-or-contribute-to-rrsp.htm
Should You Ever Borrow Money to Invest? - https://youtu.be/XSTycxxd4Zc?si=KODHy7BZ28x52Qc4
523 episodes
Share
Manage episode 430967954 series 117835
Content provided by Douglas Hoyes and Doug Hoyes. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Douglas Hoyes and Doug Hoyes or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
You’ve got some extra cash. Should you pay down debt or invest it? In this episode, Doug and Ted discuss whether to use your extra money to tackle high-interest credit card debt, invest in an RRSP, or pay down a mortgage. They’ll also share their advice on what steps to take if you’re unable to pay off your debt—like turning to a consumer proposal. Tune in to learn how to effectively manage your finances and make the most of your money.
Time Stamps:
00:00 Pay off debt on your credit card
02:53 Pay off debt or put money in an RRSP?
04:54 Pay off your mortgage or invest in an RRSP?
06:16 Investing may be better than paying off debt for first time home buyers
07:03 Investing makes sense when you inherit a lot of money
08:08 RISK
11:42 The smart way to pay off your debt
13:17 Is there an advantage to paying off a secured debt vs an unsecured debt?
16:19 If you can’t pay your debts you can file a consumer proposal
21:29 Receiving a lump sum of money during a consumer proposal
27:18 Final thoughts
Related Links:
Should You Pay Down Debt or Invest in RRSP? - https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/
Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/who-can-file-a-consumer-proposal/
Calculating Payments in a Consumer Proposal - https://www.hoyes.com/blog/calculating-payments-in-a-consumer-proposal-the-last-step/
How to File a Consumer Proposal in Ontario - https://www.hoyes.com/consumer-proposals/filing-consumer-proposal-process/
Consumer Proposal Help When Expecting Lump Sum Payments - https://www.hoyes.com/blog/consumer-proposal-when-lump-sum-payments-received/
Hidden cameras reveal how big banks are upselling you (Marketplace) by CBC - https://youtu.be/htm38oM5WFE?si=jNfQ-euLVoS-p7Sn
Pay Down Debt or Invest Calculator - https://www.getsmarteraboutmoney.ca/calculators/pay-down-debt-or-invest-calculator/
Pay Down Your Mortgage, or Contribute to an RRSP? - https://www.taxtips.ca/rrsp/pay-down-mortgage-or-contribute-to-rrsp.htm
Should You Ever Borrow Money to Invest? - https://youtu.be/XSTycxxd4Zc?si=KODHy7BZ28x52Qc4
523 episodes
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Similar to Debt Free in 30
Bitcoin pioneer Charlie Shrem peels back the layers on the lives and backgrounds of the world's most impactful innovators. Centering around intimate narratives, Shrem uncovers a detailed, previously unspoken story of the genesis and evolution of bitcoin, cryptocurrency, artificial intelligence, and the web3 movements. Join Shrem as he journeys through the uncharted territories of tech revolutions, revealing the human side of the stories that shaped the digital world we live in today.
…
continue reading
The Village Global podcast takes you inside the world of venture capital and technology, featuring enlightening interviews with entrepreneurs, investors and tech industry leaders. Learn more at www.villageglobal.vc.
…
continue reading
A personal finance and investing podcast on money, how it works, how to invest it and how to live without worrying about it. J. David Stein is a former Chief Investment Strategist and money manager. For close to two decades, he has been teaching individuals and institutions how to invest and handle their finances in ways that are simple to understand. More info at moneyfortherestofus.com
…
continue reading
Best friends Joel and Matt are the co-hosts of How to Money which is all about providing the knowledge & tools that normal folks need to thrive in areas like debt payoff, DIY investing, and crucial money tricks that will provide continuous help along your journey. We believe that access to unbiased and jargon-free personal finance guidance is more necessary than ever before. When you handle your money in a purposeful, thoughtful way that works for your lifestyle, you can really start living ...
…
continue reading
Save more and spend less is more than just a motto for money expert Clark Howard; it’s a way of life. Clark and his crew — Team Clark — are on a mission to empower people to take control of their personal finances by providing money-saving tips, consumer advice, hot deals and economic news to help everyone achieve financial freedom. Clark is a nationally syndicated radio talk show host and a consumer reporter for television stations around the country. His podcast, The Clark Howard Show, rec ...
…
continue reading
Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, George Kamel, Jade Warshaw, and Dr. John Delony.
…
continue reading
Named 2023 Best Personal Finance podcast by Bankrate.com, The Stacking Benjamins Show has a light and friendly tone. Hosts Joe Saul-Sehy and OG aim to make financial literacy fun for all as they sit around the card table in Joe's Mom's half-finished basement and talk with experts about personal finance, saving, investing, and important money trends. As Fast Company once wrote, the Stacking Benjamins podcast "strikes a great balance of fun and functional." So join Joe and OG every Monday, Wed ...
…
continue reading
A bootstrappers podcast for founders, entrepreneurs, visionaries and dreamers who are building businesses from the ground up without the taking on debt or selling equity. Here we cover marketing, sales, organization and mindset issues that matter to you
…
continue reading
Bloomberg Radio host Barry Ritholtz has in-depth discussions with the people and ideas that shape markets, investing and business.
…
continue reading
A weekly roundup of the most important stories from the worlds of business and finance, hosted by Felix Salmon. Want more Slate Money? Subscribe to Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. Subscribe now on Apple Podcasts by clicking “Try Free” at the top of our show page. Or, visit https://slate.com/moneyplus to get access wherever you listen.
…
continue reading
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