482 –  Setting Yourself Up for Success in 2024 with an Annual Financial Checkup!

482 – Setting Yourself Up for Success in 2024 with an Annual Financial Checkup!

Author: Doug Hoyes November 25, 2023 Duration: 30:58

In this episode, Doug Hoyes is joined by Ted Michalos as they discuss the importance of doing an annual financial checkup.  Doug explains the importance of having a plan and touches on various topics such as updating your will, insurance, investments, bank accounts, taxes, passwords, and debt.  Now is the time to review your finances and make a plan for the new year so you can set yourself up for success!

Time Stamps

 

00:00 Introduction

01:20 Self Assessment

02:03 Review and Update Your Will

02:57 Power of Attorney for Personal Care & Power of Attorney Over Property

04:18 Insurance

04:24 Life Insurance

05:16 Term Insurance

06:15 Mortgage Insurance vs. Life Insurance

08:15 Medical/Disability Insurance

09:23 Asset Insurance (Car Insurance, Homeowners Insurance)

10:31 Credit Insurance

11:32 Investments

11:39 Do Investments Still Make Sense?

13:53 Bank Accounts

14:41 Should You Have More Than One Bank Account?

18:30 Big Banks vs. Virtual Banks Interest Rates and Fees

23:41 Should You Reconcile Your Bank Account?

25:36 Passwords

26:30 Taxes

26:58 Debt – Make a Plan

Related Links:

Why You Should Bank at More Than One Bank

https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/

Why Do I Need To Switch Banks? I Love My Bank.

https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/

 

How to Open a New Bank Account For A Bankruptcy or Consumer Proposal

https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/

RRSP, Registered Savings Accounts and Bankruptcy Laws

https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/

 

Power of Attorney: Can I Deal With My Parents' Debts?

 https://www.hoyes.com/blog/power-of-attorney-parents-debts/

Income Taxes and Bankruptcy – What You Need to Know

https://www.hoyes.com/blog/income-taxes-and-bankruptcy-what-you-need-to-know/

Crushing Debt. Why Canadians Should Drop Everything and Pay Off Debt

https://www.hoyes.com/blog/crushing-debt-why-canadians-should-drop-everything-and-pay-off-debt/

What is a Debt Free in 30 Debt Assessment?

https://www.hoyes.com/about-hoyes-michalos/debt-free-in-30/


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
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