563 – Debt: The New Normal? Comparing Boomer and Millennial Mindsets

563 – Debt: The New Normal? Comparing Boomer and Millennial Mindsets

Author: Doug Hoyes June 14, 2025 Duration: 30:37

Boomer budgeting tips collide with millennial money challenges in this candid conversation about debt, savings, housing costs, and the rise of gig-work income. Whether saving for a first home or paying off old credit cards, this episode bridges the generation gap with actionable insights for any age, complete with tried-and-true tactics Boomers still swear by, tech-savvy hacks Millennials can't live without.


0:00 - Do Boomers Have It Easier? Debunking Generational Money Myths
3:10 - Why Millennials Lead Insolvency Filings & Credit-Card Debt
6:00 - "Credential Creep": Rising Education Costs and Student Loans
9:00 - Buying a Home: 1980s Down Payment vs. 2020s Reality
13:00 - Starting Adulthood in Debt: How Timing Shapes Finances
16:00 - Shifting Attitudes: From Debt-Free Dreams to "Normal" Borrowing
18:00 - Gig Economy 101: Income Streams Boomers Never Faced
19:30 - Interest-Rate Shocks: Then (18%) vs. Now (Variable & Rising)
22:00 - 31 Flavours of Credit: BNPL, Lines of Credit, & More
25:00 - Boomer Money Rules That Still Work Today
28:00 - Reverse Mentorship: What Millennials Can Teach Boomers

Joe Debtor Study
https://hoyes.info/joe-debtor-study

Student Loan Debt Help Ontario
https://hoyes.info/student-loan-rules-ontario

Free
Credit Rebuilding Course and learning resources
https://hoyes.info/credit-rebuilding-course-free

Sign Up For The Monthly Debt Free Digest
https://hoyes.info/newsletter

Check out our other YouTube Channel: @hoyesmichalos
 https://www.youtube.com/@hoyesmichalos



Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.


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: 100

Debt Free in 30
Podcast Episodes
596 – What To Do First When You're Behind On Bills [not-audio_url] [/not-audio_url]

Duration: 30:55
Behind on bills and not sure where to start? If money is tight and payments are stacking up, this episode gives you a clear starting point. Doug Hoyes and Licensed Insolvency Trustee Maureen Parent break down what to pri…
594 – Why Even High-Income Earners Struggle with Debt [not-audio_url] [/not-audio_url]

Duration: 30:17
More and more high-income Canadians are finding themselves under financial pressure. Doug Hoyes and Ted Michalos examine the shift they are seeing firsthand and challenge some common assumptions about who struggles with…
590 – Will Your Investments Survive Serious Debt? [not-audio_url] [/not-audio_url]

Duration: 29:52
If you're carrying serious debt but also have money in an RRSP, TFSA, or other investments, one of the biggest fears is this: Will I lose everything if I get help? Doug Hoyes and Ted Michalos, Licensed Insolvency Trustee…
588 – Are You Financially Fit Enough to Invest? [not-audio_url] [/not-audio_url]

Duration: 32:17
Start investing because your numbers say "go," not because the internet says "now." This episode will remove the guesswork from entering the world of investing and provide a straightforward way for you to judge your read…