567 – How to Financially Prepare for Canada's Recession

567 – How to Financially Prepare for Canada's Recession

Author: Doug Hoyes July 12, 2025 Duration: 30:21

Don't just brace for a recession, prepare to come out stronger. This conversation is about turning Canada's economic uncertainty into an opportunity for financial growth (or, at least, stability). We'll equip you with proactive strategies for managing debt, finding new income streams, and building a mindset of resilience.

Learn how to take decisive control of your financial future, no matter what the economy throws at you.


(00:00) – Prediction: How We Knew a Recession Was Coming 

(02:30) – Rising Costs & Reduced Work Hours Impacting Households 

(04:00) – Forecast: Hitting Recession Thresholds by End of Summer 

(05:30) – Managing Money vs. Managing Debt: Good Times vs. Bad 

(07:45) – First Steps When You Feel Financial Pressure 

(11:00) – Side Hustles 101: Pros & Cons of Supplemental Income 

(14:00) – Leveraging Networks & Community Support 

(15:45) – How to Start (and Grow) an Emergency Fund 

(18:00) – Recession-Proofing Strategies for Homeowners 

(19:15) – Top Tips for Canadians in Debt as Recession Hits 

(27:00) – Building Mental Resilience & Setting Realistic Goals 

Reducing Tax Debt in Ontario

Planning For Retirement When You Have Debt


Why You Absolutely Need An Emergency Fund

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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
545 – Why We Overspend and How to Break Bad Money Habits [not-audio_url] [/not-audio_url]

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544 – The Truth About Loans Impacting Your Credit Score [not-audio_url] [/not-audio_url]

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More credit means a higher score, right? Not exactly. #debtfreein30 Many assume more loans and higher credit means a higher score, but the reality is more complex. Doug Hoyes and Ted Michalos break down how multiple loan…
543 – How to Avoid Debt Traps: Expert Tips for Canadians [not-audio_url] [/not-audio_url]

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542 – The Truth of Credit Card Rewards – They're Costing You [not-audio_url] [/not-audio_url]

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541 – A House Is Not an Investment If You Can't Afford It [not-audio_url] [/not-audio_url]

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Real estate is often seen as the ultimate investment, but is it really? Doug and Ted discuss the financial realities of homeownership, from the hidden costs of maintenance and repairs to the risks of negative equity, pre…
540 – How the New Criminal Interest Rate Affects You [not-audio_url] [/not-audio_url]

Duration: 31:48
It's crucial to stay informed about the recent revision to the criminal interest rate cap, effective January 1, 2025. How will Canadians be impacted? Doug and Ted provide insight into potential lending trends, emerging m…
539 – Canadian Insolvency and Economic Trends in 2025 [not-audio_url] [/not-audio_url]

Duration: 31:37
As 2024 comes to an end, Doug Hoyes and Ted Michalos revisit their past predictions to see what they nailed—and what surprised them. They cover everything from inflation and insolvency to unemployment and real estate and…
537 – The True Cost of Borrowing [not-audio_url] [/not-audio_url]

Duration: 31:36
Have you ever stopped to consider the real costs—and sacrifices—of borrowing someone else's money? Whether it's a mortgage, car loan, or another form of financing, the hidden fees, penalties, and long-term credit impacts…
536 – How to Handle Maxed-Out Credit Cards [not-audio_url] [/not-audio_url]

Duration: 31:38
Is the thought of maxed-out credit cards keeping you up at night? This guide unpacks the pitfalls of credit card debt and offers clear strategies to break free from the cycle. Doug Hoyes and Ted Michalos discuss why your…