Show #17 - Year End Wrap Up Show with Dr. Lee Anne Davies, Gail Vaz-Oxlade, and Ted Michalos
On our final show for 2014 we review why we started this podcast, and hear advice from some of our most popular guests.
Why Are We Doing This Podcast
My business partner, Ted Michalos talked about how 11 percent of Canadians are going to experience insolvency in their life. His concern is that people don't like to talk about their financial problems and that is part of the problem.
We don’t talk to people about how much we save, how much we spend .. No one wants to tell you what their financial position really is.
Instead we see what people have -- so we end up trying to keep up with the Jones' when in reality the Jones' are deep in debt.
Seniors Running Into Debt Problems
We also talked this year with Dr. Lee Ann Davies, an expert on money and aging. Dr. Davies is concerned about the lack of knowledge among seniors and how it affects their finances.
Just because you’re older doesn’t mean you know everything there is to know about money, so you have to be extra careful when making financial decisions.
We talked about how seniors need to be extra careful when it comes to financial scams and just as careful about co-signing debt or loaning money to their children.
Gail's Advice -- You're Responsible
In our podcast with Gail Vaz-Oxlade she had one over-riding theme -- you need to be in charge.
Gail explained how the credit scoring system is for the benefit of lenders, not the borrowers and that a smart borrower doesn't chase a high credit score just because.
Don’t go out and get five credit cards because that’ll make your credit score better, get however many you need for yourself.
Your decisions around debt should be based on what's best for you, not what the bank wants.
Ellen Roseman on Financial Literacy
Back in November we did a series of podcasts around financial literacy to celebrate Financial Literacy Month. One of our guests was Ellen Roseman, columnist at the Toronto Star and author of several books on personal finance.
Ellen's take on financial literacy was that everyone has some form of bias and that there are a lot of 'truths' out there. Her advice, which I fully agree with, is that you need to be a skeptic and do your own research.
There are too many people in the financial literacy education game who are biased and people have a lot of trust in the banks.
That's a short highlight of some of our Debt Free in 30 podcasts this past year. We look forward to bringing you more practical tips and advice from a variety of experts in 2015.
Click here for a full transcript of Show 17 - 2014 Year End Wrap Up Show