- Hoyes, Michalos & Associates Inc.Co-Founder, 1999 - presentIn addition to meeting with people in financial trouble, Douglas is a frequent writer and speaker, working to educate Canadians on all of their debt management options.
- KPMGSenior Manager, 1987 - 1997
- PricewaterhouseCoopersSenior Manager, 1997 - 1998
310-PLAN, 1-866-747-0660 ext 4020
Douglas is an expert in all aspects of debt management, including money management, budgeting, credit counselling, consumer proposals and personal bankruptcy.
- University of TorontoCommerce & Economics Specialist, 1983 - 1987
- Institute of Chartered Accountants of OntarioChartered Accountant, 1989
- Canadian Association of Insolvency and Restructuring ProfessionalsChartered Insolvency and Restructuring Professional, 1994
- Government of CanadaTrustee in Bankruptcy, 1995Licensed by the government of Canada to act as a trustee in bankruptcy and a consumer proposal administrator.
- Hoyes.com (current)
- Huffington Post (current)
- Bankruptcy Brantford (current)
- Consumer Proposal Cambridge (current)
- Consumer Proposal Brantford (current)
- Consumer Proposals.org (current)
- Bankruptcy Cambridge (current)
- Bankruptcy Canada (current)
- Moneyproblems.ca (current)
- Bankruptcy Toronto (current)
- Bankruptcy Ontario (current)
- Bankruptcy St. Catharines (current)
- Bankruptcy Hamilton (current)
- First Foundation (current)
Did my first run today with my new Life Beam hat. It was awesome.
On my long weekend runs my goal is to run "aerobically", which for me means very slow, and the only way I know I am running slow enough is to monitor my heart rate. I follow the Maffetone method, which in simple terms means running at a heart rate of approximately 180 minus your age (so for me that's around 129 beats per minute, but don't ask me how old I am, since I won't tell you....).
You can read more about Maffetone on his website: http://philmaffetone.com/what-is-the-maffetone-method/
I wear a Garmin 920 XT watch, which connects to a heart rate strap. Heart rate straps are a pain. They have to fit relatively tightly, and on hot days on long runs they start to chafe, which is very annoying.
The Life Beam hat solves that problem, because it has a heart rate monitor built in to the hat. It's an optical sensor that touches your forehead and reads your pulse, and sends it to the battery pack and bluetooth transmitter at the back of the hat. Brilliant.
It took a few seconds to pair it with my Garmin, and I can watch my heart rate without wearing a strap.
I first heard about it on the podcast; you can buy it through a link on their website, which also gives you a discount:
(I get no commission from this; I'm not affiliated with any of them).
After the discount, and with express shipping (2 days) to Canada, and with our weak Canadian dollar, the total cost was $143 Canadian. If you get standard shipping it's cheaper.
My hat is white, but the picture from their website shows where the sensors are positioned. The electronic unit charge lasts for 15 hours of running, and is rechargeable by plugging it into a USB port on your computer.
I did a 2 and a half hour run today and it worked perfectly.
So there you go. If you want a heart rate monitor buy don't want to wear a strap, here's a solution. I wear a hat anyway (it keeps the bugs out of my hair when I'm on the trail, and keeps the sun away), so it was an easy transition for me.
As I said on the show, this is a problem that won't be solved anytime soon. We all have to focus on eliminating debt and saving money while we are working, so that we don't enter retirement with debt.
#debt #bankruptcy #seniors
The is only three weeks away, so I decided I should start training. (Better late then never, but the weather outdoors for the last few months has not exactly been conducive to bike riding, and indoor trainers are boring). I went on my first outdoor ride on my Trek this season. Did 24 km, some of it on portions of the 60 km course.
I remembered that it's a lot easier to ride downhill with the wind than uphill against the wind. My fastest km took 1 minute 30 seconds (average speed 39.6 km/h). My slowest, uphill with the wind in my face, was about 5 minutes. Yikes.
Will be interesting to see the final routes when they are posted, since there is construction on Pinehurst Road near Drumbo Road, and the road is down to one lane, so it may be difficult to use that section of the road on the course (I think the 60, 72, 100 and 160 km routes in the past went through that section, but I could be wrong) unless the construction is finished by ride day.
Given my current state of fitness (not that fit), I may try the 40 km route this year. I've always done the 60 km route, but as I discovered today, most of the course is into the wind. I don't know how that's possible on a point to point course, but every year it seems most of the ride is into the wind, so perhaps I'll try my luck with a different route.
Now all we have to do is hope for good weather.
Today is Talk with Your Kids About Money Day. It's sponsored by BMO, and I have no association with it. Talking with your kids is always a good idea, and money is an important topic, so here's my collection of resources that may help:
discussing how to raise money smart kids: http://www.hoyes.com/blog/the-importance-of-teaching-kids-that-money-matters/
Financially preparing to have a family with http://www.hoyes.com/blog/how-to-prepare-financially-for-maternity-leave/
Debt and Gen Y with from the http://www.hoyes.com/blog/rob-carrick-change-the-way-we-borrow-save/
Pat Foran from with a Young Adults Guide to Personal Finance: http://www.hoyes.com/blog/a-young-adults-guide-to-personal-finance/
#debt #money #TalktoKidsAboutMoney
, a consumer insolvency firm in British Columbia, released a study on consumer debt. Follow the link to read the entire study. There were many interesting aspects, including their findings on the warning signs of debt.
When asked "How did you know your debts were becoming a problem?", 43% said they were getting collection calls, and 65% said they were only making minimum payments. Missing payments and wage garnishments also made the list.
My take-away from this question is that you shouldn't wait until you are getting collection calls to take action. If you are only making the minimum payments you are not dealing with your debt, and the time for action is now.
#debt #statistics #britishcolumbia
In an interview with newretirement.com, I make the point that debt is not something you want to carry with you into retirement. I give some tips, including eliminating high interest credit card debt first, and then working through and eliminating all other debt.
In today's , interviews me for my thoughts on why millenials are a decreasing portion of bankruptcies, while the percentage of seniors filing is increasing. As I stated in the article, with student loan issues and fewer great jobs, it's more difficult for young people to borrow, so they end up with less debt.
That's both good and bad. Time will tell if this trend continues.
The defect for US debt settlement companies is that they can't make creditors accept less than they are owed. A #bankruptcy court can.
On Friday I was interviewed by Amanda Lang on and she asked me how you know when you should file bankruptcy. I discuss many warning signs, but ultimately if you have more debt than you can handle you need to seek professional advice to fully explore all of your options.
In a surprise move today, the Erie Otters hockey team has filed for bankruptcy protection. They are in the USA, so they have filed under Chapter 11. I will review and update as more information becomes available.
In statistics just released by the Office of the Superintendent of Bankruptcy, insolvencies increased in December, and that's the first time that's happened in quite a while.
My guess is that the five year decline in bankruptcy volumes has ended, which is not good news for the Canadian economy.
#debt #bankruptcy #statistics
In an article published today, of the CIBC is quoted as saying that, with interest rates at record lows, and the stock market doing well, you should contribute to your RRSP before paying off debt. His point is that if you have a mortgage at 3%, and are earning more than that on your RRSP, it makes sense to get the tax break and the higher yield on your RRSP, as compared to paying down a low interest rate mortgage.
I don't disagree with that math, but I have two comments:
First, as Mr. Golombek states, you should pay off high interest credit card debt, since it's unlikely that you are earning 20% in your RRSP. I agree.
Second, Mr. Golombek does acknowledge that equity investment carries risk. If you could guarantee that you would make 7% on your investments for the next five years, locking in a mortgage at 3% makes sense. Unfortunately, there are no stock market guarantees.
Markets are at record high levels, and interest rates are at historic lows. Will that continue forever? I suspect not. A not-unusual 10% stock market correction wipes out the investment advantage, so under that scenario paying off debt is the safest, and best, alternative.
My point: before you speculate with borrowed money, consider the risks. Paying down a low interest mortgage may not seem sexy, but if the markets fall we will all wish we could achieve a 3% after tax return, guaranteed, which is what you get when you pay down your mortgage.
#debt #mortgage #interestrate
Pay down your debt.
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