Top Twelve Causes of Money Problems
 |
Top 12 Causes of Money Problems - Money Problems Radio Show |
| Originally aired on February 11, 2006. | |
Show Topic:
On most of our shows we deal with one money management topic. On today's show we deal with twelve different topics: the Top Twelve Causes of Money Problems.
Guests:
Douglas Hoyes and Ted Michalos are the founders of Hoyes, Michalos & Associates Inc, one of Ontario's leading personal insolvency firms. They emphasize a "fresh start" when dealing with money problems. They can be reached at www.hoyes.com or, in Ontario, at 310-PLAN (no area code required).
Show Summary:
We have put together a list of the top twelve causes of money problems:
12. |
Not having an emergency plan (3 to 6 months of living expenses) |
11. |
Not having adequate savings |
10. |
Not having adequate life and disability insurance |
9. |
Not having an up to date will |
8. |
Not planning for retirement |
7. |
Self-employed people not paying taxes every month |
6. |
Not using all available tax deductions, such as RRSPs |
5. |
Not knowing your expenses |
4. |
Not paying off your high interest debts first |
3. |
Over extending your credit cards |
2. |
Not knowing your financial goals |
1. |
Not having a plan |
Review our checklist: are you heading for money problems?
Question of the Week:
Q. I've listened to your list of the top causes of money problems, and I'm making some of these mistakes, and I'm carrying too much debt. If I don't have thousands of dollars to hire my own financial planner, what can I do to get back on track?
A. You need to make your own plan.
Start with our checklist. If there are any items that will cause you problems in the future, make a plan to deal with them now. For example, if you don't have a savings plan, set your financial goals and do your budgeting - that will help you create a plan to start saving money.
If you have more debts than you can handle, talk to a credit counsellor to help you work out a plan to repay your debts.
If your debts are too large to deal with, a consumer proposal is a plan to deal with your debts.
If your debts are too large to deal with on your own or through a credit counsellor or a consumer proposal, you should consult a licensed bankruptcy trustee to explain your options, and to help you get a fresh start.
Don't let your Money Problems overwhelm you; contact a bankruptcy expert or other professional today for more information on possible causes of money problems in your case.
© 2010 Moneyproblems.ca Inc. All Rights Reserved. Terms of use