In this episode of Smart Wealth, hosts Brett Cranson and Omari Weitz discuss the challenges of managing debt, particularly in the context of rising interest rates and financial stress. They explore strategies for overcoming debt, including the importance of budgeting, understanding different types of debt, and the methods of repayment. The conversation emphasizes the need for a personalized approach to debt management, distinguishing between good and bad debt, and the importance of maintaining a balance between debt repayment and wealth building.

Takeaways

Many people feel overwhelmed by debt without a strategy.
Creating a budget is essential for managing debt.
The average Canadian has about $20,000 in unsecured debt.
Using a cash flow worksheet can help track expenses.
The avalanche method focuses on paying off high-interest debt first.
The snowball method focuses on paying off smaller debts first.
Consolidating debt can lower monthly payments and stress.
Good debt is associated with appreciating assets.
Bad debt is associated with depreciating assets.
Personal discipline is crucial in managing debt effectively.


Chapters

00:00 Understanding Debt Overload
03:04 Strategies for Managing Debt
06:06 Debt Repayment Methods
11:53 Good Debt vs Bad Debt
17:47 Crafting a Personalized Debt Strategy

LinkedIn Brett Cranson: linkedin.com/in/brettcranson

LinkedIn Omari Whyte: linkedin.com/in/omari-whyte

For business inquiries, please head over to

https://www.uptownwealthmanagement.com
https://www.familyfirstadvisors.ca

email:

brett.cranson@ipcsecurities.com

omari.whyte@familyfirstadvisors.ca

Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.