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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

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  2. EP290 Affordability and Debt Management with BDO

EP290 Affordability and Debt Management with BDO

Jun 6, 2023

As inflation pressures rise, more and more Canadians find themselves compelled to reevaluate their spending habits, seek effective budgeting techniques, and even consider additional sources of income. In this episode, Jennifer McCracken, a Partner and Senior Vice President at BDO's Vancouver office, will be joining the show to discuss BDO Canada's Affordability Index Spotlight, providing a comprehensive assessment of affordability and debt management among Canadians. Jennifer highlights the warning signs of financial distress, such as cutting back on essential expenses to meet debt obligations, particularly concerning for younger Canadians who face an alarming amount of debt. Moreover, she emphasizes the importance of improving financial literacy and breaking the taboo surrounding conversations about personal finances.

For those listeners facing tight budgets and significant debt, Jennifer offers practical advice and effective debt management strategies. She addresses the overwhelming feeling of paycheck-to-paycheck living and provides guidance on where to begin in tackling debt-related challenges. Jennifer emphasizes that individuals should not feel embarrassed or ashamed about their debt and explores the options available, including the process and considerations involved when filing for bankruptcy. 

“People shouldn’t be embarrassed or ashamed about having debt.” - Jennifer McCracken

This Week on Young Money:

  • Who BDO Debt Solutions are and what they do.
  • The findings of BDO Canada’s Affordability Index Spotlight.
  • How people are currently coping with inflation pressures.
  • The current issues with debt in Canada.
  • The most surprising thing found in the study.
  • Advice for those on a tight budget dealing with significant debt.
  • The options available when filing for bankruptcy.

Key takeaways:

  1. Know your options.
  2. Create a budget.
  3. Understand how to deal with your debt.

Connect with Jennifer McCracken:

Resources Mentioned:

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