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Episode 29 // Doubling Down on Personal Debt
Today we are joined in the lab by #NTNPro and special guest, Crystal Buhler, CPA, LIT and Founder of Debt Free North.
Today's episode aligns with Day 2 of our 5-Day Wake Up Call Challenge: Doubling Down on Personal Debt. Crystal shares with us the common types of personal debt many Founders carry and the options to get that debt paid down.
Episode Timeline //
[00:00] Introduction.
[02:80] Not alone in debt.
[04:30] Personal and business debt statistics
[05:57] Business debt vs business-related personal debt
[07:07] Proactive vs reactive debt
[07:42] Challenges with debt in businesses; reducing profit, decreasing cashflow
[09:10] Cashflow and debt repayment
[10:02] Third challenge: toboggans and trees story
[11:05] CRA and IRS
[13:14] Preemptive actions when considering debt
[15:45] Business plans and financial plans
[18:32] CPAs, LITs, and debt consultants/counsellors
[20:34] Benefits of LITs
[25:26] Importance of bookkeeping and dealing with the CRA
The Bottom Line //
Getting out of debt is possible, but it requires looking at your numbers and drilling down on your spending habits. The relief you'll feel when your debt starts shrinking (and investments start growing) is well worth it.
Resources //
Business.org June 2022 Study: https://www.business.org/finance/loans/risking-personal-finances-to-start-a-business/
Find an LIT near you: https://www.ic.gc.ca/app/scr/tds/web/?lang=eng
Making payment arrangements with CRA: https://www.canada.ca/en/revenue-agency/services/payments-cra/payment-arrangements.html
About the Pro // Crystal Buhler, Debt Free North
With over 10 years experience in the insolvency field, working with both a national firm and a boutique insolvency firm, Crystal Buhler started C. Buhler & Associates Ltd., a Professional Licensed Insolvency Trustee firm in 2018. From its roots in rural western Manitoba, Crystal and her team have expanded to 5 offices, serving all 3 Prairie Provinces, and all 3 northern Territories.
Operating under the name www.Debtfreenorth.com, she and her team focus on helping those who live and work in Canada’s remote, rural and northern communities. Crystal assures her clients are treated respectfully, and educated fully as they navigate difficult financial situations
Federally licensed to administer Consumer Proposals and provide services as an LIT (formerly known as a “bankruptcy trustee”), Crystal and her team of debt professionals work to provide options that reduce stress for clients, increase transparency for lenders, and fulfill their mission to provide viable options for those experiencing financial stress.
Connect //
GAB LAB HOST // Taunya Woods Richardson taunya@nailthenumbers.com // 1.844.844.3660
NTN PRO // Crystal Buhler, Licensed Insolvency Trustee www.debtfreenorth.com
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