Latest news with #Taub
Winnipeg Free Press
a day ago
- Business
- Winnipeg Free Press
Want to crush your debt? Financial experts suggest trying a money crash diet
Crash diets are extreme and unhealthy, but the financial version might actually make sense. Scott Terrio recommends them to his clients sometimes, as manager of consumer insolvency for Hoyes, Michalos & Associates Licensed Insolvency Trustees. The firm helps people filing for bankruptcy, or making deals to avoid it, with offices across Ontario. Terrio sees clients with a lot of debt, but if it's a relatively modest amount — maybe $5,000 or $10,000 or so — he tells them to try an 'extreme austerity program.' The premise is simple: Aside from rent, groceries and internet, cut absolutely all other spending, and live like a monk. Commit to this lifestyle for a handful of months, or more if you can; the short timespan will make it more tolerable, Terrio said. No takeout, no Uber, cancel your subscriptions, get a cheap phone plan, tell your friends you can't go out to restaurants or bars, he said. Pick the winter months when you're not tempted by summer patios. After a stint with the crash diet, you can take a break and return to normal life. If you aren't able to tackle all of your debt in one go, you can resume the crash diet later on in the year to reduce it further or eliminate it for good. On this plan, you can gain more ground on your debt in a much shorter time — especially with high-interest debts such as credit cards. Extreme austerity can save years on your repayment plan, Terrio said. 'Putting $300 down on your credit card is [nothing],' he said. 'But putting $700 for a few months is going to help you.' 'The downside is that it sucks, but you're on a mission,' he added. 'When you do all this, you will have taken what is a blip in your life of 12 months and fixed the problems that would have otherwise taken up 20 years of your life.' It's definitely not for everyone, Terrio said, but it's very effective for those with discipline and financial goals. Robin Taub, CPA and author of The Wisest Investment, sees the potential in a hard reset. A short-term crash diet can change habits and help 'subscription creep,' when you lose track of smaller monthly recurring payments, she said. Taub likened it to a recent experience where her credit card was compromised and she was issued a new card — all those websites and subscriptions didn't have her new card info, so she found herself updating them all individually. 'I was just reminded: Do I really want to give them my new credit card number and keep paying for this?' The answer was often no, Taub said. 'They really do add up without you noticing — it becomes a bit of a habit, and you're not as mindful of your spending. I think the idea [of a crash diet] is to regain that awareness and mindfulness around your spending.' Frugality trends with similar premises have been circulating on social media for years, Taub pointed out. Loud budgeting involves telling everyone you are on a strict financial plan so you don't feel pressured to spend money socially, while 'No Buy 2025' is a movement to make it through the year without buying any non-essential items. Cutting spending is also about sustainability, Taub said, which resonates with younger people. This demographic is also just simply feeling the pinch of the cost of living. 'A lot of young people are feeling this way,' Taub said. 'My kids say to me: Every time they walk out the door, it costs them $100, whether they're buying groceries or trying to do something fun with their friends. It's just really expensive these days.' Sean Cooper made the news for his extreme frugality — the Toronto-based mortgage broker and author of Burn Your Mortgage went viral for paying down his mortgage in just three years. Cooper owned his home outright at age 30. A major part of his financial plan was collecting rent: He lived in the basement of his home and rented out the rest of the property. But in addition to a strict budget, Cooper picked up side jobs as well. 'Earning an extra source of income is great,' he said. 'There are so many different opportunities to earn income these days. So it's looking at a skill and how you can make money from it, whether it's making YouTube videos or freelance writing or freelance web design, even pet sitting, dog walking — just find something that you enjoy and try to monetize it.' Make it hard to spend money, Cooper advised. Don't bring your credit card when you go out, take your credit card info off your phone, delete the info from online shopping sites, apps, and subscriptions. 'Do you really need five streaming services?' Cooper said. 'There's so many free streaming services you can watch.' After the crash diet, you might have found new useful habits, free hobbies, or the realization some past spending wasn't serving you. Another perk? A higher credit score. 'If you're paying your debt this aggressively, you're also rebuilding your credit,' Terrio said, 'because you're not only addressing 35 per cent of your score — which is transaction history — you're also addressing another 30 per cent of your score, which is credit utilization, because your debt is coming down.' 'So you can watch your credit score go crazy … You're pulling the two biggest levers of your credit score at the same time, over a short period.' This report by The Canadian Press was first published June 10, 2025.
Yahoo
a day ago
- Business
- Yahoo
Want to crush your debt? Financial experts suggest trying a money crash diet
Crash diets are extreme and unhealthy, but the financial version might actually make sense. Scott Terrio recommends them to his clients sometimes, as manager of consumer insolvency for Hoyes, Michalos & Associates Licensed Insolvency Trustees. The firm helps people filing for bankruptcy, or making deals to avoid it, with offices across Ontario. Terrio sees clients with a lot of debt, but if it's a relatively modest amount — maybe $5,000 or $10,000 or so — he tells them to try an 'extreme austerity program.' The premise is simple: Aside from rent, groceries and internet, cut absolutely all other spending, and live like a monk. Commit to this lifestyle for a handful of months, or more if you can; the short timespan will make it more tolerable, Terrio said. No takeout, no Uber, cancel your subscriptions, get a cheap phone plan, tell your friends you can't go out to restaurants or bars, he said. Pick the winter months when you're not tempted by summer patios. After a stint with the crash diet, you can take a break and return to normal life. If you aren't able to tackle all of your debt in one go, you can resume the crash diet later on in the year to reduce it further or eliminate it for good. On this plan, you can gain more ground on your debt in a much shorter time — especially with high-interest debts such as credit cards. Extreme austerity can save years on your repayment plan, Terrio said. 'Putting $300 down on your credit card is [nothing],' he said. 'But putting $700 for a few months is going to help you.' 'The downside is that it sucks, but you're on a mission,' he added. 'When you do all this, you will have taken what is a blip in your life of 12 months and fixed the problems that would have otherwise taken up 20 years of your life.' It's definitely not for everyone, Terrio said, but it's very effective for those with discipline and financial goals. Robin Taub, CPA and author of The Wisest Investment, sees the potential in a hard reset. A short-term crash diet can change habits and help 'subscription creep,' when you lose track of smaller monthly recurring payments, she said. Taub likened it to a recent experience where her credit card was compromised and she was issued a new card — all those websites and subscriptions didn't have her new card info, so she found herself updating them all individually. 'I was just reminded: Do I really want to give them my new credit card number and keep paying for this?' The answer was often no, Taub said. 'They really do add up without you noticing — it becomes a bit of a habit, and you're not as mindful of your spending. I think the idea [of a crash diet] is to regain that awareness and mindfulness around your spending.' Frugality trends with similar premises have been circulating on social media for years, Taub pointed out. Loud budgeting involves telling everyone you are on a strict financial plan so you don't feel pressured to spend money socially, while 'No Buy 2025' is a movement to make it through the year without buying any non-essential items. Cutting spending is also about sustainability, Taub said, which resonates with younger people. This demographic is also just simply feeling the pinch of the cost of living. 'A lot of young people are feeling this way,' Taub said. 'My kids say to me: Every time they walk out the door, it costs them $100, whether they're buying groceries or trying to do something fun with their friends. It's just really expensive these days.' Sean Cooper made the news for his extreme frugality — the Toronto-based mortgage broker and author of Burn Your Mortgage went viral for paying down his mortgage in just three years. Cooper owned his home outright at age 30. A major part of his financial plan was collecting rent: He lived in the basement of his home and rented out the rest of the property. But in addition to a strict budget, Cooper picked up side jobs as well. 'Earning an extra source of income is great,' he said. 'There are so many different opportunities to earn income these days. So it's looking at a skill and how you can make money from it, whether it's making YouTube videos or freelance writing or freelance web design, even pet sitting, dog walking — just find something that you enjoy and try to monetize it.' Make it hard to spend money, Cooper advised. Don't bring your credit card when you go out, take your credit card info off your phone, delete the info from online shopping sites, apps, and subscriptions. 'Do you really need five streaming services?' Cooper said. 'There's so many free streaming services you can watch.' After the crash diet, you might have found new useful habits, free hobbies, or the realization some past spending wasn't serving you. Another perk? A higher credit score. 'If you're paying your debt this aggressively, you're also rebuilding your credit,' Terrio said, 'because you're not only addressing 35 per cent of your score — which is transaction history — you're also addressing another 30 per cent of your score, which is credit utilization, because your debt is coming down.' 'So you can watch your credit score go crazy … You're pulling the two biggest levers of your credit score at the same time, over a short period." This report by The Canadian Press was first published June 10, 2025. Nina Dragicevic, The Canadian Press
Axios
2 days ago
- Business
- Axios
Exclusive: Bub and Pop's will soon reopen in NoMa with spiked sodas and bowling
Beloved sandwich shop Bub and Pop's will soon open in a new, larger location in NoMa after a decade-plus in Dupont Circle, the owner exclusively tells Axios. Why it matters: Bub's seemingly abrupt shutter last week sparked fear of a permanent closure among its fanbase, but don't worry — the new version in the former Eleanor space promises to be bigger and better than ever. State of play: Chef/owner Jon Taub tells Axios he's aiming to open in about two weeks. He's keeping the bones of the Eleanor's barcade, meaning plenty of room to settle in with a beer and play throwback games or duck pin bowling. And the core menu of Philly-style hoagies and cheesesteaks will live on, as will the " Lil' Petey" sandwich-eating challenge. Dig in: Taub tells Axios he's looking forward to expanding the offerings — with plenty of nostalgic nods to his favorite hometown Philly spots. A custom soda fountain inspired by Nifty Fifty's will turn out egg creams, floats and malts, which customers can spike with booze (also look for wine, Champagne and beer). Taub is working on a new pizza menu, as well as fun bar snacks for game days. Diners will also have a few lighter options for times when a huge Italian hoagie or braised beef brisket sandwich won't fly. Context: Taub says the move has been in the works for a while after their landlord decided to double the rent on the small, mostly takeout shop. "It would have shuttered our business overnight," he says. The landlord filed an eviction lawsuit earlier this year, seeking nearly $250,000 in unpaid rent and fees, which Taub tells Axios is erroneous, and that they've been "following legal counsel" since. Between the lines: Taub has been making his own breads and hoagie rolls for a year-plus — which, along with homemade pickles and sauces, sets Bub's apart. Now he's upping the game with a new Polin oven. "It's how Angelo's in Philly achieves that perfect crust and bronze color," he says. All of the homemade accoutrements will be available to take away. "I know Trader Joe's is right down the street, but I wanted people to be able to come home with a container of our marinara and have a nice dinner."
Yahoo
03-05-2025
- Business
- Yahoo
Ex-New Yorkers reveal why they joined the 150K strong exodus fleeing NYC for Florida
Ex-New Yorkers have declared something is rotten in the Big Apple, explaining Friday why they moved in droves to the Sunshine State instead. According to a new study by the nonpartisan New York-focused Citizens Budget Commission (CBC), more than 150,000 residents reportedly fled New York for Florida between 2018 and 2022. With about 50,000 leaving Florida for NYC, the Big Apple saw a net decrease of over 100,000 residents who took almost $14 billion in income along with them. This is part of an ongoing, years-long exodus of people from some of America's most liberal states, particularly in the aftermath of the COVID-19 pandemic and the homelessness and economic issues that surged in its wake. Alex Taub, the co-founder of entertainment tech startup Goblintown, was one of many new Floridians who spoke to the New York Post about his motivations for leaving New York in the rearview mirror. California's Population Expected To Decline As Florida And Carolinas' Soar In 2024: Survey "People thought we were crazy when we were telling them this but it just started getting more and more bleak in New York," Taub said. "For the same price that we were paying [for a two-bedroom apartment] in New York, we were getting a five-bedroom, four-bathroom house with a pool and a backyard." Read On The Fox News App The lifelong New Yorker said he once would have considered it "blasphemous" to leave, but the potential change in his work-life balance was too good to pass up. "A lot of friends have moved down here, a lot of people in tech, a lot of people in business. The people who stayed are the people with kids," Taub told the New York-based outlet. "I've never worked harder in my life but I know that at 5 o'clock today I can jump in the pool for a short break with my kids and have fun." Bustle Media CEO Bryan Goldberg praised south Florida's government, telling the New York Post it "is composed of dozens of small towns with accessible, sane leaders who work hard to improve our lives." "I can get on the phone with the Miami Beach mayor at any time, and so can any of my neighbors," the CEO added. "Once one experiences this sort of relationship with their government, it is impossible to return to the Kafkaesque NYC experience." Luxury retail consultant Melanie Holland said many of her clients offer a similar list of grievances about New York City, such as, "Why do I want to pay New York state or New York City taxes when I walk out my door and there's a homeless person, or my Walgreens is shut down because of theft?" Click Here For More Coverage Of Media And Culture She added further that many of her clients "hate" what has happened to New York City, noting crime and the smell of marijuana. Broadstreet Global CEO David Feingold noted that at least 20 people that work in his organization have petitioned to relocate to the Sunshine State. While he said that New York's high taxes and weather are timeless drawbacks, the new element actually driving longtime residents away is the "cumulative effect" of crime and immigration. Feingold claimed that, much to his surprise, none of the people he knows who have relocated from New York to Florida regret the decision. "That's the amazing thing — I thought I would get complaints about the lack of art and culture that you can only find in New York." CBC president Andrew Rein also spoke to The New York Post about the exodus, noting, "The key is with any place you need the benefits to outweigh the cost. The question right now for New York is what do we offer? We have to make sure the benefits of being in New York are worth the cost."Original article source: Ex-New Yorkers reveal why they joined the 150K strong exodus fleeing NYC for Florida
Fox News
03-05-2025
- Business
- Fox News
Ex-New Yorkers reveal why they joined the 150K strong exodus fleeing NYC for Florida
Ex-New Yorkers have declared something is rotten in the Big Apple, explaining Friday why they moved in droves to the Sunshine State instead. According to a new study by the nonpartisan New York-focused Citizens Budget Commission (CBC), more than 150,000 residents reportedly fled New York for Florida between 2018 and 2022. With about 50,000 leaving Florida for NYC, the Big Apple saw a net decrease of over 100,000 residents who took almost $14 billion in income along with them. This is part of an ongoing, years-long exodus of people from some of America's most liberal states, particularly in the aftermath of the COVID-19 pandemic and the homelessness and economic issues that surged in its wake. Alex Taub, the co-founder of entertainment tech startup Goblintown, was one of many new Floridians who spoke to the New York Post about his motivations for leaving New York in the rearview mirror. "People thought we were crazy when we were telling them this but it just started getting more and more bleak in New York," Taub said. "For the same price that we were paying [for a two-bedroom apartment] in New York, we were getting a five-bedroom, four-bathroom house with a pool and a backyard." The lifelong New Yorker said he once would have considered it "blasphemous" to leave, but the potential change in his work-life balance was too good to pass up. "A lot of friends have moved down here, a lot of people in tech, a lot of people in business. The people who stayed are the people with kids," Taub told the New York-based outlet. "I've never worked harder in my life but I know that at 5 o'clock today I can jump in the pool for a short break with my kids and have fun." Bustle Media CEO Bryan Goldberg praised south Florida's government, telling the New York Post it "is composed of dozens of small towns with accessible, sane leaders who work hard to improve our lives." "I can get on the phone with the Miami Beach mayor at any time, and so can any of my neighbors," the CEO added. "Once one experiences this sort of relationship with their government, it is impossible to return to the Kafkaesque NYC experience." Luxury retail consultant Melanie Holland said many of her clients offer a similar list of grievances about New York City, such as, "Why do I want to pay New York state or New York City taxes when I walk out my door and there's a homeless person, or my Walgreens is shut down because of theft?" She added further that many of her clients "hate" what has happened to New York City, noting crime and the smell of marijuana. Broadstreet Global CEO David Feingold noted that at least 20 people that work in his organization have petitioned to relocate to the Sunshine State. While he said that New York's high taxes and weather are timeless drawbacks, the new element actually driving longtime residents away is the "cumulative effect" of crime and immigration. Feingold claimed that, much to his surprise, none of the people he knows who have relocated from New York to Florida regret the decision. "That's the amazing thing — I thought I would get complaints about the lack of art and culture that you can only find in New York." CBC president Andrew Rein also spoke to The New York Post about the exodus, noting, "The key is with any place you need the benefits to outweigh the cost. The question right now for New York is what do we offer? We have to make sure the benefits of being in New York are worth the cost."
