1938: Mortgages And the Banker's Jar by Barney

Optimal Finance Daily - Financial Independence and Money Advice

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🗓️ 26 June 2022

⏱️ 12 minutes

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Summary

Barney of The Escape Artist helps you rethink your mortgage Episode 1938: Mortgages And the Banker's Jar by Barney of The Escape Artist on Rethinking Your Mortgage Barney Whiter writes about money and financial freedom at The Escape Artist. He has a degree in economics, is a qualified chartered accountant and had a 20 year career in corporate finance in London. Most recently, he is providing financial coaching to entrepreneurs, employees, and other people saving and investing towards financial freedom. The original post is located here: https://theescapeartist.me/2014/05/27/mortgages-and-the-bankers-jar/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:42.0	This is Optimal Finance Daily Episode 1938, mortgages and the bankers jar by Barney
0:49.7	of the EscapeArtist.me and I'm your host and personal finance enthusiast, Diana Mariam.
0:56.5	Now let's get right to another post and start optimizing your life.
1:04.7	Mortgages and the bankers jar by Barney of the EscapeArtist.me
1:11.1	Imagine you're a young guy and you want to buy a house. You go to the bank to borrow 250,000
1:18.4	pounds. After all, everyone else is doing it. How hard could it be?
1:22.0	You're 25 and have the rest of your life to pay it back. The manager looks at you,
1:27.2	checks that you have a job, wearing a tie helps here, and that you're not a convicted criminal.
1:32.7	Shakes your hand and tells you 250,000 pounds will not be a problem.
1:38.4	Well that was easy, but as Steve Bittoff tells the story in Manhood, there's just one problem.
1:46.2	Something else happens that you weren't expecting and wasn't in the adverts.
1:50.6	The bank manager takes out a jar. You have to leave behind one in the jar,
1:56.8	which is then locked away in the bankers safe for the next 25 year mortgage term,
2:01.6	along with all the others. Now you have future interest payments to meet. The other nasty side
	...

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