3027: Mortgages And the Banker's Jar by Barney of The Escape Artist on Build Wealth and Financial Independence

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 2 February 2025

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3027: Barney of The Escape Artist explores the psychological and financial impact of taking on a large mortgage, highlighting how debt can limit your freedom and choices. With a mix of personal experience and sharp financial insights, he emphasizes the importance of reducing mortgage debt strategically to regain control, build wealth, and ultimately, achieve financial independence. Read along with the original article(s) here: https://theescapeartist.me/2014/05/27/mortgages-and-the-bankers-jar/ Quotes to ponder: "If ever in your life you get the urge to do something risky, exciting, different or adventurous, chances are you will not because you won’t have the balls to do it." "A mortgage is like a chainsaw. It's a powerful but slightly scary tool to be used carefully for a short period of time in a domestic situation. If you get it wrong, it might lop off a limb or two." "There is an optimal level of mortgage fear. A little edge of unease can be helpful as motivation to get out of the hole as quickly as possible. Too much fear, however, can paralyze and persistent debt worries will eat away at you." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Ready to launch your business? Get started with the commerce platform made for entrepreneurs.
0:04.8	Shopify is specially designed to help you start, run and grow your business with easy customizable themes that let you build your brand.
0:12.5	Marketing tools that get your products out there. Integrated shipping solutions that actually save you time.
0:17.5	From startups to scaleups, online, in person, and on the go. Shopify is made for
0:22.9	entrepreneurs like you. Sign up for your $1 a month trial at Shopify.com slash setup.
0:29.9	Stay sharp, save time, and let your money work harder with the average Joe. A free daily
0:35.8	newsletter that breaks down stock market news and personal finance
0:39.5	tips into quick, easy-to-digest insights. Each issue helps you invest smarter and manage your money
0:46.5	better, all in five minutes or less. It's clear, actionable, and won't cost you a dime.
0:53.2	Join 250,000 readers, 20% of which have hit seven figures,
0:59.0	who are already building a brighter financial future. Subscribe now. Sign up at readthejo.com
1:06.5	slash subscribe dash swap. That's readthejo.com slash subscribe dash swap. Level up your money game.
1:17.5	Subscribe to the average Joe now. This is Optimal Finance Daily. Mortgages and the Bankers
1:25.8	Jar by Barney of the Escape Artist.me.
1:30.4	Imagine you're a young guy and you want to buy a house. You go to the bank to borrow
1:35.0	250,000 pounds. After all, everyone else is doing it. How hard could it be? You're 25 and have the
1:42.9	rest of your life to pay it back. The manager looks at
1:46.2	you, checks that you have a job, wearing a tie helps here, and that you're not a convicted criminal,
1:52.2	shakes your hand, and tells you 250,000 pounds will not be a problem. Well, that was easy.
1:59.5	But as Steve Bidoff tells the story in manhood, there's just one problem. Well, that was easy. But as Steve Bidoff tells the story in manhood, there's just one
2:04.6	problem. Something else happens that you weren't expecting and wasn't in the adverts. The bank manager
2:11.1	takes out a jar. You have to leave behind one in the jar, which is then locked away in the banker's safe for the next
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Optimal Living Daily LLC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Optimal Living Daily LLC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.