“The bulk of the interest is in this first seven years of the mortgage. Well, guess what? Average holding period for most Americans in their house is seven years. The seven year itch, right? How convenient is that? If you're the bank, you love that system” says our guest financial expert Doug Barkey. According to Doug, the average American is unknowingly paying thousands of dollars each year to large financial institutions when they have the traditional 30-year mortgage. In this episode, we discuss the importance of banking like a bank to positively affect our personal outcomes. 

As the old saying goes, time is money! That’s especially true for debt payments. Even if you’re a smart spender, a few wrong turns could quickly leave you in a bottomless pit of debt. Even if you do find your way out, you’ll have paid thousands in unnecessary interest payments straight to the bank.  But don’t panic! We’ll let you in on a little secret… There’s a way to get out of debt AND build wealth simultaneously.

Tune into this week’s episode of Debt Dr 911 to learn tips on saving money, how to get rid of unnecessary spending, and how to start planning for your future of financial freedom. And, enjoy the interview with Financial Expert Doug Barkey

Quotes

• “And of course banks are gonna tell people that it's great to have debt because guess what? It's a one way relationship. If they over-leverage, they can get bailed out every single time.” (08:46-08:48 | Richard Schaffer)

• “One of the number one reasons that businesses and self-employed people go out of business is they don't understand the difference between gross and net..” (13:55-13:59 | Richard Schaffer)

• “So you can hit the ground running for 2022 and hopefully prepare yourself what we fear quite frankly is this upcoming storm.”  (19:20-19:26 | Richard Schaffer)

Links

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