ilmscore | Pampered Princess Thinks Poverty Is Easy | Financial Audit

Predictions from this Video

Total: 19
Correct: 4
Incorrect: 1
Pending: 14
Unrated: 0
Prediction
Topic
Status
The business owner plans to handle more of the strategic work herself and reduce contractor hours to cut costs and increase profit margin.
"Essentially, I am the strategy behind everything. So I help every like I help them with their marketing strategy, their launch strate like whatever they're doing in their business and then my team executes but clearly since I'm better I probably need to do more of the work and pay them less."
Business Growth Strategy
Pending
The business owner aims to limit contractor hours to 5 per month per contractor, but sometimes has to pay for additional hours using credit cards when contractors exceed their allocated time.
"So my intent is to pay my contractors for only 5 hours each a month but sometimes it gets like they when they run out of hours they're like they send me an invoice so I need to send them more money and I need to sometimes it comes from credit cards too."
Contractor Management
Pending
The business owner plans to limit contractors to 5 hours per month but sometimes has to pay extra, even using credit cards, when they exceed this limit.
"So my intent is to pay my contractors for only 5 hours each a month but sometimes it gets like they when they run out of hours they're like they send me an invoice so I need to send them more money and I need to sometimes it comes from credit cards too."
Freelancer Management
Pending
The speaker argues that the 'how' to stop spending is simply to take the direct action of not engaging in the spending behavior, such as not going to McDonald's or canceling subscriptions.
"If I say, 'Hey, don't spend at McDonald's.' The action is don't go to McDonald's and swipe like what what do you what what more do I have to say? If I say don't don't have the subscription anymore, the the action the how would be cancel the subscription."
Consumer Spending Habits
Incorrect
The individual aims to pay off her Apple Card debt, which was incurred jointly with her ex-husband for iPhones.
"The goal is to pay off the Apple Card. We had a My ex and I of course. Yeah. Because he also had an iPhone loan. We both had it together."
Personal Finance - Debt Management
Pending
The individual has $78,754 in student loan debt.
"Student loans for what? $78,754"
Student Loans
Correct
The individual may be eligible for a new low-income student loan repayment plan that was recently passed into law.
"Listen, you can get on uh the new repayment plan, new low income repayment plan through the bill into law, the big beautiful bill, that one. I don't think it's officially called that, but that's what we all know it as."
Student Loan Repayment Plans
Correct
The new student loan repayment plan could result in monthly payments as low as 5% of income, which is considered manageable.
"Uh but the this Yeah. As small as I think 5% of your income, which isn't bad. You can get on that."
Student Loan Payments
Correct
The business has not achieved success after six years and the speaker recommends a different path.
"This business is not a success in two years, 6 years of this is this is not good. So that's what I would recommend."
Business Viability
Pending
The individual's overall Hammer Financial Score is a 1 out of 10, with low scores in spending, emergency fund, retirement, and real estate, indicating significant financial challenges.
"So I'll give you a 1 out of 10. Emergency fund. It's going down, but you're at about a 2 out of 10 with that 2000. Retirement definitely behind for our age dramatically. At least you got something there. About a 2 out of 10. Real estate 0 out of 10 cuz you were not on the title or deed of that house, right? Yeah, okay. It's going to be a Hammer financial score one out of 10."
Financial Score
Pending
The speaker's business strategy relies on paying contractors only 5 hours per month, but invoices often exceed this, leading to reliance on credit cards, indicating a lack of a sustainable financial plan.
"My intent is to pay my contractors for only 5 hours each a month but sometimes it gets like they when they run out of hours they like send me an invoice so I need to send them more money and I need to sometimes it comes from credit cards too. So, no plan is what I'm hearing"
Business Growth
Correct
The guest has spent a significant amount on courses ($20,000) but has only acquired knowledge on the same topics, specifically social media marketing, and still feels the need to expand her skill set, suggesting ineffective investment in education.
"I want to know exactly what you've gotten. What have you gotten? What am I dealing with here? A lot of courses on the same things to be honest, just from different like what are you doing? Like tell me anything that is actual answer. Like social media marketing. But that's you. You're the one that's supposed to be doing this. Why are you correct? But I need to expand my skill set. I need to learn. You need to learn."
Personal Finances
Pending
The guest has taken out a 'Buy Now, Pay Later' loan (Affirm) for a $2,000 fitness program at a high interest rate of 31.45%, indicating poor debt management despite the program's claimed success in helping her lose 50 lbs.
"I also see a train arise me 31.45% interest owing $1,662. Well, that was the opening balance. No, I think that was the Yeah. 1,613. That's was what I Okay, great. What is that? It was a fitness program that For 2,000. What? I actually met her online too like with our businesses are very similar. She's a coach. She's a fitness coach and so she helped me. I lost 50 lbs because of her since last since I got that. So, it's helped. It's a fitness program. But you're putting on a firm at a 31.45% interest rate? That's what I'm talking about here."
Debt Management
Pending
The guest exhibits concerning spending habits, with significant expenses on makeup, jewelry, and clothing from retailers like Sephora and PopLush, totaling approximately $350, which detracts from her ability to manage her finances.
"So, Sephora on here. Oh, yeah. Makeup is my thing. Orandia? Oh, that's my jewelry. Jewelry. Pop Lush. Sephora. Jewelry. Poplush. Little sleepy cell. So, it's all. So, you think I have any sympathy that you struggle to afford to pay something? No. Look, you're spending all the money on. That is 350 bucks just about that you spent that could have gone to something else. So, you sympathy gone. That is your choice. Living under mommy milking her cards."
Spending Habits
Pending
The speaker criticizes a specific dating app (Tee app) for its lack of moderation, leading to unverified and potentially damaging false information about individuals, which can negatively impact their reputation and employment prospects. The app is seen as contributing to societal division.
"The fact is it is nonodderated. So people can say anything. And there have already been so many reports of guys finding out things have been said about them that are vehemently incorrect that they cannot dispute. And people are going to lose jobs. People are not going to be accepted. It's going to show up in people's background reports. And it's disgusting. And there is a massive gender divide in our dating world."
Dating App Usage
Pending
The guest spent $73.59 on an unknown item ('Coot') which was for a situationship. This purchase, made when the guest was allegedly 'exclusive' with someone, highlights a pattern of impulsive spending and a lack of financial awareness, especially considering her overall financial situation.
"And then coot, whatever that is. $73. What's that? Coot. That's probably short for something. $7359. You don't know what that is? He was a guy I was dating for like four months until he ghosted me, but that's besides the point. Um, yeah, but he like we were exclusive at the time. And he also lives at home, so we didn't have a we didn't have a place to be alone. So, I would"
Consumer Behavior
Pending
The guest has $78,754.95 in student loan debt, which is currently in forbearance due to unspecified laws. She seems unaware of the details of the forbearance, indicating a lack of active management of this significant debt.
"Uh, they're in forbearance. Mhm. Because of the laws. I know No, you talk about that a lot on the show and I am always like, 'Oh my god, what is he going to tell me?' So, yeah. No, they're I have like a letter from them saying it's inference. Like they're zero clue, but I know that because starting off now starting to get I have not gotten notifications."
Student Loan Debt
Pending
The guest hopes to make her business work by reducing contractor expenses. Despite having $2,500 in income and no overhead, her minimum monthly payments are $950, and her mother covers all other living expenses, suggesting a lack of financial independence and a flawed business model.
"So, what is the hope? The hope is like that I can actually make the business work, even if it means not having contractors for a time being, unless I absolutely need them. your minimum monthly payments on things is approximately like $950 on a loan. And if you're bringing in $2,500 with no overhead, you can How does the grocery and utility situation work at home? Uh my mom of course literally does everything."
Financial Habits
Pending
The speaker advises the guest that her business is not successful after six years and is not sustainable without parental support. The recommendation is to gain experience by working for an agency, pay off debt, build an emergency fund, and then potentially revisit the business idea.
"This business is not a success in two years, 6 years of this is this is not good. So that's what I would recommend. You need at least 1,000 hours to make your minimum payments. We got that. Okay? And listen, you need to pay off the other things like crazy. student loans. You need to get on a payment plan eventually. Mom, yes, I would take care of that, but it isn't the highest of priorities. But I would tell her that you want to at least pay it back even more. Even if she pays it off, you want to give her some more to make up for it. But that's what I do. Go get boots on the ground. Go get experience. And then try to build their business on the side. This is not working. The only reason you're allowed to do is cuz mommy and daddy are well, mom take care of you and dad did. Okay, that's what I recommend."
Business Viability
Pending