ilmscore | The 6 Money Mistakes That Keep You Poor

The 6 Money Mistakes That Keep You Poor

Predictions from this Video

Total: 6
Correct: 0
Incorrect: 0
Pending: 6
Unrated: 0
Prediction
Topic
Status
Taking on student loan debt can significantly hinder wealth building for decades, especially when the average graduate salary is only slightly higher than the average loan balance.
"the average student loan balance for the class of 2021 was 37,574 dollars while the average college graduate earns just fifty five thousand dollars it makes no sense by taking on debt instead of starting your career and being able to invest right away your priority becomes paying down the debt as fast as possible before interest rates increase even further and what most people don't realize is that the amount of time and money needed to pay down debt while you start a career on the low end of the pay grade can sometimes set you back decades in terms of building your wealth"
Student Loans
Pending
Employers increasingly prioritize work experience over academic grades, with 58% favoring candidates with prior work history.
"more recently employers are valuing work experience over education with 58 of employers preferring someone with past work experience to someone with good grades"
Employer Preferences
Pending
All aspects of a new career offer, including vacation, salary, benefits, health insurance, and remote work options, are negotiable based on leverage and persuasion.
"when you're starting a career everything from vacation salary benefits health insurance and work from home are negotiable and the more leverage you have and the more convincing you are the higher the chances of getting that approved"
Negotiating Salaries and Benefits
Pending
Negotiation is applicable to virtually all major purchases, including car terms, rent, furniture, gym memberships, and even airplane seats.
"this also applies to just about every other major purchase that you could think of from the terms of the car that you drive the price of the apartment that you rent the furniture you buy the gym membership you get or even the seat on an airplane"
Negotiating Major Purchases
Pending
A good credit score can save individuals over $41,000, highlighting its significant financial importance.
"having a good credit score could save you more than forty one thousand dollars just promise me that you'll be doing this if you haven't done it already it's so important"
Credit Score Impact
Pending
Starting retirement investments at age 20 with $100/month at 8% return yields $504,000 by age 65. Waiting until age 25 results in $337,000, a difference of $167,000 due to the impact of compounding over five extra years.
"if you invest a hundred dollars a month beginning at the age of 20 at an eight percent return by the time you're 65 you'll have five hundred and four thousand dollars invested but instead if you figured oh no I'm young I want to go to Coachella I'll start doing this at the age of 25 instead well by the same time you're 65 you'll only have 337,000 invested that's a 167 thousand dollar difference just by waiting five years to invest"
Retirement Savings (Age 20 vs. Age 25)
Pending