ilmscore | 9 Money Habits Keeping You Poor

9 Money Habits Keeping You Poor

Published: 2023-05-01
Status: Available | Analyzed

Predictions from this Video

Total: 8
Correct: 0
Incorrect: 0
Pending: 8
Unrated: 0
Prediction
Topic
Status
Tracking expenses for two months will lead to significant savings.
"if you could just stick with it for two months I guarantee I promise you're going to be shocked at how much money you save"
Financial Planning
Pending
Purchasing a less expensive home than initially approved can lead to long-term financial benefits.
"when it came to myself I was approved to buy a one and a half million dollar home but instead they spent six hundred thousand dollars on a fixer-upper in a not so good part of town more recently about my current home for 1.4 million dollars when I was approved to buy something up to six million dollars"
Housing Market
Pending
Utilizing employer 401k contributions and tax-loss harvesting can reduce taxable income and offset paycheck taxes by up to $3,000. Business owners may benefit from structuring as an LLC or S-corp to lower self-employment tax.
"if you're working a typical nine to five job see if your employer offers a 401k which can reduce your taxable income by the amount that you invest we're looking to tax less harvesting you're losing Investments the end of of the year so that you could offset up to three thousand dollars from your paycheck or if you're on a business it might make sense to run that through an LLC or an S corporation so that you could reduce your self-employment tax"
Tax Strategies
Pending
Individuals can potentially invest and shelter up to $32,850 annually through Roth IRAs, traditional 401(k)s, and HSAs.
"between those three options you could potentially invest and shelter up to thirty two thousand eight hundred and fifty dollars a year in income"
Retirement Accounts
Pending
65% of millionaires have at least three sources of income, suggesting a correlation between multiple income streams and wealth accumulation.
"when it comes to this 65 percent of millionaires have at least three sources of income"
Multiple Income Streams
Pending
It is possible to run a multi-million dollar business from home using a laptop, without needing inventory or employees.
"you can now run a multi-million dollar business right from your laptop from home anywhere in the world without buying any inventory or without hiring any employees"
Online Business
Pending
Websites can be launched quickly and easily with Hostinger, using drag-and-drop builders or an AI builder that generates a site in under 30 seconds, requiring no technical or design skills.
"hostinger could help you launch a website or online shopping minutes without any technical or design skills required if you want to get your new business off the ground you can easily launch a WordPress website in one click or use hostinger's drag drop website builder to get started in less time than it takes you to watch the entire video they also have an AI website builder that allows you to complete an entire website in under 30 seconds"
Website Creation
Pending
A specific lifestyle costing $1.2 million in initial expenses and requiring $1.95 million invested can be achieved by investing $24,000 annually at an 8% return over 30 years.
"all in you would be able to buy that lifestyle for 1.2 million dollars in one time costs and one million nine hundred and fifty thousand dollars invested though even though that might seem like a lot of money you could get there by investing twenty four thousand dollars a year at an eight percent return over the next 30 Years"
Financial Planning
Pending