ilmscore | why i don't spend money

why i don't spend money

Predictions from this Video

Total: 6
Correct: 0
Incorrect: 0
Pending: 6
Unrated: 0
Prediction
Topic
Status
Individuals can achieve financial independence and retire early by managing expenses, living below their means, saving aggressively, and investing for passive income.
"The FIRE movement which stands for Financially Independent Retired Early. This is a community and a mindset that you don't need to be 65 years old to retire if you track your expenses live below your means save as much income as you can and build your wealth to the point where eventually you could live off your Investments forever."
Financial Independence
Pending
The speaker's first rental property generated approximately $30 per day in net income, which they compared to an hourly wage from a traditional job.
"I started making about thirty dollars a day in net income and I thought to myself that worked out to be the equivalent of 5.62 cents every single hour if I worked a nine to five job Monday through Friday."
Real Estate Investment
Pending
The speaker found motivation in the idea that $30 per day from real estate investments could cover the cost of all-you-can-eat sushi daily.
"that thirty dollars a day also works out to be a free all you can eat sushi every single day for the rest of my life which was really cool to think about"
Real Estate Investment
Pending
The speaker actively sought out ways to reduce expenses by identifying non-essential items and finding cheaper alternatives, leading them to focus on what truly brings happiness.
"I began scouring everything I could to find what I didn't absolutely need or anything that I could find at a cheaper price and I quickly found the basics in terms of what makes me the happiest"
Financial Minimalism
Pending
The speaker saved diligently for six years, enabling them to pursue future opportunities and passions, such as their YouTube channel, due to the financial flexibility provided by frugality.
"for those next six years I continued saving everything that I possibly could knowing that whenever the next thing came around I would be able to follow it because frugality has always given me those choices in the past"
YouTube Channel Growth
Pending
The core principle of frugality is to reduce spending on non-essential items and redirect those funds towards what is most valued by an individual.
"frugality is all about cutting back on things that don't make a difference and putting those towards things that you value the most"
Frugality and Value
Pending