ilmscore | How To Build Wealth in Your 20s

How To Build Wealth in Your 20s

Published: 2023-06-19
Status: Available | Analyzed

Predictions from this Video

Total: 8
Correct: 0
Incorrect: 0
Pending: 8
Unrated: 0
Prediction
Topic
Status
Top-tier accountants can earn $600k-$800k annually.
"if you're a really good accountant then you're going to be making about six hundred thousand to eight hundred thousand dollars a year"
Income Potential in Professions
Pending
Top-tier real estate brokers can earn $500k to $1 million annually.
"if you're a good broker like you're really good at your job you're pulling in 500k to mil"
Income Potential in Professions
Pending
The 20s are the optimal time to pursue self-employment due to fewer responsibilities, financial obligations, and more time/energy.
"if you want to be self-employed right now in your 20s is the best time to do it I don't think there's any other time that's better than this"
Self-Employment
Pending
Contribute to employer-sponsored retirement accounts (401k/403b) at least up to the maximum employer match, as this constitutes 'free money'.
"fund your retirement Accounts at least up to the maximum matching amounts"
Retirement Accounts
Pending
Individuals in their 20s should prioritize contributing to a Roth IRA for its tax-advantaged growth potential, where earnings are never taxed if withdrawn appropriately in retirement.
"in your 20s you should be focusing on your Roth IRA"
Retirement Accounts
Pending
When purchasing a first home, aim to save a 20% down payment to avoid Private Mortgage Insurance (PMI).
"you want to buy something that you can afford and the goal is to save up 20 for a down pay"
Real Estate
Pending
In one's 20s, the stock market objective should be to learn the process of investing, with increased involvement expected in the 30s.
"in your 20s with stocks you're not trying to get rich your objective is to learn how to invest your money because you're probably going to be more involved in the stock market in your 30s"
Stock Market Investing
Pending
Prioritizing the payment and elimination of credit card debt is crucial in one's 20s due to its high interest rates.
"in your 20s you should make it a priority to pay down or completely eliminate your credit card debt"
Debt Management
Pending