ilmscore | The Rich Don’t Buy Dumb Things With Hard Earned Money (They Do This Instead)

The Rich Don’t Buy Dumb Things With Hard Earned Money (They Do This Instead)

Published: 2023-09-25
Status: Available | Analyzed

Predictions from this Video

Total: 6
Correct: 0
Incorrect: 0
Pending: 6
Unrated: 0
Prediction
Topic
Status
Dividend-paying stocks are identified as a key type of cash-flow-producing asset for investors.
"he says I invest pretty much every dollar that I possibly can into cash flow producing assets like dividend paying stocks"
DIV
Pending
A home is only considered an asset if it can be sold for a profit; otherwise, it's a liability due to ongoing costs like mortgage, upgrades, maintenance, taxes, and insurance.
"the reality is your home is only an asset if you can sell it for a profit"
Home as an investment
Pending
For approximately the first 14.5 years of a 30-year mortgage, the majority of the payment goes towards interest for the bank, not towards the principal or equity.
"for the first about 14 years of your mortgage the majority of your mortgage payment is going to be going to interest in your banks pocket"
Mortgage payment allocation
Pending
To significantly increase wealth, the focus should shift from saving a portion of existing income to scaling income itself, with an example of increasing annual income from $50,000 to $500,000.
"because now the next part is where things get really fun because now what you want to do is focus on the income side this is what we were talking about earlier how can you take this from fifty thousand dollars to five hundred thousand dollars"
Income Scaling
Pending
Aggressively acquiring income-generating assets will accelerate the ability to afford discretionary purchases without financial concern.
"the more aggressive you can be to buy these assets to buy the cash flow the sooner that you will be able to afford that crazy stuff the fun stuff the dumb stuff without having to worry about the money"
Asset acquisition strategy
Pending
The speaker achieved 'decent money' as an entrepreneur, quantifying it as $200,000-$300,000 per year, which was a significant milestone.
"I finally for the first time started making decent money and if you want to quantify decent money it was probably two or three hundred thousand dollars a year as an entrepreneur from my own"
Entrepreneurial Income
Pending