ilmscore | The #1 Reason Why Most Americans Will Never Be Rich

The #1 Reason Why Most Americans Will Never Be Rich

Published: 2023-10-31
Status: Available | Analyzed

Predictions from this Video

Total: 10
Correct: 0
Incorrect: 0
Pending: 10
Unrated: 0
Prediction
Topic
Status
As of the transcript date (published 2023-10-31), 28% of working Americans had no investments or retirement savings, including in 401ks, IRAs, brokerage accounts, real estate, or savings accounts.
"28% of these Americans have zero Investments or retirement savings put aside at all so just over a quarter of working America has $0 put aside in any any 401K any Ira any stock brokage account any real estate Investments any savings accounts just over a quarter of America has no money put aside in savings and investments"
US Household Savings
Pending
As of the transcript date (published 2023-10-31), 53% of Americans had less than $10,000 saved or invested across all account types.
"and then you have about 53% of Americans who have less than $10,000 saved up or invested somewhere that means more than one out of two Americans more than half of America has less than $10,000 put together in their savings accounts in their checkins accounts and their 401k and their IRA and their self-directed stock brokerage accounts and any real estate accounts in the cryptocurrency accounts and any other Investments combined less than $10,000"
US Household Savings
Pending
As of the transcript date (published 2023-10-31), over 100 million Americans had car loans.
"we also have more than a 100 million Americans that have a car loan that means are more than 100 million people some overlap of people here who don't have money who are going out and financing a vehicle"
US Car Loans
Pending
As of the transcript date (published 2023-10-31), the average new car payment was $725, and the average used car payment was $528.
"the average new car payment in America at the time we recording this video is $725 and the average used car payment in America is now $528"
US Car Loan Payments
Pending
In the first half of 2021, luxury brands like Louis Vuitton, Dior, Fendi, Loewe, and Celine reported record sales and profits.
"Louis Vuitton Dior fendy low and Seline all delivered record sales and record profits in the first half of 2021"
Luxury Goods Sales
Pending
As of the transcript date (published 2023-10-31), US credit card debt reached its highest level in history.
"today we have the highest amounts of credit card debt ever in American history"
US Credit Card Debt
Pending
As of the transcript date (published 2023-10-31), US credit card balances were at their highest point ever.
"today we have the highest credit card balances ever"
US Credit Card Debt
Pending
As of the transcript date (published 2023-10-31), the speaker has encountered doctors earning $200k-$600k annually who are financially broke, with one couple earning $545k annually reporting no investments and only $4,000 in savings despite owning a nice home and luxury cars.
"the exact same thing there's a reason why so many doctors making 2 3 4 5 $600,000 a year are broke and I know this because I've had a lot of doctors come up to me for financial education saying the exact same thing just bre my wife and I bring home $545,000 a year we have a nice home we have two supercars we have these nice vacations but we have no Investments we have $4,000 in our savings accounts and nothing to show for it"
Doctor's Income and Savings
Pending
Inflation benefits asset owners (real estate investors, stockholders) whose assets increase in value, but it harms consumers who spend more on goods and services as their income does not keep pace with rising expenses.
"inflation helps the asset owners if you're a real estate investor if you've been investing in stocks and you saw this inflation your assets soared in value if you're just a spender if you're just a consumer like the majority of Americans inflation hurts you because that means when you go to the grocery store you got to spend more money and your income is not Rising fast enough to keep up with higher expenses"
Inflation Impact
Pending
To become an 'overpaid employee,' one must understand company financials, become indispensable, and negotiate for higher compensation.
"if you want to be an overpaid employee there are three things that you have to understand Number one is you have to understand the company's financials Number two you have to know how to make yourself Irreplaceable as an employee and then Number three is you got to know how to get your piece of the pie meaning how do you get that overpaid salary"
Employee Compensation
Pending