ilmscore | EXPOSED: This Is Why You Feel Broke

EXPOSED: This Is Why You Feel Broke

Predictions from this Video

Total: 9
Correct: 0
Incorrect: 0
Pending: 9
Unrated: 0
Prediction
Topic
Status
Projecting current inflation rates from 2023 to 2073: household income could reach $486,500, cars could cost $352,000, homes could cost $7.7 million, and annual college tuition could reach $213,000.
"let's fast forward from 2023 to 2073 and what's going to happen between now and then because if we project forward now this where things start to get a little bit scary and we apply these same percentages from these numbers to here what does that look like Well let's take a look a 688 increase in household income would mean that household income would grow to $486,500 increase in car prices would mean that now a car would cost you $352,000 1600% increase in median home prices would mean the home prices would grow to 7.7 million and then an additional 2,300 increase in college tuition prices would mean that college prices would grow from $9,300 to $213,000 a year"
Household Income and Asset Prices Projection
Pending
Prices of goods and services are projected to continue growing faster than incomes.
"what we have seen happen over the last number of decades and what it seems like will continue to happen is that the prices of things have been growing faster than incomes"
Inflation and its Impact
Pending
The current economic system is designed to generate inflation, which has been a long-term trend predating the pandemic.
"our economic system is designed to create inflation inflation has been a Hot Topic since the pandemic but inflation didn't start during the pandemic it started many many many decades before the pandemic"
Economic System and Inflation
Pending
Asset prices are projected to continue rising faster than incomes, contributing to the growing wealth gap.
"asset prices are rising faster than incomes and this is one of the reasons why you keep hearing of this growing wealth Gap it's not because just people are making more money it's because people own more assets and asset prices are rising faster than incomes"
Asset Prices vs. Incomes
Pending
Financial education will become increasingly critical for individuals to navigate the economic landscape.
"it becomes exponentially more important for people to become financially educated"
Importance of Financial Education
Pending
The era of a single income household being sufficient for financial freedom and retirement is unlikely to return.
"if you think we're going to go back to what life was like in 1971 where one income household was enough to support the family and safer retirement and have your Financial Freedom well I'm sorry to break it to you but that's not how it's going to work"
Future of Single-Income Households
Pending
Every individual needs to become an owner of businesses, not necessarily by starting a company, but by investing in the economy.
"every single person needs to be a business owner again this does not mean you need to go out and start a company this does not mean you need to go out and operate a company this does not mean you need to go out and your company but you need to start taking your money and start owning a piece of the economy you need to start owning a piece of the businesses"
Investing as a necessity
Pending
The Federal Reserve aims for a low inflation rate, around 2%, to be less noticeable to the general public.
"the Federal Reserve Bank wants to have a low enough inflation number that most people don't even see it happen this is why you hear the Federal Reserve Bank talking about oh we would love to see inflation at around 2%"
Inflation target by Federal Reserve
Pending
Businesses should be built to be scalable, meaning they can grow without constant direct involvement from the owner.
"building a business that's scalable I've talked about that many times where you want to build something that can grow that doesn't necessarily need you"
Scalable Businesses
Pending