Published: 2023-11-16
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Predictions from this Video
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Prediction
Topic
Status
Individuals without $2,000 in savings are in a financial danger zone and should prioritize saving this amount.
"if you do not have $2,000 saved up in a savings account... you are in a financial danger zone."
Pending
High-interest debts, such as credit card debt with interest rates between 15% and 28%, must be paid down quickly.
"you got to work to pay down your high interest debts this is things like your credit card debt as fast as possible and the reason why is because your credit cards are charging you 15 18 21 25 sometimes 28% a year in interest"
Pending
Paying 15-30% interest on credit card debt while only achieving a 5-10% return on investments results in a net financial loss.
"when we talk about investing your money like crazy when you're go and put your money to the stock market if you're going and buy rental properties now you're trying to get something like a five to 10% return on your money... but if you're paying 15 20 25 30 30% in interest to your credit card company but you're trying to get a 5 to 10% return here you are losing in this game of money"
Pending
When Americans earn more money, they tend to increase their spending on larger purchases and take on more debt, leading to a larger financial hole.
"when Americans go out and they get more money they go and they buy a faster car they buy a bigger home or they go on a vacation to celebrate and then many times now when you make more money the bank also looks at you and they say oh now you make more money huh how about another line of credit how about another credit card how about a bigger debt line you qualify for more debt as you make more money as well"
Pending
For six months after receiving a raise or earning more, one should not increase their lifestyle and instead invest the extra money.
"keep your lifestyle small for a little while I call it like a six-month delay don't increase your lifestyle at all for 6 months just take that extra money and invest it"
Pending
The stock market has the lowest barrier to entry for investing, allowing individuals to start with as little as $1.
"if you want to start investing in the stock market it requires the least barrier to entry and the lowest amount of money to start I you can start investing your money in the stock market as little as a dollar $10 $100"
Pending
Despite market crashes and recessions occurring roughly every decade over the past century, the stock market has historically shown upward growth.
"we've seen through the last century is that the stock market has gone up despite Market crashes despite recessions because we've seen a market crash or recession pretty much every decade for the last century and yet the stock market has still risen"
Pending
ETFs and index funds can provide exposure to the total stock market, serving as an alternative for those who don't want to pick individual companies.
"there are funds things like ETFs or index funds... that will give you exposure to things like the total stock market"
Pending
Save $2,000 immediately for emergencies, which may require temporarily stopping discretionary spending like dining out or buying non-essentials.
"if you do not have $2,000 saved up in a savings account... you are in a financial danger zone. go out and save $2,000 as AP and that means if you don't got $2,000 saved up, don't go out and eat at restaurants, don't go out and do anything, stop buying stuff completely."
Pending
Prioritize paying off high-interest debt, such as credit card debt, due to interest rates ranging from 15% to 28% annually.
"the next thing you got to do is you got to work to pay down your high interest debts this is things like your credit card debt as fast as possible and the reason why is because your credit cards are charging you 15, 18, 21, 25, sometimes 28% a year in interest."
Pending
Paying 15-30% interest on credit card debt makes it impossible to profit from investments aiming for 5-10% returns, resulting in a net loss.
"your credit cards are charging you 15, 18, 21, 25, sometimes 28% a year in interest... when we talk about investing your money like crazy... you're trying to get something like a 5 to 10% return on your money... but if you're paying 15, 20, 25, 30% in interest... you are losing in this game of money."
Pending
Upon receiving a raise or making more money, refrain from increasing lifestyle spending for at least six months; instead, invest the additional funds.
"when Americans go out and they get more money they go and they buy a faster car, they buy a bigger home or they go on a vacation to celebrate... don't increase your lifestyle at all for 6 months, just take that extra money and invest it."
Pending
Building significant wealth through investments requires a long-term commitment of a decade or more, involving a period of sacrifice.
"the people that build the real wealth with Investments are not people that are investing for 6 months even 6 years. we're talking about for a decade or more and I call that a decade of sacrifices."
Pending
The stock market offers the lowest barrier to entry for investing, allowing individuals to start with as little as $1.
"if you want to start investing in the stock market it requires the least barrier to entry and the lowest amount of money to start. I you can start investing your money in the stock market as little as a dollar $1, $10, $100."
Pending
Historically, the stock market has shown upward movement over the last century, even with regular market crashes and recessions occurring every decade.
"what we've seen happen through the last century is that the stock market has gone up despite Market crashes despite recessions because we've seen a market crash or recession pretty much every decade for the last century and yet the stock market has still risen."
Pending
Diversification is achievable through various funds (ETFs) offering exposure to market indices (S&P 500, Dow Jones, NASDAQ), specific sectors (technology, real estate), and international markets.
"there are funds that give you exposure to the S&P 500... there are funds that give you exposure to the Dow Jones... there are funds that give you exposure to the NASDAQ... there are funds that give you exposure to technology companies... there are funds that give you exposure to real estate companies... there are funds that give you exposure to International companies."
Pending
The most effective wealth-building asset classes, proven over time, are stocks, real estate, and businesses. The critical first step is to begin investing in one of these.
"the key is you just got to get started. stocks, real estate, and businesses have been time tested to prove and build more wealth than any other asset class."
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