Why Some People Will Get Rich In 2024 (And Most Don't)
Published: 2024-02-20
Status:
Available
|
Analyzed
Published: 2024-02-20
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The year 2024 is predicted to be more volatile or unpredictable than 2023.
"2024 is going to be even more crazy"
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The Federal Reserve Bank predicts weaker economic growth and higher unemployment in 2024.
"Federal Reserve Bank which says that they're predicting weaker economic growth and higher unemployment in 2024"
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2024 is described as a 'culmination year' due to the convergence of three economic factors.
"2024 is what I like to call a culmination year and we have three things coming together in 2024"
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US companies are facing a significant amount of debt maturing in the next five years. Speculative borrowers have $1.9 trillion due between 2024 and 2028, and investment-grade companies have over $1.25 trillion due in the same period.
"us companies have never had as much debt coming due as they do in the next five years according to Moody's speculative borrowers have about $1.9 trillion of debt maturing between 2024 and 2028 and investment grade companies have over $1.25 trillion in debt coming due in the same period"
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High inflation and cost of living are expected to reach a peak or significant point in 2024.
"the culmination of the high inflation and cost of living"
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Approximately $1.2 trillion in commercial real estate loans are due to mature starting in 2024.
"over a trillion dollar$ 1.2 trillion dollar of commercial real estate loans that are coming due in the coming years starting in 2024"
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The impact of higher interest rates, not seen for a significant period, will be felt in 2024.
"we're going to see the impact of higher interest rates which we haven't seen for a long time"
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US government interest payments on the national debt are projected to exceed the national defense budget in the coming years.
"we're expecting the next few years that our interest payments are going to exceed the National Defense budget"
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Wages have lagged behind inflation for several years, with a slight change at the end of 2023.
"Wages have been growing slower than inflation for the last number of years until the very tail end of 2023"
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Inflation is predicted to be approximately 2.4% in 2024.
"inflation is going to be around 2.4% in 2024"
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Nearly half of student loan borrowers missed their first payment when payments resumed in October.
"almost half of all student loan borrowers didn't make their first student loan payment when it came due"
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A significant portion (nearly half) of student loan borrowers did not make their initial payment when it was due after payments restarted.
"almost half of all student loan borrowers didn't make their first student loan payment when it came due"
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Despite potential cuts in 2024, interest rates are expected to remain higher for longer than anticipated, following 11 previous rate hikes.
"we've raised interest rates 11 times in the last few years so if we listen to what they say if we cut interest rates a few times that still means interest rates are going to be higher for a lot longer than what a lot of people expect"
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Interest rates are expected to fall in 2024, with a slight decrease already observed in mortgage rates.
"we're going to see interest rates fall in 2024 we've already seen mortgage rates fall a little bit"
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JPMorgan predicts that by mid-2024, almost every American will be financially worse off compared to the pre-pandemic period.
"almost every American is going to be financially worse off by mid 2024 than they were pre pandemic"
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The Federal Reserve is considering cutting interest rates multiple times in 2024.
"they're thinking about cutting interest rates a few times in 2024"
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The US economy has experienced a recession approximately every decade over the past century.
"the United States economy has seen a recession pretty much every decade for the last century"
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Interest rates are predicted to remain elevated for a longer duration than commonly anticipated.
"interest rates are going to be higher for a lot longer than what a lot of people expect"
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The Federal Reserve believes that rising unemployment is necessary to curb inflation and anticipates a slowdown in economic activity.
"the Federal Reserve has come out and said that we need unemployment to rise that's going to help cool down inflation The Federal Reserve has come about and said that we expect and we need our economic activity to slow down"
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US companies face a record amount of debt maturing within the next five years.
"US companies have never had as much debt coming due as they do in the next five years"
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While inflation has been falling, a reversal could prompt changes in the Federal Reserve's stance and market predictions.
"we've been seeing inflation fall for the last few months however if inflation makes a U-turn then you could see a change in what the Federal Reserve Bank says"
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Speculative borrowers have approximately $1.9 trillion in debt maturing from 2024 to 2028.
"speculative borrowers have about $1.9 trillion of debt maturing between 2024 and 2028"
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Investment-grade companies have over $1.25 trillion in debt maturing between 2024 and 2028.
"investment grade companies have over $1.25 trillion in debt coming due in the same period"
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Approximately $1.2 trillion in commercial real estate loans are set to mature starting in 2024.
"over a trillion dollar$ 1.2 trillion dollar of commercial real estate loans that are coming due in the coming years starting in 2024"
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US government interest payments on debt are projected to surpass the National Defense budget in the coming years.
"our interest payments are going to exceed the National Defense budget"
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Government interest payments are expected to exceed the non-defense discretionary budget within a few years.
"exceeding the non-defense discretionary budget a few years after that if things stay on Pace"
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Within our lifetimes, the largest government expense will be paying back past debt, surpassing costs like Social Security, Medicare, and Medicaid.
"within our lifetimes the number one most expensive largest cost for the United States government will not be the government or social security or Medicare or Medicaid it will be paying back the previous payments"
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The Federal Reserve predicts lower economic growth and increased unemployment for 2024.
"predicting weaker economic growth and higher unemployment in 2024"
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A significant portion of Americans are predicted to be financially worse off by mid-2024 compared to the pre-pandemic period.
"almost every American is going to be financially worse off by mid 2024 than they were pre pandemic"
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The labor market is cooling down, indicated by shrinking wage growth.
"the labor market has been cooling down because wage growth has been shrinking"
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The Federal Reserve's actions led to the market recovering and reaching new record highs by the end of 2020.
"the Federal Reserve Bank printed us right out of this into breaking new record highs by the end of the year"
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In 2011, articles suggested that real estate prices had reached their lowest point.
"every article is talking about how real estate prices have hit rock bottom"
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The general sentiment around 2011 was that investing in real estate would lead to bankruptcy.
"the common consensus during this time was if you go out and invest in real estate you are going to go bankrupt"
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The speaker purchased a property for $8,800 at the age of 19 during the 2008-2012 real estate cycle.
"I bought the home I was 19 years old for $88,000"
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Millennials and Gen X have experienced three 'once in a lifetime' market crashes within their working careers.
"we have seen three once in a lifetime crashes in one lifetime"
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Prior to the year 2000, there was significant excitement and investment in companies ending with '.com'.
"leading up to the year 200000 there was this big excitement around this idea of a company with the word com at the end of it"
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The dot-com bubble burst due to rising interest rates, which reduced funding for startup companies.
"the bubble burst interest rates rose that money for the startup company started to fade away"
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In 2001, some media reports claimed the internet was a fad and would cease to be used.
"the internet was just a fad and now no one's going to use the internet again this was in the year 2001"
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The US economy has experienced a recession approximately every decade for the past century.
"the United States economy has seen a recession pretty much every decade for the last century"
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The 2020 recession, despite being severe, saw record-breaking luxury sales for certain brands, making it a unique event.
"the economy was shut down and we saw this kind of forced recession which was a very interesting recession because it was supposedly the worst recession since the Great Depression yet luxury sales for companies like Louis Vuitton and Gucci were breaking new record highs"
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There are warning signs indicating a potential economic downturn.
"we see the red flags in the economy"
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The cost of living has increased at a pace significantly higher than income growth.
"the cost of living has gone up a lot faster than people's incomes"
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Overall debt levels are at an all-time high.
"we have more debt than ever before"
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Credit card debt has reached its highest level ever.
"we have the most amount of credit card debt than ever before"
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A significant number of office spaces remain unoccupied (half vacant).
"a lot of offices are still half vacant"
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The Federal Reserve believes that an increase in unemployment is necessary to help reduce inflation.
"the Federal Reserve has come out and said that we need unemployment to rise that's going to help cool down inflation"
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The Federal Reserve anticipates and desires a slowdown in economic activity.
"we expect and we need our economic activity to slow down"
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An economic slowdown or downturn is inevitable, as it has occurred repeatedly in the past.
"it will happen again"
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A reversal in inflation could lead to changes in the Federal Reserve's statements and market predictions, resulting in increased volatility.
"if inflation makes a U-turn then you could see a change in what the Federal Reserve Bank says you can see a change in what the market predicts and all these things can create more volatility"
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