ilmscore | How Our Banking System Keeps Americans Poor

How Our Banking System Keeps Americans Poor

Published: 2024-03-25
Status: Available | Analyzed

Predictions from this Video

Total: 7
Correct: 0
Incorrect: 0
Pending: 7
Unrated: 0
Prediction
Topic
Status
Paying off $7,950 in credit card debt at a 24.15% APR with a $165 minimum monthly payment will result in $255,700 paid in interest and take 17 years to pay off.
"if you make the minimum monthly payment of $165 a month well guess what you will pay $255,700 in interest meaning to pay off for $7,950 it will cost you more than $33,000 over the course of 17 years to be debt-free on this credit card debt"
Credit Card Debt Payoff
Pending
JP Morgan, Wells Fargo, and Bank of America collectively generated $2.2 billion in overdraft fees in the previous year.
"JP Morgan Wells Fargo and Bank of America made $2.2 billion last year from overdraft fees"
Bank Overdraft Fees
Pending
High-interest savings accounts can yield 3-5% annual interest.
"if you have a high interest savings account which is like what I have well now you can get 3 4 5% a year in interest on your savings just for sitting there"
High-Interest Savings Accounts
Pending
Student loans are the largest asset on the U.S. government's balance sheet, despite being discussed as a crisis.
"the United States government talks about how student loans are such a bad thing but at the same time these student loans are their largest asset it is the number one largest asset by a long shot on their balance sheet"
Student Loans as Government Asset
Pending
It takes approximately a decade of consistent effort, time, and investment ('the decade of sacrifice') before significant wealth growth becomes apparent due to compounding knowledge and money.
"you got to go through this like phase of I call it the decade of sacrifice where you're putting in all this work putting in all this time and putting this money in to build this wealth and you really don't see any return but once you start to see that curve go like this it is you start to see that upward inflection in the curve and your wealth also starts to grow with it"
Wealth Growth Timeline
Pending
A real estate workshop is available for those interested in real estate investment.
"if you're interested in real estate I have a real estate workshop for you down in the description"
Real Estate Investment
Pending
Achieving the point where purchasing a $70,000 car with cash has no significant impact on one's lifestyle requires prior sacrifice and wealth accumulation.
"you want to walk into the Rolex store you want to walk into the BMW dealership you want to find a $70,000 car buy it cash and not really make any difference into your lifestyle because it was just a a second thought"
Cash Purchase of High-Value Items
Pending