ilmscore | 10 HACKS To Get Rich Before You Get Old

10 HACKS To Get Rich Before You Get Old

Predictions from this Video

Total: 18
Correct: 0
Incorrect: 0
Pending: 18
Unrated: 0
Prediction
Topic
Status
High-interest savings accounts offering 4-5% returns are recommended for any cash set aside, as this is superior to a 0% return.
"a four or 5% return on your savings is better than a 0% return on your savings so if you have this cash put aside look into getting a high interest savings account"
VTI
Pending
It is predicted that individuals can double their income within the next 5 years through investing in their skills and education, which will in turn allow them to double their investment amounts, leading to faster wealth accumulation.
"In the next 5 years you can double how much money you're making and if you double how much money you're making well you can at least double how much money you're investing if not more if you don't increase a lifestyle as much and if you want to be wealthier faster you got to increase how much money you're investing that way you can get to your wealthy number faster"
Investment Strategy
Pending
Consistent, small daily actions in saving and investing, even when uncomfortable, will compound over time and lead to significant financial progress.
"little steps forward start to add up but you got to make sure you're taking these little steps every single day saving a little bit of money every single day investing a little bit of money every single day these little steps add up if you stick with it even when it's uncomfortable"
Financial Planning
Pending
To regain personal time, individuals must learn to delegate tasks and hire reliable help. This process involves overcoming the difficulty of relinquishing control and trusting others, and the challenge of finding competent employees.
"you have to be able to delegate delegating is hard I know this because well I've done that myself and the first hard part is kind of letting go of the controls and trusting somebody else to do something and then the second hard part is finding good help because there are some good workers out there and there are some not so good workers out there and when you get burned by some let's call them not so good workers you don't feel good and you feel scammed and you feel violated"
Time Management
Pending
Making significant sacrifices and putting in extra effort upfront, akin to pulling back an arrow further, will lead to greater forward momentum and success.
"if you pull your arrow back it's going to go forward if you pull it further back it's going to go even more forward and it's that sacrifice of you know what sometimes you got to take a step back put in the extra sacrifice and really stretch and that's what's going to allow you to Rock It Forward"
Personal Development
Pending
True wealth encompasses financial, physical, mental, and spiritual well-being, not just financial prosperity.
"if you want to live a true wealthy life I want you to be financially wealthy I'm not one of those people that say oh wealth is just being happy no you got to be financially wealthy too okay but if you want to be truly wealthy you to live a financially and fully wealthy life that means you got to be physically fit mentally fit spiritually fit and financially fit"
Holistic Wealth
Pending
VTI ETF provides exposure to the total stock market and can be traded like a stock.
"I'll give you an example I'm not telling you what to invest in give you an example vti This is an ETF that means you can buy it and sell it just like any other stock in the stock market but if you buy one share of vti you're getting exposure to the total stock market"
VTI
Pending
SPY ETF offers exposure to the S&P 500, representing the 500 largest companies.
"there are other funds like spy this is a fund that gives the exposure to the S&P 500 this is a group of the 500 largest companies in the stock market"
SPY
Pending
Utilize at least three bank accounts: one for spending, one for investments, and one for savings.
"I'm going to give you a bonus tip at the end hack number one is you have to make sure that you have at least at least three different bank accounts and the way that this looks now is you want to have one bank account for your spending money One bank account for your investment money and One bank account for your savings money"
Investment Strategy
Pending
Implement a 75/15/10 plan where 75% of earnings are for spending, 15% for investment, and 10% for savings.
"following something like a 755 10 plan that says for every dollar that you earn from here on out 75 cents is the maximum that you can spend 15 cents is the minimum you're investing 10 cents is the minimum that you're saving"
Financial Planning
Pending
True wealth is achieved by owning investments, not solely by high income or promotions.
"if you want to become wealthy the way you become wealthy is not by making few hundred thousand a year if you want to become wealthy it's not by getting a promotion the way you become wealthy is by owning Investments period"
Wealth Building
Pending
Business owners and high-net-worth investors must hire an accountant or tax advisor for tax management.
"if you own a business or you're a high net worth investor you have to there's really no exceptions to this you have to get yourself an accountant a Tax Advisor that's going to help you manage your taxes"
Tax Strategy
Pending
It is possible to double one's income within the next 5 years with consistent effort.
"I can pretty much guarantee that if you were able to stick with it you could dou your income in the next 5 years"
Income Growth
Pending
Utilize high-interest savings accounts for any cash designated for savings or waiting to be invested.
"get a highin savings account this one you know I talked about this a little bit earlier but I want to make sure we're on the same page here which is if you have cash that's sitting there like if you have cash that's waiting to be invested if you have the savings money use a high interest savings account"
Financial Health
Pending
Buying back time through delegation or outsourcing can increase earning potential.
"how can you buy some of your time back so you have the ability to earn more money"
Time Management
Pending
A winner's mentality is crucial for success in business, investing, and employment.
"you have to have a Winner's mentality"
Mindset
Pending
Increased initial sacrifice and effort (pulling the arrow back further) leads to greater future progress and success.
"if you pull your arrow back it's going to go forward if you pull it further back it's going to go even more forward and it's that sacrifice of you know what sometimes you got to take a step back put in the extra sacrifice and really stretch and that's what's going to allow you to Rock It Forward"
Long-term Financial Strategy
Pending
True wealth encompasses not only financial prosperity but also physical, mental, and spiritual well-being.
"if you really want to become wealthier sooner what I also want you to remember is what it means to become wealthy because wealthy financially is having money in the bank having the assets having the cash flow but I also want you to remember to be wealthy in your life I want you to live a fit life not just a financially rich life a fit life and that means being physically fit Ally fit spiritually fit and financially fit"
Holistic Wealth
Pending