ilmscore | Paycheck Routine - Do These 7 Things EVERY Payday

Paycheck Routine - Do These 7 Things EVERY Payday

Published: 2024-05-28
Status: Available | Analyzed

Predictions from this Video

Total: 7
Correct: 0
Incorrect: 0
Pending: 7
Unrated: 0
Prediction
Topic
Status
An 0.85% expense ratio on a 401K investment over 40 years, with $11,000 monthly contributions and a 10% average annual return, will cost over $1 million in fees.
"a 0.85% fee is going to end up costing you more than a million out of your Investment Portfolio"
401K Fees
Pending
Investors should focus on identifying and investing in future market trends rather than past ones.
"your goal now as an investor is to find the next Trend in the markets and then invest your money where money is going not where money has been"
Investment Trends
Pending
For 98% of investors, passive investment in index funds or ETFs is recommended over actively picking stocks.
"for the average person for 98% of America you should not be trying to find the next hot stock instead what you should be doing is just passively investing this money into the markets just passively invest this money into funds index funds ETFs that will give you broad exposure to the market"
Investment Strategy
Pending
An emergency fund should cover 3 to 12 months of expenses, varying based on individual circumstances and risk tolerance.
"somewhere between 3 to 12 months worth of expenses depending on who you are and where you are"
Savings Goal
Pending
A 'rule of five' for luxury purchases suggests one cannot truly afford an item if they cannot buy five of them with cash.
"if I can't buy five of them I can't afford one of them"
Luxury Purchases
Pending
Increasing earning potential by putting more money into the financial system is crucial for faster wealth accumulation.
"if you want to be able to get to this wealth faster you got to be able to put more money into the system"
Earning Potential
Pending
Wealth accumulation is more about understanding financial principles than just hard work, as many people work hard but lack the knowledge of what to do with their earnings.
"the people that end up becoming wealthy in the system are the people that understand how to do it it's not just having the hard work ethic a lot of people work hard the problem is most people just don't know what to do"
Financial Education
Pending