The 7 Wealth Killers That No One Talks About
Published: 2024-06-11
Status:
Available
|
Analyzed
Published: 2024-06-11
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker argues that the home you live in does not generate income.
"the home that you live in is not actually making you any money"
Pending
There's a risk that a property may not be sellable for a profit.
"there's a chance that you won't be able to sell it for a profit"
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Cars are a liability because they depreciate in value as soon as they are purchased.
"for 99.9% of people as soon as you buy a car it's going to drop in value"
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Priorities are misaligned if car payments exceed investment contributions.
"if you're paying $1,000 a month for your car payment but you're not putting $1,000 a month into your Investments your priorities are in the wrong place"
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Hiring the cheapest service providers results in poor quality services.
"when it comes to business when you hire the cheap you get cheap services"
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Market downturns often lead to emotional selling by investors.
"people got scared this is emotional investing and we have seen this in every single Market downturn"
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Stocks often begin to decline immediately after an impulse purchase.
"as soon as you start buying what happens that stock always starts to go down"
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Paying minimums on average credit card debt can result in over $18,000 in interest paid.
"you're going to pay more than $18,000 in interest to pay this off"
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Payday loans and short-term loans have extremely high annualized interest rates, significantly exceeding credit card APRs.
"when you go and get a payday loan or those short-term loans to make ends meet for the two weeks or for the month you're not paying 27% you're paying 50% you're paying 100%"
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Avoiding small daily impulse purchases ($14/day) can result in over $5,000 in savings annually.
"the easiest way to have an additional $5,000 a year is just to not spend an additional $14 a day"
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A portion of online financial advice is designed to sell unrealistic dreams, benefiting the seller rather than the buyer.
"there is also the small sect of people that are just trying to sell you a dream which is not going to make you any money but it's going to make somebody else rich"
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When learning from others, innovation is more effective than simply copying their methods.
"the way you apply it is by innovating not copying"
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There is a risk that homeowners may not be able to sell their homes for a profit, evidenced by the speaker purchasing foreclosed properties from homeowners who couldn't sell at their purchase price.
"there's a chance that you won't be able to sell it for a profit how do I know that because I've purchased a lot of real estate investment properties aut of foreclosures because the homeowners couldn't sell them for how much they purchase them for"
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One in five Americans buying a car will have a monthly car payment exceeding $1,000.
"one out of five Americans that are going to buy a car today have a car payment just a car payment of more than $1,000 a month"
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The average credit card debt in America is approximately $6,500.
"the average credit card debt in America is right around $6500"
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The average annual interest rate (APR) on credit card debt is around 27%.
"the average APR the average interest rate on this credit card debt is right around 27% a year"
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Paying off an average $6,500 credit card debt with minimum payments at a 27% APR will result in over $18,000 in interest, making the total cost over $24,000.
"you're going to pay with these numbers right here more than $18,000 in interest to pay this off that means it's going to cost you more than $24,000 to pay off your $6,500"
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Payday loans and short-term loans can carry interest rates of 50% to 100% annually, significantly higher than average credit card interest rates.
"when you go and get a payday loan or those short-term loans to make ends meet for the two weeks or for the month you're not paying 27% you're paying 50% you're paying 100%"
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Avoiding impulse purchases of $14 per day can result in saving over $5,000 annually.
"the easiest way to have an additional $5,000 a year is just to not spend an additional $14 a day"
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