7 Secrets Your Bank Doesn’t Want You To Know
Published: 2024-06-14
Status:
Available
|
Analyzed
Published: 2024-06-14
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Despite new regulations, banks are expected to continue charging overdraft fees.
"because there are some new regulations being put into place which you're trying to limit how much overdraft fees the banks can charge you but that doesn't mean the banks are going to stop charging you overdraft fees"
Pending
An ETF named KBWB, which invests in various banks like Goldman Sachs, Bank of America, Morgan Stanley, and JP Morgan, was paying out a 3% yield at the time of recording.
"this Fund invests in many different types of banks you can take a look at the Holdings here they invest in Banks like Goldman Sachs Bank of America Morgan Stanley JP Morgan and at the time of me recording this video this fund is currently paying out a 3% yield"
Pending
JP Morgan Chase Bank was offering a dividend yield of approximately 2.3%.
"JP Morgan Chase Bank is currently paying around a 2.3% dividend yield"
Pending
Bank of America stock was offering a dividend yield of approximately 2.4%.
"The Bank of America stock is currently paying around a 2.4% dividend yield"
Pending
JP Morgan stock had increased by approximately 75% over the previous five years.
"if we take a look at the JP Morgan stock Over The Last 5 Years we'll see that JP Morgan is up around 75% Over The Last 5 Years"
Pending
Bank of America stock had increased by approximately 41% over the previous five years.
"Bank of America is up around 41% over the last 5 years"
Pending
The KBWB ETF had increased by approximately 52% over the previous five years.
"and then there's also Al an ETF there's multiple ETFs but just as an example called KBWB this is an ETF by investco... and this Fund invests in many different types of banks... and this Fund invests in many different types of banks... and this Fund invests in many different types of banks... and this Fund invests in many different types of banks... KBWB is up around 52% over the last 5 years"
Pending
An emergency fund should ideally contain between 3 months to a year's worth of expenses.
"how much money do you want to have here I would say somewhere between 3 months to a Year's worth of expenses"
Pending
Borrowing money from banks to acquire cash-flow producing assets like real estate or profitable businesses can be a strategy to generate income, provided the asset can cover mortgage payments and provide profit.
"what this means now is you're going to borrow money from the bank to buy something that's making money and if you do this correctly if you can go out and find a good property if you can go out and find a good business that's profitable and that this business this real estate would also be able to pay off the mortgage and put some money in your pocket every single month"
Pending
A $6,500 credit card debt, with minimum monthly payments of $150, could result in paying over $118,000 in interest alone, and potentially over $225,000 in total over the credit card's career, assuming no new debt is added.
"Do you know how much this credit card debt is going to cost you because most people don't you're going to end up paying $118,000 not to pay off your credit card but just an interest on your credit card which means in order for you to pay off the $6,500 with your minimum monthly payment you're going to end up paying over $225,000 over your credit card career assuming you never rack up another dollar in credit card debt"
Pending
A subprime borrower might be charged an 11% interest rate on a mortgage, compared to a 6% rate for others.
"instead of giving you a 6% mortgage we're going to charge you 11%"
Pending
A subprime borrower might be charged a 12% interest rate on an auto loan, compared to a 7% rate for others.
"instead of us charging you 7% on this auto loan we're going to have to charge you 12%"
Pending
Payday loans can have interest rates of 25% or 45% for individuals who cannot wait for their next paycheck.
"and instead of you spending the money that you get from your paycheck we're going to charge you 25 or 45% in our payday loans"
Pending
Despite new regulations, banks are expected to continue charging overdraft fees.
"there are some new regulations being put into place which you're trying to limit how much overdraft fees the banks can charge you but that doesn't mean the banks are going to stop charging you overdraft fees"
Pending
JP Morgan Chase Bank offers a 2.3% dividend yield, Bank of America offers 2.4%, and the KBWB ETF (investing in banks like Goldman Sachs, BofA, Morgan Stanley, JP Morgan) offers a 3% yield.
"JP Morgan Chase Bank is currently paying around a 2.3% dividend yield The Bank of America stock is currently paying around a 2.4% dividend yield and then there's also Al an ETF there's multiple ETFs but just as an example called KBWB this is an ETF by investco which is an institution that creates these types of funds and this Fund invests in many different types of banks you can take a look at the Holdings here they invest in Banks like Goldman Sachs Bank of America Morgan Stanley JP Morgan and at the time of me recording this video this fund is currently paying out a 3% yield"
Pending
Over the last 5 years, JP Morgan stock has increased by 75%, Bank of America by 41%, and the KBWB ETF by 52%.
"if we take a look at the JP Morgan stock Over The Last 5 Years we'll see that JP Morgan is up around 75% Over The Last 5 Years Bank of America is up around 41% over the last 5 years and then this KBWB is up around 52% over the last 5 years"
Pending
Recommended emergency savings range is 3 months to 1 year's worth of expenses, varying by individual circumstances.
"how much money do you want to have here I would say somewhere between 3 months to a Year's worth of expenses depending on where you are in your life"
Pending
Subprime borrowers can expect significantly higher interest rates: 11% on mortgages (vs. 6%), 12% on auto loans (vs. 7%), and 25-45% on payday loans.
"instead of giving you a 6% mortgage we're going to charge you 11% instead of us charging you 7% on this auto loan we're going to have to charge you 12% and instead of you spending the money that you get from your paycheck we're going to charge you 25 or 45% in our payday loans"
Pending
A $6,500 credit card debt, with minimum payments, could cost over $118,000 in interest alone.
"Do you know how much this credit card debt is going to cost you because most people don't you're going to end up paying $118,000 not to pay off your credit card but just an interest on your credit card"
Pending
Paying off a $6,500 credit card debt with minimum monthly payments could result in over $225,000 paid in total over the credit card's lifetime, assuming no further debt is incurred.
"which means in order for you to pay off the $6,500 with your minimum monthly payment you're going to end up paying over $225,000 over your credit card career assuming you never rack up another dollar in credit card debt"
Pending
A $100,000 deposit in a high-interest savings account could generate $5,000 in cash flow annually at a 5% yield.
"when you have $100,000 in the bank generating you 5% which is $5,000 a year of cash flow"
Pending