ilmscore | 7 Money Habits Keeping You Poor

7 Money Habits Keeping You Poor

Published: 2024-06-20
Status: Analyzed

Predictions from this Video

Total: 4
Correct: 0
Incorrect: 0
Pending: 4
Prediction
Topic
Status
Investing $560 per month at an 11% annual return for 40 years could result in an investment portfolio worth over $3.2 million.
"if you took this $560 a month and you invested this money instead that's $6,720 a year and you got the average stock market return which has been historically 11% a year and you do this for 40 years now instead of you owning a car that's worthless you would own an Investment Portfolio that's worth just over $3.2 million"
Investment Portfolio Growth
Pending
Continuing to invest $560 per month at an 11% annual return for 45 years (from age 21 to 66) could result in an investment portfolio exceeding $5.3 million.
"if you kept doing this for a few more years if you do this for 45 years from let's just say the age of 21 to 66 well now instead of having 3.2 million you would have over $5.3 million in your investment account"
Investment Portfolio Growth
Pending
With a 27% APR, paying only the minimum of $150 per month on a $6,500 credit card debt could result in over $118,000 in interest payments.
"if you're paying 27% APR which is what a lot of credit cards are charging you that means that if you make the minimum monthly payments of just $150 a month it might not seem like that big of a deal but it's going to end up costing you more than $118,000 in interest payments"
Credit Card Debt Interest
Pending
Paying minimum monthly payments on a $6,500 credit card debt at 27% APR could lead to a total repayment exceeding $25,000.
"which means you're going to end up paying more than $25,000 with a small minimum monthly payment to pay off your $6,500 credit card"
Credit Card Debt Total Cost
Pending