Why You’re Still Poor: 7 Money Lies You Believe
Published: 2024-07-18
Status:
Available
|
Analyzed
Published: 2024-07-18
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Significant inflation began after the US dollar was taken off the gold standard in 1971.
"the real start of bigger inflation numbers started after 1971 when our dollar was taken off of the gold standard"
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The median home price in the US has increased from approximately $195,000 in 2004 to around $412,000 in 2024.
"in 2004 the median household income was around $57,500 and if you wanted to buy a home the median home in America was selling for $195,000 let's fast forward to today the median home America today is selling for around $412,000"
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The average price of new cars has increased significantly, reaching approximately $447,000.
"new cars are selling for around $447,000 on average"
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Historically, the stock market has shown an average annual growth rate of approximately 10% over the last century.
"over the last 100 years we've seen the stock market grow by around 10% a year on average"
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Investing in the VTI ETF provides exposure to the total US stock market, effectively buying a small piece of every publicly traded company.
"if you go out and invest in this fund called vti any stock brokerage will let you go and invest in this fund it's called an ETF which is an exchange traded fund but if you go and invest in this you are investing in the total stock market meaning you're essentially buying a little bit of every company that trades on the stock market"
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The SPY ETF invests in the 500 largest companies listed in the S&P 500 stock market index.
"or you can get a little bit more sophisticated a little bit more niched down and invest in a fund like spy this is a fund that invests in the S&P 500 meaning this is a fund that invests in the 500 largest companies in the stock market"
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The US Federal Reserve has printed trillions of dollars, indicating a significant increase in the money supply.
"the Federal Reserve Bank our Central Bank of the United States has print trillions and trillions and trillions of dollars"
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Canceling a credit card can result in a significant drop in credit score, specifically around 45 points.
"did you just cancel a credit card well now your credit score just dropped 45 points"
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The speaker predicts that money and financial trends in 2024 will be significantly different from 2023 and 2013, implying a need to adapt to changing economic conditions.
"I do want to mention that on the 53rd anniversary of the dollar being taken off of the gold standard I'm hosting a live investor Workshop talking about how money is changing now in this economy and how you can build wealth and catch new Financial Trends in this changing economy because well money in 2024 is not like money in 2023 and it's also not like money in 2013"
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The stock market is predicted to grow by an average of 10% per year over the long term (100 years).
"over the last 100 years we've seen the stock market grow by around 10% a year on average"
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Investing $700 a month for 30 years could result in an investment account worth over $1.5 million, assuming a 10% average annual return.
"and if you did this for 30 years well after those 30 years you would have had an investment account worth over $1.5 million"
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The speaker suggests that investing in the VTI ETF provides exposure to the entire stock market, allowing investment in a small portion of every publicly traded company.
"if you go out and invest in this fund called vti any stock brokerage will let you go and invest in this fund it's called an ETF which is an exchang traded fund but if you go and invest in this you are investing in the total stock market meaning you're essentially buying a little bit of every company that trades on the stock market"
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The SPY ETF is presented as an option for investing in the 500 largest companies in the stock market.
"or you can get a little bit more sophisticated a little bit more niched down and invest in a fund like spy this is a fund that invests in the S&P 500 meaning this is a fund that invests in the 500 largest companies in the stock market"
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Consistent, disciplined investing over decades, regardless of market conditions or personal events, is predicted to lead to wealth building.
"if you can stick with it and keep working to grow you invest every week invest every two weeks you invest every month when the Market's up when the Market's down you stick with it when it's raining outside when it's sunny outside you stick with it whether it's your birthday or your anniversary you stick with it if you can do that you're going to be able to build wealth over the next number of decades"
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After working hard, working smart by investing a portion of income is crucial for wealth building, enabling money to generate more money passively.
"once you work hard the next thing you got to do is work smart what that means is now you were to make money but now you're not spending all of your money that way you have some money to invest because now your money can make your money even when you're not making money"
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Achieving true wealth requires working in the right direction, which involves financial education to invest money for optimal returns, highlighting the significant difference between 3% and 10% annual growth.
"then if you really want to build true wealth now is you got to add a number three which is working in the right direction this is that Financial education of how do you actually invest your money to get the best returns because there's a big difference in how much wealth you're going to build if you can grow your money by 3% a year versus 10% a year"
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A core mindset for wealth involves believing that money is a tool, that personal wealth is achievable ('I will become wealthy'), and that money is abundant.
"number one is that money is a tool number two is that I will become wealthy and number three is that money is abundant you have to believe these three things with your whole heart"
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The speaker asserts that money is crucial for survival and practical needs like paying bills, contradicting the notion that money doesn't matter or is inherently evil.
"people say oh money doesn't matter you shouldn't stress about money you shouldn't worry about money money's taboo money's evil and all these things but the reality is it cost money to eat and it cost money to feed other people you cannot pay your credit card bill with love as much as people want to wish that they could you pay your credit card bill with cash"
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A strong belief in one's ability to become wealthy, regardless of background, is essential for actual wealth creation. A self-limiting belief ('can't become wealthy') guarantees that outcome.
"I will become wealthy not that you might not that you can but you will become wealthy because if you sit there and you tell yourself that somebody like me somebody who grew up the way that I did somebody with my parents somebody with my background somebody with my experience can't become wealthy guess what you're not going to become wealthy"
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The speaker posits that money is abundant, citing the Federal Reserve's printing of trillions of dollars, and suggests that even a small portion can significantly impact an individual's life.
"money is abundant now I'll start with the technical way to understand this which is the Federal Reserve Bank our Central Bank of the United States has print trillions and trillions and trillions of dollars there's a lot of money out there all you need is a little sliver of that to really make an impact on your life"
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A credit score is predicted to not be an indicator of income or wealth, but rather of a person's likelihood to repay debt.
"your credit score is not a measure of how much money you make and it's definitely not a measure of how wealthy you're going to become your credit score shows How likely you are to pay back your debt"
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