How To Start Your Wealth Journey (Even If You've Never Invested Before)
Published: 2024-09-01
Status:
Available
|
Analyzed
Published: 2024-09-01
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Having credit card debt makes non-essential expenses like Netflix unaffordable due to the true cost beyond the monthly fee.
"if you have credit card debt you cannot afford a Netflix subscription and it's not because it costs $15 a month it's because it's costing you"
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The speaker believes that traditional education systems fail to teach fundamental financial literacy and how economies function.
"throughout my long educational period what I learned is I never learned anything about money I never learned anything about how our economic system works"
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In a capitalist economy, wealth accumulation is driven more by capital than by labor.
"in a capitalist system the people that make the most money are not the people that rely on their labor it's the people that rely on their Capital"
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Individuals with credit card debt should not spend money on non-essential items like Netflix.
"if you have credit card debt you cannot afford a Netflix subscription"
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The average American with $6,500 in credit card debt at a 27% APR, making minimum payments of $150, will end up paying $28,000 to clear the debt.
"if you have the average credit card debt In America which is about $6,500 today and you have the average APR which I believe is around 27% today because it's been shooting up with the higher interest rates and you make the minimum monthly payments of $150 a month it's going to cost you $28,000 to pay off your $6,500 with the credit card debt"
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A financial plan where for every dollar earned, a maximum of 75 cents is spent, with at least 15 cents invested and 10 cents saved.
"75 cents is the maximum that you can spend 15 cents is the minimum that you're investing 10 cents is the minimum that you're saving"
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In a capitalist economy, wealth is primarily generated by those who leverage capital, not solely by labor.
"in a capitalist system the people that make the most money are not the people that rely on their labor it's the people that rely on their Capital"
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The economic system is designed to profit from a lack of financial literacy among individuals.
"our system profits when people are financially stupid our system is designed to keep people financially dumb"
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Employees, as their sole source of income, face higher tax rates and receive fewer tax benefits compared to entrepreneurs or investors.
"if you're an employee and that's your only source of income you got to pay the highest tax rates and you get the lowest tax breaks"
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Major banks generated $2.2 billion in overdraft fees in 2023, highlighting how they profit from individuals overspending.
"in 2023 The Big Three Banks Bank of America JP Morgan and Wells Fargo made forget like $2.2 billion in overdraft fees last year"
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Student loans represent the largest asset on the United States government's balance sheet.
"the number one asset on the United States balance sheet is student loans"
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Achieving significant financial change requires a 'decade of sacrifice' involving spending less and earning more to enable aggressive investing.
"I like to talk about is the decade of sacrifice it takes a decade to see that significant change and now what is a decade of sacrifice is you got to spend those 10 years spending less and earning more so you can invest like crazy"
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To achieve financial freedom, individuals may need to make significant sacrifices, including selling homes, downgrading cars, and stopping the purchase of luxury goods.
"if you actually want to get on the other side of this this train and get to Financial Freedom and have that dective sacrifice you're probably going to have to sell the home you're probably going to have to downgrade the car you're probably going to have to stop buying luxury artifacts and goods"
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Hard work alone is insufficient; the 'decade of sacrifice' must be intentional, focusing on using and investing money to accumulate assets.
"the intentionality of what you're doing during the decade of sacrifice because for a lot of people now you're working hard but if you're not intentionally using your money and investing your money and allocating your money that hard work is being put to all the wrong places"
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The speaker exclusively utilizes after-tax accounts for investments, eschewing 401(k)s and IRAs.
"I don't have a 401k or an IRA everything is after tax accounts"
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The speaker avoids pre-tax retirement accounts due to the risk of future tax rate increases, which would increase their tax burden.
"if tax rates have to go up I'm bearing that burden of the risk why would I want to do that"
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The speaker's goal is to continually increase income, even in retirement, rather than aiming for zero income to benefit from lower tax brackets.
"why in the world would you want to have no income when you're 65 years old my goal is to increase my income year after year after year"
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