RANT: Why 90% Of Americans Will Never Build Wealth
Published: 2024-10-30
Status:
Available
|
Analyzed
Published: 2024-10-30
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker predicts that the current economic system is structured to keep the majority of people financially disadvantaged.
"the economic system is designed to keep the majority of people poor"
Pending
The speaker predicts that the economic system is designed to profit from the financial struggles of the majority of the population.
"the economic system profits off of the majority of people being poor"
Pending
The speaker predicts that poor spending habits and lack of self-control are significant factors contributing to an individual's inability to build wealth.
"your spending habits. If you're going out making a little bit of money or making a lot of money and then blowing the money on dumb things, that's the self-control part. that plays a part into this as well."
Pending
The speaker predicts that the majority of Americans will be unable to build wealth due to systemic and individual factors.
"why the majority of Americans will never be able to build wealth."
Pending
The speaker predicts that banks are structured to profit from individuals being in debt.
"Banks profit when you are in debt."
Pending
The speaker predicts that corporations are designed to profit from consumer spending.
"Corporations profit when you spend money."
Pending
The speaker predicts that the government benefits financially from individuals being employees, as they pay higher taxes.
"the government profits when you are just an employee because now you pay the highest taxes"
Pending
The speaker predicts that investors will continue to have lower tax rates compared to individuals who earn income from their jobs.
"investors pay lower taxes than uh ordinary income earners, meaning investors pay lower tax rates, the people who earn money from their job."
Pending
The speaker predicts that for the average person, owning a home will not lead to wealth building and will instead be a financial drain.
"for the average person, a home is not a wealth builder. It's a money pit."
Pending
The speaker predicts that owning a home will continue to incur significant ongoing costs (upgrades, maintenance, taxes, insurance, etc.) that do not generate income for the owner.
"as soon as you buy that home, you got to put in the upgrades. You got to do the maintenance. You got to pay the property taxes. You got to pay the insurance. You got to pay to cut the lawn. you got to pay for all these things to keep up the home and it's not putting any money in your pocket."
Pending
The speaker predicts that an increase in home value will lead to higher property taxes and insurance costs, offsetting perceived wealth gains.
"if your home goes up in value, you might feel richer on paper because your net worth is more valuable, but now you also have a bigger property tax bill. you also have a higher insurance bill"
Pending
The speaker predicts that wealthy individuals will continue to prioritize assets like rental properties, stocks, and businesses that generate income, rather than their primary residence.
"wealthy people say, they don't say that my home is my biggest asset. They say that these rental properties are my biggest asset or these stocks are my biggest asset or this business is my biggest asset. It's an asset that's putting money in their pocket."
Pending
The speaker predicts that the United States will continue to offer opportunities for wealth building irrespective of an individual's background or identity.
"If you live in the United States of America, you live in a country where you have the opportunity to build wealth regardless of what skin color you are, regardless of how you were born, regardless of where you were born, regardless of who your parents are, regardless of what type of education you have, regardless of what gender you are."
Pending
The speaker predicts that in the US, individuals will retain the ability to pursue employment, entrepreneurship, and investment.
"You have the ability to get a job. You have the ability to start a business. You have the ability to invest your money."
Pending
The speaker predicts that financial institutions will continue to readily offer credit to individuals upon gaining employment, motivated by the potential to earn interest.
"as soon as you get a job, Chase, Visa, Bank of America are all going to be so happy to give you lines of credit and loans and credit cards because now, not only do you have an income, but in their eyes, you have the ability to pay them interest."
Pending
The speaker predicts that the current economic system will continue to generate inflation and primarily benefit investors over employees.
"This system is designed to produce inflation. This system is designed to benefit the investor. It's not designed to benefit the employee."
Pending
The speaker predicts that financial preparedness, saving, debt reduction, and accumulating investment capital will remain foundational aspects of financial education.
"the financial education is all about number one, how do you now build your financial preparedness? How do you save a little bit of money? How do you get out of credit card debt? How do you have money to invest?"
Pending
The speaker predicts that individuals with investment capital will increasingly focus on learning to analyze investments, including understanding financial statements for stocks.
"Then once you have money to invest, you start going deeper into your financial education, which is how do you actually analyze an investment? If you're investing in stocks, just how do you read a financial statement? How do you read a balance sheet, a cash flow statement, an income statement, a profit and loss statement?"
Pending
The speaker predicts that individuals exploring real estate will learn to underwrite deals and identify profitable returns.
"and you learn how to underwrite a real estate deal. How do you find a good real estate return for you?"
Pending
The speaker predicts that while individual earning potential is limited, the capacity for wealth accumulation through owned assets and money working harder than oneself is limitless.
"there's a limit to how much you can work. There's a limit to how much you can earn, but there's no limit to how much you can own. There's no limit to how much your money can work. Your money can work a whole lot harder than you."
Pending
The speaker predicts that the core principle of investing will remain to have money generate income even when an individual is not actively working.
"Investing is all about putting your money to work so your money can work when you're not working. That way you can take a break while your money continues to put money in your pocket."
Pending
The speaker predicts that success in the stock market will continue to hinge on understanding broader economic and market shifts to identify investment opportunities.
"in the stock market, that's all about understanding market shifts. That's about understanding where is the economy shifting. Where are we seeing shifts in the market? That way you can find a good investment opportunity."
Pending
The speaker predicts that individuals will increasingly focus on learning the rules of the financial system to build wealth despite systemic challenges.
"Now I'm going to win despite this. Now I'm going to figure out how I can build wealth despite this. Now I'm going to learn the rules so I can win despite this."
Pending
The speaker predicts that achieving financial goals will require temporary sacrifices of leisure and discretionary spending.
"You got to make some sacrifices. That means you might have to sacrifice some vacation, some eating out, some nice things for a little while. Not for the rest of your life. For a little while."
Pending
The speaker predicts that a common financial pitfall for the majority will continue to be prioritizing the enrichment of others over their own financial well-being.
"The problem that the majority people have is they make everybody else rich before they make themselves rich."
Pending
The speaker predicts that individuals who prioritize building their own wealth first will be able to afford and enjoy a nicer lifestyle.
"Make yourself rich first and then spend your money however you want because now you can afford to live the nicer lifestyle."
Pending