ilmscore | What Banks Don't Want You To Know About Getting Rich

What Banks Don't Want You To Know About Getting Rich

Published: 2025-01-15
Status: Available | Analyzed

Predictions from this Video

Total: 10
Correct: 0
Incorrect: 0
Pending: 10
Unrated: 0
Prediction
Topic
Status
Improper management of debt used for real estate investment can quickly turn it into bad debt.
"if you don't know how to manage that debt properly that good debt is going to turn into bad debt very quickly"
Real Estate Debt Management
Pending
Improper management of debt used for business growth can quickly turn it into bad debt.
"if you don't know how to manage that debt properly that good debt is going to turn into bad debt very quickly"
Debt Management for Businesses
Pending
Using debt for real estate investment or business growth is a high-risk strategy not suitable for most people due to the required work, risk tolerance, and time commitment for debt management.
"that game of using debt to invest in real estate or using debt to grow your business is not for everybody it's not for most people only a select few people are willing to put in the work and take the risk and put in the time to actually manage that debt"
Real Estate Investment Risk
Pending
Using debt for real estate investment or business growth is a high-risk strategy not suitable for most people due to the required work, risk tolerance, and time commitment for debt management.
"that game of using debt to invest in real estate or using debt to grow your business is not for everybody it's not for most people only a select few people are willing to put in the work and take the risk and put in the time to actually manage that debt"
Business Growth Risk
Pending
Significant real estate investment opportunities arise from individuals who mismanage 'good debt', leading to forced sales at a discount.
"some of the best real estate deals that I have purchased have come from people using this quote unquote good debt to go out and buy real estate and then when the good debt turned bad because they don't know how to manage the debt they don't know how to manage the deal the banks forced them to sell their property at a huge discount"
Real Estate Investment Opportunities
Pending
Consumer debts have a severely detrimental financial impact.
"those consumer debts are skinning you alive"
Consumer Debt Impact
Pending
In 2023, rising inflation and cost of living made it difficult for consumers to maintain their purchasing habits.
"well in 2023 we had this growth of the cost of living we all know that inflation was around so people weren't able to continue buying the things that they wanted"
Consumer Spending and Inflation
Pending
Wells Fargo suggested using cash-out refinances on homes to fund vacations or car purchases, implying a continued trend of consumers leveraging home equity for discretionary spending.
"how about you just pull out this cash out of your home how about you do a Cash out refinance with us Wells Fargo and then you can use this cash from your Cash out refinance to now go on your vacation to Cancun or to buy the BMW"
Home Equity Refinancing for Spending
Pending
Banks' primary business model involves lending money, and they profit most when customers spend money they do not possess.
"the bank is in the business of lending people money that's how they make money Banks make money when you spend money but actually they make money when you spend money you don't have banks are in the business of trying to get you to spend money you don't have"
Bank Lending Strategy
Pending
The average person finances depreciating assets and non-income-generating items with borrowed money, effectively paying double the cost due to interest.
"for the average person that means spending money you don't have to finance things that don't make you any money in fact you're financing things that lose value so now when you go out and you finance things like your car or your clothes or your vacations with money you don't have now you're going to end up paying double what that thing costed"
Financing Depreciating Assets
Pending