ilmscore | The 7 Biggest Money Traps to Avoid That Are Killing Your Wealth - Don't Do This

The 7 Biggest Money Traps to Avoid That Are Killing Your Wealth - Don't Do This

Published: 2025-02-05
Status: Available | Analyzed

Predictions from this Video

Total: 11
Correct: 0
Incorrect: 0
Pending: 11
Unrated: 0
Prediction
Topic
Status
To capitalize on significant market gains, investing money is crucial.
"The reality is if you want to be able to take advantage of the big run-ups you have to invest your money"
Wealth Building
Pending
An investment in the stock market from 2000 to 2019 would have more than tripled the initial investment.
"if you invested your money into the stock market in the year 2000 and you kept your money there for 20 years so until the end of 2019 your money would have more than tripled"
Stock Market Returns
Pending
Missing just the 10 best trading days over a 20-year period in the stock market can reduce returns by half.
"if you were trying to time the market and you missed the 10 best days over the course of those 20 years just 10 days you missed you would have cut your returns in half"
Market Timing Risk
Pending
The average monthly payment for a new car in the US is $737, and for a used car, it is $520.
"the average new car payment in America is $737 a month and the average used car payment in America is is now $520 a month"
Car Financing
Pending
Investing $520 monthly into the stock market with an average 10% annual return for 40 years, starting with a $7,000 cash car purchase, could result in over $3 million.
"if I don't go out and finance this car I buy a car with cash for $7,000 and then I take this $520 a month and I invest it into the markets every single month and I don't do anything crazy with it I just get the average historical stock market return which just average around 10% a year and I do this for 40 years ... it's going to grow to more than $3 million"
Car Investment
Pending
Individuals with credit card debt or less than $2,000 in an emergency fund are considered to be in the 'financial danger zone'.
"if you are in what I call the financial danger zone meaning either a you have credit card debt and or B you don't have at least $2,000 put aside to protect you against an emergency $2,000 to start your emergency fund you are in what I call the financial danger zone"
Financial Danger Zone
Pending
An emergency fund should contain 3 to 12 months of living expenses.
"you want to have somewhere between 3 months to 12 months worth of expenses put aside in an emergency savings fund"
Emergency Fund Size
Pending
Over the past century, the US has experienced 16 recessions and approximately 25 market crashes.
"over the last 100 years the United States has seen 16 recessions and we've seen about 25 beer markets meaning about 25 Market downturns about 25 Market crashes in the last century"
Market Crashes
Pending
Utility and subscription companies are likely to increase prices annually.
"chances are that company is going to be raising your bill year after year after year"
Loyalty Tax
Pending
A rule for luxury purchases suggests that if one cannot afford to buy five of an item, they cannot afford one.
"if I can't buy five of them I can't afford one of them"
Status Spending Rule
Pending
To afford a $100,000 car, one should have $500,000 in wealth.
"if you want to go out and buy a $100,000 car you better have $500,000"
Luxury Car Purchase
Pending