ilmscore | You’ll Never Make Real Money Until You Learn This

You’ll Never Make Real Money Until You Learn This

Predictions from this Video

Total: 10
Correct: 5
Incorrect: 1
Pending: 4
Unrated: 0
Prediction
Topic
Status
The speaker bought homes for $30,000 in good areas post-2008 crash, and later found $50,000 to be expensive for a home at that time, indicating a significant price appreciation in the local market.
"I started investing in real estate when I was 19 on accident. ... I was buying homes for like 30 grand in good areas. I remember home prices went up to $50,000 and I was like that's a lot of money for a home."
Real Estate Investment
Pending
The speaker targets a 7% cash-on-cash return on real estate investments, meaning $7,000 profit annually for every $100,000 invested.
"when I invest my money in real estate, my goal is to get a 7% cash on cash return on my money. Meaning, for every dollar I invest, I want to get seven cents back in cash flow, positive cash flow every year. If I invest a hundred grand, I want $7,000 of profit every single year."
Real Estate Cash-on-Cash Return
Pending
Student loans are identified as the United States' number one asset on its balance sheet.
"the number one asset on the United States balance sheet are student loans."
Student Loans as Government Asset
Incorrect
Student loans are presented as a significant impediment to individuals' financial progress (buying homes, investing) while simultaneously benefiting the government's financial position.
"It's holding so many people back from buying a home from living their lives from doing things investing their money yet at the same time is keeping the government rich."
Student Loan Debt Impact
Correct
A 100% deduction on food expenses for eating at restaurants was available through 2022 to support the restaurant industry post-pandemic.
"the presidential administration wants to do is encourage people to eat out, eat at restaurants because restaurants were hit so hard by the pandemic. So what do they do? They created a 100% deduction on food through 2022."
Tax Deductions for Business Expenses
Correct
The tax code allows for up to 100% deduction on the value of a 'heavy car' purchase, potentially applicable to influencers who can justify it as necessary for their lifestyle.
"if you go out and buy a heavy car, you can deduct up to 100% of that value of that vehicle right now. And because you're an influencer, you can potentially claim that as an influencer, you need a G Wagon to help you support your lifestyle. The tax code allows this."
Tax Deductions for Vehicle Purchases
Correct
Elon Musk's strategy of taking loans against stock options instead of selling stock to generate income allows him to avoid paying income taxes while still accessing funds for his lifestyle.
"He never got paid a salary running and owning Tesla. He got paid in stock options. ... instead of selling it and having an income, he goes to the bank and says, 'Hey, I have these stock options which are worth billions of dollars. How about you give me a loan at 3, four, 5% interest?' ... He takes that loan, pays 3 to four to 5% interest on it. ... He didn't have to take any money out, never took an income, doesn't pay any taxes, and is able to now spend his money, live free, buy whatever he wants, live rich, and not pay a penny in tax."
Elon Musk's Financial Strategy
Correct
A $500,000 student loan can accrue to over $1 million in total repayment over 30 years due to interest.
"how much does that 500,000 in student loan actually become after 30 years of paying it off? Oh man. Over a million. So it's really it's not a half a million dollar in loans. It's a million dollars in loans that you're paying off for 30 years."
Student Loan Interest Accumulation
Pending
Real estate is highlighted as a preferred investment for wealthy individuals due to its cash flow generation and significant tax benefits.
"real estate is one of the the best tax games for investors. That's one of the reasons why wealthy people love investing in real estate because not only can you get cash flow, but you also get tax benefits."
Real Estate as Tax Advantage
Correct
Following the 2008 crash, the speaker purchased homes for $30,000, and later perceived $50,000 as a high price point for a home in good areas, indicating a market recovery.
"I was buying homes for like 30 grand in good areas. I remember home prices went up to $50,000 and I was like that's a lot of money for a home."
Post-2008 Real Estate Prices
Pending