ilmscore | How I Will Become a Millionaire by 32

How I Will Become a Millionaire by 32

Published: 2022-11-10
Status: Available | Analyzed

Predictions from this Video

Total: 4
Correct: 0
Incorrect: 0
Pending: 4
Unrated: 0
Prediction
Topic
Status
The speaker plans to utilize others' strengths as a strategy to reach a million dollars, highlighting a past instance where this approach saved them £30,000 in one hour.
"I will be doing to get to that million dollar mark is utilising other people strengths - and this is the one that saved me £30,000 within an hour."
Personal Finance Strategy
Pending
By consulting a tax advisor for $200, the speaker avoided paying $40,000 in taxes related to moving a property under a company structure, implying that expert advice can lead to significant cost savings.
"I purchased a property under a company structure and I needed to move it to another company and I realised to do that I would need to pay $30k in different forms of taxes... I then spoke to my friend told me why don’t you just speak to a tax advisor... I forked out what killed me at the time, $200 for a 1 hour chat with a tax adviser who is a specialist in this field and gave me a completely legal tax efficient strategy which saved me from paying that $40,000"
Tax Strategy
Pending
The doubling of one penny daily for 30 days results in over $5.3 million, illustrating the power of compounding growth over time.
"choose to receive one penny at the beginning of next month but that penny doubles every single day for the next 30 days... the second kid who chose to go with the penny that doubled every single day ended up with over $5.3mn."
Compounding Growth
Pending
The speaker is prioritizing investing in assets for future cash flow to afford luxury items, rather than buying a car that is not currently a necessity.
"for me -given having a car isn’t a necessity for me right now, I’m using that money now to invest in assets instead to build a lifestyle that i want, and then eventually have these assets and the cash flow coming in from those assets pay for all the nice luxury things later on."
Financial Planning
Pending