ilmscore | ACCOUNTANT EXPLAINS: Money Habits Keeping You Poor

ACCOUNTANT EXPLAINS: Money Habits Keeping You Poor

Published: 2023-01-08
Status: Available | Analyzed

Predictions from this Video

Total: 9
Correct: 0
Incorrect: 0
Pending: 9
Unrated: 0
Prediction
Topic
Status
Allocate a minimum of 10% of income to savings immediately upon receiving payment.
"Take 10 minimum and put that into your savings account the minute you get paid"
Saving Habits
Pending
Avoid using debt for purchases unless the full amount can be paid in cash.
"unless I can afford to pay for that thing outright and cash I shouldn't be buying it with any form of debt"
Debt Management
Pending
Build an emergency fund equivalent to six months of living expenses.
"saving enough so that you have a six months of buffer"
Emergency Fund
Pending
Accurately track income and expenses to establish a financial baseline.
"not knowing your income or expenses properly until you know what your starting point is"
Income and Expenses Tracking
Pending
Wealth building requires a dual approach of increasing savings percentage and generating more income.
"you have to think of both sides of the equation both how you will save a larger percentage of your income but also how you will make more money"
Wealth Building Strategy
Pending
The income-generating side of personal finance has unlimited potential upside through various means like stock market investing, seeking raises, or starting side hustles.
"the making money side does not it's infinite there is unlimited potential upside whether it's investing in the stock market asking for a pay rise starting a side hustle"
Income Generation
Pending
Leverage tax rules and investment vehicles like ISAs or Roth IRAs, or operate under a business structure, to legally minimize tax liabilities.
"understanding tax rules in a way that's stack up in your favor for example investing through an Isa or a Roth IRA which is an investment account that shelters your dividend and profit from taxes or operating under a business instead"
Tax Minimization
Pending
Delaying investment will necessitate greater effort to achieve the same financial goals.
"the longer you put off investing the harder you will have to work to get that same"
Investment Timing
Pending
Money held in bank accounts loses value annually due to inflation.
"you want to avoid leaving that money in a bank account because inflation is a thing and it means that you're essentially losing money every year"
Inflation Impact
Pending