ilmscore | How To Build Long Term Wealth For Beginners

How To Build Long Term Wealth For Beginners

Published: 2025-07-03
Status: Available | Analyzed

Predictions from this Video

Total: 8
Correct: 0
Incorrect: 0
Pending: 8
Unrated: 0
Prediction
Topic
Status
Predicts that the price of goods increases by 3% annually due to inflation, using gum costing $1 to $1.03 as an example.
"The price of things go up by 3% a year. It's called inflation. That means if a pack of gum costs $1 on January 1st, at the end of the year it will cost you $1.3 to buy."
Inflation
Pending
States that in 2016, inflation was 2-3% annually while savings accounts yielded 0.03%, resulting in a 2-3% annual loss of savings value.
"I was talking about how inflation is 2 to 3% a year and your savings account back then was paying 0.03% a year. And so you're losing 2 to 3% of your money in savings."
Inflation
Pending
Estimates that grocery prices have increased by over 20% in the last 5 years, meaning a $100 grocery cart from early 2020 would cost approximately $120 today.
"Remember the reported numbers say that grocery prices have gone up by a little bit more than 20% over the last 5 years. So $100 cart of groceries in early 2020 should cost you about $120 today."
Grocery Prices
Pending
Defines generational wealth as owning assets that generate income for future generations, even after the owner's death.
"generational wealth is about owning these assets that are paying you. And they can pay your kids, they can pay your grandkids, they can pay your great grandkids even after you're gone because you own this investment that just keeps working without you."
Generational Wealth
Pending
Explains that investing in a company like McDonald's means receiving dividends and cash deposits quarterly without active involvement in the company's operations.
"When you go and invest in the McDonald's stock, the CEO of McDonald's is making the decisions. It's not you. You don't have to go to work. You don't have to flip a hamburger. You don't have to do anything. You just get your dividends. You just get your cash deposited into your bank account every quarter, meaning every 3 months. They just deposit money."
Investment Strategy
Pending
Suggests investing in index funds, ETFs, or mutual funds as a way to diversify and mitigate risk, as these funds invest in hundreds or thousands of companies.
"But you can also invest in funds. There are index funds, ETFs, mutual funds. These are groups of companies that will protect you against one company going bankrupt because now instead of investing in one company, you can invest in a 100, 500, a thousand."
Investment Strategy
Pending
Highlights that investments made today can provide income for the next generation and that funds offer protection against individual company bankruptcies.
"And now the next generation gets income from money that you put to work. And now McDonald's is an interesting one because well when you invest in a company, the company could go bankrupt, but you can also invest in funds."
Generational Wealth
Pending
States that to be financially independent and quit a job without altering one's lifestyle, the investment income must match the current job salary ($80,000 in this example).
"If you make $80,000 a year from your job, you need to make $80,000 a year from your investment income to be able to quit your job and live your life without changing anything you're doing."
Financial Planning
Pending