ilmscore | Why Debt Is Making You Poorer (And Rich People Richer)

Why Debt Is Making You Poorer (And Rich People Richer)

Published: 2025-06-23
Status: Available | Analyzed

Predictions from this Video

Total: 7
Correct: 0
Incorrect: 0
Pending: 7
Unrated: 0
Prediction
Topic
Status
The speaker predicts that Tesla's stock could reach $2,000 per share, enabling substantial borrowing against its value.
"When my stock is now going to be worth $2,000 a share, now all I got to do is do a refinance. I can take out $2 billion from the bank at this time, pay this original loan off, and now I have more cash."
TSLA
Pending
A prediction that an average US household with $8,000 in credit card debt at a 25% APR, paying $250 monthly, will pay $5,300 in interest alone.
"If you have $8,000 worth of credit card debt, which is about the average household with credit card debt today, and you're paying the average APR, which is about 25%, and then you make the minimum monthly payments on this debt, which about $250 a month. Do you know how much money you are going to pay in interest? ... you're going to pay $5,300 just in interest alone on top of the $8,000 of things that you bought."
Credit Card Debt
Pending
A prediction that a 25% APR on credit card debt effectively results in approximately 66% interest paid over the life of the loan for an $8,000 debt.
"Which means this 25% APR is actually going to cost you around 66% interest over the years it takes to pay off the $8,000 worth of credit card debt."
Credit Card APR Cost
Pending
A prediction that a pet grooming business seeking a $70,000 loan was doomed to fail because it was already losing money monthly and lacked proper financial projections.
"The problem was that business was losing money every single month because the current projections showed that this business was not making money because they weren't paying themselves."
Pet Grooming Business Loan
Pending
The speaker predicts that individuals pursuing 'no money down' real estate deals will likely lose money and face foreclosure due to a lack of understanding and overextension.
"No money down real estate deals have made me a lot of money, but not in the way that you think. They've made me a lot of money because there's a lot of gurus out there selling this no money down real estate crap. They get you to buy their programs and some people take action and then they have no idea what they're doing. They get in way over their head. You buy this property, you start to lose money on it and then the banks force you to sell it at a huge loss through a foreclosure."
No Money Down Real Estate
Pending
The speaker predicts that a down payment of 25-35% is optimal for real estate purchases, even when using debt, to ensure comfortable purchasing and learning.
"I would rather you have the money and buy something that you can comfortably purchase even if you're using debt but having a strong down payment to 25 to 35%."
Real Estate Down Payment
Pending
The speaker predicts that the current economic system is designed to keep the majority of people in poverty.
"Well, I think this system, our economic system is designed uh to keep the majority people poor."
Economic System
Pending