The word millionaire brings images of mansions and fancy cars to mind, but most of today's millionaires aren't living such an elite lifestyle. Even though there are more millionaires today than ever before, many people dream of becoming one. If you are one of those people with caviar dreams, take this quiz to find out what it will take for you to reach that level of wealth.
What is the main reason that there are more millionaires in the world today than in the past?
stock market increases
favorable tax laws
How many investable assets does a person need to have in order to be considered a high-net-worth individual (HNWI)?
What is an example of a non-liquid asset?
a trust fund
a savings account
What is net worth?
assets minus liabilities
liquid assets minus non-liquid assets
liquid assets plus money owed to you
What is true of most millionaires?
They are frugal spenders.
They have inherited their money.
They hate their work.
What term refers to a person with $100 million of net worth?
What is the best way to give yourself the chance to become a millionaire?
starting your own business
playing the lottery
working your way up the corporate ladder of a large company
What is a major reason that most people think more businesses fail than actually do?
miscategorization in government statistics on the topic
propaganda spread by established corporations
unfounded rumors that grew out of fear
According to the U.S. Census Bureau, about what percent of start-up businesses last more than four years?
What does it mean to earn compound interest on your savings?
earning interest on the interest earned as well as on the principle invested
earning interest at a steadily increasing interest rate
earning interest that is calculated and added each week
Why might becoming a millionaire by the time you retire not be sufficient for your goals?
because it will be worth much less by then
because once you get a million, you will not want to retire
because you will have put away so much that you were not able to purchase a house before then
How many months' worth of money is typically recommended that you save in an emergency fund?
one to two
three to six
10 to 12
When investing in other people's businesses, what type of business should you look at?
something you already know about
one in an industry that is popular
one with a stock price that recently has gone up
What type of people often waste money due to not using a budget?
people who have enough money to live on each month
people who barely make enough to cover their expenses each month
people who own their own businesses
When trying to eliminate debt, which should you try to pay off first?
the smallest one
the oldest one
the largest one
In addition to passion for the field, what can make the difference between starting a successful business or one that fails?
finding an unfilled niche
maintaining a large amount of liquid assets
More billionaires are born under what astrological sign than any other?
What is the easiest source for free money?
employer-matched contributions to your retirement accounts
savings account interest
What can you do to ensure that you save enough money each month to meet your goals?
Set up an automatic deposit from your paycheck.
Maximize your 401(k) deposits.
Hang a note with your goals on your refrigerator.
What is another way to increase your savings without feeling it on a daily basis?
Increase your monthly savings deposits following a raise.
Find one item each month on which you can spend less.
Gradually increase your savings deposits by a small amount each month.