The Millionaire Game Rules of the Game n

The Millionaire Game

Rules of the Game n n n Answer each question true or false by holding up the T (for true) or F (for false) card. For each correct answer, you will receive 5 points. For each incorrect answer, you lose 5 points. For any 5 questions you may hold up the “Millionaire” card with your answer. If correct, you will earn 10 points. If incorrect, you will lose 10 points.

1. Most millionaires are college graduates.

True. 1. Most millionaires are college graduates.

2. Most millionaires work fewer than 40 hours per week.

False. 2. Most millionaires work fewer than 40 hours per week.

3. More than half of all millionaires never inherited money.

True. 3. More than half of all millionaires never inherited money.

4. Most millionaires attended private schools.

False 4. Most millionaires attended private schools.

5. Most millionaires drive expensive cars and new model cars.

False. 5. Most millionaires drive expensive cars and new model cars.

6. Most millionaires work in glamorous jobs, such as sports, entertainment, or high tech.

False. 6. Most millionaires work in glamorous jobs, such as sports, entertainment, or high tech.

7. Most millionaires work for very large public companies

False 7. Most millionaires work for very large public companies

8. Many poor people become millionaires by winning the lottery.

False 8. Many poor people become millionaires by winning the lottery.

9. A College graduate earns almost double the annual income of a high school graduate.

True 9. A College graduate earns almost double the annual income of a high school graduate.

10. If a high school graduate invests the difference between his or her earnings and the earnings of a high school drop out, from age 18 to age 67, at 8% interest, the high school graduate would have $5, 500, 000 more than the high school dropout.

True 10. If a high school graduate invests the difference between his or her earnings and the earnings of a high school drop out, from age 18 to age 67, at 8% interest, the high school graduate would have $5, 500, 000 more than the high school dropout.

11. Investors who buy and hold stocks for the long-term have better long-term stock returns than those who buy and sell stock more frequently.

True 11. Investors who buy and hold stocks for the long-term have better long-term stock returns than those who buy and sell stock more frequently.

12. Millionaires tend to avoid the stock market

False 12. Millionaires tend to avoid the stock market

13. At age 18, you decide not to drink soda from the vending machine and save $1. 50 a day. You invest this $1. 50 a day at 8% annual interest until you are 67. At age 67, your savings from not buying soda are $300, 000.

True 13. At age 18, you decide not to drink soda from the vending machine and save $1. 50 a day. You invest this $1. 50 a day at 8% annual interest until you are 67. At age 67, your savings from not buying vending machine soda are $300, 000.

14. If you save $2, 000 a year from age 22 to age 65 at 8% annual interest, your savings will be over $700, 000 at age 65.

True 14. If you save $2, 000 a year from age 22 to age 65 at 8% annual interest, your savings will be over $700, 000 at age 65.

15. Millionaires tend to be single rather than married.

False 15. Millionaires tend to be single rather than married.

Rules for Improving Your Financial Life 1. GET A GOOD EDUCATION. 2. WORK LONG, HARD, AND SMART.

Rules for Improving Your Financial Life 3. LEARN MONEYMANAGEMENT SKILLS. 4. SPEND LESS THAN YOU COULD SPEND.

Rules for Improving Your Financial Life 5. SAVE EARLY AND OFTEN. 6. INVEST IN COMMON STOCKS FOR THE LONG TERM.

Rules for Improving Your Financial Life 7. GATHER INFORMATION BEFORE MAKING DECISIONS.