Who Really Wants to Be a Millionaire

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Who Really Wants to Be a Millionaire?

• Dr. Kenneth J. Martin
• College of Business Administration and Economics
• New Mexico State University

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Question 1 (True or False?)

• Most millionaires are college graduates.
• Answer True (4 out of 5 have a college degree!)

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Question 2

• Most millionaires work less than 40 hours per
  week.
• Answer False (2/3 work 45-55 hours per week!)

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Question 3

• Most millionaires inherited their money.
• Answer False (only 19 did!)

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Question 4

• More millionaires have American Express Gold
  Cards than Sears cards.
• Answer False

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Question 5

• More millionaires drive Fords than Cadillacs.
• Answer True

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Question 6

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

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Question 7

• Most millionaires work for big Fortune 500
  companies.
• Answer False

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Question 8

• The most likely way for you to become a
  millionaire is by winning the lottery.
• Answer False

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Question 9

• College graduates earn about 65 percent more than
  high school graduates earn.

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Question 9

• College graduates earn about 65 percent more than
  high school graduates earn.
• Answer True

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Question 10

• Day traders usually beat the stock market and
  many of them become millionaires.
• Answer False

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Question 11

• If you want to be a millionaire, avoid the risky
  stock market.

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Question 11

• If you want to be a millionaire, avoid the risky
  stock market.
• Answer False

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Question 12

• At age 18, you decide to have only 1 soda a day
  instead of 2 and put the 1.00 a day in a piggy
  bank. Each year, you invest this 365 at 8
  percent annual interest. After 50 years, your
  savings will be closest to
• (a) 20,000
• (b) 200,000
• (c) 500,000
• Answer (c) 200,000

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A Tale of Two Savers
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Cumulative Returns Age 65
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Rules for Improving Your Financial Life

• Get a good education.
• Work long, hard, and smart.
• Learn money management skills.
• Spend less than you could.
• Save early and often.
• Invest in common stocks for the long term.
• Gather information before making decisions.
• Remember There is no free lunch!