Millionaires

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What is a millionaire?

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A millionaire is a person whose net worth is one million units of currency or more.

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What does net worth mean?

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Net worth is the total value of a person's assets minus their liabilities.

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What are assets?

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Assets are valuable items owned by an individual, such as cash, real estate, and investments.

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What are liabilities?

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Liabilities are debts or obligations that an individual owes to others.

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What is the difference between income and wealth?

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Income is the money received regularly, while wealth is the total value of all assets owned.

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What is financial literacy?

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Financial literacy is the ability to understand and effectively manage personal finances.

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What is an investment?

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An investment is an asset or item acquired with the goal of generating income or appreciation.

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What is diversification in investing?

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Diversification is the practice of spreading investments across various assets to reduce risk.

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What is a budget?

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A budget is a plan that outlines expected income and expenses over a specific period.

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What is the purpose of saving money?

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Saving money allows individuals to prepare for future expenses and emergencies.