Mindset Creating Wealth

Which of the following best describes an entrepreneur’s motive in seeking to create wealth?

• Achieving independence

• Buying a nicer car

• Getting a bigger house

• Taking an exotic vacation

Which of the methods below are conducive to creating wealth, vs. appearing wealthy?

• Imitate wealth by spending all one’s money on fancy items that display status

• Live beneath one’s means and invest time, effort, and money in opportunities

• Save toward wealth through clipping coupons and being frugal

• Work toward wealth by earning more, spending more, and racking up debt

According to the researchers who wrote: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, which of the factors below contributes most to the accumulation of wealth?

• Being really lucky

• Choosing hard work, perseverance, planning, self-discipline

• Coming into a large inheritance

• Completing an advanced academic degree

Which of the following is true of a balance sheet, but not of an income and expense statement?

• It has a top line, a bottom line, and shows the difference as discretionary income

• It includes items like your salary, wages, rent, utilities, groceries

• It is a monthly record of money coming in and money going out

• It is a snapshot of a person’s or business’ equity, or net worth, at anygiven time

What choice did Palwasha Siddiqi’s family make that favored investing rather than spending?

• Buying a car as soon as they got to the U.S.

• Eating potatoes and onions every day so they would have enough money for school fees for their children

• Listening to the cousins when they suggested Palwasha stay home and get married instead of working or going to school

• Moving from a home in Afghanistan to a refugee camp in Pakistan

All of the following unconscious impulses can motivate us to use credit, borrow money, and get in over our heads in debt, except:

• Believing it’s the path of least resistance to get us something we want

• Feeling that “shiny new thing” is so attractive, we can’t live without it

• Observing that customer demand has created a need for new equipment

• Thinking we have to make the purchase now, and just can’t wait

All of the following describe an entrepreneur’s approach to creating wealth, except:

• Engaging in mindless spending

• Having clear goals

• Living beneath their means

• Taking a disciplined approach to life

Entrepreneurs are intrinsically motivated, a perspective that brings new meaning to their work. Most are driven by a desire to make “meaning” as well as to make money. All of the statements below by either David Petite or Scott Saunders reflect this mindset,

except:

• “Even if you do go to work for someone else, treat it like it’s your business.”

• “... put your money into the things that are there to kind of pacify you”

• “The reality is, money isn’t even a satisfier, it’s just a scorecard of what you’ve done”

• “What can you give back? What can you achieve that will create affluence for other people?”

Uncle Cleve, and entrepreneurs alike, view money as ________.

• A means to buy everything you want

• An exchange for work

• A tool

• A resource to be used carelessly

Rather than allowing others to determine their income, entrepreneurs look for ways to _____________________________________.

• Find new customers

• Add new products

• Search for new ways to solve problems

• All of the above