Millionaire Trivia

Most millionaires are college graduates.

• True

• False

Most millionaires attended private schools.

• True

• False

Answer explanation

Most millionaires attended public schools just like you.

Many poor people become millionaires by winning the lottery.

• True

• False

Answer explanation

Few people get rich by being lucky.

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

• True

• False

Most millionaires drive expensive new cars.

• True

• False

Millionaires tend to avoid the stock market.

• True

• False

Answer explanation

Most millionaires do play the stock market. They invest their money in companies that exceed the compounding interest rate which makes them make money in stocks. However, it can be risky.

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 percent interest until you are 67. At age 67, your savings from not buying soda from the vending machine are almost $300,000.

• True

• False

Most millionaires work fewer than 40 hours a week.

• True

• False

Answer explanation

Most millionaires work 45-55 hours a week.

More than half of all millionairies never inherited money.

• True

• False

Answer explanation

Most millionaires worked hard to make their money.

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

• True

• False

Answer explanation

Most millionaires work in ordinary industries and jobs. They become wealthy because they make good uses of market opportunities. They are some rich people however in sports and entertainment.