How to Become a Millionaire

Most millionaires are college graduates

• True

• False

Answer explanation

4 out of 5 millionaires are college graduates. 

18% have Master’s Degrees

8% have Law Degrees

6% have Medical Degrees

6% have Ph.D.’s

Most millionaires work fewer than 40 hours per week.

• True

• False

Answer explanation

About 2/3 of millionaires work 45-55 hours a week.

More than half of all millionaires inherited money.

• True

• False

Answer explanation

Only 19% of millionaires received any income or wealth of any kind from a trust fund or an estate.

Fewer than 10% of millionaires inherited 10% or more of their wealth.

Most millionaires attended private schools.

• True

• False

Answer explanation

Most millionaires attended public schools. 

Fewer than 20% of female millionaires attended private schools.

Most millionaires drive expensive new cars.

• True

• False

Answer explanation

Most millionaires spend under $30,000 for a car.

Only 23% of millionaires drive a current-year (new model) car.

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 use of market opportunities.

Most millionaires work for very large public companies.

• True

• False

Answer explanation

About 75% millionaires are self employed and consider themselves to be entrepreneurs. 

Most of the others are professionals, such as doctors, accountants, and lawyers.

The most common way to become a millionaire is by winning the lottery.

• True

• False

Answer explanation

Few people get rich by luck. 

If you play the Power Ball lottery, the chances of winning are worse than one in 292 million. In contrast, if you live in the US, you have a one in 13,500 chance of being struck by lightning. 

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

• True

• False

Answer explanation

In 2018 the typical college graduate with a bachelor’s degree earned a median weekly income of $1,232, while the median weekly income of the typical high school graduate was $736.

People with advanced degrees (professional or master’s degrees and above) earned a median weekly income of $1,487.

If a high school graduate invests the difference between his or her earnings and the earnings of a high school dropout, from age 18 until age 67, at 8% interest, the high school graduate would have $5.5 million more than the high school dropout at age 67.

• True

• False

Answer explanation

This is a dramatic illustration of the value of a high school diploma.