What Are Your Odds of Becoming a Millionaire?

The video discusses a study by economists from the Saint Louis Fed using data from the Federal Reserve Survey of Consumer Finances. It explores how different factors like race, age, and education influence the likelihood of households becoming millionaires. The study highlights racial disparities in wealth accumulation, with Asians and whites having better odds compared to Hispanics and blacks. Factors such as access to loans, homeownership, education, and discrimination are examined. The video also touches on how these odds change with age, showing improvement for Asians and whites but a bleaker picture for Hispanics and blacks.

What was the primary source of data used by the economists in their research on household wealth?

• Census Bureau Reports

• Federal Reserve Survey of Consumer Finances

• National Income and Product Accounts

• Bureau of Labor Statistics

Which of the following is NOT mentioned as a factor affecting racial disparities in becoming a millionaire?

• Access to loans

• Discrimination

• Homeownership

• Geographical location

What classic study is referenced to highlight ongoing discrimination in the job market?

• Study on educational attainment and income

• Study on wage gaps between genders

• Study on resume callbacks based on name

• Study on housing discrimination

How do the odds of becoming a millionaire change for Asians and whites as they age?

• They fluctuate unpredictably

• They decrease significantly

• They improve significantly

• They remain constant

What is the maximum percentage chance of becoming a millionaire for Hispanics and blacks, according to the research?

• 5%

• 10%

• 3%

• 20%