The Ultimate How to Make a Million Quiz

By: Staff

4 Min Quiz

Image: refer to hsw

About This Quiz

The word millionaire brings images of mansions and fancy cars to mind, but most of today's millionaires aren't living such an elite lifestyle. Even though there are more millionaires today than ever before, many people dream of becoming one. If you are one of those people with caviar dreams, take this quiz to find out what it will take for you to reach that level of wealth.

What is the main reason that there are more millionaires in the world today than in the past?

Since the increase in the number of millionaires is largely due to inflation, it also means a lot less these days to be a millionaire.


How many investable assets does a person need to have in order to be considered a high-net-worth individual (HNWI)?

The term "investable assets" means that the individual's home is not included when calculating his or her net worth.


What is an example of a non-liquid asset?

Non-liquid assets are those that can not easily be turned into cash.


What is net worth?

Liabilities are your debts, including mortgage, credit card debt and outstanding car payments.


What is true of most millionaires?

The book "The Millionaire Next Door" studied millionaires and came up with a number of surprising characteristics about them.


What term refers to a person with $100 million of net worth?

Although there is no standard way of defining a millionaire, when you get into the range of the extremely rich, bankers agree that they should leave a person's house out of the calculation of his net worth.


What is the best way to give yourself the chance to become a millionaire?

The majority of millionaires were self-made and most frequently owned their own businesses. This way, the profits went straight to them instead of to the owners of the company for whom they worked.


What is a major reason that most people think more businesses fail than actually do?

Many of the businesses that the government lists as failures due to closure are actually simply sold off or closed voluntarily, not out of necessity.


According to the U.S. Census Bureau, about what percent of start-up businesses last more than four years?

Not only that, but only one-tenth of small businesses close each year in the United States, according to a different study.


What does it mean to earn compound interest on your savings?

By earning compounded interest, you will earn much more overall than if you withdraw the interest and only add more savings each month. Leaving your interest alone is the key to really making your wealth grow.


Why might becoming a millionaire by the time you retire not be sufficient for your goals?

Inflation causes the steady devaluation of money so that $1 million dollars in 30 years time will be able to purchase less than half of what it could today.


How many months' worth of money is typically recommended that you save in an emergency fund?

No matter how far along you are to your goal of becoming a millionaire, you can still run into unexpected financial hardship. Having an emergency fund will help you live for a few months in the event of a layoff or business failure.


When investing in other people's businesses, what type of business should you look at?

If you are familiar with the type of business you invest in, it will make you a more informed investor. This can help you to get into a company before it becomes popular and goes up in price.


What type of people often waste money due to not using a budget?

Even though these people might not feel the immediate need to budget, they may still be hurting their future by wasting money instead of saving or investing it.


When trying to eliminate debt, which should you try to pay off first?

After you eliminate your smallest debt, you can add what you were paying on it each month to your nest smallest one and eliminate it more quickly.


In addition to passion for the field, what can make the difference between starting a successful business or one that fails?

A successful business does not have to be one that reinvents the proverbial wheel. If you can find a business that meets a need that has been overlooked, you might be able to achieve your millionaire dreams.


More billionaires are born under what astrological sign than any other?

Much like being born to rich parents, your astrological sign is something you have no real control over. But maybe you should start planning if you want your children to have a chance of becoming rich!


What is the easiest source for free money?

If your employer matches contributions to your 401(k) or IRA, you should make sure to contribute the maximum that you are allowed.


What can you do to ensure that you save enough money each month to meet your goals?

By having your savings taken out of your paycheck up front, you won't miss them as much since you'll never actually see them in the first place.


What is another way to increase your savings without feeling it on a daily basis?

When receiving a pay raise, many people want to go out and spend it right away. If you increase your savings instead, you won't feel a loss of any kind since your lifestyle won't really change.


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