Image: Jose Luis Pelaez Inc/Blend Images/Getty Images
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.
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 does it mean to earn compound interest on your savings?
earning interest on the interest earned as well as on the principle invested
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.
earning interest at a steadily increasing interest rate
earning interest that is calculated and added each week
How many months' worth of money is typically recommended that you save in an emergency fund?
one to two
three to six
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.
In addition to passion for the field, what can make the difference between starting a successful business or one that fails?
finding an unfilled niche
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!