What%20will%20it%20take%20for%20me%20to%20become%20a%20millionaire?

1
What will it take for me to become a millionaire?
2
Would you rather a penny that doubles or 10,000?
3
Most millionaires are college graduates.

• True 4 out of 5 millionaires are college
  graduates. 18 have Masters degrees, 8 law
  degrees, 6 medical degrees, 6 Ph.D.s.

4
Most millionaires work fewer than 40 hours a
week.

• False about 2/3 of millionaires work 45-55
  hours a week.

5
More than ½ of all millionaires never received
money from a trust fund or estate.

• True 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.

6
More millionaires drive Fords than drive
Cadillacs.

• True Ford is preferred by 9.4 and Cadillac by
  8.8. Only 23 of millionaires drive a
  current-year (new) car.

7
Most millionaires work in glamorous jobs, such as
sports, entertainment, or high tech.

• False A majority of millionaires are in
  ordinary industries and jobs. They are
  proficient in targeting marketing opportunities.

8
Most millionaires work for big Fortune 500
companies.

• False About 3 out of 4 millionaires are
  self-employed and consider themselves to be
  entrepreneurs. Most of the others are
  professionals, such as doctors, accountants, and
  lawyers.

9
Many poor people become millionaires by winning
the lottery.

• False Few people get rich the easy way.
• If you play the lottery, the chances of winning
  are about 1 in 12,000,000.
• The average person who plays the lottery every
  day would have to live about 33,000 years to win
  once.
• In contrast, you have 1 in 1.9 million chance of
  being struck by lightning.
• A pregnant woman has 1 in 705,000 births to have
  quadruplets.

10
College graduates earn about 65 more than high
school graduates earn.

• True In recent years, the average college
  graduate earned 66 more than the average high
  school graduate did. People with professional
  degrees earned 150 more than high school
  graduates did.

11
Day traders usually beat the stock market and
many of them become millionaires.

• False Recent studies show that 80 of day
  traders lose money.

12
At age 18, you decide not to smoke and save 1.50
a day. You invest this 1.50 a day at 8 annual
interest until you are 67. At age 67, your
savings from not smoking are almost 300,000.

• True Because of the power of compound interest,
  small savings can make a difference. It pays to
  resist temptation and live below your means.

13
How much will you need to retire?

• According to the experts, about 70 percent of
  pre-retirement income. So plan early for life
  after work!

14
How much will you need to retire?

• "A good rule of thumb is 10 to 15 percent of your
  income should be deferred until your retirement.
  If you do that, over the course of a working
  career of 35 to 40 years, you should have enough
  to retire comfortably," says Daniel Houston,
  Principal Financial Group.

15
How much will you need to retire?

• A single-earner couple making 30,000 annually
  needs 84 percent of that income, or 25,200 a
  year, after retirement.
• A 50,000 to 60,000 single-earner couple needs
  to replace 79 percent of their pre-retirement
  income, or 39,500 to 47,400 a year.
• A 90,000 single-earner couple needs to replace
  82 percent of pre-retirement income, or 73,800 a
  year.
• A two-income couple needs to replace 84 percent
  of 30,000 a year pre-retirement (25,200), 77
  percent of 50,000 (38,500) and 78 percent of
  90,000 (70,200).

16
(No Transcript)
17
(No Transcript)
18
(No Transcript)
19
(No Transcript)
20
Financial Calculators

• http//www.choosetosave.org/tools/fincalcs.htm
• http//www.dinkytown.net/
• http//www.fool.com/calcs/calculators.htmret