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Warm up

Define savings and personal income Read pg 313-314 What is the difference between saving and savings? What do you think are the characteristics of a millionaire?. Warm up. Answer Each Question True or False. For Each one you Answer correctly your team scores a point.

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Warm up

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  1. Define savings and personal income • Read pg 313-314 • What is the difference between saving and savings? • What do you think are the characteristics of a millionaire? Warm up

  2. Answer Each Question True or False. • For Each one you Answer correctly your team scores a point. • Pick one spokesperson for each group. The winning group will receive 5 Extra Credit Points on the Quiz tomorrow. The Millionaire Game

  3. 1. Most Millionaires are college Graduates. The Millionaire Game

  4. 2. Most millionaires work fewer than 40 hours a week. The Millionaire Game

  5. 3. More than half of all millionaires never received money from a trust fund or estate. The Millionaire Game

  6. 4. More millionaires have American Express Gold Cards than Sears Cards. The Millionaire Game

  7. 5. More Millionaires drive Fords than Cadillacs. The Millionaire Game

  8. 7. Most millionaires work glamorous jobs, such as sports or entertainment. The Millionaire Game

  9. 7. Most millionaires work for fortune 500 companies. The Millionaire Game

  10. 8. Many poor people become millionaires by winning the lottery. The Millionaire Game

  11. 9. College graduates earn about 65 percent more than high school graduates earn. The Millionaire Game

  12. 10. If an average 18 year old high school graduate spends as much as an average high school dropout until they are both 67 years old, but the high school graduate invests the difference in his or her income at 8 percent annual interest, the high school graduate would have $5,500,000. The Millionaire Game

  13. 11. Day traders usually beat the stock market and many of them become millionaires. The Millionaire Game

  14. 12. If you want to be a millionaire, avoid the risky stock market. The Millionaire Game

  15. 13. At age 18, you decide not to smoke and save a $1.50 a day. You invest the $1.50 a day at eight percent annual interest until you are 67. At age 67, you savings from not smoking are $300,000. The Millionaire Game

  16. 14. If you save $2000 a year from age 22 to age 65 at eight percent annual interest, your savings will be over $700,000 at age 65. The Millionaire Game

  17. 15. Single people are more often millionaires than married people. The Millionaire Game

  18. 1. Get a good education. • 2. Work long, hard, and smart. • 3. Learn money-management skills. • 4. Spend less than you could spend. • 5. Save early and often. • 6. Invest in common stocks for the long term. • 7. Gather information before making decisions. Rules for improving your financial life.

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