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What does it mean to be wealthy?

Many misconceptions surround the concept of wealth and what it takes to become a millionaire. Contrary to popular belief, most millionaires are first-generation wealth creators, with 80% starting from scratch. Less than 15% earn over $500,000 a year, and over half are self-employed. Surprisingly, many millionaires are frugal with their clothing and cars; most do not drive brand-new vehicles or pay exorbitant prices for suits. Education plays a crucial role as four out of five millionaires hold college degrees, and saving early and consistently can lead to millionaire status by retirement.

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What does it mean to be wealthy?

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Presentation Transcript

  1. What does it mean to be wealthy?

  2. True False??

  3. Most milionaires inherited their wealth… • FALSE – 80% are 1st Generation

  4. Most millionaires earn more than $500,000 a year • False – Less than 15% have an income over that

  5. College graduates earn about twice what high school graduates earn over a 40-year work life • False, the average college graduate earns 78% more than the average high school grad and people with professional degrees earn 255% more!

  6. People who are self =employed rarely become millionaires • False – more than half of millionaires are self-employed.

  7. All millionaires wear expensive clothes. • False – fifty percent of millionaires have never paid fore than $400 for a suit; 90% have never paid more than $1,000 for a suit

  8. Millionaires usually drive new cars • False – less than 25% drive a current-year car and more than half drive a car that is more than 2 years old

  9. Many millionaires drop out of college to start work • False Four of five millionaires are college grads. 18% have a master’s degree, 8% law degrees, 6% Ph.D’s

  10. It is impossible to save enough to be a millionaire • False – if a 22-year old saves %50 a week during his/her working life and earns 9% rate of return on the investment, the saver will have more than 1 million by the age of 63.

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