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The Millionaire Game

Personal Finance Global Economics
by

Daniel Kim

on 25 April 2014

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Transcript of The Millionaire Game

Personal Finance and The Millionaire Game
Mr. Kim's Global Economics
Here are the Rules
Personal Finance
For the Personal Finance Unit, we will be working on an ongoing project that will bring us to the
end of the semester!!!
$
$
$
$
You will choose a Job
Calculate a budget
And Live like an Adult
KWL Time!
Copy down the following chart, and fill out the first two boxes in
Complete Sentences
What do I know about personal finance?
What do I want to learn about personal finance?
What did I learn about personal finance?
Who wants to be a Millionaire
If your goal is to be
what would you do to achieve that goal?
Would you be willing to marry rich?
Help yourself to other peoples' money?
Purchase 66 Monopoly Board Games?
(There is $15,140 in each Monopoly Bank)
Or pay attention to Economics!
Let's learn about REAL millionaires
Each group must pick a spokesperson and a scorekeeper
After listening to a statement given about millionaires, decide whether it is true or false.
Once all teams have decided, your spokesperson will hold up a "True" or "False" sign
If your group is extremely confident in an answer, and wants to go for the "Million" (10) points on a question, stand up when revealing your card. Otherwise if you are going for the normal (5) points, stay seated.
But know this, wrong answers will be subtracted from your total score
Statement # 1
Most millionaires are college graduates.
Answer:
True! The majority of Millionaires graduate college! 4 out of 5 millionaires are college grads!
Statement # 2
Most Millionaires work less than 40 hours a week. (8 hours a day Monday - Friday)
Answer:
False! 63% of Millionaires reported working more than the 40 hour work week. That's 10% higher than non-millionaires
Statement # 3
Over 56% of millionaires won their money playing the lottery or gambling
Answer:
False! The chances of winning a million dollar lottery are 1 in 12 million. You have a better chance of getting hit with lightening at 1 in 1.9 Million
or
Dying in a plane crash: 1 in 1 Million
Statement # 4
The majority of millionaires own homes valued over 1 million dollars
Answer:
False! The average value of millionaires' homes is $320,000. About 50% have lived in the same home for 20 years or more.
Statement # 5
The majority of millionaires are single bachelors
Answer:
False! The majority of Millionaires are married with an average of 3 kids
Statement # 6
Most millionaires inherited their money from a trust fund or an estate
Answer:
False! Only 19% of millionaires received any income or wealth from a trust fund or estate
Statement # 7
Most millionaires work are athletes, movie stars or singers, or work in high tech fields
Answer:
False: Most millionaires are self-employed in small businesses with ordinary jobs
Statement # 8
The majority of millionaires don't become millionaires till they are in their 50's
Answer:
True! The average millionaire becomes a millionaire at age 54
Statement # 9
There are about 200,000 millionaires in the world
Answer:
False! There are 7 million millionaires, and over 1 thousand billions in the world! Most emerging millionaires are in China!
Dying in a car accident: 1 in 6,700
Getting eaten by a shark: 1 in 11.5 Million
Finding a four leafed clover: 1 in 10,000
Full transcript