Wealth Basics
What is the formula for calculating net worth?
Assets minus debts/liabilities*
What type of cars do most millionaires drive?
Cars worth under $30,000*
What type of income requires you to actively work to get paid?
Earned income (active income)*
If you make more than you spend, what trait is this?
Living below your means
What are our school colors?
Red, Navy blue, and white
What percentage of millionaires never inherited significant money?
81%
How many hours per week do 67% of millionaires work?
45-55 hours*
Give an example of passive income.
Rental property income, stock dividends, royalties, business ownership income*
They wait to buy things they want
Delayed Gratification
What is our school mascot?
Chimera
Name two components that make someone truly wealthy.
High income AND significant assets with high net worth*
What percentage of millionaires are college graduates?
80%
What is portfolio income?
Money earned from buying and selling investments*
- They invest 15-20% of income regularly
Consistent Investing
What are our 4 principals names?
Taylor
Harrell
Biddle
Hatcher
True or False: Being wealthy is always permanent.
False
What percentage of wealthy people are self-employed entrepreneurs?
*Answer: 75%*
If your gross income is $3,000 but you take home $2,250, what is your net income?
$2,250*
They write down specific financial goals
Goal-Oriented Planning
How many questions will be on your text on monday?
20
What is financial independence?
Having enough money/assets to live your desired lifestyle without needing to work for a paycheck
Name three things wealthy people focus on instead of expensive purchases.
Building assets, investing, creating multiple income streams*
Why do wealthy people focus on passive income instead of just earned income?
Passive income works even when they don't - it's not limited by time*
They read and educate themselves constantly
Continuous Learning -
When is the last day of school?
June 26