Snake's win $30

Multi-Billionaire · June 6, 2010

Hi all, basically this is a Multiple Choice quiz.

Very simple, the winner will get one (1) of the following:

- $30.00 through PayPal

- One (1) thing (strictly only one item, no more) on eBay, and I'll pay it, and it will be sent to your address. Please note, please consider shipping cost as it will be included. You have $30.00 worth of "credit" to shop on eBay and it will include the shipping cost! Please choose your item from (preferably) Power Sellers so it will definitely be shipped, not from 0 feedback seller which has many cases of a scam.

- Or if you feel charitable, you can give me the PayPal e-mail address of your charity then I'll send the $30.00 to it.

Terms and conditions:

- One thing I definitely cannot and will NOT do is bank transfer the prize because I'm located in Australia.

- No PM'ing answers, they will be ignored.

- Post your answers below, STRICTLY NO EDITING, EDITED POST WILL NOT QUALIFY. Once you have posted, you're not allowed to post another in this thread.

- Member who gets the most answers right (minimum 11 answers right) will be the winner

- First member who gets all answers right will win quiz, which stops immediately.

- Competition closes next week (Australia time) 13 June 12:00 PM

- Have fun :glasses:

Why am I doing this? I am passionate about this "subject" (money), call me green eyes or Uncle Scrooge, I don't care, but I believe money matters and affects EVERY aspect of your life (and I mean EVERY) whether you choose to embrace it or ignore it.

But, what have you got anything to lose by participating?

So, let's get to it.

Multiple Choice

1.) Rich people are rich because they know how to use "leverage" for them. What are those forms of leverage?

a. Other people's time

b. Other people's money

c. Other people's talent/ resources

d. All of the above.

2.) If you want to be rich, you must know how to make "money work for you", not the other way around (work for money). What is the best example of "money works for you" below?

a. David is a full time worker and buys car, houses, boats for his private use

b. Bill works three jobs and he saves $1000 a month

c. Tom buys a $15,000 boat and rents it for $1,500 a month. Ten months later, he manages to get his $15,000 back and still has his boat for rent. From 11th month on, his boat produces $1,500 for him a month, whether he works or not.

d. Jeff buys $20 lottery ticket every week in hope someday he can cash in the big money.

3.) Which one view below that rich people have in common?

a. "Investing is risky so stay away"

b. "Investing is not risky if you educate yourself financially. It is risky if you don't."

c. "Investing is gambling. Some days you get rich, some days you don't. So beware."

d. "Investing is about the hot tips on how to get rich quick."

4.) To be truly rich, you have to achieve:

a. High-paid job. A $100,000 a year will surely get rich

b. Financial independence = your monthly passive income and/ or portfolio income, incomes you get regardless of whether or not you work, are greater than your monthly expense.

c. A $1,000,000 networth.

d. A $1,000,000,000 networth.

5.) Which one characteristic most rich people have and believe that it plays a big factor why they're financially successful?

a. Being generous. You'll get what you give. If you want a smile from other people, be the one to smile first. If you want a hug, be the one to give a hug. If you want money, be the one to give money. When you give away your money, it has a strange way of coming back to you.

b. Being stingy. Because they don't like to give away their money.

c. Being obscenely cheap.

d. Being happy. Because it's only thing you gotta do to be rich.

6.) Bill's job pays him $100,000 a year. He likes to buy cars, boats, italian suits, silverware, and expensive items for his private use. Bill is a shop-aholic, he likes new things because they "smell nice" and pays them mostly on credit card. He works full time endlessly just to pay bills, and he can't afford to get fired because if he does then he'll be declared bankrupt and have his items seized. Within two years, his company went down and his job was gone. Bill had to sell everything he had, even his house, and now he lives in a rental apartment with barely anything besides bed and fridge. What happens to Bill's financial life?

a. His company went bankrupt, plain and simple. It's his company's fault Bill's financial life in shambles. He's innocent.

b. His company didn't pay him enough/ he needs more than $100,000 a year.

c. He thought when he bought cars, boats, italian suits, he thought he bought assets when those are really liabilities/ items that a person buys for private use/ depreciating in value. Bill not only spent on liabilities, he spent everything he had on liabilities, and left little to none for himself or true assets. A classic case of not knowing how to differentiate between assets and liabilities.

d. It happens, it is beyond anyone's control.

7.) Asset, in rich people's simplest definition, does:

a. Do nothing but to be enjoyed.

b. Put money in your pocket.

c. Take money out of your pocket.

d. None of the above.

8.) When you buy an orange for $1.00 and then immediately sell it for $1.50 for a profit of $0.50, what is that profit called?

a. Rip off

b. Fifty per-cent

c. Cash flow

d. Capital gain

9.) On the other hand, if you buy a surfboard for $100 then rent it for $10 daily. After 10 days when you have got your money back, you begin to make profit on the 11th day on. What is that profit called?

a. Rip off

b. Seventy per-cent

c. Cash flow

d. Capital gain

10.) Investing is really about:

a. Stock market. Put down your money today and get rich tomorrow.

b. Real estate.

c. Your method of investing/ your invetments products.

d. Your (usually) long-term, boring, methodical plan. A plan that takes you from A to B, financially over the years.

11.) LeBron James gets paid $18-20 mil by the Cavs. This salary from Cavs is a type of _____ income. When companies use his name to promote their products, or release his books such as his autobiography, they pay him commission or sign him to a contract. This type of money is a type of _____ income.

a. Athlete, celebrity.

b. Small boss, big boss.

c. Earned, passive.

d. Athlete, athlete.

12.) The difference between earned and passive income is:

a. Passive income keeps flowing into your account regardless whether or not you work. As for earned income, you have to keep working for it and if you stop, the income also stops.

b. You have to work for your passive income, this means if you stop working, this income also stops.

c. Earned income is usually bigger.

d. Passive income is more complicated.

13.) There are two (2) money problems in this world, and those are "a problem of not enough money" and _____ :

a. A problem of the USA dollars

b. A problem of the corruption

c. A problem of the monopoly by the rich

d. A problem of too much money

14.) Antoine Walker made $100 mil in his NBA career, and now he declared bankruptcy. Basically the same like most people in society, trying to get that 9-5 job when his basketball days leave him. There are also several multi-million lottery winners who went from "riches" to "in debt" in a matter of years. What happened to Shimmy and these lottery winners?

a. It's none of our business

b. They ran into bad luck.

c. They hang out with the people who fleeced them their money. It's the fault of the people around them.

d. A case of poor people who stumble on big money in an instant and although they've become rich physically, they remain poor in their heart mentally, because all they've known about money all their life is "a problem of not enough money". So once they have money, they only know ONE THING what to do about it, and that is TO SPEND. It's a case of getting to the top (getting rich) but not knowing how to stay on the top (remain rich).

15.) The one that truly determines whether an investment is risky or not is:

a. The investment

b. The method of investment

c. The market

d. The investor themselves/ you

16.) Have you come across people (type A) who say "I'll never be rich" "I can't afford it. Forget it" and it just seems to be that way for them? And then you encounter other people (type B) who say, "I can't afford it, but how can I afford it?" "I'm not rich, but how can I be rich?" and they just seem to find their ways to achieve them? So what is the real/ core difference between rich people and poor people?

a. Their money. Cmon... what else?

b. Their lucks. Getting rich is all about pure luck and nothing else.

c. Their friends/ relatives who present them opportunities.

d. Their words/ thinking... and your words become flesh. It doesn't take money to become rich, it takes words. Good news is, words are free.

17.) To rich people, mistakes/ failures in investing/ financial/ business are:

a. Bad.

b. Very bad signs of one's financial skills and their financial future will likely be the same way.

c. Unforgivable and unheard of.

d. Opportunities to learn from and get better in the next ventures. In fact, they firmly believe you're not truly successful until you've made mistakes/ failed at least once.

That's all guys, have fun

Edited June 6, 2010 by Snake

reno · June 6, 2010

1. D

2. c

3. c

4. B

5. A

6. C

7. B

8. D

9. D

10. D

11. C

12. A

13. D

14. D

15. D

16. D

17. D

Flight · June 6, 2010

1.) Rich people are rich because they know how to use "leverage" for them. What are those forms of leverage?

a. Other people's time

b. Other people's money

c. Other people's talent/ resources

d. All of the above.

2.) If you want to be rich, you must know how to make "money work for you", not the other way around (work for money). What is the best example of "money works for you" below?

a. David is a full time worker and buys car, houses, boats for his private use

b. Bill works three jobs and he saves $1000 a month

c. Tom buys a $15,000 boat and rents it for $1,500 a month. Ten months later, he manages to get his $15,000 back and still has his boat for rent. From 11th month on, his boat produces $1,500 for him a month, whether he works or not.

d. Jeff buys $20 lottery ticket every week in hope someday he can cash in the big money.

3.) Which one view below that rich people have in common?

a. "Investing is risky so stay away"

b. "Investing is not risky if you educate yourself financially. It is risky if you don't."

c. "Investing is gambling. Some days you get rich, some days you don't. So beware."

d. "Investing is about the hot tips on how to get rich quick."

4.) To be truly rich, you have to achieve:

a. High-paid job. A $100,000 a year will surely get rich

b. Financial independence = your monthly passive income and/ or portfolio income, incomes you get regardless of whether or not you work, are greater than your monthly expense.

c. A $1,000,000 networth.

d. A $1,000,000,000 networth.

5.) Which one characteristic most rich people have and believe that it plays a big factor why they're financially successful?

a. Being generous. You'll get what you give. If you want a smile from other people, be the one to smile first. If you want a hug, be the one to give a hug. If you want money, be the one to give money. When you give away your money, it has a strange way of coming back to you.

b. Being stingy. Because they don't like to give away their money.

c. Being obscenely cheap.

d. Being happy. Because it's only thing you gotta do to be rich.

6.) Bill's job pays him $100,000 a year. He likes to buy cars, boats, italian suits, silverware, and expensive items for his private use. Bill is a shop-aholic, he likes new things because they "smell nice" and pays them mostly on credit card. He works full time endlessly just to pay bills, and he can't afford to get fired because if he does then he'll be declared bankrupt and have his items seized. Within two years, his company went down and his job was gone. Bill had to sell everything he had, even his house, and now he lives in a rental apartment with barely anything besides bed and fridge. What happens to Bill's financial life?

a. His company went bankrupt, plain and simple. It's his company's fault Bill's financial life in shambles. He's innocent.

b. His company didn't pay him enough/ he needs more than $100,000 a year.

c. He thought when he bought cars, boats, italian suits, he thought he bought assets when those are really liabilities/ items that a person buys for private use/ depreciating in value. Bill not only spent on liabilities, he spent everything he had on liabilities, and left little to none for himself or true assets. A classic case of not knowing how to differentiate between assets and liabilities.

d. It happens, it is beyond anyone's control.

7.) Asset, in rich people's simplest definition, does:

a. Do nothing but to be enjoyed.

b. Put money in your pocket.

c. Take money out of your pocket.

d. None of the above.

8.) When you buy an orange for $1.00 and then immediately sell it for $1.50 for a profit of $0.50, what is that profit called?

a. Rip off

b. Fifty per-cent

c. Cash flow

d. Capital gain

9.) On the other hand, if you buy a surfboard for $100 then rent it for $10 daily. After 10 days when you have got your money back, you begin to make profit on the 11th day on. What is that profit called?

a. Rip off

b. Seventy per-cent

c. Cash flow

d. Capital gain

10.) Investing is really about:

a. Stock market. Put down your money today and get rich tomorrow.

b. Real estate.

c. Your method of investing/ your invetments products.

d. Your (usually) long-term, boring, methodical plan. A plan that takes you from A to B, financially over the years.

11.) LeBron James gets paid $18-20 mil by the Cavs. This salary from Cavs is a type of _____ income. When companies use his name to promote their products, or release his books such as his autobiography, they pay him commission or sign him to a contract. This type of money is a type of _____ income.

a. Athlete, celebrity.

b. Small boss, big boss.

c. Earned, passive.

d. Athlete, athlete.

12.) The difference between earned and passive income is:

a. Passive income keeps flowing into your account regardless whether or not you work. As for earned income, you have to keep working for it and if you stop, the income also stops.

b. You have to work for your passive income, this means if you stop working, this income also stops.

c. Earned income is usually bigger.

d. Passive income is more complicated.

13.) There are two (2) money problems in this world, and those are "a problem of not enough money" and _____ :

a. A problem of the USA dollars

b. A problem of the corruption

c. A problem of the monopoly by the rich

d. A problem of too much money

14.) Antoine Walker made $100 mil in his NBA career, and now he declared bankruptcy. Basically the same like most people in society, trying to get that 9-5 job when his basketball days leave him. There are also several multi-million lottery winners who went from "riches" to "in debt" in a matter of years. What happened to Shimmy and these lottery winners?

a. It's none of our business

b. They ran into bad luck.

c. They hang out with the people who fleeced them their money. It's the fault of the people around them.

d. A case of poor people who stumble on big money in an instant and although they've become rich physically, they remain poor in their heart mentally, because all they've known about money all their life is "a problem of not enough money". So once they have money, they only know ONE THING what to do about it, and that is TO SPEND. It's a case of getting to the top (getting rich) but not knowing how to stay on the top (remain rich).

15.) The one that truly determines whether an investment is risky or not is:

a. The investment

b. The method of investment

c. The market

d. The investor themselves/ you

16.) Have you come across people (type A) who say "I'll never be rich" "I can't afford it. Forget it" and it just seems to be that way for them? And then you encounter other people (type B) who say, "I can't afford it, but how can I afford it?" "I'm not rich, but how can I be rich?" and they just seem to find their ways to achieve them? So what is the real/ core difference between rich people and poor people?

a. Their money. Cmon... what else?

b. Their lucks. Getting rich is all about pure luck and nothing else.

c. Their friends/ relatives who present them opportunities.

d. Their words/ thinking... and your words become flesh. It doesn't take money to become rich, it takes words. Good news is, words are free.

17.) To rich people, mistakes/ failures in investing/ financial/ business are:

a. Bad.

b. Very bad signs of one's financial skills and their financial future will likely be the same way.

c. Unforgivable and unheard of.

d. Opportunities to learn from and get better in the next ventures. In fact, they firmly believe you're not truly successful until you've made mistakes/ failed at least once.

Flight · June 6, 2010

Cheers. Thank you AP Macroeconomics, and the brain that God gave me haha.

Multi-Billionaire · June 6, 2010

No worries guys, thanks for your early entries. Good luck!

Guru · June 6, 2010

1.) Rich people are rich because they know how to use "leverage" for them. What are those forms of leverage?

a. Other people's time

b. Other people's money

c. Other people's talent/ resources

d. All of the above.

2.) If you want to be rich, you must know how to make "money work for you", not the other way around (work for money). What is the best example of "money works for you" below?

a. David is a full time worker and buys car, houses, boats for his private use

b. Bill works three jobs and he saves $1000 a month

c. Tom buys a $15,000 boat and rents it for $1,500 a month. Ten months later, he manages to get his $15,000 back and still has his boat for rent. From 11th month on, his boat produces $1,500 for him a month, whether he works or not.

d. Jeff buys $20 lottery ticket every week in hope someday he can cash in the big money.

3.) Which one view below that rich people have in common?

a. "Investing is risky so stay away"

b. "Investing is not risky if you educate yourself financially. It is risky if you don't."

c. "Investing is gambling. Some days you get rich, some days you don't. So beware."

d. "Investing is about the hot tips on how to get rich quick."

4.) To be truly rich, you have to achieve:

a. High-paid job. A $100,000 a year will surely get rich

b. Financial independence = your monthly passive income and/ or portfolio income, incomes you get regardless of whether or not you work, are greater than your monthly expense.

c. A $1,000,000 networth.

d. A $1,000,000,000 networth.

5.) Which one characteristic most rich people have and believe that it plays a big factor why they're financially successful?

a. Being generous. You'll get what you give. If you want a smile from other people, be the one to smile first. If you want a hug, be the one to give a hug. If you want money, be the one to give money. When you give away your money, it has a strange way of coming back to you.

b. Being stingy. Because they don't like to give away their money.

c. Being obscenely cheap.

d. Being happy. Because it's only thing you gotta do to be rich.

6.) Bill's job pays him $100,000 a year. He likes to buy cars, boats, italian suits, silverware, and expensive items for his private use. Bill is a shop-aholic, he likes new things because they "smell nice" and pays them mostly on credit card. He works full time endlessly just to pay bills, and he can't afford to get fired because if he does then he'll be declared bankrupt and have his items seized. Within two years, his company went down and his job was gone. Bill had to sell everything he had, even his house, and now he lives in a rental apartment with barely anything besides bed and fridge. What happens to Bill's financial life?

a. His company went bankrupt, plain and simple. It's his company's fault Bill's financial life in shambles. He's innocent.

b. His company didn't pay him enough/ he needs more than $100,000 a year.

c. He thought when he bought cars, boats, italian suits, he thought he bought assets when those are really liabilities/ items that a person buys for private use/ depreciating in value. Bill not only spent on liabilities, he spent everything he had on liabilities, and left little to none for himself or true assets. A classic case of not knowing how to differentiate between assets and liabilities.

d. It happens, it is beyond anyone's control.

7.) Asset, in rich people's simplest definition, does:

a. Do nothing but to be enjoyed.

b. Put money in your pocket.

c. Take money out of your pocket.

d. None of the above.

8.) When you buy an orange for $1.00 and then immediately sell it for $1.50 for a profit of $0.50, what is that profit called?

a. Rip off

b. Fifty per-cent

c. Cash flow

d. Capital gain

9.) On the other hand, if you buy a surfboard for $100 then rent it for $10 daily. After 10 days when you have got your money back, you begin to make profit on the 11th day on. What is that profit called?

a. Rip off

b. Seventy per-cent

c. Cash flow

d. Capital gain

10.) Investing is really about:

a. Stock market. Put down your money today and get rich tomorrow.

b. Real estate.

c. Your method of investing/ your invetments products.

d. Your (usually) long-term, boring, methodical plan. A plan that takes you from A to B, financially over the years.

11.) LeBron James gets paid $18-20 mil by the Cavs. This salary from Cavs is a type of _____ income. When companies use his name to promote their products, or release his books such as his autobiography, they pay him commission or sign him to a contract. This type of money is a type of _____ income.

a. Athlete, celebrity.

b. Small boss, big boss.

c. Earned, passive.

d. Athlete, athlete.

12.) The difference between earned and passive income is:

a. Passive income keeps flowing into your account regardless whether or not you work. As for earned income, you have to keep working for it and if you stop, the income also stops.

b. You have to work for your passive income, this means if you stop working, this income also stops.

c. Earned income is usually bigger.

d. Passive income is more complicated.

13.) There are two (2) money problems in this world, and those are "a problem of not enough money" and _____ :

a. A problem of the USA dollars

b. A problem of the corruption

c. A problem of the monopoly by the rich

d. A problem of too much money

14.) Antoine Walker made $100 mil in his NBA career, and now he declared bankruptcy. Basically the same like most people in society, trying to get that 9-5 job when his basketball days leave him. There are also several multi-million lottery winners who went from "riches" to "in debt" in a matter of years. What happened to Shimmy and these lottery winners?

a. It's none of our business

b. They ran into bad luck.

c. They hang out with the people who fleeced them their money. It's the fault of the people around them.

d. A case of poor people who stumble on big money in an instant and although they've become rich physically, they remain poor in their heart mentally, because all they've known about money all their life is "a problem of not enough money". So once they have money, they only know ONE THING what to do about it, and that is TO SPEND. It's a case of getting to the top (getting rich) but not knowing how to stay on the top (remain rich).

15.) The one that truly determines whether an investment is risky or not is:

a. The investment

b. The method of investment

c. The market

d. The investor themselves/ you

16.) Have you come across people (type A) who say "I'll never be rich" "I can't afford it. Forget it" and it just seems to be that way for them? And then you encounter other people (type B) who say, "I can't afford it, but how can I afford it?" "I'm not rich, but how can I be rich?" and they just seem to find their ways to achieve them? So what is the real/ core difference between rich people and poor people?

a. Their money. Cmon... what else?

b. Their lucks. Getting rich is all about pure luck and nothing else.

c. Their friends/ relatives who present them opportunities.

d. Their words/ thinking... and your words become flesh. It doesn't take money to become rich, it takes words. Good news is, words are free.

17.) To rich people, mistakes/ failures in investing/ financial/ business are:

a. Bad.

b. Very bad signs of one's financial skills and their financial future will likely be the same way.

c. Unforgivable and unheard of.

d. Opportunities to learn from and get better in the next ventures. In fact, they firmly believe you're not truly successful until you've made mistakes/ failed at least once.

... i win, econ major ftw

Warren2ThaG · June 6, 2010

1.) Rich people are rich because they know how to use "leverage" for them. What are those forms of leverage?

a. Other people's time

b. Other people's money

c. Other people's talent/ resources

d. All of the above.

2.) If you want to be rich, you must know how to make "money work for you", not the other way around (work for money). What is the best example of "money works for you" below?

a. David is a full time worker and buys car, houses, boats for his private use

b. Bill works three jobs and he saves $1000 a month

c. Tom buys a $15,000 boat and rents it for $1,500 a month. Ten months later, he manages to get his $15,000 back and still has his boat for rent. From 11th month on, his boat produces $1,500 for him a month, whether he works or not.

d. Jeff buys $20 lottery ticket every week in hope someday he can cash in the big money.

3.) Which one view below that rich people have in common?

a. "Investing is risky so stay away"

b. "Investing is not risky if you educate yourself financially. It is risky if you don't."

c. "Investing is gambling. Some days you get rich, some days you don't. So beware."

d. "Investing is about the hot tips on how to get rich quick."

4.) To be truly rich, you have to achieve:

a. High-paid job. A $100,000 a year will surely get rich

b. Financial independence = your monthly passive income and/ or portfolio income, incomes you get regardless of whether or not you work, are greater than your monthly expense.

c. A $1,000,000 networth.

d. A $1,000,000,000 networth.

5.) Which one characteristic most rich people have and believe that it plays a big factor why they're financially successful?

a. Being generous. You'll get what you give. If you want a smile from other people, be the one to smile first. If you want a hug, be the one to give a hug. If you want money, be the one to give money. When you give away your money, it has a strange way of coming back to you.

b. Being stingy. Because they don't like to give away their money.

c. Being obscenely cheap.

d. Being happy. Because it's only thing you gotta do to be rich.

6.) Bill's job pays him $100,000 a year. He likes to buy cars, boats, italian suits, silverware, and expensive items for his private use. Bill is a shop-aholic, he likes new things because they "smell nice" and pays them mostly on credit card. He works full time endlessly just to pay bills, and he can't afford to get fired because if he does then he'll be declared bankrupt and have his items seized. Within two years, his company went down and his job was gone. Bill had to sell everything he had, even his house, and now he lives in a rental apartment with barely anything besides bed and fridge. What happens to Bill's financial life?

a. His company went bankrupt, plain and simple. It's his company's fault Bill's financial life in shambles. He's innocent.

b. His company didn't pay him enough/ he needs more than $100,000 a year.

c. He thought when he bought cars, boats, italian suits, he thought he bought assets when those are really liabilities/ items that a person buys for private use/ depreciating in value. Bill not only spent on liabilities, he spent everything he had on liabilities, and left little to none for himself or true assets. A classic case of not knowing how to differentiate between assets and liabilities.

d. It happens, it is beyond anyone's control.

7.) Asset, in rich people's simplest definition, does:

a. Do nothing but to be enjoyed.

b. Put money in your pocket.

c. Take money out of your pocket.

d. None of the above.

8.) When you buy an orange for $1.00 and then immediately sell it for $1.50 for a profit of $0.50, what is that profit called?

a. Rip off

b. Fifty per-cent

c. Cash flow

d. Capital gain

9.) On the other hand, if you buy a surfboard for $100 then rent it for $10 daily. After 10 days when you have got your money back, you begin to make profit on the 11th day on. What is that profit called?

a. Rip off

b. Seventy per-cent

c. Cash flow

d. Capital gain

10.) Investing is really about:

a. Stock market. Put down your money today and get rich tomorrow.

b. Real estate.

c. Your method of investing/ your invetments products.

d. Your (usually) long-term, boring, methodical plan. A plan that takes you from A to B, financially over the years.

11.) LeBron James gets paid $18-20 mil by the Cavs. This salary from Cavs is a type of _____ income. When companies use his name to promote their products, or release his books such as his autobiography, they pay him commission or sign him to a contract. This type of money is a type of _____ income.

a. Athlete, celebrity.

b. Small boss, big boss.

c. Earned, passive.

d. Athlete, athlete.

12.) The difference between earned and passive income is:

a. Passive income keeps flowing into your account regardless whether or not you work. As for earned income, you have to keep working for it and if you stop, the income also stops.

b. You have to work for your passive income, this means if you stop working, this income also stops.

c. Earned income is usually bigger.

d. Passive income is more complicated.

13.) There are two (2) money problems in this world, and those are "a problem of not enough money" and _____ :

a. A problem of the USA dollars

b. A problem of the corruption

c. A problem of the monopoly by the rich

d. A problem of too much money

14.) Antoine Walker made $100 mil in his NBA career, and now he declared bankruptcy. Basically the same like most people in society, trying to get that 9-5 job when his basketball days leave him. There are also several multi-million lottery winners who went from "riches" to "in debt" in a matter of years. What happened to Shimmy and these lottery winners?

a. It's none of our business

b. They ran into bad luck.

c. They hang out with the people who fleeced them their money. It's the fault of the people around them.

d. A case of poor people who stumble on big money in an instant and although they've become rich physically, they remain poor in their heart mentally, because all they've known about money all their life is "a problem of not enough money". So once they have money, they only know ONE THING what to do about it, and that is TO SPEND. It's a case of getting to the top (getting rich) but not knowing how to stay on the top (remain rich).

15.) The one that truly determines whether an investment is risky or not is:

a. The investment

b. The method of investment

c. The market

d. The investor themselves/ you

16.) Have you come across people (type A) who say "I'll never be rich" "I can't afford it. Forget it" and it just seems to be that way for them? And then you encounter other people (type B) who say, "I can't afford it, but how can I afford it?" "I'm not rich, but how can I be rich?" and they just seem to find their ways to achieve them? So what is the real/ core difference between rich people and poor people?

a. Their money. Cmon... what else?

b. Their lucks. Getting rich is all about pure luck and nothing else.

c. Their friends/ relatives who present them opportunities.

d. Their words/ thinking... and your words become flesh. It doesn't take money to become rich, it takes words. Good news is, words are free.

17.) To rich people, mistakes/ failures in investing/ financial/ business are:

a. Bad.

b. Very bad signs of one's financial skills and their financial future will likely be the same way.

c. Unforgivable and unheard of.

d. Opportunities to learn from and get better in the next ventures. In fact, they firmly believe you're not truly successful until you've made mistakes/ failed at least once.

Multi-Billionaire · June 7, 2010

Thanks for other entries

Please note another rule here: if there's no perfect score, we'll determine ties (two/ more members with same amount of correct answers) with the next set of questions, and if there's still ties we continue to the "next round", etc.

---

I really encourage guys who think the subject of money/ business/ gettin rich is complicated, to participate. If you try to understand the questions they are actually easy. Most of "rich people"'s mentality and strategy are actually about common sense... common sense most of us (non-rich people) have in us.

When I heard "investing", I used to think it's a complicated world and get turned off immediately. But like that financial guru Robert Kiyosaki says, getting rich is actually about common sense... if a supposed financial expert cannot explain a financial scenario/ investing to a 9 year old in 5 minutes or less, and the 9 yr old still doesn't understand, chances are that so-called expert doesn't understand it themselves and only use difficult words/ jargons to make them sound smart/ knowledgeable, which is just a waste of everybody's time. Investing/ getting rich is really an easy subject. Personally, I'm tuned in because of how easy it actually is in real life.

Cobb · June 7, 2010

1.) Rich people are rich because they know how to use "leverage" for them. What are those forms of leverage?

a. Other people's time

b. Other people's money

c. Other people's talent/ resources

d. All of the above.

2.) If you want to be rich, you must know how to make "money work for you", not the other way around (work for money). What is the best example of "money works for you" below?

a. David is a full time worker and buys car, houses, boats for his private use

b. Bill works three jobs and he saves $1000 a month

c. Tom buys a $15,000 boat and rents it for $1,500 a month. Ten months later, he manages to get his $15,000 back and still has his boat for rent. From 11th month on, his boat produces $1,500 for him a month, whether he works or not.

d. Jeff buys $20 lottery ticket every week in hope someday he can cash in the big money.

3.) Which one view below that rich people have in common?

a. "Investing is risky so stay away"

b. "Investing is not risky if you educate yourself financially. It is risky if you don't."

c. "Investing is gambling. Some days you get rich, some days you don't. So beware."

d. "Investing is about the hot tips on how to get rich quick."

4.) To be truly rich, you have to achieve:

a. High-paid job. A $100,000 a year will surely get rich

b. Financial independence = your monthly passive income and/ or portfolio income, incomes you get regardless of whether or not you work, are greater than your monthly expense.

c. A $1,000,000 networth.

d. A $1,000,000,000 networth.

5.) Which one characteristic most rich people have and believe that it plays a big factor why they're financially successful?

a. Being generous. You'll get what you give. If you want a smile from other people, be the one to smile first. If you want a hug, be the one to give a hug. If you want money, be the one to give money. When you give away your money, it has a strange way of coming back to you.

b. Being stingy. Because they don't like to give away their money.

c. Being obscenely cheap.

d. Being happy. Because it's only thing you gotta do to be rich.

6.) Bill's job pays him $100,000 a year. He likes to buy cars, boats, italian suits, silverware, and expensive items for his private use. Bill is a shop-aholic, he likes new things because they "smell nice" and pays them mostly on credit card. He works full time endlessly just to pay bills, and he can't afford to get fired because if he does then he'll be declared bankrupt and have his items seized. Within two years, his company went down and his job was gone. Bill had to sell everything he had, even his house, and now he lives in a rental apartment with barely anything besides bed and fridge. What happens to Bill's financial life?

a. His company went bankrupt, plain and simple. It's his company's fault Bill's financial life in shambles. He's innocent.

b. His company didn't pay him enough/ he needs more than $100,000 a year.

c. He thought when he bought cars, boats, italian suits, he thought he bought assets when those are really liabilities/ items that a person buys for private use/ depreciating in value. Bill not only spent on liabilities, he spent everything he had on liabilities, and left little to none for himself or true assets. A classic case of not knowing how to differentiate between assets and liabilities.

d. It happens, it is beyond anyone's control.

7.) Asset, in rich people's simplest definition, does:

a. Do nothing but to be enjoyed.

b. Put money in your pocket.

c. Take money out of your pocket.

d. None of the above.

8.) When you buy an orange for $1.00 and then immediately sell it for $1.50 for a profit of $0.50, what is that profit called?

a. Rip off

b. Fifty per-cent

c. Cash flow

d. Capital gain

9.) On the other hand, if you buy a surfboard for $100 then rent it for $10 daily. After 10 days when you have got your money back, you begin to make profit on the 11th day on. What is that profit called?

a. Rip off

b. Seventy per-cent

c. Cash flow

d. Capital gain

10.) Investing is really about:

a. Stock market. Put down your money today and get rich tomorrow.

b. Real estate.

c. Your method of investing/ your invetments products.

d. Your (usually) long-term, boring, methodical plan. A plan that takes you from A to B, financially over the years.

11.) LeBron James gets paid $18-20 mil by the Cavs. This salary from Cavs is a type of _____ income. When companies use his name to promote their products, or release his books such as his autobiography, they pay him commission or sign him to a contract. This type of money is a type of _____ income.

a. Athlete, celebrity.

b. Small boss, big boss.

c. Earned, passive.

d. Athlete, athlete.

12.) The difference between earned and passive income is:

a. Passive income keeps flowing into your account regardless whether or not you work. As for earned income, you have to keep working for it and if you stop, the income also stops.

b. You have to work for your passive income, this means if you stop working, this income also stops.

c. Earned income is usually bigger.

d. Passive income is more complicated.

13.) There are two (2) money problems in this world, and those are "a problem of not enough money" and _____ :

a. A problem of the USA dollars

b. A problem of the corruption

c. A problem of the monopoly by the rich

d. A problem of too much money

14.) Antoine Walker made $100 mil in his NBA career, and now he declared bankruptcy. Basically the same like most people in society, trying to get that 9-5 job when his basketball days leave him. There are also several multi-million lottery winners who went from "riches" to "in debt" in a matter of years. What happened to Shimmy and these lottery winners?

a. It's none of our business

b. They ran into bad luck.

c. They hang out with the people who fleeced them their money. It's the fault of the people around them.

d. A case of poor people who stumble on big money in an instant and although they've become rich physically, they remain poor in their heart mentally, because all they've known about money all their life is "a problem of not enough money". So once they have money, they only know ONE THING what to do about it, and that is TO SPEND. It's a case of getting to the top (getting rich) but not knowing how to stay on the top (remain rich).

15.) The one that truly determines whether an investment is risky or not is:

a. The investment

b. The method of investment

c. The market

d. The investor themselves/ you

16.) Have you come across people (type A) who say "I'll never be rich" "I can't afford it. Forget it" and it just seems to be that way for them? And then you encounter other people (type B) who say, "I can't afford it, but how can I afford it?" "I'm not rich, but how can I be rich?" and they just seem to find their ways to achieve them? So what is the real/ core difference between rich people and poor people?

a. Their money. Cmon... what else?

b. Their lucks. Getting rich is all about pure luck and nothing else.

c. Their friends/ relatives who present them opportunities.

d. Their words/ thinking... and your words become flesh. It doesn't take money to become rich, it takes words. Good news is, words are free.

17.) To rich people, mistakes/ failures in investing/ financial/ business are:

a. Bad.

b. Very bad signs of one's financial skills and their financial future will likely be the same way.

c. Unforgivable and unheard of.

d. Opportunities to learn from and get better in the next ventures. In fact, they firmly believe you're not truly successful until you've made mistakes/ failed at least once.

YugoRocketsFan · June 7, 2010

1. D

2. C

3. B

4. B

5. B

6. C

7. B

8. D

9. D

10. C

11. C

12. B

13. C

14. D

15. D

16. D

17. D

fish7718 · June 7, 2010

1. C

2. C

3. C

4. C

5. A

6. C

7. B

8. D

9. D

10. C

11. C

12. A

13. D

14. D

15. D

16. D

17. D

AllenIverson#1fan · June 7, 2010

Good luck to you all..

JYD · June 7, 2010

Multiple Choice

1.) Rich people are rich because they know how to use "leverage" for them. What are those forms of leverage?

a. Other people's time

b. Other people's money

c. Other people's talent/ resources

d. All of the above.

2.) If you want to be rich, you must know how to make "money work for you", not the other way around (work for money). What is the best example of "money works for you" below?

a. David is a full time worker and buys car, houses, boats for his private use

b. Bill works three jobs and he saves $1000 a month

c. Tom buys a $15,000 boat and rents it for $1,500 a month. Ten months later, he manages to get his $15,000 back and still has his boat for rent. From 11th month on, his boat produces $1,500 for him a month, whether he works or not.

d. Jeff buys $20 lottery ticket every week in hope someday he can cash in the big money.

3.) Which one view below that rich people have in common?

a. "Investing is risky so stay away"

b. "Investing is not risky if you educate yourself financially. It is risky if you don't."

c. "Investing is gambling. Some days you get rich, some days you don't. So beware."

d. "Investing is about the hot tips on how to get rich quick."

4.) To be truly rich, you have to achieve:

a. High-paid job. A $100,000 a year will surely get rich

b. Financial independence = your monthly passive income and/ or portfolio income, incomes you get regardless of whether or not you work, are greater than your monthly expense.

c. A $1,000,000 networth.

d. A $1,000,000,000 networth.

5.) Which one characteristic most rich people have and believe that it plays a big factor why they're financially successful?

a. Being generous. You'll get what you give. If you want a smile from other people, be the one to smile first. If you want a hug, be the one to give a hug. If you want money, be the one to give money. When you give away your money, it has a strange way of coming back to you.

b. Being stingy. Because they don't like to give away their money.

c. Being obscenely cheap.

d. Being happy. Because it's only thing you gotta do to be rich.

6.) Bill's job pays him $100,000 a year. He likes to buy cars, boats, italian suits, silverware, and expensive items for his private use. Bill is a shop-aholic, he likes new things because they "smell nice" and pays them mostly on credit card. He works full time endlessly just to pay bills, and he can't afford to get fired because if he does then he'll be declared bankrupt and have his items seized. Within two years, his company went down and his job was gone. Bill had to sell everything he had, even his house, and now he lives in a rental apartment with barely anything besides bed and fridge. What happens to Bill's financial life?

a. His company went bankrupt, plain and simple. It's his company's fault Bill's financial life in shambles. He's innocent.

b. His company didn't pay him enough/ he needs more than $100,000 a year.

c. He thought when he bought cars, boats, italian suits, he thought he bought assets when those are really liabilities/ items that a person buys for private use/ depreciating in value. Bill not only spent on liabilities, he spent everything he had on liabilities, and left little to none for himself or true assets. A classic case of not knowing how to differentiate between assets and liabilities.

d. It happens, it is beyond anyone's control.

7.) Asset, in rich people's simplest definition, does:

a. Do nothing but to be enjoyed.

b. Put money in your pocket.

c. Take money out of your pocket.

d. None of the above.

8.) When you buy an orange for $1.00 and then immediately sell it for $1.50 for a profit of $0.50, what is that profit called?

a. Rip off

b. Fifty per-cent

c. Cash flow

d. Capital gain

9.) On the other hand, if you buy a surfboard for $100 then rent it for $10 daily. After 10 days when you have got your money back, you begin to make profit on the 11th day on. What is that profit called?

a. Rip off

b. Seventy per-cent

c. Cash flow

d. Capital gain

10.) Investing is really about:

a. Stock market. Put down your money today and get rich tomorrow.

b. Real estate.

c. Your method of investing/ your invetments products.

d. Your (usually) long-term, boring, methodical plan. A plan that takes you from A to B, financially over the years.

11.) LeBron James gets paid $18-20 mil by the Cavs. This salary from Cavs is a type of _____ income. When companies use his name to promote their products, or release his books such as his autobiography, they pay him commission or sign him to a contract. This type of money is a type of _____ income.

a. Athlete, celebrity.

b. Small boss, big boss.

c. Earned, passive.

d. Athlete, athlete.

12.) The difference between earned and passive income is:

a. Passive income keeps flowing into your account regardless whether or not you work. As for earned income, you have to keep working for it and if you stop, the income also stops.

b. You have to work for your passive income, this means if you stop working, this income also stops.

c. Earned income is usually bigger.

d. Passive income is more complicated.

13.) There are two (2) money problems in this world, and those are "a problem of not enough money" and _____ :

a. A problem of the USA dollars

b. A problem of the corruption

c. A problem of the monopoly by the rich

d. A problem of too much money

14.) Antoine Walker made $100 mil in his NBA career, and now he declared bankruptcy. Basically the same like most people in society, trying to get that 9-5 job when his basketball days leave him. There are also several multi-million lottery winners who went from "riches" to "in debt" in a matter of years. What happened to Shimmy and these lottery winners?

a. It's none of our business

b. They ran into bad luck.

c. They hang out with the people who fleeced them their money. It's the fault of the people around them.

d. A case of poor people who stumble on big money in an instant and although they've become rich physically, they remain poor in their heart mentally, because all they've known about money all their life is "a problem of not enough money". So once they have money, they only know ONE THING what to do about it, and that is TO SPEND. It's a case of getting to the top (getting rich) but not knowing how to stay on the top (remain rich).

15.) The one that truly determines whether an investment is risky or not is:

a. The investment

b. The method of investment

c. The market

d. The investor themselves/ you

16.) Have you come across people (type A) who say "I'll never be rich" "I can't afford it. Forget it" and it just seems to be that way for them? And then you encounter other people (type B) who say, "I can't afford it, but how can I afford it?" "I'm not rich, but how can I be rich?" and they just seem to find their ways to achieve them? So what is the real/ core difference between rich people and poor people?

a. Their money. Cmon... what else?

b. Their lucks. Getting rich is all about pure luck and nothing else.

c. Their friends/ relatives who present them opportunities.

d. Their words/ thinking... and your words become flesh. It doesn't take money to become rich, it takes words. Good news is, words are free.

17.) To rich people, mistakes/ failures in investing/ financial/ business are:

a. Bad.

b. Very bad signs of one's financial skills and their financial future will likely be the same way.

c. Unforgivable and unheard of.

d. Opportunities to learn from and get better in the next ventures. In fact, they firmly believe you're not truly successful until you've made mistakes/ failed at least once.

Sun Tzu · June 8, 2010

1. D

2. C

3. B

4. B

5. A

6. C

7. B

8. D

9. D

10. A

11. C

12. A

13. B

14. D

15. C

16. D

17. D

Multi-Billionaire · June 13, 2010

Alright guys, competition closes. No more post accepted.

Here's the answer:

Multiple Choice

1.) Rich people are rich because they know how to use "leverage" for them. What are those forms of leverage?

a. Other people's time

b. Other people's money

c. Other people's talent/ resources

d. All of the above.

2.) If you want to be rich, you must know how to make "money work for you", not the other way around (work for money). What is the best example of "money works for you" below?

a. David is a full time worker and buys car, houses, boats for his private use

b. Bill works three jobs and he saves $1000 a month

c. Tom buys a $15,000 boat and rents it for $1,500 a month. Ten months later, he manages to get his $15,000 back and still has his boat for rent. From 11th month on, his boat produces $1,500 for him a month, whether he works or not.

d. Jeff buys $20 lottery ticket every week in hope someday he can cash in the big money.

3.) Which one view below that rich people have in common?

a. "Investing is risky so stay away"

b. "Investing is not risky if you educate yourself financially. It is risky if you don't."

c. "Investing is gambling. Some days you get rich, some days you don't. So beware."

d. "Investing is about the hot tips on how to get rich quick."

4.) To be truly rich, you have to achieve:

a. High-paid job. A $100,000 a year will surely get rich

b. Financial independence = your monthly passive income and/ or portfolio income, incomes you get regardless of whether or not you work, are greater than your monthly expense.

c. A $1,000,000 networth.

d. A $1,000,000,000 networth.

5.) Which one characteristic most rich people have and believe that it plays a big factor why they're financially successful?

a. Being generous. You'll get what you give. If you want a smile from other people, be the one to smile first. If you want a hug, be the one to give a hug. If you want money, be the one to give money. When you give away your money, it has a strange way of coming back to you.

b. Being stingy. Because they don't like to give away their money.

c. Being obscenely cheap.

d. Being happy. Because it's only thing you gotta do to be rich.

6.) Bill's job pays him $100,000 a year. He likes to buy cars, boats, italian suits, silverware, and expensive items for his private use. Bill is a shop-aholic, he likes new things because they "smell nice" and pays them mostly on credit card. He works full time endlessly just to pay bills, and he can't afford to get fired because if he does then he'll be declared bankrupt and have his items seized. Within two years, his company went down and his job was gone. Bill had to sell everything he had, even his house, and now he lives in a rental apartment with barely anything besides bed and fridge. What happens to Bill's financial life?

a. His company went bankrupt, plain and simple. It's his company's fault Bill's financial life in shambles. He's innocent.

b. His company didn't pay him enough/ he needs more than $100,000 a year.

c. He thought when he bought cars, boats, italian suits, he thought he bought assets when those are really liabilities/ items that a person buys for private use/ depreciating in value. Bill not only spent on liabilities, he spent everything he had on liabilities, and left little to none for himself or true assets. A classic case of not knowing how to differentiate between assets and liabilities.

d. It happens, it is beyond anyone's control.

7.) Asset, in rich people's simplest definition, does:

a. Do nothing but to be enjoyed.

b. Put money in your pocket.

c. Take money out of your pocket.

d. None of the above.

8.) When you buy an orange for $1.00 and then immediately sell it for $1.50 for a profit of $0.50, what is that profit called?

a. Rip off

b. Fifty per-cent

c. Cash flow

d. Capital gain

9.) On the other hand, if you buy a surfboard for $100 then rent it for $10 daily. After 10 days when you have got your money back, you begin to make profit on the 11th day on. What is that profit called?

a. Rip off

b. Seventy per-cent

c. Cash flow

d. Capital gain

10.) Investing is really about:

a. Stock market. Put down your money today and get rich tomorrow.

b. Real estate.

c. Your method of investing/ your invetments products.

d. Your (usually) long-term, boring, methodical plan. A plan that takes you from A to B, financially over the years.

11.) LeBron James gets paid $18-20 mil by the Cavs. This salary from Cavs is a type of _____ income. When companies use his name to promote their products, or release his books such as his autobiography, they pay him commission or sign him to a contract. This type of money is a type of _____ income.

a. Athlete, celebrity.

b. Small boss, big boss.

c. Earned, passive.

d. Athlete, athlete.

12.) The difference between earned and passive income is:

a. Passive income keeps flowing into your account regardless whether or not you work. As for earned income, you have to keep working for it and if you stop, the income also stops.

b. You have to work for your passive income, this means if you stop working, this income also stops.

c. Earned income is usually bigger.

d. Passive income is more complicated.

13.) There are two (2) money problems in this world, and those are "a problem of not enough money" and _____ :

a. A problem of the USA dollars

b. A problem of the corruption

c. A problem of the monopoly by the rich

d. A problem of too much money

14.) Antoine Walker made $100 mil in his NBA career, and now he declared bankruptcy. Basically the same like most people in society, trying to get that 9-5 job when his basketball days leave him. There are also several multi-million lottery winners who went from "riches" to "in debt" in a matter of years. What happened to Shimmy and these lottery winners?

a. It's none of our business

b. They ran into bad luck.

c. They hang out with the people who fleeced them their money. It's the fault of the people around them.

d. A case of poor people who stumble on big money in an instant and although they've become rich physically, they remain poor in their heart mentally, because all they've known about money all their life is "a problem of not enough money". So once they have money, they only know ONE THING what to do about it, and that is TO SPEND. It's a case of getting to the top (getting rich) but not knowing how to stay on the top (remain rich).

15.) The one that truly determines whether an investment is risky or not is:

a. The investment

b. The method of investment

c. The market

d. The investor themselves/ you

16.) Have you come across people (type A) who say "I'll never be rich" "I can't afford it. Forget it" and it just seems to be that way for them? And then you encounter other people (type B) who say, "I can't afford it, but how can I afford it?" "I'm not rich, but how can I be rich?" and they just seem to find their ways to achieve them? So what is the real/ core difference between rich people and poor people?

a. Their money. Cmon... what else?

b. Their lucks. Getting rich is all about pure luck and nothing else.

c. Their friends/ relatives who present them opportunities.

d. Their words/ thinking... and your words become flesh. It doesn't take money to become rich, it takes words. Good news is, words are free.

17.) To rich people, mistakes/ failures in investing/ financial/ business are:

a. Bad.

b. Very bad signs of one's financial skills and their financial future will likely be the same way.

c. Unforgivable and unheard of.

d. Opportunities to learn from and get better in the next ventures. In fact, they firmly believe you're not truly successful until you've made mistakes/ failed at least once.

Multi-Billionaire · June 13, 2010

Three guys are tied with 15 correct answers, great job guys but this means you'll have a next set of questions to break ties.

Those members are:

- DaBron James

- GuRu

- JYD > a shame one of 2 "incorrect" answers is actually blank (you didn't attempt it). You could have won it.

Basically, the next set of questions will be just for you three. They're also harder and trickier

Rules:

- First member to get perfect score wins

- Member with most correct answers at competition close wins

- Edited post will not qualify so pls consider your answers thoroughly before submitting your post

- If there's still a tie between two or all of you, then we proceed to the next set of questions and so on until there's a winner

- Competition closes on Wednesday 16 June, 12PM (Australia time), should be around Tuesday 15 June 10PM EST in USA

- Member who has not posted their answers by the time when the competition closes is eliminated

The next set of questions is below:

1.) It's obvious rich people's thinking and mentality when it comes to financial aspects/ decisions are what set them apart from middle-class and poor. It's not their money, but it's their mentality/ thought process. Which of the following is true rich people's mentality?

a. Job security, e.g. "Job security is the most important factor to look for when looking for a job."

b. Freedom, e.g. "I would love to be free in every aspect of my life and be in control of my time, my money, and my life. And I'm gonna figure out how to make those happen."

c. Entitlement mentality, e.g. "I'm entitled for my pension, I'm entitled for my compensation, I'm entitled for my benefits".

d. Win-lose mentality, e.g. "I win and you lose."

2.) Donald Trump is one of the richest people in the world. It's important if we want to be rich to know the way he thinks/ sees basically every aspect of life, not just the financial side. Which is the a human characteristic Donald hates the most and believes it's the main reason people don't get rich?

a. Big-headed/ ego

b. Stubborness

c. Complacency

d. High emotions

3.) In a financial statement, there are 4 (four) columns: Income, Expense and Asset, Liability. Poor/ middle class people often focus on the _____ column, and rich people focus on the _____ column.

a. Expense, Liability

b. Income, Income

c. Asset, Asset

d. Income, Asset

4.) Is "gut feeling" important in making financial decisions?

a. No, only kids use feelings in making any type of decision.

b. Yes, although not all the time/ in certain situations. Rich people like Donald Trump believes "prescience" combined with financial knowledge and experience form a formidable combination of powers and it's when you play with a very full deck.

c. No at all, rich people only rely on financial knowledge and experience. They only use gut feeling when they are having fun, such as betting in a casino.

d. Yes, you have to trust and use it all the time in making financial decisions.

5.) In rich people's terms, assets "put money in your pocket" while liabilities "take money out of your pocket." What is considered an asset below?

a. Real Deal bought a house, lives there by himself and he knows this is the "one" and will keep it forever (will never sell it)

b. Smitty bought a PlayStation 3 console for private enjoyment

c. His Greatness bought a car to transport him to his work/ business deals/ important meetings/ events

d. Like Real Deal, GamerGuy bought a house, lives there but he also rents the two empty rooms in the house. The monthly rent generated from the two rooms is so big it actually exceeds the mortgage he has to pay monthly. In other words, his tenants pay for his house mortgage and there's leftover he puts aside for his savings/ investments

6.) What is a crucial common mistake that prevent poor/ middle-class people from getting/ becoming rich?

a. Not knowing where to get the best stock market deals

b. Not knowing the difference between true assets and liabilities/ getting them mixed up

c. Not being as risky as rich people

d. Not knowing who to associate

7.) A huge disadvantage of earned income (income derived by most in the poor/ middle-class people) is tax. How does tax affect people in the poor/ middle-class level in a major way that it's hard to become rich with this type of income?

a. Earned income is taxed BEFORE the owner gets their hands on it so they're left with the "leftover", while passive/ portfolio incomes (rich people's incomes) are taxed AFTER the owner gets their hands on it and they're able to re-direct the "leftover" to their next investment before they ever get taxed.

b. Earned income is taxed AFTER the owner gets their hands on it, while passive/ portfolio incomes (rich people's incomes) are taxed BEFORE the owner gets their hands on it.

c. Taxes are minor and overrated and they make no difference whatsoever in people being rich/ middle-class/ poor

d. It's actually harder to get rich on passive/ portfolio incomes than on earned income

8. According to rich people, not all debts are bad, there're also "good debts". Please define "good debts":

a. Debts that you can pay quickly

b. Debts that are on credit card

c. Debts from people you can trust

d. Debts that other people pay for you

9. So, "bad debts", debts that most people in poor/ middle-class level often have, really are:

a. Debts that you cannot pay quickly

b. Debts that are not on credit card

c. Debts from banks

d. Debts that you pay with your own labor: blood, sweat, and tears... using your own money

10. If you're not rich now (if your parents are rich, it doesn't make you rich), and if you plan to be rich in your own right in the future, what is the very first step you must do:

a. Attend seminars on How to get Rich

b. Take financial classes

c. Being willing to change: change the mentality/ mindset, from poor/ middle-class level of thinking to rich level of thinking. From "I can't afford it" to "How can I afford it?". From "Do you think money grows on trees?" to "money is everywhere and in this world". From "scarcity" to "abundance". From "security" to "freedom". From "trying to become rich is evil" to "not using God-given talents to become rich and choosing to remain poor is evil"

d. Meet Donald Trump or other rich people to have them mentor us

Edited June 13, 2010 by Snake

JYD · June 13, 2010

Thanks for the opportunity snake.

1.) It's obvious rich people's thinking and mentality when it comes to financial aspects/ decisions are what set them apart from middle-class and poor. It's not their money, but it's their mentality/ thought process. Which of the following is true rich people's mentality?

a. Job security, e.g. "Job security is the most important factor to look for when looking for a job."

b. Freedom, e.g. "I would love to be free in every aspect of my life and be in control of my time, my money, and my life. And I'm gonna figure out how to make those happen."

c. Entitlement mentality, e.g. "I'm entitled for my pension, I'm entitled for my compensation, I'm entitled for my benefits".

d. Win-lose mentality, e.g. "I win and you lose."

2.) Donald Trump is one of the richest people in the world. It's important if we want to be rich to know the way he thinks/ sees basically every aspect of life, not just the financial side. Which is the a human characteristic Donald hates the most and believes it's the main reason people don't get rich?

a. Big-headed/ ego

b. Stubborness

c. Complacency

d. High emotions

3.) In a financial statement, there are 4 (four) columns: Income, Expense and Asset, Liability. Poor/ middle class people often focus on the _____ column, and rich people focus on the _____ column.

a. Expense, Liability

b. Income, Income

c. Asset, Asset

d. Income, Asset

4.) Is "gut feeling" important in making financial decisions?

a. No, only kids use feelings in making any type of decision.

b. Yes, although not all the time/ in certain situations. Rich people like Donald Trump believes "prescience" combined with financial knowledge and experience form a formidable combination of powers and it's when you play with a very full deck.

c. No at all, rich people only rely on financial knowledge and experience. They only use gut feeling when they are having fun, such as betting in a casino.

d. Yes, you have to trust and use it all the time in making financial decisions.

5.) In rich people's terms, assets "put money in your pocket" while liabilities "take money out of your pocket." What is considered an asset below?

a. Real Deal bought a house, lives there by himself and he knows this is the "one" and will keep it forever (will never sell it)

b. Smitty bought a PlayStation 3 console for private enjoyment

c. His Greatness bought a car to transport him to his work/ business deals/ important meetings/ events

d. Like Real Deal, GamerGuy bought a house, lives there but he also rents the two empty rooms in the house. The monthly rent generated from the two rooms is so big it actually exceeds the mortgage he has to pay monthly. In other words, his tenants pay for his house mortgage and there's leftover he puts aside for his savings/ investments

6.) What is a crucial common mistake that prevent poor/ middle-class people from getting/ becoming rich?

a. Not knowing where to get the best stock market deals

b. Not knowing the difference between true assets and liabilities/ getting them mixed up

c. Not being as risky as rich people

d. Not knowing who to associate

7.) A huge disadvantage of earned income (income derived by most in the poor/ middle-class people) is tax. How does tax affect people in the poor/ middle-class level in a major way that it's hard to become rich with this type of income?

a. Earned income is taxed BEFORE the owner gets their hands on it so they're left with the "leftover", while passive/ portfolio incomes (rich people's incomes) are taxed AFTER the owner gets their hands on it and they're able to re-direct the "leftover" to their next investment before they ever get taxed.

b. Earned income is taxed AFTER the owner gets their hands on it, while passive/ portfolio incomes (rich people's incomes) are taxed BEFORE the owner gets their hands on it.

c. Taxes are minor and overrated and they make no difference whatsoever in people being rich/ middle-class/ poor

d. It's actually harder to get rich on passive/ portfolio incomes than on earned income

8. According to rich people, not all debts are bad, there're also "good debts". Please define "good debts":

a. Debts that you can pay quickly

b. Debts that are on credit card

c. Debts from people you can trust

d. Debts that other people pay for you

9. So, "bad debts", debts that most people in poor/ middle-class level often have, really are:

a. Debts that you cannot pay quickly

b. Debts that are not on credit card

c. Debts from banks

d. Debts that you pay with your own labor: blood, sweat, and tears... using your own money

10. If you're not rich now (if your parents are rich, it doesn't make you rich), and if you plan to be rich in your own right in the future, what is the very first step you must do:

a. Attend seminars on How to get Rich

b. Take financial classes

c. Being willing to change: change the mentality/ mindset, from poor/ middle-class level of thinking to rich level of thinking. From "I can't afford it" to "How can I afford it?". From "Do you think money grows on trees?" to "money is everywhere and in this world". From "scarcity" to "abundance". From "security" to "freedom". From "trying to become rich is evil" to "not using God-given talents to become rich and choosing to remain poor is evil"

d. Meet Donald Trump or other rich people to have them mentor us

Guru · June 13, 2010