20. Why You Will Never Feel Rich Flashcards
(23 cards)
What day did Jack Whittaker buy his lottery ticket?
Christmas Day 2002
How many people were buying lottery tickets at the peak time mentioned?
15 people every second
What was the amount of the lottery jackpot Jack Whittaker won?
$314 million
How much did Jack Whittaker receive after taxes from his lottery winnings?
$113 million
What tragic event happened to Jack Whittaker’s granddaughter?
She was found dead, likely from a drug overdose
What was Jack Whittaker’s net worth before winning the lottery?
Greater than $17 million
What was Jack Whittaker’s profession?
President of Diversified Enterprise Construction
What did Jack Whittaker do with a portion of his lottery winnings?
Donated tens of millions to start a non-profit foundation
What does the story of Jack Whittaker illustrate about wealth?
Even those with good intentions can succumb to the effects of money
What did the author realize about their family’s wealth during college?
They were not as rich as they thought
Fill in the blank: John felt he wasn’t that ______.
rich
What did John receive from his father to learn about the stock market?
$1,000
What was the cost of the author’s family’s three-story house in 2002?
$271,000
What happened to house prices starting in late 2007?
They started to crash
What is the ‘friendship paradox’?
Most people feel less popular than their friends due to social networks
Why do billionaires like Lloyd Blankfein feel they are not rich?
They compare themselves to wealthier peers
What percentile of U.S. households does Lloyd Blankfein belong to?
Top 0.01%
According to the 2018 Credit Suisse Global Wealth Report, what net worth makes you wealthier than half of the world?
Greater than $4,210
Fill in the blank: To be in the top 10% globally, your net worth should exceed ______.
$93,170
What is a significant factor in why people feel less wealthy than they are?
Relative comparison to others
What net worth was needed to be in the top 1% of U.S. households in 2019?
$11.1 million
What is the range of net worth needed to be in the top 1% of households based on age and education?
$341,000 to $30.5 million
What does being rich depend on?
Relative concept
