Final
What percentage of Amercians have saved $0 for retirement?
1 in 3 33.33%
What is the threshold of being wealthy?
1 million or more
How long could the average American household survive without a monthly check from an employer?
1-2 months
Rule for houses: 1.Your mortgage payment should not be more than % of you monthly gross income 2. All your bills should NOT be more than % of your monthly gross income
1. 28% 2. 36%
Credit Score consists of what 5 factors?
1. 35% debt payment history 2. 30% debt levels 3. 15% length of debt 4. 10% new debt 5. 10% type of debt
the norming stage of team building includes what 3 feelings?
1. A new ability to express criticism constructively 2. ACCEPTANCE of membership to the team 3. RELIEF that it seems everything is going to work out
The storming stage of team building includes what 5 behaviors?
1. ARGUING among members even when they agree on the real issue 2. DEFENSIVENESS & COMPETITION; factions and choosing sides 3. QUESTIONING the wisdom of those who selected this project and appointed the other members of the team 4. Establishing unrealistic goals; concern about excessive work 5. A perceived "PECKING ORDER", disunity, increased tension and jealousy
The norming stage of team building includes that 4 behaviors?
1. An attempt to achieve harmony by AVOIDING conflict 2. More FRIENDLINESS, confiding in each other and sharing of personal problems, discussing the team's dynamic 3. A sense of team COHESION, a common spirit and goals 4. Establishing and maintaining team ground RULES and boundaries
What 6 behaviors are included in the forming stage of team building?
1. Attempts to define the task and decide how it will be accomplished 2. Attempts to determine the acceptable group behavior and how to deal with group problems 3. Decisions on what information needs to be gathered 4. Lofty, abstract discussions of concepts and issues; or, for some members, impatience with these discussions 5. Discussion of symptoms or problems not relevant to the task; difficulty in identifying relevant problems. 6. Complaints about the organization and barriers to the task
The performing stage of team building includes what 3 behaviors?
1. Constructive self change 2. Ability to prevent work through group problems 3. Close attachment to the team
If you want to become and stay affluent? What are the 4 questions you must be able to answer "Yes" to?
1. Does your household operate on an annual budget? 2. Do you know how much your family spends each year for food, clothing, and shelter? 3. Do you have a clearly defined set of daily, weekly, monthly, annual, and lifetime goals? 4. Do you spend a lot of time planning your financial future?
What 4 feelings are included in the forming stage of team building?
1. EXCITEMENT, anticipation, optimism 2. PRIDE in being chosen for the project 3. Initial, tentative ATTACHMENT to the team 4. SUSPICION, fear, and anxiety about the job ahead
What are the types of Prime owner contract types?
1. Lump Sum/Fixed Price 2. Time and Material 3. Cost Type of Cost Plus 4. Unit Price 5. GMAX 6. CMAR 7. IPD 8. EPC/EPCM 9. DB
The performing stage of team building includes what 2 feelings?
1. Members have insights into personal and grpoup processes and a better understanding of each other's strengths and weaknesses 2. Satisfaction at the team's progress
The storming stage of team building includes what 2 feelings?
1. RESISTANCE to the task and to quality improvement approaches different from what each individual member is comfortable using 2. Sharp fluctuations in ATTITUDE about the team and the project's chance of success
What should you obtain before hiring a financial advisor?
1. Several references 2. Official college transcript 3. Credit check 4. Series of personal interviews 5. Completion of detailed employment application 6. Documents attesting to the ability of the applicant to perform the duties and tasks required
What 4 things are included in submittals?
1. Shop Drawings 2. Material Data 3. Samples 4. Product Data
What are the 7 common denominators among those who successfully build wealth?
1. They live well below their means 2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth 3. They believe that financial independence is more important than displaying high social status 4. Their parents did not provide economic outpatient care 5. Their adult children are economically self sufficient 6. They are proficient in targeting market opportunities 7. They chose the right occupation
What are the 4 stages of team building?
1. forming 2. storming 3. norming 4. performing
Without SS benefits, almost # Americans over 65 would live in poverty.
1/2
What percent of INC. magazine's top 500 business entrepreneurs are first-generation American?
12%
Only about % of companies/organizations offer a 401k plan.
14%
Self-employed people make up less than % of workers in the US, but account for % of the number of millionaires.
20% 2/3 = 66.66%
How much time do PAWs spend planning htier financial investments compared to UAWs?
2x
If you're not yet wealthy but want to be someday, never purchase a home that requires a mortgage that is more than # your households total annual realized income.
2x
PAWs allocate nearly #x the number of hours per month to planning their financial investments as UAWs do.
2x
To be well positioned in the PAW catagory, what must your net worth be.
2x the level of wealth expected
You should never purchase a house that is 2x your _____?
2x your households' total annual realized income
Only about % of Americans have a 401k plan.
33%
Facts about the average millionaire: ____ years old (single/married) with # kids Earn ___ % of the household income ____ millionaires are self-employed Self employed people make up less than ___ % of the workers in America, but account for ___ of the millionaires. What is the median income of a millionaire? What is the average income of a millionare? What is the median networth of a millionaire? What is the average networth of a millionaire? They live on less than ___ of their wealth. How much do they save of their earned income? They invest ____% if their household realized income each year.
50ish years old married with 3 kids Earn 70-80% of the household income 2/3 millionaires are self-employed Self employed people make up less than 20% of the workers in America, but account for 2/3 of the millionaires. What is the median income of a millionaire? $131k What is the average income of a millionare? $247k What is the median networth of a millionaire? $1.6mil What is the average networth of a millionaire? $3.7mil They live on less than 7% of their wealth. How much do they save of their earned income? 15% They invest 20% if their household realized income each year.
What percentage of SS do you and your employer pay?
6.2% each 12.4% total
What % of americans would have difficulty coming up with the money to cover a $1,000 emergency?
67%
What percent of America's millionaires are FIRST-generation rich?
80%
What percentage of america's millionaires are first generation rich?
80%
How long could the average US household survive economically with out a monthly paycheck?
A month or two
What is the cornerstone of wealth building?
Being frugal
In this project delivery method, the contractor has the responsibility to engineer, procure, construct, and manage a project.
EPC OR EPCM
What are the 3 words that profile the affluent?
FRUGAL FRUGAL FRUGAL
T/F PAWs worry more than UAWs
False
Being _____ is the corner stone of wealth building.
Frugal
This is behavior characterized by or reflecting economy in the use of resources.
Frugal
This is defined as behavior characterized by or reflecting economy in the use of resources.
Frugal
This project delivery method includes a tri-party agreement by owner, arch, and contractor.
IPD Integrated Project Delivery
What is the single largest annual expenditure for most households?
Income tax
What is the single largest expenditure for most households?
Income tax
Where do projects usually go bad?
Management/Jobsite office personnel
To build wealth, minimize ______ and maximize _____.
Minimize taxable income Maximize unrealized income as wealth/capital appreciation without a cashflow
The correlation between education and wealth accumulation is _____.
NEGATIVE
Assets-Liabilities=?
Net worth
What is the threshold level of being wealthy?
Networth of $1million or more
What is the motto of the UAW?
One earns to spend. When you spend more, you need to earn more
These people are builders of wealth. They are the best at building net worth compared to others in their income/age category. They typically have wealth 4x that of UAWs.
PAW - Prodigious Accumulator of Wealth
If your net worth is 2xMORE than it should be, you are a ___. If your net worth is 1/2 LESS than what is should be, you are a __ Ir your net worth is what is should be, you are a _____
PAW - Prodigious Accumulator of Wealth UAW - Under Accumulator of Wealth AAW - Average Accumulator of Wealth
What are the 4 factors that tell you the basic monthly cost of owning a home?
PITI P - Principle I - Interest T - Taxes I - Insurance
This means, in economic terms, being frugal when it comes to spending for consumer goods and services.
Playing great defense
PAW =?
Prodigious Accumulator of Wealth
These are the people, processes, and tools used to plan, manage, and mitigate cost and schedule issues and any risk events that may impact a project.
Project controls
What is the foundation stone of wealth accumulation?
Quality defense anchored by budgeting and planning
The higher one's net worth, the better they are at minimizing one's _____ income.
Realized income
What are some of the project controls tools in our toolbox?
Software - Project management and accounting Engineering plan Management administration plan Schedules Budget/Estimate Labor cost report Submittal logs, RFI logs Change orders Subcontracts Purchase agreements Purchase orders Owner contract Contract documents Payment applications Monthly Financials**
Why would someone who is a millionaire need to budget?
They became millionaires by budgeting and controlling expenses, and they maintain their affluent status the same way.
People who become wealthy allocate their _____, _____, and _____ in ways consistent with enhancing their net worth.
Time Energy Money
T/F Financially independent people are happier than those in their same income/age cohort who are not financially secured.
True
T/F Submittals are NOT an opportunity for the designers to select different materials than those already specified.
True
These people have a higher propensity to spend than do the members of the PAW group. They tend to live above their means; they emphasize consumption. They tend to de-emphasize many of the key factors that underline wealth building.
UAW - Under Accumulators of Wealth
UAW =?
Under Accumulator of Wealth
What are the top 4 credit cards held by millionaires?
Visa 59% Master 56% Sears 43% Penny's 30%
This is a lifestyle marked by lavish spending and hyperconsumption.
Wasteful
(Age x Realized Pretax Income) / 10 =?
What your net worth should be
What are the of what 4 things result in wealth?
a lifestyle of: 1. hard work 2. perseverance 3. planning 4. self-discipline
Wealth is about what you ______, not what you _____.
accumulate spend
How does one determine if someone is wealthy?
by net worth
The foundation stone of wealth accumulation is _____, and this should be anchored by _____ and _____.
defense budgeting and planning
Building wealth takes what 3 things?
discipline sacrifice hard work
For the project controls function to produce consistent results, we must:
do the routine things routinely
What is the goal of team building?
extend the "function as a team" on the project timeline.
To build wealth, minimize your _____ income and maximize your _____ income.
minimize realized income maximize unrealized income
Most millionaires measure their success by their _____ _____, not by their realized incomes
net worth
The ____ of PAWs tend to be even more frugal.
spouses
What is the opposite of frugal?
wasteful
What is the wealth formula? This should be your level of net worth expected.
(Age x Income) / 10
