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The Rules of Wealth Trivia Quiz

Richard Templar published "The Rules of Wealth" in 2007, but his recommendations are timeless. For those of us who want to stay off the breadline, or even enjoy considerable wealth, his common-sense rules are worth reading.

A multiple-choice quiz by Chezanglais. Estimated time: 5 mins.

Author
Chezanglais

Time
5 mins

Type
Multiple Choice

Quiz #
371,262

Updated
Dec 03 21

# Qns
10

Difficulty
Average

Avg Score
7 / 10

Plays
373

Last 3 plays: daver852 (8/10), Guest 69 (4/10), Katilac (8/10).

One at a Time - Single Page - Timed Game

Question 1 of 10

1. What's the first step to achieving wealth, according to Richard Temple's book 'The Rules of Wealth'? Hint

Buying a lottery ticket

Working hard and saving

Looking wealthy, with a big expensive, house, car, or wardrobe

Thinking wealthy

NEXT>

Question 2 of 10

2. To grow wealth, one should start with a bit of capital and then invest it wisely. What does 'The Rules of Wealth' tell us is the best way to get the capital to start with? Hint

Save money earned through skills

Rob a bank

Borrow it from a willing bank

Ask your family for money

NEXT>

Question 3 of 10

3. What does the book 'The Rules of Wealth' propose as the best way to save? Hint

Why save, when you could win the lottery any time now?

Scrimp and save every bit you can, living frugally, with no luxuries

Live sensibly, enjoy life, and put away a regular set amount before you spend

Save your bonuses or wait for an inheritance so that you can enjoy your monthly salary to the fullest.

NEXT>

Question 4 of 10

4. What harmless activities does the author of 'The Rules of Wealth' tell us we should incorporate into our wealth building strategy? Hint

Lie to the taxman. You're paying enough to keep him happy; he doesn't need all of his dues

Take what you can, when you can. If your bank pays an accidental sum into your account, or a waitress gives you too much change, keep it

Cheat on your expenses, especially commissions and fees. You won't get rich if you give it all away

Take your profits and re-invest them into the same, or other investment

NEXT>

Question 5 of 10

5. What's the best way to get financial advice when you need it, as recommended by 'The Rules of Wealth'? Hint

Ask an acquaintance who's making money in the area you're researching

Pay for advice from an accredited professional in the field

Ask the cold caller who happened to ring just as you were thinking about the subject

Spend time on the Internet

NEXT>

Question 6 of 10

6. What does the book 'The Rules of Wealth' say is the best product to invest in on your journey to wealth? Hint

The stock market - you've heard everyone makes bags of money there

Anything you understand clearly

Property - everyone knows that buy-to-let is the path to riches

Get rich quick schemes - you haven't got much time and you want to build wealth quickly

NEXT>

Question 7 of 10

7. When is the best time to start saving and investing, according to 'The Rules of Wealth'? Hint

When you're young, so that you've got time to accumulate wealth

Today

When you've got some money to spare

When you've built your career and are sure of your future

NEXT>

Question 8 of 10

8. Once you've made some money, how does the book 'The Rules of Wealth' recommend that you respond to approaches for loans from friends, family, employees? Hint

Lend to employees who you know will create a good business

Give them whatever they want; they've been loyal to you after all

Don't do it unless you're prepared to lose what you've lent

Help your family, and some friends that you trust

NEXT>

Question 9 of 10

9. What about your children? What does 'The Rules of Wealth' say you should avoid doing to help them achieve wealth? Hint

Give them the best education you can, and set them free to create their own wealth

Create a trust fund so that later in life they have help with their own children

Put aside lump sums, if you can, and without telling them, to help them buy a house later on

Let them know they don't need to think about money, you're going to be rich enough for the entire family

NEXT>

Question 10 of 10

10. Once you've achieved wealth, what does Richard Temple suggest is the best thing to do with it, in his book 'The Rules of Wealth'? Hint

Hoard it; you never know when you're going to need it

Share it, wisely, and keep investing

Flaunt it! What's the point of having it if no-one knows you've got it

Give it all to charity

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Most Recent Scores

Oct 17 2024 : daver852: 8/10
Sep 24 2024 : Guest 69: 4/10
Sep 24 2024 : Katilac: 8/10

Score Distribution

Quiz Answer Key and Fun Facts

1. What's the first step to achieving wealth, according to Richard Temple's book 'The Rules of Wealth'?

Answer: Thinking wealthy

Know that you have the same rights and opportunities as anyone else and accept that it's okay to have money; it's not the root of all evil.

2. To grow wealth, one should start with a bit of capital and then invest it wisely. What does 'The Rules of Wealth' tell us is the best way to get the capital to start with?

Answer: Save money earned through skills

Don't borrow if you can avoid it. You'll only have to pay interest on it. Obviously, anything illegal is just not worth it. Hone your skills, save your earnings, and then invest wisely.

3. What does the book 'The Rules of Wealth' propose as the best way to save?

Answer: Live sensibly, enjoy life, and put away a regular set amount before you spend

Don't give up your daily cappuccino; it'll just make you miserable. Don't penny pinch, enjoy your small pleasures, but save regularly.

4. What harmless activities does the author of 'The Rules of Wealth' tell us we should incorporate into our wealth building strategy?

Answer: Take your profits and re-invest them into the same, or other investment

You should build your wealth ethically, and morally, and be proud of having earned it through your (considerable) efforts.

5. What's the best way to get financial advice when you need it, as recommended by 'The Rules of Wealth'?

Answer: Pay for advice from an accredited professional in the field

Someone who's making money in the area you're interested in might not welcome a competitor! The internet is full of advice, good and bad, and it's generally difficult to tell which is which. Good advice is always worth paying for, but be very careful choosing your advisor. Make sure any financial advice comes from someone who carries membership of a suitable organization, and that they're not being paid commission to sell you something.

6. What does the book 'The Rules of Wealth' say is the best product to invest in on your journey to wealth?

Answer: Anything you understand clearly

Don't buy what you don't understand, and do your homework before investing in anything at all. Money can be made through buy-to-let property and the stock market, but it can very easily be lost too, if you don't know what you're doing. Ignore get rich quick schemes, if it sounds too good to be true, it probably isn't a good idea.

7. When is the best time to start saving and investing, according to 'The Rules of Wealth'?

Answer: Today

It's never too late, or too early to start investing. Begin today, and you'll be surprised how much you can do with a bit of dedication.

8. Once you've made some money, how does the book 'The Rules of Wealth' recommend that you respond to approaches for loans from friends, family, employees?

Answer: Don't do it unless you're prepared to lose what you've lent

Lending money can poison relationships amongst families and destroy friendships, so either don't lend them money, or if you do and don't get it back, don't let it ruin your relationships. Consider helping them make their own investments. Invest in employee's business ideas instead of making a loan, and get a return on your investment.

9. What about your children? What does 'The Rules of Wealth' say you should avoid doing to help them achieve wealth?

Answer: Let them know they don't need to think about money, you're going to be rich enough for the entire family

Mr. Temple recommends that you don't protect children from the valuable lesson of poverty. They should learn the value of money, and earn their own before receiving yours.

10. Once you've achieved wealth, what does Richard Temple suggest is the best thing to do with it, in his book 'The Rules of Wealth'?

Answer: Share it, wisely, and keep investing

You've already proved you're good at investing, so keep at it. Share your knowledge, especially with your children so that they learn how to manage and enjoy money. Remember you can't take it with you, so think about how you could leave the world a better place by sharing. Be careful choosing charities, but don't give it all away, you might need it later. Don't get conned, or waste it, or invite trouble by flaunting it!

Source: Author Chezanglais

This quiz was reviewed by FunTrivia editor trident before going online.
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