There is a saying that goes: if you want what successful people have, do what they do. Millionaires are people that handle their money differently. They view money differently. They do things that most people don’t do.
Most of us were not taught these ‘secrets’, but in today’s world, successful people are willing to share their well-researched principles so that we all can benefit.
On today’s episode of The His & Her Money Show, Chris Hogan, author of Retire Inspired: It’s Not an Age, It’s a Financial Number and now his new book Everyday Millionaires. In his new book, Chris shares how ordinary people like you and me can build extraordinary wealth.
Chris is also a speaker, financial expert and part of Dave Ramsey’s team for the last 13 years. He worked in the banking industry and then became a business owner. Furthermore, Chris helps to empower people to take control of their finances by changing their thinking about money.
Myth Busters
Chris wrote his book, Everyday Millionaires because he himself wanted to know what the average millionaire looks like and is building wealth still possible? They set off by studying over 10,000 millionaires across the USA to get to the truth. As a result, many myths were busted.
For example, many people believe that millionaires are millionaires because they inherited the money. However, through the research, Chris found that only 21% of millionaires received an inheritance.
Another myth that was busted was that millionaires have high paying jobs. The truth is one-third of millionaires never had a six-figure household in a single working year. Most millionaires are regular men and women that have regular jobs earning between $100,000 and $200,000. It all came down to their habits and the intentionality they had with the money.
Millionaire Habits
The research showed that placing safeguards in place and having the right habits and focus allows us to maximize how we use money and that sets ordinary people up for progress. The five habits that were displayed were: Millionaires takes personal responsibility, they practice intentionality with their finances, they’re goal-oriented, they are hard workers, they are consistent wealth builders.
Millionaires do not waste their time and money on debt. Debt can be eliminated by using the snowball principle. Write out your debt from smallest to biggest. Attack the smallest debt first and crush it. Once the smallest debt is paid off, use that money to throw at the second smallest debt and use this principle until all the debt is paid off. Millionaires do not take or make risky investments. They are consistent and patient and invested in their retirement plan.
Your Path To Wealth
Christ re-iterated that if you want to become a millionaire, be intentional with your money and be intentional with your choices. It’s more about deciding versus sliding because decisions keep you in control, but when you slide into a decision, it puts you in the passenger role in your own life. If you are serious about building wealth, make the decision today, and mean it.
Make a budget, read about and listen to podcasts about the subject, get a financial coach to help you on your path, and remember to hold onto the reason why you’re doing this. No matter where you find yourself today, you, and only you can change your financial situation. You can do this.
Start today, decide your way of building into wealth and live on that plan for yourself.
Get in touch with Chris at https://www.chrishogan360.com/
What You Will Learn
- Debunking myths about millionaires.
- How your habits and intentionality regarding money will set you free.
- What safeguards to put in place regarding your finances.
- What are the right habits to have with your money?
- Consistency is a major key to growing wealth.
- How to avoid sheep thinking and take control of your life.
- Teaching your children the principle give, save, spend.
- Why it’s so important to be crystal clear on what you want and what you don’t want.
Resources Mentioned
- Everyday Millionaires: How Ordinary People Built Extraordinary Wealth and How You Can Too by Chris Hogan
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