MBA1173 Guest Teacher: Chris Hogan- How to Become an Everyday Millionaire

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Hey everybody, I'm Chris Hogan and I'm so excited that you're joining me today. We'll be talking about how to become an everyday millionaire. It turns out it may be easier than you think. So let's get down to business. We conducted the largest study of net worth millionaires that's ever been done, over 10,000 of them. And we found some major inconsistencies with who we think millionaires are and versus what they really are. My new book, Everyday Millionaires is a result of those findings. We want people to know the truth. We want people to know that the American dream is alive and well. You know, throughout this study we also took some time to really bust some myths. We wanted to get rid of the lies and really drill down into the truth. And so in my book we busted six of the millionaire myths, but two really stood out to me. The first one that really jumped out is wealthy people inherited all their money. Well, the truth is only 21% of millionaires received any inheritance at all. And get this, only 16% inherited more than $100,000. The truth is the vast majority of millionaires either didn't get any inheritance at all or certainly didn't inherit enough to make them to become millionaires. Here's another one. Next myth is wealthy people have high paying jobs. Well, here's the truth. One third of millionaires never had a six figure income in a single working year. Let me repeat that. One third of millionaires never had a six figure income, household income. In a single working year. That means the average millionaire is a regular man or woman working a regular job. And by the way, when we asked millionaires what they did by their occupation, the top three answers were engineer, accountant, and get this, teachers. Yes, teachers. So the reality is it's not about having a high income. It's a matter of being intentional. Now, I also throughout this study wanted to talk to the millionaires and really find out what were the key attributes that they used to reach financial independence and how anybody can apply these in their life. And so if you believe the myths about the wealthy and only believe that it's only for a select few, that can prevent you from ever building wealth yourself. The reality is you have to start believing that you can become an everyday millionaire. Now, throughout the study, I also found some characteristics, some things that millionaires do and are that make them successful. Get this, you take personal responsibility. That means regardless of your results, you're the person that owns the results. If it's good or if it's bad, you're not looking to blame anybody. You accept it and you own it. You also practice intentionality with finances. That means you're budgeting, you're attacking debt, you're saving and investing constantly, month in and month out. You also are goal oriented. That means you set your sight on something and you work toward it. You're serious about it, and you write down that goal. You have to be a hard worker, someone that's willing to put in the work, someone that's willing to do the job day in and day out without ever wavering because you know what it is you want. You also need to know that wealth building takes consistency. You have to be on a plan, following a process, and remaining very, very clear. So how do you start down the path of becoming a millionaire? I think it's about deciding versus sliding. What I mean is you have to make a decision. And when you make decisions, your actions tend to follow. You see, I've never met anyone that accidentally ends up retiring with millions in the bank. No, it's not an accident. It's something that's intentional. Something that you drill down in on and you know exactly what it is you want to accomplish and more importantly, why it matters to you so much. Becoming a millionaire boils down to hard work and thousands of daily decisions. This is where you're intentional. You're thinking about what am I doing with this next paycheck long before it ever arrives. And that kind of intentionality in budgeting, that kind of intentionality in saving and Investing and really reaching out and getting connected to get the right information so you can make the right kinds of decisions. Millionaires were also very smart about asking questions and also getting the help they need from licensed professionals. Whether we're talking about insurance, investing, accounting, whatever it is, they're not shy about connecting with people that have the information to help them not only build their wealth, but to also make sure they're protecting it by having the right kinds of insurances. So my key for you is this. I want you to be intentional with your money as well as your choices. You work hard to earn your money. What I want you to do is to make sure you're working a plan that makes your money work hard for you. It's only fair, right? Your money will work hard. It never gets tired. It'll do what's necessary. We just have to point it in the right direction. I'm the father of three boys, and I often used to laugh when they were younger. And I'd say, I wish these boys would listen better. I wish they would obey. But guess what? They're kids. But here's the reality. Money will listen to you. Money will obey. We just have to tell it where to go and where it's expected to arrive. That kind of mindset and us understanding we have that kind of control is a game changer. And so it's also about your choices. I want you to choose to think differently. You may be the first person in your family that's going to chase down this everyday millionaire status because it's never been done in your family before. Well, that means you get to go first. You can be that person that makes that decision. Just like the other families that have the Rockefellers, the Marriotts, the Hiltons, the Vanderbilts, someone in that family made a decision, and I think we have that same opportunity. It's about deciding versus sliding in life. And by deciding, meaning, I want to take charge of my results. I want to make sure that I'm doing the things that are necessary for me and the people that I care about the most. When we slide, that means we just allow things to happen to us. We just kind of go with the flow. Well, listen, there's a time to relax. There's nothing wrong with that. But we need to be intentional about every phase of our life, especially with our wealth building. So when you decide to do something, guess what? That means you're in control. And I think there are three things we can always control. Our attitude, our outlook, as well as our responses. We can control those things. Day in and day out, when you slide into a decision, you're being a passive passenger in your life. Let me say that again. When we slide into a decision instead of actively making one, that's where you're being a passive person. We don't want to be passive. We want to be intentional. We want to be focused, and we want to be in control. So start today and decide your way into building wealth. And if you want to know how to get started, well, here I'm about to tell you. It comes down to living a life on the plan you make for yourself. That's right. You're not a passive bystander. You have to be an active participant in this process. And to develop a plan, that means you need to create a budget. That's right. We're going to tell money where to go instead of wondering where it went. You need to do this before the month begins, and you need to stay connected to it, because a budget is a living, breathing thing. Now, don't get me wrong. I'm not saying that you can't have some nice stuff. But you know what I don't want? I don't want you to do it without a plan. I want you to save up and have cash and be able to enjoy it. It also means you get rid of your debt. Debt is a thief. It steals from you now because it takes your income. But debt also takes away your wealth, building opportunity for the future. So use the debt snowball. List your debts out, smallest to biggest, okay? And I want you to make minimum payments on everything except for the small one. But on the small one, I want you to throw every extra dime toward that little debt. And you know what happens? You start to build up momentum. You start to have this mindset, and you start to believe that, hey, this is something that you're able to do. And I want you to believe in yourself. And if you have credit card debt and you attack it and you pay it off, I want you to make sure you close out that credit card, get that thing out of your life. Because I want you to get your money back by getting out of debt. But then I want you to redirect it. I want you to make sure that you start to invest for your future. That's right. Utilizing the 401k, putting money in month in and month out to be very, very consistent. So what I want to do is recap those five characteristics for you one more time, because these are characteristics that millionaires have. You take responsibility. You practice intentionality with your finances. You're goal oriented, you're a hard worker, and you know that wealth building takes consistency. That's the key. Those attributes will pave the way for you to get to where it is that you want to go. All right, guys, this was Chris Hogan. If you want to continue to learn about how to become an everyday millionaire, you can visit my website by going to chrishogan360.com again, that's chrishogan360.com thanks again for joining me today.

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Thank you, Chris Hogan, for that dynamite lesson. I do want to mention when I first met Chris Hogan in person, this is back in 2015, the thing I noticed immediately is how genuine he is. He really wants to help people get out of debt and start building their own personal wealth. And what a mission. It's so important to get your finances in order. Money problems causes all kinds of problems. And we know money doesn't solve all your problems, but it solves problems. And I'm a big believer that if you can get that piece in your life solved, it's going to help your whole outlook, your whole life in so many ways. One of the things I want to stress that Chris talks about is getting rid of debt and understanding that you have to take it step by step. You have to take those first steps and use a snowball method where you, you know, doing minimum payments on all your other debts and the one that's the lowest, you start kind of like getting rid of with as much money as possible. And as soon as one debt is done, close that book, get rid of that card, close that loan, whatever it is, and start using that extra cash that you're paying off and then start on the next debt until you're out of debt and now it's time to invest. You got to take action. You got to start doing this now. No one's going to do this for you. It's in the interest of so many other people like the banks, like retailers to keep you in debt. So take control and a good way to get started. Pick up Chris Hogan's book Everyday Millionaires. You could check it out at chrishogan360.com or wherever you buy your books. I love how he says that, hey, people don't just by accident find a million dollars in their savings when it's time to retire. It doesn't just happen by accident. You have to plan for it. You got to make it happen. And I think the hardest thing about all of this is having a long term view. A lot of us have a hard time understanding, hey, this is going to take some time to either get out of debt or start investing and start making some money and start saving our money. But it's actually not going to take that long. For many of us, getting out of debt could be a matter of a few years, maybe even a couple of years and then you're home free and then it's all gravy. Thanks again Chris Hogan for that great, great lesson again. Check out Everyday Millionaires. Go over to Chris Hogan360.com and don't forget to check out Chris Hogan's podcast, the Chris Hogan Show. Thank you so much for listening to the $100 MBA show. Before I go, I want to leave you with this. The things that Chris just talked about that apply to your personal finances, you can apply to your business finances. You should always aspire to having cash reserves in the bank. Lots of Runway. Look at Apple for example, with billions of surplus of cash in the bank. Now, maybe you can't do that next year, but the point here is successful companies are debt free and their working capital is all cash. If you're running a business and you're constantly in debt, you're not getting out of it. There's something wrong with your business model. You're not making more money than you're actually spending. You're not profitable. So take a look at how to reverse that to change that. Because the longer you're on that track, the faster you're going to go out of business. A little bit of tough love for me to start the year, but hey, I want to see you win. Alright, I'll check you in tomorrow's episode. I'll see you then. Take care. Of.

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