Key Messages
Unmasking The Myth Of Millionaires: An Exploration Of Habits, Beliefs And Strategies
When it comes to creating lasting wealth and becoming a millionaire, having the right mindset is just as important as having the right strategies.
That’s why it’s so important to learn from those who have achieved success and become millionaires – that way you can adapt their beliefs and behaviors and use them in your own life.
Chris Hogan, author of Everyday Millionaires, studied over 10,000 American millionaires to uncover their habits, belief systems and strategies for success.
He found that millionaires are everywhere – they don’t necessarily have expensive educations or exotic lifestyles but instead lead more simple lives than most would expect.
In order to become a millionaire like they did, you need to understand not only their financial habits and mindset but also how they program their “financial GPS.” This means understanding how they manage and allocate their resources; how they handle different types of investments; how they budget; how they evaluate risk when making decisions about money; and finally, what specific steps to take in order to achieve financial freedom.
The Myth Of The American Dream Is Alive And Well: Proving That Anything Is Possible With Unshakeable Belief
There’s a misconception out there that the American Dream is dead – but it could not be further from the truth.
Chris Hogan has personal experience with this notion.
Growing up as a black man in Kentucky, he believed that becoming a millionaire was impossible – until he found out otherwise.
As long as you have an unshakeable belief that you can become a millionaire, then you can achieve it.
Even if people try to convince you otherwise and make nonexistent excuses, just stay determined and prove them wrong.
The story of Roger Bannister is particularly inspiring in this regard.
He was able to run a mile under four minutes at a time when everyone thought it was too difficult for someone’s heart to take the strain – but Bannister proved them wrong!
And soon after his accomplishment, others were able to successfully do it too.
The same goes for being a millionaire today – there are plenty of examples of people who have done it and went on to be successful with their wealth.
And when people reach millionaire status, they shouldn’t be ashamed or afraid of embracing the winning attitude; rather, they should be proud of their hard work and accomplishments!
In European researcher Chris Hogan’s study, millionaires acknowledged that winning isn’t something to feel bad about; instead, they use setbacks as motivation for their next big win!
The takeaway here is that anyone can become a millionaire if they believe in themselves – so don’t let anyone tell you differently and embrace your successes once you accomplish them!
The Secret To Becoming A Millionaire Isn’T Luck Or Inheritance – It’S Hard Work And Focus
Most people assume that wealthy individuals come from privileged families and have either been extremely lucky or have inherited their wealth.
The truth is, however, that most millionaires do not inherit any money and are actually self-made individuals who worked hard and stayed focused on a plan.
Just look at Thomas — he grew up in poverty but then got his PhD and dedicated 37 years of teaching math.
By the time he retired, he was worth $2.6 million — all due to his hard work!
The same can be said of Olympic swimmer Michael Phelps who achieved success through rigorous training, pushing his body to the absolute limits.
He went beyond just relying on his inherent gifts; instead, he knew that in order to achieve greatness, he had to take advantage of his abilities through hard work as well.
This means that if you have a goal of becoming a millionaire, you should believe in yourself, trust your abilities and always work hard.
Millionaires earn their money through dedication and determination more than luck – they spend countless hours honing their skills so they can make their dreams reality.
If you want to join them one day, you must follow the lead of these successful individuals: always try your best with everything you do and never give up when times get tough!
The Myth Of Getting Rich Quick: How Millionaires Really Accumulate Wealth
Wealthy people know that taking foolish risks can destroy your hard-earned wealth and take you back to square one with nothing to show for all of your efforts.
And that’s why millionaires often don’t take these kinds of foolish risks.
According to Everyday Millionaires by Chris Hogan, not one of the millionaires in his study invested in single stocks.
This makes perfect sense when you consider how risky this is– putting all of your eggs in one basket can endanger your wealth if the stock doesn’t do well.
Millionaires also avoid cryptocurrencies like Bitcoin, which are 100% risky and completely unregulated, with no one accountable for them.
Instead, they tend to look for investments that balance a reasonable level of risk with potential for growth—think growth stock mutual funds.
Finally, getting rich quick is just a fantasy; most millionaires took over ten years to build their wealth and were 49 on average when they first earned their first million dollars.
Wealthy people know that slow and steady wins the race when it comes to finances – it’s not about making audacious bets or taking quick shortcuts – it’s about making consistent smart decisions today so that you can achieve financial independence in the future.
The Secret To Becoming A Millionaire: A Debt-Free College Education And A Sensible Career
Contrary to popular belief, most millionaires don’t get their college degrees from expensive private schools or have high-paying jobs.
In fact, according to author Chris Hogan’s study of millionaires, 88% have a bachelor’s degree which was likely obtained from a public state school.
This is more than double the rate for the general population that only has 33% with the same education level.
Perhaps even more interestingly, 62% of millionaires got their degree from a public state school.
Even though it is clear that having a college education in itself can be valuable – as Georgetown University states those with bachelor’s earn 74% more than those who solely have a high school diploma – that doesn’t mean an individual needs to attend a fancy private school to do so.
A year at the average private school amounts to around $45,370 in total versus only $20,090 for state schools; this could potentially be an unwise investment for some individuals such as millennials struggling with debt – 49 percent of whom take out student loans compared to the much lower 68 percent among millionaires who didn’t take out any student loans whatsoever.
Furthermore, most millionaires come from normal jobs which do not pay six figures annually or require highly specialized professions like engineering or accounting (which are still the three top occupations among them).
Instead, bargain savvy and wise behavior were two traits that set apart millionaires; they elect to stay debt-free and save money rather than trying to impress others through name recognition alone.
The Crisis Of Responsibility: Taking Charge Of Your Financial Future Today
The ordinary people of the US are not taking financial responsibility, and it’s become a crisis of its own.
Taking retirement savings as an example, 56 percent of Americans were worried about it – yet very few were getting prepared and half of the baby boomers had less than $10,000 saved up.
Similarly, 80 percent of millennials wanted to be investing more but weren’t actually doing so.
This is why millionaires stand out.
Those who are able to become them understand the importance of taking responsibility for their own success.
In fact, 97 percent believe that they alone control their destiny financially.
They know that if you take on this kind of responsibility for your money, you can make great strides towards becoming a millionaire.
Start by calculating your net worth accurately to get a feel for where you are financially; then figure out what retirement looks like for you – from what type of living arrangements to vehicle preference – and finally, estimate how much money you need in order to make your vision a reality.
You have all the power when it comes to managing your finances – don’t forget that.
Millionaires Live Intentionally And On A Budget To Achieve Financial Freedom
Millionaires stay in control of their financial lives by practicing intentionality, a conscious decision to take charge of their financial goals.
Frank is one example that the author found during his Millionaire study — a Wall Street investor with a net worth of $6 million who was intentional about his finances from a young age.
He was brought up by German immigrants who taught him frugal and hardworking values which he’s kept alive today.
As opposed to sliding through life, millionaires make deliberate decisions with their money.
Hogan’s study discovered that 94 percent of millionaires limit their expenses and 95 percent prioritize saving for the future.
They often live within their means using budgets as the instrument to manage their money wisely so they can focus on achieving their financial goals such as investing and eliminating debt.
A budget allows you to monitor how your money is being used, directs your funds away from unnecessary expenses, and most importantly gives every dollar a job – be it giving, saving or investing.
Practicing intentionality helps millionaires pick strategic actions instead of randomly drifting through life without any plan whatsoever.
Get Smart About Goal-Setting To Become A Millionaire: Achieving Your Dreams Through Specific, Measurable, Achievable, Relevant And Time-Sensitive Goals
Millionaires take action.
They don’t just dream; they actually set goals and strive to achieve them.
This is what sets them apart from everyone else.
As it happens, their success is no great secret.
In fact, studies have revealed that 97 percent of millionaires reported almost always achieving the goals they set for themselves.
That’s because they know how to do it right.
Millonaires understand that setting SMART goals is essential to ultimate success: Specific, Measurable, Achievable, Relevant and Time-sensitive.
These objectives need to be high-definition – detailed, clear and unambiguous – with measurable milestones or metrics and realistic deadlines attached to them.
Additionally, long-term and short-term goals must be connected in order for anyone to really succeed.
And there’s even more good news!
According to a study by psychology professor Dr.
Gail Matthews, written goals increase success rate by 42 percent!
That’s why Millionaires make sure that all of their aims are committed to paper as soon as possible when trying to accomplish something great.
If you want to join the ranks of Millionaires all over the world, then focus on creating achievable SMART goals that will lead towards your goal life..
Reaping The Rewards Of Patience: Leveraging Compound Interest To Become A Millionaire
Chris Hogan’s book “Everyday Millionaires” explains why it’s the consistency of millionaires that allows their money to grow even while they’re asleep.
In his research, he found that many of them rely on the power of compounding interest and patience to roll out retirement savings plans like 401(k)s and Roth IRAs.
These help them compound their wealth rather than opt for bigger rewards in the short-term.
Compound interest is a concept where small amounts add up to larger sums if left untouched over long periods of time.
That means, if you invest $1000 into an investment and find it’s grown to $1100 a year later, any extra money gains interest as well.
It also means that if you keep these investments untouched, they will snowball over time!
Finally, don’t forget the 15 percent rule.
This is the starting point when it comes to investing your income towards retirement goals, but once mortgages are paid off, it’s best to go beyond this number for greater returns and even faster success.
The idea is to build wealth slowly and steadily over time – with patience playing an essential role – and you could eventually become a millionaire too!
Wrap Up
After reading Chris Hogan’s book “Everyday Millionaires,” we can take away the key message that becoming a millionaire through hard work and dedication is not only possible, but attainable.
Ordinary people become millionaires every day.
In order to make those dreams actually happen, it’s important to find an investment professional.
This can be done by researching on the internet, interviewing various candidates and finding someone with experience, certifications, a philosophy that aligns with yours and fees you can afford.
Ultimately, this book shows that becoming a millionaire is possible for everyday people who are willing to put in the effort and sacrifice.
Finding an investment professional will be integral for helping you take your financial dreams to the next level – so don’t go it alone!
It’s your wealth and life, after all.
