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Everyday Millionaires summary

Name: Everyday Millionaires
Rating: 4.3 (269 reviews)
Author: Chris Hogan

Chris Hogan

How Ordinary People Built Extraordinary Wealth – and How You Can Too

4.3 (269 ratings)

22 mins

Brief summary

Everyday Millionaires by Chris Hogan is a research-based book that debunks the myth of instant wealth and reveals the habits and characteristics of ordinary people who become millionaires. It provides actionable steps for anyone looking to build wealth over time.

Topics

Wealth

Table of Contents

Everyday Millionaires
Summary of 8 key ideas

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Key idea 1 of 8

What’s in it for me? Millionaires are everywhere – here’s how to become one.

When the author was in his thirties, he began working with Dave Ramsey, famous for his radio program and best-selling books about fiscal discipline and wealth creation. As a result of this influence, the author became a financial coach and started seeing things in a whole new light. He got out of debt and started building real, lasting wealth.

These blinks are inspired by his findings on millionaires – who they are, what they believe and, most importantly, what behaviors brought them to success. They are based on a study by the author and his research team, the largest and most complete ever to be conducted on millionaires. They got in touch with more than 10,000 American millionaires to ask about their habits, their beliefs and their strategies.

There are a lot of lies out there about millionaires. It’s time to set things straight, and this is what these blinks aim to do.

In these blinks, you’ll learn

why you should never pay for a brand-name education;
the secret to Michael Phelps’ Olympic success; and
how to program your financial GPS.

You can’t become a millionaire unless you believe you can – and once you do, be proud of it!

There’s a myth out there that the American dream is dead. Some even say the average American can’t get ahead these days.

But this isn’t true. It’s a harmful lie that stops people from believing they can achieve their dreams. Hogan has experienced this firsthand. As a black man raised by a single parent in Kentucky, the idea of becoming a millionaire once seemed as far away to him as the stars. But he found that as long as you have an unshakeable belief that you can become a millionaire, then you can. You might encounter people who try to convince you that you won’t make it. But don’t worry – there’s a simple trick that makes these people disappear: prove them wrong.

British distance runner Roger Bannister is a great example of this. In his time, the consensus was that a human being simply couldn’t run a mile in under four minutes. There were even people who thought that the strain would make a runner’s heart explode! But Bannister proved them wrong on May 6, 1954, when he ran a mile in three minutes and 59 seconds. And once Roger Bannister had shown that a sub-four-minute mile was possible, other people began to embrace the idea that they could run one too. Six weeks later, someone else even did it faster than Bannister had!

Becoming a millionaire is similar. If you look around, you’ll see that others have done it, and it’s possible for you as well. After all, as CNBC Money reported in 2017, there are almost eleven million millionaires in America today!

And once you add yourself to that number, don't be ashamed. Millionaires know that they’re winning financially because of hard work, and they’re proud of it. In Hogan’s study, this was made crystal clear. Millionaires believe that winning is always a good thing, not something to be ashamed of. That doesn’t mean that millionaires win every time they try something. It just means that they don’t get stopped by setbacks – they use them as motivation for their next big win!

Now, let’s get motivated by doing away with some myths about who millionaires are and what they’re like in the following blinks.

Most wealthy people earn their money through hard work, and they deserve it.

We’ve all heard someone say, “I bet that guy’s never done a day of work in his life.” For some reason, people like to assume that wealthy people must have been either incredibly lucky or born with a silver spoon in their mouths to get where they are.

But guess what? Most millionaires don’t inherit their money. In fact, 79 percent of those the author interviewed received no inheritance whatsoever. It was hard work, sacrifice and sticking to a plan that got them where they are. Take Thomas, for example. He grew up poor, in a home riddled with alcoholism and dysfunction. Both his parents died young, and by the time he was ready to go to college, he knew that there were two things he wanted to avoid in his life – alcohol and poverty.

Wealthy people don’t get that way by taking foolish risks.

When you think of a wealthy person, you may think of a flashy Wall Street trader making audacious deals that turn her into a millionaire overnight. Well, sorry to burst your bubble, but real life isn’t like that. The idea that wealthy people make risky investments is just a myth.

For example, not one of the millionaires in the author’s study mentioned investing in single stocks, and it’s clear to see why – the risk is just too great. When you buy a single stock, you’re putting all of your eggs in one basket. If that stock fails, you can kiss your hard-earned money goodbye.

Most millionaires don’t go to fancy schools or have high-paying jobs.

To get into the millionaire club, you need a prestigious education and a high-status job, right? Well, there’s a kernel of truth in that. But only a kernel. It’s definitely true that most millionaires have a college education. 88 percent of the millionaires in the author’s study have a bachelor’s degree, while a further survey shows that only 33 percent of the general population does.

By every measure, a college education is a valuable thing – according to Georgetown University, those with a bachelor’s degree make 74 percent more over the course of their lives than people who only have a high school diploma. But that doesn’t mean that education needs to be a brand-name one. Ask the millionaires – 62 percent of them got their degrees from a public state school. There’s nothing wrong with private schools, of course. They can be a good option for people who can afford them. But a year at the average private school ends up costing about $45,370 in total, according to CNN Money. State schools, on the other hand, are about $20,090. That means that you end up paying twice as much to go to a brand-name school for the same degree.

The buck stops with millionaires, who take responsibility for their own financial success.

It seems like the US is filled with crises these days. From the financial crisis to the opioid epidemic, they’re everywhere you look. But no one is talking about the crisis of responsibility that’s plaguing the US today.

The sad truth is, most people just don’t take responsibility for managing their finances. Take retirement savings, for example. Hogan’s research team found that while 56 percent of Americans were worried about retirement, few people were actually preparing for it. Half of the baby boomers polled didn’t even have $10,000 saved. And 80 percent of millennials wished they were investing more toward retirement and building a nest egg – but they weren’t actually doing it.

Millionaires stay in control of their financial lives by practicing intentionality.

How can you spot a millionaire? After all, most millionaires live unassuming lives and wear blue jeans just like the rest of us. Here’s a tip – look at people’s behavior. The millionaires are the ones who do things with intentionality.

Intentionality is the difference between deciding and sliding. If you’re sliding through life, you’re not in control. You’re just drifting along without a plan, and at retirement age, you’ll probably realize you don’t have a cent in savings. Deciding, on the other hand, is about being in control and making conscious choices.

Millionaires set goals for themselves and make sure that they achieve them.

One thing about millionaires is that when they say they’ll do something, they do it. In fact, 97 percent of millionaires reported almost always achieving the goals they set for themselves. Anyone can learn to set goals, and being SMART about it means you’ll actually achieve them.

SMART stands for Specific, Measurable, Achievable, Relevant and Time-sensitive.

It's the consistency of millionaires that allows their money to grow even while they're asleep.

It’s hard to be patient. Who isn’t tempted by short-term rewards? But millionaires forgo these distractions, building wealth through patience and consistency. And when it comes to consistency, there’s nothing better than the magic of compound interest. There’s even a quote – which many attribute to Albert Einstein – that calls it the most powerful force in the universe!

Let’s say you put $1,000 into an investment and find that it’s grown to $1,100 a year later. If you keep the money where it is, then that extra $100 will start accruing interest as well. That’s interest earning interest! And that just snowballs over time, if you’re willing to be patient.

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What is Everyday Millionaires about?

Everyday Millionaires (2019) draws on the biggest study on millionaires ever conducted in the US to reveal an essential truth – becoming a millionaire is something anyone can do. It doesn’t matter what your background is, how much money you make now or how lucky you happen to be – it just takes practical knowledge and a commitment to following a plan.

Best quote from Everyday Millionaires

If you could kick the person in the pants responsible for most of your trouble, you wouldnt sit for a month. – Theodore Roosevelt

—Chris Hogan

Who should read Everyday Millionaires?

Whoever believes they can’t get ahead
Those who think all millionaires come from money
Aspiring millionaires

About the Author

Chris Hogan is a best-selling author and financial expert, a dynamic event speaker and financial coach. In over a decade working with Ramsey Solutions, he has brought his hopeful message to audiences across the US, teaching countless people how to take control of their finances and achieve their goals. His podcast, The Chris Hogan Show, releases new episodes weekly.

Categories with Everyday Millionaires

Money & Investments

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