Five Things Almost All ‘Everyday Millionaires’ Have in Common
ONE: They are Allergic to Debt
You can’t build wealth if you live on more than you make. That’s where a lot of six-figure earners get tripped up. They’re making what seems like a lot of money so they live extravagantly. Instead of having financial goals they tend to spend freely before long they’re racking up credit and building debt.
“…millionaires think differently. 94% of them live on what they make, that means if they are making a hundred thousand dollars, they’re living on seventy or eighty [thousand]. … 73% of these millionaires never carried a dime of credit card debt.” – Chris Hogan
Everyday millionaires don’t carry debt. Even though most of these individuals are teachers, accountants, and engineers, they have become what Chris calls, allergic to debt. If you feel like you’re miles deep in debt wondering how you’re ever gonna get debt-free, much less never be in debt again, Chris has a solution! There are two perspectives you can adopt to become allergic to debt:
#1: Debt is a penalty for using someone else’s money.
“The interest you pay is a penalty. If I use someone else’s money they charge me as a penalty. Interest earned on my investments is a reward. So why choose to penalize yourself? Don’t use debt to get yourself out of debt. Invest and grow your money to reward yourself.” – Chris Hogan
#2: Debt is a limitation.
“Debt keeps you hostage, it’s a thief, it takes from you now, but also prevents you from investing and growing it later. … I look at debt as limiting me from doing what I want to do.” – Chris Hogan
As long as you have debt, you’re tied to making payments on it. While taking on debt may feel like freedom in the moment because it allows you to have something now that you don’t have the money for in the moment, taking on debt makes you pay more and keeps you stuck long term. If you’re craving freedom right now, start saying “no” to debt and make a plan to pay off any debt you currently have.
TWO: They Know What They’re Trying to Accomplish
Hard things happen in life. We lose jobs. Loved ones get sick. Relationships end. In these moments, our goals are challenged, and we’ll need to make a decision. Will we let this hard thing be our permission slip to buy a fancy car that requires us to take on debt? Or are we going to hold on to the reason we started pursuing our goal and keep making slow steady progress?
Chris shared on the podcast how one of the hardest times in his life was when his youngest son, age 2, was diagnosed with a rare genetic disease that could kill him, take away his speech, ability to walk, and ability to eat.
“…sitting in that doctor’s office holding my two year old boy and listening to that [was one of the scariest moments of my life]. … I think [in those moments] it’s really important to understand what I am trying to accomplish. Like I don’t want notoriety and I don’t want to be famous. I want to be known for helping people think better. So staying rooted in that it helps me to be very clear on what I’m doing.” – Chris Hogan
If you want to make it through hard times without giving up on your goals, you need to know what your ultimate goal is. An ultimate goal goes beyond a dollar sign or a specific date for retirement. An ultimate goal illuminates the core of who you are and expresses the legacy you want to live, and sometimes it takes suffering to bring that to light.
Know what you’re trying to accomplish so that when the going gets tough you have a clear reason to not give up.
THREE: They Have “These” Four People in Their Life
Entrepreneur and motivational speaker Jim Rohn said, “You are an average of the five people you spend the most time with.”
Whether you’re currently working through a hard time and you need someone to help you keep your head up, or you want to move toward your goals faster, the people you have in your life matter. Chris said we all need four people in our lives:
“You need a mentor. That’s somebody who happens to have some success and can guide you. You need a coach who will push you because they will get on you, they will drive you. The goal is to get better. But you need two more [people in your life]. You need a cheerleader. Somebody that believes in you, who’s not worried about what you achieve, but just believes in you. That [person is] important to have. And you need a friend. Somebody who you can be real with, who you can just say what’s on your mind and [be confident that they will] not hold it against you. If you can get a mentor, a coach, a cheerleader, and a friend on your side, that’s awesome! But I want to encourage you to not only find those four; you need to be one of those four for someone else.” – Chris Hogan
We all need a little encouragement sometimes. There are moments when we need someone to hold us accountable. Sometimes we need to ask someone for advice. And other times we just need to feel safe pouring our heart out. In those situations, it’s gonna be a lot easier to take care of ourselves if we’ve been intentional to connect with these four different people.
FOUR: They Choose to Have a Long Term View
When it comes to building wealth and creating a retirement for yourself, the saying, “You only live once,” is going to hurt you more than it will help. For example, lottery winners get lots of money quickly but frequently lose their money quickly. They haven’t learned the hard-won value of money to have fun in the moment, but also to provide for a fun life later. Because the everyday millionaires that Chris talked to understood that wealth building is a long term view they consistently set money aside to grow and be available to them at a later time. Here’s what Chris said the everyday millionaires did to build their wealth that you can start doing today:
“Talking to these millionaires the number one thing they said that caused them to build wealth was employment retirement plans. … To grow money means you need time and compounded interest. The fact that you’re putting money aside says that you’re mature enough to know what you want later. And I think that’s the difference between adults and children. Children want what they want now. Adults have to be smart enough to [think], ‘I’m gonna be doing stuff, I’m gonna enjoy some stuff. But I know down the road I’m gonna want to do some stuff too.’ So, I encourage people to set up automatic investing to your 401k, your 403B, or whatever it is. Make it happen automatically. Because, here’s the deal, your investments become your paychecks later. The reason you’re investing is to replace your paycheck so you can go do what you want to do [someday without having to work]…” – Chris Hogan
Whether you have a six-figure salary or are making ends meet as a teacher, cultivating a mindset that invests in the future is imperative if you want to become an everyday millionaire.
FIVE: They Are Grateful
Adversity and hard work can change your perspective and motivate you in a way that being born with a silver spoon never could. According to Chris’ research, deep appreciation for what you’ve been able to achieve is often a strong motivator for successful people.
“These millionaires are also givers. 70% of them set aside money to give away. I think that’s an important thing for people to understand. I want people to build wealth to be able to give to causes that they believe in. … I’ve got this phrase that I tell people, “It’s hard to be hateful when you’re grateful.” That’s the spirit of gratitude and I think it’s what drives people to do more and want to impact other people’s lives.” – Chris Hogan
I couldn’t agree more. My hard-won success has inspired me to work even harder so that even more people can experience greatness in their lives. It’s not about me. It’s about how I can give back to the world.
Why You Should Listen to the Chris Hogan Episode Right Now…
Dwayne Johnson said “Success isn’t always about greatness, it’s about consistency. Consistent hard work leads to success and greatness will come.” This is true in your finances, your health, your relationships, and your life.
Chris Hogan’s life is an example of what’s possible when you show up consistently and do the hard work. And today’s episode is loaded with practical wisdom that you can start applying today to become an everyday millionaire.
His definition of greatness is consistent with the long term mindset he’s cultivated:
“Your legacy. It’s the impact you have on people. … [As an author, I hope] 100 years from now somebody pulls out my book and reads something that encourages them.” – Chris Hogan
Be consistent.
Do the hard work.
Choose the long term view.
As always, thank you for joining me today. If you enjoyed this interview and you want to connect more with Chris, you can find him on Facebook, Instagram, and His website. Don’t forget to grab your own copy of his book, The Everyday Millionaire!
If you’re ready to become an everyday millionaire, then join me on Episode 751 with Chris Hogan!
To Greatness,
