The author of this book, Chris Hogan, is an entrepreneur and investor who shares his story. In the last few years he has successfully built over a dozen companies mostly in the areas of content creation, video production and marketing services. He uses humor to share his experiences with his readers and offers advice on how to get started as well as some cautionary tales that might help those considering entering into entrepreneurship
The “everyday millionaire calculator” is a book written by Chris Hogan. It’s about the lives of millionaires, and how they manage their money.
Are you seeking for a synopsis of Chris Hogan’s book Everyday Millionaires? You’ve arrived to the correct location.
After reading Everyday Millionaires, I wrote down a few crucial takeaways.
If you don’t have time, you don’t have to read the whole book. This book synopsis summarizes all you can take away from it.
Let’s get this party started right now.
I’ll go through the following points in this Everyday Millionaires book summary:
What is Chris Hogan’s Everyday Millionaires about?
A study of billionaires in the United States, according to Everyday Millionaires, exposes an important truth: anybody can become a millionaire.
It just takes a little practical knowledge and a dedication to sticking to a plan, no matter what your background is, how much money you earn today, or how fortunate you are.
Who wrote Everyday Millionaires and why?
In addition to being a compelling speaker and financial counselor, Chris Hogan is a best-selling book and financial guru.
Through his work with Ramsey Solutions for over a decade, he has taught thousands of individuals how to take charge of their money and accomplish their objectives.
Every week, The Chris Hogan Show, his podcast, is published.
Who Is Chris Hogan’s Everyday Millionaires For?
Not everyone will like Everyday Millionaires. If you are one of the following folks, you may like the book:
- Anyone who feels they will fail
- People who believe that all billionaires are wealthy are mistaken.
- Those who want to be millions
Millionaires Every Day Summary of Chris Hogan’s book
Introduction
The author started working with Dave Ramsey, a prominent radio broadcaster and author of books on financial discipline and wealth development, while he was in his forties. As a result of this, the author went on to become a financial coach and viewed things in a whole new perspective. The author was able to pay off his debt and start accumulating true, long-term riches.
His study on millionaires revealed what they think and, more significantly, what actions led to their achievement.
These conclusions, according to the author, are based on the broadest and most thorough research of millionaires ever done. Approximately 10,000 millionaires in the United States were contacted to learn more about their habits, attitudes, and methods.
There are numerous misconceptions about millionaires. There is a need for things to be sorted up, and these Everyday Millionaires insights aim to do just that.
Lesson 1: Believing in yourself is the key to becoming a billionaire — and then being proud of it!
The American dream, according to many, has dead. Indeed, others argue that in this day and age, the typical American cannot prosper.
That is not the case, though. Because it is a destructive falsehood, those who believe it will cease thinking they can attain their goals. Hogan has discovered this information. Growing up as the son of a single mother in Kentucky, the prospect of becoming a billionaire seemed as far away as the stars.
However, he discovered that if you think you can make a million dollars, you will. There will be some who attempt to persuade you that you cannot succeed. You don’t have to be concerned, however; there’s an easy way to discredit them: prove them incorrect.
A great illustration of this is British distance runner Roger Bannister. It was thought impossible for a person to run a mile in less four minutes during his time. Many people believed it would break a runner’s heart!
Bannister ran a mile in three minutes and 59 seconds on May 6, 1954, proving the doubters wrong. Others came to think that they, too, could run a sub-four-minute mile after seeing Roger Bannister’s example. Someone even beat Bannister to the finish line six weeks later!
It’s akin to being a multimillionaire. It is feasible for you to follow in the footsteps of others. Take a look about you. According to CNBC Money, America now has almost 11 million billionaires!
Adding your name to this list isn’t anything to feel embarrassed about. Rich individuals are proud of their achievements and recognize that they have achieved financial success via hard effort. Hogan’s research convincingly showed this. Millionaires feel that winning is always a positive experience.
Millionaires, of course, do not always win. They don’t let losses deter them; instead, they utilize them to fuel their next huge triumph!
Let’s get inspired now that we’ve busted some fallacies about millionaires and what they’re like.
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Lesson 2: Wealthy people earn their money by working hard, and they deserve it.
“I guess he’s never worked a day in his life,” most people have heard someone remark. Individuals have a tendency to believe that affluent people must have been exceptionally fortunate or born with a silver spoon in their mouth in order to get what they have.
What’s more, guess what? The great majority of billionaires do not come from wealthy families. The author found that 79% of individuals examined had no inheritance at all. A mixture of hard effort, sacrifice, and sticking to a plan led them to where they are now.
Thomas is an excellent example. As he grew up, his family was plagued with turmoil and drunkenness. He knew he wanted to avoid alcohol and poverty in his life when he was ready to go to college as a consequence of both of his parents’ early deaths.
After receiving his PhD, he did not immediately begin working in a high-paying position. He was a math teacher for 37 years. By the time he retired, he had made $2.6 million. Thomas did not receive a wealth; instead, he worked hard to earn it. He saved consistently by avoiding debt, paying with cash, and working extra when he could. When someone has acquired a million dollars or more, many people feel it was due to chance. To be honest, they had no idea how difficult the task was.
Michael Phelps is a good example. He is the most successful Olympian in history and has an absolutely excellent physique for swimming. Good fortune and genetics have been credited with his accomplishment.
At his best, though, Phelps trained for up to six hours each day, with just one day off per week. He also did weights and swam over fifty kilometers each week. All those innate advantages would be worthless if they weren’t backed up by hard labor.
Between millionaires and regular people, there isn’t much of a difference. You will never become a billionaire if you depend only on chance to make you wealthy. In truth, regardless of their luck, inheritance, or lack thereof, everyone has a chance to achieve.
You must, however, believe it. Every single one of the millionaires Hogan has talked to has done so. As we’ll see in the following section, their insight permits them to spot the perfect chances.
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Lesson 3: Wealth does not come from taking dumb risks.
Rich individuals may conjure images of flamboyant Wall Street traders making risky trades that turn them into millionaires fast. Sorry to bust your bubble, but reality does not work that way. Risky investments aren’t only for the rich.
The study’s author discovered that none of the billionaires acknowledged investing in single equities, which is understandable given the risk involved. When you purchase a single stock, you’re putting all your eggs in one basket. That investment may not work out.
Cryptocurrencies are another option. Bitcoin and other cryptocurrencies are popular these days. It’s hot, it’s new, and it has the potential to make people rich. Cryptocurrencies, on the other hand, are effectively made-up money. Nobody is responsible for them since they have never been tested or controlled. It’s very dangerous, which is why billionaires avoid it like the plague.
What about the opposite end of the spectrum, on the other hand? Bonds and certificates of deposit are low-risk investments. They are generally fairly safe investments, but they also tend to be low-reward. Millionaires often steer clear of both high- and low-risk ventures.
In fact, 79 percent of billionaires claim that their path to riches was paved through a company-sponsored retirement plan. And what did these billionaires put their money into the most? Stock mutual funds with a strong growth potential and an acceptable and diversified risk.
This leads to another myth: millionaires get wealthy quickly.
95 percent of millionaires took more than 10 years to reach their current status; the reality is, the majority of them are in it for the long haul. When they made their first million, the majority were 49 years old. Getting wealthy soon is a dream that diverts people’s attention away from proven wealth-building strategies.
In the 1990s, Hogan recalls being enticed by the promise of quick cash. He put all of his money into a single stock, AOL. His friend’s impressively quick returns had persuaded him. He lost $25,000 before coming to his senses and reducing his losses after quickly realising how dangerous this may be.
Lesson 4: Most billionaires do not attend prestigious colleges or work in well-paid positions.
Don’t you believe a prominent degree and a high-level job are required for membership in the millionaire club? That is somewhat correct. Just a smidgeon. Millionaires are more likely to have a college education. According to the author’s research, 88% of millionaires hold bachelor’s degrees, compared to 33% of the general population.
A college education is clearly beneficial; according to Georgetown University, those with bachelor’s degrees earn 74% more over the course of their lives than those with just a high school certificate.
However, education does not have to be prohibitively costly. 62 percent of millionaires have degrees from public state universities. I am not opposed to private schools. They are an excellent option if you can afford them.
The typical private school year costs $45,370, according to CNN Money. State schools, on the other hand, cost an average of $20,090 a year. For the same degree, a brand-name institution costs twice as much as a generic one.
In addition, many individuals use student loans to pay for private education, which is one of the most hazardous blunders you can make. It cannot be emphasized enough that you should not take out student loans. They have the potential to wreck your life by robbing you of the capacity to save and develop a passion during those vital early years of your job.
Millionaires borrowed 68% less student loans than the general public. Millionaires recognize the importance of being debt-free throughout their undergraduate years and beginning to save money as soon as they begin working.
High-paying jobs in these industries are not always available. This is just another wealthy myth. Thirty percent do not make six figures each year.
Only roughly a third of them make $100,000 each year on average. What makes a millionaire rich? The most prevalent occupations are engineers, accountants, and teachers. The majority of millionaires have regular occupations. Their actions, not their wealth, set them apart.
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Lesson 5: Millionaires own and accept responsibility for their financial achievement.
The United States seems to be beset with issues these days. Everywhere you look, there are financial crises and drug epidemics. However, no one seemed to be discussing the current US responsibility dilemma.
Unfortunately, the majority of individuals do not handle their funds appropriately. Retirement money, for example, are not handled appropriately. Although 56 percent of Americans were concerned about retirement, Hogan’s team revealed that few were really making plans.
Half of the baby boomers polled had less than $10,000 in savings. Eighty percent of millennials said they wished they were saving and investing more for retirement, but they weren’t.
What’s keeping them back, then? After all, they are in charge of their investments. They are unable to depend on others. This is something a millionaire understands. Ninety-seven percent of individuals polled feel they are solely responsible for their own fates.
Taking charge of your money will also enable you to start on your path to becoming a billionaire. As with using a GPS, you begin by determining where you are and where you want to travel.
The net worth of an individual defines where he or she stands financially. What you possess minus what you owe is your net worth. It is critical that you compute it properly before you can assess your performance.
Online net worth calculators are readily available; in fact, one may be found on the author’s website. You’ll have the tiny dot on the map that indicates you where you are after you have the number.
After you’ve determined where you are, the next stage is to figure out where you want to go. Consider what type of retirement you want — and, if you’re married, what your partner wants. What kind of retirement do you want? What about the sort of vehicle you desire? Make your statement as detailed as possible.
Let’s get right down to business. Will you need a precise sum of money to carry out your plan? Calculate how much you need to save and how much you should save each month to reach your goal. No one else can accomplish this for you; you are the only one who can.
Lesson 6: Millionaires are deliberate with their money.
What do millionaires look like? Most billionaires, like us, dress in blue jeans and have simple lives. Examine their actions. They are deliberate in their actions.
Making a choice rather than slipping demands planning. You lose control as you slide through life. If you don’t start planning now, you’ll be astonished to learn that you have no funds when you retire. Making a decision, on the other hand, entails being in command and making a deliberate choice.
Take, for example, Frank and Alice, whom the author interviewed as part of his wealthy study. The German immigrants in Frank’s family were always thrifty and diligent. Frank’s life has been shaped by the example they set for him as a child. They couldn’t envision going into debt or living above their means.
When he worked on Wall Street, he purposefully opted to learn about investing and generating wealth over spending money on flashy new items. Frank and Alice now had a net worth of $6 million, which they obtained by not spending more than they earned and saving instead of purchasing at luxury New York retailers.
They’re also in excellent company. According to Hogan’s research, 95% of millionaires prioritize saving for major costs. What methods do billionaires use to preserve their discipline? They make do with what they have.
Budgets have a poor name these days. Most individuals consider them to be a financial prison. A budget isn’t a prison. It’s a tool for managing your finances. Budgets help you to stretch your hard-earned cash farther.
A budget also clarifies your financial situation. You’ll be able to see precisely where every dollar of your spending goes if you use it. You’ll be able to make better selections after that. Do you find yourself overspending on groceries? You will have additional money if you adjust your budget.
Finally, budgeting allows you to put your money to work – each dollar has a specific function. Instead of spending that extra money on groceries, you might use it toward something more vital, such as saving, investing, or paying off debt.
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Lesson 7: Millionaires create personal objectives and work hard to accomplish them.
Millionaires are notorious for following through on their promises. Ninety-seven percent of millionaires say they nearly always achieve their objectives. Setting SMART objectives is the most effective strategy to accomplish them. It’s something that everybody can do.
Specific, Measurable, Achievable, Relevant, and Time-bound is the abbreviation SMART.
A high-definition aim is one that is specific. It must be precise, clear, and unmistakable. If you haven’t already, it’s critical to establish a clear vision for your retirement.
Setting away a predetermined amount of money each month is a quantifiable objective that requires well defined milestones and indicators. You may be certain that you are on track to meet your objectives if you have these milestones.
Realistic objectives may be met. There is no such thing as an impossible goal; yet, if you make yours reasonable, you can achieve it! It’s impossible to take frequent holidays while still saving money for an advanced degree.
The opposite of “random” is “relevant.” It’s impossible to accomplish both at the same time. Your key objectives should be in sync with one another and lead to your ultimate life goal. Setting deadlines is what time-sensitive implies.
If you wish to retire at a given age, for example, you need know precisely when you want to do it. Set aggressive deadlines; you’ll be astonished at what you’re capable of when you’re under pressure.
Commit to your objectives by writing them down when you’ve acquired SMART. According to Dr. Gail Matthews, a psychology professor, this makes you more responsible and more likely to fulfill your objectives.
Having both short- and long-term objectives is good. Setting short-term objectives, like as saving for a pleasant trip, might help you keep on track. Long-term objectives, on the other hand, have the most influence on your life.
Your first aim will most likely be to pay off your mortgage. This turns it into a 100 percent asset rather than a debt responsibility. This isn’t an easy task by any stretch of the imagination. Every year you don’t, though, the bank, not you, becomes wealthy.
Your mortgage might be paid off 10 years early. With the money you would have spent on mortgage payments, you can earn 10 more years wealthy! You do this by taking advantage of compound interest, which we’ll go over in depth in the following section.
Lesson 8: Because of their persistence, millionaires’ money rises while they sleep.
It’s difficult to be patient. After all, short-term gains are appealing. Millionaires, on the other hand, stay away from distractions and focus on patience and consistency. When it comes to consistency, compound interest is unrivaled. Many people credit Albert Einstein with saying it is the most powerful force in the cosmos!
Consider investing $1,000 and discovering after a year that it has increased to $1,100. If you leave the excess $100 in its current location, it will earn interest. To put it another way, interest will generate interest. It snowballs over time if you’re prepared to be patient.
When it comes to long-term investments, where can you put your faith? According to Hogan’s research, the majority of billionaires made their money via 401(k) plans or traditional corporate plans. Learn how to use them to your advantage. Assume you want to put aside 15% of your salary for retirement.
Check to discover whether your employer will match your 401(k) contributions. If it does, make sure you put up to the match amount in your 401(k) – if it’s 5%, make sure you invest 5%. You should take advantage of the fact that it is free money.
As much of your money as possible should go into a Roth IRA, which functions similarly to a 401(k) but offers additional investment alternatives. Seek assistance from a financial professional. You should put money into a Roth because it is a terrific method to increase your money without paying taxes.
However, Roth IRA contributions are limited by your income. If your salary exceeds the existing limit, the best thing you can do is put the whole 15% into your 401(k) (k). The Roth IRA has a contribution maximum as well; if you’ve reached it, transfer the remaining funds to your 401(k) (k).
Keep in mind that 15% is only the starting point. You’ll have additional cash to put toward your 401(k) after your mortgage is paid off (k). Follow your plans to live your ideal life, and remember that time is the most important ingredient. It may not happen quickly for you to become a billionaire, but you will get there eventually.
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Final Thoughts
Millionaires are not an uncommon breed. They are not born with wealth or privilege. Rather, they are ordinary individuals who established objectives early in life and prepared themselves to work hard and sacrifice to accomplish them.
One of the most treasured American aspirations, becoming a millionaire, is alive and well. Ordinary individuals accomplish it every day.
Additional Reading
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Chris Hogan is a financial expert and author who has written the book “Everyday Millionaires”. The book provides strategies on how to become financially successful. Reference: chris hogan ramsey.
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