How we can learn the disciplines
of becoming millionaires.
Yes, well, a couple of years ago, I wrote my first book,
Retire Inspired,
because I wanted America to have a wake-up call
and understand the government's not gonna
take care of you.
You've gotta put money aside if you
want some to spend.
So I developed a free tool called
the R:IQ,
the Retired Inspired Quotient.
This is at my website, chrishogan360.com.
Free tool, but look where I start.
And when I'm talkin' to people about
livin' their retirement dream,
I want you to let me know.
Do you wanna relax?
Do you wanna to spend time with family?
Do you wanna do your hobbies?
Do you wanna travel?
Or, how many of you are empty nesters?
That means you don't have kids
at home. Well I have a pitbull.
Look at 'em.
They're all happy.
Look at 'em, alright.
(audience laughs)
I've got three boys at home,
but I can tell you this, as their dad,
I wanna live a certain quality of life.
I had amazing grandparents.
Yeah.
You know, the kind that spent time with me.
Mine, mine too.
So I want to be that way.
Yes.
So once you do this and you select what it is you'd
wanna do, say it's travel,
and let's say your income is 59 thousand a year.
Okay, and that's the kind of lifestyle you wanna
live in retirement.
Well, look, if you're gonna retire tomorrow,
this is how much you'd need to fund your dream.
You'd have to have four thousand, nine hundred,
and 17 dollars,
that you're drawing off,
each and every month.
But take a look.
If you wanted to retire, say, in 25 years,
alright so that's the time,
but let's say you don't have anything saved for retirement,
like most Americans, you've not started anywhere.
The R:IQ is gonna show you,
this is how much you would need
to live that 59 thousand dollar a year income.
You'd need 1 million, nine hundred, 37 thousand dollars
but take a look.
Most people are behind
and they haven't started putting money away.
The R:IQ takes it a step further and shows you,
you need to be investing a thousand 32 dollars each month
to get you there.
If you had nothing--
Nothing.
And wanted to retire 25 years from now?
That's what you gotta get started.
Now here's the other step--
That's amazing.
People--
And I love that that's free.
Yes, oh, free tool.
That's really, that's great advice.
Because we can't chase what we're not aware of.
That's right.
But a lot of people will say, Chris,
a thousand dollars a month, how can I invest that?
The average car payment is five hundred 78 dollars a month.
Five hundred and 78, for an average of five years, Rachel.
That's right.
So just imagine this.
Let's say you attack debt.
Get that car payment out of your life, paying it off.
Now you can use that 578 toward investing.
That's right.
Instead of sending it to the car company.
It's all about paying off and trading out.
It is.
So it's about being intentional.
So, I want people to know this.
We gotta get out of debt.
You mentioned this.
We've gotta attack--
It is the worst four letter word.
It is the worst--
It really is.
Of four letter words.
Because interest that you're paying is a penalty.
Right?
You're paying a fee for using someone else's money.
Now, we've been on here before talking about attacking debt.
We use Dave Ramsey's method, the debt snowball.
So you list your debts out, smallest to biggest.
You make minimum payments on everything else except
for the little one.
That little one, I want you to attack it.
Sell some stuff.
Throw every extra dime you have at it until you pay it off.
Once that one's paid off, move down to the next one.
That's right.
You give yourself a raise.
You take a bite instead of looking at the whole thing,
you take one step at a time, one bite at a time.
And you can do this.
So getting out of debt keeps more of your own money
with you, and you can invest.
Now, another thing.
See, we found that millionaires, on average,
only spend 35 dollars on a pair of jeans.
Okay, so they're intentional and they're frugal.
But they're also aware that they wanna live life later.
So I want people to attack debt and get intentional.
I agree.
When I go around in real life, I'm wearing vintage clothes,
and by vintage, I'm 50 so I've owned most of them
for 30 years.
(laughter)
and you know, I could never grocery shop in these things.
Do you know what I mean?
(laughing)
I don't do it.
So I think that that's great advice.
I really do.
I love that this is based on 10 thousand cases.
And they have proven this for us.
They've done their work.
Yes,they really have.
(audience cheering and clapping)
But I wanna give them one more tip.
Okay.
So to all of you all out there here,
and then watching, I wanna give you one final tip.
Use your company sponsored 401Ks.
Okay, you've got a great opportunity to put into the match,
but you can also use Roth IRAs.
It's a great way to grow money tax free.
So we've gotta put money away
if we wanna have money to spend.
You can build wealth.
I believe in you.
We just have to make decisions and work a plan.
(audience cheers)
I love you.
Alright. Thank you.
You make it so easy.
Thank you so much.
Thank you, yes ma'am.
Good to see you.
Love having you here.
(audience cheers)