- The first car that I can remember
my dad driving when I was a kid was 1985 Chevy Lumina.
It was great, it had four doors, it was epic
and at the time I didn't really understand
the types of cars that wealthy people drove
and it wasn't until I went to a carnival
and I won a poster of a yellow Lamborghini
that I started to finally get it,
but just because of my upbringing
I don't think I ever thought that
I could ever have enough money
that I could build enough wealth to buy that type of car
and what I didn't realize at the time, that I know now,
is that I was already believing a myth,
a myth that I didn't have the potential
to become a millionaire
and I'm not the only one that believes these myths.
You believe these myths too.
So today we're gonna find out, what ar the five
most common myths that people believe
on how others become millionaires
and we're going to debunk those myths
so that you can see that you have the potential
to become a millionaire too.
So let's find out what these five myths are right now.
(upbeat music)
What's going on y'all?
Welcome to Wealth Hacker TV, the channel dedicated
to teaching you new ways to grow wealth
that is not taught to you in schools or by your parents.
I am your gracious host, Jeff Rose,
and today we're talking about common myths
that people believe on how others become millionaires.
So these are things that people think
on how others gain wealth, get rich,
and become a millionaire,
but here is a simple fact, if you believe
that you cannot become a millionaire, it will not happen.
So if you don't have the right mindset
that thinks, that believes that you can become a millionaire
it will not happen,
and this is something that I had to change
and this change didn't happen overnight,
it took time, it took time
from riding in my dads 1985 Chevy Lumina
to in high school driving a 1991 Geo Storm
to finally getting to a point where I became a millionaire.
So what are some of these common myths that others believe,
that you probably believe on how others become millionaires.
Well let's find out what those are right now.
All right, the first common myth that people believe
on how others become millionaires
is that they inherited all of their money.
They just think oh that's how that person got rich.
They just must've got a big fat inheritance,
like they didn't work hard, they didn't hustle,
they just inherited the money,
and that's actually not true.
It's actually reported that only a quarter of people
that become a millionaire inherited that money.
So only 25% of people that have millionaire status
inherited the money, the rest of us
actually worked for that money.
So maybe you're not as lucky
as Michael Jackson's chimpanzee, Bubbles,
who reportedly inherited $2 million,
but that's okay, because guess what,
you can become a millionaire.
Not everybody that's a millionaire inherited the money.
They started a business, they saved, they invested,
they figured out a way to grow wealth.
They didn't just sit back
and wait for their wealthy parents,
grandparents to kick the bucket and inherit all that money.
So go ahead and get that myth out of your system right now.
All right, the second myth that people believe
is that millionaires are all lucky,
as if they just walk out into the field,
and then all of a sudden, boom, they find that pot of gold,
or they got stacks of cash just falling from the sky,
like that's how they get their wealth,
but here's the harsh truth, most millionaires are self made.
I didn't inherit any money.
I didn't come across a pot of gold in the field.
I had to work my butt off
to get to the point where I am today.
Was there luck involved?
Well let me tell you this,
here's how millionaires are lucky.
It's because we keep putting ourselves in situations
where opportunities will present themselves to us,
because we are going out there, we are trying new things,
we are trying new businesses, we are networking,
we are pressing the flesh,
and just doing what it takes to grow that wealth,
and when you put yourself out there,
when you put yourself at risk for potential failure,
that's how you meet people,
that's how you get that sweat equity,
that's how you grow wealth by experience and networking.
You know what's funny, when I share with others
on how I met my business partner
on one of my online businesses.
Now this is one of the businesses
that has grown exponentially in the last few years.
When I tell people how we met,
and we met online through a mutual online acquaintance,
who I had never met in person,
but the reason that we met is
because I was grinding it out, I was hustling,
I was networking, I was trying to expand my business,
trying to expand my network and meet new people,
and because of that, by luck, I met my business partner,
that has opened so many other doors
and that's how millionaires get lucky,
it's because they're not afraid to try new things,
they're not afraid to put themselves out there.
That's how you get lucky.
You get luck by taking risk.
All right, speaking of risk,
the third myth about how others become millionaires
is that they make risky investments.
Okay, now do millionaires, do wealthy people
make some wealthy investments, well of course they do,
but most the time they are weighing the risk
versus the reward.
They're not just gonna put all their money,
blindly into something that they don't understand,
hoping to turn a fortune
and in fact, most of those people
are going to lose all of their money
or at least a good chunk.
Yes, in my personal situation
I have taken some unnecessary risk with some investing,
but I never put my family in a situation
where we were at risk of loosing our house,
or loosing our way of life,
and If I took a risk
it was always with a small amount of money
in relation to our entire portfolio,
like I never wanted to lose everything.
I've always been very careful to understand the risk
before I get into anything.
I think this quote by Warren Buffett sums it up best.
Warren has to say, "Don't risk what is important to you
to get what is not important to you."
'Cause at the end of the day
I have learned that making a fortune and building wealth
at the sacrifice of my family is not worth it
so make sure that you know
what you're getting yourself into.
Weight the risk verses the reward.
All right, we're gonna stay with risk for number four.
So the millionaire myth number four
is that millionaires take stupid risks
to build wealth quickly.
So not everybody is Elon Musk,
where we're gonna take all the money we made form PayPal,
$165 million and invest that into Tesla and into SpaceX.
Elon is a different breed.
He is a rare animal.
Like I mentioned before, most millionaires
are going to weigh the risk verses the reward
before they put their money into anything,
but yet many people believe
that how other millionaires get their money,
how they accrue their wealth and make their millions
is that they're putting they're money
into stupid, crazy, risky things,
but see most millionaires just don't
throw money into a start up, or put money into Bitcoin,
or trying to day trade penny stocks.
That's how many people want to accrue wealth
and make their millions when they want a short cut,
but most millionaires don't have a short cut strategy.
They have put in the time, they've put in the money,
they have put in the work
to accrue their millionaire status.
All right, the fifth myth that people believe
on how other's accrue their millions
is that they have graduated
from some sort of prestigious or private college
and that is no further from the truth.
It's actually been reported that over half,
check this out, over half of all millionaires
have graduated from a public school,
not a private school, a public school, and it gets better.
10% of all millionaires don't even have a college degree.
So if you are going to a public school
or you have even got a degree yet
there is a chance, there is a hope,
that you can become a millionaire.
So if you don't believe me, check this out.
Whenever I was graduating high school, living in California.
I applied to UCLA, guess what, I got denied.
I ended up going to community college.
After community college
I applied to the University of Illinois,
and guess what, I got denied.
So I ended up going to a public state school
and I even started an MBA program
that I dropped out on after one class
and despite all of that, I became a millionaire.
Do not believe these myths.
You can become a millionaire,
but it takes first of all of getting your mind right,
getting your mindset right.
You can become a millionaire.
That's where it starts.
Then you gotta try new things,
you gotta try the side hustles, you gotta start networking,
you gotta start reading books,
you gotta get off the YouTube, you gotta educate your mind,
put yourself out there to see what happens.
That's the only way, that's the only way it's gonna happen.
You gotta make it.
All right y'all, hope you enjoy this video.
Until next time, reminding you that it's your money,
it's your life, and only you can make it awesome, peace.