- Hogan, you're back!
- I am back, and I'm excited to be with you.
- I'm so glad.
Okay, so I can't wait to dive in, because
people believe the lie that you just can't become
a millionaire today. But that's a lie people.
That's a lie.
So let's go through really quickly
the top three lies people believe.
And I want you to like, hit me with the truth, okay?
- Okay. All right.
- But don't really hit me.
- No, I would never do that.
- That would hurt.
(laughs)
- But I'm going to tell you the truth.
- Yes, do.
- Because you're right, there are some lies out there.
So alright, you lead.
- First lie is: A lot of people believe
to become a millionaire you have to inherit your money.
Or that millionaires, they've only become millionaires
because they inherited a bunch of money.
- Rachel, people actually believe this.
- [Rachel] Yes!
- And you know why?
It's easy for people to believe that,
hey someone just handed it to them.
Nobody really worked hard themselves.
So here's the fact:
We studied over ten thousand millionaires
all across the country.
Okay, we did the largest study that's ever been done.
We found out the truth.
According to our research 79% of the millionaires
didn't inherit a dime.
- Nothing.
That means that they didn't have it handed to them.
This was someone that actually
worked hard and built wealth over time.
So inheritance, no.
- Okay another lie is people say,
"Well I have to make a ton of money,
I've got to make at least six figures
in order to become a millionaire."
- Rachel, this is another myth.
It's not true.
According to our research,
we had a third of the millionaires that we studied
never had a six-figure household income.
Can I tell you something else?
- Bring it on. - Top three positions.
Top three position of the millionaires that we studied.
Number one was engineers.
Right, which isn't surprising. They plan stuff.
Number two was accountants.
- Not that surprised. - Makes sense. Sure.
- They know money.
Number three blew me away.
Number three was school teachers.
- Okay I love that you mentioned that
because we actually just had Elizabeth on the show
and she's a teacher.
She's on Baby Step Six, so she's like,
she's working her way there.
And she will, she will become a millionaire.
- She will Rachel.
- With it, which I love.
- Because she's attacking with Baby Step Six.
She's going to pay off the house
and then she's got that value,
plus the money she's putting into her 403B.
She's well on her way,
because debt's not stealing from her anymore.
She's being intentional.
- That's right. Okay,
so there's a lot of interesting things
you guys found out in the survey.
Things like: typical millionaires, they coupon,
they drive used cars, all these cool things.
But I want to know, like the real, tactical stuff.
To truly have a net worth of a million dollars or more,
there's really three big things that you have to do.
Yes, all these other things help for sure.
But one of them is when you start to win
to keep your lifestyle still at a minimum.
- That you don't go crazy— - That's right.
- spending a bunch of money.
- No, these people, these everyday millionaires,
I call them, because they're everyday men and women.
You wouldn't know it Rachel, when you met them.
They knew what allowed them
to get to that million dollar net worth.
Being intentional with their money,
being very focused. And yeah they have nice things,
but they save up and they pay cash for it.
- It's so good.
- [Chris] Yes.
- So even upping their lifestyle
just a very small percentage, they don't go crazy.
- [Chris] That's right.
- I love that.
Okay, another thing to get you there is investing.
- Rachel, you know this is the truth.
Right?
Can I tell you this.
80% of the millionaires that we studied said
the number one thing that caused them to build
a million dollar net worth was one thing:
employer-sponsored retirement plans.
And one more thing: 68% of the millionaires that we studied
used an investment professional.
That means they had someone to guide them along the way.
That's why you and I talk about Smart Investor Pros.
You don't want to do this alone.
- Right? - That's right.
- If you've got car trouble, you go see a mechanic.
If you've got a health issue, you go see a doctor.
We're talking about your dreams and your future.
You need to talk to an investment professional.
- So good you guys.
I mean seriously, when you're investing
your money is working for you.
But I want you out of debt.
Have your emergency fund in place
and start down that path.
- Yes.
- Okay, the other big thing is paying off your house.
A lot of millionaires say that they got
a lot of their net worth by paying off their house.
- Yeah.
This is the last big step.
You and I know this.
Being plugged in with Financial Peace University,
when you become 100% debt free,
and now that mortgage payment isn't leaving you anymore,
that mortgage payment now is there to do more
for your family or to help you catch up
for your retirement dreams.
- [Rachel] Yes.
- But this is a big deal.
So much so that I developed a free tool.
It's a net worth calculator at my website
chrishogan360.com
to help people understand, what is your net worth right now.
And I want to explain it to your viewers.
So to get to net worth, what you take is all that you own—
that's in your bank account, your 401k, your IRAs—
add all that up and subtract out anything you owe on.
So what own minus what you owe.
If that end number's a million dollars or more,
then congratulations, you're an everyday millionaire.
- You're a millionaire.
- That's right.
- And the great thing is—
we talked about it earlier in the episode, but it's so true—
is that this is possible.
Society's going to tell you no, unless you're famous,
or you have a rich family, there's no way
you can become a millionaire.
You can.
Anyone can.
And your book is to prove it right?
- It does prove it.
- The everyday millionaire.
- That's what got me started down this path.
The American Dream is alive and available.
What we have to do is make a decision
that we're going to do it
and you have to keep deciding every day.
- So good you guys.
You can do the impossible.
- It's possible for you. - It is possible.
- Okay, so if you're curious about this book
because it is so good,
you could actually read the first two chapters
completely for free. Just click the link below.
- Are you giving away my stuff?
- Just a little bit you know.
Just a giver. I'm a giver on the show.
- You are a giver.
- It's called The Rachel Cruze Show.
- Yeah, you are kind of in charge.
- Welcome, welcome (laughs).
- You're kind of the boss.
You're small, but you're the boss.
- I'm bossy sometimes, yes.
- So much so.
- Hogan, thanks for coming on.
- Thank you for having me. - Seriously, great information.
- Thank you, ma'am.
(cymbols clanging)