What It Takes to Become a Millionaire | 5 Minute Video
What’s the difference between America’s millionaires and the rest of us? Chris Hogan, author of Everyday Millionaires, and his research team interviewed over 10,000 millionaires to find out, and what they discovered exploded a number of common myths.
Check out Chris Hogan’s book “Everyday Millionaires: How Ordinary People Built Extraordinary Wealth―and How You Can Too”
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Script:
“He’s a millionaire.”
Even today that phrase has a magical ring to it.
And what image do you see? Probably a guy in a $1000 suit pulling up in his luxury car to his ten-bedroom mansion. He doesn’t have a care in the world. Why should he? He’s got all the money in the world.
Who knows how he got it. Maybe his parents left it to him or he got lucky in the stock market or acquired it in some dishonest way.
What does it matter? It’s out of your reach, right?
I don’t blame you if you think this way. I thought that way once myself. It’s how Hollywood and the popular media like to portray the wealthy… “the one-percent.”
But it couldn’t be further from the truth.
How can I say that?
Because my research team and I surveyed and interviewed over 10,000 millionaires. We learned a lot about them. What we found out surprised me, and, I suspect, will surprise you, too.
But before I explode some millionaire myths, let me first define what I mean by a “millionaire.”
It means someone who has $1 million dollars in net assets; that is, the total of their assets, bank accounts and investments minus any debts totals $1 million or more.
According to a recent report, there are almost 11 million millionaires in the United States today – more than ever. But here’s the kicker: that same report shows the number of people living paycheck to paycheck is on the rise, with one in three unable to cover a $2000 emergency with cash.
The key difference between the so-called haves and have nots? Well that’s what really blew us away. Before I give you that answer, I need to deal with some myths about the millionaires we talked to.
Myth #1 – Wealthy people inherited all their money.
The truth is, 79% of millionaires received zero inheritance. That’s right, zip from mom and dad. They earned it on their own.
Myth #2 – Wealthy people are lucky.
This is one that I believed for a long time. But in reality, 76% of millionaires say that nothing extraordinary happened to enhance their wealth. No lottery wins. No stock market killing. Discipline and hard work were the key factors. As for luck, the luckiest thing in most of their lives was being born in, or becoming a citizen of, the United States.
Myth #3 – Wealthy people have prestigious private-school educations.
Wrong again. 62% of millionaires went to public state schools. You don’t have to go to an Ivy League School to do well.
Myth #4 – Wealthy People Have High Paying Jobs.
Not true at all! One-third of millionaires never had a six-figure household income in a single working year. Really. I’m not making it up.
So, what makes these millionaires so extraordinary?
You ready for the shocking answer?
Here it is:
Nothing. Nothing at all.
Remember I said that there was one key thing that separated the haves from the have-nots? It’s the attitude millionaires have toward money. They have learned to control it and not let it control them.
So, if you want to achieve financial security, you need to change your mindset. The sooner the better. You have to start with the belief that it’s possible for you to become a millionaire. I can give you 10,000 examples of people like you who have done it.
For the complete script, visit https://www.prageru.com/videos/what-it-takes-become-millionaire
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Almost nothing. Just invest in the S&P500 from the time you're born (or atleast a teen) and you will be a multi millionaire in 50 years.
Because of the people I work with when I hear millionaire I see a dude in jeans and a plaid shirt.
I really wish I lived in America but unfrotunately I come from some decrepit wasteland of a country in Europe. But as you said, it is the attitude that matters. Not location either. Therefore, I believe I can make it too.
I do this way, and it works, I trust.
“The Millionaire Next Door” lined this out.
If someone had a 60 thousand dollar income, it would take 30+ years to get assets over a million dollars. Taxes take 10,000 dollars roughly a year. With this level of income it would take 20 years just to have made 1 million dollars, not that you’ll be a millionaire. You still have to pay for things like car payments, food, and other necessities that will make becoming a millionaire almost impossible. Basically, I’d look into where these statistics come from
step 1. be born rich
it probably takes a lot of money
well I mean starting a business is a fairly big risk most businesses will fail before you make millions of it and for most that mean failing and then paying the business debt off unlike billions though I do believe millions are self make cos most millions I see on YouTube are smart with there money they have big emergency savings lots or real estate and stocks
WE NEED A TERRORIST ATTACK ON THE BBC.
Thank God, positive thinking is all I need to become a millionaire. Didn't even bother to explain what long term goals I need
Believing that is so brain-dead
The Bible hates rich people!
In cash, elder care from 70-80 costs ~ 250K a year so you need 2.5 million to retire at seventy if you only want to live until 80. At 80-90 that number becomes 450K a year and 90 and up can run over a million dollars a year. If there is not serious healthcare reform and a massive unionization drive that puts ~70% of US men into a union Millennials simply will not be able to afford any form of retirement.
Nah it's still heavily based on luck bc there are ppl who have worked harder than those who became million aires but they still didn't.
How many of them still eat Kraft dinner?
Retiring as a millionaire is really easy (ofc of you don't need to support your family or starts in a bad position).
Only 100$ invested monthly since age 18 would make u a million dollar investment portfolio not including your pension or other assets you aquired along this period.
Discipline, hard work, discipline, integrity, honesty, responsibility.
Honestly it doesn't take that much to become a millionaire these days, just be in a stem field, marry someone, don't have kids (DINK), and save your money and dont waste it on vacations.
To be born in the family of the one.
Thanks Chris.
1 million is nothing these days
Great video
To be part of the US 1%, you have have either a yearly income of $750k or a networth of $10 Million. So the "Millionaire Next Door" is far from belonging to the 1%. Many millionaires are only house rich. It takes more than hardwork and discipline to become part of the 1%.
What do you mean by " being the citizen of United States"?
Straight from the shoulder, what I realized from this video is that I need to become a citizen of America in order to become a millionaire. Most of the time, the problem is within the country you are living in. Even if you do all those stuffs they what-so called "discipline and hardwork", if the authorities failed to comply to their task to govern the different sectors that relates to the economy, nothing will happen. Migrate and look for a better shelter, a better country, a better world.
A man I know became a millionaire, but he was a janitor all his life. He saved, and invested when he saw fit.
Be born in a wealthy family because in America if your born into a certain class, you’ll most likely die being in that class?
It's true that most millionaires earn their own wealth but from west I've seen most billionaires have started off in fairly wealthy families, for example Bill Gates, Paul Allen, Steve Jobs, and Jeff Bezos. I'm sure George Soros' initial start up capital came from stolen property he acquired collaborating with the Nazis during WWII.
This entire video shows as an ad on videos targeted towards kids, teenagers, and young adults. I want to enjoy my meme compilations without being targeted by PragerU to push some political agenda.
15 years I was homeless and had only a backpack with a few items. 4 years later I got some vocational training, then started a company. 11 years later and my company is growing everyday. In 20 years when I retire, I will be a self made millionaire from hard work, living below my means, and investing smartly.
Through property appreciation many people can become millionaires according to his definition across time.
Nooo, saving is not how you become wealthy. Investing makes your money work for you.
How did you become a millionaire?
I saved rather than spent. The end.
Right now, everyone that's smart, has a degree, is married to another smart degree holder, and is willing to put money first can be a millionaire by retirement, easily, unless they have a ton of bad luck.
Of course, there are many people who have the capacity to be millionaires, But they would rather use that money to give to charity or to support their kids, or maybe the mom wants to stay at home instead of grinding. That's fine because not all of life is wanting to be rich.
Great video- thanks you for sharing that- the current corrupt regime in control of our country want everyone instead dependent on the govt
From the first word he spoke I knew it was Chris Hogan!!! What a voice!
You lost most of the younger crowd. – "You have to take responsibility for your actions"
I need tis material in spanis
The number 1 thing that’s will steal your wealth is those fancy dinners and designer clothes ..you never see millionaires shopping at Gucci yo buy $250 slippers
This guy looks and sounds like if Terry Crews retireed and gorged on kfc.
How sad is it when conservatives have to lecture Americans about basic common sense.
a penny saved is 5-10 pennies earned in 20-30 yrs. it really works.
The only thing you want money for is to buy material stuff enyway so why save money and see it decrese in value due to inflation
Invest, make considered purchases, persue knowledge and you'll get there!
Myth 2 is abosutely not true. Even Dave Ramsey himself will say he had a bit of luck in building his brand, any true self made millionaire would say the same thing.
I recently did an assessment of my assets and was surprised what disciplined spending can accomplish. Some call it being frugal.
I love this. I don't understand why so many people hate the rich and bash them. I mean, don't they want to be rich as well? Why they don't try to learn and do something?
I'm not rich… Yet.