502: The Way to Build Wealth, with Chris Hogan

Chris Hogan: Everyday Millionaires

Chris Hogan is a best-selling author, a personal finance expert, and a leading voice on retirement, investing, and building wealth. His goal is to help as many people as possible avoid financial traps and set their families up for the future.

His book Retire Inspired: It’s Not an Age; It’s a Financial Number* is a number one national best seller. He is also the author of Everyday Millionaires: How Ordinary People Built Extraordinary Wealth―and How You Can Too*.

In this conversation, Chris and I discuss the national study that his organization conducted on everyday millionaires. We address some of the common misconceptions about millionaires. Plus, we detail both the mindset and behaviors that millionaires have that support the creation of wealth.

Key Points

• The top three occupations for millionaires are engineer, accountant, and teacher.
• Millionaires steer clear of debt.
• Millionaires have a mentality of abundance vs. scarcity. They embrace change and usually see adversity as an opportunity for growth.
• Millionaires are frugal, not flashy. They spend less than the general population on groceries, restaurants and clothing.
• Employer sponsored retirement plans are a key vehicle the vast majority of millionaires use to build wealth.
• Only 1 in 5 millionaires receive any kind of inheritance.

Resources Mentioned

• Everyday Millionaires: How Ordinary People Built Extraordinary Wealth―and How You Can Too* by Chris Hogan

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• Improve Your Financial Intelligence, with Joe Knight (episode 244)
• Four Rules to Get Control of Your Money, with Jesse Mecham (episode 356)
• Dumb Things Smart People Do With Money, with Jill Schlesinger (episode 396)

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