With the help of my son Adam’s knowledge about everything money, I can now call myself an “everyday millionaire“, a phrase coined by Chris Hogan, author of Everyday Millionaires. The total of my bank accounts and investments minus my debts comes to more than $1 million. An everyday millionaire like me does not fit what most people think about millionaires. I’m not a guy that pulls up to a mansion in a luxury car and a $1,000 suit. I didn’t strike it rich in the stock market, win the lottery, or inherit a windfall from my parents. People think this way because they believe these myths:
Myth #1 – Wealthy people inherited all their money. In reality, 79% of millionaires got there with zero inheritance — zip from mom and dad.
Myth #2 – Wealthy people are lucky. In reality, 76% of millionaires say that nothing big happened that made them wealthy. Discipline and hard work were the key factors. As for luck, the luckiest thing in their lives was being a citizen of the USA.
Myth #3 – Wealthy people have prestigious private-school educations. Wrong again. 62% of millionaires went to public schools. You don’t have to be an Ivy Leaguer to make a million.
Myth #4 – Wealthy people have high paying jobs. Not true at all! One-third of all millionaires never had a job that paid six-figures in any working year. Really.
To explode these myths, Hogan’s research team interviewed over 10,000 millionaires, learning much, including that there are almost 11 million millionaires in the United States – more than ever. How can that be when there are so many people living paycheck to paycheck, with one third of families unable to cover a $2,000 emergency with cash? What makes people like me different from them? Hogan claims that the answer is nothing — except maybe my attitude toward money. I have learned to control my money and not let it control me. So here are Hogan’s tips for becoming a millionaire:
You have to believe that it’s possible for you to become a millionaire. There are millions of ordinary people like me who have done it.
Take responsibility for your current financial condition. Wherever you are, however you got there — own it. Financial radio talk-show host Dave Ramsey says, “If you’re the problem, it also means you’re the solution.” That means your financial destiny is in your own hands.
Create a plan and set goals. You need to methodically pay off debt and build up savings. 92% of millionaires set long-term goals for their money.
No shortcuts. You likely won’t get there accidentally. It takes hard work. But almost anyone who’s willing to work hard and use discipline in spending and saving can become a millionaire in America. And in this country, there’s always room for another millionaire.