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.

[thecitizenoftheinternet]

My wife made me a millionaire.



I used to be a billionaire before we got married.

[greatscott]

"A weak man sees success, and becomes envious. A strong man sees success, and becomes inspired."

[frantabor]

My father often said: "The harder I work, the luckier I get."

[TickedOffPriest]

I knew someone who looked through a local millionaire's trash can to see what sort of expensive things he bought.
Turns out, he just bought the most cost-effective products.

[hicehamer]

His voice is smooth as varnish in mahogany.

[ligarsystm]

I would argue 80-90% of Americans don't have an income problem but a spending problem. The best piece of advice I ignored from my peers was "you need another credit card"

[jomama]

This man... this man right here... He pronounces every... single... syllable

[wilshirestrasse]

Practical video. Only one point I'd add:
To build any amount of wealth, you must have the self-discipline to delay immediate gratification.
Not everything new needs to be bought.
Thank you for posting.

[sndsergiu]

A old man told me one day: "doesn't matter how much you earn, it matters how much you spend".

[mattyb]

Alexandria Ocasio-Cortez dislikes this video...

[fobbitguy]

Not sure if I got the following rules from Dave or chris, but they are:
1) graduate from high school
2) don't have children out of wedlock
3) take a job, any job.
4) stay out the criminal justice system
5) live on less than what you make.
Keys to success in America

[itsjaydev]

why do big black men have such epic voices?

[rippedreaper]

"A consumer mindset will never make you rich" - What my 40 year old multi millionaire cousin told Mr at 14.

[DomenicEliaisalegend]

My mom is a self made millionaire simply by purchasing a house in a good neighbourhood before it blossomed. Initial investment of around 500k turned into 2 million 25 years later. Toronto’s housing market is ridiculous.

[digitalfootballer]

The old saying "the first million is the hardest" is very true. Think about this. A disciplined person could live off the interest from a couple million and never touch the principal. Just 5% a year (which is low) would yield $100K in interest on $2M.

[JHohenhauser]

How to be a Millionaire:
1. Give your $10, 000 to that Nigerian Prince
2. Wait two weeks
3. ???
4. Profit

[lawrencemiller]

Dave Ramsey talks about the everyday millionaires. Yes they exist as common people on an average salary.

[jsbFF]

Luck happens when preparation meets opportunity.

[Suffer-grow]

Hard work is not hard, self-discipline is!

[TheinnerCircl]

As a member of the "bourgeoisie" I feel its my duty to point out that there is no good 1000$ suit.
Joking aside the video is accurate, I personally known people who earns 6 figures annually but incapable of not spending it all on frivolous luxuries beyond their means and ruining their lives.
The secret of being wealthy(having a million or more net assets)usually is just having a long term goal and being reasonable with your spending (especially if you live in US and not mentally handicapped)