1-Sentence-Summary: Everyday Millionaires proves how anyone can become a millionaire if they have a solid actionable plan and the willingness to work hard by drawing conclusions from the largest study ever conducted on the lives of millionaires.
Read in: 4 minutes
Favorite quote from the author:
Do you know what it takes to become a millionaire? Well, if you’re like most people, you probably don’t. In this book, the study reveals the commonalities among these millionaires: how they got where they are today, and how anyone can achieve similar results for themselves.
The book “Everyday Millionaires” by Chris Hogan is a step-by-step guide to becoming a millionaire, even if you don’t have a great deal of dollars in the bank today. Based on the largest study ever conducted on the lives of millionaires, this book shows you how to take control of your finances and turn your dreams into reality.
Here are three of my favorite lessons from the book:
- Most millionaires work for their money and follow a plan.
- Having a basic job but knowing some simple money laws can help you become a millionaire.
- Instead of adopting the mentality of a victim, be responsible and set goals.
The book presents a series of uncomfortable truths and also plenty of useful advice. If you truly want to grow financially responsible, stick around and hear all of them. We’ll go in detail below.
Lesson 1: The interview carried out by the author shows that most millionaires don’t inherit the money – they work for it.
The truth is that most millionaires are self-made men and women who have worked hard to get where they are today. They didn’t inherit their wealth—they created it through hard work and determination, along with some smart investments.
The author states that the interviews he conducted with the millionaires revealed that most of them didn’t inherit the money, but rather worked hard for it. Most of these people didn’t come from good families, high-paying jobs, or famous backgrounds.
Instead, they lived below their means, paid debt quickly, invested early, and kept being consistent in their actions. Michael Phelps is a great example. He is the most successful olympian in history and a phenomenal swimmer. He trained six days a week for six hours, and people still attribute his success to luck.
In fact, most people like to talk about millionaires as if they’re some sort of mystical, incredibly lucky beings. People usually prefer to think of such successful individuals as fortunate rather than hard-working because that comforts them. It means that they can justify their lack of consistency because luck is not purposefully attainable.
Lesson 2: The myth about millionaires going only to high-end schools, having all sorts of degrees, and working high-paying jobs needs to stop.
Millionaires don’t necessarily come from high-end schools, have a bunch of degrees, work in real estate, finance or other such jobs. The truth is that the majority of millionaires do not come from families with money. In fact, some of them did not even graduate from college!
It’s time to rethink the whole idea of “wealthy.” Wealthy is not about how much money you make; it’s about how much money you keep.
Here are some more interesting facts about millionaires:
- Millionaires work hard and save their money. They don’t spend it like the majority of people. They make smart investments and follow a budget.
- Millionaires know how to live below their means—even if they make six figures or more per year! They know that there’s more to life than buying things with credit cards or taking lavish vacations every year.
- They invest in their future by saving as much as possible while they’re young so they can retire early and enjoy life later on down the road.
- Millionaires don’t just have one job—they have multiple sources of income.
The secret to becoming wealthy doesn’t always consist of luck, a better job, or more of anything at all. It all narrows down to mastering these money laws and making the best of your income. For this reason, many of these millionaires are regular people who worked basic jobs. What made them wealthy was their habits.
Lesson 3: Not a single self-made millionaire lives by a victim mentality.
You might’ve heard this before, but millionaires, especially the self-made ones, don’t like to complain, don’t gossip much, and they surely don’t blame their misfortune on external factors. In other words, they don’t live by the victim mentality, nor spend too much time overthinking situations.
Instead, they’re men and women of action. Less talk, more doing. Less complaining, more gratitude. The list can go on, but that’s not the point of this lesson. Instead, the aim is to make you understand that a winning mentality and a victim mentality cannot coexist.
To break out of this mindset, you’ll have to practice intentionality. When you’re intentional in your actions, you’re no longer sliding through life, waiting for things to happen as if you were on autopilot. Instead, you make them happen. How? By taking action and mastering your decision-making progress.
Much like everyone else, you too have to make decisions, so you better think them through and be confident in your choices. One way to start deciding when it comes to money instead of hoping the odds play in your favor is through initiating a savings plan, a retirement plan, and an investment plan.
Don’t just wait to get rich. Act upon it! In the same way you complain about the lack of money, you can start putting aside some of those hard-earned pennies. Even better, make them work for you! Set goals and break them into objectives, so that you have a clear plan. In other words, start deciding and ditch the victim mindset.
Everyday Millionaires Review
Everyday Millionaires is an eye-opening book for the everyday person who struggles to live meaningfully, thinks financial independence is a modern myth or simply doesn’t know how to break out of the victim mindset.
If you want to learn how millionaires are being made, how money can work for you and not against you, or how these people think ahead of the game, give this book a try.
It is truly an insightful piece that delves deep into the minds of successful people and explains how millionaires are not always high-earners, but rather mindful spenders.
Who would I recommend the Everyday Millionaires summary to?
The 30-year-old person living paycheck to paycheck and wants to break out of this cycle, the 24-year-old person who is ready to get serious with their finances, or the 38-year-old life coach that is looking to refine their skills and learn more useful advice to pass on.
Last Updated on October 6, 2022