Chris Hogan shares surprising data and insights from a 2017 study of 10,000 millionaires and the habits that made them wealthy. It’s not what you think. In fact, many never made a six figure salary. Ever.
Chris contrasts broke money habits versus millionaire habits, and gives practical advice to young leaders about making progress even on a low salary, and to Boomers who haven’t (yet) saved enough to retire.
Welcome to Episode 368 of the podcast. Listen and access the show notes below or search for the Carey Nieuwhof Leadership Podcast on Apple Podcasts or wherever you get your podcasts and listen for free.
Plus, in this episode’s What I’m Thinking About segment, Carey talks about why engagement, not just attendance, is so important for churches.
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INSIGHTS FROM CHRIS
1. You don’t need to make a high salary to be financially secure
Most people assume that if you ever want to be a millionaire, you need to have a high salary. Chris proved this to be a myth. In their survey of 10,000 millionaires, Chris and the Ramsey team found that the third most common profession of millionaires was…teachers.
Why so many teachers? Chris thinks it’s because of how teachers are wired to help their students learn, and while they are teaching their students, they’re also learning for themselves. So, although they don’t make a lot of money, they learn to do wise things with their money early on.
2. No, you won’t “do better” with money once you make more of it
Many people have the mindset that they can always make more money, so they spend as much as they want, and think they will make more money to make up for it later. This leads people down a dangerous path. Usually, people doing this will say things like, “Oh, I’ll start saving for retirement when I make X amount of money.”
Here’s the deal, if you don’t take care of what you’re making now, you won’t take better care of more tomorrow. This is why lottery winners usually blow all of their winnings and many pro athletes end up broke. If you want to win with money, it needs to start today, no matter what you make.
3. Chris has two universal rules of investing
- Never invest in something you don’t understand.Anything that sounds too good to be true usually is. Before you invest in anything, you need to understand what it is and why it’s a wise investment. If you look at the study of millionaires, the number one tool these millionaires used to build wealth was their employer-sponsored retirement plans. They didn’t get fancy, they were consistent and simple with their investing, and it worked.
- You need a long-term mindset when investing.Too many people fall into the “get rich quick” mindset. If you want to be successful in your investing, you need to have a long-term mindset. Any investment you make, you should plan for it to sit for at least five years. This could be real estate or investments into mutual funds. Whatever it is, plan to leave it there for a long time.
Quotes from Episode 368
Looking for a key quote? More of a reader?
Read or download a free PDF transcript of this episode here.
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Next Episode: Greg Atkinson
Greg Atkinson returns to talk about welcoming guests online. So much has changed since COVID hit, and Greg shares best and worst practices for engaging online and in-person guests, how to move attenders into engagers, and how to best deal with trolls and other people who threaten to take you off mission.
Subscribe for free now so you won’t miss Episode 369.