Below are the notes I took while reading Chris Hogan's book Everyday Millionaires: How Ordinary People Built Extraordinary Wealth―and How You Can Too. To be honest, I was not thrilled with the book. It felt like a summary of Dave Ramsey's The Total Money Makeover. I wish the book had delved into more of the interviews that were conducted rather than just presenting endless stats.

The notes I took while reading this book:

Common myths regarding the rich:

  1. Wealthy people inherited their money
    • Reality: 79% of millionaires recieved no inheritance
  2. Wealthy people are just lucky
    • Reality: 76% of millionaires believe that anyone can become a millionaire with discipline and hard work.
  3. Wealthy people make risky investments
    • Reality: 79% of millionaires used their employer sponsored retirement plans
  4. Wealthy people take stupid risks to get rich quick
    • Reality: The average hit millionaire status at 49 years old
  5. Welathy poeple have a big leg up in education and careers
    • Reality: 88% of millionaires graduated with a bachelor's degree compared to only 33% of the general population. Almost 50% had a "B" average or lower in school

68% of millionaires with a college degree never took out student loans

Myth: Wealthy people have high paying jobs

-⅓ of millionaires never had a 6 figure household income

-Top 3 careers were engineer, accountant and teacher

-Only 18% own a business

An excuse is a lie dressed up as an explanation

53% identifying as introverts and 47% as extroverts

Five Common Attributes of Millionaires:

  1. Take personal responsibility for their money decisions
  2. Goal oriented
  3. Hard workers
  4. They understand wealth building takes consistency
  5. Practice intentionality with their finances, living on less than they make and exercising discipline in their budgeting

50% of baby boomers have less than $10,000 saved for retirement

Taking personal responsibility for their finances is the first step in getting where they want to be.

86% of millionaires learned the importance of saving and taking control of their money from their parents.

85% of millionaires describe their parents as savers. Of those, 13% said their parents were extreme savers

“If you’re the problem, that means you’re also the solution”

86% of millionaires actively get advice from mentors

68% of millionaires used an investment pro to achieve their high net worth

94% of millionaires say they live on less than they make, compared to 55% of gen pop

95% of millionaires save up for big expenses, compared to 67% of gen pop

93% of millionaires use coupons when shopping

Drive older cars with no car payments

Typical millionaire spends $200 or less per month on restaurants

96% have never had a past-due bill

73% have never carried a credit card balance

92% of millionaires develop a long-term plan for their money

70% of millionaires saved more than 10% of their income throughout their working years.

96% of millionaires enjoyed what they did for a career, and 64% say they “loved” their jobs.

Millionaires never stop learning

Millionaires prioritize their personal health. 80% workout at least three times a week.

71% of millionaires never give financial support to their children over the age of 25

80% of millionaires are married, 63% with their first partner

Financial independence can be broken down into four things:

  1. Flexibility - do what you want rather than what someone else wants
  2. Margin - no one else has a claim on your money
  3. Options - power to make choices
  4. Availability - freedom to be where you want when you want