American author and personal finance expert, Chris Hogan helps people grow their money, prepare for retirement, and even how to start and grow their business. His book, Everyday Millionaire: How Ordinary People Built Extraordinary Wealth—And How You Can Too is based on the largest study of net-worth millionaires ever conducted.

In that book, Hogan points out some of the key attributes of millionaires.  One, they take personal responsibility.

Two, they practice intentionality, or as Hogan says in his book, “You see, nobody accidentally ends up retiring with millions in the bank, just like no football team accidentally wins the Super Bowl. These victories come from a ton of hard work and thousands of daily decisions.” Three, they’re goal-oriented. Fourth, they’re hard workers. And five, they’re consistent.

For those of you who want to reach millionaire status, here are some key insights Chris Hogan has shared.

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1. If You Do or Do Not Think You Can be a Millionaire, You are Right

“If you believe you could never become a millionaire, then you will always prove yourself right. You’ll never save enough or work hard enough to overcome that core conviction. However, if you open yourself up to the possibility—the probability—that a $1 million net worth is within your reach, then you’ll already be halfway to the goal.” 

Work hard, take responsibility, and don’t discount yourself. Think beyond any limitations you may have. Think like a millionaire and work hard to achieve your goals.

2. Compounding is Key

“Compound interest is the eighth wonder of the world. He who understands it earns it. He who doesn’t pays it.” 

Compounding can create a snowball effect. Your original investment plus the income earned from that investment begin to grow together. Ultimately, it leads to a greater return. As noted by Schwab, “As a rule of thumb, to see how long it takes for your savings to double you can use the Rule of 72. Simply divide 72 by the expected rate of return.  For example, if your investments returned 6% annually, you would double your investment about every 12 years.”

3. Become Self-Made

“Build wealth on their own without any inheritance. 79% of millionaires received zero inheritance, meaning only 21% received any inheritance at all. Only 16% of millionaires inherited more than $100,000, and only 3% inherited $1 million or more. So, it’s safe to say that at least 84% of millionaires—if not more—built their wealth on their own!” 

Never compare yourself to others. Beat your path. Make things happen over time. Not a lot of people become overnight millionaires.

4. Don’t Make Excuses 

“Build wealth on their own without any inheritance. 79% of millionaires received zero inheritance, meaning only 21% received any inheritance at all. Only 16% of millionaires inherited more than $100,000, and only 3% inherited $1 million or more. So, it’s safe to say that at least 84% of millionaires—if not more—built their wealth on their own!” 

In short, take responsibility for your actions. Work hard to achieve the goals you set. No one will ever just give you a handout. Work for what you want. Also, make your money work for you. Invest it wisely. Don’t just spend every dime on frivolous things.

5. Set Goals

“Set—and achieve—goals for yourself. An overwhelming majority (97%) of millionaires say they almost always achieve the goals they set for themselves.” 

If you want to achieve goals, such as becoming a millionaire, set goals. Work with professionals who can help guide you to further financial success. Work more hours if you can. Figure out how to create even more income for yourself, such as investing in dividend stocks.

6. Budgeting Is Always Part of Life   

“You will never outgrow the need to budget. The day you stop budgeting is the day you start moving backward in your retirement”

As I mentioned on September 14, “As of the second quarter, American households have about $17.796 trillion in debt, which breaks down to about $104,215 per household. Mortgage debt makes up about 70% of the household debt. Credit card debt is up to $1.142 trillion, with households seeing an average balance of $6,501 in addition to hefty interest debt. Meanwhile, nearly a fifth of Americans have no emergency savings to speak of.”

If you have high levels of debt, there’s a way out, which includes budgeting and saving.

7. Believe In Your Future

“I’m the reason I’m not winning yet, and I’m the reason I will win in the future.” 

You are responsible for you. If you want something bad enough, work for it. Nothing will be handed to you in life. Get off your backend and fight for your future.

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