Book Summary: Everyday Millionaires by Chris Hogan

Are you looking for a book summary of Everyday Millionaires by Chris Hogan? You have come to the right place.

I jotted down a few key insights from Everyday Millionaires after reading it.

You do not have to read the entire book if you don’t have time. This book summary provides an overview of everything you can learn from it.

Let’s get started without further ado.

In this Everyday Millionaires book summary, I’m going to cover the following topics:

What is Everyday Millionaires By Chris Hogan About?

According to Everyday Millionaires, a study of millionaires in the US reveals an essential truth – anyone can become a millionaire. 

No matter what your background is, how much money you make now, or how lucky you are, it takes just a little practical knowledge and a commitment to following a plan.

Who is the Author of Everyday Millionaires?

Chris Hogan is a best-selling author and financial expert, in addition to being a dynamic speaker and financial coach. 

He has taught thousands of people how to take control of their finances and achieve their goals through his work with Ramsey Solutions for over a decade. 

His podcast, The Chris Hogan Show, is released every week.

Who is Everyday Millionaires By Chris Hogan For?

Everyday Millionaires is not for everyone. If you are the following types of people, you may like the book:

  • Anyone who believes they cannot succeed
  • People who think all millionaires are rich come from money
  • Those aspiring to become millionaires

Everyday Millionaires By Chris Hogan Book Summary


While in his thirties, the author began working with Dave Ramsey, a popular radio host and author of books on fiscal discipline and wealth creation. Having been influenced by this, the author became a financial coach and saw things in a whole new light. The author was able to pay off his debt and begin building real, lasting wealth.

He uncovered what millionaires believe and, most importantly, what behaviors brought them success from his research on millionaires. 

According to the author, these findings are based on the largest and most comprehensive study ever conducted on millionaires. Approximately 10,000 American millionaires were contacted to gain insight into their habits, beliefs, and strategies.

About millionaires, there are many lies out there. There’s a need for things to be straightened out, and this is what these insights from Everyday Millionaires hope to accomplish.

Lesson 1: Believing you can become a millionaire is the key to becoming one – and then be proud to be one!

Many people believe that the American dream has died. In fact, some say that the average American cannot succeed in this day and age.

However, that isn’t the case. People who believe it will stop believing they can achieve their dreams because it’s a harmful lie. This is what Hogan has learned. Growing up in Kentucky as the son of a single mother, the idea of becoming a millionaire was as far from his mind as the stars. 

However, he found that as long as you believe you can become a millionaire, then you will succeed. There are people who will try to convince you that you can’t succeed. However, you don’t need to worry – there’s a simple trick you can use to discredit them: prove them wrong.

Roger Bannister, a British distance runner, is an excellent example of this. In his era, it was considered impossible for a human to run a mile in under four minutes. Many even thought it would make a runner’s heart explode! 

On May 6, 1954, Bannister ran a mile in three minutes and 59 seconds, proving the skeptics wrong. With Roger Bannister’s example, other people began to believe that they too could run a sub-four-minute mile. Someone else even completed it faster than Bannister did six weeks later!

It is similar to becoming a millionaire. It’s possible for you to do the same thing other people have done. Just take a look around. CNBC Money reported in 2017 that America today has almost 11 million millionaires!

Adding yourself to this number is nothing to be ashamed of. Rich people are proud of their accomplishments, and they know they won financially due to hard work. This was clearly demonstrated by Hogan’s study. Those who are millionaires believe that winning is always a good thing. 

Of course, millionaires don’t win all the time. They just don’t let setbacks stop them – they use them to motivate their next big win!

Now that we have dispelled some myths about millionaires and what they’re like, let’s get motivated.

Lesson 2: Wealthy people generally work hard for their money, and they deserve it

Most people have heard someone say, “I bet he has never worked a day in his life.” For some reason, people tend to assume that wealthy people must have been extremely lucky or born with a silver spoon in their mouth to get what they have.

However, guess what? The vast majority of millionaires do not inherit their wealth. Seventy-nine percent of those interviewed by the author had no inheritance at all. What got them where they are is a combination of hard work, sacrifice, and keeping a plan. 

Thomas is a good example. His family was rife with dysfunction and alcoholism as he grew up. As a result of both of his parents’ premature deaths, he knew that he wanted to avoid alcohol and poverty in his life when he was ready to go to college.

He didn’t go straight to a high-paying job after getting his PhD. For 37 years he taught math. He earned $2.6 million by the time he retired. Millionaire Thomas did not inherit a fortune – he worked hard to become one. By avoiding debt, paying with cash, and working extra when possible, he saved steadily. Often, people assume that luck was involved when someone has amassed a million or more. Truthfully, they don’t realize how hard the accomplishment was.

Michael Phelps is an example of this. He has a body that’s absolutely perfect for swimming and is the most successful Olympian in history. His success has been attributed to good luck and genetics. 

Phelps, however, trained for up to six hours a day with only one day off a week at his peak. Additionally, he lifted weights and swam almost fifty miles per week. Without hard work to back them up, all those genetic advantages wouldn’t amount to anything.

There isn’t much difference between millionaires and the average person. By relying on luck alone to make you a millionaire, you will never become one. In reality, everyone has the opportunity to succeed, regardless of their luck, inheritance, or lack thereof. 

Nevertheless, you must believe it. It’s a fact that every single one of the millionaires Hogan has spoken to does. Their wisdom allows them to pick out the right opportunities, as we will see in the next section.

Lesson 3: Rich people don’t become wealthy by taking foolish risks

Rich people may come to mind as flashy Wall Street traders making audacious deals that make them overnight millionaires. Well, sorry to burst your bubble, but reality isn’t like that. Risky investments aren’t the domain of wealthy people.

The author of the study found that none of the millionaires mentioned investing in single stocks, and it’s obvious why – the risk is simply too great. You are putting all your eggs into one basket when you buy a single stock. That investment could go belly up.

There are also cryptocurrencies. Nowadays, Bitcoin and the like get a lot of attention. It’s hot, new, and it can make people wealthy. Yet cryptocurrencies are essentially made-up money. Nobody is accountable for them, as they are untested and unregulated. It’s 100% risky, which is why millionaires generally avoid it like the plague.

On the other hand, what about the other end of the spectrum? Certificates of deposit and bonds are low-risk investments. Generally, they are very safe bets, but they tend to be low-reward as well. Millionaires usually avoid both the high- and low-risk extremes in their investments. 

In fact, 79 percent of millionaires say that their route to wealth was a retirement plan sponsored by their employers. And what did these millionaires invest most frequently in those plans? Stock mutual funds that balance a reasonable and diversified risk with a high growth potential.

This leads us to another myth – that millionaires get rich quick.

95 percent of millionaires took over ten years to get to where they are today; the truth is, most of them are in it for the long haul. Most were 49 when they earned their first million. There’s nothing more of a fantasy than getting rich quick, one that takes people’s focus off proven wealth-building methods. 

Hogan remembers being seduced by the promise of fast money back in the 1990s. He invested all of his money in one stock – AOL. He was convinced of his friend’s impressive fast returns. After soon learning how risky this could be, he lost $25,000 before finally coming to his senses and cutting his losses.

Lesson 4: Most millionaires don’t go to expensive schools or have high-paying jobs

A prestigious degree and a high-level job are necessary for membership in the millionaire club, don’t you think? That’s somewhat true. Just a bit. Millionaires tend to have college degrees. The author’s study shows that 88 percent of millionaires have bachelor’s degrees, compared to 33 percent of the general population.

It is clear that a college education is a valuable thing – according to Georgetown University, people who have bachelor’s degrees make 74 percent more in their lifetime than those who only have a high school diploma. 

However, education doesn’t have to be an expensive one. 62 percent of millionaires received their degrees from public state schools. I have nothing against private schools. If you can afford them, they are a good choice. 

According to CNN Money, the average private school year costs about $45,370. By comparison, state schools cost an average of $20,090. So a brand-name school costs twice as much as a generic one for the same degree.

Furthermore, many people turn to student loans in order to attend a private school, which is among the most dangerous mistakes you can possibly make. Don’t take on student loans – this can’t be stressed enough! They can ruin your life, taking away your ability to save and develop an interest in those crucial early years of your career. 

Millionaires took out 68 percent fewer student loans than the general population. Millionaires understand how important it is to stay debt-free during their college years to start saving money as soon as they begin working.

Careers in these fields do not necessarily involve high salaries. This is another myth about millionaires. Thirty percent of them do not earn six figures annually.

On average, only about a third of them earn $100,000 a year. How do millionaires make money? Engineers, accountants, and teachers are the most common professions. Most millionaires are normal people with regular jobs. Their behavior distinguishes them, not their earnings.

Lesson 5: Millionaires own the success of their finances and take responsibility for it

These days, the United States seems to be filled with crises. There are financial crises and opioid epidemics everywhere you go. However, no one seems to be talking about the crisis of responsibility facing the US today.

Most people do not manage their finances responsibly, which is a sad truth. For instance, retirement funds are not managed responsibly. Hogan’s team discovered that although 56 percent of Americans were worried about retirement, few were actually making preparations. 

One-half of the baby boomers surveyed didn’t have even $10,000 saved. 80 percent of millennials said they wished they were investing more towards retirement and building nest eggs, but they didn’t.

Then what’s holding them back? They are responsible for their investments, after all. They can’t rely on anyone else. A millionaire knows this. Ninety-seven percent of those surveyed believe that they alone are in charge of their destinies.

Taking responsibility for your finances will also allow you to begin your journey to becoming a millionaire. You start by identifying where you are and where you want to go, just like when using a GPS.

A person’s net worth determines where he or she stands financially. Net worth is what you own less what you owe. It is imperative that you calculate it precisely before you have any idea how well you’re doing. 

Online net worth calculators are easily accessible – in fact, the author’s website includes one. After you have the number, you’ll have that little dot on the map that tells you where you are.

Having figured out where you are, the next step is to determine where you want to go. Think about what kind of retirement you would like – and what your spouse would like, if you are married. What type of retirement would you like? How about the type of car you want? Be as specific as possible. 

Let’s get to the meat of the matter. Will you need a specific amount of money to realize your vision? Calculate how much you need to save, and how much you should save every month right now to hit that goal. You are the only one who can do this for you – no one else can.

Lesson 6: Millionaires are intentional about their finances

What are the signs of a millionaire? Most millionaires wear blue jeans and live unassuming lives, just as we do. Check out their behavior. They do things with intention.

Making a decision versus sliding requires intentionality. Sliding through life leaves you without control. If you don’t make a plan now, you’ll probably be surprised to realize you don’t have any savings when you retire. In contrast, making a decision involves being in control and making a conscious choice.

Take, for instance, Frank and Alice, who the author interviewed during his study on millionaires. Throughout Frank’s family history, the German immigrants were frugal and hardworking. The example they set for Frank as a boy has guided him throughout his life. They couldn’t imagine living beyond their means or taking on debt. 

Thus, he intentionally chose to learn about investing and building wealth rather than to spend money on flashy new things when he worked on Wall Street. Today, Frank and Alice have a net worth of $6 million, and they achieved this by not spending more than they earned and saving for the future, rather than shopping in pricey New York stores.

They’re in good company as well. 95 percent of millionaires prioritize saving for big expenses, according to Hogan’s study. What are the strategies millionaires use to maintain this discipline? They live within their means.

Today, budgets have a bad reputation. Most people think of them as a financial cage. A budget is not a cage. It’s a tool that lets you manage your money. Budgets allow you to stretch your hard-earned money further and make it go further. 

A budget also makes your finances more clear. Using it, you will be able to see exactly where every penny of your spending is going. You will then be able to make more informed decisions. Are you spending more on groceries than you need to? Adjust your budget, and you’ll find yourself with extra cash.

Lastly, budgeting lets you put your money to work – every dollar has a purpose. You can use that extra money for something more important, like saving, investing, and paying off your debt, rather than spending it on groceries.

Lesson 7: Millionaires set goals for themselves and work hard to achieve them

Millionaires are known for doing what they say they will do. Ninety-seven percent of millionaires report almost always achieving their goals. Setting SMART goals is the best way to achieve them. Anyone can do it.

The acronym SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound.

A specific goal is one that is high-definition. It must be specific, clear, and unambiguous. It’s important to have crafted a specific vision for retirement if you haven’t already.

Clearly defined milestones and metrics are the key to achieving measurable goals, such as setting aside a fixed amount of money each month. If you have these checkpoints, you can be sure that you are on track to achieve your goals.

Realistic goals can be achieved. There is no impossible goal, but if you make yours realistic, you will be able to reach it! It’s not feasible to take regular vacations and save money for an advanced degree at the same time. 

Relevant is the opposite of “random.” You can’t do both at the same time. The major goals you set should align with each other, leading directly toward your ultimate life goal. Time-sensitive means setting deadlines. 

For example, if you are planning on retiring at a certain age, you should know exactly when you want to do so. Don’t be afraid to set ambitious deadlines – you’d be surprised at what you’re capable of with a little pressure.

After you’ve gotten SMART, commit to your goals by writing them down. According to research by psychology professor Dr. Gail Matthews, this makes you more accountable and more likely to achieve your goals.

It is ideal to have both short-term and long-term goals. You can stay on track by setting short-term goals, like saving for a nice vacation. But long-term goals have the most impact on your life. 

Paying off your mortgage will probably be your biggest goal. When you do that, it becomes a 100 percent asset instead of a debt liability. This isn’t an easy thing to do, by any means. However, every year you don’t, it’s the bank rather than you who gets rich.

You could pay off your mortgage ten years early. You can then make ten more years rich with the money you would have spent on mortgage payments! You accomplish that by leveraging compound interest, which we will discuss in detail in the next section.

Lesson 8: Millionaires’ money grows while they sleep because of their consistency

Being patient is hard. Short-term rewards are tempting, after all. Millionaires, on the other hand, avoid distractions, concentrating instead on patience and consistency. Nothing beats compound interest when it comes to consistency. Many attribute a quote to Albert Einstein that calls it the most powerful force in the universe!

Consider investing $1,000 and finding that it’s grown to $1,100 after one year. If you keep the extra $100 where it is, it will also accrue interest. In other words, interest will earn interest. If you’re willing to be patient, it snowballs over time.

Where can you put your trust when it comes to long-term investments? Hogan’s study shows that the majority of millionaires make their money from 401(k) plans or old-fashioned company plans. Learn how to take advantage of them. Let’s say you plan to invest the recommended 15 percent of your income toward retirement.

You should check to see if your company matches your 401(k) contributions. If it does, make sure to invest in your 401(k) up to the match amount – if it is 5 percent, make sure to invest 5 percent. It is free money, so you should take advantage of it.

You should put as much of your money into a Roth IRA as possible, which works similarly to a 401(k) but provides more investment options. Speak with a financial advisor for advice. You should invest in a Roth, because it is a great way to grow your nest egg tax-free. 

Roth IRA contributions are capped based on your income, though. In the event that your income exceeds the current limit, the best thing to do is to invest the entire 15 percent in your 401(k). The Roth IRA also has a contribution limit – once you reach it, put the remainder into your 401(k).

Keep in mind that 15 percent is only a starting point. As soon as your mortgage is paid off, you will have extra income you can put toward your 401(k). Follow the plans you’ve made in order to achieve your ideal life, and add time as the magic ingredient. Achieving millionaire status will not happen overnight, but slowly and steadily you will become one as well.

Final Summary

Millionaires aren’t some rare breed. Wealth and privilege don’t come naturally to them. Rather, they are regular people who set goals early on and prepared themselves to put in the hard work and sacrifice necessary to achieve those goals. 

Millionaire status is one of the most cherished American dreams, and it’s not dead. Every day, ordinary people achieve it.

Further Reading

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