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1-Page Summary of Everyday Millionaires

Overview

When the author was in his thirties, he started working with Dave Ramsey, who is famous for a radio program and books about financial discipline. This inspired him to become a financial coach and change how he saw things. He got out of debt and began creating wealth that lasts.

The key points in this passage are inspired by a study conducted on millionaires. The author and his team surveyed more than 10,000 American millionaires to find out who they were, what they believed in, and their success strategies.

There are many myths about millionaires that need to be dispelled. This passage aims to do just that by listing several of those myths and explaining why they’re not true.

In this article, you’ll learn why it’s important to never pay for a brand name education; how Michael Phelps’ Olympic success can be replicated by anyone; and the secrets of setting financial goals.

Big Idea #1: You can’t become a millionaire unless you believe you can – and once you do, be proud of it!

There is a myth that the American dream is dead. Some people say that the average person can’t get ahead in today’s society, but this isn’t true. It’s not a fact because it stops people from believing they can achieve their dreams. Hogan has experienced this firsthand as a black man raised by a single parent in Kentucky and becoming wealthy seemed impossible at one point, but he realized that if you have an unshakeable belief in yourself and your ability to become wealthy then you will be successful no matter what other people say about you or try to convince you of otherwise.

Roger Bannister is a great example of someone who changed the way people thought about something. He proved that it was possible for someone to run a mile in under four minutes. At first, everyone said that this wasn’t possible, but once Roger Bannister showed them how he did it, other runners started trying and eventually succeeded at running their own sub-four-minute miles.

Becoming a millionaire is possible. You can look around and see that others have done it, so you can too. There are almost eleven million millionaires in America today!

And once you become a millionaire, don’t be ashamed of it. Millionaires are proud of their success because they know that they’ve worked hard to get there and have nothing to be ashamed about. They’re motivated by setbacks and use them as fuel for future wins.

Let’s dispel some myths about millionaires by looking at the following key points.

Big Idea #2: Most wealthy people earn their money through hard work, and they deserve it.

We’ve all heard someone say, “I bet that guy’s never worked a day in his life.” Some people think that if you’re wealthy, it must have been either luck or being born into money.

Most millionaires don’t inherit their money. In fact, 79 percent of those interviewed didn’t receive any inheritance at all. They worked hard and lived frugally to achieve their financial success. Thomas was poor as a child, but he knew that he wanted to avoid poverty and alcohol in his life because both of his parents had died young due to alcoholism and other problems.

Thomas got his PhD, but he didn’t go for a high-paying job. Instead, he taught math for 37 years and became a millionaire. He avoided debt and paid in cash, worked extra when possible and invested wisely. People often think that some luck played a role behind someone’s million-dollar fortune; however, they are unable to see the hard work that was put into it.

Michael Phelps is the most successful Olympian in history. He’s gifted with a body that’s perfect for swimming and has been training really hard to be where he is now. A lot of people say he got lucky or was born with great genes, but they don’t realize how much work he put into it. He trained for up to six hours a day, one day off per week; swam almost fifty miles weekly as well as serious weight lifting.