What It Takes to Become a Millionaire | 5 Minute Video
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- Опубліковано 15 вер 2024
- What’s the difference between America’s millionaires and the rest of us? Chris Hogan, author of Everyday Millionaires, and his research team interviewed over 10,000 millionaires to find out, and what they discovered exploded a number of common myths.
Check out Chris Hogan's book "Everyday Millionaires: How Ordinary People Built Extraordinary Wealth―and How You Can Too"
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Script:
“He’s a millionaire.”
Even today that phrase has a magical ring to it.
And what image do you see? Probably a guy in a $1000 suit pulling up in his luxury car to his ten-bedroom mansion. He doesn’t have a care in the world. Why should he? He’s got all the money in the world.
Who knows how he got it. Maybe his parents left it to him or he got lucky in the stock market or acquired it in some dishonest way.
What does it matter? It’s out of your reach, right?
I don’t blame you if you think this way. I thought that way once myself. It’s how Hollywood and the popular media like to portray the wealthy… “the one-percent.”
But it couldn’t be further from the truth.
How can I say that?
Because my research team and I surveyed and interviewed over 10,000 millionaires. We learned a lot about them. What we found out surprised me, and, I suspect, will surprise you, too.
But before I explode some millionaire myths, let me first define what I mean by a “millionaire.”
It means someone who has $1 million dollars in net assets; that is, the total of their assets, bank accounts and investments minus any debts totals $1 million or more.
According to a recent report, there are almost 11 million millionaires in the United States today - more than ever. But here’s the kicker: that same report shows the number of people living paycheck to paycheck is on the rise, with one in three unable to cover a $2000 emergency with cash.
The key difference between the so-called haves and have nots? Well that’s what really blew us away. Before I give you that answer, I need to deal with some myths about the millionaires we talked to.
Myth #1 - Wealthy people inherited all their money.
The truth is, 79% of millionaires received zero inheritance. That’s right, zip from mom and dad. They earned it on their own.
Myth #2 - Wealthy people are lucky.
This is one that I believed for a long time. But in reality, 76% of millionaires say that nothing extraordinary happened to enhance their wealth. No lottery wins. No stock market killing. Discipline and hard work were the key factors. As for luck, the luckiest thing in most of their lives was being born in, or becoming a citizen of, the United States.
Myth #3 - Wealthy people have prestigious private-school educations.
Wrong again. 62% of millionaires went to public state schools. You don’t have to go to an Ivy League School to do well.
Myth #4 - Wealthy People Have High Paying Jobs.
Not true at all! One-third of millionaires never had a six-figure household income in a single working year. Really. I’m not making it up.
So, what makes these millionaires so extraordinary?
You ready for the shocking answer?
Here it is:
Nothing. Nothing at all.
Remember I said that there was one key thing that separated the haves from the have-nots? It’s the attitude millionaires have toward money. They have learned to control it and not let it control them.
So, if you want to achieve financial security, you need to change your mindset. The sooner the better. You have to start with the belief that it’s possible for you to become a millionaire. I can give you 10,000 examples of people like you who have done it.
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"A weak man sees success, and becomes envious. A strong man sees success, and becomes inspired."
Great Scott! 👍
Another reason those who preach envy, teach failure.
The point made here is that every person “DOES” have the power.
it is not popular or cool to be getting out of debt (& you hear it a million times from a friend of Mr Hogan; Dave Ramsey).
what inspired me to take his advice is when he said most Americans do not have $2,000 saved and I absolutely KNOW that I didn’t need that movie, or that cheeseburger, or that app, or in game purchase, or candy bar, or Amazon Basics ____, etc.
We have power to make decisions. Making bad ones can hinder you but you can’t give up.
I fell down today, emotionally. But I’m picking myself up and I pray you have loving family and friends there for you.
please reply if you don’t - I can make a reminder to pray for you 🙏
@Random Name why not?
@Random Name what are the "outside forces?" We all, have bills. And what is your definition of poor? There are a lot of people, who work their way out of poverty. There are millionaires and billionaires who have come from nothing in our country. Where there's a will, there's a way.
This guy has a million dollar voice.
He sounds like a millionaire. His voice is Dominating
Was thinking the same thing.
exactly
BEYOND A DOUBT. James Earl Jones, watch out.
I agree. I wonder if he does voice-over a lot.
My father often said: "The harder I work, the luckier I get."
Frances Tabor That's what Trump says
@Jon Cocks bruh why you are you ruining this good quote. What if he is a millionaire, or he doesn't want to be a millionaire, maybe he is happy with what he got, or maybe he's working to be a millionaire
I guarantee you hes not on the street holding a sign saying give me money.
The Bible says there's advantage to every sort of hard work.
Study BibleProverbs 14:23
23There is benefit in every kind of hard work, But mere talk leads to want.
Traducción del Nuevo MundoProverbios 14:23
23Todo trabajo duro genera beneficios, pero quedarse solamente en palabras lleva a la miseria.
Reference BibleProverbs 14:23
23By every kind of toil there comes to be an advantage, but merely the word of the lips [tends] to want.
I would argue 80-90% of Americans don't have an income problem but a spending problem. The best piece of advice I ignored from my peers was "you need another credit card"
So cutting military budged and spend it into social things. But i guess u wouldnt.
Most of our budget goes to entitlements.
Absolutely. I am 42 years old and have only ever had one credit card, the same one since I was 21, with only a self-imposed $5,000 limit (It was initially all the bank approved me for, but I have declined subsequent suggestions by the bank that I can raise it). I only use it for emergencies, have never maxed it, and keep a minimal balance. Unless it's a necessity or emergency, anything I can't afford with cash can wait. As a result I have been able to live a very comfortable life off of a pretty average salary.
I agree with everything you said but ''you need another credit card''. I have 12 credit cards as of now, applying for a new one today, and have at least 3 other ones Im really interested on. ZERO debt and I save 40% of everything I make. So why do I and EVERYBODY needs so many credit cards? I have travelled the last 3 years for free, flight tickets, hotel stays, car rentals and more all for FREE. The more credit cards I have, the more miles and points I earn, so I keep on taking FREE trips to Europe, South America, Mexico. While everybody spends thousands paying for trips, I invest that money and get one step closer to my financial freedom.
Yes they have a spending problem. They just can't resist buying things. That's why they can't become millionaires. So here I am 50s never earned over $50,000 per year until this year where I'll be barely over that. Yet I've built up a nice IRA and a couple of houses owned free and clear. I'm on track to become a millionaire this year. Meanwhile I've had tenants who drive nicer cars than I do and own motorcycles and four-wheelers for recreation but can't afford to buy their own house. When I was in my 20s I bought my first house and my friend who bought a new car every other year and took expensive vacations didn't own a house until we were in our 40s. He has had a salary higher than me every single year of our life.
So you can see that it's all about choices that people make and their priorities in where to put their money. My friend could have put $150 per month into an IRA like I did but he chose to put that money toward car payments. He also could have saved up money for the down payment on a house but instead he chose to spend that money on vacations. Now all those cars that he bought are rotting in junk yards and all those vacations are over and there's nothing remaining of that money that was spent on those things. Of course he has the memories of the vacations but I have equally great memories of my inexpensive vacations camping and hiking in national parks. But the biggest difference is that I own my houses and he's still paying the mortgage on his first house.
This man... this man right here... He pronounces every... single... syllable
Stephen Vojta He the epitome of a narrator
And as a non-native English speaker, I really appreciate that.
voice of liquid gold i agree
@@Tursiopstruncatus Me too, it was easy to understand what he was saying
I knew someone who looked through a local millionaire's trash can to see what sort of expensive things he bought.
Turns out, he just bought the most cost-effective products.
Because being rich is not about spending like crazy. Poor people usually think "if I had X amount of money, I would buy this and that". People who get rich look at their money and think how they can multiply their money. You need to let money work for your, not you working for money.
I'm in this journey myself. Just opened my ecommerce business 6 months ago and I'm struggling to deal with cashflow issues because I didn't spend the money wisely. It takes a really different kind of mentality that, to be honest, you never receive in school. You have to develop it if you have nobody to influence it on you.
Yep, because the trash of a millionaire is an appropriate indicator of their spending habits. Not like there is other stuff that can't just be 'thrown away'...
My boss is worth about 10 million and has one of the biggest engineering companies in the country. He still pleads poverty and even does manual labour for the builder working on his house to save money.
I've manage to pay off two mortgages with a labouring job in 6 years too. I just live frugally, share bills with my mother and invest the my savings into property. I now let both the houses and they gain me a nice boost to my income.
Marcus, exactly. I'm by no means a millionaire but "Because being rich is not about spending like crazy. Poor people usually think "if I had X amount of money, I would buy this and that". People who get rich look at their money and think how they can multiply their money" is a perfect sentence. I avoid spending money on shit but I'm always very eager to spend a lot of it on something that'll make me more money.
TickedOff Priest that’s kind of creepy, bro. I have friends who do the same kind of things so I can’t judge you. I hope you mentioned to your friend that the man who threw that stuff away probably didn’t appreciate that. Lol.
@Tucson Jim - Funny you mention Mary Poppins, since it paints investors as the most boring people in life...
Practical video. Only one point I'd add:
To build any amount of wealth, you must have the self-discipline to delay immediate gratification.
Not everything new needs to be bought.
Thank you for posting.
Agreed. I don’t know why some of my classmates think, “Oh I need the Iphone 11,” or whatever even though their old phone works perfectly fine, especially since the 11 is probably gonna cost like, A LOT.
If AOC typed this comment it would look like “to build any amount of wealth, YOU MUST BE EVILLLLLLL”
@@Yuh_mama She's been brainwashed by the socialist colleges into thinking people who have more resources than everyone else are evil. AOC is actually making over 150k per year which puts her in the top 10%. That makes her a walking contradiction.
@@justinwayne445 don’t forget that she deserves a raise... er uh excuse me, a “cost of living adjustment”
@@Yuh_mama not only AOC.. Elizabeth Warren too
His voice is smooth as varnish in mahogany.
@Beau Arroyo Now strip.
Lol, so true.
😂 You're so poetic 🤣
mmmaaahagony....
You should listen to him more on Dave Ramsey's UA-cam channel
Not sure if I got the following rules from Dave or chris, but they are:
1) graduate from high school
2) don't have children out of wedlock
3) take a job, any job.
4) stay out the criminal justice system
5) live on less than what you make.
Keys to success in America
Idk about #3 in most cases but the rest are good
William Huynh I would say become a cop but the current climate right now..... maybe after everything calms down lmao.
When I read #4, I thought you meant the entirety of the criminal justice system, like lawyers and police too XD. I had a literal moment of freeze before rereading that.
That was Ben Shapiro, I think...
William Huynh a valet driver retired at 30 look it up it’s possible. Make money on the side also is a option.
A old man told me one day: "doesn't matter how much you earn, it matters how much you spend".
Snd Sergiu that’s deep
Charles you also need to save money to have money.
The old man was on the right track. It's not how much you earn that matters but how much you keep. And then it matters how well you invest what you keep. If people make better spending decisions they'll be able to keep a lot more of the money that they earn.
So basically have no life experiences for decades just to acquire some savings and get some interest in middle to old age. Then attempt to spend when you are too old to properly enjoy it and don't even want the same things as when you started this whole plan and don't know what to do with it now. (Yeah makes perfect sense......)
There's no point dying rich unless you want to make a family member who's younger than you 'suddenly rich' which undoes the whole of your philosophy in the first place cause all you are doing is sacrificing your best years for someone else.
True, its all about managing money and working hard. Many people think that everyone should have an equal amount of money, without earning it.
My wife made me a millionaire.
I used to be a billionaire before we got married.
Rip
LMAO RIP
Crie evrytiem
Good one :)
Should've signed a prenup before getting married.
Alexandria Ocasio-Cortez dislikes this video...
That's because Chris said you have to take ownership of your situation. Not pretty much the antithesis of leftists.
I bet she does..
Googling eyes 👀 😆
If AOC dislikes it, chances are it’s a good thing lol
so does Buiynie Sanders
"A consumer mindset will never make you rich" - What my 40 year old multi millionaire cousin told Mr at 14.
This right here!
Never noticed till recently how much time I spent thinking of things to buy rather than ways to make more money.
Depressing actually 😂
My mom is a self made millionaire simply by purchasing a house in a good neighbourhood before it blossomed. Initial investment of around 500k turned into 2 million 25 years later. Toronto’s housing market is ridiculous.
*MiLiOnAiReS dIdN't HaVe LuCk*
That woman was/is on a mission. Props to your Mom, she has earned it.
Where did she get the original 500K?
@Ali G WTF This is a 100% luck.
My parents bought a house for $500k in 2001, now it's pushing $2.5M
The old saying "the first million is the hardest" is very true. Think about this. A disciplined person could live off the interest from a couple million and never touch the principal. Just 5% a year (which is low) would yield $100K in interest on $2M.
Dave Ramsey talks about the everyday millionaires. Yes they exist as common people on an average salary.
You know Chris works at the Ramsey solutions?
Abigail Bologa, Too bad those things are uncommon. More people need to realize how helpful those things can be, even if they don't want to be millionaires, but just want less financial stress in their lives.
"The average value of farm assets on family farms is forecast to be about $573,000 in 2004. With average farm debt of about $72,000, the average net worth of family farm businesses is expected to exceed $500,000." www.farmprogress.com/management/farmer-households-now-top-average-income-nation
This puts farmers in the top 5 percent in the country. the one percenters have to have a net worth of over $718,000
@Tucson Jim wow, what did Dave R. do to you? kill and eat your pet? Dave Ramsey provides SOLID advice on getting out of debt and staying out of debt. I'm not sure what you're going on about but Dave is a real god send to the thousands he's helped with SOUND, COMMON SENSE advice that people simply need to hear said out loud and in a public forum! Of course, I wouldn't recommend Dave for Investment advice, as that's not his specialty and you should always consult a professional if looking to make a substantial investment or secure your life savings. But when it comes to debt management and staying debt free, he's spot on! And it's mostly about common sense budgeting and self discipline, but sadly most American families don't even bother to teach their kids about BASIC home economics/budgeting or even how to balance a Check Book!!! That alone is why Dave's voice is NEEDED, as there's entire Generations that haven't even been exposed to common sense personal money management! Credit Cards and personal Debt have beleaguered an entire generation, so the more voices out there to help educate and inform, all the better!
I'm on track to make 500K this year and still live at mamas. Saving tons of money though.
why do big black men have such epic voices?
jaydev sharma
Lol.
jaydev sharma: "why do big black men have such epic voices?"
Hey, you are a racist!
And by the way, your comment suggests you deny the fact of white privilege.
Yeah you don't have to be white to have white privilege, you just need to disagree with leftists
It's because black males voices are usually deeper compared to all the other races.
Edumundo Pangara alright what’s your number?
How to be a Millionaire:
1. Give your $10,000 to that Nigerian Prince
2. Wait two weeks
3. ???
4. Profit
Hello. Nigerian Prince here. Holla to become a millionaire in 12 days. Lol
AngRepublika _ I’m scccccreeeeching
XD
5. Bro Down!
Err... Not funny!
Becoming rich is like war. It's a combination of hard work, great intuition, dedication, a bit of luck, strategic foresight, and a willingness to suffer mistakes and learn from those mistakes.
I believe you are right in your assessment. I work very hard, I invested in retirement, 401k, etc. Lost some money in the stock market due to not knowing what I was doing. Then I wised up a little and invested in real estate at a good time as my strategic foresight. Now my net worth with my wife is over 1.5 million. I plan to work another 15 years to get the 401k in the 1.5 million range, then finally take it easy. I have been working 34 years. It is not easy to get there but I recommend always contributing to your 401k for at least 25-30 years to get a nest egg built up. Make sure you buy a home (doesn't matter what size, but the bigger the investment the more reward.) and pay it off. You should be golden.
I think Barbara Corcoran said something similar: "The only reason there's some people earning more than others isn't their contacts, money, effort, etc. It's how much time they take to suffer a hit, and how quick they can move on from it. Persistence is key"
Hard work is not hard,self-discipline is!
As a member of the "bourgeoisie" I feel its my duty to point out that there is no good 1000$ suit.
Joking aside the video is accurate , I personally known people who earns 6 figures annually but incapable of not spending it all on frivolous luxuries beyond their means and ruining their lives.
The secret of being wealthy(having a million or more net assets)usually is just having a long term goal and being reasonable with your spending (especially if you live in US and not mentally handicapped)
What if you are single and cant have duel income? What if you live in an expensive area?
@@billjohnson5137 you move or you get roommates.
@@billjohnson5137 Single and live in an expensive area?
Seems like you need to move, staying in a good neighborhood for your family is one thing but hey if your single..
@@billjohnson5137
Move to an area that's not expensive; find a decent job; do what's necessary to keep the job and advance; reduce expenses as much as possible; think twice before you spend money (do I really need this?); don't rely on paycheck to paycheck; put at least 15% of your monthly income into savings and forget about it; build a reserve in your checking account so that you can pay if an emergency arrises; once you reach a certain point in your savings start to invest for the long term... there's more but this is a good start. Good luck and God bless!
It depends on what you mean by "good". (And it depends on what's frivolous to you). I say this as someone who is not part of the tonne, but whose family is. In one generation. As refugees.
"1 in 3 unable to cover a $2000 emergency." 1 in 3 also see no problem spending $1000 on a new cell phone, $400 on the latest video game console, $200 for one bag of organic groceries at Whole Foods, and $1,200 financing new living room furniture (even though the old furniture functions just fine). Then they complain about being oppressed because they are struggling to make ends meet. GTFO.
Oppressed Media You’re the one named “Oppressed Media”, while claiming that others act oppressed, so how about you GTFO.
Source? Just asking. Being that this video literally states that what in 3 people have to live paycheck to paycheck. In America.
You've literally described my mom
@@PedroTomé1I didn't realize those weren't a thing prior to 2016. C'mon man!
My parents are like that. My family is a little bit above the middle class in terms of money, but my parents like to spend as if we were rich. Luxury has seduced a lot of middle class families, and they want to have "nice things" to show off with others
It's time because I want to make something for myself and my family
It'll never happen by watching videos and waisting your time writing comments...
time time time time, it's times like this when I just can't stop, Can't wind your body without the body rock. Got schemes schematics blue prints on file, you gotta have dreams to make it all worthwhile.
@@Schnitzengruben That depends on what you do with the info in the videos.
Do it brother. #1 rule is dont quit.
Check out The Dave Ramsey Show. He breaks down the best way to get out of debt so you can build wealth. Avoiding debt of any kind, including credit cards, is the best way to get there.
Luck happens when preparation meets opportunity.
Oh, that's a good one. I'm gonna plagiarize you when I'm a grandma and want to sound immensely wise.
@@justalittleturtle5600 Its called a quotation.
Its not like Im writing a fukin essay, using someone else's work. But thanks for the feedback. Stupidity like yours, lets me know Im on the right path. Enjoy your life.
@@jsbFF08 Oof
This is funnier
that's actually a good point. You need to be prepared for the unknown, but you also have to search for it. Imagination without action = nothing
@@justalittleturtle5600 It's from the book richest man in Babylon.
"If you own your failure, you'll own your success."
- Jon Taffer
I went from homeless to millionaire in 15 years. I now feed dozens of families by providing paychecks. I support thousands of people by paying for their services and products. I don’t have a high level of formal education. My highest values are, character, family, and education. The law of gratitude to be happy and the law of attraction to be successful. Thanks for the Great Message!
What's the old line? The A students work for the B students, the C students work for themselves, and the D students change the world. Education is not the end all be all..
But how well do you treat your workers? That money that becomes your profit is being taken from your workers directly, as well as the money you are donating. Or is this an over time working class thing? As in, you got lucky with a decent job and you save up finances, when some rich kid literally can sit on his ass all day and still be doing better than you.
@@lance5691 "The money that becomes your profit is being taken from your workers directly"...in order to take something from someone it has to be theirs in the first place. What makes the profit theirs? They are already being paid a wage for doing their part to create those profits and if they stay it is likely a fair wage or they would leave for better wages and they have agreed to work for that wage. The Profit also most likely us reinvested into the business to continue to allow for those wage earners to have the tools they need to perform the job and continue earning a wage. Profit also means that the business is providing a service others find value in and are willing to part with their dollars to consume. The business owner may also be paying themselves as well either from the profits or before that bottom line profit is realized, but they should as well.They assume all of the risk to start and continue the business that provides a service others find value in and provide employment for others so they can earn a living.
@@smithersreleasethehounds5330 I'm not entirely convinced of this. Ray Dalio, one of the most successful investors of all time has a great article, where he explains how the wealthiest people in most cases have access to better education, this increasing their chances for economical abundance.
@@AkosM nothing in that statement implies who the students are, and advantages they have. One could easily be a C student who doesn't belong at that college, but has parents who are wealthy and connected. They graduate, and are in much better position to start their own business, because Mommy and Daddy can help pay for it. Or you could be an A student who's come from a tougher background, worked your ass off to get where you are, but still have to slowly climb the ladder due to lack of social status. Education indeed leads to higher income on average; that is not the point of that old saying. It is already implied that everyone being discussed has access to that education. And nowadays, they DO. As cheesy as the Common commercial for Apple is, one line is dead on: we have access to more information than generations of people put together. Anyone with the will can use that power. It is literally at their fingertips..
I know two millionaires personally. They work 60-80 hour weeks. They really don’t dress or act any different than they did before they finally made it. They also don’t have as much liquid money on hand as people think. Most of their assets are tied up in investments.
Yeah, if you count assets it can get really easy to be considered a millionaire. Every poor-ass farmer driving a POS farm truck around is one because all his farmland together is worth over a $ million. Land-rich and cash-poor is definitely a thing.
@@rydaddy2867 he might have a lot of land, but now days they owe the bank for equipment and working capital so after deducting the debt they probably wouldn't be considered a millionaire.
Only two ?
@@rydaddy2867 Equity, not assets.
Equity = assets - liabilities
If equity > $1 million, you are a millionaire by definition
Anyone can have $1 million in assets just by taking out a giant loan.
RyDaddy Taxes can turn that land into no land pretty fast, property taxes are pretty high
The main thing is to build savings and invest smartly and don't spend too much. Over time the money you make from investments will become bigger income than a regular job could ever provide.
i just got into the stock market and invested in GE...
@@happyjohn354 If you want my advice, don't invest in an individual stock like that on the hopes that you get lucky.
Either pick long-term dividend stocks and go into a DRIP program, or just invest in index funds (this is honestly probably the best option you could ever take and it requires zero effort).
The data clearly shows that the vast majority of people who pick individual stocks to outperform the stock market fail. Just invest in index funds, reinvest the dividends, and you'll likely be a millionaire in a few decades. No financial advisor required, nor intellect. All it takes is patience and fiscal responsibility.
That is logic as the dollar can be printed and therefore will always lose its value over time.
@@Nathan-tg4gu ya im starting with a small amount of money and trying it out currently
Yes, but the video is intentionally misleading.
If you have a "6-figure salary", that means you're making $1,000,001.99 per year or more. The fact that they don't have it, does NOT mean that they aren't instead making roughly $920,000 per year instead.
In fact, if you look at MOST millionaires who didn't have inheritance or stock boom luck.
You will notice they would average at around $250,000 yearly income at their peak. And during their earlier years, they would average out to around $90,000 yearly income. That's income from their profession, not including appreciating assets.
And even if you DON'T invest, and have NO assets. Just staying at the lowly $90,000 mark and you are guaranteed to become a Millionaire in 10-15 years (if you don't do something stupid). So clearly, there is NOT nothing separating the haves and the have-nots.
Another misleading point is about education. Sure, around half or more attended Public School.... but he completely forgets to mention how many of those attended University. The vast majority do. And the ones that don't are typically people hired in a Trade (eg Electrician), who then moved on to start their own Small Business.
So this video is deceptive at best, and destructive at worst. Just because you believe "I can do it" actually does not mean it will happen, its the reverse situation most of the time. Besides, some people live horrible lives (no friends, doesn't start a family, lives to only work, etc etc) to even "make it", and its actually a foolish thing, when there are other people living much better and happier, despite never "making it". Remember, money is NOT a goal... it is a tool, it can be obtained/used in different ways!
these myths are based on jealousy 🤦♀️
Tuppien Tuppi
To be fair, 1% owing 90% of the money can seem to be a b i t unequal. Plus, the wealthy pay less money in taxes compared to the average American. But this video does bring up some good points.
Lemmon Boy what are you talking about? We have a progressive tax system so the wealthy pays a higher percentage of income tax. Overall, they are paying many times more than the average American.
@@volitionant9682 Lol no they go to a State of the USA, where they pay less tax, jeff bezos and Bill Gates are living in the same town.The US is the biggest pax paradise in the world!
All of a sudden, the reasoning behind the uprise in the amount of people wanting socialism or communism makes more sense. It isn't because they care about the poor. It's because they're jealous of the rich.
@@zwiebelface185 they pay taxes on income AND assets. Some states work deals where these companies have a large investment and employ lots of people for a cut on the property taxes. (Like Corporate welfare? but that Corp also pays into a 401k, healthcare, unemployment ins, disability ins, water and sewer fees, taxes on electrical, taxes on refuge & has to pay attention to #s as it has lots of people on a payroll - its a big isses w $ flowing everywhere) Remember the difference between income & an asset. I may have many shares of stocks worth millions but dont pay the govt UNTIL I sell them, & the govt WILL get their share (MDA at a certain age). Hope this gives a little thought & insight.
I'm one of the 11 million. The car I drive has 220g miles on it, when I could pay cash for a Ferrari. I just think it's fun to see how much value I can get out of it. My tenants who are always late on rent with one sad excuse after another have a 2019 escalade and accord, among other cars, weren't satisfied with the perfectly-good stove and dishwasher in the house, so they upgraded to new stainless appliances, and after I commented on how much I liked their living-room furniture, they informed me that they'd ordered all new furniture already. They even sent me samples of new flooring they wanted to put in the house, inexplicably, The poor, often, can't be seen suffering the indignities of the Rich, nor working their hours.
Definitely sensing bias toward yourself, giving yourself credit for your frugal lifestyle and blaming poor people with bad character. My car has 220g, I work long hours and have old appliances, but I can only pay cash for a used Ford.
@@jamese9283 And your point is?
If he worked hard, saved smart, invested wisely, hell yes he deserves a bias towards himself.
If poor people's bad decisions aren't the result of their "bad character", then exactly who IS to blame?? Did someone sneak into their house and hold a gun to their head and FORCE them to buy an Escalade and stainless steel appliances??
The video even said "if you're the problem, good!; then you can ALSO be the solution."
Mr Tenant makes Mr Landlord richer because Mr Landlord takes initiative and takes risk and takes responsibility for his own future, while Mr Tenant relies on "someone else" to provide him with a place to live.
@@fl3082 My point is that being rich or poor is not simply a matter of character. Yes, plenty of poor people do it to themselves, but most of them live reasonably frugal lifestyles and never get rich. Most rich people had a hefty dose of luck to get where they are, though they don't like to admit it. You can't write off all poor people as slack, and all rich people as frugal and disciplined.
The video implied that anyone can be rich if they do the work, which is not true. There are other factors involved. It is financially impossible for everyone to be rich. I moved to a new town years ago and discoverd when I got there that it was impossible for me to buy a house. I HAD to rent an apartment for years. I had no choice. I have also taken a number of risks on new business ventures and most of them have failed. I lost a lot of money. There is definitely more to being rich for most people than what is in your control. Anyone is free to try, but most people won't make it, even with the best effort.
@@jamese9283and THAT thinking is why you will always be poor.
@@fl3082 Sorry, but I am not poor. Have plenty of money due to my frugal lifestyle. Don't really want to be wealthy, as it tends to destroy your morals. I am rich in character and good works.
I'm a millionaire. I don't have a million dollars in the bank though. However the assets of my bank accounts, vehicles, and rental properties minus my school and property loans equal a little over a million dollars and as the video points out it took long term goals.
weird flex but ok
Good flex stop being a bitch John
@@Mendels16 it's those kind of people that will never be wealthy. Cuz all they do is envy. Instead of looking up and becoming inspired
HingleMcCringleBerry no there are people who are millionaires even billionaires with the meh mentality, what puts them apart is drive to maintain or enhance their lives.
What do you think of the Democrats socialist tax plan to tax the rich up to 90 percent? Does that bother you?
Better option : Go to Zimbabwe and become a billionaire
Unfortunately those billions aren't worth much, if anything.
Become a multi-trillionaire
Pikachu Thunder Bolt don’t you mean a zimbillionare
Yeah but when you want to eat something, it would cost a billion.
Don B So sad when you consider that area used to be 1. The breadbasket of Africa. 2. Economically stable. 3. A moderately successful developing nation in Africa with very little to no real racism. When it was Rhodesia. Makes you think doesn't it, what if, what if it still was, what about the world would be different?
I did it. My advice is to start your own business. The biggest obstacle to me was taxes. When you start making money Uncle Sam wants his cut, and a big cut. This is why Trump’s tax cuts were so awesome. Remember it’s the 1% that pay nearly all taxes.
Uncle Sam takes no risk, but he definitely gets his piece of the rewards.
@@SWOBIZ uncle sam is all those who wait for GOvt checks and billions that go to the military ...
That’s because the 1% has all the money
Tucson Jim Well none of that has to do with what I said, OP was complaining about the one percent paying most of the taxes and I simply pointed out that’s because they have most of the money.
Tucson Jim this is good advice? Get rich by starting out 200k in debt? How many poor people you know become doctors? 🤦♂️
How to be a millionaire cheat code:
*Get to question 10*
while still having
*1) a 50/50*
*2) Call a friend*
*3) Ask the audience*
💰💰💰
The key is to think like a have-not and spend like one, even when your bank account says otherwise. My husband and I know that if we're smart and keep saving and hustling that we will be millionaires in 15-20 years.
You wouldn't be. The economy is about to go. Paid of all your debts. You been warn. Love you from another human.
@@salometipsandtricks2786 With a teacher's salary u can soooo?
@Matt Hendricks lol enjoy your incel life 👌
It's all about discipline. Our entire lives will be better if we are disciplined. Sadly, that's NOT effectively taught in today's school system.
Just copy a jew, they have their finance well managed.
During my senior year, I had an economics class where we learned how to do taxes
@@maxwellharris507 I think its a world wide thing, not to remember crap of what you were tought in school. Im 33 and with my school friends I usually find most not knowing basic stuff we learnt together, further more, they dont even remember after I tell them. Btw, being able to complete a tax return does not make you financially disciplined, it does help yes
We are not taught self discipline we are taught obedience not to the self but to the teachers. This, is indoctrination.
Santiago Ferrari unfortunately that was the extent of what my high school taught about taxes and financial discipline. The bulk of my current knowledge has come from me learning on my own, especially history
It's called having a goal, self discipline, and save save save! Going without when you really don't need it. Not pissing your paycheck away the minute it's in your hands. Oh well, looks like I'll never be a millionaire😂😂😂😂😂. I like to treat myself once in a while. My friend earned his working a full time job and....and owning a landscaping business. Never traveled, never spent it. Soft boiled eggs on white bread three times a day. He didn't care. He's got over a million now. No bills except monthly utilities. Paid for everything cash. Truck, equipment, houses, everything.....cash. I can't imagine buying a house and passing cash for it. 78 now and he still works every day.
I think he may be doing too much of a good thing. Money is no good unless it is spent on something eventually. He should have been enjoying the rewards of frugality 20 years ago.
Zimbabwe knows da way.
Zimbabwe 2018: "kill the white man"
Zimbabwe 2019: "welcome white man" (Russia)
and Uganda
Maga
*Print money be millionaire quick*
@@_Febi19 Luganda?
That one about education is so true. My Grandpa never even finished high school, and he was rich as hell. Got it all through hard work.
My 8th grade history teacher had over a million dollars in his bank account. He explained how he did it. He worked as a teacher, and after school he was building his lawn mowing business, and he saved up to buy some real estate and started renting out a few houses. It’s not that hard. It’s just how much work you put in
Edit: he also drove his work truck, he got his milk from a goat he owned, and his only nice thing he had was his Enduro Motorcycle that he would ride everywhere
But one little point here, ask Google, How much is $ 1,000,000 in 1930 worth today?
According to the CPI Inflation Calculator, one million dollars in 1930 had the same purchasing power as $14,253,353.29 in 2014 dollars (or £8,980,470.48 in 2014 pounds sterling, according to Google).
Comment: So maybe it is easier to be a millionaire today because of inflation. However $ 1 million is still significant in the USA unlike being a millionaire in Venezuela. Yes, I agree with this video, be smart with your job, spending, and investment, and a million may be in the reach of many people.
So?
Sorry to burst your bubble but you really didn't make a point bringing up buying power. The video clearly defines what the term "millionaire" is and it had nothing to do with buying power.
I got your point. I think you should consider the heavy and graduated income tax in your equation too.
Your point was a bad attempt to rain on the parade. Just embrace the hope it brings and leave it at that.
"ten-millionaire" sounds awkward but it really is the term we should be using now. one million doesn't mean that much anymore
God damn it, now I can't blame others for my own success or failures!
Yes you can, nothing lives in a vacuum on earth you idiot
@Sir Alfred Lawrence Now that you mention it, he kinda does 😄
@@MrNinjaone1 so what is your argument?
a link to the survey would be nice
Actually you blame others for your successes all the time, it's called an economy.
I'm a businessman, not a millionaire yet but every rich person I know is hardworking and spends the money intelligently, oh I have to pay 100g for new equipment, sure, 500$ for a watch, maybe next time. I see a lot of people who make good money but never build wealth because they spend it on "luxury products".
@Tom Hewitt there are many reasons for that the most important one is to raise your perceived value in the sexual marketplace. It's a way to show high status. I for example invest everything I make in my business, everything that is not necessary I don't buy, so I drive a ford focus from 2006 worth at most 2 grand so women when see me have the impression that I am much poorer than guys with new expensive cars. So in a reproductive sense spending all you money in expensive things to show high status make kind of sense because it increases the chances of finding a mate with wich one can reproduce. I just have a more long term strategy, wich is make sacrifices today ( even in the sexual marketplace ) in order to be truly high status tomorrow. Not just a fake
That's my dad
Title: What it takes to be a Million air.
Me:
A million dollars.
Pj Jones so the air is rich?
Smart guy lol
**Millionaire**
0:53 Didn't know Elsa from Frozen is a millionaire. Well, she's a queen after all.
I thought that was Elsa too
Amazingly a young person can easily retire a millionaire by using common sense.
@@NerdyNEET It totally is!
The S&P has averaged 12% over the last 30 years.... but being conservative let's use 10% return. A 20 year old invests JUST $100 a month and retires at 67... he'll have more than a million in that ONE account!
@@NerdyNEET He is not wrong I am only 19 and have been able to save up a fairly considerable amount of money by using common sense and having self control when it comes to spending. Not only that but I am currently investing said money and plan to start investing in real estate when I build enough capital as real estate has the potential exponentially grow your money if you invest into it correctly.
@@cameron6026 Thank you for your comment. It sounds like you plan to stay out of debt and build wealth.
@@mrsparex But if that 20 year old starts today, by 67 how much will 1 million be worth?
You mentioned something in the first 20 seconds of your video that you didnt analyze later on. The phrase "He doesn't have a care in the world." That is something 99/100 people think of millionaires, which couldnt be more wrong. The more you own and the more you have to handle and manage, the more things you have to care about daily. Try managing a business with 150 people working for you. Try managing 5 different businesses you own. Lets see how carefree you think that is. When the average joe finishes from work at 5 o clock, nobody is gonna bother him again till next morning my friend. But when people work for you, your damn phone wont stop ringing 24/7. No holidays, no weekeneds, no days off. Being a millionaire is more stressful than having an average paying job. The point is to make it worth it for what you gain from it. Myth debunked.
Thank you for the word friend
@Chana Bayla What does that have to with it? I belong in that 1%. You cant really think that there are no rich people at all in a broke country?
@@user-yn1do6de3n yassou!
3/100 are millionaires from what he said, so no, 99/100 don't think so :). But, I agree with what you said generally
I too am a master juggler of businesses.
some people need to just set the goal to clean their room.
Haha
your room is you
I mean that's how I became a millionaire...
Jordan Peterson anyone?
@@izafanime William H. McRaven?
Dude, there's always room for ONE MORE Millionaire...🔥
We should share this with every socialist out there.
GRAMMAR!
They like to share, right?
They won't listen, in their hearts they know this already, they want something for nothing
@@juanvaldez5422 True. But it's better to tell the truth and be ignored or silenced than saying nothing at all.
@@afrikasmith1049 I don't waste my time talking to people who have made it clear they aren't listening. I have learned through life that I will not waste my time and effort on a piece of sh*t that will spit it back in my face.
Well paying tax in Sweden for sure don't help me xD
I live in sweden and having
a coperation (AB) let's you pay taxes after costs and results. increase the good costs to incrase value in your company so you could have less profit. They take taxes from the profit. Just focus on the value of your company and don't take much for yourself. You can make money by selling the bussiness later.
well move to America
same in Germany man
+Fadi Saadi then move to Bahrain and the Bahamas they don't have to pay any tax at all!
+Fadi Saadi and Brunei
This guy has an awesome narrative like voice. More videos with him please
He has his own show about financial advice... you can listen indefinitely.
I have $1.13 in assets. Ballin.
Are you an idiot. You have "dollar 1.13 cents"?
Squirrelly can you loan me .13 cents?
@@ajt01 Point taken. Now go take your medication. You're losing it.
@@redshield3296 Bank machine won't give it. I can give you a smoke though.
What happened to the cents?
Edit: just read Agnel Jills' reply
I love how much people are swooning over this guy's amazing voice.
Its called, saving and actually contributing to a retirement fund.
it works!
freedom 55
Also invest it(safely and wisely of course) you should get about 10% interest a year, and then not only will inflation not hurt you but overtime your money will become more valuable cause your stocks will rise in value faster than money loses value
I figured either Chris Hogan or Dave Ramsey would be in this feature. Glad to see PragerU at least knows about Wealth building. Word to the wise that wants to make excuses, YOU HAVE CONTROL OVER YOUR DESTINY. It's all about mindset.
Think and Grow Rich.
About "luck", people can make their own "luck" by being ready for opportunities that show up, such as being educated, having experience, and maybe just a little luck.
I think it's meant "luck" as in winning the lottery for example.
Hi GroxPL: Yes, I think he meant what I consider gross luck, as he said, lottery and stock. I just threw in that statement about making your own luck. It is sort of like that statement: Safety is no accident.
Preparation and positioning yep.
Knowing people. Networking is how you make luck outside training. Cultivating relationships that you wouldn't otherwise think about... I got my first amazing internship because my mom (working in retail) was talking to a customer about how she was taking off for work for maternity leave, where did she work etc. etc... A month later I was working as an intern at a job that had a huge queue of applications and a rigorous process to get in... She just liked my mom. I never even met the woman. Before or after. You don't know who someone knows...
All you have to do is make $1,000 1,000 times. Doesn't seem that hard if you think about it that way.
djjazzyjeff123
You have about 15,000 working days in your life.
You need to save $1000 every 15 days to become a millionaire before retirement.
@@bruce5868 You're not wrong, but people's income rate generally increases steadily over the course of their life, so while that might seem hard when you're in your 20s, by the time you're in your 50s, that might be a piece of cake.
Standard job > more experience > better job > more capital to invest > on education, certifications, licenses > more money to save > more capital to invest
@@SilverShadow02 That's literally how easy it is. If you can stay out of jail and keep from knocking a chick up, you'll have no problem being upper middle class in this country. That's literally all you have to do.
1000 times 1000 net income
1) control consumption; 2) systematically save & invest year after year; 3) stay employed
I came from nothing, worked hard, and am ready to start coasting now in my early 50s.
I am apparently a millionaire, if only just barely. My assets and liquid capital, minus debt, equals more than a million. I never made more than $45k for any year. Here is how the million happened (noticed I did not say "here is how I did it"). First, I never had kids. I never had any wild desire to have kids, nor did the wife, and we knew that the human race would not go extinct if we did not have any. Secondly, I am too lazy to spend money needlessly. I would like to own a Corvette, and I can afford one. But I am too lazy to go out and get one. Ironically, I am selectively lazy. I am a good, hard-working employee, and I have had a fitness regime for years, but I would rather watch a TV show I don't particularly care for rather than get out of the chair and get the remote.
I never understood people getting married and not having kids. I personally feel the only reason for marriage is to start a family
celtsfan13 : What about companionship?
@@irkhanbasc you need marriage for that?
+Honour 2018 What's the point of making a good living without the great feeling of feeding and providing for your kids? Well, hypothetically, it could be the great feeling of giving to the Sierra Club, or the Kidney Foundation, or the American Cancer Association, or the Humane Society. And if you are not that charitable with either your money or your time, then there is learning how to play the violin. and when that is mastered, there is a visit the Seven Natural Wonders of the World. When that has been done, there is the challenge of learning how to be an acrobatic pilot. And when that is done... And all of that can be done, or at least attempted, without stressing an already overcrowded planet.
+Honour 2018 Technically it is sex that is ingrained in our human nature. Childbirth is a byproduct of that. It is true that each of us is the product of a bloodline where no one has gone childless. So? And a person wants to have children so they can take care of her when she is old? You are saying that is non corrupted human nature? That is the epitome of having children for selfish reasons. Why not have children so they can do the dishes and mow the lawn? Apparently that is perfectly valid reasoning too. This is the reality: we have an overcrowded planet. It has become responsible to minimize the size of families, including zero children if desired.
Yep! My 78 yo mother who is a retired nurse, illustrates this vid's point exactly!
This reminds me a little of that old Steve Martin skit, how to be a millionaire and not pay taxes. First, get a million dollars (he says quickly). Then if the IRS comes knocking asking about their money just give them two simple words. I forgot. :-)
Seriously, Warren Buffet once accurately said that doubling your wealth doesn't double your happiness. So set reasonable long-term goals and focus on what's important in life.
That's a good skit but I think the better one is the SNL/Steve Martin's "Don't Buy Sutff You Cannot Afford."
you forgot that if you invest the money back into your business you can pay less taxes because there is less but its still there its just in assets and investments. According to the us government, that cannot be taxed.
His voice is godly
Thomas Stanley has a series of books on this topic. The first and most famous is "The Millionaire Next Door." Great books!
Nah. It’s easier to blame others and just buy the stuff I want now
Nah too much work... we need increase McDonalds salary $30 hr
McDonald's will never pay 30 dollars an hour.
Yeah, then you'll have about 2 people working at Mcdonald's, and the 2 for $5 special will become 2 for $10 LOL
It should be $1,000,000/hr
You mean $30 wage, MC Donald's would never pay a salary to a non office worker
Fantastic video, it really does come down to your mindset and your willingness to relentlessly pursue your visions. People really do need to hear this because a sad amount of people DO think it's impossible due to what they've been taught. Again, great video
my parents could have been rich, but they choose to take lots of vacations
joe billage , I've seen people who are trying to prove that one can't be successful just by hard work use this quote.
"Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires." (It's often misattributed to John Steinbeck, but is actually from Ronald Wright's book A Short History of Progress.)
Sane Sister that in itself is what makes America so great, hard work with the potential to become a millionaire, hopefully sooner then later. While anyone can achieve it, most do not put in the effort, discipline and smart work to achieve it. That's the human condition, one a social program cannot mend
CHRIS HOGANNN!! The man. Woot woot! Keep up the good work, Prager team!
God bless you guys!
I could listen to Chris Hogan's voice all day! He is absolutely right, too, in what he says. I left my abusive parents' home when I was 16 with nothing more than the clothes I could carry and enough money I'd saved up from my job for a couple weeks of cheap food and a hole in the wall place with no furniture. Nobody gave me anything, I never had a 6-figure income, but I worked hard and paid my own way, graduated high school, went to community college to get AA degree, then state university for bachelor's degree, all while working full time and living frugally, within my means. I splurged a bit when I got my first good job just before graduating university, but still didn't go into debt. I use a cash-reward credit card for my purchases and pay it off each month so they pay me to use their card rather than me paying them. I don't live like a monk, I do reward myself when I want to, but I have a great life and was able to retire early. Meanwhile, most of my friends are having to work their tails off because they have no discipline with money. The only thing I disagree with in this video is the statement that there is "absolutely nothing" different between those of us who have net worth > $1M and those who don't. The difference is the attitude toward money, which Chris goes on to explain, so I'm not sure why he put that "absolutely nothing" statement in there. That is actually a huge difference in whether you will have money to retire early or do whatever you want or whether you will have to work your entire life even if you don't want to. It really is that simple, folks. If I could do it, anyone can. That isn't being judgemental, either, that's trying to encourage people to think about money differently and take control over their own lives. YOU are in control of your own destiny and life. You can do it, all you need is the right attitude and a willingness to put forth the effort.
Man u nailed my life in this video. Friends say how lucky we are cause we have money. But nobody wanted my life when I worked 2 and 3 jobs for the past 33 years. My wife worked all but 5 of those years. We saved, didnt splurge, and raised 2 children. I have a masters degree from an online college that I earned doing 2 jobs at the same time. Oh, and I forgot one thing. Wife got pregnant out of wedlock, we got married at 24 and 20. And we worked together to get where we are. We are a team and are successful because we worked at it. Oh and yes no luck other than being employed. No inheritance and no lottery. I refuse to play the lottery.
66 Socialists didn't like this video.
666 socialists*
He sounds like a financial Neil deGrasse Tyson
Why insult this guy? Get over it fanboy!
Invent something really cool, like shoes with built in socks
Here in Italy this is considered crime against humanity
Bloody love a good sock!!
Lol
😂!
You're going places
0:53 Not Just a Queen but a Millionaire? Elsa you’re amazing!
As soon as it started I immediately recognized the voice of Chris Hogan, Ramsey personalities represent!!
All of the wealthiest people I know are business owners. They’ve worked hard and sacrificed for it. Now they have a cash cow to milk.
As an accountant I can tell you that the people you think are the wealthiest people you know, probably aren't.
Rocketninja200 oh I’d beg to differ on that one. All of the signs are there. They own 2 exclusive hotel / restaurant / microbreweries. Travel frequently to exotic locations. Kiddos in boarding schools. Their home has many, many pieces of art from prominent artists. They’ve personally commissioned certain pieces. Um, yeah, pretty sure they’re sticking wealthy. And good for them :)
earthmom106 While business owners can easily be one of those millionaires in Chris Hogan’s book you’ll find out many of them are teachers. Yes the same teachers every claims are underpaid. (Not agreeing or disagreeing they’re underpaid but the fact they hit millionaire status really shows the American Dream is very much alive despite what media says)
"The society that puts equality before freedom will end up with neither. The society that puts freedom before equality will end up with a great measure of both." [Milton Friedman, the "Created Equal" episode from the PBS "Free to Choose" TV series, 1980, volume 5 transcript]
- -
This guy should have been an actor. He has a James Earl Jones voice
My parents and grandparents gave me something far more valuable than an inheritance. They instilled in me an attitude, perspective and mindset. Hard work, education and not only saving but also investing. Most importantly, a respect for Yahweh.
11 million millionaires
I almost thought he misspoke
Damn....
How many are multi millionaires( above the 10 million $ mark)
sammy nyaga it’s in the hundreds of thousands.
I'm going to play the lottery numbers in this great video.
There are two types of people in the world, those that like PragerU, and Palestinians.
anti semitism has existed for a long long time and yet they still exist. maybe you should embrace them because fighting them got you nowhere.
@@vitalnutrients744 no that's not true we should always fight against evil. It's what Jesus would have wanted.
Red blooded American here and I hate prager with a passion. I bet you're also stupid enough to put prageru on your resume under "education".
@@AC-lp9lz lol pragerU is usually really bad!
@@vitalnutrients744 anti semetism is more against Jews than Arabs
I remember this guy from a Dave Ramsay personal finance class I took a while ago.
First, become a billionaire.
Second, either buy controlling interest in an airline or invest in several airlines.
Third, watch the investments go south due to fare wars, poor management, a major carrier dumping seats in competing markets, or an economic calamity causing a sharp drop-off in traffic.
Fourth, cash out at a significant loss, leaving you as a millionaire.
I got that from Warren Buffet, after his big loss on US Air.
That's a great video. If you take responsibility, you can achieve your goals.
Sorry, I can’t make a donation. I’m saving all my money in hopes of becoming a millionaire.
That's too much hard work for me. I'd rather spend all of that extra time on playing video games or watching youtube.
Well, you don't have to be rich to be happy in life.
Heeeey! I'm watching UA-cam right now!!!
Me three.
I'm surprised, this PragerU video was actually....really good. Those were some interesting statistics, and a good message
almost all the videos are this good if you are ready to hear the message. 30 years ago I would have thought this video was junk but not today.
Discipline, hard work, discipline, integrity, honesty, responsibility.
I shall invade the comment section
Behold!
Looks like a done deal
Mongols
STOP
@Diana Day strength in numbers
Frugality is always a good idea, especially when the economy/one's job is good and there is temptation to splurge. One thing I'd like to bring up is the record number of millionaires in the USA has more to do with inflation than a rise in the number of frugal people: a dollar in the early 1960's would be worth about 10 dollars today and this ratio is rising. I fully expect to be a millionaire by the time I reach middle age for the sole reason of inflation (ESPECIALLY if some future administration resorts to mass quantitative easing to help pay off the national debt).
With the trillion that the Fed recently pumped out to help the stock market value to rise, you're probably right.
Love Chris Hogan n Dave Ramsey great guys who want us all to have a great life.
It also doesn't take $1,000,000 to be wealthy. A professor of psychiatry at the undergraduate university I attended said "as long as you always spend less than you make, you'll always be wealthy". While that in an oversimplification for becoming financially well off, in our current society of plastic money and easy debt, it's sure a good guiding principle.
This guy failed to say that it takes doing the right thing at right time in the right manner. Anyone want to guess the number of people following his formula and are still just making it. Then tell me luck has nothing to do with it.
@Kyle D being fired, getting seriously ill, or someone you care about gets ill, not having been raised properly by incompetent parents, having several kids who need education, not having the character traits that are required for entrepreneurs (e.g. risk tolerance, resilience), only being able to work in low skill jobs (half of the population has an IQ of 100 or below), and so on and so on. Thousands of things can put it out of your reach that you have little to no influence on.
People are also known to take credit for all successes, dismiss the role luck played in their life, while they reject the blame for their failures.
Conservatives should stick to extolling the virtues of discipline, hard work, honesty and responsibility, without stupidly claiming that if you work hard enough, you'll make it. Many people are simply screwed by circumstances, denying that is not credible.
@Kyle D I think it left out part of my response, but I'm a big fan of conservative virtues, they make everyone's life better. It is not fair to accuse me of encouraging people to not even try because it ain't gonna happen anyway. I'm just saying this conservative meme that (almost) anyone and everyone can do it is simply false. If it were true, way more people would make it in the wealthy. Inequality is very high, since only few are able make it. But I agree with you on one thing: following these principles will at least make you more financially stable. Fair enough, and that's a worthwhile goal for sure! But being a millionaire on top of that still takes a lot of skill and luck. Or maybe 30 years of saving money while barely consuming anything, which makes no sense whatsoever. Especially in a situation of structural financial repression (low interest higher inflation) and stock market bubbles.
And you're right, on their own, many of them can in quite some cases be overcome, like getting fired. I'm not saying a high IQ, but a low IQ (say, 80-90) definitely ruins your chances of financial success. That's just reality. And if you can't have kids if you want to become rich, that's just slowly making life not worth living. Oh, and it'd be great for conservatives to get some knowledge of psychiatry and mental health institutions. I've seen plenty of people who were just so screwed up by their past trauma that it was virtually impossible to get them back on their feet. If you want to, you can ruin a kid for the rest of his life, and it happens all the time. It is usually a combination of these miseries that really mess up people's lives and we as conservatives shouldn't pretend that taking responsibility is an easy fix for these problems. It isn't.
And on the other side, having your business go bankrupt due to changes in demand, being ruined while self-employed by a traffic accident, or tapping into a new booming market, having the right connections, luck simply plays a HUGE role in getting wealthy. You can make it without, but it takes extraordinary effort and skill, which few people have. Don't forget the genetic lottery as well; having a balanced personality (e.g. high but not too high conscientiousness), high IQ (very few millionaires have a low IQ), etc. etc. Again, you can overcome some of that, but it is exceptional. Most do not overcome such massive disadvantages, and that is because they are neither extraordinarily skilled nor incredibly lucky.
Roland xB the more opportunities you take, the more lucky you will become. Poor people are poor because they tried a few times, failed and quit, wealthy people are wealthy, because they failed hundreds of times and still didn't give up.
"You have to start with the belief that it’s possible for you to become a millionaire. I can give you 10,000 examples of people like you who have done it." And I can give you millions of people who have not done it...
millions of people who didn't believe they could do it, and so didn't try. your attitude is a large factor. Things can get better for you financially, no matter that your situation. even if you don't become a millionaire, you can become financially stable and at peace. Take control of your destiny, don't just let it push you around and hope you end up somewhere nice. That's just silly.
@@Zichqec - I agree that efforts should be taken in everyone's lives to keep things stable. But saying that is all that it takes is placing a stamp on something far more complicated than a 5 minute video, or a comment can cover. And claiming it is otherwise can cause unintended backlash.
a billionaire today is what a millionaire was one hundred years ago
That's simply not true. If you have 1 million invested at 4% you make a passive 40k a year. Even more if you're investing correctly. My rental property is worth 200k I make 1300 a month off it. That over 7% ROR.
A million dollars is still a lot of money if you use it right. Like the video said: it's a tool to be used.
Being born in the U.S.. healthy and in a family that has HOUSE And food on the table is all u need to succeed
I know that cuz I'm from a 3rd world country that has a civil war
And a collapsed economy..
Here it doesn't matter how smart or hard working u can be
Cuz in the end of the day u live in a place where people die trying to get the hell out of..
My advice to u American's is to be thankful and stay away from the Left / the left is trying to fix what is already not broken.. It doesn't take much common sense to know how is that going to end
Peace
♥️♥️ Where are u from? If I may ask
@@juan3450
Libya
Yeah, get out of there.
@@tntstorms7969
Not an option
Trump is trying to protect America from extremists like in your country from finding it's way into ours. Is there another country that is taking refugees from Libya?
Thank God, positive thinking is all I need to become a millionaire. Didn't even bother to explain what long term goals I need
My in-laws are basically the golden standard of millionaires. FIL's dad died before he was a teen, and MIL's parents divorced and was raised with her 3 sisters by a single mom working as a seamstress. They both literally came from rags, met in college, then studied and worked hard to earn & grow respectable careers in biology.
They always question the price of any service or product they're about to purchase, and while they could shop for fancy foods, instead they go to places where it's cheaper. They drive a Buick! THEY'VE NEVER BEEN ON VACATION AND THEIR 50TH WEDDING ANNIVERSARY'S THIS YEAR.
They always lived below their means, and they retired and bought a 1-acre 4Bed/2.5Bath suburban home in an upper class neighborhood with an amazing view in the backyard. That same house was formerly owned by a frivolous couple who were also real millionaires. They were very flashy with their money (ex: bought 2 new corvettes every 3 years and parked them in the driveway for all to see). Then when their business went bankrupt they lost EVERYTHING and they had to short sale the house ASAP, which was when my in-laws bought it. So the house was really the only thing they splurged on, but even that was discounted. The former homeowners have nobody to blame but themselves for losing all their wealth. Anyhow, that's how to get rich.
I love Chris Hogan, but where’s our boy Dave? #DebtFreeNation