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Are you ready to get rich? Chances are, you want it to happen fast and with not a lot of work.
Sad news: There’s no scheme, plan, or strategy that can guarantee that you will get rich quick. No one becomes a millionaire overnight (unless you’re born with a trust fund).
Yet, it’s possible to gain wealth over time with regular saving and smart spending.
On this week’s episode of Teach Me How to Money, Chris Hogan, financial expert and author of “Everyday Millionaires”, teaches us how to get into the millionaire mindset and set your sights on a goal you can attain.
Watch the discussion below, and keep reading for some of the key takeaways from the conversation.
1. Think big.
“People see the opportunities that are available…often, where you are born, the family you were born into, all of those things can shape our beliefs. And if we don’t believe that something is available to us or believe that we can do it…then we tend to limit ourselves.
We dream big enough. I want people to see the opportunity [and to] make choices for themselves. And then, follow a plan of action that’ll lead them [to their dream].”
2. Learn to identify opportunities, and be decisive.
“Opportunity is about awareness. When we become aware that we have opportunities, that’s when we can begin to make decisions, develop a plan, and follow a course of action.
It’s best to start young…but I’ve talked to people of all ages. All nationalities. Some started early, and some that started later in the game—the thing [that’s important] to understand is it’s never too late to get better. It’s never too late to make that decision. So, it’s better to start early. But you can start at any time.”
3. Preparation is key.
“An ‘everyday millionaire’ is a regular, everyday person that has consistently invested over time and achieved success. I’m a former football player…and no team wins the Super Bowl by accident. Nobody has success that they just stumbled upon. They plan for it. Even in sports. You practice…to win.”
4. Learn habits to get your finances under control.
“I didn’t have little budgeting parties for [my children] when they were three years old. I helped them to understand that money comes from work, not from mom and dad. I taught them three categories: ‘give,’ ‘save,’ and ‘spend.’ They had three little envelopes, and when they got their commission (allowance), they would put money in.
When they go to church, they would give money out of their ‘give’ envelope. When we went to go buy something at a store and they had something they wanted to buy for themselves, they used their ‘spend’ envelope. I was trying to instill knowledge [in them], and also [financial] habits.”
5. If you want to work toward becoming a millionaire, it helps to believe in yourself…
“I think the first step is to believe—believe that it’s possible for you.
After you believe, then I want you to gain knowledge. I want you to learn. I want you to listen to [podcasts]…read books. Learn how money works. Because if you don’t learn how to manage money, it’ll manage you.”
6. …And have a plan for your money.
“Everybody else has a plan for your money, even if you don’t.
Look at the malls, the stores, the commercials—everybody wants your money. If you don’t have a plan for it, you’ll end up giving it to them.”