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Wealth

It's the first episode of 2019 and today we begin a new Wealth Building series. It's the second year we're committing our first six episodes to talk about wealth.

The reason we begin here, is that our wealth gap is so wide. So much so, that a recent study said it'll take 228 years, if ever, to get median black households to the level of wealth median white households own today. And if nothing else changes, we're trending to ZERO wealth by 2053. Those warning flags are why I began having more direct conversations about the topic of wealth, in hopes of educating and giving our community some practical advice to help reverse this cycle and begin to close this gap.

But I need your help right now to share this episode, because more black families need to hear this content and take action today if we're ever going to effect real meaningful change.

Our featured trailblazer today is Chris Hogan.

Chris Hogan is a #1 national best-selling author, dynamic speaker and financial expert. For more than a decade, Hogan has served at Ramsey Solutions, spreading a message of hope to audiences across the country as a financial coach and Ramsey Personality. Hogan challenges and equips people to take control of their money and reach their financial goals, using The Chris Hogan Show, his national TV appearances, and live events across the nation.

His second book, Everyday Millionaires: How Ordinary People Built Extraordinary Wealth — And How You Can Too releases January 7, 2019 and is based on the largest study of net-worth millionaires ever conducted.

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In this episode you will learn:

  • What the term net worth means? And how net worth determines if you're a millionaire.
  • What 74% of millennials believe about inheritance.
  • Five attributes and habits of millionaires.
  • The #1 thing millionaires used to build wealth.
  • Why Chris encourages paying off your mortgage quickly using a 15 year fixed loan.

Connect with Chris Hogan:

Resources Mentioned:

Tweetables:

 

Chris Hogan's Background:

  • Chris is from the state of Kentucky and was an All American College Football Player at Georgetown College.

Key take aways from Chris:

  • I am always grateful for my Lord and Savior. He gives me the strength and ability to be able to focus and anything that I’m able to do it’s because of what He’s blessed me with.
  • Looking at this year and all that we have accomplished, all the things that we have done, trying to help, encourage and educate people, I’m very grateful for our team.  The people that we have here at Ramsey Solutions are fantastic.  These people are hardworking and focussed, and we understand the people that we’re trying to help and encourage.  To see them “bring it” day in and day out, I’m very grateful for it.
  • My thought was if I could take this team and sports mentality that I’d played with all my life and build that in a business, with a team that had that kind of camaraderie and connection, we could do some amazing things.
  • I am protecting people, and I’m serving them here.  I’m trying to protect people to help them understand the importance of how money works, so they don’t make the mistakes that I made.
  • I’m  trying to serve them by helping them be able to identify it and have a plan for themselves, so they happen to their money and not their money happening to them.
  • It doesn’t matter where you come from; it doesn’t matter where you start; it’s about us growing and learning things so we can move forward.
  • You’ve got an opportunity to make some choices about your future.
  • You didn’t have control over where you were born or the family you were born in, but we do get to control our beliefs, our knowledge and our actions.
  • We did the largest research study that’s ever been done on millionaires.  We talked to over 10,000 individuals to find out what does the average millionaire look like? What have they done? How did they get there?
  • Millionaires are regular, everyday people, working regular everyday jobs.
  • If what you own minus what you owe equals more that $1M, then you are a millionaire.
  • 74% of millennials believe that all millionaires inherited their money.
  • 52% of baby boomers believe that millionaires inherited their money.
  • Based on our study, only 21% of millionaires received an inheritance.
  • Millionaires are people that built their wealth consistently over time and really allowed themselves to get there.
  • “It doesn’t matter where you grew up. It matters where you’re going,” Condoleeza Rice
  • It’s so important for us to remain in control of some things that we can control.
  • It’s very important that you believe that you can and that you believe opportunity is available to you.
  • It’s important that you grow in your knowledge.
  • Control your actions and personal habits.  It is a mindset, it is about knowledge, but it’s also about our behaviors.
  • 97% of millionaires believe they control their own destiny.  They have this mindset of “I’m in charge of me.”  They don’t have the victim thinking of somebody’s out to get me or woe is me, but “what am I going to do today to help me?”
  • Five attributes of millionaires:
    • #1 Millionaires take personal responsibility. They own where they are with a mindset that it’s on me to fix this scenario.  I need to do better.  I need to stay focused.
    • #2 Millionaires are very intentional with their finances.  They budget and get themselves out of debt — save and invest.
    • #3 Millionaires are hardworking.  They do their job.  They focus, and they do what’s necessary.
    • #4 Millionaires are goal-oriented.  They set goals for themselves — weekly and monthly to help them stay on track; to make sure that they’re moving forward.
    • #5 Millionaires are consistent.  They know that building wealth requires consistency.
  • These are all things that we can do and be today.
  • Intentionality means that you’re happening to your life rather than it happening to you.
  • Money that doesn’t have to leave you in the form of a payment is money that can be working for you in the form of an investment.
  • The number #1 thing these millionaires said they used to build wealth is their employer-sponsored retirement plans: 401Ks, 403Ds, IRAs and Roth IRAs.
  • Action is the difference between people that are pretending and people that are intending.
  • 70% of millionaires set aside money each and every month to be able to give.  They have the spirit of gratitude and intentional giving. It’s not an accident that people who are working hard want to do more good.
  • Millionaires are intentional when they buy homes — not buying more than they need — but they’re in it and they’re paying it off right around 11 years.
  • When you attack and pay off your home, that now moves your home to the asset column, as something that can work for you.
  • When you pay off your home, imagine that payment not leaving you every month; imagine that you’re able to invest that.  Now you’re able to catch up with your 401K.  You’re able to do more with your Roth IRA.
  • It’s more about these little pivots and shifts in thinking and action that can set us up to be able to build wealth.

 

One Action To Blaze Your Trail:

Where you are right now doesn’t have to be where you end up unless you choose to.  You have an opportunity right now to do something different this day — whether it’s a shift in thinking; whether it’s reaching out to somebody and getting information and getting encouragement; or being a source of encouragement to someone that’s around you right now.

 

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Today's episode was brought to you by:

The Campaign for Black Male Achievement. The lives of black men and boys matter. We need you to join, support and invest in this movement to help improve the life outcomes of our black men and boys.

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