How Do Millionaires Become Millionaires? Ep #154

What do millionaires do to become millionaires? What are some of the habits that contribute to their success? In this episode of Best in Wealth, I share 25 survey answers that were conducted by Chris Hogan in his latest book, Everyday Millionaires. If you want to achieve millionaire status in your lifetime, I highly suggest you give this a listen—and implement these strategies.[bctt tweet="How Do Millionaires Become Millionaires? That’s the topic of the latest episode of THE Best in Wealth podcast. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Millionaire" username=""]Outline of This Episode[1:05] Schedule a 15-minutes call with me![2:21] The importance of grit & resilience[4:18] How millionaires become millionaires[7:34] The first thing that millionaires do[9:58] Millionaires control their own destiny[10:44] Statistics on millionaire habits[22:52] Millionaires DO stay marriedThe misconception about millionaires74% of millennials and 52% of baby boomers believe that millionaires inherited all of their wealth. Survey says...that is a LIE. Don’t believe it. Most millionaires do not inherit their wealth. 8/10 come from families at or below the middle-class income level. It goes to show that anyone can become a millionaire with discipline and hard work. Each person starts at a different place. Each has their own obstacles to overcome. Millionaires come from all walks of life and socioeconomic backgrounds.In Chris Hogan’s book Everyday Millionaires, he talks about the things that millionaires do to be successful. I go over some of these things to help you rethink your finances and your investments. Sometimes we need to reset our mindset to have a better shot at success. I want everyone listening to this show to become multi-millionaires. Why? So you can build the cornerstones in your life to full abundance.[bctt tweet="What do millionaires do to become millionaires? What are some of the habits that contribute to their success? Find out by listening to this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Millionaire" username=""]Millionaires believe in themselvesBefore they were millionaires, they believed that they could become millionaires. They reject the voices that say “it cannot be done.” Instead, millionaires put their heads down, get to work, and make it happen. If you want to build abundance in your life it is up to you. Not your family, friends, or the government. It isn’t about owning your own business or taking huge risks. It’s about working hard and controlling your destiny through solid and sound investing.Speaking of investing, most people achieve millionaire status by contributing to their 401k or other retirement plans (IRA, Roth IRA, SEP IRA, 403B, etc.). Many of them have more than one retirement account. They’re likely contributing to a backdoor Roth or Mega Backdoor Roth, too.Millionaires stick to a budgetMillionaires live on less than they make, plan for big purchases and pay with cash, and they use shopping lists and stick to them. In fact, 93% of millionaires use coupons! You can use an app like the EveryDollar Budgeting app to help you track your expenses. When you’re eating virtually all of your meals at home, the grocery line item can get VERY expensive. But if you stick to your list, you spend less.The average millionaire drives a 4-year-old car. I’m driving a 2015 truck with thousands of miles on it. Large car payments can disrupt you hitting...