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Afford Anything | Make Smart Money Choices

The biggest study of everyday millionaires in 25 years - with Chris Hogan

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 7 January 2019

⏱️ 92 minutes

🧾️ Download transcript

Summary

#171: Chris Hogan surveyed 10,000 millionaires in the United States. Here's what he discovered: - 89 percent of millionaires have a net worth between $1 million to $5 million dollars - 62 percent graduated from public state schools - 9 percent didn't graduate from college - Close to 50 percent had a B average or less in school - 55 percent give to charities and churches on a regular, monthly basis - 73 percent never had a penny of credit card debt - 18 percent are self-employed - 62 percent earned a household income of less than $100,000 annually - 80 percent exercise at least three times a week. On average, their homes are 2,600 square feet, and they've lived there for an average of 17 years. Two-thirds have a paid-off mortgage. They paid off their home on average in 11 years. Their net worth breaks down as one-third their home, and two-thirds their investments. They became millionaires at the average age of 49. They spend, on average, $35 on a pair of jeans.   What can we learn from these everyday millionaires? Find out in today's episode! For more, visit https://affordanything.com/episode171  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything but not everything.

0:11.4

Every decision that you make is a trade-off against something else, saying yes to something

0:15.8

implicitly means that you are saying no to an alternative.

0:19.9

And that applies to your money.

0:21.8

And it also applies to your time, your focus, your energy, your attention.

0:26.0

It applies to anything in your life.

0:28.1

That's a scarce or limited resource.

0:29.7

And so, the questions become twofold.

0:32.6

Number one, what's most important to you?

0:34.8

And number two, how do you align your daily decisions accordingly?

0:39.7

In other words, how do your actions reflect your priorities?

0:44.6

Answering these two questions is a lifetime practice.

0:46.6

And that is what this podcast is here to explore.

0:49.4

My name is Paula Pan.

0:50.4

I am the host of the Afford Anything Podcast.

0:52.4

And today, Chris Hogan joins us on the show.

0:55.8

And this is a particularly special episode because I interviewed Chris Hogan twice.

1:00.7

And you're going to hear both of those interviews on today's show.

1:03.7

Now, who is Chris Hogan?

1:05.0

He was an all-American football player.

1:07.9

He attended Georgetown University.

1:10.1

Then went on to become the vice president of a big, well-respected company.

...

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