Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

We'll talk about these myths about millionaires. What's someone that miss the surround

millionaires. Well, we talk about six in the book, but I'll tell you two. Most people believe

they inherited it all, right? You see somebody with money, you think, oh, mom or dad handed it to them. The truth is, 79% of the millionaires that I talk to, first generation wealth builders. They didn't come from anything. These are people that focused and built money over time. Next myth, well, if you're millionaire you make high paying job right you got big income just yeah yeah no a third of the

millionaires that we talked to time. Next myth, well, if you're a millionaire, you make a high paying job, right? You've got big

income. Yeah, yeah. Nope. A third of the millionaires that we talk to never made six figures

in a single working year. Really? Think about that for a second. Dual income never made six

figures. So that blows that myth out of the one. A third of the millionaires that we talk to.

Wow. Right. Now, you think about six figures nowadays, it's more prevalent than it's ever been. A lot of people with six figures have nothing in the bank. Because they just spend it all. That's exactly right. And they're using credit constantly to buy bigger things. That's right. No, no, you're absolutely right. So what happens is people tend to think that income is so important. And I'll tell you, no, it's not. Because I was one of those people, I remember I was making about 30 grand. And I thought, all right, when I get serious, one year out of grad school, making 30, 40 grand, I said, all right, when I make this amount, I was starting to get serious about my money. Well, you know that path. Right. Well, when I make this amount, the next thing you know,

lifestyle grows and you never end up taking control. But these are irregular, everyday people

that took control and were focused. Wealth building is a long-term view, right? Not a quick hit.

And so these get rich quick schemes that we see on TV at late night, they get me riled up,

because they're praying on people. But these people were people that built wealth over time, investing in their 401k, their four or three Bs. The American dream's not dead. It's alive and it's well. And it's available to people. We just have to take action. Ninety-seven percent of the millionaires that we studied feel that they control their own destiny. Now, think about that for a minute because we have a victim mentality issue in America today where we want to blame

somebody for us not achieving something or getting in our way. So these millionaires think differently.

94% of them live on less than they make. So that means if they're making 100,000, they're living

on 70 or 80, right? You can't build wealth if you live on more than you may. That's exactly right. And that's where the credit cards people start extending themselves and using credit cards. But 73% of these millionaires never carried a dime a credit card debt. Interest that you pay is a penalty, right? If I use someone else's money, they charge me. Yes. Right? That's penalty. Interest that I earn on my investments is a reward, right? So why choose to penalize yourself? Don't use debt. Get yourself out of debt and invest and grow your money to reward yourself. Getting rich is where you want to quickly get money, right? And these are the lottery winners that I've talked to. They got money in really,

really quick, but they also lost it really, really quick. So building wealth is a long-term

view, meaning you can have some fun and enjoy some stuff, but don't get so focused in the

enjoying that you forget to plan for the future. I want people to have just awareness. Like,

you can have some fun today, but let's also

make sure we're doing some things, using the 401ks, using SEPs, if you're self-employed, put some money aside so it can start to grow for you. Talking to these millionaires, the number one thing they said that caused them to build wealth was employer-sponsored retirement plans, 401ks, 403Bs, and Roth higher aids. So people out there that are self-employed, the SEPs, solo 401Ks, you've got ways to be able to invest, and that's what I want people to do. Isolating is dangerous. It's good to reach out and get help. It's good to have people you can be real with. I came to this realization. We need four people in our lives. You need a mentor. That's just somebody that's having some success and can guide you. You need a coach who will push you, right? You and I know where coach means something to us, right? Because they will get on you. They will drive you. Because what's the goal to try to help you to get better? But you need two more.

You need a cheerleader.

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