The Carey Nieuwhof Leadership Podcast CNLP 368 | Chris Hogan on Broke Money Habits vs Millionaire Money Habits and How to Make Financial Progress on a Low Salary
Sep 22, 2020
In this discussion, financial expert Chris Hogan, a bestselling author and host, reveals surprising truths about wealth. He debunks common myths from millionaire studies and highlights how educators often outpace others in building wealth through intentional planning. Chris emphasizes that big salaries aren't necessary for financial success, stressing the importance of consistent habits. He addresses emotional barriers to saving and the significance of setting written goals. Finally, he encourages immediate action for late savers and advocates for prioritizing generosity.
AI Snips
Chapters
Books
Transcript
Episode notes
Millionaires Built Wealth, Not Inherited It
- Most millionaires did not inherit wealth; they built it intentionally through habits.
- Professions like engineers, accountants, and teachers were surprisingly common among millionaires.
Use Net Worth To Measure Progress
- Calculate net worth as assets minus liabilities to know where you stand financially.
- Aim for a net worth of one million or more to be an 'everyday millionaire'.
Control The Controllables Mindset
- Millionaires overwhelmingly believe they control their destiny and act on controllables.
- That mindset drives intentional money habits like planning and giving.
