The Proven Plan to Become a Millionaire

– Do you think you can
become a millionaire? Well, I think you can. So keep watching and find out how. (upbeat music) – Well, hey you guys. I am so excited about today’s show. We are going to talk
all about millionaires. That’s right, millionaires. It’s a pretty fun topic. So we’re gonna have my friend,
Chris Hogan, to come on, and he is a financial expert,
and he is now an expert in this space. He has some really fun stuff going on and I can’t wait for you
to hear all about it. We’re actually gonna
bring on a guest as well and talk to her and hear her story about how she is building wealth. So, you hear “wealth.” Like I’m saying that word
a lot, and you’re probably, in your minds, thinking stereotypically, what “wealth” or what a
“millionaire” looks like. And probably what I think
of sometimes, right? You see a millionaire. We’ll say exhibit A. This is Lauren. I’m gonna just call her Lauren. I have no idea who she
is, but she looks awesome. And you probably have seen a Lauren maybe on Instagram, or maybe in your life, you have a Lauren. And
Lauren and her husband do really well. They drive awesome cars. They go snow-skiing every summer. They go to the beach twice
a year with their family. You know, they’re making
together like $250,000 a year. They just bought a house
that was worth like $2 million. I mean, just, she’s rich. You would look at Lauren and be like, “Yeah, y’all are doing really well. You’re rich, yeah.” Then, you see Jane. I’m calling her Jane. I saw her picture earlier
and I was like she’s a Jane. Super sweet. Like Jane’s great, right? But like, you know, her
clothes are pretty average. They drive used cars. They
live in a pretty modest home, her and her husband. Together, they make $90,000
a year, so pretty well, but nothing like extravagant. What if I were to tell
you that actually Jane is richer than Lauren? Here’s the reality, you guys. It’s called your net worth. Your net worth is what
you own minus what you owe equals your net worth. What we don’t know here about Lauren, sweet Lauren, yeah, she’s
looking good on the outside, terrible on the inside. Everything is on credit cards. They have car loans. They have a mortgage. They actually put nothing down on that brand new home they
bought and you think that they probably paid cash for it. They didn’t. They put nothing down
’cause they had nothing. They live paycheck to paycheck. They have no investment. They have no savings. They are stressed out. That is Lauren. Jane, Jane well, get outta here Lauren, Jane is actually amazing because they have a paid for house. They just paid off their house. They have no car payments. They save for retirement. So technically, Jane’s net
worth is more than Lauren’s. You guys, this is like, not
what we think of, is it? Again, I keep thinking
over and over again, like we always see a picture
of someone and we automatically think, “Oh, I bet they’re really wealthy.” But the people that are actually
wealthy in America today, you don’t even know who they are because they’re not on
TV and it’s not all this glitz and glam. So for you guys, not only
do I want you to get a positive net worth, but I want
you to start building wealth so that you can change your family and you can change other people’s lives ’cause we say to live like no one else so later, you can live
and give like no one else. I don’t want you to miss this point, that debt makes you
look a whole lot better than you actually are. I learned this first in high school. (light piano music) I remember being in high
school and there was a girl I went to church with and she had a brand new car. Like when we turned 16,
it was a nice, luxury car. Brand new car. And she was
the friend that always just had all her outfits put together. I remember we’d go out to the movies and we all wanted to go to her house to wear her clothes ’cause
she had the best clothes. She had amazing purses. Her house was gorgeous. It’s like she had everything all the time. She was just that friend
I had in high school. I remember thinking all the time, “Oh my gosh, she’s so rich. “They have to be so rich,
they have to be so rich.” Well one day, we were talking
and there was a concert coming up and so there were
a group of us at church that wanted to go to this concert. The tickets were like a hundred bucks. So not a free concert, it was 100 bucks. So I get it, it’s kind
of an expensive ticket for a high schooler. But, that’s what it was. So we all talked. “Okay, we’ll go ask our parents.” The next day, we were all talking and she said the words, “Oh, my mom said we can’t
afford it this month.” I was like, “What?” In my head, I was thinking like, “You can’t afford it? You’re driving a brand new car. Your Gucci bag cost
thousands of dollars.” In my head I was like, “What do you
mean you can’t afford it?” I went home and I was
telling my parents about it at dinner. I was
like, “Yeah, she can’t go because her mom said
they couldn’t afford it.” And my mom said something I’ll never forget. She said, “Rachel, this
may or may not be her case, but remember. Debt makes
people look a whole lot better than they actually are.” So you guys, that’s the reality
of the world we’re living in. Whether it’s the Instagram
life you’re looking at or the fashion blogger
or the friends you have. Sometimes, the appearance
that they put on, it’s not the reality. What’s in their bank account is not true. What’s in their investments
may not be shown because they may not have
any ’cause they spend everything they make. So again, building wealth, I’m gonna tell you over and over again, it’s going to be boring. It may not be flashy, but in the end, you’re actually going to
be able to live and give like no one else. So, that is why I’m so
excited that coming up is Chris Hogan and we are gonna talk all about this topic of
millionaires and building wealth because he is the expert
and he’s brilliant. So, check it out. (upbeat music) Alright, the time is here. The man, the myth, the legend, fellow Ramsey personality
and financial expert, Chris Hogan is here. Chris, welcome. – Well, thank you. – So glad you’re here! – I have been waiting on my invitation. I keep hearing about The Rachel Cruze Show and I thought maybe my
invitation got lost in the mail. – I don’t believe it. If I heard that voice be like, “Take me on your show,” I’d
be like, “Yes, God, yes!” – Oh, listen to you. Listen to you. But no, it’s fantastic. It’s a beautiful set and I’m
excited to be here with you. – Well, I’m glad you’re here. Chris and I have worked
together for many years now, which is awesome. Actually our desks are
right next to each other. So, I feel like I know you so well and I know all the work you’ve
been doing all these years but the work you’re
doing right this minute is really exciting and
I’m really pumped for it, and I want everyone out
there to know what’s going on because not only do you
have a new book coming out, but you did this whole research survey all about millionaires.
And this whole episode, we’re talking about how to build wealth and what does it look
like to be a millionaire, and you’re the expert now. You know it all! – Well listen, we really dug in, you know? It’s not just me. This is the team. So, we commissioned the
largest study that’s ever been done on millionaires. Rachel…
– Love it. – We studied over 10,000. – So, a lot of millionaires. So this is not like you
went and grabbed four people that have more wealth and you’re like, “What did you do?” This is legit huge. – We didn’t do a focus group where you find 10 people.
– That’s right. – No, we did a study so much
so we commissioned a company, a research firm, to help us because we didn’t just
wanna get people that know who Dave is, who Rachel is, and Chris is. – Right, right. We wanted to get out there
and find out the reality. Every day people. What is it?
– Yes. – So, studied over 10,000 of em. I have to tell you, the
findings of the research, the stats that we have, the stories, and even the myths that we end up busting, it proves that the American dream is still alive and well, Rachel. And it’s available.
– It is! It totally is, I love it! So that’s the thing is,
there’s so many myths around this part of our lives, right? Because you hear “millionaire”
and you have all these thoughts of what a millionaire is. It’s not always true! Most of the time, it’s not. So, we actually sent our
very own George Kamel. If you watch the Dave
Ramsey show on YouTube, George, he’s a great one isn’t he? – He’s hilarious. – You just put him in your back pocket. I mean, he’s just– – He could fit too. – He’s the greatest thing ever. George went out on the street to ask every day people their
opinion on millionaires. So here’s what they found. – Hey guys, George Kamel here. I’m in downtown Nashville to figure out what the average person thinks about what it takes to
become a millionaire. Let’s do this. What do you think the normal careers are of the average millionaire? – Doctors, lawyers. – Singer or movie star. – Business and investing. – Tech industry, I would assume. – Finance. – TV. – How do you think most
millionaires got their money? – Partially inheritance. – A good salary per year to invest. You can’t become a
millionaire unless you have the money to do it. – Inherited it. – I think a lot of it has to be luck. – There’s one way to become a millionaire. What percentage of millionaires do you think inherited their money or got some kind of trust fund? – 30%. – OK. – I’d say 80. – 50%, at least. – 70%? – What would you guess
is the average income of a millionaire. – Oh, I couldn’t even guess. I know Kylie Jenner makes a lot of money. – Kylie Jenner, that’s who I think of. – $200,000. – 300 grand a year. – At least $250,000. – $150,000. – Do you think you could
become a millionaire in your lifetime? – Probably not. – It would be nice, but
that’s not gonna happen. – No. – Unfortunately not, no. – Okay, that is like classic though, right? Those responses, that is! That’s the stereotypical
response of what you think millionaires are all about! – It really is, Rachel,
and no matter where you go, you can go across the country. If you grab every day people off the street and you ask them, those
are the kinds of answers you’re gonna get because that’s what people truly believe as reality. – Yeah, so one of the myths on there that I would totally believe if
I wasn’t in my line of work and knew the reality is, “Oh, people just inherit their wealth.” You know, you think of
the Kardashians or like, Paris Hilton, the Hiltons, right? You think of all these famous families and that’s who the rich, that’s who the millionaires are. But that’s not true! – No, it is not the truth. The inheritance is actually
a very small percentage. And yeah, some of the people you named, you’re gonna hear about
that and it happens, but for every day people, there are a very small
percentage of people that get and kind of inheritance at all and even if they do, Rachel,
what I found in the study, is that even if they
did get an inheritance, it was so small, it didn’t cause people to become a millionaire. So it’s this mindset. – They’re self-made millionaires. – That’s self made. That’s the exact term that I use. So I want people to know this because now, what you have to do as an
individual is make a decision and begin to work a plan
that puts you on that path. It doesn’t matter what
Mom and Dad left you or if Grandma and Granddad
left you something or not. You still have an opportunity. – Yeah, your destiny
really is in your hands. The other thing that
would make sense to me, again if I didn’t know,
the answers of all this, is that you need a
high paying salary, right? Me, I’m like, “Oh, it’s math. Yeah you make a lot of money,
you invest a lot of money and you’re gonna be wealthy.” But a lot of these
millionaires did not have high paying jobs necessarily. – Rachel, they really didn’t
and people believe that. That you need a high, six-figure income. And so, if that’s the case, people that are making the average income or less than that, then they
think it’s not possible. Again, in the study,
we found out the truth. It doesn’t take a high income. What it takes is someone
that is committed and focused and they tell their money what to do. – The last myth that I’ve heard people say and people have told me this, you know, someone said, “Oh yeah, well
you can only become rich “if you just do what rich
people do in secret.” Like there’s all these secret
things that millionaires know about and they do
em but they don’t share with the rest of the world. Someone was having a conversation
about that with me and I remember thinking, “What? No.” Because that’s not the truth! They don’t, it’s not luck
and it’s not all these risky, crazy secret investments, right? – Yes, well people believe that. They think they need to
create something, right? Or take some kind of high super risk with the cryptocurrency
’cause you know we’ve heard about those things.
– Right, right, yes. – And you have to be
able to do that in order to become a millionaire. Again, not true. It’s a myth. The problem is, Rachel, with some of these that we’ve covered, if you
tell a myth loud enough, long enough, people start to believe it. So I want people to hear
the truth and understand what’s available so they
can decide for themselves and their legacy. – I love it because not
the risky investments, as we always say, ya know, what we teach when we teach people to
invest into retirement, we say all the time, it’s boring. It’s not exciting stuff
but it’s the diligent, when you do it over and
over and over and over. That’s the cause. – You know, we tell people to what? Don’t invest in anything
you don’t understand. So you need to be able to explain it to a 10 or 11-year-old. That’s the basics because we don’t wanna take too crazy risks. We worked hard to make this money. Now I want people to make
their money work for them. – I love it. Okay, there’s
some viewer questions and I usually grab viewer
questions from my Facebook group. Sarah asked, “If someone
can spare $100 a month or whatever amount, and
they’re just getting started, where should they put the money?” – We know Baby Step number
one is to save $1,000, right? Because when you have
that money tucked away, now you don’t have to use
that and you don’t have to go see a bank or you don’t have
to get a credit card, right? So let’s say now that she’s
already got that in place. Now what? I want her to use it
to attack debt, right? Baby Step number two. Then Baby Step three is to
build up a three to six month emergency fund. Get that in place and
now you’re ready to go with what I call the
wealth building steps. You wanna start to put that money aside, to be able to allow that money to grow for your dreams later. – I love it, so good. Okay, and for all this
investing stuff, you guys, go to our SmartVester Pro. If you go to,
look at that, because these are people
that can really help you with your money. They have the heart of a teacher, not the heart of a salesman,
and they are awesome. Because again, the investing world, like what we’re talking
about all this episode, it’s intimidating! – It is. – I remember, even Winston
and I, when we first sat down with our SmartVestor Pro,
when we first got married and like, combined our money, he was talking to us, a
few times, I was like, “Can you explain that again? Can you explain that again?” Even as Dave Ramsey’s daughter, there were things that I didn’t understand and I made him keep explaining
it until I grasped it. So don’t feel stupid.
– No. – Ask questions. – I appreciate you
bringing that up because SmartVestors, they do
have a heart of a teacher. That means they wanna help you. They’re not trying to sell you stuff. So, if you have questions, ask them. I promise you, they’re not judging you. They’re there to help you. – Absolutely, alright, Julia said, “How often should I check my investments? Once a year or more often?” – Well, I think any time you’re
looking at your situation, you wanna check investments every time that statement comes in the mail. You should be getting
something from your 401k or 403b each and every month. Take a look at it but Rachel,
I want people to hear me, don’t freak out. Investing is like riding
a rollercoaster, right? Do you ride rollercoasters? – I love rollercoasters. – Do you sit up front? – I went to Disney World
recently, Chris Hogan. I love it.
– Did you sit up front? – I did in Space Mountain! Legitimately, they put me in the very front! – I’m not sittin’ up front. I sit in the back. I need some time.
– Oh no. – Yeah, I need some cushion. – I’ve gotta get right up there, gotta get right in the game. – But listen, investing is
like riding a rollercoaster. There are gonna be some ups and downs. But here’s the deal. When you’re riding a rollercoaster, as long as you have your seatbelt on, you know everything’s gonna be okay. So, my reality is
investing is a lot like that. When you have SmartVestor Pro in your corner and you’re investing in
things that you understand, you can relax, right, and take a deep breath. So look at it each and every month. But I want you to meet with
your investment professional at least quarterly. If you’re married, you and
your spouse need to go in for that meeting. So we’re talking about it,
getting on the same page, and any questions that
need to be answered, get answered in front of both of you. – I love it. Corey asks, “How do I even start? I’m a few months away from
completing Baby Step three and don’t have a clue
where to start or even how much to start with.” – This is fantastic. So this is somebody that
has paid off debt, right? So congratulations to you. I’m very proud of you.
– Yay! Corey, good job. – Seriously, it’s a big deal. – It is! A huge deal. – People need to be encouraged about it. I love that you do that on your show. You’ve done a great job. What I want you to do is take steps now to start to prepare for your future. So that could mean, if you’re working, you could start to put that money aside in your 401k. If their employer has a match, which means they will
match how much you put away up to a certain percentage, right? If there is no match, then
let’s put that money in and then as you start to grow
and you gain more income, you have an opportunity to use the 401k but also don’t forget about Roth. Rachel, Roth is my friend.
– Yes, Roth IRA. Me too! – I may name my dog Roth. You know why? Because you’re talking
about tax-free money. – Tax-free money. Right, you’ve already
paid the taxes on it. This money is gonna
grow and the government can’t touch it anymore. – That’s right. Alright, Danielle asked, “How should I do retirement investing
as a stay-at-home mom? 15% of zero is still zero, smiley face. So is it 15% of my husband’s paycheck? Should my husband and I
put a higher percentage of our money into his 401k at his job? Is there a better option than a 401k?” – Well, first and foremost,
your job being at home is a very, very important job. You allow your husband to be able to work and do what he needs to do. – Yep. – So Rachel, the first
thing I’d want her to do is to start to use a better pronoun. “We,” right? She’s saying “his” and “my.” No, it’s “we,” together. So, sitting down to look at that. – I quote you all the time. I say, “My friend Chris Hogan
says we need to be more French. We, we.” – That’s exactly right.
– We, we. – Speak we, not me.
– I love it. – That’s right. – That’s right, I’m
proud you give me credit. – I do quote you.
– You didn’t steal it. I figured you’d steal it. – I’m a giver, not a taker. – But listen. It’s so important to
be able to really know that you’re working a plan together. – Yes. – So, the 401k and them going to sit down with the SmartVestor Pro, they both need to go, husband and wife. Right, because this is their
money, this is their thing. But here’s another thing that can happen. Because they are, he’s
working and there’s income and they’re filing taxes together, they could also sign up
for a spousal Roth IRA. She could have this account in her name and that might make her feel better even though it’s all for the family. People wanna know what they’re doing. Here’s another beautiful thing. If she’s doing a side job or
she’s doing anything else, she could also direct
that money to a Roth IRA to allow her to save. So, the biggest thing for this is, if they’re saving in a 401k together, this is their money,
this is the family money. – That’s right. – So they both need to be involved in the meeting with the SmartVestor, and any tweaks moving forward. – Okay and something else I
see stay-at-home moms skip is life insurance! Moms out there, even
dads, but especially you stay-at-home moms, make sure
you have life insurance. I always like to tell stay-at-home moms, at least half a million dollars on you because if something happens to you, your family has to be taken care of. Make sure you go to, check it out. Winston and I use Zander, but again, I see a lot of stay-at-home moms and they’re like, “Oh no, I
don’t need life insurance.” I’m like no, the work you do at home. Like you said, it’s so important! And your husband has to fund that if something happens to you,
so make sure you get it. Do y’all use Zander? – Absolutely. Listen, your job as a
stay-at-home parent has value. That’s stay-at-home moms and stay-at-home dads.
– Amen. – If they’re out there. So you definitely wanna have that in place because guess what? Life’s gonna have to go on. You’re gonna have bills,
you’re gonna have things you’re gonna need to pay for. Let’s make sure you’ve
got some money put aside, term life insurance with Zander. They’ll help you out and
they’ll walk you through any questions you have. – That’s exactly right. Okay, last question. Sarah said, “Where is the best place to start learning about investing? Any good books to start with? I have a horrible financial background and know nothing about investing. We’re in Baby Step
two and I am a planner. I wanna start doing research now.” – Well, I love that you wanna learn. I’d say you could start off with the book, The Total Money Makeover. That is the book, that Dave’s book, it’s the number one bestseller. It really starts to break
down kinda the principles. Then there’s another
book out there, Rachel, I’ve heard about and it’s called– – Oh, Love Your Life Not Theirs? What is it? – It’s called Retire Inspired. It is a book that helps people chase down their dreams. And go after things they’re going for. – It is good, though. – But no, seriously. – Retire Inspire is all about all of this investing stuff too. – And I have a show. Chris Hogan show. – Okay, go ahead. – Where people are allowed to call in. I take callers because I love people and I want them to be
able to ask me questions. – I go into Facebook communities. – And I wanna be able to talk with em but no, listen, it’s an
opportunity to grow in knowledge. – That’s right. – I think it’s really important for us when we don’t understand
something, we tend to stay to ourselves and that’s dangerous. – It is, yep. – So, reach out and listen,
our team has all kinds of resources, your show, my show, there’s opportunity out there to learn. So I just encourage you, get plugged in, talk to people, have a conversation, and don’t even feel like
your question is dumb because there is no such thing. – That’s right. – People need answers and that’s what we do. We help them. – Again, we’re honing on this, you guys, but it is so critical
because investing again, it can be an intimidating
topic just like she asked. So, find someone that does
this day in and day out. Those are our SmartVestor Pros. Check ’em out and start
on the road to investing so you can become… – A millionaire. – Oh, we didn’t even plan that. That’s pretty good. – I know, that’s pretty good. – Coming up next, we have Elle. She is here to share her story and to gain a little bit of knowledge from this man on more of how she can invest wisely and become a millionaire. (upbeat music) (phone buzzing) Planning and cooking meals for
the family can be stressful. Knowing what I’m going to cook, having all the ingredients, and making something everyone will love is a balancing act. That’s why I use Home Chef. They deliver straight to
your door and get this, the ingredients are pre-portioned, so you never end up wasting
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like a true chef at home. Home Chef, meals anyone can cook and everyone will love. Visit today or use the promo code Rachel at checkout and get $30 off your first order. (upbeat music) – I was very stressed out by the number when I graduated college. You know, it was more than what I knew my starting salary was
gonna be at my first job. So, my dad, he’s a farmer out in Kansas. In the summer times, I would
help drive combine and tractor, and all you really have
to do out in the field is listen to the radio. I was probably around
you know, 13 years old. I would listen to FM radio and then, I’d get really sick of
hearing the same songs over and over again. So I learned to switch over to AM and listen to The Dave Ramsey Show halfway through the day. Unfortunately, I didn’t
follow the Baby Steps when I went to college. I wish I had. So I was very stressed out by the number when I graduated college. Now I get out my laptop and I go through the exit counseling and I see this total. Ya know, it was more than what I knew my starting salary was
gonna be at my first job. I knew I needed to do something and ya know, I remembered listening to The Dave Ramsey show and
I knew that it had worked for other people, so I
just turned towards that. I told everyone, I have this plan. I’m gonna pay them off in
you know, a couple of years. They’re just like, “Sure, sure. I’m sure you are, good luck.” And yeah, it is possible. (light music) – So one of my favorite
parts of the show is being able to bring
people on who are winning, like every day people who are doing this. So, tada, Elle, that is why you are here! Thank you for being on. – Yeah, thank you. – So Elle has an amazing story. She just came to Ramsey
Solutions to do her debt free scream on The Dave Ramsey Show. You are completely debt free. – I am, it feels amazing. – So great, so how much
debt did you pay off? – $60,000. – And what did that consist of? – It was all student loans. – All student loans. So no car loans, no credit cards. – Nope. – Sallie Mae.
– Yes. – You have gone through this
journey to get to this point, to be debt free and you’re
28 years old, you guys. In your late 20s. So, tell me about this journey. What caused you to get
started on all this? – Well really, what got me started is just the fear of seeing how
much student loans I had because I’m kind of ashamed to say but, when I graduated college
and they have you do your exit counseling, I didn’t really know what that final number was going to be. So, when I went through
that process and saw what my total was and then I saw what the monthly payment was and all
the different payment options, I was just terrified. So I was kind of like scared into it. I was just like, “Oh my gosh,
I have to do something. I’ll do anything.” So I knew about the Dave Ramsey plan and I just decided to go full speed ahead. – It’s amazing. So, she’s a rare bird, right? – You really are. – We like to call you a unicorn, Elle. – You are like a unicorn. – You are a unicorn. – Do you remember, how
much was the total in that exit interview when you were there? – It would’ve been high
50s, like high 50,000. – And you remember the monthly payment? – Oh my gosh, it was like
$500, $600 a month, something like that, yeah. – I mean, I can’t imagine
being in your shoes. You’re not working yet and
here you see this thing that’s gonna be following
you for many years but you made a decision. Yes, so how did you do it? What did you sacrifice to
be able to attack this debt? – I sacrificed a lot. You have to learn to say
no to a lot of things. I mean, in college, now looking back, I do feel like I was
living way above my means. So, when I graduated,
usually that’s the time when you can start to do
everything and you know, buy a new car and all this stuff. – Like everyone’s getting their first job. All going out all the time and it’s so great, yep. – Exactly but I had to really ya know, I don’t know, scale back everything. So that was really challenging but I’m so thankful that I did. – Was it worth it? – Yes, so worth it. To not have to worry about that payment and you know, you just have
your basic living expenses and you can worry about your future rather than worrying about
paying for your past. – I like that. That’s so true. You just freed up a lot of money, right? Almost $600 a month.
– Right. You would’ve been paying.
– Oh yeah. – And you said no, I’m gonna sacrifice. So I’m sure friends were buying cars. I’m sure friends were taking trips. How did you stay focused on this? – Well actually, I got rid of
my social media for a while. – Oh! Girl after my own heart! Elle is so smart. – I did and I mean, it was great. I could just worry about myself. You know, it’s just like what
you teach about contentment and everything, that is so important and yeah, that was just so helpful to me. It’s just like, worry about yourself,
worry about what you have. I kind of started to practice more of a minimalistic lifestyle too
and like, that was beneficial. Yeah, it’s just really being
intentional with your living really was helpful. – Love it, so this whole episode is about wealth and being a millionaire and all this stuff, so
what you’re doing is, you’re out of debt. You’ve actually done Baby Step three which is saving three to
six months of expenses. So now you’re onto investing
which is the main way a lot of people build wealth is over time, and you’re doing
this at 28 years old. So, my question to you is, in this moment, do you feel good about where you are financially? Do you feel like you’re
putting enough away? Are you able to see the future at all? – Yes, I do. I mean, I think I’m in a good spot but I kinda do feel a little behind because it would’ve
been so nice to just go straight out of college and be
able to just start investing right away but you know, I
think I’ve done your RIQ before and yeah.
– Good. Are you investing 15% right now? – I am, yes. I am investing 15% but only in my 401k, but I want to invest in a Roth ’cause I’m gonna just go up
to my employer’s match and then start investing in a Roth. – You should take our jobs. – You’re on the ball! Seriously and you know what? A lot of people can feel like
they’re a little bit behind, but listen to me. You’re 28 years old. You’ve got yourself debt free. You’ve got an emergency fund. You’re ahead of the game. So, investing 15% in your 401k is exactly what you should be doing. Now, you look at it and you go, “Maybe with some extra,
I wanna do a Roth IRA.” That’s something you can do as well. So I want you to take comfort in knowing you have worked hard
and you’ve sacrificed. You’re on the path to becoming
an every day millionaire. – I know girl, like you are it. You’re textbook, exactly it. So I don’t wanna pass too
quickly across the $60,000 paid off in debt ’cause
a lot of you out there, you’re in Baby Step two, you’re working to pay off debt, you’re in the middle of sacrificing, so Elle, I want you to… What
would you tell someone when they’re like, “Okay, I may be 38.” Right, let’s say they’re
38 and they have $60,000 still left in debt. What would you tell them? That they can do it? Like what’s your message
to someone like that? – I mean, it’s definitely possible. You’d really just have to get intentional with what you’re doing
and what you’re spending. People always talk about
the budget is the secret. I mean, it’s really not a secret. You just have to have a budget and know where your money’s going. I mean, that’s half the battle is just knowing where your money’s going. – Do your friends know what you’ve done? – Yes. – What do they say? What do they say?
(laughing) – They’re proud of me, I think. I don’t think a lot of them understood why it was so important to me at first, but I think now that I’ve
finally paid everything off and I think they can see that like, oh, that’s really cool that she did that at such a young age. So, yeah, I think they’re proud of me. – Well thanks so much for coming on. Seriously, like you
are the perfect example of what to do ’cause
people are in the middle of fighting this battle
and they’re sacrificing and you’re giving them hope. You really are through your story, so thank you so much for coming out. You are a perfect candidate
for the every day millionaire like we talked about. So I’m actually gonna be a giver. I’m gonna give away one of your books. – I think that’s fantastic. – Everyday Millionaires.
– Yes, yes. – I’ll get him to sign it for you when it actually comes out. We actually get a copy
that’s not pre-order to give to you, Elle. Hope you enjoy it.
– Oh my gosh. Thank you so much. I’m excited!
– Very proud of you. Very proud of you.
– Awesome, thanks. (upbeat music) – Guys, let’s be real. Being a parent is hard work. Now that I have two daughters of my own, it feels like the to-do list never ends. As every parent knows,
your priorities change and you have to make important decisions for your child’s future. That’s why term life insurance is a must for every parent. It’s so easy to get and it’s affordable. What you’re looking for is 10 to 12 times your annual income to make sure everyone in your family’s taken care of. Winston and I use Zander Insurance. They do all the work for you to find the best prices and options. So, go to to get
started on a quote today. Because that’s who we trust to take care of our family. (upbeat music) Alright, my favorite part of the show. She works hard saving
money. Special edition with Chris Hogan! This is so fun! – Do I get to be involved? – Yes, okay! So you read the first one, go. – Fantastic. Alright, here we go. So, Kelly said, “I sold my Mustang GT, my baby of 14 years, to buy a
used electric/hybrid vehicle, mainly because my husband commutes a minimum of 45 to 50 miles a day. Although a lot of tears
were shed saying goodbye to the Mustang, it’s been a huge blessing
with fuel savings. He can make his hour
commute all on one charge and typically charges it at work so he can ride home
without using a drop of gas. We’ve saved hundreds of dollars a month not having to pay much for gas, and when he has local travel,
we throw his mileage checks toward the mortgage. Doing this, we’ve been able
to up his 401k contributions and max out his HSA.” – Amazing.
– That’s fantastic. – Alright, Mary said, “I’ve been riding public transportation for almost 30 years. That helps save on gas,
parking fees, insurance, car maintenance, and
vehicle replacement costs. And my company subsidized over half of the cost of my bus pass. I calculated that it
saved us over $100,000 in the past 30 years. And as an added bonus, I was able to read educational books on the bus, like Financial Peace University.” Love it. – Well, Crystal said, “In a year and a half, we have paid off $65,000 of debt, student
loans, credit cards, and even a car.” They sold their house and
they bought an upgraded home. “We have also bought a new
used car for the first time, paying in cash for $14,000. Two years before, I never though I’d go without a car loan. We now have a six month emergency fund and are working on saving for
flooring for our new house. We’re also working on moving
on to Baby Step number four within the next month. I hope to be on Baby
Step six by the new year.” – I love it! – It’s awesome. It’s possible.
– People winning all over the place. So great. Well Hogan, thanks for being on this episode.
– Thank you for having me. – I so appreciate it. So make sure you check
out Chris Hogan’s book. It’s on pre-order. When you pre-order, you guys,
you get audio book, ebook– – You get two videos, one from me, one from Dave. Yes, you get some stuff.
– Yes, all free, you guys, with the pre-order of
Everyday Millionaires. Make sure to do that. Thanks to Elle for coming
out and sharing her story. As always, remember to
take control of your money and create a life you love. (upbeat music)

100 thoughts on “The Proven Plan to Become a Millionaire”

  1. Hahahaha I just love you, Rachel! Young girls all think they are bff with Taylor Swift and I’m over here like Rachel is my celeb Bff.

  2. Stay at home Mom here, and took me a while to take my finances into my own hands. But I finally did, opened my OWN Roth IRA and ANY extra money I can find, from saving in the groceries, my side hustle, uber, door dash..all of it goes in my investing portfolio in my Roth, between 150-300 per month. The reason why I am so aggressive about investing is because the longer you wait the less compounding interest we have. Also I may not always have a husband that is employed. But while he is employed and I'm home with the kids! that is when I need to be saving!!

  3. You cant become a millionaire just by saving. You need a certain level of income to get there. A fastfood worker in minimum wage cant do it because they have to pay bills. And $90,000 a year? Thats a lot of money. A lot of this dave ramsey/rachel cruz stuff is not for the poor.

  4. Why arent they actually telling us what the percentages in the study is for the myth busting? The way you frame it can be misleading.

    I'm in my 60s..Retired on a fixed income as millions of Americans are.
    How do we get to become millionaires?

  6. And how did this woman become a millionaire? It's called nepotism. Her father promotes her non-stop on his radio show. Kind of like how Dr. Phil promotes his family. Disgusting.

  7. A way to save $10,000 a year? Be a one car family. A way to build wealth? Be a one income family, save the second… Anyone willing to take the challenge?

  8. So what if you make an average income. Yet, your investments have grown to such a level. That the tax bill exceeds your yearly income?
    That is a real fear of mine.

  9. I love all of the debunking of these money myths! Breaks my heart that people believe they won't be wealthy. It all starts with believing in yourself! I picked up a side job to pay down my student loan debts & I've made a commitment to myself that if I can't pay for something in full, I don't need it. Keep teaching people!!

  10. Hey girl! Heard the podcast you did with Rachel Hollis and can't wait to learn from you! Thanks for sharing you insights and knowledge!!

  11. My husband and I are paying on our third house in 15 years. We own both other properties still and rent them out as investment property now. It was a lot of work but is so worth it.

  12. Have money just don’t know what to do with it. Opened a vanguard fun and lost 10% right off the bat. Overall with 401k I’m -5% 9n rate of return for year.

  13. So helpful and entertaining, your videos make my weekly budgeting so much more fun! I always reward myself at the end with a vid 😀

  14. I am 67 years of age and I just happened to accidentally run across one of Chris Hogan's presentations to an audience about becoming a millionaire and also introducing his new book. I downloaded the book and read the first 37 pages that were free. In addition, I have viewed and listened to a few of his talk shows. What seems common in all of his presentations and comments is that your everyday millionaire is not what most folks deem them to be, how everyday people are building wealth, and what wealth really is. That it is possible for anyone to become a millionaire no matter what his or her salary is. I guess for me, it is the untold info or the piece of the missing puzzle that stops me in my tracks and ask the question "and???". I think I speak on behalf of many individuals who are my age and still have the dream that it is possible to become a millionaire, but age, time, life setbacks, and other obstacles seem to prevail and dim the vision of that goal. This program seems to be catering to the millennials or those who are just starting out and not "us" baby boomers. All testimonials that I have heard so far is no where near my present condition, nor do any of them offer a sound resolution for one who has been hit so hard with life unexpected challenges that one is left with exhausted savings, on a fixed income, and a struggling small business. Summation: "The info available through this program may be factual, but It's not for everyone."

  15. I’m loving this. All these people on YouTube pushing crazy investments, side hustles, while regular teachers and engineers are millionaires. Gives me hope as a stay home mom with a husband who earns good money! Millionaire status in 3-4 years is our goal!

  16. #Debt makes you look better than you are.

    Be like Luxury Lauren or Plain Jane. Plain Jane is more prosperous as her net worth ( =Own – Owe) is positive.

  17. Why don’t you educate ppl on the FACT that THERE IS NO LAW THAT SAYS YOU HAVE TO PAY TAX ON LABOR WAGES. THE GVT IS RIPPING US OFF. Sherry Jackson & Joe Banister are 2 Ex IRS agents that prove it. How much can you save if you don’t have to pay taxes on YOUR LABOR.

  18. I want to become a millionaire. I've been working on my investments and passive income and I just started my channel on personal finance!!

  19. So nice of Rachel to keep sending those plugs for her father's (Dave Ramsey) show…. She never wanted for anything growing up.

  20. I agree. Financial traders must live a basic life; when they do the trades work better. Financial literacy is a key skill too. Attending seminars of the role models are important as well.

  21. Not gonna lie….when I first clicked I was like this is too commercial and cheesey….BUT when she said, "debt makes you look a lot better than you are," WOW….that was powerful. So glad I clicked on your video. Great information. Thank you, taught me a very valuable lesson.

  22. Hi Rachel Cruze, first time at your channel, great talking, wow, just working on to make a MIllion, and the very good thing is: I live in Europe, I need ONLY "882.765" Euro to be a Dollar Millionaire :))))))) Subed, can't wait for more videos, you are very sympathetic, so u put a smile on my face, all my best wishes from Germany, Bobby

  23. There's nothing wrong with debt if you have a plan and make investments. I am in debt with a 2018 Chevrolet truck and a small kubota tractor. But i own a business own trailers own two lots

  24. Great content I too thought this was going to be a just another YouTube video on "How to get rich like her" cheesy video

  25. That’s great if your employer matches your contribution but many many don’t so that’s half or more of your strategy gone plus the market has wild swings and mAny have lost 30 years worth of their portfolio during severe recessions right when they retire , anything linked to the stock market is volatile

  26. Tell me when you have a proven plan to be happy. Money is just a tool. One the left likes to redistribute. Rather have happiness.

  27. It’s easy when you got daddy’s money from the start and he gets you everything and gives you a show to talk to people. Being fake and acting like you can relate.

  28. Two guys are waiting for the light to change, one is driving a brand new Mercedes E Class, the other is driving a 1998 Buick Regal with the paint peeling off, who is the real millionaire?

  29. Did I miss the average income of the everyday millionaire. I was expecting to hear that. Now I’m so curious to find out it much be a hook for the book

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