“Everyday Millionaires: How Ordinary People Built Extraordinary Wealth – and How You Can Too” is a book by Chris Hogan. Based on a study of over 10 million Americans who have a net worth of over 1 million dollars, the book provides a deep dive on the characteristics and habits of these everyday millionaires, and offers insights and strategies on how readers can apply them to their own financial lives. The book is divided into four parts: Mindset, Habits, Strategies, and Action.
- Mindset: The book stresses the importance of having the right mindset when it comes to building wealth. Chris Hogan argues that becoming a millionaire starts with a mindset shift, you have to believe that it’s possible, and that it’s possible for you. According to the study, 72% of millionaire have a positive attitude towards money, and have a plan to achieve their financial goals
- Habits: One of the main themes of the book is the importance of developing good financial habits. The author stresses the importance of living on a budget, saving, investing, and avoiding lifestyle inflation. He also encourages the readers to automate their savings and invest in their future. The study shows that 63% of millionaire have a budget and stick to it, and 91% of millionaire invest in the stock market.
- Strategies: The book covers different strategies that can help people build wealth, including paying off debt, investing in the stock market, and starting a business. It also provides insights on how to create multiple streams of income and how to protect your wealth with insurance and estate planning. The study shows that 74% of millionaire have multiple streams of income, and 77% of millionaire own rental properties
- Action: The last section of the book is about taking action and committing to a plan. Chris Hogan provides a step by step action plan on how to become an everyday millionaire and he encourages the readers to make the changes that they need to achieve financial independence.
As Chris Hogan, the author of the book, has a background as a financial coach and has helped people from all walks of life to reach their financial goals, his own experience helps to provide a personal touch to the book and make it more relatable to the readers. Chris Hogan is also a New York Times best-selling author and a popular financial expert that frequently appears on national media, this gives him a credibility on the field.
In summary, “Everyday Millionaires” offers a unique perspective on how ordinary people become millionaires, based on a study of over 10 million Americans with a net worth of over 1 million dollars. The book provides a comprehensive guide on how to change your mindset, develop good financial habits, implement effective strategies and take action to achieve financial independence. By providing specific examples, statistics and personal anecdotes, it provides readers with a concrete and actionable plan to build wealth.