DO THIS To Ensure You BECOME A MILLIONAIRE (How To Get Rich)|Chris Hogan & Lewis Howes

so for me i look at debt as a thing that limits me from doing what i want to do not getting me there faster now i'm old school now i did my stupid i did single stocks i i did all those things and i lost a lot of money but looking at it what i was trying to do was to get rich instead of build wealth [Music] welcome to the school of greatness we've got chris hogan in the house my man good to see you brother absolutely i decided to learn more about your story former football player small school just yep yep then he went to coach for a while and popped the rock coaching i did a little stint for like a sports camp and then i realized after two weeks of sports training camp i was like this is fun there's no money in this no they would offer me like three grand it's serious work no um and i was like well how am i gonna make money you know i played professional football for a season in the arena league yes got injured and then i was like i was making 250 a week there so it wasn't like i was getting rich right i was like how am i going to build wealth after this i had no college degree yet because i left early to go to try to play professional gotcha this was in 2008 during the height of kind of like the crash oh yes so i didn't have a degree it's 2008 i'm sleeping on my sister's couch uh making no money and i remember thinking i'm never gonna make money like i don't have skills i'm like this dumb jock guy like who's going to hire me and how am i going to build wealth in my life and i remember after about a year of sleeping on my sister's couch my sister goes i think it's time for you to start paying rent you've got to do something with your life like you've been depressed for a little bit now it's time to like do something or you got to move out so she gave me the push to like do something and i remember looking on craigslist for our jobs sports marketing jobs in columbus ohio and i got uh i applied for this job they gave me um an interview right so i get an interview and i'm thinking like this is actually a pretty cool job that i think i would do well at like i enjoyed the description i did sports marketing in school like i'm into sports like i think i'll do well at this i remember i had one sport jacket from my college i get dressed and i opened the door to leave and i remember i couldn't step out the door because i in my crazy confident mind i was like i'm going to book this job i'm going to land this job and for whatever reason i was just like and i'm not going to be happy it's not going to be what i want like i'm going to be there for a year i'm going to chase the next thing at this career i'm not going to be happy so i didn't end up going to the interview and i said now i need to figure out how to build wealth wow and you have just written a book called everyday millionaires that teaches how ordinary people build extraordinary wealth and how you can do it as well that's right so i'm curious i'll come back to my story later but i'm curious to hear about your story and how you've studied 10 000 millionaires yeah 10 000 millionaires on how they've built wealth and probably i'm assuming there's a lot of commonalities where people have overcome challenges adversities had to take big risks had to they've probably lost a lot of their money at one point and had to rebuild the lessons so you've been in the financial world for 20 plus years that's right you after coaching and realizing you weren't going to make money you went to work at a bank bank that's exactly right so i started down the banking path uh now i had wanted to go into the fbi okay i had known this since seventh grade yeah uh and so i get up i'm meeting with an agent i got a mentor we're talking and hanging out he's starting to tell me more and more about the reality of the bureau and it was kind of like oh you know this dream i had is starting to shift on me here a little bit you know and i went into the banking industry because what i wanted to do was if i could create the sports mentality and that team right work attitude in a business community then i knew we could do something special and so it started down that path went into banking and you know got to the point where i was pushing products instead of helping people you're selling services yes right yeah and commission that's exactly right and so i realized i wanted to help people not necessarily promote right and there's nothing wrong with business but but i realized the push was more on the results instead of the people exactly my dad was in life insurance for 30. okay so you know it's all baseball that's right that's right and so i had a chance to cross path with dave ramsey uh at a charity event and so what was this oh gosh this was back in 2005. um and uh so cross paths we struck up a friendship started talking a little bit and uh after three or four meetings he was like why don't you come help me do this and i'm like dave you you don't need any help brother you're women yeah you know you're good you're good and so but i got a chance to see and know his heart and understood what he was trying to do so joined the team there started i was working with pro athletes entertainers and musicians i was trying to help them understand how to control their money yeah right so many of them as you well know will depend on their agent or their business manager and a lot of these guys end up getting taken advantage of i mean i've spent a lot of time out here in la uh i could tell you several names of people that were taken advantage of so obviously i wanted to empower people to know what steps to take like most of the athletes i think the statistic is what 80 percent go bankrupt or broke two years after they retire but then two years after retirement think about that for a minute yeah you know these guys have made 50 to 100 million dollars and how do you go broke right that's what baffles people and i go well hold on for regular everyday people how do we spend five and 10 grand on a credit card you do it one swipe at a time so these guys are doing it on another level yeah so of course i made agents nervous because they didn't want me making their clients smarter right and then the business managers in the music world so anyway so all that i started speaking and teaching and what i wanted to do was to empower people so my mission statement is to educate encourage and empower as many people as i can whether it's on leadership or money wow yeah it's amazing man it's fun so how long did this study take when you studied 10 000 this thing was a two-year project yeah um and anytime you're trying to talk to ten thousand people it's like herding cats you know but i wanted to talk to people all across the country because i didn't want people saying well you're just talking to people that know you and dave or you know i wanted to get people that never heard of us so we ended up using a research firm to dig into it and we found them and we talked with them and the reality is people think millionaires are trust fund babies that they inherited everything or they got lucky or hit the lottery none of those are true these are regular everyday men and women that have worked hard over time and they've been investing 25 28 years and the way the book is structured we've got the information from the study and we've got the in the information i want people to know but the stories in this book of people that were homeless and turned it around people that had a million dollars or more in debt and turned it around and so louis it really goes back to a lot of the stuff you talk about it's the mindset right it's the mindset and when you get the right people with the right information results can happen yes what are you talking about these myths that millionaires uh about millionaires what are some of the myths uh that's the surround millionaires well 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 him the truth is 79 of the millionaires that i talked 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 a millionaire you make a high paying job right you got big big income yeah yeah no a third of the millionaires that we talked 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 water 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 but for people a lot of people with six figure salaries have nothing in the bank thank you 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 i'm one year out of grad school making 30 40 grand i'm sorry when i make this amount i'll start 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 regular everyday people that took control and were focused uh it's amazing so let me tell you this top three positions of the ten thousand millionaires we studied number one was engineer which doesn't surprise you right they're good at planning yeah accountants organized yeah accountants same thing they were number two they're good at counting stuff number three was teachers teachers they're not making that much exactly and you think they're undervalued underpaid how are teachers doing this well if you think about what it is 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 preying on people but these people were people that built wealth over time investing in their 401k their 403 b's so anyway the goal of this book is to let people know the american dream is not dead it's alive and it's well and it's available to people we just have to take action absolutely what are some of the things that they do on a daily basis these millionaires what are some of the steps to take and how do they think differently than non-millionaires great 97 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 a hundred thousand they're living on 70 or 80. right you can't build wealth if you live on more than you make 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 they never create carry debt debt yeah right you might use a card pay it off every month pay it off and so the mindset and i love to give people on economics and in a phd in economics interest that you pay is a penalty right if i use someone else's money they charge me yes right that's a 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 yeah powerful yeah now how have you uh managed to through all the stuff you've gone through i'm assuming the last you know 15 20 years you've gone through some challenges you told me before off camera that you have a a child who has special needs and was told that they wouldn't live past a certain age you're you know i'm assuming you've had challenges in relationships with business partnerships intimate relationships family yeah the more wealth that i've accumulated and the attention that i've gained there's more people with handouts yes expecting whatever it may be how have you personally managed the emotional challenges that have come your way by not letting it affect your mindset around money so that you don't do things emotionally with your money right well i mean i've been there i don't know about you but i've made some mistakes yeah okay and uh you know a mistake that you make one or two times you can call it a mistake but when you keep doing it over and over it's not a mistake anymore it's called a choice yeah so for me i'm very i'm a man of faith so obviously i'm rooted there uh but i got good people around me yeah uh i got good friends people that have known me since my childhood people that know me for who i am so i'm not an author and speaker with these people i'm just chris and so those people keep me rooted right mama hogan is no joke either okay so you'll keep me rooted and so i think it's really important to understand what am i trying to accomplish like i don't want notoriety i don't want to be famous i want to be known that i help people think bigger right and so staying rooted in that it helps me to be very very clear on what i'm doing people will come up and tell me oh chris you changed my life financially and i go whoa uh-uh pump the brakes i didn't change anything i gave you some information you did the changing and so i think it's really important as as we help people that we stay aware of who's doing what and our role yeah i think there's a there's a story about marcus aurelius where he would go around the town and he had uh someone just walk with him beside him and say you're just a man every time remember that every time someone would praise him like you're just a man can you imagine that i mean seriously isn't that cool how rooted does that keep you you know so you know john wooden's got a quote he says you know be careful of fame because fame is man-made and if man giveth man can take it away absolutely you know and so being aware of that i think is really really important what's the heart behind what i'm trying to do yeah and so you know if i travel and i go speak to 10 000 people if i get one person whose eyes light up and they start thinking differently then i've done my mission yeah yeah what's the biggest challenge you've gone through in the last 15 years oh personally yeah emotionally financially biggest challenge was definitely the diagnosis of my youngest son case at age two they diagnosed him with this rare genetic disorder that could kill him i could take away his speech take away the ability to walk ability to eat and eventually end up on a feeding tube uh there's a scariest moment in my life sitting in that doctor's office holding that two-year-old boy wow um listening to that and went to some dark places over a few years well you know what us men do when we have challenges we don't we're not smart as smart as women yeah women women go share we don't share men don't share we isolate and then we internalize and then we stuff right and so you can imagine working through something like that isolated carry it messes with you it does it messes with you it does um and uh that that was that was the biggest challenge i've walked through in the last 15 years how did you get through that initial few years of stuffing or i just stuffed you know i didn't i didn't do what i should have done isn't it amazing how hindsight's 20 20. i wish i would have sought out those close friends and they they would check on me and what would i what would i say i'm good i'm fine yeah i'm all right and i wouldn't and so that was a learning lesson for me that that isolating is dangerous uh that it's it's good to reach out and get help it's good to have people you can be real with and i came to this realization we need four people in our lives you need a you need a mentor this is somebody that's having some success and can guide you you need a coach who will push you right you and i know we're 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 you need somebody that believes in you they're not worried about what you achieve they believe in you and that's important to have and then you need a friend you need somebody you can be real with that you can just say what's on your head they're not holding it against you you can be honest so if you get a mentor a coach a cheerleader and a friend in your side that's awesome but i want to encourage people to do this not only find those four you need to be one of those four for someone else you need to be four of those things that you're saying that's right you need to be a mentor yes you need to be a coach yes a friend yes and a cheerleader absolutely for someone else for somebody and when you do that now what it does is it takes the focus off of you you know one of the things you and i have in common is i firmly believe that if you've ever walked through a mess in your life uh then it qualifies you to be a messenger it does you know when you've gone through some stuff you learned that's right and if you're willing enough to be transparent to share it and you're not worried about people's opinions the impact you can have on someone else to give them the courage to try or to reach out and talk that's a big deal man this life is hard it's not meant to be done alone yeah wow um who is your mentor coach cheerleader and friend oh yeah well mentors obviously dave ramsey uh this man has been an incredible mentor for me uh just guiding me and then over the 13 years of being with him my coaches man i've got a lot i've got i've got some people whether with walking with me spiritually i've got people that are walking me from a business perspective i'm constantly reaching out to learn i'm like a sponge all the time uh that's big cheerleader oh mama hogan yeah i mean that that's my that's my number one fan right there she's behind me i've got all kinds of family uncles and everybody they're just for me friends i got amazing friends childhood friends people at the office people that care about me as an individual not just what i do uh they know me not the book no no no they'll call me out yeah yeah you know they'll call me out i got a call from a buddy the other day he goes dude how's the road he goes you're keeping your head clear you stay in focus and he said don't believe the hype that's right and so what he's telling me is is hey keep helping people keep your heart in the right place you know and so it's good to have those accountability people to check in with you absolutely it just keeps your heart in the right place yeah yeah what would you say is your biggest insecurity fear or challenge right now you've been through different phases of your life and as you grow and expand i'm assuming there's new challenges that you overcome and then new stuff that maybe you haven't overcome yet right i think my my biggest fear is am i doing everything that i could be doing right um i um i've got three boys uh they're hilarious 14 13 and 11. and uh these boys are my legacy um i grew up with a single mom so my dad wasn't around he came around with birthdays and holidays or whatever but it wasn't there so when i had started getting ready to have kids my goal was to try to be the dad that i wish i would have had and so that puts some weight on you right uh but i was hanging out with my boys and we were somewhere and i saw a poster of a little boy at a bus stop with a duffel bag right and he was just sitting at a bus stop and i can't even remember what was under it um but i saw that little boy and i thought of me right like waiting and then i realized man oh man in my own life like you know somebody somewhere is waiting on me to become what i was destined to be and so if they're waiting on me to become who i was supposed to be to impact their life how long am i going to make them wait you know and so what that means is is that i need to do everything i'm capable of doing and some things some people say i can't do just to be able to help that person somewhere that's waiting to hear an encouraging word or or something to impact their life so that's that's something that that drives me every day yeah yeah what is it that people say you can't do oh man i've had people tell me i couldn't write a book you know my first book came out 2016 retire inspired and i taught a good buddy of mine i told him i was working on a book it was he goes man you can't write a book really yeah we were in church right i wanted to punch him in the eye you can't hit people you can't use people in church i got a feeling that's a sin right somewhere uh but but but then later on when i did when i finished the book and at the book signing in town he was one of the people there and i realized something what initially he said was that i can't write a book what he was saying was it's not something he's ever thought about doing and it's not something that he could do that was him right and so for me that was a grow up moment he wasn't putting a limitation on me he was speaking his own limitation right and so i just remember that and i go oh no limitations and so that's why i said i'll accept compliments from anyone but i ain't accepting limitations from nobody right and that's anywhere in my life you don't get to put a limit on me that's what i love about you know dr martin luther king the fact that he had the courage to have a dream but the courage to share it you know that's something i want us all to have that mindset of stop thinking about what people say you can't do you know i mean opinions are like yesterday's everybody's got them what are you deciding in your heart to go do now start to go do that yeah yeah wow man um so what do you do now um in terms of your own wealth how are you you've probably learned a lot again over the last 20 years from the banking world yeah like selling services you learned a certain amount to get to one level and then you realize like uh some things work well and some things don't work well and then you got to another level of your wealth and then you realize okay now i've got more wealth some things work and some things don't work you keep i'm assuming you're expanding yeah i'm building my wealth i realize wow there's always something to learn that's exactly right there's always stuff now there's taxes now yeah i've got to learn how to invest my money now i'm going to learn what's the right places and all those things so what's the phase you're at right now and what are the biggest lessons you've learned in the last couple years okay so the phase i'm at right now is obviously continued growth right because with inflation costs are going to go up so you can't hide money in a in a cookie jar and just put it in the ground it's got to grow so with me i'm always looking but i'm i'm understanding risk more you know uh this these latest crazes that come out i just cringe you know cryptocurrency right bitcoin right now there's this thing out there it's not even real that's been given a value by somebody that's not regulated right and so when you look at this you would laugh at that but we've had people seriously pursue that day trading years ago was a big thing so for me what i'm doing is i'm trying to be smart with what i do but i need to be crystal clear on what not to do meaning i don't i don't want to take unnecessary risks what are the things that are non-negotiable you won't do i'm not doing debt i am not doing debt what does that mean that means i don't borrow money i'm not looking to to to borrow money to leverage uh borrowing money from my home to put invest no leverage schemes uh i don't borrow at all and i'm crystal clear on what it is i'm doing meaning the longer range view louis what i started doing years ago was i started making two year decisions i wanted to make a decision today that i look back on in two years and i'm glad that i made it now imagine some of those decisions oh gosh well i mean staying allergic to debt i mean i have people come to me all the time with business opportunities they're like hogan listen if you put in this amount we're gonna do boom boom boom boom you know and and in looking at that i have to be smart enough to say no right that if it looks too good to be true we know it is right but i think it's more about making the i think i've made more money by not doing things than i would have by going down a path and did you invest in certain things early on where you're like yeah that seems like fun and interesting and you're like i've never got much oh yeah no i learned my lesson i've invested i think eight startups over the last eight years guess how much money i've made how much lewis zero how much did you invest give me a ballpark uh probably not probably about 250 to 300 okay okay that's not as bad i wasn't going like big right i was like let me just dabble yes let me just get in the game play with it it's right it's okay if i lose it right in the mindset like i'm gambling right well and that's exactly what i did but here's what i learned and you know what you paid a dollar amount but you learned some stuff i learned some stuff you know what you're not going to do exactly ever again exactly and see to me that's valuable yeah uh because obviously as things grow and profiles grow the risks grow you know the bigger things come so i just want people to take uh that's why my website's chrishogan360.com i want people to take a 360 degree look at a lot of the things they're doing their business their life like look at this and make decisions about what you want like i'm crystal clear on what i want but i'm absolutely certain of what i don't want i don't want failure i don't want negative attitudes around me right um i i want to make sure that i'm impacting people yeah very powerful what are the things that you um so you don't borrow debt nope and so what's that mean it says you can't start something unless you use sweat equity unless you have the money pay cash pay cash pay cash yeah so that means for real estate right if there's a property that i want to buy i don't go to a bank you don't get a loan nope i save up and pay now what does that make me do it makes me have patience that means i'm not letting everything now that's exactly well and that's they don't you have kids yet no kids okay so oh you you got freedom and money okay all right i'm sending one of my boys to live with you exactly uh but but kids want what they want and they want it now yes right give it to me now right and so if as adults we do that that's dangerous that's why the average credit card debt right now is 15 grand people have 45 000 in student loans car payments of 600 or more a month so for me i look at debt as a thing that limits me from doing what i want to do not getting me there faster now i'm old school now i did my stupid i did single stocks i i did all those things and i lost a lot of money but looking at it what i was trying to do was to get rich instead of build wealth right and there's a difference between getting rich and building that's right what's the difference between getting rich and getting 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 uh 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 right what's the the yolo that's the hipster phrase you only live once well in my mind if you have that mentality and you believe that you broke for a long time that's right because you're doing everything for today so anyway 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 we 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 403 b's and roth iras 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 and so wealthbuilding is a long-term view getting rich is a quick hit i don't want a quick hit yeah what else can you do to invest your money besides say you max out all your iras everything but what else can what else do you personally do or advise people to do to to invest well you can also people typically think okay well i can only invest in my 401k right no you can invest outside of retirement plans for the future uh for example i talked in my book retire inspired i talked about i want to retire by age 54 right and so you know when looking at that and so what does that mean because a lot of people think retirement's an age right like at 865 i can retire and i go well the government's not going to take care of you right the average social security payouts around 13 000 can you really live a dream on 1300 a month a month 13 000 a year 1300 a month now it depends on what you pay into it but people were thinking the government was just going to take care of them and you and i know better and so i wanted people to wake up and look at that so the mindset around investing is to grow your money time and compound interest help you grow money put some aside each and every month and be consistent you can still have fun and do some stuff but just don't go all in yeah what do you what else are you investing in personally to help oh i mean i'm right now for me i do growth stock mutual funds which essentially what that is is instead of going a single stock which is going all in on one thing uh gross stock mutual funds allow me to invest in multiple different things so i'm diversified and all diversification is a spreading out stuff i don't want to put all my eggs in one basket right so growth stock mutual funds are a big deal for me uh real estate with cash is a big deal for me you've got to wait a while to get real estate oh yeah you got to save your money and then you put it down that's right you see you're about 100 down the cash 100 like half down 100 down if i'm looking to invest right so you're right it is slower but guess what there's no risk for example you pay cash for it and you have it with the economy 2008 goes down or goes up if i'm renting it i need to have good renters i don't have a payment i'm making every month what i don't want are people in control of me right i don't i don't want people i don't want to have to go work to chase money i want to work to impact people and if i'm working to impact people and i don't have debt in my life then what i have to make is really small utilities food right it changes things and so i mean imagine the world we'd have if we had people that were out of debt and they were able to do the things they believed in incredible oh i mean there's not a charity out there that would be underfunded right single moms big brothers big sisters any of these things out there they would have the money to do what's needed so i want america to wake up and look at it learn how to count they taught me in kindergarten one plus one equals two right when you get older and you start to factor in debt they try to tell you one plus one equals three right and so what we have to do is go back to basics remember how to count and stay true to yourself wow what do you think is going to be the biggest challenge for people right now this time in our time in getting out of debt because we are in the gratification now yeah i want everything i see everyone else on social media posting all this the cool stuff they're doing how hard is it going to be for people to change their mindset to say i have to slow down it's it's a it's going to be a big i compare myself that's right well you hit on a couple of things there yeah that's going to be a big undertaking because we're the most marketed to country on the planet right we have with media massage constant right and we're we've have this appetite for debt we've got 1.5 trillion dollars in student loan debt one trillion dollars in credit card debt right 500 billion in car loan debt like think about this 500 billion 500 billion this past holiday season people spent 859 billion dollars in debt for the holidays credit card yeah no way yeah so now this time of year is where people are opening it up and they're starting to wake up to see it right so i think people need to understand that debt keeps you hostage it's a thief it steals from you it takes from you now but it also prevents you from investing and growing it later and so if you get student loan debt let's say you have 100 of student loan debt yeah and you pay it over 20 30 years you're paying 200 grand back right oh you're paying double it's not a hundred grand because we talked about it interest that you pay is a penalty yeah that's right so i'm wanting people to wake up and look at it you know and i'm telling you people are doing it i had a couple that was at the book signing here when i was in la and they told me they paid off two hundred thousand dollars in student loan debt right over six years two hundred thousand and i said what did you do they were like oh we cut back lifestyle everything yeah they go out to eat once a week right they got serious uh they stayed in an apartment instead of going out and buying a home and they said our goal was to get that out of our lives and i said you know what you did when you got out of debt you gave yourself a raise because now that money doesn't have to leave you every month right it can stay with you so i think people are waking up to it and they're seeing it and i'm just out trying to spread the message how do we get people to become allergic to death because that's what you do i do so how do we how do you get people to think that way when they're so conditioned their whole life that i can just get a credit card just write a loan i can do this and pay it later how do we flip the script i think it boils down to knowledge uh telling people explaining it me being clear about my own mistakes financially dave being clear about his own mistakes financially people have to get to their point that they wake up now this is typically what happens i'm getting younger people that wake up to it as they start to get engaged or get ready to get married but the next opening eye-opening event is when they have kids when you start to have kids and you got this little person that this that's dependent upon you now you start to reassess things and so i want people to know that you got to look at it you got to make a decision for yourself do you want to keep making the credit card company wealthy or do you want to build wealth for you and your family right that's really what it boils down to yeah do you think people when they have their first kid they become more financially aware or they start going into more debt i think there's a wave now let me help you out because you don't have kids yet so let me tell you right when you first have them you're going to get so serious and so focused but then what will happen is instead of spending on you the tendency now is to spend on the child right like i'm amazed i was in a shoe store out in new york and they had these uh little fancy designer kids shoes tennis shoes listen to me 110 baby shoes they're gonna grow out of in three months they don't walk this is to hold a child wearing this fancy shoe and i thought see this is that's a cultural thing because you want your baby to look good and go no no your baby needs to be loved right so i i want parents to prepare for themselves uh my greatest fear is that if i don't take care of myself financially i end up becoming a burden to my children later in life because they're gonna have to take care of me you know i feel very grateful for my father because he would always teach you know saving and investing and things like that he was life insurance for a long time i have multiple life insurance policies out of myself right because of that because before even i'm not in a relationship right now i just got out of one but i was always preparing even the last 10 years i was just like preparing for my future i was like i want to have enough money that when i have a family when i get married when i have kids like i'm not stressing about it that's right not everyone has that luxury right they might have kids when they're 20. that's right but i've making made the choice that i'm not going to have the family until i feel like man you know whenever it comes whenever it's ready i'll be prepared so i don't need to make bad decisions based on debt i want to have so much in abundance and and take my lifestyle back in my 20s and my 30s and that way i'm saving so much and investing so much and i feel in my my life insurance the mentor was like everyone comes to me at 40 and says they wish you away when invested yeah more 25 more 30 more 35 and they wait too long yes and that's why i'm constantly just automatically taking payments out every single month so that's good that are almost uncomfortable mm-hmm like man that's a big chunk of money every month that i put into savings that's right or into investments i would say and luckily i can afford that because i'm you know a single guy and that's right he's doing well but even my friends who are making as much more than me aren't doing that and it scares me oh it should i mean because here's the deal to grow money it means you need time and compound interest right and so the fact that you're putting that aside is saying you're mature enough to know what you want later right and i think that's the difference between adults and children children want what they want now adults have to be smart enough to go i'm going to do some stuff i'm going to enjoy some stuff but i know down the road i'm going to want to do some stuff too and it's going to cost more so i need to invest so i encourage people set up automatic investing coming out of your 401k your 403b or even if you're self-employed your sep or whatever it is make it happen automatically that way because here's the deal your investments become your paycheck later think about that like if we're working right now and you get you do a job you get paid the reason you're investing is to replace your paycheck so you can go do what you want to do you can travel or whatever and you've got this money that you can draw from to take care of your family so i want young people to get started early i want people that are in the middle of life with kids to stay consistent and control lifestyle and even if you're older and you feel like it's too late it ain't never too late if you've got breath in your lungs you've got an opportunity to make some changes today let's not waste another minute let's get intentional reach out to somebody that has knowledge you don't have and get guidance yeah yeah talk about knowledge what type of education do you think people should be looking for right now should they be if uh someone's a teenager should they be going to college in your mind you know who should and should be going to college right uh are there other alternative ways do you think it should be going to college and taking on 300 grand in debt right should you save up your whole life and then spend it all up front quarter by quarter should you work 50 hours a week and not have a life in college you know what that's a lot man um i i think first and foremost uh college i believe in higher education i got multiple degrees myself uh but i don't like student loan debt and so i would rather someone go to community college for two years live at home knock out the prerequisites for 200 a class then transfer to a four-year institution and graduate in two years you can work and go to school at night right you can work uh go to school during the day work at night whatever it is you've got an opportunity there's scholarships and grants make decisions you still get the degree from the credible college that's right it's kind of irrelevant now it seems like where you went to school maybe if you want to get a specific job maybe the networking but if you spend two years somewhere else and you still graduate you get another point you still get the degree that's right now here's the thing i'm not saying that college is for everybody right right there are trade schools out there i mean one of my mentors was a plumber a 30-year plumber out of kentucky made me he taught me a lot you know so i'm not saying everyone needs to go to school but i would rather people go into it with their eyes wide open i don't like parents co-signing on loans because that just means you're guaranteeing if little jimmy doesn't make the payment you are you know and that's rough that's hard but here talking speaking of the fancy schools uh back to the study 62 percent of the millionaires that i studied went to public state universities 62 8 went to community college 9 didn't go to college at all really right so education is not a factor for you to be able to build wealth you have an opportunity yeah and so i want people you know that to know choices you make every single day with your money it's choices we make every single day around anything yes right that's what leads us down that path um but i think we get tripped up when obstacles pop up like i had an opportunity to do a speaking gig uh at a special forces group i won't say the name because i'm scared they'll drop through the ceiling and get me uh but they were talking to me about how they have to pack their own parachute right but they said something to me i had lunch with them this is amazing time they said they plan for obstacles throughout their mission they plan for them they prepare for them so that means when something pops up that was out of the norm they've already talked about it or walked through it and i love that mentality i love that mentality that in life we're all going to have some obstacles you have some stuff pop up that you didn't plan but how do we handle it right what do we do what do we go back to that's our foundation that allows us and i've got a phrase i'm going to go under it over it or through it the obstacle doesn't get me to stop but i think obstacles are there for a reason because for the people that aren't serious obstacles make you stop for the people that are focused obstacles get you fired up so which one are you and that's what we get to decide about in their lives so when there's an obstacle in your life how do you approach it if it's yes something that's scares you or something that's challenging or life-threatening or financially threatening or relationship threatening how do you handle it first thing i've learned to do is gear down right because i'm a type a personality my first instinct is to run toward it yes no no i want to be smart now so i gear down i pull back and i look and i want to identify my options how could i handle this so you don't react really quickly you can't i don't think i think yeah you really are so i think when you slow down and you pull back it gives you a chance to kind of look at it and remember what i said i want to make two year decisions i want to decide something today that i look back on in two years and i'm glad how i handled it right so it allows me to kind of reassess 360 degrees and determine my options and then i go okay what's the path i'm going to take so the obstacle doesn't get to dictate how i respond i have to stay in control of me at all times no matter what everybody else is doing no matter how they're responding and i think that's a critical thing for us to remember as humans we control three things our attitude our outlook and our responses if we stay in control of those we stay in control of our life i love that yeah man is there anything that's happened recently in the last few years where there's been an attack on you where someone's trying to take you down where you just want to take the football mentality yes i'm going to destroy you yes and then you took a pause and you you do this oh well yeah i mean obviously via social media yeah right i mean you've got critics out there all the time right and so with whether it's book reviews or something hogan is a one percenter or all of this and you know he's just trying to sell this and all that i know my heart i'm trying to help people so what i've learned to do is this critics math is an important thing what i mean by that is and you write books you know what i'm talking about you don't look at reviews you have time for that because you can read 200 great reviews and one negative and read one negative and which one do we walk away with the negative exactly why is that right and it's the mindset around it and i think when what you're doing matters and you care about people anybody seeing something counter to what's real um it's that's the reality now i know online people get all kinds of electronic muscles meaning they feel tough right they'll say things online they would never say face to face uh but the reality is is that i can't be worried about that meaning i'm so busy doing what i'm supposed to be doing that i can't worry about that right i can't and so when you put something in your rear view mirror you can glance at it but i'm gonna focus forward right the windshield is bigger than the rear view mirror so i let it go it's okay it's all right i know the people that know me know me right and those that don't don't and it's okay but i'm you know i'm i'm not worried about people's opinions yeah have you learned uh that lesson from uh from dave or has he cause i'm sure he gets millions of people i love him and then there's probably people that are attacking him daily no he's as a mentor he walked me through that you know and he was like look you got to be focused you got to know and he'll actually read hate mail in our staff meeting oh really oh in front of everybody he'll go all right got to let her in guys share this with you guys and he'll read it right and and i i love that he does that because it means he's clear enough on what he's trying to accomplish that this doesn't faze him right i'm not how can one or two or five negative voices outweigh hundreds of thousands of positive so we just we have to be grown up enough to to go can't be worried about that wow yeah and here's my other opinion if you're doing something 100 you're going to offend some people you're going you're going to upset some people right so if you're not are you going 100 like if you don't have some people hating you know there's a drink out there for haters it's called haterate right if they're not if you're not doing some things and frustrating some people then you may not be doing it hard enough i mean and it's okay so expect it right expect criticism but out of criticism you get an opportunity to reaffirm and recommit to what you're really serious about doing and it also helps you to grow up yeah what are some other things that these millionaires and these are the millionaires that are like you know on the reviews in the back they're making 1.5 million net worth one million net worth we're not talking about hundreds of millions we're talking about the everyday individuals that's right in america that's right who got a million to three million bucks right so this isn't like the richest of the race but it's showing you like you can get to that level if you make the right choices right decisions consistently over time that's right you can get there you really can you don't need to make a million dollars a year no no and i'm glad you said that because people when they hear millionaire they think that somebody's making a million a year no not at all these are regular everyday people so what they did was is they invested consistently over time and i've got a free tool at my website the net worth calculator to help people kind of understand where are you right now so net worth equals takes what you own minus what you owe so what you own your house if it's paid off or the equity your cars your bank accounts your 401ks add that up and subtract out anything you have debt on and so if that in number is a million dollars or more then it can you're an everyday millionaire so i want people to know it's possible 89 of these millionaires had a net worth between one and five million dollars but they're working regular jobs uh they're managers um in business they're accountants teachers so i don't want people to think that this is not something that's possible for them i met condoleezza rice last may at a leadership event that we were all doing uh one of the smartest women people i've ever met she speaks three languages and you know her purse was smarter than me you know uh but she said something growing up in alabama in the 50s she said that she was reminded of a few things by her parents because you can imagine her growing up in alabama she was called everything but her name of course right but she said her parents reminded her constantly that condi it's not a matter of where you come from what matters is where you're going wow right and so for people that are out there that were grew up in the wrong side of the tracks or weren't born into a family that had silver spoons at single mom it doesn't mean you're done that's your start point you've got an opportunity to write your legacy and write your story your effort and your focus over time don't listen to people tell you what you can't do find those people that believe in you right and and protect those people and and it's really important for our inner circle to be a circle that's been properly vetted absolutely right everybody can't have access to the inner circle so get people around you that believe in you and that and that you can believe in them and let's move man we got things this is the greatest country on the planet in my opinion you can have a business idea and start it today now right couple hundred bucks you don't need you don't need permission you don't need anybody's approval you can start it today so i want to encourage people to chase that american dream because it's available i also think that you know sometimes growing up through adversity is an advantage for you because it makes you say i don't want this life anymore what do i need to do to get out of it what's the changes i need to make whereas when you grow up in a you know perfect situation where money is given to you you think that way you're just like oh this is the normal yeah so you didn't have a silver spoon no no me neither yeah exactly me neither and i think that's one of those things that drives certain people yeah you know absolutely like you don't take things for granted when you've worked hard for it you see it differently and you appreciate it right i tell people this the these millionaires are also givers 70 of them set aside money every month to give right and i think that's an important thing for people to understand i want people to build wealth to be able to give to things that they believe in causes right how much they are so how much a month well they're doing 70 of them give yeah so they're given so they're given 15 or more right but i've got this phrase that i tell people that that when you're when you're grateful for stings when you understand that you've had opportunities or you've overcome some stuff i tell them it's hard to be hateful when you're grateful right and that spirit of gratitude i think is what drives people that are driven to want to do more want to impact other people's lives and uh you know i was a big proponent of zig ziglar growing up uh and listening to him and his positive message so we have to be careful what we tell ourselves um i know internally i've told myself some mean stuff and nobody else knows it right and i think that inner voice if it's not telling you some positive stuff we need to mute that voice and play something different yeah right you need to tell you that you can do it and if we allow that negative voice to play too long in our heads we can get defeated before we ever get to the start line right and i don't want to do that the world's going to try to tell you what you can't do please please don't you be telling you what you can't do you've got to be all four of those things to yourself for yourself that's exactly right yes internally there's no way you can succeed if you're constantly negative towards yourself yeah constantly saying you're not good enough no or believing the negative energy that's coming yeah well the dangerous thing is is people don't know that you're telling yourself that like nobody can help you unless you have the courage to reach out and so i just want people listen if you need help in an area go talk to somebody please don't think you know america we've got these tough guy movies out there where you're supposed to just grin and bear it and get through it please you know my oldest son he was uh he was riding a skateboard and he fell off he skinned his knee he was about nine at the time and he was over he was like oh i go what's wrong dude he goes dad it hurts and i said well why are you making that face because i'm trying not to cry i go well why because tough guys don't cry i go that's a lie i go no no no if it hurts cry you see i think we got too many emotional repressed people that we think it's not cool to cry if you hurt cry like let that out but also get people around you that believe in you challenges are coming they'll knock you down it's a matter of who do you have with you that's going to help lift you up you know i think i that's what i want more for people out there wow it's inspiring man um do you recommend that people when they're working a nine-to-five job or just a normal job that they get a side hustle that they pick up some extra work on the side somewhere so there they can save more so they can invest more do you think that people should be thinking that way or what's your thoughts well i think this if you i don't i'm never allergic to work like you can ask anybody on my team you know they're like dude you are wired up well number one i believe in what i'm doing and i'm wanting to help people but if you're somebody you've got debt and you're like all right i'm tired of this debt i go okay take on an extra job and direct every dime of that money toward the debt or if you've got somebody that's saying chris i want to i want to buy this investment property right now well how much is it all right well take on a side job and devote that money to saving up for it so i don't think there's anything wrong with sacrifice see i think that's one of the things that's wrong in our world today we're good at dreaming right and we can be working hard and the sacrifice see nobody tells you that with goal setting you know i've been eating healthier right because i'm down probably about 40 pounds right now and i've been eating a lot of salad louis yeah okay exactly it's hard work it says salad's not food salad's supposed to come with the food right come on man but but in doing that what do you do you got to give up some things to get some better things right and so the minds i don't have a problem with anybody that's wanting to do a side hustle to make extra money just be intentional with it and be careful not to allow that season to become your life meaning there's a lot of people out there that are working jobs they don't love right and they have this idea of starting a business or starting something start small like let your part-time job be that i'm going to grow this business right you don't need to go rent ten thousand square feet and get a big sign and hire forty two people no oh yeah no slow down be aware right but just it's okay to go slow i believe in crock pots not microwaves right microwave zap things and just get it done and it doesn't taste really good crock pots oh dude there's flavoring in bad boys right and it's a matter i think that's an approach to life yeah yes that's good what is your thoughts on starting a business and taking investor money and taking investments when it's i don't like it um and the reason why is is that it's debt right because if i take on someone else's money i got to make a payment at some point right whether it's an angel investor that three five ten years out there's that obligation in the back of your mind and i know a lot of people do it it's just not a way i would prefer i'd rather start small right i'd rather start small and then grow it myself and be able to be able to make decisions i don't want other people making decisions for me and and so that's something i caution on i talk about here in the book with partnerships there are four d's to partnerships that you have to be aware of right these four d's are dangerous to partnerships divorce death drugs and debt those four things now imagine let's say you and i go into business together right which would be a bad idea we're smart people but let's say that you know you get married and you're married to somebody that ends up being crazy right yeah no i'm just hypothetical and so you and i in business you and i are pl we're rolling we're doing things we're on track but now all of a sudden that's right and it starts to take the energy and this and that and then not only that but now she wants her money out of the business now you and i are impacted right our relationship is affected so it would be different than if you started the company and we were like hey dude we've got this vision and you're like hogan we can do this this this all right all right you know what i'm a smart businessman i've got a business entity over here you've got one over there why don't you start the business and i'll work with you in the business so you're the owner but we'll share profits right so now what we've done is we've protected the business from those four ds and we're both sharing in profit now this requires maturity right humility and awareness if i'm not we're not worried about who's getting the credit or who's the president or ceo and we're worried about growing this thing and impacting people this bottle will make sense yeah right if we're not mature or worried about who's getting the credit then you and i are going to be battling over who's the front man and who's all this so anyway with partnerships that's some of my cautionary tales for people so go into it with your eyes wide open what about someone who's saved and invested a lot of money of their own what are your thoughts on when they get married should they create a prenuptial agreement to protect their entire life's right work or just blind faith this is going to work out in the end everything's going to be good trust the process this is until death through our best part right um you know okay now i've had to go down this path with some business people athletes entertainers here's my thought if the wealth was built prior to this relationship right then a prenup can make sense all right but if you got married and you built it then now it's not something that really will make sense so it really goes back to being very aware right of who you're with in relationships and being crystal clear right um but that mindset of because you want a teammate that's my thing right a buddy of mine told me this he goes dude he goes my wife is my tag team partner and now are you a fan of wrestling sure something you've seen yeah back in the day i used to be but tag teams they were legit because when one got tired or got in trouble he had somebody to tag right so i think in relationships you want that you want to find somebody that that has your back somebody that's for you right and you're for them and you're working together now i know life can get hard and life can happen but i think if we're crystal clear and we're connected together and we're working on money things together as well as anything else that comes your way that to me is that's the sweetest thing ever wow yeah have you ever had a a scary time in your relationship where you're like oh i don't know we're building this wealth together but we're our relationship is in jeopardy what am i gonna do yeah have you made decisions uh you know i don't know well i mean life happens i mean the the situation with my youngest son popping up right i don't think we naturally grow together i think we naturally grow apart i was working with a couple they've been married 30 years uh marriage marriages yeah i think they naturally grow up oh yeah i think you have to intentionally grow together i was working with a couple they were married for 30 years raised three kids had a net worth of 3.5 million dollars but she said something to me several years ago and it kind of sent a chill up my spine she goes chris we've been successful in business together we've raised three kids and we got money she goes but i woke up one day and realized i was married to a stranger wow right he said the same thing a stranger right so that meant that they were so focused on achieving that they hadn't really committed to staying connected and so they talked about how they were doing date nights and they wanted to make sure they were getting back to and that just reminded me yeah we don't naturally grow together we naturally grow apart we have to intentionally stay connected and so that takes effort right and it also takes two people and sometimes you got one that maybe is done or or won't and that takes some some tough things you know you need to do some counseling and talk to some people but you have to make decisions right you have to be clear and it takes courage to make decisions you know cowards stay and just stay right they don't speak their mind they don't have dreams and goals so i want people to be courageous in life and that's in dealing with great things as well as tough things yeah wow um do you think anyone could be an everyday millionaire i know they can even if they have hundreds of thousands in debt yes even if it looks like man there's no way out yes i'm screwed in my relationship i know finance is my family like i'm on the wrong side of town you still think that it's possible talk to 10 000 of them yeah the stories in here but these people overcame uh it motivated me even more and i'm already a motivated person but people that were told that they couldn't people that were told that they shouldn't that it wasn't possible for them that they didn't have the right education they didn't have the right job they didn't make enough these people all stayed focused and i'm talking they were every color every every nationality every socioeconomic status these were people that believed and so that's what this book is about being intentional being consistent and most importantly do these three things believe that you can okay you have to do that you have to believe that you can you have to gain knowledge on how what are the things i need to do and then our personal everyday habits you got to learn those the budgeting the getting out of debt saving and investing these are all things that set the course for anybody to become an everyday millionaire i love it make sure you guys get the book everyday millionaires how ordinary people built extraordinary wealth and how you can as well lots of great tips strategies that will be busted mindset stuff make sure you guys get the book will be linked up it's online it's on your website yes chrishogan360.com and you're on social media all of it chris hogan 360. yeah that's me um final couple questions for you this one is called the three truths all right so imagine it's your last day on earth many years from now okay you get to pick the day all right you've lived the life you want you've achieved everything you want okay you've seen your mission your legacy continue to grow but at some point let's just say habits that you got to go all right lewis this is this is hardcore i know man all right man come on all right um you've written every book you want to write you've said it all but for whatever reason you got to take your message with you you've got to take your work with you okay hypothetical but you get to leave three truths behind you get to leave a message with three lessons for the world because that all they would have to be remembered by okay for your message all right so if you had three truths that you would leave behind what would those be wow um believe in yourself um control the controllables and number three go all out yeah let go all out and i think those three things are things that can help anybody and anything in relationships business and money and i i would tell people yeah believe in yourself control the controllables which means there are some things i can't control so i can't worry about it control the controllables and then go all out just go 100 right and just go go out there go for it don't wait on anybody to sign your permission slip because you get to sign it just go all the way out and i think my goal would be for somebody to bump into one of my boys 15 years from now after i'm gone and they say hey i met your dad once i heard that man talk and he got me to believe in myself wow he got me to try harder i literally just got the chills that's a legacy i literally got the chill because i could only imagine what that would be like having kids and having like you know because i've seen that with my dad where people come up to me and say stuff about my dad that's right i just gave him a chill yeah um i want to acknowledge you chris for your consistent dedication on serving people i appreciate it i think it's um when we find people that their mission is service that's the highest level of living that we can do that's something that i try to do in my life is just be on service to humanity at the best way that i can yeah i'm never perfect that's right but i continue to try to be on service so i acknowledge you for that helping people do something which is one of the hardest things to do is understand money yeah managing it it makes us lose confidence in ourselves it hurts relationships when we don't have it figured out so you're in the right place i appreciate it i appreciate that and uh i hope we stay connected for a long time man final question is what's your definition of greatness oh i think definition of greatness is your legacy i think it's the people that you've impacted uh the people that are around you um yeah i think it's it's it's definitely the impact you have on people the legacy uh that's what i'm gonna leave behind you know you and i both are authors the books that we write we're gonna outlive us right they're gonna be on the shelf and so 100 years from now somebody pulls off that book one of yours is one of mine i want them to read something that encouraged them right i don't know what they got going on in their life i don't know where they come from i don't know what's happened to them in the past but i do know that they're in control of their future and that's what i want them to believe chris thanks man thank you brother appreciate you man appreciate it

Channel: Lewis Howes

Views: 136,107

Keywords: chris hogan, lewis howes, money, millionaires, interview, become a millionaire, how to be a millionaire, everyday millionaires, dave ramsey, how to become a millionaire, how to get rich, how to become rich, how to make money, how to be rich, the chris hogan show, the school of greatness, how to become wealthy, personal finance, how to be successful, how to invest, how to build wealth, how to become a millionaire dave ramsey, motivational video, wealth, cash flow, cash, success

Id: ZEJGPLfX0Uk

Length: 61min 37sec (3697 seconds)

Published: Tue Jan 29 2019