- 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 RachelCruze.com, 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 zander.com, 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)
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(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 zander.com 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)
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