3 Things Society Doesn’t Want You To Know About Money


Transcript

0:00:00.150,0:00:01.950
- Well I hate to be
the bearer of bad news,

0:00:01.950,0:00:05.970
but society has been lying
to you about your money.

0:00:05.970,0:00:09.400
And as your money BFF,
I'm here to make sure

0:00:09.400,0:00:11.619
that you know the truth.

0:00:11.619,0:00:14.536
(upbeat pop music)

0:00:24.840,0:00:29.810
Listen guys, society is not
always going to tell you truth.

0:00:29.810,0:00:32.190
Yep, you're going to hear that
you have to go into debt

0:00:32.190,0:00:33.273
for things you want,

0:00:34.383,0:00:35.727
and to live a life where
you control your money

0:00:35.727,0:00:38.520
and your future is impossible.

0:00:38.520,0:00:40.800
But I'm here to tell you, that's not true.

0:00:40.800,0:00:43.190
So today I'm going to show
you how to do some things

0:00:43.190,0:00:45.650
that society tells you are impossible—

0:00:45.650,0:00:48.550
things like winning with money right now,

0:00:48.550,0:00:49.860
no matter who you are,

0:00:49.860,0:00:51.870
not going into debt for things you want,

0:00:51.870,0:00:53.670
and becoming a millionaire,

0:00:53.670,0:00:55.650
because it is still possible.

0:00:55.650,0:00:57.910
So I'm going to bring on Elizabeth

0:00:57.910,0:01:02.910
who did the impossible and
paid off $40,000 in 14 months.

0:01:03.920,0:01:05.760
And then we're going to have Chris Hogan

0:01:05.760,0:01:07.640
back on to talk about how everyday people

0:01:07.650,0:01:09.840
are becoming millionaires.

0:01:09.850,0:01:12.127
Because again, society tells you,

0:01:12.127,0:01:13.740
"To be a millionaire, you
have to be rich and famous."

0:01:13.740,0:01:14.980
But that is not true.

0:01:15.220,0:01:17.300
So I thought it'd be fun

0:01:17.300,0:01:18.350
to see what people are
saying out on the street

0:01:18.350,0:01:22.000
about these topics. So I sent
out my friend, Will Smith—

0:01:22.000,0:01:25.010
not that Will Smith, sorry, 
a different Will Smith—

0:01:25.010,0:01:27.680
to get some insight, so take a look.

0:01:27.680,0:01:28.970
- Hey guys, Will Smith here.

0:01:28.970,0:01:30.320
I'm out here in Nashville.

0:01:30.340,0:01:32.140
Let's go see what people
have to say about this topic.

0:01:32.140,0:01:33.988
- Do you have student loans?

0:01:33.988,0:01:34.821
- Yes.

0:01:34.821,0:01:35.660
- Yes, quite a few.

0:01:35.660,0:01:36.580
- Yes.

0:01:36.620,0:01:38.620
- Do you think student
loans are a normal thing?

0:01:38.620,0:01:39.930
- Yeah, I would say they're very normal.

0:01:39.930,0:01:41.740
College is super
expensive, so most people

0:01:41.740,0:01:43.670
who go to college, yeah, have them.

0:01:43.670,0:01:45.730
- I think most millennials, particularly,

0:01:45.730,0:01:47.050
have student loans.

0:01:47.050,0:01:49.207
- Do you think it's possible for someone

0:01:49.207,0:01:51.180
to go to college with zero student loans?

0:01:51.180,0:01:53.180
- Do I think it's possible? Yes.

0:01:53.180,0:01:55.080
Do I think it's likely? No.

0:01:55.080,0:01:55.913
- No.

0:01:55.913,0:01:57.980
- I think you'd have to have

0:01:57.980,0:01:59.530
either parents or
somebody helping you out.

0:01:59.530,0:02:01.140
- Do you have a car payment?

0:02:01.140,0:02:02.300
- I do have a car payment.

0:02:02.300,0:02:03.140
- Yep.

0:02:03.140,0:02:04.700
- Yes, I have a car payment.

0:02:04.700,0:02:06.560
- If you were going to buy a car tomorrow,

0:02:06.560,0:02:07.939
how would you pay for that?

0:02:07.939,0:02:10.910
- I would probably
put a small down payment

0:02:10.910,0:02:12.370
and finance the rest.

0:02:12.370,0:02:15.350
- How long would it take
you to save to buy a car?

0:02:15.350,0:02:16.430
- With my income, I feel like

0:02:16.430,0:02:18.562
it would be at least 10 years.

0:02:18.562,0:02:19.520
- Maybe, two to three years.

0:02:19.520,0:02:22.850
- How many millionaires do
you think there are in the US?

0:02:22.850,0:02:24.073
- 100,000?

0:02:24.073,0:02:24.950
- 1,000.

0:02:24.950,0:02:27.090
- Somewhere in the 40,000s?

0:02:27.090,0:02:29.590
- I would say, maybe,
anywhere between 100 and 200.

0:02:29.590,0:02:32.390
- What if I told you there
were 11,000,000 millionaires?

0:02:33.595,0:02:34.467
- That's shocking.

0:02:34.467,0:02:36.950
- Do you think you'll
ever be a millionaire?

0:02:36.950,0:02:37.920
- No.

0:02:37.920,0:02:39.860
- Fingers crossed, maybe, one day.

0:02:39.870,0:02:40.700
- We can hope.

0:02:41.670,0:02:43.240
- And what is your plan,
to becoming a millionaire?

0:02:43.240,0:02:45.630
- I am going to become an actress.

0:02:45.630,0:02:47.850
- Maybe, not teach yoga anymore.

0:02:47.850,0:02:50.010
- Make wise decisions with my investments.

0:02:50.010,0:02:51.200
- Probably, get internet famous.

0:02:51.200,0:02:53.010
That's what most people do, right?

0:02:53.010,0:02:55.280
- Do you think you could ever
teach a class about finances?

0:02:55.280,0:02:56.660
- No, I don't think I could ever

0:02:56.660,0:02:58.340
teach a class about finances.

0:02:58.340,0:02:59.180
- Not yet, no.

0:02:59.260,0:03:01.260
- If someone asked you
to teach a class on

0:03:01.260,0:03:03.680
personal finance tomorrow,
would you be able to do that?

0:03:03.680,0:03:05.720
- No, but I would love to take that class,

0:03:05.720,0:03:07.440
if it was offered tomorrow.

0:03:07.910,0:03:10.360
- All right, let's jump into it.

0:03:10.370,0:03:12.810
You can buy a car without debt.

0:03:12.810,0:03:14.550
Mmm hmm. It may not be a great car,

0:03:14.550,0:03:17.590
but you save up and
you pay cash for a car.

0:03:17.590,0:03:20.660
You can go to school
without debt. It's possible.

0:03:20.660,0:03:22.470
You may not be going to your dream school,

0:03:22.470,0:03:25.130
or your teenager may not be
going to their dream school.

0:03:25.130,0:03:27.300
Stay in state, go to a community college,

0:03:27.300,0:03:29.770
work, scholarships and
grants, all those things,

0:03:29.770,0:03:31.890
and you can still go to school without debt.

0:03:31.890,0:03:35.740
And, you guys, you can
become a millionaire.

0:03:35.740,0:03:37.720
We'll talk about that
later in the episode,

0:03:37.720,0:03:38.870
but it is possible.

0:03:38.870,0:03:41.950
But, there's a few things
that you must do first

0:03:41.950,0:03:44.130
to set yourself up for success.

0:03:44.130,0:03:47.463
(whimsical piano music)

0:03:51.140,0:03:55.020
Number one: You have
to change your mindset.

0:03:55.020,0:03:57.580
One thing I noticed, through
all those interviews,

0:03:57.580,0:04:00.930
is that people really believe
that they just can't do it.

0:04:00.930,0:04:04.190
And dealing with your
money, it is 80% behavior.

0:04:04.190,0:04:06.480
It's only 20% head knowledge, okay?

0:04:06.480,0:04:10.240
So understanding how money works
is only a very small portion of it.

0:04:10.240,0:04:13.890
But doing it is actually
what's going to cause change.

0:04:13.890,0:04:16.400
But, in order to do
something, to have action,

0:04:16.400,0:04:17.880
you have to have hope.

0:04:17.880,0:04:20.600
You have got to believe that you can.

0:04:20.600,0:04:24.160
Number two: Stop believing the lies.

0:04:24.160,0:04:26.430
Yes, society is going to tell you

0:04:26.430,0:04:27.940
so many things about money.

0:04:27.940,0:04:31.720
Everything—that debt is normal,
and the only way to succeed

0:04:31.720,0:04:33.880
and to get what you want
is just the avenue of debt.

0:04:33.880,0:04:34.840
That's the way it is.

0:04:34.840,0:04:36.840
Guys, if that's what you believe,

0:04:36.841,0:04:38.510
then you're going to be normal.

0:04:38.510,0:04:39.760
Now, let me break it down for you.

0:04:39.760,0:04:43.520
Normal—78% of Americans
live paycheck to paycheck.

0:04:43.520,0:04:45.300
That's right. Their money comes in,

0:04:45.300,0:04:47.310
they pay all the bills,
all the credit cards,

0:04:47.310,0:04:49.440
all the car loans, all the student loans,

0:04:49.440,0:04:52.220
their mortgage—everything.
It goes right back out

0:04:52.220,0:04:54.130
and they have nothing. They have to wait

0:04:54.130,0:04:55.560
for next month's paycheck.

0:04:55.620,0:04:58.860
So, if you'd like to be
normal, you can be normal,

0:04:58.880,0:05:00.400
but if you're sitting there, thinking,

0:05:00.400,0:05:02.160
"That doesn't sound fun,"
or maybe that's your reality

0:05:02.160,0:05:04.390
and you think, "Mmm, I can't do that."

0:05:04.390,0:05:06.870
You get to change. You really, really do.

0:05:06.870,0:05:09.640
Which is number three: Get on a plan.

0:05:09.640,0:05:10.940
You have to be intentional.

0:05:10.940,0:05:12.980
Now, this is not going to happen over night,

0:05:12.980,0:05:14.800
but you have to stick to the plan.

0:05:14.800,0:05:17.270
And the plan we teach,
over and over and over,

0:05:17.270,0:05:18.910
is the Baby Steps.

0:05:18.910,0:05:21.829
The Baby Steps are seven
steps that get you from

0:05:21.829,0:05:26.230
zero savings, full of debt,
living paycheck to paycheck,

0:05:26.230,0:05:30.540
all the way to living completely
debt-free, building wealth

0:05:30.540,0:05:32.820
and being tremendously generous.

0:05:32.820,0:05:35.490
Now, if you're not familiar
with the Baby Steps,

0:05:35.490,0:05:37.460
make sure to click the link below,

0:05:37.480,0:05:39.300
because that video is going to show you

0:05:39.300,0:05:42.660
everything about the Baby
Steps, so that you can get to it.

0:05:42.660,0:05:45.900
Guys, it works. I'm telling you, it works.

0:05:45.910,0:05:48.590
And now, I'm so excited,
because I have Elizabeth

0:05:48.590,0:05:51.780
coming on, who did the
steps. She's doing it.

0:05:51.780,0:05:54.560
She did the impossible
and made it possible.

0:05:54.560,0:05:58.030
And now, she is even teaching
people how to do it herself.

0:05:58.030,0:05:59.480
So, take a look at her story.

0:06:02.180,0:06:07.180
- I felt out of control. I
felt chaotic. I felt no peace.

0:06:07.980,0:06:11.220
I had $40,000 in student loan debt.

0:06:11.220,0:06:15.570
I had no idea how I was going to pay off

0:06:15.570,0:06:18.500
the student loan debt that I had accrued.

0:06:18.500,0:06:22.430
I'm a teacher, so I had heard,
"Oh, they'll forgive it

0:06:22.430,0:06:24.300
after a certain number of years."

0:06:24.300,0:06:26.210
So, I spoke to the student loan company

0:06:26.210,0:06:29.600
and they said that the plan that I was on

0:06:29.600,0:06:32.250
would never repay my student loans.

0:06:32.250,0:06:34.317
She said, "We will forgive
your loans

0:06:34.317,0:06:35.900
when you are 50 years old,

0:06:35.900,0:06:38.620
or whenever you repay it all back."

0:06:38.620,0:06:41.600
And that was my moment of reality.

0:06:41.600,0:06:46.320
Once I started working the
Baby Steps in Financial Peace,

0:06:46.320,0:06:50.620
and saw the momentum of
my debt snowball starting,

0:06:50.620,0:06:54.810
I felt so victorious.
I felt like I had won

0:06:54.810,0:06:57.110
and I had beat the system, almost.

0:06:57.110,0:07:00.170
After I paid off all of
my student loan debt,

0:07:00.170,0:07:04.237
my coordinator reached
out to me and he said,

0:07:04.237,0:07:07.257
"You have a story to tell. And you did this

0:07:07.257,0:07:10.777
on a teacher's salary, which
people can really connect with.

0:07:10.777,0:07:13.170
And they think that that can't be done."

0:07:13.170,0:07:17.530
It began to click for me,
that I had something special

0:07:17.530,0:07:21.460
to share. So in December, I
decided to be a coordinator,

0:07:21.460,0:07:23.940
and I led my first class in January.

0:07:23.940,0:07:27.960
And it's so inspirational to
me, because it challenges me

0:07:27.960,0:07:31.300
in the best ways, and it helps
me be a part of something

0:07:31.300,0:07:32.860
that's life changing.

0:07:32.860,0:07:36.220
People are motivated and want
to change their family tree,

0:07:36.220,0:07:39.223
and I'm just so blessed that
I get to be a part of that.

0:07:41.940,0:07:43.860
- Thanks, Elizabeth.
Thanks for being here.

0:07:43.860,0:07:45.100
- Thank you for having me.

0:07:45.100,0:07:47.080
- Yes, your story's so great. I love it,

0:07:47.080,0:07:50.491
because not only did
you do the impossible,

0:07:50.491,0:07:53.250
what some people would say,
which is pay off $40,000

0:07:53.250,0:07:57.400
in 14 months. But you
overcame some myths and lies

0:07:57.400,0:07:59.660
that our society believes about money.

0:07:59.660,0:08:03.090
So, first and foremost, $40,000—

0:08:03.090,0:08:03.923
- [Elizabeth] Yeah.

0:08:03.923,0:08:07.036
- in 14 months. Okay, how did you do that?

0:08:07.036,0:08:09.560
- I became gazelle intense—

0:08:09.560,0:08:10.700
- [Rachel] Yes.

0:08:10.700,0:08:12.000
- to use your dad's words.

0:08:12.000,0:08:12.680
- I love that.

0:08:12.680,0:08:14.100
- I just, worked really hard.

0:08:14.100,0:08:15.860
- So, you're pretty
vocal about your journey,

0:08:15.865,0:08:16.698
like, you told people.

0:08:16.698,0:08:17.666
- Yes, yes.

0:08:17.666,0:08:19.340
- What do most people think about it?

0:08:19.340,0:08:21.410
- They thought I was crazy.

0:08:21.410,0:08:23.730
Especially since it
was student loan debt.

0:08:23.730,0:08:26.587
A lot of people would say,
"You know that they'll forgive

0:08:26.587,0:08:31.360
that, right?" or "After so
many years, it'll be gone.

0:08:31.360,0:08:33.320
You don't have to worry about it.

0:08:33.320,0:08:35.320
Why are you wasting your money, now?"

0:08:35.320,0:08:37.040
And I'm like, I don't want to live that way,

0:08:37.050,0:08:39.270
I don't want to be indebted to someone else.

0:08:39.270,0:08:41.800
- Yes, that's so good,
because that's a great point,

0:08:41.800,0:08:45.010
that you brought up is—there
really is this myth out there,

0:08:45.010,0:08:47.700
of people believing that
student loans, they'll just be

0:08:47.700,0:08:50.100
forgiven one day, don't worry about it.

0:08:50.107,0:08:52.313
And so, you fell into
that some, you feel like?

0:08:52.313,0:08:53.954
- Yes, what they don't tell you

0:08:53.954,0:08:56.560
when you sign the paper
for your student loans,

0:08:56.560,0:09:01.330
is that the loan forgiveness
is very difficult to get.

0:09:01.330,0:09:05.510
- Yes, it's beyond rare
for that to be a reality.

0:09:05.510,0:09:08.315
So the reality, for most
people, is that they're going to

0:09:08.315,0:09:11.650
have this debt and, if
they don't do what you did,

0:09:11.650,0:09:13.917
then they keep student loans
around, forever and ever,

0:09:13.917,0:09:16.590
and stay in debt. But you got intense.

0:09:16.590,0:09:18.660
You worked like crazy
amounts. Because how many jobs

0:09:18.660,0:09:19.640
did you get?

0:09:19.640,0:09:21.450
- I had like eight jobs, at one point.

0:09:21.450,0:09:23.664
- That's unbelievable. Tell
me what some of them were.

0:09:23.664,0:09:25.050
I'm just curious, what'd you do?

0:09:25.050,0:09:28.540
- Yeah, I worked at a bakery, part-time.

0:09:28.540,0:09:31.650
Babysitting became my jam.

0:09:31.650,0:09:34.070
I babysat all the time.

0:09:34.070,0:09:37.750
I do calligraphy, so I
would write on chalkboards

0:09:37.750,0:09:39.920
and address envelopes for people.

0:09:39.920,0:09:44.110
And I just tried to use any
talent that I knew I had

0:09:44.110,0:09:47.240
in my back pocket to help
me make some extra money,

0:09:47.240,0:09:49.200
on top of teaching full-time.

0:09:49.200,0:09:50.860
- And you did it, yes.

0:09:50.860,0:09:51.693
That's incredible.

0:09:51.693,0:09:55.060
So, then you became debt-free
and then became passionate

0:09:55.060,0:09:57.800
about this message of living debt-free,

0:09:57.800,0:10:01.013
and living intentionally,
and the Baby Steps, and

0:10:01.013,0:10:03.644
all that's taught in
Financial Peace University.

0:10:03.644,0:10:06.052
And, with the class,
there's always a coordinator

0:10:06.052,0:10:06.960
that helps facilitate the discussion.

0:10:06.960,0:10:09.847
And you became a Financial
Peace University coordinator.

0:10:09.847,0:10:13.210
So, you taught a class. How'd it go?

0:10:13.210,0:10:15.080
- It was so great.

0:10:15.080,0:10:19.490
We had an amazing group of
people and great attendance

0:10:19.490,0:10:21.570
they really stuck with it.

0:10:21.570,0:10:23.080
It was transformational.

0:10:23.080,0:10:25.382
- Were there a few
people in the class that

0:10:25.382,0:10:26.490
you loved their story
and you were like, wow.

0:10:26.490,0:10:30.140
Like the transformation
they made was unbelievable?

0:10:30.140,0:10:35.780
- Yeah, there was one
couple who made $120,000

0:10:35.780,0:10:39.780
total, so they had a good amount of money,

0:10:39.790,0:10:43.607
but they were so in debt.

0:10:43.607,0:10:44.440
- Isn't that amazing?

0:10:44.440,0:10:45.060
- Yes.

0:10:45.060,0:10:45.960
- I mean, seriously, though.

0:10:45.960,0:10:47.400
A lot of people really believe,

0:10:47.400,0:10:48.800
"If I just had more
money, I could do this."

0:10:48.800,0:10:50.300
I'm like, no, if you don't
have good money habits,

0:10:50.300,0:10:52.100
the more money you have, the
bigger the mess is going to be.

0:10:52.104,0:10:53.293
- Right.

0:10:53.293,0:10:54.980
- And so, just because
you're making a huge income,

0:10:54.980,0:10:56.863
you could have a big
mess, which is this family.

0:10:56.863,0:10:59.130
That is always
so interesting to me.

0:10:59.130,0:11:00.020
So keep going, sorry.

0:11:00.020,0:11:01.380
- Oh, you're fine.

0:11:01.380,0:11:05.738
So, they paid off $15,000 of
debt, just in the two months

0:11:05.738,0:11:09.180
that they were in my course,
so I was so proud of them.

0:11:09.180,0:11:12.440
And now they want to be
coordinators and help

0:11:12.440,0:11:16.110
share their success and help people, so.

0:11:16.110,0:11:16.943
- That's amazing.

0:11:16.943,0:11:17.776
That's so great.

0:11:17.776,0:11:19.670
So, what made you want to do this?

0:11:19.670,0:11:22.180
Because not only is going
to the class, somewhat

0:11:22.180,0:11:25.490
a commitment. You go nine
weeks and you're with a group.

0:11:25.490,0:11:28.437
But when you say, "Hey, I'm
going to go and do it again,

0:11:28.437,0:11:30.240
and actually facilitate."
It must have obviously

0:11:30.240,0:11:32.480
changed your life for you to do that.

0:11:32.480,0:11:34.027
So what was the why for you?

0:11:34.027,0:11:37.870
- The course transformed my life so much.

0:11:37.870,0:11:42.330
And I'm just so thankful
that I took Financial Peace

0:11:42.330,0:11:46.570
in that moment in my life,
that I can't keep quiet

0:11:46.570,0:11:47.403
about it.

0:11:47.403,0:11:50.410
I want to tell everyone
about what this course

0:11:50.410,0:11:52.150
can do for you.

0:11:52.150,0:11:54.630
No one taught me,
growing up, how to budget,

0:11:54.630,0:11:56.960
and how to save, and how to invest.

0:11:56.960,0:11:58.960
And so, now that I have that knowledge,

0:11:58.960,0:12:01.468
I just want to tell everyone I can.

0:12:01.468,0:12:02.560
That's my why.

0:12:02.560,0:12:04.749
- Yeah, it's so good. It's so good.

0:12:04.749,0:12:06.678
Because so many of you
watching are thinking,

0:12:06.678,0:12:10.373
"Oh my gosh, we have so
much debt, we don't budget,"

0:12:10.380,0:12:12.370
and all of this, so going
through Financial Peace University,

0:12:12.370,0:12:15.160
just as a member is huge.

0:12:15.170,0:12:17.600
But people may be watching
this and thinking,

0:12:17.600,0:12:19.954
"Okay, I'm doing this. Maybe
I'm on the other side,"

0:12:19.954,0:12:21.530
like you are.

0:12:21.530,0:12:24.770
Would you say that you have
to be super financially smart

0:12:24.770,0:12:26.600
and that you have to have all the answers?

0:12:26.600,0:12:28.780
Because some people could
be intimidated by it.

0:12:28.780,0:12:31.567
- Right, I would definitely
say I was in that boat

0:12:31.567,0:12:35.780
before I got started
with being a coordinator.

0:12:35.780,0:12:37.750
I thought I didn't' know enough about

0:12:37.750,0:12:42.480
investing and real estate
and all of the Baby Steps,

0:12:42.480,0:12:44.093
past Baby Step three, basically.

0:12:45.680,0:12:48.899
But, my coordinator
from when I went through

0:12:48.899,0:12:50.500
Financial Peace, really encouraged me

0:12:50.500,0:12:54.530
and met with me and talked to me about

0:12:54.530,0:12:56.970
how to be relatable and share my story.

0:12:56.970,0:12:59.370
And that was what was
going to connect with people.

0:12:59.370,0:13:01.619
And if I didn't know the answers,

0:13:01.619,0:13:03.870
I could reach out to
someone and they would

0:13:03.870,0:13:05.680
help me figure out the answers.

0:13:05.680,0:13:06.513
- So good.

0:13:06.513,0:13:09.710
Well, seriously, I know from
our seat, our perspective,

0:13:09.710,0:13:11.640
at Ramsey Solutions, we always say

0:13:11.640,0:13:14.260
the radio show can only reach so far.

0:13:14.260,0:13:16.310
Only so many people
know about the podcast.

0:13:16.310,0:13:17.560
Only so many people watch the shows

0:13:17.560,0:13:19.980
or go to the events. But
it's the coordinators

0:13:19.980,0:13:21.540
that are in their cities, in their towns,

0:13:21.540,0:13:23.690
all over America, thousands and thousands

0:13:23.690,0:13:27.290
of you all, sitting down with
people on a Tuesday night

0:13:27.290,0:13:29.490
or a Wednesday night or a Sunday night

0:13:29.490,0:13:32.760
and have this group.
Really it becomes a family,

0:13:32.760,0:13:35.050
in this class and completely
transforming their lives

0:13:35.050,0:13:37.160
and you spearheaded that, for you guys.

0:13:37.160,0:13:40.060
So I so appreciate it, seriously.

0:13:40.060,0:13:42.340
You're like in the trenches,
boots on the ground,

0:13:42.340,0:13:43.740
helping spread the message.

0:13:43.740,0:13:45.380
It's spreading the
message of hope, you guys.

0:13:45.380,0:13:48.548
It's what we want—for you
to take control of your money.

0:13:48.548,0:13:49.900
And so, I so appreciate it and I'm so glad

0:13:49.900,0:13:51.678
it was a great experience for you.

0:13:51.678,0:13:52.511
- Thank you.

0:13:52.511,0:13:53.700
- So, if you guys want to coordinate

0:13:53.700,0:13:56.060
a Financial Peace University
class, just like Elizabeth,

0:13:56.060,0:13:58.150
make sure to click the
link in the show notes.

0:13:58.150,0:14:01.140
And, coming up next, Chris
Hogan is going to come on

0:14:01.140,0:14:04.605
and we're going to talk about how
you can become a millionaire.

0:14:04.605,0:14:07.522
(upbeat pop music)

0:14:12.429,0:14:13.508
(shifter clicks)
(door knocks)

0:14:13.508,0:14:15.560
(latch clicks)

0:14:15.560,0:14:19.083
Guys, let's be real—being
a parent is hard work.

0:14:20.140,0:14:21.850
Now that I have two daughters of my own,

0:14:21.850,0:14:24.400
it feels like the to-do list never ends.

0:14:24.400,0:14:27.250
And, as every parent knows,
your priorities change

0:14:27.250,0:14:28.950
and you have to make important decisions

0:14:28.950,0:14:30.270
for your child's future.

0:14:30.270,0:14:32.599
- That's why term life
insurance is a must,

0:14:32.599,0:14:34.460
for every parent.

0:14:34.460,0:14:37.410
It's so easy to get and it's affordable.

0:14:37.410,0:14:39.410
What you're looking for is 10 to 12 times

0:14:39.410,0:14:41.470
your annual income, to make sure everyone

0:14:41.470,0:14:43.090
in your family is taken care of.

0:14:43.090,0:14:45.130
Winston and I use Zander Insurance.

0:14:45.130,0:14:46.450
They do all of the work for you

0:14:46.450,0:14:48.560
to find the best prices and options,

0:14:48.560,0:14:52.040
so go to Zander.com to get
started on a quote today.

0:14:52.040,0:14:54.790
Because that's who we trust
to take care of our family.

0:14:57.655,0:15:00.405
(easy pop music)

0:15:03.900,0:15:05.100
- Hogan, you're back.

0:15:05.100,0:15:06.580
- I am back and I'm
excited to be with you.

0:15:06.587,0:15:07.760
- I'm so glad.

0:15:07.760,0:15:09.290
Okay, so I can't wait to dive in,

0:15:09.290,0:15:10.760
because people believe the lie

0:15:10.760,0:15:12.920
that you just can't become
a millionaire today.

0:15:12.920,0:15:15.690
But it's a lie, people. It's a lie.

0:15:15.690,0:15:17.950
So, let's go through, really quickly,

0:15:17.950,0:15:19.450
the top three lies people believe,

0:15:19.450,0:15:21.460
and I want you to hit me with the truth.

0:15:21.460,0:15:22.293
- Okay. All right.

0:15:22.293,0:15:23.126
- I mean, don't really hit me.

0:15:23.126,0:15:23.959
- No, I would never do that.

0:15:23.959,0:15:24.792
- That would hurt.

0:15:24.792,0:15:25.640
- No, I wouldn't do that.

0:15:25.640,0:15:26.750
But, I'm going to tell you the truth.

0:15:26.750,0:15:27.583
- Yes, do.

0:15:27.583,0:15:28.758
- Because, you're right. There
are some lies out there, so.

0:15:28.758,0:15:29.591
- Yes.

0:15:29.591,0:15:30.424
- You lead.

0:15:30.424,0:15:32.060
- First lie is: A lot of people believe,

0:15:32.060,0:15:34.090
to become a millionaire, you
have to inherit your money,

0:15:34.090,0:15:35.970
or that millionaires, they've
only become millionaires

0:15:35.970,0:15:37.310
because they inherited a bunch of money.

0:15:37.310,0:15:39.420
- Rachel, people actually believe this.

0:15:39.420,0:15:40.253
And you know why?

0:15:40.253,0:15:41.840
It's easy for people to believe that,

0:15:41.840,0:15:43.960
hey, someone just handed it to them.

0:15:43.960,0:15:45.940
Nobody really worked hard themselves.

0:15:45.940,0:15:47.200
So here's the fact:

0:15:47.200,0:15:50.450
We studied over 10,000 millionaire's
all across the country.

0:15:50.450,0:15:52.320
We did the largest study
that's ever been done.

0:15:52.320,0:15:53.620
We found out the truth.

0:15:53.620,0:15:56.690
According to our research,
79% of the millionaires

0:15:56.690,0:15:58.490
didn't inherit a dime.

0:15:58.490,0:15:59.323
- Nothing.

0:15:59.323,0:16:00.220
- Nothing.

0:16:00.220,0:16:02.430
That means, that they didn't
have it handed to them.

0:16:02.430,0:16:04.030
This was someone that actually worked hard

0:16:04.030,0:16:05.290
and built up wealth over time.

0:16:05.290,0:16:08.026
So, inheritance? No.

0:16:08.026,0:16:10.134
- Okay, another lie is: People say,

0:16:10.134,0:16:11.497
well, I have to make a ton of money.

0:16:11.497,0:16:12.330
I've got to make at least six figures

0:16:12.330,0:16:13.450
in order to become a millionaire.

0:16:13.450,0:16:16.060
- Rachel, this is another
myth. It's not true.

0:16:16.060,0:16:17.800
According to our research we had a third

0:16:17.800,0:16:19.370
of the millionaires that we studied,

0:16:19.370,0:16:22.060
never had a six-figure household income.

0:16:22.060,0:16:23.150
Can I tell you something else?

0:16:23.150,0:16:24.790
- Oh, bring it on.
- Top three positions.

0:16:24.790,0:16:27.290
Top three positions of the
millionaires that we studied.

0:16:27.290,0:16:30.460
Number one was engineers,
which isn't surprising—

0:16:30.460,0:16:31.800
they plan stuff.

0:16:31.800,0:16:34.030
Number two was accountants.

0:16:34.030,0:16:35.360
That doesn't surprise.
- Makes sense, sure.

0:16:35.360,0:16:36.193
- They know money.

0:16:36.193,0:16:37.530
Number three blew me away.

0:16:37.530,0:16:39.578
Number three was school teachers.

0:16:39.578,0:16:40.411
- Okay, I love that you mentioned that,

0:16:40.411,0:16:42.100
because we actually just
had Elizabeth on the show.

0:16:42.100,0:16:44.185
She's a teacher. She's on Baby Step six.

0:16:44.185,0:16:46.530
So she's working her
way there, and she will.

0:16:46.530,0:16:47.470
She will become a millionaire—

0:16:47.470,0:16:48.800
- She will, Rachel.

0:16:48.800,0:16:49.633
- which I love.

0:16:49.633,0:16:51.260
- Because she's attacking
with Baby Step six,

0:16:51.260,0:16:52.600
she's going to pay off the house.

0:16:52.600,0:16:54.390
And then she's got that value,

0:16:54.390,0:16:56.227
plus the money she's
putting into her 403b.

0:16:56.227,0:16:57.830
She's well on her way, because

0:16:57.830,0:16:59.690
debt's not stealing from her anymore.

0:16:59.690,0:17:00.790
She's being intentional.

0:17:00.790,0:17:01.623
- That's right.

0:17:01.623,0:17:03.540
Okay, so there's a lot
of interesting things

0:17:03.540,0:17:05.463
you guys found out in the survey.

0:17:05.463,0:17:07.080
Things like typical
millionaires, they coupon,

0:17:07.080,0:17:09.053
they drive used cars,
all these cool things.

0:17:09.053,0:17:13.340
But I want to know the real tactical stuff.

0:17:13.340,0:17:17.830
To truly have a net worth
of $1,000,000 or more,

0:17:17.830,0:17:20.690
there's really three big
things that you have to do.

0:17:20.690,0:17:23.220
Yes, all these other
things help, for sure.

0:17:23.220,0:17:25.050
But one of them is, when you start to win,

0:17:25.050,0:17:27.360
to keep your lifestyle still at a minimum.

0:17:27.360,0:17:30.280
That you don't go crazy,
spending a bunch of money.

0:17:30.280,0:17:32.250
No, these people—these
everyday millionaires,

0:17:32.250,0:17:34.410
I call them, because they're
everyday men and women—

0:17:34.410,0:17:36.480
you wouldn't know it,
Rachel, when you met them.

0:17:36.480,0:17:39.300
They knew what allowed them
to get to that $1,000,000

0:17:39.300,0:17:41.480
net worth—being intentional
with their money,

0:17:41.480,0:17:43.770
being very focused. And
yeah, they have nice things,

0:17:43.770,0:17:46.150
but they save up and they pay cash for it.

0:17:46.150,0:17:47.970
- It's so good. So even
upping their lifestyle,

0:17:47.970,0:17:49.933
just a very small percentage,
they don't go crazy.

0:17:49.933,0:17:50.766
- That's right.
- I love that.

0:17:50.766,0:17:53.860
Okay, another thing, to get
you there, is investing.

0:17:53.860,0:17:56.190
- Rachel, you know this
is the truth, right?

0:17:56.190,0:17:57.470
Can I tell you this?

0:17:57.470,0:17:59.320
80% of the millionaires we studied

0:17:59.320,0:18:01.150
said the number one thing that caused them

0:18:01.150,0:18:02.830
to build their $1,000,000 net worth

0:18:02.830,0:18:06.090
was one thing: employer
sponsored retirement plans.

0:18:06.090,0:18:09.650
And one more thing: 68% of
the millionaires we studied

0:18:09.650,0:18:11.730
used an investment professional.

0:18:11.730,0:18:14.160
That means they had someone
to guide them along the way.

0:18:14.160,0:18:16.710
That's why you and I talk
about the SmartVestor Pros.

0:18:16.710,0:18:18.330
You don't want to do this alone, right?

0:18:18.330,0:18:20.593
If you've got car trouble,
you go see a mechanic.

0:18:20.593,0:18:22.760
If you've got a health
issue, you go see a doctor.

0:18:22.760,0:18:25.190
We're talking about your
dreams and your future.

0:18:25.190,0:18:27.050
You need to talk to an
investment professional.

0:18:27.050,0:18:27.883
- So good, you guys.

0:18:27.883,0:18:29.706
I mean, seriously, when you're investing,

0:18:29.706,0:18:30.976
your money is working for you.

0:18:30.976,0:18:32.210
But I want you out of debt,
to have your emergency fund

0:18:32.210,0:18:34.737
in place and start down that path.

0:18:34.737,0:18:35.570
- Yes.

0:18:35.570,0:18:38.794
- Okay, the other big thing
is paying off your house.

0:18:38.794,0:18:40.960
A lot of millionaires say
they got a lot of their

0:18:40.960,0:18:43.450
net worth by paying off their house.

0:18:43.450,0:18:44.283
- Yeah.

0:18:44.283,0:18:45.600
This is the last big step.

0:18:45.600,0:18:47.080
You and I know this, being plugged in

0:18:47.080,0:18:48.750
with Financial Peace University.

0:18:48.750,0:18:51.800
When you become 100%
debt-free, and now that

0:18:51.800,0:18:53.870
mortgage payment isn't
leaving you anymore,

0:18:53.870,0:18:56.880
that mortgage payment is there
to do more for your family

0:18:56.880,0:18:59.330
or to help you catch up
for your retirement dreams.

0:18:59.330,0:19:00.600
But, this is a big deal.

0:19:00.600,0:19:02.600
So much so, that I developed a free tool.

0:19:02.600,0:19:04.480
It's a net worth
calculator, at my website

0:19:04.480,0:19:06.799
chrishogan360.com to
help people understand

0:19:06.799,0:19:08.870
what is your net worth right now?

0:19:08.870,0:19:10.550
And I want to explain it to your viewers.

0:19:10.550,0:19:12.510
So, to get to net worth, what you take is

0:19:12.510,0:19:14.970
all that you own—that's
in your bank account,

0:19:14.970,0:19:17.940
your 401k, your IRAs—add all that up

0:19:17.940,0:19:20.280
and subtract out anything you owe on.

0:19:20.280,0:19:22.110
So, what you own minus what you owe.

0:19:22.110,0:19:24.780
If that end number is $1,000,000 or more,

0:19:24.780,0:19:27.128
then congratulations, you're
an everyday millionaire.

0:19:27.128,0:19:27.961
- You're a millionaire.

0:19:27.961,0:19:28.794
- That's right.

0:19:28.794,0:19:30.844
- And the great thing
is, we talked about it

0:19:30.844,0:19:31.820
earlier in the episode, but it's so true,

0:19:31.820,0:19:33.030
is that this is possible.

0:19:33.030,0:19:36.690
Society is going to tell you,
no, unless you're famous,

0:19:36.690,0:19:38.270
or you have a rich family, there's no way

0:19:38.270,0:19:39.290
you can become a millionaire.

0:19:39.290,0:19:43.279
You can—anyone can—and your
book is to prove it, right?

0:19:43.279,0:19:44.112
- [Chris] It does prove it, yeah.

0:19:44.112,0:19:45.380
- [Rachel] The "Everyday Millionaires."

0:19:45.380,0:19:47.200
- That's what got me
started down this path.

0:19:47.200,0:19:49.144
The American dream is alive and available.

0:19:49.144,0:19:52.210
What we have to do is make a
decision that we're going to do it

0:19:52.210,0:19:54.010
and you have to keep deciding, every day.

0:19:54.010,0:19:54.940
- So good, you guys.

0:19:54.940,0:19:56.645
You can do the impossible.
It's possible for you.

0:19:56.645,0:19:57.660
- It is possible.

0:19:57.660,0:20:00.060
- Okay, if your curious about this book,

0:20:00.060,0:20:01.810
because it is so good,
you could actually read

0:20:01.810,0:20:04.410
the first two chapters,
completely for free.

0:20:04.410,0:20:05.660
Just click the link below.

0:20:05.660,0:20:06.753
- Are you giving away my stuff?

0:20:06.753,0:20:08.323
- Just a little bit, you know.

0:20:08.323,0:20:09.609
Just a giver. I'm a giver, on the show.

0:20:09.609,0:20:10.500
- You are a giver.

0:20:10.500,0:20:11.840
- It's called The Rachel Cruze Show.

0:20:11.840,0:20:13.160
- Yeah, you are kind of in charge.

0:20:13.160,0:20:13.993
- Welcome, welcome. (laughing)

0:20:13.993,0:20:15.120
- You're kind of the boss.

0:20:15.120,0:20:16.469
You're small, but you're the boss.

0:20:16.469,0:20:18.250
- I'm bossy, sometimes, yes.

0:20:18.250,0:20:19.083
- So much so.

0:20:19.083,0:20:19.916
- Hogan, thanks for coming on.

0:20:19.916,0:20:20.749
- Thank you, for having me.

0:20:20.749,0:20:21.582
- Seriously,

0:20:21.582,0:20:22.415
great information.
- Good to see you.

0:20:22.415,0:20:23.248
Thank you, ma'am.

0:20:25.240,0:20:27.230
- All right guys, thanks
for tuning in today.

0:20:27.230,0:20:29.777
I loved this episode, because
there's so much truth in it.

0:20:29.777,0:20:32.637
And so I hope you feel
encouraged, because you guys

0:20:32.637,0:20:33.920
can do this.

0:20:33.920,0:20:36.070
Thanks again, to Chris
Hogan for coming on,

0:20:36.070,0:20:38.490
and Elizabeth for sharing her story.

0:20:38.490,0:20:40.730
So to get everything we
talked about in this episode,

0:20:40.730,0:20:42.800
make sure to click the
link in the show notes.

0:20:42.800,0:20:45.730
And if you've not subscribed
to my podcast yet,

0:20:45.730,0:20:48.270
make sure you do that,
because there's always

0:20:48.270,0:20:50.311
some fun bonus material there.

0:20:50.311,0:20:53.290
And, as always, for you
all, be sure to take control

0:20:53.290,0:20:55.653
of your money and create a life you love.

0:21:02.743,0:21:04.093
- Rachel Cruz.

0:21:05.154,0:21:06.357
- What do you think, Chris Hogan?

0:21:06.360,0:21:07.300
- I have no idea.

0:21:07.300,0:21:08.500
- I think it's just really great.

0:21:08.510,0:21:10.036
- It is hilarious.

0:21:10.036,0:21:11.950
- Be a millionaire, Hogan.

0:21:11.950,0:21:14.379
- You can become a everyday millionaire.

0:21:14.379,0:21:16.462
(laughs)

0:21:18.030,0:21:19.541
- All you have to do is invest.

0:21:19.541,0:21:22.208
(both laughing)

0:21:24.187,0:21:25.431
- No more.

0:21:25.431,0:21:26.759
- That's so good.

0:21:26.759,0:21:28.509
- That was hilarious.