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HOW TO BECOME A MILLIONAIRE WITH $5 A DAY

**HOW TO BECOME A MILLIONAIRE WITH $5 A DAY**



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you know before making this video I was just thinking back to some of the greatest things that I learned in my days in school we sure did learn a lot of great stuff in school didn't we for example if you give me the link of two sides of this right triangle here I can actually tell you the length of this third side right here pretty useful stuff huh I can also write in cursive play hot cross buns on a recorder and I can even spell boobs on a calculator my favorite lesson in high school though was how to become a millionaire with just five dollars a day wait a second I didn't learn that in high school did I did you guys learn that in high school did anyone learn that important lesson in high school or was that just left out when we were learning how to cite a source using correct MLA format my point here is about 99% of what you learned in school is useless information and this is a very important lesson that was left out that I'm going to share with you guys today I'm going to show you how to become a millionaire with five dollars a day this is the magic of compound interest pretty magical all right so the first thing I want to point out to you guys is this you cannot save your way to millionaire status one of the most common things people tell you to do if you're looking to grow your wealth is to save your money and put it in the bank that is the most stupid piece of advice anyone could give you because that is a guaranteed way to lose money I'm going to explain why that is so first of all if you have five bucks a day can you simply save your way to millionaire status absolutely not here's an example let's say for whatever reason you were able to save five dollars a day from the day you were born to the day you were a hundred let's say you even lived to be a hundred years old if you save five bucks a day for a hundred years it will have one hundred eighty two thousand five hundred dollars that is a far cry from a million dollars so unless you're planning on living past five hundred years old you cannot save your way to millionaire status second of all interest rates in a savings account do not keep up with inflation so you cannot put your money in the bank and expect it to keep up with inflation so in 2016 inflation was two point one percent okay the average checking account pays zero point zero five percent interest on the money you put in there so here's just an example in terms of how much money you're losing by keeping your money in a savings account so ten thousand dollars in 2015 is equal to ten thousand two hundred 10.20 sixteen based on that two point one percent rate of inflation now let's say you had ten thousand dollars in your checking account over that year as well so you're ten thousand dollars grew to an astounding dollar amount of ten thousand and fifty dollars at that point so you made fifty dollars okay also known as you just lost one hundred sixty dollars of value maybe that doesn't sound like a lot of money but if you had a hundred thousand dollars in there you just lost sixteen hundred if you had a million dollars you just lost sixteen thousand dollars because your interest rates are not keeping up with the rate of inflation so that is why a savings account is a guaranteed way to lose money so when people recommend you save your way to retirement or you save your way to being rich that's a guaranteed way to lose money there you're basically guaranteeing that you're going to fork over a lot of money because you're not going to keep up with the rate of inflation with what these banks pay you as far as interest goes so what is the solution to this problem I'm going to give it to you right now I'm going to show you how to become a millionaire with five bucks a day all that I ask you guys to do is subscribe to my channel and drop a like on this video and help this message be spread to other people out there who are stuck saving money in a bank account all right guys here it is here's how you become a millionaire with five bucks a day no this is not some course that I'm selling for a thousand dollars on how to become a millionaire that has 40 hours of video content this is this is four steps four steps guys and you can become a millionaire with five dollars a day okay here's how you do it number one set aside five dollars each day I'm talking about the amount of money you probably spend at Starbucks every single day at the end of the month you will have one hundred fifty dollars saved up okay what you're going to do with that money you're not going to put it in your bank account you're going to invest that money you're going to invest in a diversified portfolio of blue-chip stocks and investment-grade bonds okay for those of you who don't know blue chip stocks are these stocks of well-established companies they have a very high market capitalization they are things that have been investing in for many many years and over the last 100 years on average blue chip stocks have paid a 10 percent return you're also going to be investing in investment grade bonds these are high-quality low-risk bonds over the last 100 years these bonds have paid out on average 6% what I recommend doing is investing 50% of your money in blue chip stocks and 50% of your money in investment grade bonds over the last 100 years on average this portfolio page you 8% return on your investment you're never going to sell you're going to leave it there and you're going to let it compound over time you're taking advantage of compound interest now you may not have enough money each month to invest but you're going to save that money and when you do have enough money you're going to buy more shares of blue chip stocks and you're going to buy more investment grade bonds okay after 50 years now we're talking 50 years I know that sounds like a long time but like we said before if you save five dollars a day for a hundred years you'll have a hundred eighty two thousand five hundred dollars okay so now we're talking about half the time 50% less time we're talking 50 years okay you do this for 50 years and due to the magic of compound interest you now have a portfolio worth 1 million thirty two thousand seven hundred eighty six dollars and 28 cents you just became a millionaire for the price of a starbucks cup of coffee each day why is this lesson not being taught in school I have no idea it's very frustrating to me that's why I started this channel on YouTube they try to educate you guys on the power of investing and how it can really change your life anyways guys that's all I got for this video if you guys enjoyed it please drop a like please consider subscribing to be notified of any future uploads and please please share this video with other people so they can have their eyes open to the magic of compound interest and how you can become a millionaire with five dollars a day thank you guys for watching this video

7 EASY WAYS TO SAVE MONEY (With No Effort) - How I Save £1000s

**7 EASY WAYS TO SAVE MONEY (With No Effort) – How I Save £1000s**



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FREE £5 if you sign up for Monzo with this link –

Here are 7 really easy ways (that I use) to save money every month. You wont believe how easy it is!!! You don’t even need to put any effort in at all.

You don’t need to be an expert in finance or business. You just have to be smart with your money. These ideas are all about changing the way you think about money. With this new mental attitude, you will be able to save thousands.

I hope you all enjoy the video. I would really appreciate if you could subscribe and drop and like if you learnt something. Please let me know in the comments your ideas and thoughts…

Links:
Monzo – (DM me for a free £5 when you set up an account through my referral)
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ONE – Partitioning your money/income
Using a mobile banking service (Monzo) you can save hundreds of pounds by creating a series of saving pots. These pots will create a barrier between you and your money so that it makes it more difficult to throw money away on pointless expenses.

TWO – Switching your utility providers
Simply switching and looking at price comparison websites. You can save every month. You can even negotiate a better deal with your current provider.

THREE – Cut down on pay monthly services
We all like Netflix and our fancy gym membership but can always get sucked in to having more pay monthly services than we need. Simply cancel the ones you don’t need and revaluate every two months.

FOUR – Wait before buying
Simply holding of from purchasing items right away, you may find after just a short wait you don’t even want it anymore. This will reduce your regret purchases and save you from wasting unnecessary money.

FIVE – Research other products
By shopping around to see other products that are out there you can save a hundreds. There is always a cheaper alternative out there that might fit your needs better than the one you first saw. Like me and my Bose QC35 ii noise cancelling headphones.

SIX – Finance car through a bank
To get a better interest rate. Finance your car with a bank loan rather than a PCP (Personal Contract Purchase). You can save thousands when doing this through a dealership.

SEVEN – Don’t live beyond your means
Stick to your budget and don’t buy products that are out of your price range. We all want nice things, but there are always cheaper alternatives that still have great quality and are a better bang for your buck. There are always exceptions when certain things really do make us happy.

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I Don’t Need U 2 Say Anything by Le Gang Creative Commons — Attribution 3.0 Unported — CC BY 3.0 Music promoted by Audio Library
what's going on guys welcome to the video today I'm going to show you seven really easy things that you can do to save money each month without even trying for putting any effort in at all if you haven't already make sure you subscribe down below and let's get into the video okay number one partitioning your money what this means is basically splitting up all of your money into separate bank accounts most of us already have a current account and a savings account but this idea takes it a step further so what it does is it creates a psychological barrier between you and most of your money and this allows you to save without even trying from my experience we tend to spend based on what's in the bank account that we use on a day to day basis so no matter how much you're getting paid each month if it's ten thousand or one thousand you'll likely come close to spending all of that within each month so instead I recommend partitioning your money so as soon as you get paid split up all of that money into separate accounts so firstly things that you'll be using every month so that would be like paying rent mortgage fuel car payments and all those kind of monthly bills that you need to pay for and as well as that create a series of accounts that are more for things that you're trying to save for so that could be a deposit for a house a car for holiday and just general savings so by splitting up all of your money into these categories so what this will do is create the illusion that you have less money because you have less in the account that you're using on a day-to-day basis so because you have less in that account you'll be more careful with what you spend your money on and you'll end up saving a lot of money without even trying to help with this method I really recommend using a mobile banking service there are many available but my personal favorite is munzo so I'll leave a link down below so Manzo's just as safe is a regular high street bank it's free to use and setup and it allows you to partition your money within the one account so they call them pots you create pots for different things that you want to save for so rather than having to open a ton of hot different high street bank accounts so you can just have the one Monzer account with all the pots separated okay number two switching up your utility provider more often than not you'll be paying more for your utilities than you need to be so this applies to electric bills gas bills car insurance how insurance so all of those types of things the checkity could be getting a better deal simply head on to one of the price comparison websites so is if that's the money supermarket or compare the market if you've never done this before or don't do it very often and you'll probably see that you could be getting a much better deal than you're currently on you might even find that you'll be able to get a much cheaper price with additional perks as well so once you've found a better deal you can either switch straight to that other provider that you've found or you can use these deals you've found to leverage the company you're currently with to engineer yourself a much better deal with them and save yourself the hassle of actually having to switch all together but either way you'll be able to save yourself a lot of money number three reevaluate your pay monthly services there are a lot of pay monthly services out there which are genuinely worth having and they offer really good services however it happens to all of us that we sign up for all these services and end up not using them as much as we thought the night for one reason or another so this could be a gym membership a music and video streaming service or something else entirely so for example say you've got yourself a gym membership in the winter to try and stay active but now summers come around and you've got really interested in another form of exercise that requires you not to actually have to go to the gym that you're paying a membership for so if you're not using the gym membership why continue to pay for it with all these services you can pretty much renew them at a later date if you decide that you do want to get back involved with one of them however there's no point paying for something you're not using at that moment in time so I recommend every two months Yury evaluate all these pay monthly services that you're using and just see if you are using them as much as you thought you might the chances are you'll be able to cancel a few of them and then save yourself a lot of money and you can always recent number four wait before you buy we all get sucked in by either marketing campaigns or celebrities telling us that we want to buy a product rather than buying it straight away as soon as you see it just wait so either sleep on it wait a week wait a month doesn't really matter you may have thought that you wouldn't be able to live without it but actually the chances are you'll find out that you doesn't really need it as much as you thought you did or you just don't even want it anymore and by doing this you'll have saved yourself a decent amount of money by just taking that extra bit of time number five do a bit of research on the things that want to buy so taking this on from the last point you found something that you really want and you genuinely think that it will benefit your life so rather than buying that product that you saw advertised do a little bit of research and see what other products are available in the same market most likely you'll find a ton of different products that are a lot cheaper and varying in quality but then just take the time to read through some reviews on Amazon look at some comparison websites look up videos on YouTube of unboxings comparisons of different products because there are a lot out there and then quite often you realize that you didn't need that top-of-the-range one that you saw on TV and rather paying that high price for the market leader with all the marketing budget you could find something a pretty similar quality for a much better price so let's use me as an example so earlier in the year I decided I wanted to get some noise cancelling headphones and incidentally when you say noise canceling headphones you think Bose so these are around two to three hundred pounds so I was prepared to go and buy them but I just decided to do a little bit of research into what else is out there I found a ton of different products out there that are really good quality but a fraction of the price now I'm not saying that Bose products aren't great because they are however you're paying a lot of money to have that brand and to pay the cost of their ginormous marketing budget supposedly Bose spend 150 million dollars every year on marketing alone so what I did I looked up a few comparison videos on YouTube to see what was out there at a cheaper price and I found these now they're not as good as the Bose ones that's for sure but for me because I'm not going to be using them as much as other people might it's not worth me spending that two to three hundred pounds and instead I can spend sixty pounds and get these which are perfectly good for my needs so by simply doing a bit of research into what else is out there I saved myself about two hundred pounds right number six financed your car through a bank loan rather than through the dealership so when you're buying a new car you quite often go to the dealership either get a new car or a used car but a lot of people like to buy through a dealership now because most of us can't afford to buy in cash we end up using their financing service which is called a PCP so you basically pay an upfront deposit and then between two to four years normally you'll pay smaller installments leave for that car and then at the end if you want to fully own that car you can pay another lump sum at the end now the dealerships don't give you this service for free because you're borrowing money from them and some of them charge up to 10% interest for this service so an alternative to do this is take out a bank loan instead at the moment interest rates for borrowing are very low in the UK and depending on your credit rating you might be able to borrow at 2.9% so what you'll then essentially do is borrow the money from the bank and then pay for that car in cash with that loan and then you'll simply be paying back that loan each month rather than paying the financing so in this example I've looked at a VW gol a very popular car in the UK it's priced at seventeen thousand two hundred ninety pounds if I was to finance that car for three years through Volkswagen I'd be paying three thousand three hundred and forty six pounds more than the car is actually worth at the end of that three years instead by taking a loan out from M&S bank I'd be able to save two thousand five hundred and sixty two pounds all that same three year loan now that's a lot of money to see what you're eligible for I recommend going on to money saving expert as it has all the options outlined for you now just bear in mind you might not be able to get that 2.9 percent based on your credit rating but you'll probably be able to get something a lot better than the financing service through the dealership and finally number seven don't live beyond your means so this one's a bit more complex but it's also incredibly simple it's just the idea that you don't buy things that aren't really within your budget so for example if I'm earning twenty thousand pounds a year I shouldn't really be going in financing a twenty thousand pound car or I shouldn't be wearing a 10,000 pound watch these types of products haven't really been designed for people on my salary and there are much cheaper alternatives out there that offer similar quality so it'd be much better to save that money invest it and find a much cheaper alternative and you generally don't want to have things that you can't afford to replace so take this watch for example it has a fully automatic mechanical movement just like Rolex has however it's 2% of the price if for some reason it did get stolen I could afford to replace it now this is much easier said than done and there's always an exception so if you feel like spending more money on something that you think you'll generally get pleasure out of then I think it's worth it but it's always good to take that extra bit of time to consider how much you will actually value it so for example I'm not a millionaire but I do love to go skiing and are skiing is not a cheap activity or holiday but as it is one of my priorities to be able to go skiing every year because I get so much pleasure out of it I make sure to budget so that I can't afford to go every year so to do this I save money on other things that are less important to me right nuts the end of this video if you enjoyed the video or you feel you learned something please drop a like I'd really appreciate it and make sure that you hit that subscribe button and I'd love to know what you guys think in the comments down below do you agree with me am I talking rubbish right I hope you enjoyed and I'll see you next time

HOW TO TRAVEL FOR FREE!!! (Free Flights All Year Round)

**HOW TO TRAVEL FOR FREE!!! (Free Flights All Year Round)**



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Hey Guys, today we are going to be looking at how you can travel for free ever single year! Im going to show you exactly how I use credit cards to earn free flights …

Become a Money Saving Expert | Brian Tracy

**Become a Money Saving Expert | Brian Tracy**



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Resolve today that you are going to save and invest at least 10 percent of your income throughout your working life. Take 10 percent of your income off the top of each paycheck each time you receive one and put it into a special account for financial accumulation.

Starting this early in life will insure that you become a millionaire before you retire.

Are you an entrepreneur? Download my FREE Guide, Way to Wealth by clicking the link above.

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pay yourself first, save money, save 10 percent, invest 10 percent, self made millionaire, how to get rich, how to become rich, how to save money,

Why Money Gives You More Options!

**Why Money Gives You More Options!**



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“The goal of the emergency fund is to give you cushion; it’s a safety net.”
– Chris Hogan

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Bips you want to make sure you tune in to the next episode I'm talking to a caller that needs some guidance on making a couple of moves and attacking and paying off the house I'm gonna coach her up and then I've got a couple that have a special mission they're focused on how to save for adoption and they need some tips on how they can get there faster don't miss it tune in welcome to the Chris Hogan show home of everyday millionaires I am Chris Hogan your host remember this is a show where your life in your money takes center stage and you can never forget it's your life VIPs take charge we're excited to be back with you we've got people that have some real questions and real situations and guess what we're going to talk about them so if you have a question or a success story that you want to share I need you to give me a call call me leave me a voicemail that number to call us eight four four two eight three nine three eight three again that's eight four four two eight three nine three eight three call me leave me a voicemail tell me what's on your mind whether it's a question or a success story we'd love to hear it and if you prefer you can send us an email the email addresses asked at Chris Hogan 360 dot-com we exist for you because this shows about two you so guess what I'm going to the phones on the line I've got Chris and Michigan Chris how are you I'm doing well thank you very good well how can I help you today so my question is this I was wondering if I should pay my mortgage alright now tell me a little bit about this home how much did you buy it for 550 okay and how much do you owe on it right now 91 Oh 91 thousand oh you've been attacking this thing how long have you lived in it for 10 years 10 years so you all have you've been very intentional with this yes Wow so what is your regular standard mortgage payment each month it is 3 okay okay and how much have you been paying well I I have to paint that but recently I put down like paid a hundred thousand homes where did that money come from well I had a couple really good years of business and I was kind of just waiting to see where things were gonna lie okay so then I just you know put it towards my mortgage I'm so proud of you well I don't know I really am Chris how old are you I'm 49 49 years old and and so you bought this house how long ago ten years ten years ago and so right now you owe ninety one thousand dollars on a six hundred thousand dollar house pretty much that's got to make you feel great what okay so you're thinking about you're asking the question okay uh should you recast or what we're just finished paying it off okay all right let's talk about the pros and cons right if you recast what does that mean for you so that would reduce my payment by seventeen hundred a month mm-hm and the fee would be $250 to recast okay so basically principal and interest would be about fifteen hundred and that I put in escrow about seven hundred and forty five dollars for you know taxes okay so they told you the fee would only be two fifties so they're not hitting you with a closing cost no no okay because that's typically the thing that I would warn against just because why paid two to three thousand dollars to do something you're already doing which is attacking it you know so mindset wise how do you plan is this your house that you plan to be in for at least the next ten years okay see I I like this I like the idea and especially if you go and hit listen you're in the habit of throwing thirty-nine dollars at this thing I would say continue on the path you're going you know get this thing out of your life okay so my question is I have I have like a hundred thousand in the bank and then I have about eighty like eighty nine thousand and like brokerage stocks so I was wondering if I suggest just again just pay it off okay now this hundred thousand in the bank is that your emergency fund yeah oh well no no no Chris listen to me we can't get rid of the emergency fund that's your cushion yeah what about life like this brokerage alright now this is money this brokerage account money talk to me a little bit about it it's this money that you have been investing over the years yeah and is this until I also have like six hundred and fifty thousand and like traditional like IRA and then 401 K about you know like I said around six hundred thousand there and then I also have okay all right all right so if we look at what you have in the 401 K in the defined benefit plan young lady you're an everyday millionaire Wow yes along with the equity in the house so this money that's in the brokerage account that's not earmarked for retirement you've just had it in there you've been investing I would I would definitely use that to pay off that house now you're here some steps you're gonna have to take you're gonna need to connect with you're a smart investor pro so you can walk through and understand the nuances of it and you also would need to connect with a taxi LP so you understand the tax side of it right because the brokerage account remember this is money that you've used to do some investing but you've got to realize gain on anything that's over and above what you bought it at so any kind of growth you're gonna have some taxes on it so I would meet with my investment person I would meet with my tax person walk through and look at the numbers and then make sure you have a clear picture of where you are but I would attack and pay this house off I mean you'll imagine I mean you're freeing up almost four thousand dollars a month for yourself Chris when this thing is great off that's a big deal young lady no I am very proud what tell me that what line of work are you in okay that's fantastic well listen I'm very proud of you on the progress did where did you learn about money did your parents teach you or you self-taught cooking money away that is fantastic well listen I'm very very proud of you thank you for calling in and again this mindset of being intentional right with your home being intentional and paying extra toward it Chris did a phenomenal job of really zeroing and I'm very very proud of her because see she's at the cusp of already being an everyday millionaire now the homes about to be paid for and now she's enjoying what she's do you can hear it in her voice she's excited she's happy vips that's how you do it it didn't an accident remember what I told you whoever said progress is a slow process well they don't know us right because we get intentional and we make things happen Chris very proud of you thank you very very much for calling in and you know what she's already in everyday millionaire so Amanda I need to send her a book I mean she needs one and she needs to read some of the stories I mean her story could very well be and in the next version of something that I do very proud of her thank you Chris for calling in all right I got to stay on the phone because I'm having fun so I'm going from Michigan to now I'm jumping over to Reno I got Jake on the line Jake how are you oh my but my friend I'm focused and not finished what's on your mind today okay now Jake what tell me what kind of work do you do um look at the post office on the local soil okay and you've been doing that about how long all about not six years okay and so are you enjoying what you do oh okay fantastic well it sounds like a you've been there for six years and you have some stability Jake and we got a little bit about a comeback connection trying to call me back but but listen this whole aspect of emergency fund it's I appreciate you bringing it up because it gives me a chance VIPs to help people know the difference do you do a three-month emergency fund or do you do a six-month right and people ask that question all the time so let me address this the goal of the emergency fund is to give you cushion right it's like a safety net that means if something were to happen on the job something with your health you've got a pile of money sitting there ready for you when you need it so here's the deal if you are working a job and let's say you're self-employed or straight commission which means if you don't work you don't get to eat right that's kind of one of those if you're in sales or self-employed you know exactly what I'm talking about that means you are really really dependent on how you work so if you were to get sick or to have something happen your your your life is going to be impacted right your financial world is impacted so what I want you to do if you're self-employed or in sales where you're fully commissioned I would prefer you to go for a six month emergency fund longer a period of times going to give you more cushion and then you're gonna be able to become now let's go to the other side of that let's say you're working a job like Jake where he's been at the Postal Service for six years he's salaried he's got stability on the job a three month emergency fund is absolutely gonna be adequate there so that's okay now here's the other side if you're married and both of you are working stable jobs and you've got stable income a three month emergency fund is fine there by the math now here's the other side also boils down to preference right you may have a security gland it's it's right like right over here thing it can pulse a little bit and get a little nervous if that's the case you may opt for a six-month emergency fund and that's okay so if you're married I want the two of you to decide what are you gonna do and how are you going about it and then you go from there it's okay the goal is is where do you keep this so I just talked to you about why you need it now where do you keep it an emergency fund should be kept in a money market account that means it stays liquid you can get to it if you need to and now you got some cushion and so it kind of gives you a little bit more just relaxation and I can get to it so all in all emergency fund is insurance it's not an investment I have to say that because people get riled up and they say well Hogan wha that's a that's a good chunk of money just sitting there it's not sitting there it's waiting it's waiting on you to have a need and then it's ready to step up to the challenge so that's the reality behind that Jake thank you so much for calling in you would be totally found with a 3-month emergency fawn park it in a money market account keep it liquid that way if you need it you got it okay listen 68% of the millionaire's that we studied when we did the largest research that it has ever been done on millionaires talked over 10,000 of them 68% said they worked with an investment professional to help them get there which means they didn't do it alone so the reality is this guess what if you want to make real progress then you need to talk to a real professional so what I want you to do is to get help from a smart investor Pro today I want you to get serious I want you to get someone in your corner that's serious about your progress if that wants they'll work with you to help you get to your dreams it's real easy VIPs all you have to do is go to Chris Hogan 360 comm slash dream team let me say it again Chris Hogan 360 comm slash dream team it's gonna get you right there so you can start to find a professional in your area and you can start your real progress towards your real dreams right here today as always we'll put a link in the show notes but if you're watching on the YouTube channel just click it and it'll get you right there do me a favor don't put that off anymore it's time to make that connection and start to have those conversations so you can start to make some real progress that's how you do it it's not an accident it's something we intentionally make happen on purpose and today's the day so if you've never talked to an investment professional I want you to go to my website right now let's get this ball moving right we don't want to waste time okay it's time for one of my favorite segments it really is right it's now time for panicked or pumped this is where I coach you right where you are I put on Coach Hogan hat because you all have sent me emails and I've told you right if you're feeling panicked about something you're not alone I want you to send it in to me if you're feeling pumped and you need to celebrate send it in so we can talk with you and I'll tell you more about how to do that in a minute right now I got to put on my coaching hat got the emails in and here it is this is from Michelle Michelle says I'm panicked because I have a very intense job with a three-hour round-trip commute she says she's exhausted and she goes I get exhausted when I think about taking on a second job I'm 47 years old with a household income of over 50,000 but I'm living paycheck to paycheck as I'm trying to pay off around 30,000 and Deb she says I get frustrated that I still haven't seen the light at the end of this debt tunnel Wow I'm trying to find a better paying job yet frustrated that no doors are opening and dealing with this same income stream the good thing is that I have my paycheck deduction in place for my retirement plan what should I do okay Michelle thank you so much for writing in you have several areas going on that are causing you some frustration and some irritation the reality is let's start with the the topical one first right that that Drive a three-hour commute is well that's a lot of time each day and that in itself can be a dream so the the mindset of you looking trying to find a better paying job and hopefully something that's a little bit closer I like that you're thinking of options okay now let's take this debt thing you got thirty thousand in debt alright that's a lot that's big but it's fixable and it's fixable because number one you've decided that you're going to attack it and get it out of your life so debt snowball approach you're gonna let them out smallest the biggest right we're gonna take the little one first and then we're going to move on down the line that's snowball so that mindset of looking at that and you said you're living paycheck to paycheck which is irritating so I want you to get intentional and start to look at your budget and really start to make some decisions you can fix this there's a couple things I want you to do though and to help you get more focused and get more serious first and foremost you said you're saving money right now for retirement reality as though is if you're doing gazelle intensity and gazelle intensity this is this is intensity on another level right it's like the animals out on the Serengeti right they're those animals out there are are running for their lives at times they're very very intentional so if you want to shift into high gear what I would suggest is this paws saving for retirement now hold on don't y'all send me no emails right but put phone down some of you picked it up and you're about to call don't do it I said paws paws means I'm hitting it I'm gonna pause that while I throw all extra money toward the debt once I get myself out of debt and I have the emergency fund then I will unpause as I hit baby step four it's where you saving 15% of your household income then you start to invest you see what we have to do Michelle is when we're trying to get somewhere we're trying to make some progress we have to aim all our effort in a direction right you don't want to try to do eight or nine things all all at the same time it makes you ineffective and a lot so I want you to take a deep breath I want you to reach out to your friends and let them know that you're looking for the type of job you're looking for maybe even update your resume if it hasn't been updated and it include that as you send it out to friends and let them know let them know what you're looking for and I'll tell you what else I'm gonna do my friend Ken Coleman just wrote a book called proximity principle and he's really helping people with their careers I'm gonna send you a copy of Ken's book and I want you to have that I'm gonna send you a copy of mind as well because I want you to stay focus you're not done yet it's okay it's okay to get frustrated and it's okay to feel like you're stuck but you're actually not because you've reached out for help and now you're talking about it and you know betters available right betters available now it's a matter of getting on the path to find it so email your friends reach out to them let them know what the kind of job you're looking for let them also know your salary requirements kind of let them know the rings you're looking for and let's put the board out on the street with people that you trust most of the jobs that are out there are not advertised right it's some it comes from a direct connection with someone so I want you to get connected and let's try to find something a little bit closer to you at three hours I want you to get some of your life back right by being able to move in a little closer now here's another side Michelle I also want you to utilize that three hours that's a great opportunity for you to listen to podcasts there's this bald man I know he's got a show he's a nice man's got big deep voice he'd love you to listen to him on that Drive right you've got some ways to use that so use that time in the car listen to some music listen to some comedy right use that time for you where you're building yourself up you can do this I believe in you and I know you can so I want you to stay focused don't give up if you get frustrated you're still feeling panicked I want you to reach out to us again because we're here for you and by the way Michelle if you're not plugged in to my everyday millionaire Facebook group please get over there right I want you to get over there get plugged in you'll have an opportunity to get connected you can get connected with people that will gladly cheer you on you can go to facebook.com slash Chris Hogan 360 click on the group section and then you can find Hogan's everyday millionaires these are people that would love to cheer you on and have your back as you as you make this journey so thank you for reaching out and I hope that information helps you alright I'm shifting now I got a pumped email in from Jonathan Jonathan says I just finished reading your book retire inspired and I'm feeling pumped he said I actually read it in two days because it got me so excited well he says little history I'm 30 and my wife is 24 we are currently finishing a baby step number two we both work full-time and are both cash flowing online bachelor's degree bachelor's degrees in our respective fields I'll finish in two months she'll finish next summer I'm feeling pumped because if everything goes to and we will be on baby step six within a year after crunching some more numbers and we're certainly going to be come get this first generation everyday millionaires oh we both can't wait to start eating away at the mortgage and can already see the grass growing better thank you so much for the inspiration and guidance I love having a plan Wow I'm gonna tell you something that's amazing Jonathan thank you for that you you you you made my day I'm gonna tell you because the fact that you guys have zeroed in and you're very intentional about what you're doing I love having a plan I love when people know our direction where we're going because now you go you know what this is where I am but this is where I'm going and when people make that kind of statement about their future now it doesn't matter what anyone says that's negative what anyone believes that's limiting it's about what you feel for you and I'm excited for you as well as your spouse Jonathan because you guys are going to do it and the fact that you're already thinking about becoming first generation everyday millionaires you change your thinking baby you can change your life and I firmly believe that you guys are on that path and you're gonna make it happen and I'm excited for you and I'm excited for the example you're gonna set around other friends as you all do this thing it's available bettors available and people when they have a plan if they get there intentionally that's fantastic thank you all both Michele thank you for sitting in and reaching out as your fill-in panicked Jonathan thank you for reaching out as you're feeling pumped the bottom line is VIPs is we're in this thing together so if you're out there and you're feeling panicked you don't you're frustrated you don't know where to turn you don't know who's got your back who you can talk to well we're here for you and if you're feeling pumped and you want to celebrate something and you just need a verbal high-five or just to get it out of your chest and really say yes well guess what I'm here for you as well so all you have to do is email us if you're feeling panicked or pump put it in the subject line put panicked or pumped email me ask at Chris Hogan 360 com send it to us we'd love to hear from you and know exactly what's going on and more importantly know how we can support you all right I got to get back to the phones I've got Brian on the line in Oklahoma City Brian how are you sir I'm doing very well mr. Hogan oh just call me Chris my friend how can I help you today so here's the situation I'm 31 my wife is 29 and we are trying to figure out what we should prioritize and how we should prioritize our budget as it as it when we talk about retirement so what we're doing is we are working toward adoption that's just been something that's always been on our hearts and that's our plan a for expanding and growing our family just um but we're trying to balance that with investing and paying off our house early and at the same time my wife is in graduate school getting her master's and we're currently cash flowing that so we're trying to figure out what our priorities should be I don't want to go into debt again we're we're debt-free and we bought our house three years ago you know followed your plan you know put like percent down all that no but what we're trying to do is we're trying to figure out what we should prioritize as far as this is concerned we currently have fifteen thousand five hundred in the bank for the adoption which you know we've been working on for the past three years really after we bought our house we we had paused investing and you know to you know that's I guess it's three B I think is the step and now we feel like we pause for adoption again we've got a little bit of money in the bank but I mean we don't know how much we really need we were missing our investing time and we're just kind of at a loss for what we should do okay well I can tell you this my friend you all have have been focused and very intentional and I'm proud of you all what's your ages I'm 31 and my twenty-nine okay that's fantastic and how much debt did you guys pay off I'm just curious and so she really didn't have much debt when we got married and neither did I I had once I graduated college I graduated college with about thirty that's about $35,000 in debt and I worked two jobs full-time to pay that off in about two and a half years okay that's fantastic and you guys do have your emergency fund as well correct we have three months good so if I what's your wife's name Brian Bethany all right if I were to ask Bethany as we're looking at these so you've got adoption right you've got a house and as well as you know grad school you guys are cash flowin what's number one in Bethany's eyes didn't 100 percent okay adoption and for you what's number one in just your preference now Brian hold on now she's not is she at the house she she's not listening okay good right so see now listen it's just me and you know it and later so I got to care oh yeah I'll see you just thank you thank you just through that safety net up there but what what's number one for Brian number one for me is I don't want to go back into debt probably be cash flowing her graduate tuition okay and I respect that because see when you've climbed out of a hole the last thing you want to do is ever go back right and you guys have been intentional already with what you've done you put down 20% you guys have been saving toward adoption so here's what I would do Brian always helps me to be able to put some time frames on something like I don't you all aren't scared of working toward things you've already done that before now it's a matter of you all kind of each of you having your vote in your preference but let's gain a time frame and and with you all having almost 16,000 saved up toward adoption which is an outstanding very noble cause now it's a matter for you all doing a little bit more homework to find out hey are we doing stateside are we doing international and what's the costs associated with both in the time frame and so you guys having a conversation it'll help you start to rank and look at it I agree with you cash flow in grad schools priority because I need to stay away from debt and once debt comes off the table Brian it's not an option now you say hey remember we're not going backwards right this is what we've agreed on now what do we got to do to help put us toward the goal of adoption how much are we gonna need and what are we gonna do to get there so I like the plan you guys are on I do think as you're looking and as you get grad school how much longer does she have with grad school she's only got another year okay okay and so you 31:29 cashflow into grad school to avoid student loans I think is a very good thing to do and then from there now you unpause you get yourself situated start investing on baby step four and then you guys are in that cold meantime in extra money that's coming in you could earmark it toward the saving up toward the adoption so I'm with you I like the idea of not going backwards for student loan debt I'm gonna cash flow that and stay intentional and then you'd start to save again continuing for adoption but you guys going to have some really formal meetings Brian on adoption and really talking and gaining more insight on what that process is gonna involve what paperwork is necessary now you start to have a timeline and you feel like you're making progress so that's what I would do Brian thank you for calling in because VIPs as we all are trying to accomplish different goals it's really important to understand the baby steps have been successful for a reason right you do baby steps one to three thousand dollars attack debt baby step two baby step three is the emergency fund but you do those one at a time for a reason we're learning to aim effort and when we aim effort we make progress you see once you do that you gain some freedom because by the time you hit baby steps four five and six baby step for investing 15% baby step five saving for college baby step six attack in the house you're doing those three things at the same time but baby steps one two and three are done one at a time right so we have to aim our focus all right and follow a plan but the thing is is when you're trying to accomplish bigger goals you do have to have some foundation points you know for Brian it is he's not going back in the day you don't wanna do that anymore he's been there done that I like that you know you've seen that movie okay we know how the debt movie ends there's a scary thing chasing you and it's called interest it's an interest monster right and it's coming after you and you run and you you battle it and you fight it you stand toe-to-toe you get yourself out of debt you go that's not a battle I want to deal with anymore so guess what debt comes off the table and it's not anything that you're willing to do anymore because you've seen that movie when you do that that state goes in the ground and it gives you clarity on okay what do we do next and how do we go about that I I think that's so important and you all are out there you've got things you want to accomplish have a plan give yourself a time frame but I want you to rank it what's important to you and it's okay to change it's okay to have a different opinion and if you're married you guys need to talk about it and you reprioritize it that's why it's called communication right it's not a one-time thing it's a continuing thing and it helps us all to stay on track and focus all right VIPs if you've got a question or a success story you want to share call me that number to call is eight four four two eight three nine three eight three again that's eight four four two eight three nine three eight three or if you prefer you can send me an email the email address is asked at Chris Hogan 3/6 a.com all right I got to get back to the phone I got Ryan on the line in Florida Ryan how are you oh I'm doing fantastic my friend what's on your mind today well first off out the early fall is their second swing so the question is I work on baby steps baby steps and this is a funny way to be bad question from podcast last week on the government employees well I heard you speaking through an individual putting trumpets in a way he said put that extra five percent towards a particular goal so my current situation is I about six years out of every time in eight years before I could enter the seventh base salary into my pension and on top of that I'm doing all wrong for to be seven where I thought about 12,000 the urine for that was small about 2% difference that you would be calculated to be right my biggest question is do I continue trying to match them I want to settle what my goal was where should I down it and try to pay our mortgage guitars I plan for it within the next six years okay gotcha so tell me this what is your annual income right okay and how much do you currently have save for retirement and other supposed to do seven is going to 15,000 and then I drop did my attention to be based on 80% on that they said okay got you all right it's like not played it would be about okay and how much do you own the home to survive okay gotcha and is this home a home do you plan to be in for five years or more okay gotcha gotcha all right so here's the deal you you are fortunate enough to be able to Ryan have a pension and so in looking at that but I still want you only I want you at the 15% mark so that's you investing fifteen percent of your income toward retirement I know people say well Chris hold on got the pension I understand but I still want you investing 15% anything over and above the 15 I'm gonna tell you to throw toward the house and and so that way now if the pensions there great I have never run had anybody call me and say you know what Hogan I got a bone to pick with you I've got too much money in retirement I've never had it happen I've just hadn't happened so if you go at the 15% even though you have their pension and you stay on that line and you stay focused on paying off the house it's gonna put you on that level it's gonna keep you going in the right direction at the right time and so again it's give kids come into the picture then you start to say for college but that 15% is kind of that standard Ryan and that's that's the the way I'd want you to go and to stay focused and move and then keep following it keep following the baby steps and and it'll change because as you they're longer in your job your income will grow and so if you keep inching it up and stay at that fifteen percent mark it's gonna cut you right on target actually it's gonna put you past the target which is a good thing because then it frees you up to be able to do more with money to be able to give more and to help more people as you see fit I got a Facebook question in from my facebook every day millionaire group this is the question they said what life insurance why is it needed well here's the deal real quick the goal of life insurance is to replace your income right if something were to happen to you you've got now a pile of money that's coming in to be able to help the family so it's really important especially if you have people that are relying on you so if you're a single dad out there or a single mom and and you've got a couple of kids that are relying on you life insurance is absolutely necessary we tell people to get twelve times your annual income in term life insurance all right that's term so we could do the math on that and if you make fifty thousand a year right you look at that you go okay so fifty thousand if I'm gonna do this and in term I go oh okay I need between what twelve ten times that'd be five hundred thousand so twelve times that you look at you go WOW okay so I need between 650 and 700 thousand in term life insurance that's exactly right because now what does that do that means that money is coming in if something happens to you that's a dollar amount coming in to be able to take care of the kids or whatever else is necessary now if you don't have anybody relying on you let's say that you're single and you don't have anyone relying on you life insurance wouldn't be anything that you would necessarily need as long as you had money to take care of your final expenses so if you had an emergency fund that's more than enough that would be able to take care of you if something were to happen to you the funeral expenses and all of that and it's not necessary but if you have anyone relying on your income life insurance is necessary and so I had a young lady years ago her mother was living with her mother had just survived from from a bout with cancer mother wasn't working so this 30 year old was taking care of her mother so now her mother was someone depending on her income so although she was single life insurance became something that was necessary because she was taking care of her mother you get my point if you've got people relying on you you want to make sure you have it so you can do that by going to visit Zander insurance it's a great opportunity for you to get connected and to be able to get some information about life insurance and you can do that by going to my website chris hogan 360 dot-com click on the dream team button that insurance CLP is there to start to have that conversation real quick I want to help you here because a lot of people feel that the insurance that they have through their job covers them no all right here's a deal I'm gonna tell you why because if you lose or leave that job you've lost or left behind that insurance so I would much rather you get term life insurance covering you 12 times your annual income that now you have an outside of the job so if you move or change jobs you don't lose your insurance coverage so if the IP is that's the help facebook group thank you so much for that question because people need to be protected I want you to build wealth but I need you to protect yourself at the same time well listen I want to thank all the callers for calling in today fantastic job thank everyone for emailing in on the panic they're pumped I want to thank the everyday Millionaire Facebook group for that fantastic question you guys keep up the great work and I want to thank the entire team I've gotten rockstars in there people I've got am and I've got Jackie I've got Eric I've got Jeff I've got Seth who takes decent photos of me when I'm presentable and he does a great job as well so I want to thank all of you all for tuning in and so until next time remember don't make excuses make progress you