Tag Archives: how to be a millionaire

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

How to Juggle Multiple Financial Decisions

**How to Juggle Multiple Financial Decisions**



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View Time:32:37Minutes

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“You get intentional and you get a plan. You work hard and you focus, day after day.” — Chris Hogan

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yeah he's coming up on this show you don't want to miss it I'm gonna talk to a 26 year old that's just getting started and wants to become an everyday millionaire I'm also gonna talk to a caller her husband are in their 60s their focus they want to know are they on the right path are they doing the right things so we're gonna unpack that and talk about that as well and you don't want to forget this article that I'm getting ready to jump on it's about people fleeing the country to get away from student loan debt welcome to the Chris Hogan show home of everyday millionaires I am your host Chris Hogan this is where your life in your money takes center stage and don't forget it's your life VIPs take charge well I'm excited to be back with you we've got another power packed episode where we're diving in talking to real people about their real questions so if you've got a money question or you've got a success story you want to share call me all right the number to call is eight four four two eight three nine three eight three that's eight four four two eight three nine three eight three call me leave me a voicemail and tell me what's on your mind if you prefer you can email us as well the email addresses asked at Chris Hogan 360 dot-com that's the plan people and I want to hear from you because without you I don't have a show and I like having a show and I like you so I get a chance to combine both of them together it's a fantastic thing VIPs well I want to dive in on something because I had gotten several emails in people were asking this question it was becoming a theme and whenever there are themes I know it's something I need to talk about and so people have asked me when do I use the emergency fund okay now it that seems like you would say well I mean come on I mean we know you use the emergency fund for emergencies but I want to back up a little bit because there are a few things I want to caution you on and then a few things I want to make sure that we're clear on number one the emergency fund exists to protect you okay it's a it's it's a amount of money that is packed up and saved up once you get yourself out of debt now I get a lot of new people that are plugged into the show that are brand-new so I need to back up for a second and let them know what's going on baby steps of the process and plan in which we guide people to get serious and to make progress with their money and once you attack debt with baby step number two you get your money back right you get to give yourself a raise did you ever think about that you give yourself a raise get yourself out of debt get your money back give yourself a raise well guess what soon as you get that raise I want you to start to build up an emergency fund that means I want to have money that is piled up and sitting there ready willing and able to help me if it's needed car breaks down home repair illness job loss whatever can come your way you've got money they're ready to help you so that's the goal of it so what constitutes an emergency well let's let's list out a few all right obvious auto repair right tire gets jacked up car won't start battery that that qualifies as an emergency this is something that we got it we have to address this so life as usual can continue to move forward so that works all right let me throw out another one I always a new restaurant that just opened up over across town and I've really been wanting to go there does that constitute an emergency new restaurant you want to go nope right there B that's an X no it's not an emergency that's something you'd want right that's something you need to save up for right if you get stuff out of debt you save up to be able to go check out the restaurant that doesn't qualify as an emergency okay all right let's say a hot water tank goes out at your house you don't have any hot water that constitutes an emergency yeah we got to fix that because that that's necessary we need hot water to be able to shower wash clothes and do all the other stuff we have to do new set of golf clubs Hogan B'nai on these clubs it's on sale the sale is only good this weekend is that an emergency nope sure ain't now listen I like losing golf balls is more than anybody else just as much but that's not an emergency and so no I don't want to dip into this horror working saved money for that so the reality is VIPs is what we can't do is ever confuse a want with a need and the emergency fund exists to be able to take care of needs that's the best way to put it so you need that money and a money market account liquid ready for you to grab it when you need it to be able to take care of you and your family and to take care of needs now I'm not saying that you can't save up for going to the restaurant or save up for the golf clubs no not at all budget for it save get cash pay it right that's fine I just don't want to confuse the emergency fund I don't want that money touched and and in and out and and we forget why it's there and let me give you one quick tip VIPs most people don't think about this and it causes a problem if you ever end up using money out of your emergency fund job one is to replace it yeah so if I use it to get a tire or battery or whatever it is in your head is your budgeting job one is I've yet to replace that money so I always stay in a three or six month dollar amount so it's really important now in previous episodes I've unpacked the difference between the 3 and the 6 months so if you hadn't heard that one go back check it out because what that will do is help you clarify ooh which one do I need but we've talked about that so the goal is is yes emergency fund you use it for needs not wants and it's there to protect you as well as your family so I hope that helps because again I get it that's a legitimate question and people have those questions and they want to know but that's the rule of thumb and so if you're married you guys need to talk about this everybody get on the same page and if we're ever using the emergency fund listen to me this that that is communication between both right any money that used out of the emergency fund needs to be a family vote if you're married where both of you are like hey we're using the emergency fund for this tire it's $300 or a set of tires or whatever it is yes all right good what are we pausing in the budget until we replace that because that's job one right and if you just have that kind of communication everybody stays on the same page it's not a surprise and then you stay connected and that's what you have to do if you want to win with money all right I got to get to the phone I've got Terence on the line in Chicago Terence how are you I'm good Chris oh yeah oh I'm focused and not finished my friend how can I help you yes I had a couple of questions I am in sales I've been working in this job a little over a year now and I have a pension plan the way it works is my pension is I work 30 years in this career and there's no room for moving up as well so in x-23 promotions I'll still be inside the Union and the way it works is I get my top four grossing years on this pension plan so I'm just trying to figure out how does that factor in for me standing for retirement I do have like 401k from previous job I also have a IRA from some family members like a gift from graduation so you know I'm trying to figure out how to play all those parts together to apply my retirement that is fantastic Terrence where did you learn about money from did you learn from your parents are you self-taught I'm actively learning now I just started watching Dave Ramsey new probably about two months ago now Wow so got real fired up talk to the girl about it and make sure we're on the same page and you know now we're just working on paying down our debt very good very good are you guys married are you just dating we've been together for five years and we have a son okay he's 18 months old so we're both just you know I know what you guys said about you know making sure you keep finances separate so we're both focused on paying down our own desktop but that's kind of your plans to get married in the future very good Terrence I'm proud of you dude I love the fact that you are actively pursuing the knowledge for yourself and that's a big deal because at 26 you are standing at in a remarkable position to set things up for yourself and for your family down the road here's what I would do even though you're a part of the Union and you you could potentially have a pension I still encourage you to invest 15% in your 401k okay or are you investing outside of that if you have two other other options you have and you can do that with a smart versatile pro to be able to set that up but you investing your 15% is gonna ensure that even if that pension system were to fail or it worse to become insolvent meaning it didn't have enough money at some point you know you've at least put some money aside for you and your family and so that's the mindset that I would have I love your older 401k that you have I definitely would roll that over into an IRA that way it keeps you in control of the money that it's following you and it's going where you go but that's what I would do and again the odds are you're 26 years old you you could could be in this job for the next five years and decide to go a different route right or you might be there for the next 25 years or 30 whatever but if you get in the habit Tarrance of investing 15% yourself it's always gonna keep you in the driver's seat of your financial future and that way now you don't have to ever feel like a hostage and you have to stay there because of the pension say I want you to be able to have options for you and if you're in sales you already know you don't have a cap or a limit on what you can make so I want you to dream big and I want you to work hard very proud of you I'll tell you what I'm gonna do I'm gonna send you a copy of my new book everyday millionaires how ordinary people built extraordinary wealth and how you can to I launch that back in January and I'm gonna tell you something Terence young people getting started early improves significantly improves the the opportunity for them to become more everyday millionaires down the path so thank you so much for your call my friend and I look forward to hearing from you in the future all right I'm staying on the line I've got Becky I'm going from Chicago out to Denver I've got Becky on the line Becky how are you I'm good how are you I am good young lady how can I help you today so my husband and I are baby steps six and seven and we came across an article that was suggesting that you invest your emergency fund and we were kind of curious about you own take on that we have set up our emergency fund for about six months of our expenses you know realize that it kind of fluctuates a little bit from year to year we thought you know our mortgage taxes and that sort of thing we're just kind of wondering what to do with our emergency fund we just let it sit there you invested is there something else that you can market best for us at this point Becky how long have you listened to Dave RI you when you read that article what what it what am I gonna tell you to do how do you better believe it you know why it's it it's not just sitting it's ready right I want you to think of it like it's it's ready to step in and if you guys have something around the home that needs to be fixed or or something else that pops up that set an emergency you don't have to wonder where it's gonna come from you don't need to wonder what to do you know that money is ready and willing and able to help you and so it's not an investment I was talking about this other day with a friend the emergency fund is not an investment it's actually insurance it's insuring that you don't have to go back into debt because you've got money sitting there ready to help you okay so I would leave it alone let it sit there let it be ready and then you guys if you're wanting to do some extra investing your own baby step six and seven you you guys can do that I mean you could but I want you to throw in all the extra money toward the house right right now to get that thing attacked but let that emergency fund sit there it's okay okay wait a little bit what what do you mean fluctuates so like the taxes on our mortgage change do we have our emergency fund set to match exactly what our budget is for mortgage and house payments and you know all of our expenses okay so we're trying to get what's in life at this point I got you and so how you guys have a six month emergency fund you said we do okay and so how much is sitting in that money market account right now $23,000 okay so what I would do is as you all are looking at that and again remember the spirit of it is means I've got a pile of money that's ready to help so if you all look and and say for example the taxes or whatever increase on the house yeah I would say yeah you can tweak that and you guys might say you know what tax is went up like 300 or whatever a month we're gonna we're gonna we're gonna budget that to go over into them the money market account for the emergency fund and that's fine I think the I don't think you have to look at it month-to-month but I would just keep a general feel on it as you all are doing your budget and if you long as you have that six month mark there since that's what you all have defined I think you're absolutely fine Becky but that's a great question and you know the people that write those articles about investing the the emergency fund I just want to grab them right I just want to give them a big big a hug right and tell them stop okay now here's why if you tie it up investing it and then your car breaks down what are you gonna do right what I mean what what what it defeats the purpose the goal of the emergency fund is for it to be liquid and available all right I'm not trying to invest it I needed sitting there ready so again emergency fund is insurance it's insuring you don't have to go back into debt so let it sit there it's okay now bother anybody and it's not a file okay I want to tell you about this you you want to make this year the best financial year you've ever had well I think if we increase our knowledge we can do better and so I want to tell you if you've ever done anything crazy or silly with money I just want to welcome you to the human race I certainly have but I'm also very passionate about helping people with money because regardless of what you've done in the past your future is ready willing and absolutely possible for you but we have to do better and so that's why our team created Financial Peace University is to teach people how to be able to win with money and I'm absolutely thrilled to be able to be a part of that along with Dave and Rachel Cruz we get a chance to help people and that that's something I'm designed to do and this plan Financial Peace University has helped over five million people to be able to get out of debt so they can start to save and build wealth and give I want you to hear that because that's exactly what this course covers all those areas so if you want more information about how to make 2019 your best financial year ever this is what you need to do go over to Chris Hogan 360 calm /fp you again that's Chris Hogan 360 calm /fp you and it's gonna give you information that are exactly what you need to do to get plugged in right now and by the way VIPs if you've already gone through the Financial Peace University before in years past oh you need to come back right because we've got some new lessons and some new information Dave Rachel and I have done so it's constantly being updated its online now so you've got a great opportunity as we're dropping more information and new videos and new content in there so it's a great opportunity for you to go back through it learn more and stay plugged in so if you're if you're listening to this we will put a link in the show notes if you're watching on the YouTube channel hey youtubers you know I like you guys and gals click on the link that's right below and it'll get you right to it it's exactly what we do so it's a great opportunity for people to learn more and to be able to do more okay so it's time I have to tell you about some research I click through you all know I research a lot I look for articles I look for information that I want to share with you and by the way thank you all for sending in some as you're running across articles and things that you're trying to you want me to talk about some of you are trying to get me to rant all right you're trying to get me to go off on something and if you see something silly out there that I need to address send it to me okay email it the email address is asked at Chris Hogan 360 com if you see something you go Hogan you're not gonna believe this just put article in the subject line and send it in so in doing my research I run across this article I'm just gonna tell you the topic just listen to me alright this is from CNBC that this is the title you know I was gonna click on this one right here it is these Americans fled the country to escape their giant student loan debt VIPs listen I saw it I did a double-take and I said what these Americans fled the country to escape their giant student debt I dig into this and if you're looking at the picture of it it's got a picture of a gentleman on top of an elephant somewhere in a jungle right which is just absolutely horrifying to me uh you know I don't I don't know what's going on here and I read this article and listen you have people that are living in caves and jungles to avoid student loan debt listen it says it here this year he relocated to the to a jungle in India okay I read on he got another gentleman that is living in a cave goodness gracious I go back over listen another one got out of the country hold on get this it says recently he ate some spoiled goat meat at a local restaurant and landed himself in the emergency room okay problem is is this alright I love America okay love this country it's the greatest country on the planet now there are other great places to go visit and live listen on biases the only place I've ever lived this is home and this is where my family is is where my people are right I just I love it here I just I want to hit this because I don't want people to flee from student debt I want people to free themselves from student loan debt and by that meaning we got a deal with this thing we got to attack it because you leave in the country right for a few years I need you to understand something a lady in here she actually did this she was from Alabama reading her story she left she owed around what was it forty fifty thousand and student loan debt she left she went to Europe and was gone she still getting notifications about it the student loan debt now because you hadn't done anything with it for the penalties and the fees associated has ballooned to over a hundred thousand dollars okay now a couple things here just tactical if you leave okay and you come back the penalties and stuff it they're not going anywhere and if you worked in the country and you plan to get Social Security right when you get to 87 in above well that can be impacted because you haven't addressed the debt so running from it's not a cure what I want you to do is attack it right and you know I'm I love my family you all know I'm born and raised from Kentucky love going back there seeing my people right I got my friends here at the company Ramsey solutions you know I'm not living in a cave okay I'm not I'm not going to the jungle either I'll go visit but there's mosquitoes out there that are big okay I mean massive I can't yes I've seen Rambo okay there's big things that live in jungles I can't do that all right I belong in civilization and so here's what I want you to do don't flee from it right and I know you know this article it digs at a bigger issue student loan debt is real we got 1.5 trillion dollars out there all right in student loan debt we've got 1200 people a day are defaulting on student loans did you hear me 1200 people a day so the thing I want you to do is to get serious about attacking it I don't want you to feel alone if you've got student loan debt hey it's a thing it happened right now what are we gonna do as we move forward well I'm gonna tell you we're gonna make the debt snowball we're gonna list those debts out smallest to biggest and I know student loan debts about bigger debt you can't attack it as fast as you can or credit card right you don't see the results as quick but you can get results okay you can free yourself from it and I'm talking to people every day that are walking through that process the goal is to stay focus so I don't want you to flee I want you to free yourself and you get intentional and you get a plan you work hard you budget and you attack that thing day after day focus very very focus and you can do that those that you you will want to read this article okay we'll put a link in the show notes those of you that are watching on youtube just click the link below and it'll get you right there and I was just I was baffled you know I'm shaking my head but I was like you know it's one of those things that people don't know a plan and they don't know the process like you and I talked about then they don't know what to do but I can tell you this I've looked in the faces of the here in the lobby or as I've traveled the country that I've attacked and paid off their student loan debts as they've been intentional and the pure joy on their face where they've achieved something right and they know that they're free and you get yourself out of debt don't forget VIPs you give yourself a raise right you give yourself a raise because you get more of your money that you get a chance to keep all right listen if you've got a question or so set a success story I want to hear from you the 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 two you would love to be able to hear from you and I'm going back to the phone I got Peter here on the line Peter how are you my friend I'm Chris I'm doing how are you oh I'm focused and not finished my friend thank you for taking the time to call in what's on your mind today oh I had a success story and then a customer all right fantastic I'd like success stories tell me about it yes so I'm 26 years old and I got my first teaching job three years ago and I immediately bought out or went out and bought a new car because that's what I thought you did we got a new job so I thought I was doing the right things financially mmm but really I was doing too much at once yeah at the beginning this year I was paying off the car building an emergency fund investing and retirement investing and index funds and savings for future events all at the same time uh-huh and I realized I was taking ten steps but all in different directions beginning analogy Peter Wow yes thanks yes I decided to get focused and I found your podcast so I needed so I I listened religiously I researched the baby steps and I decided I needed to get focused on getting that dad out of my life he so I followed all your advice had polished my IRA contributions they liquidated my outside investment and put my money in the savings and I downloaded the every dollar app and I called a super strict budget okay Chris I didn't eat out a month I had a hole in my shoe a broken computer and I didn't replace them so I didn't want to get anything new but that was all yeah yeah and as an April 30th I had enough to pay off the car and I'm a hundred percent that person it's all thanks to you and the getting guidance is provided so thank you well my friend it is all thanks to you congratulations on being focused and making the commitment and and staying very intentional very very proud of you I got a no Peter how does it feel it's like this huge weight off myself yes I feel much freer almost like but a kid again where all my money was in paying for my allowance yeah yes yeah so it's great and I was able to the money that would have gone to my next car payment I was able to give as a wedding gift on my best friend that month and that felt a lot better than man that is absolutely fantastic got yourself out of debt and the payment that you would have made because you were intentional and you sacrifice you were able to give that as a wedding gift that is absolutely amazing Peter I'm very proud of you my friend yes sir so what's your question for me you sound your laser focus man I try to get my girlfriend on board and everything and she was fully behind so it's having that support very good so my question was I'm going to have my emergency fund set at the end of the month mm-hmm and I'd like to move on to baby step for however I also want to start saving for some life events in the next few years like a wedding and a down payment on a house okay does wondering is it okay for me to be investing in retirement well I'm also saving for those events at the same time oh absolutely yeah I think that that's definitely not a problem because how old are you I'm 26 years old yeah no I mean you getting Punk'd plugged in being very focused and investing your money and then the other life events the stuff that comes whether it's weddings or or down payment on homes those are things that you can budget you know from outside of the 15% you're investing okay I'm with you I'm with you but you you know the main thing is Peter is that you've earned the right now to really be able to focus and start to do those foundational building steps proud of you my friend you got your money back right that car is paid off and I want you to take care of that thing keep a you know budgeting for repairs and stay focused you know and I'm so proud of you and the sacrifice and the intentionality that you had as you move forward you know it's not a surprise that you made progress you know that was the expectation because of your diligence and your focus so congratulations thank you so much for calling in and I appreciate the compliment and I'm proud of what you've done and what you're going to be able to do in the future for yourself as well as your family all right I'm continuing on the line I've got Mary here in st. Louis Mary how are you good thank you I'm so excited to talk to you well thank you how can I help you okay well I just want to since I've been obsessing about the subject too much and I want to get it off my plate and move on I smell it's pretty important what I'm gonna tell you okay because I am NOT a young caller time is not on my side I'm what my husband I are in our late sixties and we I read your but listen your book a couple months ago starting the new year I had a lot of goals and books coming up Susan yes ma'am so a little bit but so we're in our late 60s and we've been working really really hard to pay off our debt we paid our debts off and we reached no yeah we the house has paid off colleges but wedding cars everything and we've just been working our Tara we have our own business so it's very hard we don't earn a lot of money together okay maybe a hundred thousand on a good year so we you know it's hard and we live as tight as we can we're pretty good about that and we started emergency fund we have that set aside and we started we started investing okay so really we didn't have an investment we had to take it out for some emergencies but that was not good we I don't want to focus on all our mistakes we made just took plenty of them here's me so now this is where we are we have at the end of the year we will have had about we will have about 200 thousand and state and and judgments and we're going to keep working like what we do we level we would do it if we didn't have to yeah so it's not like we feel like Oh work is evil or something do you like our work we like our work so oh and it's very flexible because we can which is we own our own business we can travel and so I just need assurance that is there any way we could sell our house I don't want to do that because we use it to the full capacity it's not a huge house and so we would like to keep living in this house budget that I guess in worst case scenario we could so I probably was about 300,000 and we will get Social Security next year okay all right well well I think this I love the fact that number one you guys were intentional enough to get yourself on 2% debt free it's absolutely fantastic Mary because you know as you can imagine I talked to people on all types of scenarios and situations and you know bumping into people that that have the credit card debt mortgage debt home and all that and they don't love what they do so you are in a unique spot being a hundred percent debt free that's your money that you make actually gets to stay with you and you can invest didn't save for the future I do think that your being able to you're willing to work and do it even if you didn't have to tell us what you enjoy what you do is fantastic so here's the thing you hit on a couple of things that are excellent points you want to continue to live in the house but you also acknowledge that the house is an asset and and and and that gives you that that mindset of okay well as of now you know we have the two hundred thousand as well as the value of the house so you have five hundred thousand the home is an asset that you're staying in you're living in and you're self-employed so you don't have a cap on how much you can make so really it boils down to you and your husband deciding hey what does retirement look like for us what do we want to do and how much are we going to start putting toward into their investing to boost that two hundred thousand so I think you all are in the driver's seat I think what you what the potential that you have over the next five to ten years as you work I think you all zeroing in on that and getting more intentional will help you see that goal in a little bit more high definition and help you stay in the driver's seat so you are in a good you are in a good spot because you are in control and you can do this so you and your husband have those conversations lay it out and let's lay out a game plan you know how do you if you're making you said you guys are making around a hundred thousand so it's a matter of hey how much are we putting toward savings how much are we gonna invest and keep this thing moving and we grow this nest egg and so being self-employed you don't have a cap on your income so you guys can decide hey we're gonna ratchet up the effort a little bit because we want to try to get another you know 30 or 40 or 50 thousand toward our retirement savings keeps you in control so I like what you also said about now I want to focus on the mistakes I'm gonna focus on what's ahead and what are we gonna do to help ourselves get better so Mary thank you so much for taking the time to call in I really appreciate you I want to thank all the callers I want to thank the everyday Millionaire Facebook group I want to thank the entire chris hogan show team they are rock stars and did a fantastic job today thank everyone a part of production and listen VIPs until next time don't make excuses make progress you

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.”
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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

What the Credit Card Companies Don't Want You To Know

**What the Credit Card Companies Don't Want You To Know**



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What the Credit Card Companies Don’t Want You To Know

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this is the show where we talk about money in a way everyone can understand it in a way that applies to everyone the danger of these simple concepts is those of you that view yourself as intellectuals those of you that view yourself as sophisticated sometimes you look at something that's simple and you don't understand how profound it is like the borrower is slave to the lender oh but I use credit cards to get my miles you actually think you're going to take on a multi-billion dollar company who studies your behavior more than you study your behavior and come out on the right end of this stick that doesn't make you sophisticated that makes you blatantly stupid think about it did you know the credit card is the most aggressively marketed product in the history of humankind nothing has been sold to anyone in any culture in any kind of a volume close to the credit card no product line or service has had anywhere near as much money spent on marketing and sophistication to sell it to you hundreds of millions of dollars a year is spent to sell you this product and then you're so stupid that you think you're going to get away with using it for free if you do it's gonna be a short-term thing or if you think you do you left out some of the variables example when you spend using cash it activates the pain centers of your brain you have an ouchy moment when you hand over uncle Benjamin Franklin dad gum I just bought dinner when you Laye uncle Benjamin Franklin in that black plastic tray known as his coffin because he's going away and he's not coming back you put him inside that little visa or American Express fold-over vinyl thing that the server brings you and you lay uncle Benjamin Franklin in there you have a moment with Uncle Ben Uncle Bill I'll never see you again you know this is happening when you pay with plastic and I interview you 24 hours later you don't know what the total was on the bill you can't tell me what you spent you don't know what you spent at the gas pump cuz you stuck a card in it you pump the gas and you walked away you can't tell me what your gas bill was in the days that we used to walk into the market and lay money down on the counter and then they would give you change because you didn't round it off when you were putting your gas in we knew exactly what we spent on gas in those days today you don't even know what your gas is you don't know I use a debit card I can't tell you what mine was can I tell you what it costs to fill up my truck the other day I don't know I didn't notice it stuck the card in put the gas in drove away I'm just like you cash activates the pain centers of the brain there's two or three things that activate memory memory is activated primarily by pain fear heavy emotion of some kind positive pleasurable emotion will activate memory that's why you smell something and you remember a girl you dated in high school smell activates that memory that's what happens and so it's that that's the process so so here's the thing if you can't remember it it means the pain centers of your vain brain we're not activated and when we do surveys with what you spend on that meal as you walk out of the door the restaurant you can't tell me what the total was twenty-five dollars around fifty-two dollars I don't know fifty six fifty silver four I don't know I don't even remember I think I left the tip left the big tip because I've been drinking you know now you really can't remember anything right so this is how people handle their money and yet you tell me you're gonna beat the credit card company you spend twelve to eighteen percent more on average when you use plastic then when you use cash that's what all the studies show us because you don't feel the pain in the world's worst place is the grocery store they are the best marketers on the planet the best merchandisers on the planet is a grocery store man they know how to put the food at the right place old-fashioned example the easiest example is the bread and the milks at the back right because everybody that walks in the grocery store is buying bread or milk and they have to go through the full length of the store and have every opportunity to impulse on some kind of jar of peanut butter and jelly mix together pre-mixed for you I don't know what you're imposing on but there's something getting your attention it must be those new peach cheerios I heard about today and guess what all the stuff is at the I level they get your attention and they pay for the shelf position as you walk to the back to get your bread and milk and you can't walk out without spending money it's the the the the aisles are designed for you to buy stuff and when you use plastic at the grocery store you have no idea what your grocery bill is and you spend more he's been more on clothing oh yeah throwing that accessory oh yeah you'll pick up other people's tab at the restaurant I'll buy you dinner tonight nothing anything about just drop 50 bucks never think a thing about it now I'm not saying you shouldn't be generous I'm not sure saying you shouldn't accessorize and I'm not saying you shouldn't enjoy some purchases at the grocery store I'm just saying you know do it on purpose and if you think at credit card use even if you're paying it off every month cost you zero then you are a very naive individual that has been influenced by an industry that has spent more to influence you than any other industry in the history of the world that should give you pause that should give you pause if anybody else was selling that hard on anything you would your shields would go up but for some reason when its credit cards were like oh no Dave I have this figured out I'm 26 and I've got this figured out I'm 26 years old I make $42,000 a year but I'm gonna beat up on old Discover Card they don't know anything I've got them beat I'm getting those Discover points not costing me a thing you know how stupid that makes you saying when you say stuff like that I'm making all my money on my airline miles you know I've met with thousands of millionaires I have never met a millionaire said Dave you know I made all my money on my airline miles they my breakthrough was my Discover Points I'll pay mine off every month Dave I'm beating up on the credit card company I'm getting the use of their money wink wink millionaires just don't say stuff like that now some of them use a credit card they do pay it off every month but I got to tell you their lifestyles are so conservative besides you know when I set them up next to you middle class people are spending everything you make and trying to convince me that I'm a troglodyte because I don't use credit cards well I'm not broke anymore this is a multi-millionaire troglodyte you're listening to why because I start understanding that behavior affects your ability to build wealth more than all your little math tricks you think you see all the variables on the borrower is slave to the lender it doesn't say except airline miles the borrower is slave to the lender it doesn't say except Discover points the borrower is slave to the lender it doesn't say except I got 0% interest on my new car which lost $7,000 when I drove it off the lot so it's not really 0% is it how stupid are we I mean you're gonna you're gonna hand me a nickel in front of me while you're picking a hundred-dollar bill out of my back pocket and call me smart think people think think if someone's shoveling stuff down your throat at this rate to the rate of hundreds of millions of dollars a year and their ability to sell and to market to you is beyond any other sophistication of any other marketing program there must be money in it follow the money follow the money so I don't have any credit cards I have to debit cards didn't do what you want but it's working for me this is the Dave Ramsey show

How to Become Billionaires - Successful Tips From Self-Made Billionaires | IndianMoney.com

**How to Become Billionaires – Successful Tips From Self-Made Billionaires | IndianMoney.com**



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