05. How To Become A Millionaire - Greg Welborn

How To Become A Millionaire

Do you want to be a millionaire? Of course, that’s a silly question because most people would answer yes. When we think of millionaires, we think of people with big mansions, fast cars, and elegant clothes and jewelry. We also tend to have an image in our heads of how they became millionaires. If you Google “how to become a millionaire,” you will see numerous results for how millionaires acquired their wealth. According to Google, here’s how people think millionaires acquired their wealth:

1. They Inherited their money
2. They got Lucky in the stock market
3. They are a brilliant high-tech Genius
4. They have a fancy Ivy League Education
5. They have a high paying Job
6. They are Dishonest and stole their way to the top

However, the reality of the situation is entirely different. Most are rarely flashy. In fact, people that look like they are rich are often times over spenders and have tremendous debt. Our preconceived notions of how the rich look and behave are entirely different from how most millionaires actually live their lives.

How Did Millionaires Get to Where They Are Today?

So how did millionaires get to where they are today? Well thanks to a guy named Chris Hogan and his team, we now have a pretty good understanding. Chris and his team interviewed 10,000 millionaires and in doing so, they debunked most of these myths.

• Inheritance? It turns out, 80% of millionaires today didn’t receive a dime from their parents.
• Luck? Roughly 75% of the interviewed millionaires said that nothing extraordinary happened in their life.
• Fancy Education? 60% of millionaires attended public schools and a lot of them didn’t even graduate.
• High-paying Job? Yes, some earned a decent living. However, roughly 33% never earned a six-figure income.
• Dishonesty? If we look at police statistics, the vast majority of all millionaires have never even been accused of committing fraud or a crime.

In their research, Chris and his team were able to identify three real ways on how to become a millionaire. Our own experiences at First Financial also closely mirror these three things. The top three ways people become millionaires are through their hard work, discipline, and attitude towards money. That’s it.

You Are In Control

All these things are in your control and we’d be happy to help. Surveys show that over 60-80% of millionaires use a financial advisor. The reason? It’s actually a lot easier to influence all of these financial factors by allowing a financial advisor to help. Creating a financial plan with an advisor not only allows the advisor’s expertise to impact your finances, but it also keeps you accountable for your goals and work laid out ahead. If you think this might benefit you, give us a call. Our first consultation is always free and we’d love to see how we can help you achieve your goals.

The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor.

First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services.

Learn more about First Financial Consulting:
https://firstfinancial.is/