How To Be A Millionaire

In researching his new book, Everyday Millionaires, financial coach Chris Hogan and his team asked more than 10,000 Americans with seven figures in the bank how they’d built their wealth. What Chris learned may surprise you: It’s rarely about winning the lottery or inheriting a pot of gold. And many millionaires are teachers, engineers, and accountants who got there through smart everyday decisions. They did it—and so can you, with Chris’s tips.

1 DECIMATE DEBT Nearly all the polled millionaires recognize that debt—and the interest charges that come with it—steadily drains your coffers. You may not be able to get rid of your mortgage, but about three-quarters of the millionaires studied have never even carried a credit card balance. Almost all—95%—save up for big purchases (compared with 67% of the general population). Plus, the average millionaire owns a four-year-old car with 41,000 miles on it—and eight out of 10 drive it away debt-free without carrying a car payment along with them.

THE BOTTOM LINE Save before you spend, and pay with cash, not your credit card.