Millionaires Unveiled

Today's episode features Chris Hogan, a member of the Dave Ramsey team. Chris discusses his new book, Everyday Millionaires, in which a third party study of 10,000 millionaires was conducted. He discusses numerous items from the book including the top three careers (engineer, accountant, and teacher), how to get of debt, the average savings rate of millionaires (15%) and millionaire salaries. He also shares a unique millionaire story and a bit about his own.

Jude, with a net worth of around five million, was homeless in his late teens. Through a series of events, he decided to change his life and began working at a hospital. Shortly thereafter, he started his first business which ultimately failed. He bounced back and started another business which helped kickoff his success. Jude currently has holdings in businesses, real estate (single family, multifamily, and commercial) and other assets. Jude shares his remarkable story and provides terrific advice.

Vien, a refugee at birth, now resides in Australia and works as a pharmacist. She has a current net worth of 1.6M with 1.2M in real estate, 200K in her business, 90K in cash, and the remainder in retirement accounts. She discusses her career, allocating money between her business and other investments, and her financial goals for the future. Vien also shares that part of her financial motivation is remembering the time she had three dollars in her bank account and five dollars in her wallet. 

Joe has a current net worth of 1.75M. He works in IT and allocated his money 80% stocks and 20% bonds. Within that allocation, he chooses 60% domestic and 40% international holdings. Joe reached is first million at age 39 and expects the second million to come much faster. He dabbled in single stock investing and real estate, but prefers investing in mutual and index funds. His household range of income has been 52K to 180K. He also shares advice on when to purchase your first home.     

Michael Blank, a multifamily investor and host of the "Apartment Building Investing Podcast" shares his passion for multifamily investing and why he believes multifamily real estate is a fantastic investment.  Michael shares his background and investing failures, how to find your first deal, what to look for in a deal, and frequent mistakes made by real estate investors. He also discusses single family investments vs. multifamily investments.