Top positive review
Millionaire Myth buster
Reviewed in the United States on January 7, 2019
Excellent study of what makes millionaires in America today. Bottom line up front: An encouraging book for all ordinary but dedicated people who wish to build extraordinary wealth.
Chris Hogan surveyed 10,000 people with a net worth of more than $1 million, then looked at characteristics that would explain their success. He found, contrary to popular belief, the 10,000 were ordinary people who built their wealth slowly through mutual funds, IRAs and company 401K plans. Over 2/3 had averaged less than $100,000 per year in income and one of the top 3 professions was teacher. He found 97 % didn’t inherit their millions, but used discipline, hard work and low risk investments to accumulate wealth.
Next, Hogan discovered the five most common traits among the 10,000 millionaires and proposes those of us who emulate these traits should also be successful. The 5 traits are taking personal responsibility, practice intentionality, be goal oriented, work hard and consistency.
Hogan intersperses stories of individual millionaires along the way to illustrate his points. This results in an engaging, easy to read book. People looking for get rich quick schemes will be disappointed as will anyone who wishes to fault his logic. If, for example, one would argue a high paying job is necessary to building wealth, Hogan counters with his survey results: 1/3 of millionaires never had $100,000 income in a year, only 31% averaged $100K and only 7% averaged over $200K.
Bottom line is for the average Joe who thinks he can’t get ahead, this book will outline a straightforward, although lengthy process for achieving millionaire status.