Chris Hogan shares surprising data and insights from a 2017 study of 10,000 millionaires and the habits that made them wealthy. It’s not what you think. In fact, many never made a six figure salary. Ever.
Chris contrasts broke money habits versus millionaire habits, and gives practical advice to young leaders about making progress even on a low salary, and to Boomers who haven’t (yet) saved enough to retire.
Welcome to Episode 368 of the podcast. Listen and access the show notes below or search for the Carey Nieuwhof Leadership Podcast on Apple Podcasts or wherever you get your podcasts and listen for free.
Plus, in this episode’s What I’m Thinking About segment, Carey talks about why engagement, not just attendance, is so important for churches.
Guest Links
Episode Links
Pro Media Fire
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Remodel Health
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The health insurance industry is hard enough to navigate as a leader, but annual rate increases can make it feel painful. What if your church could provide the same or even better coverage at a lower price for both you and your employees? I know this sounds too good to be true, but I promise you it isn’t.
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To date, Remodel Health has helped Carey Nieuwhof listeners save $1.5 million in the last year and a half! Imagine what your ministry could do with that extra money. Plus, as a Remodel Health customer, you gain access to industry experts and advisors to walk alongside you and your employees as you find a solution that saves money and meets your unique needs. I know right now is a very challenging time for churches, so why not take healthcare off your list of stressors? If you’re interested in learning more, Remodel Health’s benefits consultants can run a free analysis for your unique team to help you evaluate all of your options.
Visit remodelhealth.com/carey today to learn more and get access to their free Savings Calculator, Church Buyer’s Guide and brand new e-book!
CONVERSATION LINKS
Everyday Millionaires by Chris Hogan
Profit First by Mike Michalowicz
5 Reasons Why Engagement is the New Church Attendance by Carey Nieuwhof
The Online Church Engagement Summit
Text CAREY to 33777 to join more than 70,000 subscribers to our leadership content
INSIGHTS FROM CHRIS
1. You don’t need to make a high salary to be financially secure
Most people assume that if you ever want to be a millionaire, you need to have a high salary. Chris proved this to be a myth. In their survey of 10,000 millionaires, Chris and the Ramsey team found that the third most common profession of millionaires was…teachers.
Why so many teachers? Chris thinks it’s because of how teachers are wired to help their students learn, and while they are teaching their students, they’re also learning for themselves. So, although they don’t make a lot of money, they learn to do wise things with their money early on.
2. No, you won’t “do better” with money once you make more of it
Many people have the mindset that they can always make more money, so they spend as much as they want, and think they will make more money to make up for it later. This leads people down a dangerous path. Usually, people doing this will say things like, “Oh, I’ll start saving for retirement when I make X amount of money.”
Here’s the deal, if you don’t take care of what you’re making now, you won’t take better care of more tomorrow. This is why lottery winners usually blow all of their winnings and many pro athletes end up broke. If you want to win with money, it needs to start today, no matter what you make.
3. Chris has two universal rules of investing
- Never invest in something you don’t understand.Anything that sounds too good to be true usually is. Before you invest in anything, you need to understand what it is and why it’s a wise investment. If you look at the study of millionaires, the number one tool these millionaires used to build wealth was their employer-sponsored retirement plans. They didn’t get fancy, they were consistent and simple with their investing, and it worked.
- You need a long-term mindset when investing.Too many people fall into the “get rich quick” mindset. If you want to be successful in your investing, you need to have a long-term mindset. Any investment you make, you should plan for it to sit for at least five years. This could be real estate or investments into mutual funds. Whatever it is, plan to leave it there for a long time.
Quotes from Episode 368
We have to learn how to deal with money or it deals with us. @ChrisHogan360 Click To Tweet A Wall Street Journal stat showed that almost 80% of people are living paycheck to paycheck. @ChrisHogan360 Click To Tweet You save for things that are five years or less. You invest in things that are five years or longer. @ChrisHogan360 Click To Tweet People that are broke tend to do things that they want to do, not prepare for the things that they need to do. @ChrisHogan360 Click To Tweet 62% of the millionaires that we studied went to a public university. 8% went to a community college. 9% never graduated college. @ChrisHogan360 Click To Tweet 70% of the millionaires that we studied worked with an investment professional. @ChrisHogan360 Click To Tweet I've never met anyone that's ever regretted giving. @ChrisHogan360 Click To Tweet There are 5 things that you can always control: Your faith, your attitude, your outlook, your actions and your responses. @ChrisHogan360 Click To Tweet There are 4 people you need in your life. You need a mentor, you need a coach, you need a cheerleader and you need a friend. @ChrisHogan360 Click To Tweet Engagement is the new church attendance. @cnieuwhof Click To Tweet Attendance grows out of engagement. @cnieuwhof Click To Tweet Jesus never said, 'Attend me.' He said, 'Follow me.' @cnieuwhof Click To Tweet In the future, only the engaged will attend, because only the engaged will remain. @cnieuwhof Click To Tweet The more you can get people engaged online, the more you will get people to really engage the mission that we're all about. @cnieuwhof Click To Tweet You want to get people engaged because then they will not be evaluating your church by what they get out of it, but by what they put in it. @cnieuwhof Click To Tweet People become the most passionate about the things in which they're most involved. @cnieuwhof Click To Tweet Engagement fuels involvement, involvement fuels passion, and passion fuels invitation. @cnieuwhof Click To TweetRead or Download the Transcript for Episode 368
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Next Episode: Greg Atkinson
Greg Atkinson returns to talk about welcoming guests online. So much has changed since COVID hit, and Greg shares best and worst practices for engaging online and in-person guests, how to move attenders into engagers, and how to best deal with trolls and other people who threaten to take you off mission.
Subscribe for free now so you won’t miss Episode 369.
