Everyday Millionaires

“The American dream is not dead. Regular people achieve millionaire status every day with hard work, intentionality, and a plan.”

1. Believing in Possibility is the First Step

Your journey to becoming a millionaire begins with believing you can. Doubting the possibility blocks progress before it starts.

The author debunks the idea that the average person cannot move ahead financially. Growing up in a single-parent household in Kentucky, Hogan achieved millionaire success because he refused to listen to the naysayers. He emphasizes that belief is a powerful driver. Once you’re confident it’s achievable, any obstacle can be transformed into motivation.

Roger Bannister, the first man to run a mile under four minutes, is a perfect example. Breaking through a barrier that was thought impossible, he paved the way for others to believe and follow suit. Likewise, seeing millions of millionaires around you is proof that it can, and has, been done. By building this mindset, you’re already halfway there.

Examples

• Hogan grew up in challenging circumstances but became a millionaire through belief and action.
• After Bannister’s milestone, multiple athletes soon followed, smashing the four-minute mile limit.
• CNBC reported over 11 million millionaires in the U.S. in 2017, showcasing just how reachable it is.

2. Hard Work Makes Millionaires, Not Luck

Most wealthy people build their wealth through discipline and effort, not luck or inheritance.

Hogan’s research found that 79 percent of millionaires didn’t inherit their wealth. Instead, they saved steadily, avoided debt, and pursued consistent, long-term goals. For example, Thomas, one of Hogan’s case studies, grew up poor and in a troubled household but worked hard, educated himself, and retired as a multimillionaire through decades of prudent decisions.

Similarly, Michael Phelps’ Olympic success wasn’t just genetic. He trained intensely, logging hours of disciplined effort every day. Millionaires follow a comparable path, investing time and energy into creating opportunities. They focus on work ethic and resilience rather than waiting for lucky breaks or shortcuts.

Examples

• 79 percent of millionaires in Hogan’s study received no inheritance.
• Thomas saved and invested carefully as a math teacher to retire with $2.6 million.
• Phelps swam 50 miles a week in addition to weightlifting to maximize his potential.

3. Risk-Averse, Steady Investments Build Wealth

Millionaires don’t gamble their futures on high-risk opportunities but instead make safe, calculated financial decisions.

Despite popular myths, Hogan’s study found that millionaires avoid high-risk investments like cryptocurrency or single stocks. Instead, almost 80 percent credited employer-sponsored retirement accounts, primarily investing steadily in growth stock mutual funds. These funds balance risk and reward, providing steady growth over time.

Moreover, many millionaires reject the “get rich quick” mindset. Becoming wealthy usually takes decades of persistence. Hogan warns against dangerous gambles, citing his own costly mistake of investing heavily in AOL stocks during the 1990s tech bubble. Instead, the real secret of millionaire wealth lies in low-risk, predictable strategies.

Examples

• 79 percent of millionaires trusted retirement plans and growth stock mutual funds.
• Hogan lost $25,000 speculating on single stocks, a mistake he vowed never to repeat.
• The average millionaire in Hogan’s study took 10+ years to accumulate wealth, proving that slow and steady wins the race.

4. Expensive Schools and Salaries Aren’t Necessary

Becoming a millionaire does not require Ivy League degrees or six-figure incomes.

According to Hogan’s findings, 62 percent of millionaires graduated from affordable state schools, rejecting the high costs of private education that often lead to crippling student debt. For most, avoiding debt early created a path to accumulate wealth. Additionally, many millionaires don’t earn massive salaries—30 percent never had household incomes over $100,000.

Why do engineers, accountants, and teachers rank among the top professions for millionaires? Because financial success comes from making smart spending and saving choices, not chasing prestigious titles or maximizing income. The emphasis shifts to how money is used, not just how much is earned.

Examples

• 62 percent of millionaires attended public institutions for their education.
• 68 percent of millionaires avoided student loans, compared to only 51 percent of average Americans.
• Hogan’s data shows many millionaires live on less than $100,000 annually, proving modest incomes can lead to riches.

5. Millionaires Take Financial Responsibility

Millionaires don’t wait for others to manage their money; they take total ownership of their finances.

Most people worry about their financial futures but fail to take deliberate action. Hogan highlights how baby boomers and millennials alike struggle with retirement because they don’t save intentionally. Millionaires, by contrast, hold themselves fully accountable, knowing that their outcomes depend on their choices alone.

Calculating net worth is the first step to taking this responsibility. Once you know what you own versus what you owe, you can map out your financial goals, just like setting a GPS route. With this clear direction, your financial journey becomes actionable rather than abstract.

Examples

• 97 percent of millionaires acknowledge they are in control of their own financial destinies.
• Studies reveal 50 percent of baby boomers lack even $10,000 in retirement savings.
• Hogan recommends online net worth calculators to pinpoint your starting position.

6. Intentionality Drives Financial Success

Millionaires act with purpose, spending less and saving more while always keeping their goals in sight.

Frank and Alice, a couple in Hogan’s study, exemplify intentionality. They resisted the temptations of their high-income surroundings on Wall Street and built a $6 million net worth by focusing on saving, investing, and living below their means. This purposeful decision-making shows the power of conscious planning over impulsive choices.

Moreover, 94 percent of millionaires live on budgets, which they use not to restrict themselves but to optimize every dollar they earn. A budget becomes a blueprint for financial freedom, shining a light on wasteful spending and redirecting resources to bigger goals.

Examples

• 94 percent of millionaires live below their means and save consistently.
• Frank and Alice lived frugally despite working in a wealthy environment, prioritizing long-term goals.
• Budgets redirect unnecessary spending toward saving, investing, and paying down debt.

7. Goals Keep Millionaires on Track

Millionaires achieve success by setting SMART goals, which form the foundation of their financial strategies.

SMART stands for specific, measurable, achievable, relevant, and time-sensitive goals. For instance, saving $500 monthly toward a $10,000 emergency fund within two years meets all these criteria. Millionaires consistently hit such targets, creating accountability by writing them down and tracking progress systematically.

Hogan emphasizes the need for both short- and long-term goals. Short-term wins, like funding a vacation, sustain motivation, while big-picture goals, like mortgage payoff, have lasting life-changing benefits. Paying off debt early frees income for compound growth and ultimately speeds up wealth-building.

Examples

• 97 percent of millionaires achieve their goals consistently.
• Setting time-sensitive milestones adds urgency and focus, motivating faster action.
• Writing down goals increases follow-through success rates by 42 percent.

8. Compound Interest Grows Wealth Over Time

Millionaires harness the consistent power of compound interest to multiply their savings over years.

The secret ingredient in wealth-building is patience. Hogan explains how compound interest makes your money work for you, generating returns on both your principal and previous gains. However, this process takes time, requiring years of invested growth to realize its full effect.

Most millionaires leverage traditional tools like 401(k) plans and Roth IRAs. By contributing at least 15 percent of their incomes and leaving the money untouched, they gradually accumulate wealth. When combined with the discipline of debt elimination, compound interest becomes the snowball that builds unstoppable momentum.

Examples

• 95 percent of millionaires take more than 10 years to achieve millionaire status.
• Hogan encourages people to max out employer-matched 401(k) contributions as free money.
• Consistent annual contributions harness compound interest to grow wealth steadily.

9. They Leave Nothing to Chance

Millionaires work with experts, avoid risks, and stick to proven methods of wealth creation.

From budgeting strategies to investment advice, most millionaires rely on qualified professionals to help them stay on track. They also avoid risky gambles or fads like cryptocurrency in favor of time-tested methods. Long-term thinking, steady planning, and professional guidance ensure that they secure their financial futures.

By following these practices, even ordinary individuals transform their income into lasting wealth without requiring financial wizardry. With foresight and careful moves, millionaire status is achievable for anyone willing to create and commit to a plan.

Examples

• Hogan recommends hiring professional financial advisors to stay on course.
• Millionaires avoid overhyped “get rich quick” schemes that offer empty promises.
• Sticking to a slow, steady roadmap minimizes risk while increasing growth certainty.

Takeaways

1. Believe in your ability to achieve wealth and start making choices that align with this belief.
2. Set up a budget today to control your spending, save intentionally, and prepare for the future.
3. Begin investing 15 percent of your income in a 401(k) or Roth IRA consistently to take advantage of compound interest.