The Secret to Becoming a Millionaire Isn’t What You Think, Ep #15 

<p>Chris Hogan with Ramsey solutions recently surveyed and interviewed over 10,000 millionaires—the largest study ever conducted to this date. It was spurred by the research of Thomas Stanley. But the study really digs into what makes millionaires different. How do they become millionaires? What are their habits? How do they spend—or not spend—their money? </p> <p>Success leaves tracks. If you can figure out how someone else does it and follow in their footsteps, there’s no reason why you can’t be just as successful. You can replicate success as long as you have the recipe. Listen to this episode of Retirement Made Easy to learn some of the simple habits you can adopt to reach millionaire status. </p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>[3:28] The success habits of millionaires</li> <li>[4:51] The primary residence of millionaires</li> <li>[6:24] Important wealth-building tools</li> <li>[7:45] How many millionaires inherited their wealth?</li> <li>[9:21] The education level of millionaires</li> <li>[10:04] Other fascinating statistics about millionaires</li> <li>[11:58] Wealth-building vehicles responsible for net worth</li> <li>[16:46] Get a good retirement plan in place</li> </ul> <h2>Millionaires care about debt</h2> <p>According to the survey, the average home size of a millionaire was <em>only 2,600 square feet</em>. Only 4% of millionaires had homes that were 5,000 square feet or bigger. The average millionaire also paid off their house in 11 years. Only 30% had a mortgage balance at all. Only 6% had any type of credit card balance versus 40% of Americans and only 18% of millionaires had a car loan versus 35% of the general population. </p> <p>Millionaires do not believe in carrying debt—they’re looking to build wealth. Debt is not a wealth-building tool. What contributes to their million-dollar net-worth portfolio? Listen to hear some of the top reasons (hint: inheritances are NOT the #1 reason). </p> <h2>Millionaires and inheritances</h2> <p>I had a friend that