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Who Can Be A Millionaire?
Who can be a millionaire?
Can I? Can you become one?
Hey guys, welcome back to The
Cash Kid Podcast! Today, we’re talking about something that most people
think is impossible… but actually isn’t. You don’t have to be born rich.
You don’t have to be famous. You don’t even need to have a
six-figure salary. But what do you need? That’s what we’re going to talk about.
My mom and I recently both
read Everyday Millionaire by Chris Hogan, and we’re going to break down
exactly what makes a millionaire. The best part? Almost anyone can do it—it
just takes smart financial choices, patience, and the right mindset.
I learned a TON from this
book. It actually shocked me how wrong most people are about who millionaires
really are. And trust me, after reading this book, I realized that anyone
can do this. No lottery tickets, no trust funds—just smart habits, the right
mindset, and patience.
Remember, the Cash Kid
Podcast is here to teach my generation how to earn, save, and invest money
earlier in life. We are going to bust some millionaire myths today. Let’s get
started.
[music interlude]
Segment
1: What is a Millionaire?
Cash Kid:
Alright, so let’s
start with the basics. Before we dive into how to become a millionaire,
we should probably define what a millionaire actually is.
Most people think a
millionaire is someone with a million dollars in cash just sitting in a
bank account. But that’s not what it means!
A millionaire is someone
whose net worth is at least $1 million.
And net worth is just a
fancy way of saying: everything you own, minus everything you owe.
Let’s break it down real
quick:
Say you own a house worth $300,000, but you still owe $200,000
on it.
You also own a
car worth $75,000, and you’ve paid off $55,000 of it.
That means the
total value of your assets is $375,000. But when you subtract what
you still owe ($255,000), your net worth is $120,000.
And to be a millionaire,
that number has to be in the millions!
Segment
2: Who Actually Becomes a Millionaire?
CASH KID:
Okay, now that we
know what a millionaire is, let’s talk about who actually becomes
one.
Chris Hogan interviewed
over 10,000 millionaires for this book. What surprised me the most was who
these millionaires actually are
Honestly? I thought most millionaires would be people
making six figures or more—big CEOs, athletes, or tech geniuses. But in
reality, the majority are regular people! They’re teachers, engineers,
small business owners… even people working in everyday jobs. Most of them
never made over $100K a year! That blew my mind.
The idea that it’s not
about how much you make, but how much you keep is huge. So many people
think they have to have some crazy high-paying job to build wealth, but
it’s really about spending smart, saving consistently, and avoiding debt.
There’s a myth about millionaires that Chris Hogan debunks
in the book and it’s the thoughts that millionaires always lived flashy
lives—you know, fancy cars, designer clothes, huge houses. And for my
generation, because of social media nd movies that’s what’s drilled into our
heads. We feel and see that’s we have to look and live that way to be
rich.
But according to the book,
most millionaires actually live pretty normal lives. They drive used
cars, live in modest homes, and don’t waste money on things they don’t need.
Chris Hogan calls it the Millionaire
Mindset. They don’t care about looking rich—they care about being
rich. Big difference.
Most people think that
millionaires come from rich families or inherit their money. But
that’s so wrong. Did you know that:
🔹 79% of millionaires received no
inheritance at all?
🔹 Only 21% inherited anything,
and of those, only 16% got more than $100,000.
🔹 And get this—8 out of 10
millionaires came from families that were at or below middle-class income
levels.
So basically, most
millionaires didn’t start rich—they built their wealth from scratch. That’s
a HUGE myth-buster!
In Chris Hogan’s book he
highlights a lot of stats. One of those is that 1 in 3 millionaires never
even had a six-figure income in a single year. And only 7% of them made
over $200,000 per year. That means you don’t need a fancy job to get there!
So what does that tell us? It’s not about how much you
make—it’s about how you manage what you make. I think we all are guilty of
thinking well those who work lower salary jobs will just never get ahead or be
able to reach millionaire status. But he gives examples of teachers, farmers,
construction workers all reaching millionaire status.
Segment
3: The Millionaire Mindset
Okay, let’s talk mindset. One thing that stuck with me from
this book is that millionaires believe they’re in control of their own
destiny.
They don’t sit around
waiting for someone to make them rich. They take control, make smart
decisions, and stick with them for years.
That’s a big deal. If you
tell yourself, “I’ll never be rich,” guess what? You probably won’t be.
But if you believe you can, and you put in the work, you’ve got a real
shot.
Millionaires also don’t blame
others for their money problems. They don’t rely on luck or wait for someone
else to fix things. They take responsibility and work towards their
goals.
Segment
4: Smart Money Habits of Millionaires
Alright, let’s get to the good stuff. If someone listening
wants to be a millionaire someday, what are the habits they should start
practicing right now? What do you feel you learned from the book
Everyday Millionaire that could affect the habits of your generation?
Here are the big ones:
💰 Live below your means –
Millionaires don’t spend every dollar they make. They budget, they save, and
they avoid debt.
💰 Plan for big expenses – 95% of
millionaires plan and save for major purchases, while most people just
put things on credit cards.
💰 Invest early and often –
Investing is the ultimate wealth-building tool because your money works
for you.
And I love
to talk about investing. Yes! Investing is huge. The stock market will go up
and down, but over time, it grows your money way more than just saving
alone.
It doesn’t take a ton of
time. You just set it and let it grow. Sure, there will
be recessions and dips, but in the long run, the market always bounces
back.
Final
Segment: How to Get Started Now
Alright, let’s wrap it up. What’s the first step
someone should take if they want to become a millionaire?
Step one: Start saving and avoid debt. Credit card
debt will keep you stuck, so don’t use it for things you don’t need.
Step two: Live
below your means. If you get $20, don’t spend $20—spend $15 and save $5.
Step three: Invest
early. Even if it’s just a little at first, get started!
And most
importantly—remember that anyone can do this. It’s all about time,
discipline, and smart choices.
OUTRO:
Call to Action
Alright, that’s a wrap! If
you liked this episode, make sure you subscribe to The Cash Kid
Podcast so you don’t miss our next episode.
And if you’ve read Everyday
Millionaire, let us know what you thought! DM us on Instagram @CashKidPodcast
or leave a review.
Remember—anyone
can be a Cash Kid! You just have to learn how to become one. Cash Kid
out!
View all episodes
By The Cash Kid
4.5
2424 ratings
Who can be a millionaire?
Can I? Can you become one?
Hey guys, welcome back to The
Cash Kid Podcast! Today, we’re talking about something that most people
think is impossible… but actually isn’t. You don’t have to be born rich.
You don’t have to be famous. You don’t even need to have a
six-figure salary. But what do you need? That’s what we’re going to talk about.
My mom and I recently both
read Everyday Millionaire by Chris Hogan, and we’re going to break down
exactly what makes a millionaire. The best part? Almost anyone can do it—it
just takes smart financial choices, patience, and the right mindset.
I learned a TON from this
book. It actually shocked me how wrong most people are about who millionaires
really are. And trust me, after reading this book, I realized that anyone
can do this. No lottery tickets, no trust funds—just smart habits, the right
mindset, and patience.
Remember, the Cash Kid
Podcast is here to teach my generation how to earn, save, and invest money
earlier in life. We are going to bust some millionaire myths today. Let’s get
started.
[music interlude]
Segment
1: What is a Millionaire?
Cash Kid:
Alright, so let’s
start with the basics. Before we dive into how to become a millionaire,
we should probably define what a millionaire actually is.
Most people think a
millionaire is someone with a million dollars in cash just sitting in a
bank account. But that’s not what it means!
A millionaire is someone
whose net worth is at least $1 million.
And net worth is just a
fancy way of saying: everything you own, minus everything you owe.
Let’s break it down real
quick:
Say you own a house worth $300,000, but you still owe $200,000
on it.
You also own a
car worth $75,000, and you’ve paid off $55,000 of it.
That means the
total value of your assets is $375,000. But when you subtract what
you still owe ($255,000), your net worth is $120,000.
And to be a millionaire,
that number has to be in the millions!
Segment
2: Who Actually Becomes a Millionaire?
CASH KID:
Okay, now that we
know what a millionaire is, let’s talk about who actually becomes
one.
Chris Hogan interviewed
over 10,000 millionaires for this book. What surprised me the most was who
these millionaires actually are
Honestly? I thought most millionaires would be people
making six figures or more—big CEOs, athletes, or tech geniuses. But in
reality, the majority are regular people! They’re teachers, engineers,
small business owners… even people working in everyday jobs. Most of them
never made over $100K a year! That blew my mind.
The idea that it’s not
about how much you make, but how much you keep is huge. So many people
think they have to have some crazy high-paying job to build wealth, but
it’s really about spending smart, saving consistently, and avoiding debt.
There’s a myth about millionaires that Chris Hogan debunks
in the book and it’s the thoughts that millionaires always lived flashy
lives—you know, fancy cars, designer clothes, huge houses. And for my
generation, because of social media nd movies that’s what’s drilled into our
heads. We feel and see that’s we have to look and live that way to be
rich.
But according to the book,
most millionaires actually live pretty normal lives. They drive used
cars, live in modest homes, and don’t waste money on things they don’t need.
Chris Hogan calls it the Millionaire
Mindset. They don’t care about looking rich—they care about being
rich. Big difference.
Most people think that
millionaires come from rich families or inherit their money. But
that’s so wrong. Did you know that:
🔹 79% of millionaires received no
inheritance at all?
🔹 Only 21% inherited anything,
and of those, only 16% got more than $100,000.
🔹 And get this—8 out of 10
millionaires came from families that were at or below middle-class income
levels.
So basically, most
millionaires didn’t start rich—they built their wealth from scratch. That’s
a HUGE myth-buster!
In Chris Hogan’s book he
highlights a lot of stats. One of those is that 1 in 3 millionaires never
even had a six-figure income in a single year. And only 7% of them made
over $200,000 per year. That means you don’t need a fancy job to get there!
So what does that tell us? It’s not about how much you
make—it’s about how you manage what you make. I think we all are guilty of
thinking well those who work lower salary jobs will just never get ahead or be
able to reach millionaire status. But he gives examples of teachers, farmers,
construction workers all reaching millionaire status.
Segment
3: The Millionaire Mindset
Okay, let’s talk mindset. One thing that stuck with me from
this book is that millionaires believe they’re in control of their own
destiny.
They don’t sit around
waiting for someone to make them rich. They take control, make smart
decisions, and stick with them for years.
That’s a big deal. If you
tell yourself, “I’ll never be rich,” guess what? You probably won’t be.
But if you believe you can, and you put in the work, you’ve got a real
shot.
Millionaires also don’t blame
others for their money problems. They don’t rely on luck or wait for someone
else to fix things. They take responsibility and work towards their
goals.
Segment
4: Smart Money Habits of Millionaires
Alright, let’s get to the good stuff. If someone listening
wants to be a millionaire someday, what are the habits they should start
practicing right now? What do you feel you learned from the book
Everyday Millionaire that could affect the habits of your generation?
Here are the big ones:
💰 Live below your means –
Millionaires don’t spend every dollar they make. They budget, they save, and
they avoid debt.
💰 Plan for big expenses – 95% of
millionaires plan and save for major purchases, while most people just
put things on credit cards.
💰 Invest early and often –
Investing is the ultimate wealth-building tool because your money works
for you.
And I love
to talk about investing. Yes! Investing is huge. The stock market will go up
and down, but over time, it grows your money way more than just saving
alone.
It doesn’t take a ton of
time. You just set it and let it grow. Sure, there will
be recessions and dips, but in the long run, the market always bounces
back.
Final
Segment: How to Get Started Now
Alright, let’s wrap it up. What’s the first step
someone should take if they want to become a millionaire?
Step one: Start saving and avoid debt. Credit card
debt will keep you stuck, so don’t use it for things you don’t need.
Step two: Live
below your means. If you get $20, don’t spend $20—spend $15 and save $5.
Step three: Invest
early. Even if it’s just a little at first, get started!
And most
importantly—remember that anyone can do this. It’s all about time,
discipline, and smart choices.
OUTRO:
Call to Action
Alright, that’s a wrap! If
you liked this episode, make sure you subscribe to The Cash Kid
Podcast so you don’t miss our next episode.
And if you’ve read Everyday
Millionaire, let us know what you thought! DM us on Instagram @CashKidPodcast
or leave a review.
Remember—anyone
can be a Cash Kid! You just have to learn how to become one. Cash Kid
out!