11 Things Millionaires Don’t Invest In



I'm one of entire have watch to spend time with my family we're just shy of two million dollars now and the awakener HD 3 is really clear right there oh she use my own line welcome to the Chris Hogan show home of everyday millionaires this is your show where your life and your money takes center stage it's your life VIPs take charge I'm so excited to be back with you all and you know I love to hear from you so if you've got a question or you've got a comment or a success story I want you to give us a call the number to call is eight four four two eight three nine three eight three again the number to call is eight four four two eight three nine three eight three or you can send us an email the email address is simply this ask at Chris Hogan 360 dot-com send us an email we'd love to hear from you well you know we're all about the phones and so guess what that's exactly where I'm headed right now I've got Todd on the line calling in from the Twin Cities Todd how are you today I'm very well Chris it's a pleasure to speak with you today well thank you my friend and I appreciate you taking the time to call in I understand you have you have made some some money errors in life yeah I have it no unfortunately I'm beyond that but but it certainly it wasn't a pleasant time yeah my wife and I we were living on the east coast and we were expecting our first child she was about eight and a half months pregnant mm-hmm and I was offered a job back in the Twin Cities and I really wanted to be in the Twin City since I was in high school okay so when my wife is about nine months pregnant I flew out spent 24 hours looking at 24 houses and because I thought I've got a I've got to be able to put a roof over our head bought a house in in less than a week and then flying back to to my wife came across this podcast thing by a guy named Dave Ramsey and thought well I'm a captive audience on the plane here I might as well take a listen to this okay and and this was in 2006 when when real estate was starting to sell kind of slowly but it it didn't make its way to the Midwest anyways it took about an extra six months after after we had purchased our house in Minnesota before before we were able to sell our house in New England hmm and so in order to cover that we had three mortgages a newborn and our salary had been cut by about 40% goodness gracious god yes I mean you you have to you at this point in time have got to be filling financial stress like on another level I would not wish that summer on my worst enemy it was not a fun it was not a fun summer but but we got through it I started listening to Dave Ramsey I had an opportunity to walk to work and starting to hear his message in his story and thought man we we got to do this yes we you know we've sacrificed way too much we've gone to school for too long got good jobs and in areas that interest us to be this broke so so my wife ended up going back to her we doubled our salary and we started living off of one income we started paying off all of our debts Wow one by one and as of today we're at Dave's baby step number seven now hold on a second now you just fast forwarded you you all cleaned up a whole lot of stuff I mean we aren't we do it you did I mean and how long did this take you about seven years Wow I mean yeah we had a really big shovel yes you did and and did your wife go back to work so late for the cleanup I mean this was thought dead or what was her motivation um she my wife grew up in in Eastern Europe she grew up in Poland and she learned that you got to work yes and so move into a new city she didn't have family around her didn't you have a huge network of friends mm-hmm so she thought I'm going back to what I know how to do so she started working part-time in a bakery she's got a couple of college degrees and worked her way up to the corporate level of a company in the Twin Cities and so now she works at at the corporate headquarters doing technical design work for them Wow so uh so she just worked her way and worked really really hard yes to bring home a little bit of extra money every month that's why what you both I mean you both did and it's that point Todd where you you you look at your situation and you go you know what we work too hard you know we work too hard it's for this to be the end result of three mortgages and have all this pressure on you so tell me this did you you got it cleaned up in seven years did you did you pay off the mortgages what did you do yeah we just we just we really put ourselves on a budget I we really buckled down and whatever we could whatever we could scrape up we put towards paying extra on on the mortgage so yeah it's just one month at a time that's right buddy and listen all that stuff it paid off because not only did you attack debt but Todd I want you to tell the listeners what is your net worth right now ah we're approaching 2 million that is fantastic again an everyday millionaire on the line and I love your story Todd because we all make mistakes we all do things wrong we all find ourselves in a bind financially but you didn't stay there you weren't stuck and so I'm very proud of you thank you again for taking the time to call in you see VIPs we can make mistakes trying to own a home for your family is a good thing but I've been there when I bought a home while owning a different home right and it's one of those things where we start to move so fast that we're not thinking clearly now for those of you that are younger out there I want you to hear me with this okay I'm talking directly to you you see me looking at you okay I'm if you're watching the show I'm making the eyes right now are you seeing them all right listen slow yourself down slow down and get intentional Riley start to think through like Todd said at one point they had three mortgages right three more just imagine the stress of that he said three mortgages a baby on the way and move into a brand-new city are you kidding me that's three layers of stress right there on another degree I mean I just got another gray hair in my beard you see it right there pop through you see it look all right but anyway listen to me he didn't stay there and I'm proud of him and I'm proud of he and his wife because they got focused and guess what we're talking to an everyday millionaire that's a big deal people that are working hard that are focus and listen I don't care where you find yourself right now okay don't tell me you're stuck cuz you're not stuck you just stopped and I want you to start believing and start getting intentional and starting to move forward because you can do this alright listen if you've got a question I want to hear from you I'll call us call us and leave us a voicemail the number to call us eight four four two eight three nine three eight three again that number to call as eight four four two eight three nine three eight three we'd love to hear from you or you can send us an email the email address is simple it's ask at Chris Hogan 360 dot-com send us an email we'd love to hear from you as well all right I'm going back to the phones I've got Travis in Grand Rapids Travis how are you that's I'm starting up to be talking to you man how are you Oh buddy I'm focused and not finished what do you got going on today well some 23 years old I'm married I just want to make sure I'm on the right path to retire a millionaire I've got about twenty six thousand dollars in retirement right now actively contributing the 15% and would match from work it's actually about 20% of my annual income my wife and I are in the process of building a home right now okay I just want to know what steps I can continue to take to make sure I'm on the right path and that I don't fall off the path right I'm no student loans everybody that anything like that borrow money that's good I mean I like that I mean I'm gonna tell you right now Travis if you stay focused with that that's going to keep you on the path so do you all have any other debt outside of this house that's being built no sir okay about 26 percent down to so we should be or in good shape it's it's following the rules that you guys heard put in place over there and we're on path there okay that's good because this is one of those big financial decisions do you all have kids yet not yet no sir okay hey how many does she want to we're on it we're in agreement on that one you better get that in writing okay i'ma tell you right now yeah but no I love the fact that you all put down 26% that's huge but here's the deal here's what I wish someone would have told me about housing it's one of those things where we get in this mindset that we're building the house you know the dream house and I don't want you to think like that odds are you may live in this house for five to seven years now it could be wrong you may stay in there longer but I don't want you to get in this mindset that if we don't do it now then it's gonna be more expensive later throw that out the window I want you to stay focused stick to the budget make sure the builders doing their job you all stay on the budget and stay focused and I'm telling you get in there the goal is obviously I don't know what kind of loan or whatever they're gonna convert you to but I'd love for you to go with a 15-year fixed and attack that thing get it out of your life and I'm telling you you can do this so I love that you're 23 years old Travis and your focus like this do you all have an emergency fund built up yes sir okay good okay about 20,000 they're fantastic and combined we make about 75,000 a year so the expectation is the house will be done in about six months okay we'll have another 15,000 or so that were expected to throw back on the mortgage again okay because we're staying with family members and tells bill okay we're able to pile up a big Hey and I will tell you this I'm gonna the outside of you guys being aligned on the financial stuff which is a big deal as a husband and wife but make sure you all are dreaming together and Travis hear me with this buddy before I let you go you see people say all the time Oh Chris and Dave they don't want people to have no stuff no that's not true at all I don't want stuff to have you so if you're gonna do something I want you all to save up pay cash and go slow okay you promise yes sir all right because I know we're doing Rapids there's Travis I'll come up here all right I don't want it under that certeyn Oh my friend we would come and hang out I'm proud of you buddy hey keep up the good work tell your wife I said congratulations you guys keep staying focused and keep working together all right okay all right buddy yes sir thank you you see all right there's a couple things we got to talk about here cuz these are these are big deals number one you know the fact people say all the time one Millennials well they're not focus at all I mean they're just running around in flip-flops and and and and house shoes and doing all kinds that it's not true just talk to my 23 years old man's focus they put 26% down on a house right they're going into it with their eyes wide open I don't like when people make generalizations like that right we got young people that are focused their listeners to the Chris Hogan show these people are dialed in and focus I love that but here's the thing with housing this is a big big decision I want you look I'm look I'm looking at you all right listen to me slow down there's not a law that says you can't rent renting allows you to save up so you can buy a home the right way that's the key don't let other people get you riled up where you get focused and you get off your plan stay committed to what it is you're trying to accomplish slow down just slow down and breathe and then you move forward right with a clear plan this Travis and his wife will be an everyday millionaire I guarantee you it's just a matter of time for them to walk through the process and stay focused all right listen all right you know what a lot of people have asked me Chris all right what's the path how do I make sure that I get on the path for everyday millionaire all right I want to be one of those I'm gonna ask you something it's a question do you know your net worth okay do you know it is there's a lot of questions out there about it of what exactly does the word net worth mean so I'm gonna break it down for you right now I want you to think of the things that you own right and then subtract out what you owe on that's gonna give you your net worth where are you right now so here's the deal to get started to get the net worth calculator here's all you got to do go to Chris Hogan 360 com slash net worth all right again Chris Hogan 360 com slash net worth and get this there's also a text in now what you get this right because this is gonna be difficult text the word Hogan all right there it is text the word Hogan to three three seven eight nine again the word Hogan 2 3 3 7 8 9 because here's the deal you got to know where you stand to know where to begin see for you to be able to come in every day millionaire so make sure you check out the net worth calculator today and oh don't be stingy with this information tell your friends tell your family so people can know exactly what's going on now as always DW will have a link to this and the show notes but if you're watching all you got to do is just click the link below right it's gonna get you right there and you're gonna be able to know exactly where you stand right here today so it's a great opportunity I'm excited for this tool we've worked with the developers and really walk through this process to help people know where do you stand where are we and so I think it's a great opportunity for us to get started alright listen people have asked me all the time I get a lot of questions about investing and people are want to know all right what about this strategy Chris or what about this different type of investment Hogan what do you think and I really wanted to take some time and really dig into this so here's what I'm about to do I'm about to walk you through things that millionaires don't invest in right I'm getting ready to tell you I'm gonna shoot you straight all right and walk you through this but I wanted to make sure that we took a few minutes to talk about the difference like I looked up saving like the definition of saving guess what it says savings is the amount of something that is not spent or used right so that's that's saving but listen it is so what's the investing investing is the act of committing money or capital to an endeavor right that could be a business project real estate whatever or investments with the expectation of obtaining additional income or profit now I'm telling you the difference between these two because it's so important for us to know the difference between saving versus investing so I save for an emergency fund right I might save to be able to take a vacation unless you're on baby step two and you got debt then all you're doing is attacking debt right your vacation you go outside then you come back in you stay focus you work but I invest for the future I'm doing things later so I'm investing money in my 401k or investing money in my Roth IRA to be able to walk through to have money set aside now you all have all heard me say before you want to invest 15% but I want you to make sure that you have the help of an investment professional as you're doing this looking at your 401k to understand exactly what you have available and what you should select but also what you should stay away from and so I'm I'm only focused on things that millionaires don't do today all right and so I got a list of them here listen to me here's some things these are things that typically tell people to stay away from savings bonds alright that's not something that's going to help you to be able to grow that was something that that back in the day people would look at that as a saving mechanism we saved now I want you to use a money market account it's gonna give you a better rate of return prepaid college tuition this can become an expensive thing that up from a company that may or may not be around that's something to avoid prepaid burial plans these have caused people a lot of headache and a lot of heartache at a time where they're already experiencing a loss so I want people to avoid that and then there's also certificates of depreciation okay oh I'm sorry it's called certificates of deposit this is something people use they will set money aside and plug it in there here's the deal it locks your money down and it's not giving you any growth so that's why I call them certificates of depreciation because your money is actually depreciating right it's not working for you or doing what it could do and then this one Oh Lord listen okay you have to edit that out I just got riled up right here this next one I'm about to tell you about this is one that I hear at least twice a month two times two times a month people are asking me about this one Gold people will ask me Hogan I want to get a gold bar because you know if the economy collapses then at least I got a gold bar I just want to hug them right it's a tight hug to look because these arms I don't have chicken arms okay I'm tell you right now I'm strong well used to be I'm old now but listen to me gold bars alright if if the economic system has an issue you mean to tell me you're gonna roll up into the grocery store with a gold bar and get what you're gonna get laughed at right because you can't buy milk you can't get eggs you can't get anything you need with that little bar you know it won't have value so you don't want to invest in something that's not gonna have value okay now again don't get me wrong and don't send me any emails either if you're somebody that's an everyday millionaire and you want to get you a gold bar fine go do it you know why you've already hit the status you're there you're rock-and-roll in your focus but I'm saying for people that are trying to build and to get started this gold is not going to be something that's gonna give you anything to really stand on later except for some stomach aches right as the price fluctuates all right if I got riled up over that one you know I've got another one this one is trends right these investment trends there's always something that pops up every few years that gets everybody riled up and happy and you know where I'm going with this one right Bitcoin okay Bitcoin now if you've been plugged into the show you know I talked about that a while ago but essentially bitcoin is this thing so it's not even a coin okay so DW I don't know why they have Bitcoin in it and it's not really even a coin it's code all right so it's this it's this thing that you invest in then you don't get anything in return but you have some code right that has to be then validated by this mysterious person and then authenticated later right now listen to me it sounds like a bunch of mystery to me sounds like snake oil to be honest with you that they used to sell back in the westerns I just dated myself right there but whatever I've seen reruns of Gunsmoke y'all know about that but listen to me bitcoin it is it's this it's this fad and people get caught up in it and they think oh I want to do something cool well listen you under something cool put money in a 401k right dude do some things that are gonna help you to have growth not something that's mysterious and that could have make your money evaporate so listen let me tell let me tell you the list again for those of you that are that you're sitting at home listening to this I want you to drop this stuff down because I want you to protect yourself and your friends stay away from savings bonds prepaid college tuition prepaid burial plans certificates of depression excuse me certificates of deposit gold and Bitcoin millionaires don't invest in those things they really don't and see those things they're not a good idea they're not a thing that's going to help you to build wealth it sounds cool and the a shroud of mystery around it but I'm gonna tell you something millionaires don't do these things and I'm gonna tell you something else all right hold on listen I got a whole lot to say about this like I am I am riled up in this I got a lot to tell you but here's the deal it's because this episode is focused on what millionaires don't do what they don't invest in and I got more to tell you but but I got to get back to the phones and so I'm gonna go back to the phones but listen I'm coming back to this cuz I got more things to tell you about but here's the number to call if you've got a question or a success story give us a call at eight four four two eight three nine three eight three again that number to call is eight four four two eight three nine three eight three because I would love to be able to hear from you alright I'm going back to the phones I got a Alexandra on the phone how are you hi I am fine thank you thank you for taking my call well I'm honored to be able to speak with you hey I'm just curious what is the temperature right now in Connecticut degrees okay alright because people tell me you know that's one of the places I've never been and people always tell me it's cold right is it is it cold there a lot okay how long have you lived there Alexandra I have lived there about 30 years oh you've been there a long time what's the coldest you've ever seen it oh that's not too bad no no okay all right well people are making it sound like it's the Arctic so I need to come visit why we'll do that how can I help you today okay my husband and I have a very good income we have no debt but we have two big mortgages one is on a family summer home which my husband would sell because it's tied to his family we do fund or retirement accounts a 401 K and a 457 so long so my husband and me do those to the maximum we have decided in our marriage that our legacy gift to our kids was to pay for college so they could graduate debt-free okay the problem is that we are now in year three of eight straight years of private college tuition and as a result you're living paycheck to paycheck so my question is should I be concerned about not paying down our mortgages and building our wealth or should I view the next six years of our lives at a time of giving to our kids because we can and be okay with just doing the maximum on our 401k and 457 and not going into any other okay all right so this is this is multi-layered here I want to ask a few questions Alexander and I appreciate you sharing this with me because I can hear the stress in your voice what is your household income right now it's about three hundred and eighty thousand dollars okay all right and you're telling me the the the your your in eight straight years of paying for college or that's what you have left right we have six more years six more years how many kids do you all have we have two they are 20 and 16 okay all right and you all decided that you wanted to pay for college that was your that was the legacy gift you wanted to give your kids correct okay how much do you you said you all have a 401 K and a 457 how much are in both of those combined ballpark combined about 1.8 million oh okay wait a minute Alexandra how much is in those 1.8 million okay so I'm talking to everyday millionaires here on the line well we started saving before you knew each other so we came into my marriage okay Alexander do you know you're a millionaire I don't feel like a millionaire honey okay well we'll get to that in a second but do are you hearing me do me a favor say I'm a millionaire I millionare you are honey y'all have worked hard I don't know if that's not something for you all to be shy about you've worked hard here to be able to do this and so you guys have have pushed and focused and you're there so now that changes my focus here a little bit because right now you all are trying to do given and trying to do that on the school front but now it's a matter of the paycheck-to-paycheck is the thing that's really kind of eating at me because you all have a great income and right now what's happened is is it's it's it's you've lost your way a little bit and as far as taking on this big opportunity and this massive level of debt for your young people to really understand what's going on I think the thing that you've intended as a gift has actually become an anchor for you all financially and so I want you and your husband really to sit down and talk this through so you can figure out how are we gonna approach this moving forward you see just because you start something doesn't mean you can't adjust it okay I mean that's good you have the right intent you've got the right mindset on it but I mean we got to be smart about where are they going to school you know if they're going to school and it's 40 or 50 thousand a year that's what the whole nother ballgame that's supposed to go in a place that's that's 15 to 20 and so a note really boils down to mathematics and I'd also say look at your budget you know look at the budget understand kind of where you are every dollar will help you really get plugged in and understand how to be in more control but you've got an opportunity here to make some adjustments and I think those adjustments are what's gonna be really important especially for the 16 year old that's coming up they need to apply for scholarships and grants and really be able to look at this so we're going to with our eyes wide open and the other side of this is as this a deal that you all are making for undergrad or is this grad school because I'm gonna tell you I got some friends that are career students okay seriously I've got a friends that have gone to got a bachelor's a masters a PhD an element of P I mean they're going after everything and so there needs to be a fine line on this of what you guys are going to do so again congratulations on reach and everyday millionaire status but now what I want you to do is that let's put some more guidelines on this you and your husband have a conversation I can hear the angst about the the family summer home because we definitely want to attack those mortgages or what's the long-term play are you all planning to stay in your home and if so we need to get that thing paid off and so you own it and so I think the key is gonna be tightening up the budget and getting a little bit more focus but having those conversations together Alexandre I think you all can definitely get there and really be able to walk through this again okay VIPs looking at this really being aware and staying aware that as you're chasing down progress and you're trying to make some things happen we've also got to make sure we're staying in tune and earlier I was talking to you about things that millionaires don't invest in alright and and I want to come back to this because when it comes to investing everybody I think these days tries to get cute or clever they think that they found this secret to investing and really the reality is is that obviously sometimes they end up chasing something down that's almost like a one-hit wonder right I mean seriously like when I say the phrase one-hit wonder you know exactly what I'm talking about right it's like those music artists they had that one song and for a minute they were the man or the woman they were running things in the music industry right like like one-hit wonders like for example alright listen y'all remember the song Ice Ice Baby yeah okay yeah that was my I don't know if he had anything else DW did had anything else yeah he says to do you never eat doesn't know alright listen here all right what about this song don't worry be happy okay I don't I don't know if they had anything else okay and then get this one what about this one achy breaky heart I can't say that and keep a straight face right what what happened to achy breaky who was that bill that's Billy Ray Cyrus like where is he now well actually he's probably doing quite well cuz his manager his daughter Miley but you get my point right they had the one song they just fell off the charts now I'm not knocking anybody because I'm not a songwriter like I that's not what I do but the point is is that mindset what we don't want to do is chase something down that could be a one-hit wonder a thing that hey I'm gonna go all in on this and if it does well that's great but if it does not lose at all because I'm talking to people that have gone down this path I'm talking to people that have done this with Bitcoin a gentleman that I know liquidated 401k and put it all in Bitcoin right he's gave up almost 50 percent of his money to put it in the Bitcoin and the point is is that he was in it at the height and guess what it is now it's down significantly like almost 68 percent so he's watched all this hard-earned money almost the evaporates right in plain sight so I don't want you to do this I want you to understand the options that we have so we're not a one-hit wonder but we're doing some things that really help us stand out and really stand up for our future and see everyone wants to know what do millionaires how did they do it right how did they invest what did they do how did they walk through how did they grow their nest egg well as many of you know our own in-house research team just did the largest study that's ever been done on net worth millionaires and I'm telling you largest we studied over ten thousand millionaires ten thousand of them and really dug in to get to know their stories and understand things that they don't do like we wanted to know what they did and what they thought and we've got a lot of their stories captured but I want to tell you some things that they walk through that they don't do one of the top things they don't do single stocks single stocks we hear about this all the time and people get confused because they say well Hogan you and Dave talk about investing in the stock market yes you have gross stock mutual funds and other things that are there but single stocks are where you put money in to get a piece of the company it's almost like owning the brick right of a building and people are doing this the problem is is that it's so volatile now when I say the word volatile what I'm talking about is that it fluctuates up and down a lot all right I mean it can it can give you you'll need a roulade to watch some of these right because adjust your stomach just gets in knots why because the market responds based on somebody hiccuping or or or doing something weird and it impacts the stock price so single stocks are not something that they do guess what else they don't do business loans right they're not doing because anybody that knows business knows that if you take out a business loan you're essentially your obligating yourself on a personal level there has to be collateral put up for these loans you all know I'm a former banker so you know I know about collateral this is the thing that I'm putting on the line in exchange for this loan well most of the time that ends up being a home it ends up being a personal signature or even if you own the company an obligation or a promissory note that allows them to pierce what's called the corporate veil which means that even if the company goes on there you are reliable as an individual so they don't do business loans guess what else they don't do leveraged investing schemes now these this one I get frustrated on because this is like a HELOC all right now we've all heard the word HELOC that's a home equity line of credit can I give you the Hogan translation of a HELOC it's a big credit card that's attached to your house there it is right there a big old credit card because it's a revolving credit that allows you to pay on it to what you ball and it just stays there by the way those are technically as second mortgage and a lot of people aren't aware of that but millionaires aren't doing any of those they don't do single stocks or not doing business loans they're not doing leveraged investing or gimmicks like helix here's some other things that they avoid also I'm letting you in on some of the study stuff they told me not to tell you this stuff and I'm going to tell you because I can sophisticated or complicated retirement planning or strategy okay they're not doing that they're not try to do something where they look hip or cool by the way you know the most popular things millionaires use to build their wealth don't tell nobody for one case there it is that's the thing that they use to be able to get to every day millionaire status they also don't do self driven investment strategies where they're just doing it on their own you all remember day traders back in the day okay and that's all man that was another one it was that one is almost like Bitcoin today day trading became huge right because all you heard were the stories of people that that that went big they didn't tell you they didn't stay big long right so guess what they don't do this millionaires aren't doing this you know what they do don't tell anybody I told you they're working with an investment professional they're sitting down looking at their 401ks with an investment professional to get the right kind of guidance so they can make directions and decisions based on their destination that's what they're doing and so listen I'm telling you the things to avoid because I don't want people making mistakes right I made mistakes back in the day when it came to investing because I was trying to be hip okay I'm gonna tell you all right I bought a stock all right bought the stock it grew it was doing well so guess what else I did I added money to it and it grew some more but guess what happened guess what happened take a wild guess it stopped growing it started going in Reverse and I refused to let go because I've wanted to hope then it would come back and it went further in reverse all the way down to nothing and so what I had was something that I put into something that was very very volatile so when I talk about this VIPs I'm talking on a personal level because I ran the numbers on my stupid back in the day and if I hadn't done that and I had invested it the right way I'm probably looking at close to three hundred and fifty thousand dollars right now I need a minute hold on hold on that just hurts my heart oh by the way do you see that look those of you that are watching look what DW got me okay that's pretty cool right there but listen all right so I want you to learn from my mistakes I don't want you to make the same error that I did I want you to remember remember the story of The Tortoise and the hare right and I read that sort of my boys all the time but it's it's slow and steady wins the race like don't try to be glamorous don't try to be super hip or cool stay focus so here's the deal I've told you a lot of things to avoid but if you want to read I get more information about what you should be investing in listen to this if you want to build a solid investment strategy here's what I want you to do I've got some articles on my website go to Chris Hogan 360 comm slash articles and I've got one on there called investing 101 let me tell you this again go to Chris Hogan 360 comm slash articles check out the article I have on there the the blog posts about investing 101 and it's gonna be at the top of the feed so you won't have to dig far because this is information people need to know so again if you've got a question or you want to call us call us at eight four four two eight three nine three eight three again that's eight four four two eight three nine three eight three we'd love to hear from you call us and leave us a voicemail or if you'd prefer to send us an email the email address is asked at Chris Hogan 360 calm now you all know I'd love to do research let me let me find my little article here because this is one of those things where to go DW throw it away hold on I'm fine those of you watching on YouTube you're seeing me hunt for this thing but I got it right here but I want to walk you through this article because I saw this and I went no way it says Millennials expect to become millionaires despite debt right and I chuckle at this because I go I love that they're wanting to become millionaires but we got to help them we got to educate them on this debt problem alright take a look at this data shows that 70% of the male Millennials expect to be millionaires and just only 38% of the females felt the same but looking at this they they all have this appetite for debt they don't see it as as big of an issue as they thought for here's an example the survey asked around 1,500 American Millennials at what age they thought they'd hit millionaire status fifty-three percent believe they'll become millionaires in their lifetime seven percent expected to become millionaires by age thirty 19 predicted by age forty sixteen said by the age 50 and 70 / 7 percent excuse me thought they'd be millionaires by age 60 or later but here's the deal majority of them 17 percent of them had not achieved financial independence from their parents yet so they're still living at home looking at this I think you know when I first read this I go hey I love that they're dreaming big I love that they're focused and they have this desire what we're gonna need to do some guidance right we're gonna have to help some people I mean first foremost we got to get out of the nest that means you're you're leaving home and becoming an adult right on your own but also I want to give some caution because I really want parents to be able to guide young people to help them to understand kind of the danger of debt and the threat of debt to not only the now but also the future so we have to guide them we have to help prepare them to watch out for some stuff because we all know the commercials on TV the credit card offers right the car loans student loans all these things are hovering out there so it's something that can be dangerous to people right and can end up attacking their financial futures so we've got to guide them we need them to understand that debt is not a tool debt is a threat okay let me say that again that's not a tool debt is a threat and so if parents aren't teaching young people this then they're left of their own devices when they get out on the college campus or out into the regular world or in the workplace right and so people end up making those mistakes and they can get caught up and tangled up in that situation so let's guide them let's help them to understand exactly what's going on where they are and then I want to also fan the flame I want Millennials to believe that they can become an everyday millionaire because they can they just need to work the right kind of plan now when I say plan here's what I'm talking about I'm talking about budgeting I'm talking about attacking debt smallest the biggest that means write it out on paper I want you to attack the little one first and work your way down I want you to build up an emergency fund to give yourself a cushion between you and life happening and then I want you to invest 15% of your household income it will put doing those things right there will put you on the path now we also have to keep lifestyle in check it's okay to want some things I just don't want you to let your wants get out of the place and in a way of the things that you need so Millennials believe that you can but I also want you to work like you should and that's being focused and staying plugged in and we all know we've got Millennials listening in to the show I want you all to share the message with people let them know what's going on so they can know what they can do and the direction they're gonna go so it's a great opportunity to really get plugged in and I'm gonna I'm gonna get back to the phones now dig in because I know you've got questions but if you do have a question or a comment call us that number to call us eight four four two eight three nine three eight three again that's eight four four two eight three nine three eight three or you can send us an email at ask at chris hogan 360 com next up I've got Jennifer on the line from North Carolina Jennifer how are you today I'm great today Chris how are you oh I'm fantastic I love to hear that southern accent don't say that too loud because I'm actually some Pennsylvania so you know Yankee hasn't I guess I've lost the Yankee and me hey you know what's hilarious is that me being from Kentucky I actually moved to Pennsylvania was up there for five years right outside of Pittsburgh though how long have you been in North Carolina well see I've been down here for about 25 years so I some what I've been told that now qualifies me as a southerner so I can't quite you know but hey when you go back home you can for sure because you were born there so it's good how can I help you how can I help you today well you know speaking of Millennials I have a daughter who is 22 and she is currently in college and she has about two more years ago we're taking the roundabout way to get through school but my questions about I we have gotten my father logs blessed us with getting her series the series double e savings bonds when she was really young when she was a baby and we probably got one a month for probably ten years so we have a good like ten thousand dollars yeah well what says that it's ten thousand dollars little pieces of paper but you know as you know the interest on those things are ridiculously low and not all of them have matured so we've been able to cashflow her college with some of these savings bonds because fortunately she has gotten scholarships and so what we're picking up is with those savings bonds is just a little extras like books and you know additional tuition but my question that I have is is that for the ones that have not matured yet what is the best thing to do with those because I kind of feel like having them sit there for another you know 15 years you know until they mature it's probably not the best thing but I also want to make smart choices to make sure you know that we're doing the right thing yes well you know what and the heart behind the the grandfather that sent those in obviously the heart was that he was loving on this child right and to be consistent like that over a 10-year period that definitely shows something what I would do it because it's really based on how they're structured and wired I would get those things connected and get go sit down with a smart vest or pro or your investment professional to figure out one of the options because some of them will allow you to go ahead and cash it in with a surrender fee others lock you in so without seeing yours and being able to look at it I'd gathered those up and go sit down and look because I've heard of people that have went ahead and kind of taken the surrender fee on it just to get the money and then they started to invest it for their kids for later in life so going grab them up and go sit down with an investment professional figure it out if it is one of those where you look at it and it's too much to surrender or you're wanting to allow it to mature again just you know put those things in a safe deposit box so you can be aware of where they are and make sure your daughter or whoever it is knows where they are and what they are so there's a time frame so Thank You Jennifer for the call I definitely appreciate that again looking at this and walking through there's so much going on out there VIPs people have questions people want to know what do I turn what can I do well I'm gonna tell you I myself had a question I wanted to know was the American Dream still alive in America was it really possible for someone an everyday person to really build wealth in America today well guess what we did we did the largest study that's ever been done on everyday millionaires studied over 10,000 of them we wanted to find out the truth I wanted to know their story I want you to hear this because this this got me excited I had an opportunity to sit down and and talk to a lot of everyday millionaires I mean it was one of those where you know in insight understanding exactly what was going on and what did they walk through right what did what are the things that they worked through and and really pushed through to be able to achieve and I'm digging up this store because I want to share it with this is from an and said I have been a single mom for 27 years and I've built almost all my wealth during that time as a single mom and she says even on one income I did it through discipline and consistency she said in having a loving caring family who convinced me that I would make it through this a single mom Ann has a net worth of 1.1 million dollars she's an everyday millionaire as a single mom and she said she's been on her own for 27 years and she raised her kids but she also did something else she I'm sure she loved on her kids and guided them but she also is providing for herself and she didn't allow what happened to her in life keep her held back from what she wanted to do with her dreams and thank you I'm proud of you again it's an every day millionaire all right I'm getting back to the phones but if you've got a question or you want to call us call us and leave us a voicemail the number to call is eight four four two eight three nine three eight three we'd love to hear from you next up on the phone I've got Christine calling in from st. Paul Minnesota Christine how are you I'm good how are you good oh I'm focused and not finished how can I help you today well I'm calling you today because my husband is stressed out about retirement oh and I was hoping I could get your opinion on our situation okay well tell me this how old are you all we are 25 years older what Christine your husband's 25 years old he's stressed out about retirement okay what's going on what's causing him to be stressed out I don't know I think we're doing pretty good he's stressed out to the point where he's considered getting a second job oh ma we got married we got married three years ago and during that time we paid off $36,000 in student loans okay and that we will have a fully funded emergency fund month okay and where you have $15,000 say for a tournament best fire and we're really looking forward to saving up for a down payment for a house okay okay so you all you've paid off the debt you you you're gonna have your fully funded emergency fund next month you're investing in the 401 K and you guys are saving for a house is that we're not yes the only thing is that we're not currently saving for retirement okay 15,000 we had was before we started paying off that okay that we just left alone okay gotcha so is that 15,000 where is that parked right now okay gotcha so you did some investing prior so you do have 15,000 saved up for retirement yes okay and so but you're telling me your husband is stressed out about it yes okay you want to be farther ahead okay and do you all have kids yet no kids okay all right so you got time and money right now get him talk to him and find out where's he wanna be like what are his dreams have you all had a dream meeting yet hold on you just got sad why did why what what did he tell you what he wants to do okay well but you all are 25 you got some time right so he's the planner that's right well and here's the deal you guys are wired different and and it's the male-female thing which is actually one of the things that can make you all a great team it is going to be a matter of really kind of dialing in and do me a favor I want you to hear each other like when when you talk about your dreams and you say as you said yourself you're all over the place you got a lot of things you're interested in a lot of things you want to do for him did he tell you his dream yes what is his dream his dream is that when we start having kids he's not working all the time and can spend time with his kids okay and take them to sports practice okay okay and see his stuff yours is activity driven and his is more family driven and there's nothing wrong with that I don't think there's a right or a wrong did he come from a family that that didn't have money no he's actually really good okay all right and so he's learned some of those habits so do me a favor all I want you guys to do is stop simply work together like I want you all to talk to each other share it but here's the deal don't try to fix each other stuff just hear each other you guys said I want you to tell him Christine for me you all are ahead of the game at your age I mean seriously you're 25 years old you guys don't have any debt you've worked hard to pay that off you're gonna have your emergency fund fully funded emergency fund in place next month and you guys have already started saving for retirement so now it's a matter of going into this process with your eyes wide open as I talked about earlier right with a caller that is looking to find a home I want you guys to go into it with your eyes wide open so you don't become house poor and what I mean by that is that you buy so much house that you can't do other things so slow way down make sure you get connected with a real estate ELP in your area all you have to do is go to Chris Hogan 360 comm and click on real estate ELP you can find a trusted real estate agent up there that'll walk you through the process so you understand exactly what it is you're doing and what you're buying and so it's a great opportunity for you all to stay connected and to truly make sure you're getting on the same page but again talking to each other it's not a one-off that's going to be a continuous thing that you do you guys are newlyweds still been married for just three years so you're working to learn each other but I'd say always choose to support each other and encourage each other and that happens with communication so VIPs if you want to join a community of future millionaires we a plan for you we have a Facebook group that is absolutely rockin and rollin this is a community these are people that are focused on doing things the right way because they're on their millionaire journey so all you have to do is go to facebook.com slash Chris Hogan 360 and click on the group section and then join Hogan's everyday millionaires but I wanted to give them a shout out and take a question from the group Jillian sent in she goes Chris I'm on baby steps four through six for those of you that are new baby steps four through six means she's investing 15% of her household income she's also saving up for college but she's paying extra on the house that's where they fall financially and she says I found out I'm considered a highly compensated employee so I can't contribute more than 10% for the Roth 401k I'm fun during a regular Roth as well as an HSA where else can I complete the 15% so again being able to look Jillian where you are financially and the money you have coming in what you're putting aside and investing in the Roth 401k for those that are listening out there Roth 401k simply means you're using after-tax dollars to go into your 401k so it's growing tax-free remember when you hear Roth Roth equals tax-free growth so it's a great opportunity but Jillian you have some other options you got the Roth 401k highly compensated your income is at a certain level so there may not be things that you qualify for for example with the Roth IRA but for highly compensated people there's what's called a backdoor Roth IRA and that's a great opportunity for you to establish an IRA but go ahead and pay the taxes on it therefore converting it now again I want you to get connected with a smart investor pro to be able to walk through the process to understand exactly what it is and what you qualify for but here's another thing Jillian for people that are out there if you're maxing out your 401k and you're putting the the top amount in that you can each year don't forget that you can still save for retirement outside of retirement accounts what I mean by that is you can put money and gross mutual funds with being attached to a 401k again smart Wester Pro can help you set that up where you're putting in a few hundred dollars or a few thousand dollars whatever direction you want to go but you can put that aside consistently to be able to help you start to save up to be able to chase down your dreams well listen I want to thank all the callers I want to thank my everyday millionaire Facebook group my phone screen uh Amanda DW my producer Bobby my audio dude forced and plugged in and listen until next time don't make excuses make progress

Free Update Content with TwoDollarsTwenty | Cities: Skylines Industries Tutorial Part 7



g'day guys tell us 20 here and welcome back to City skylines industries this is gonna be the last tutorial from me and I'm gonna spend it looking at the new content that comes with the free updates I'm gonna start by checking out the new toll booths which will raise extra revenue for the city however will also create extra congestion on the roads so to avoid this only replacing them around the outskirts of the city you can find the toll booths in the road section under the very own tab and there's four to choose from I'm placing mine on a three lane highway so I'm gonna choose the four lane toll booth and place two going in either direction once I've done that I'm gonna waste my money placing down some trees and then I can actually change the price of the tickets when I click on the building and use the slider to decrease or increase the ticket price another cool feature with the free update is the ability to make buildings historical you can make a building historical by clicking on it and then clicking the historical building button and this would mean the building will continue to level up by won't actually change its appearance I'm gonna do this around my downtown to keep the skyline looking quite prominent and the rest of the buildings much lower down and I'm also gonna do this for buildings that I just like the look of and when I keep that look in the city the last feature I want to talk about is something that is quite interesting and allies within the map theme editor and this feature allows you to create custom name lists for your map theme the really cool thing about this is you can really customize the names of pretty much anything that spawns in your city ranging from industrial buildings to commercial buildings to people to districts you really have a lot of freedom making these names and I think it's going to make for some really interesting and unique map themes down the track but guys that is it for these tutorials I really had a lot of fun exploring the new industries DLC and I just want to say big thanks to Paradox Interactive for asking me to collaborate with them I hope these tutorials are been useful and I look forward to seeing your creations in the near future I'll see you later

Step by Step How to Build Concrete Block House Caribbean Jamaica Style



in this video I will show you a few steps to build a house like this yes if you step-by-step right so this is concrete wall in the process of building so this is our amazing Lane some blocks and that's mark model play the blocks every day alright so yeah this is a building block and then remember the martyr this man beside the cement the Sun and water mix make a base – lady blocks history beneath my kitchen is never to know these tricks now shot when you see put in the water on the block stop me already so I'm trying to make this video education let's again learn something you like it if it'll like they don't like it because it's like if you want to see more of these video subscribe so this is the process of laying building blocks language is the same vs. BOTS diabolical different techniques got my card line so he tried to get use you steal I will do everything about this field in the next ten ever seen the next video stars are cheating on the name of the blood snow so the hardline showing on the level and everything you do is killing it cannot get the job done what is the border mr. ma this is the line of building blocks very easy but yours are to it and you try the first I might go get it that is about you it's a long does it go along hey well I never need this research really do a lifestyle it was a kid meaning love it and the two million bucks after tie them are your conic saga so you don't put blocks and blocks so with billion locks never steal but the steel would have to be a next video explain all the field layout what's the purpose of the deal with all the steel there's more bin so this is Omega this is all building we build in Jamaica different coding from America and from Canada today say Jamaica of a building standing up a Germany building standing I will never go to Germany so I don't know what the building is like what they say Jamaica by building standard in terms of the strength of the building and all the work is done but I had one a focus on that understand what I hear if you guys know anything about it even comment from right in deluxe right so just finish that role and so this is Spanish stones on the yeah be more specific I do videos everyone the world but does free country and the videos in Jamaica tink faithful in each trying the blocks together with each block the one which a certain height is to the bucket mix in Sun smell the rubber make one wrong answer this is all about name blocks what I did what I say make any sense sir all right construction site in the Caribbean to build a house you need gravel oh this is rougher underwater bubble give you some from it it's gotta be there full noise and then the next thing good and the Sun so wherever you find govern son so the Goblin Sun is a material used to mix it's meant to make martyr well the dekyon and Carson you son and guava with cement further on Asha what the cement two years of life so this is son b-because it wash son sometimes river son and sometimes poor sister so gobbler I work on it's not Martha all right this is the process mixing mixing I just mean about Osmond dinner all right this is spent this coughs man making drama gum so this is this this video we do we know it's taking place in Jamaica yes so this is Caribbean or the used to do concrete class in on deck in all right so son cement and guava work together after all Carson and Deccan here we have son and Smith used on Bob Linda so this is the process I used to lay blocks are set block building blocks what is his son once meant makes it water to get watery stuff like this usually dependent lakhs used to be commits reveal water is love – these are believed knocks yes this is what one not look like this buck is 15 inches eight inches high six inches 16 longest length the height beaches in the weeks six inches these are building rocks they used to be the house garages this is our building blocks all right