What It Takes to Become a Millionaire


“He’s a millionaire.” Even today that phrase has a magical ring
to it. And what image do you see? Probably a guy in a $1000 suit pulling up
in his luxury car to his ten-bedroom mansion. He doesn’t have a care in the world. Why should he? He’s got all the money in the world. Who knows how he got it. Maybe his parents left it to him or he got
lucky in the stock market or acquired it in some dishonest way. What does it matter? It’s out of your reach, right? I don’t blame you if you think this way. I thought that way once myself. It’s how Hollywood and the popular media
like to portray the wealthy… “the one-percent.” But it couldn’t be further from the truth. How can I say that? Because my research team and I surveyed and
interviewed over 10,000 millionaires. We learned a lot about them. What we found out surprised me, and, I suspect,
will surprise you, too. But before I explode some millionaire myths,
let me first define what I mean by a “millionaire.” It means someone who has $1 million dollars
in net assets; that is, the total of their assets, bank accounts and investments minus
any debts totals $1 million or more. According to a recent report, there are almost
11 million millionaires in the United States today – more than ever. But here’s the kicker: that same report
shows the number of people living paycheck to paycheck is on the rise, with one in three
unable to cover a $2000 emergency with cash. The key difference between the so-called haves
and have nots? Well that’s what really blew us away. But before I give you that answer, I need to deal
with some myths about the millionaires we talked to. Myth #1 – Wealthy people inherited all their
money. The truth is, 79% of millionaires received
zero inheritance. That’s right, zip from mom and dad. They earned it on their own. Myth #2 – Wealthy people are lucky. This is one that I believed for a long time. But in reality, 76% of millionaires say that
nothing extraordinary happened to enhance their wealth. No lottery wins. No stock market killing. Discipline and hard work were the key factors. As for luck, the luckiest thing in most of
their lives was being born in, or becoming a citizen of, the United States. Myth #3 – Wealthy people have prestigious
private-school educations. Wrong again. 62% of millionaires went to public state schools. You don’t have to go to an Ivy League School
to do well. Myth #4 – Wealthy People Have High Paying
Jobs. Not true at all! One-third of millionaires never had a six-figure
household income in a single working year. Really. I’m not making it up. So, what makes these millionaires so extraordinary? You ready for the shocking answer? Here it is: Nothing. Nothing at all. Remember I said that there was one key thing
that separated the haves from the have-nots? It’s the attitude millionaires have toward
money. They have learned to control it and not let
it control them. So, if you want to achieve financial security, you need to change your mindset. The sooner the better. You have to start with the belief that it’s
possible for you to become a millionaire. I can give you 10,000 examples of people like
you who have done it. Next you have to take responsibility for where
you are financially right now. And wherever you are, however you got there,
you’ve got to own it. My friend Dave Ramsey says, “If you’re
the problem, it also means you’re the solution.” That’s actually good news. It means your financial destiny is in your
own hands. Once you’ve accepted where you are, you
have to create a plan and set goals. You need to pay off debt and build up savings. Methodically. 92% of millionaires set long-term goals for
their money. There are no shortcuts. Reaching millionaire status won’t just happen
accidentally. It takes what I call “intense intentionality.” And, of course, hard work. But I believe just about anyone who’s willing
to work hard and be disciplined about spending and saving can become a millionaire in America
today. If you had talked to all the ordinary Americans,
like I have, who have “made it”, you’d believe it too. The opportunity is there. Take it. This is America – where there’s always
room for one more millionaire. I’m Chris Hogan, author of Everyday Millionaires,
for Prager University.

100 comments on “What It Takes to Become a Millionaire”

  1. Emp6ft10in says:

    I know this statement will make me unpopular but seriously, stay away from addictive vices and expensive hobbies. This is one of the biggest factors keeping people poor. Of course when you have a low paying job you don't have any money to save after you have bought your cigarettes, booze, pot, hung out with your friends, and whatever other hobby or recreational activity you think you can't live without. When I was making minimum wage in the 90's ($4.25/hour) I was able to save $3000 dollars and the only difference between me and others I worked with was my clean living. And it turns out there are tons of things you can do socially that cost next to nothing if you are willing to give up the vices.

  2. burdickd2 says:

    Becoming a millionaire is easy. Work hard for thirty years at $70,000 then retire. Easy.

  3. Frances Tabor says:

    My father often said: "The harder I work, the luckier I get."

  4. Bruce Schneider says:

    Thomas Stanley has a series of books on this topic. The first and most famous is "The Millionaire Next Door." Great books!

  5. Juna Park says:

    so true. all the things he said, I have seen from my father. And I am proud of that he is such a wonderful worthy of respect hardworking person. Also building free houses for poors time to time. for that reason my dream always has been to be a father like him.

  6. Myst Wolfe says:

    My sister became a millionaire by this method. She lived within her means and slowly but surely she was able to put away a little at a time. Then using the money she had put away was able to have the money to put into opportunities that she thought were a sure thing. It all went well for her until she thought she was too big to fail. Then she ended up losing it all. The thing to take away is anyone can become rich. Anyone can lose it all. A rich man once picked up a penny and a little boy laughed and said “you’re rich why pick up a penny?” The man calmly replied “and how do you think I became rich?”

  7. joseph jackson says:

    Step 1: Stop working at a minimum wage job

  8. Billy Weaver says:

    It’s a pyramid scheme

  9. Lex Bravary says:

    Another myth: If you look like you have money, you probably don't. Most millionaires live very modestly.

  10. truffaut650 truffaut says:

    What does this "work hard" actually means?

  11. jaydawg116 says:

    Budgeting, retirement savings, and equity the key. Literally anyone who can save $400 a month and put that into a Roth IRA by the time they’re 26 or so will become a millionaire by the time they retire. Not taking into account home ownership or other saving/investment. That’s some minimalist savings habits.

  12. Tuppien Tuppi says:

    these myths are based on jealousy 🤦‍♀️

  13. Robin Jacobs says:

    (1.) Be born to wealthy Parents!
    (2.) Marry into a wealthy family!
    (3.) Be INCREDIBLY LUCKY in business! I.E. bill the gates and microsnot!
    (4.) Win a huge lottery jackpot!
    (5.) Special Note: the chances of "starting with NOTHING" and becoming really, really wealthy? About one in 100,000,000 !!!!!

  14. Stephen N says:

    Preach!!!

  15. Axel Smith says:

    Millionaire next door is an excellent read.

  16. Pistachio Macaroon says:

    I'm not a Millionaire but I live very comfortably. I don't have a big fancy house or a swinging car. I live in a studio apartment in a nice area in a beautiful city. I don't have kids, and I don't have the drama of a partner. I have money and investments in the bank, and I have emergency money I can access when needed.

    My Mother, who is a Honduran immigrant, taught me to do these things. (But she's pushing for me to have kids and get married lol I don't wanna)

    I'm so happy for this lesson of "saving" she taught me.

  17. Stick says:

    Sweet mississippi molasses rolling off the tongue, more videos with this man please👍🏻

  18. Patrick McCarthy says:

    The haves and the have nots are the saves and the save nots.

  19. Kent Frederick says:

    First, become a billionaire.

    Second, either buy controlling interest in an airline or invest in several airlines.

    Third, watch the investments go south due to fare wars, poor management, a major carrier dumping seats in competing markets, or an economic calamity causing a sharp drop-off in traffic.

    Fourth, cash out at a significant loss, leaving you as a millionaire.

    I got that from Warren Buffet, after his big loss on US Air.

  20. ogpladies says:

    I think that the socialists left will make us all millionaires. Not through enrichment but through hyperinflation.

  21. Jason Franzenburg says:

    Don’t need the phone to set goals!

  22. UltimateSocialist says:

    Got it, being poor is because you’re lazy or stupid.

  23. Ant says:

    But I don't wanna be a millionaire

  24. Anonymous Libertarian says:

    OH COME ON PRAGER! I mean really! What are we going to do? NOT pay the bills??? We'd all be on the streets real quick. Btw: Most wealthy are that way because of their connections, not their "smart" or "hard" work. I have tried to start a business but most States have a Byzantine bureaucracy! You need money to make money.

  25. nixborn says:

    What it actually takes to become a millionaire:
    Luck
    Exploitation

    PragerU is pure propaganda

  26. trained eye says:

    It's easier than that to become a millionaire. Just sell religion. There are plenty of suckers out there buying.

  27. S L says:

    My parents and grandparents gave me something far more valuable than an inheritance. They instilled in me an attitude, perspective and mindset. Hard work, education and not only saving but also investing. Most importantly, a respect for Yahweh.

  28. Dario _Fnatic says:

    Just scam and don't pay taxes all rich people do it and nobody inprison them XD

  29. Dario _Fnatic says:

    And what about all this kids flexing the money of their parents on social media yeah really hardcore discipline

  30. Damaster says:

    Not just hard but also smart work!

  31. Jeremy says:

    How to become a millionaire?
    1. work
    2. Invest
    3.repeat

    Being a millionaire is as easy as 123

  32. Hussain Tahir says:

    Wanna become a millionaire?

    Stop watching Prager-U and get to work

  33. tcraigalexander says:

    Ten thousand millionaires, isn’t that the same as like one bajillionaire?

  34. Your Interest is what matters. says:

    Weak people believe in such myths.

  35. Marc Padilla says:

    It takes a million bucks for starters.

  36. Marc Padilla says:

    That 1% doesn't necessarily include the children. We all have to make sacrifices.

  37. Cary Clan says:

    $1 million dollars is nothing in 2019. You cannot afford a 10 bedroom home with only $1 million dollars. Millionaires are mostly white or Asian, so being raised to believe you can be a millionaire, and access to good education is a key factor. Having a drug addict mother doesn’t help at all.

  38. Spartan Elite says:

    Robinhood is a very good app that I use and have been making money with from time to time. When using my link you and I would receive a random free stock.
    👆Join Robinhood and we'll both get a stock like Apple, Ford, or Sprint for free. Make sure you use my link. https://share.robinhood.com/douglah570

  39. Christus Terran says:

    I like your voice, wish people stop dividinv blacks and whites , just appreciate who you are

  40. Beats by Cossack says:

    Alternatively, be born to super rich billionaires and get a small loan of a million dollars

  41. Jorge de la Selva says:

    Work really hard, don't pay anyone what they deserve, cut corners on health insurance for employees, fire people when they learn to much.

  42. Der Mikadomampfer says:

    The taxes in my country make it impossible :/

  43. TGOTR says:

    If hard work was key to being a millionaire, why aren't every working class Americans becoming millionaires? Because it's not possible. It's 99% Luck. Not lottery luck, but being in the right place at the right time. Every employer I have worked under except one did not appreciate hard work, just how shiny you made their boots by licking them. Worked at a place for five years under a boss that if she could have killed me and gotten away with it, she would have…because my nose wasn't up her butt.

  44. gogobergie2000 says:

    Velvet voice

  45. Nash Avi says:

    I'm going to play the lottery numbers in this great video.

  46. NeoXenoZ says:

    Those who look flashy and rich are sometimes the ones who are actually poor.

  47. Paul Mielcarz says:

    Average age of a millionaire: ~60. Take that into account. To get rich while you are young you need to do something special.

  48. Jamal Ahmed says:

    I couldn't care less how and why someone became a millionaire or a billionaire as long as they don't avoid or evade what they owe to the tax man.

  49. Ryant Pasaribu says:

    indonesia have many room for the new millionaire

  50. Pheonix says:

    You can trace nearly all the myths, lies, envy, mistruths, narcissism and jealousy back to the media. This includes TV, advertising, magazines, Hollywood movies, and the fake news media. They are responsible for a lot of the evil in America today.

  51. Left Right says:

    I agree 100% with this video. It's not what you make, it's what you save. And becoming a millionaire takes time. It's not an overnight thing. And having a dual income really helps.

  52. mikesteelheart says:

    Become a billionaire then buy an airline…

  53. Mark Ash says:

    save $50K for 20 years equals million

  54. Florian Pierre DUMONT says:

    Good vid, so let me add my own little experience. I'm not a millionaire and I'll probably never be (but at least I will try ^^). When I finished my studies, I found a good job and I worked as much as it was possible. I took very short vacations, I made as much overtime as I could, and I try to find a "cheap" place to live. I also didn't bought a car or motorcycle, so it didn't cost me a lot of money. During my two first years of work after my studies, I was able to spare at least one third (sometimes half) of my wage every month. I either kept it on my account or bought some actions. I think one of the best way to get richer is the willingness to work hard even if you start from the bottom (as I was at this time) and the self-discipline, not to be tempted by stuff you can live without it.

  55. Katende Yusuf says:

    Jackass y did you block comments

  56. passthepipe1 says:

    Luck favours those who are in it's path.

  57. Ashish Upadhye says:

    Sir, your voice is really is worth millions !

  58. Rabbit Skipper says:

    Trump received millions from his father to start his businesses. 6 bankruptcies later & after waiting for daddy to die. He acquired several millions of dollars though inheritance. In fact, Trump never built anything.

  59. ALBER PAJARES says:

    What means to work for money,.. as simple as that.,. inmigration is ilegal.,.

  60. RITESH SHINDE says:

    That born rich lucky millionaire takes all the show.
    This is why people have such negative views about the rich.
    They don't see the struggles when these people are working 60 hours a week and just complain.

  61. knpstrr says:

    Being a millionaire was a big deal in the 1960s. Saying you want to be a millionaire in 2019 is like someone in 1960 saying they want to be worth $115,000. In 2019 a stereotypical "millionaire" is closer to being worth 8-10 million.

  62. Shaman Charriere says:

    Wow you all really hace things figured out bravo. Not everyone whos not a millionaire has a spending issue. Not everyone who struggles to make ends meet is a lazy worker either. Try becoming a millionaire when you have two kids to take care of at a ypunge age completely by accident, a wife riddled with chronic illness, family in need of your support, friends too, and so on. My dad is not a dumb investor, nor a lazy worker, nor is he non-oportunistic yet he struggles to make ends meet. My uncle who is a millionaire btw (helped design twitter, now is executive of sales for an internet company about to retire in his mid 40's) tells me my dad is one of the hardest workers he knows and that my uncle did have a bit of luck with the oportunities he got. So please don't tell me that anyone should be able to become a millionaire. ^-^ especially
    when your research only shows one side of the story. You interviewed million airs eh? Why not interview the rest of the population. Is it because maybe they would provide real reason that the wealth distributed amont the 1% and the rest of us is so incredibly more significant than the rest of the world?

  63. Tys Huon says:

    2:56 if 1/3 of millionaires never had a 6 figure income in a working year, doesn't that mean 2/3 or 67% of them did? Therefore over half of them? It's not a hundred percent but neither are the other statistics

  64. D27Rugen says:

    So 8.7million millionaires were at one point just like everyone else….

  65. ironcityblue says:

    Voting for communist scum to give it to you for free? Cause that seems WAY easier TBH.

  66. Al says:

    2:47 I’m sure they probably got scholarships in a public state high school before they went to a college or university.

  67. Al says:

    Some people said money isn’t everything in life, some rich people are not happy.

  68. The egg2 says:

    easy way to be a millionaire
    go to a big city and as millions of people for 1 dollar

  69. Seif Maamoun says:

    The fact the respondents claimed that they don't perceive luck in their outcome does not prevent external factors from playing a major role in the outcome. We tend to over-estimate our role when the outcome is in our favor and undermine it when it is not.
    I encourage everybody to take responsibility of their own actions as much as possible but I don't think everybody can reach the same outcome. We are not all equal in reason, agency, mental power and in self-efficacy and there is no shame in that.

  70. Thomas Nguyen says:

    I like his voice

  71. Google Isillukinati says:

    TLDR: ur jus not trying hard enough bruh

  72. Anderson Henrique says:

    Nice audio nice voice

  73. miller forester says:

    Stay out of debt.  Spend less than what you make.  Set aside a 3-6 month cash cushion.  Invest 10% or more of your money.  I remarried at age 48.  My wife and I got out of debt quickly, and saved/invested 1/2 of our take home.  Starting at the beginning of your working career makes it much easier.  One thing:  you have to out-perform inflation, and the Tax Man.

  74. nateross14 says:

    There's one key flaw with this thinking, which is the idea of being fixated on becoming a millionaire. Why is $1,000,000,000 the magical, number that qualifies one for financial success in most people's mind? It's just an arbitrary number based on cultural views of exhorbitance. A person who has mastered their finances, and knows how to live without excess, can live the rest of their life on $100k-500k and never work again. It is very easy to live on $10k-20k per year if you have no debt, like nomadic living in an RV, and live a simple minimalistic life. The problem is people want want want. It's never enough, and you always want more. The more you make, the more things you want. Anything beyond having good health, good food everyday, good clothing, a comfortable shelter, sufficient transportation, and good healthy relationships, is excess and want. If one wants to spend their whole life working towards being able to claim the title of Millionaire, thats cool. I would ask, what things of greater value are they giving up to gain such vast material wealth? How many experiences of enjoying life with others have been sacrificed in the pursuit of wealth? Chasing power and excess can be an unhealthy addiction.

  75. VAN月 says:

    How to be a millionaire: you were born in the right country. I don't think africans can become millionaires by working hard.

  76. Benjamin Fisher says:

    This is inspiring actually. Great video!

  77. Squirrel says:

    Porn made me a millionaire. It's pretty big….

  78. Recycle BinLaden says:

    Say "Luke I'm ur Father!"

  79. shadowsa2b says:

    Good advice about mindset and rationality, but i think everyone was hoping for a little more methodology after being told that prestigious education and savvy playing of the stock market werent necessary. So if people living paycheck to paycheck and scraping pennies together can do it (and im not saying they cant) — then how do? If its just by putting away a little savings from each paycheck, it probably wont happen in the person's life time just living a middle class or lower lifestyle with an average personal income

  80. GamingMaster says:

    so what you're saying is i must me american to be a millionare? Damn son

  81. Truth Hurts says:

    It takes my grandparent's inheritance. Suck it.

    Still get my parent's inheritance later on.

    Suck it.

  82. Truth Hurts says:

    Why would you have a niggro hosting this video? Most of them are broke as shit and on welfare and food stamps. 80%.

  83. Jason Kim says:

    I'm living in South Korea, and I don't think the word 'rich' is for the person with only 1 million dollars, as a net asset. It must be for the people with more than 10 million dollars. Isn't it in USA?

  84. Fred says:

    i am worth about a quarter of a million in spite of myself. now that i am more financially responsible, i expect to surpass the million asset milestone within the next few years.

  85. Donald Bahlman says:

    Very true. Thanks for sharing Chris.

  86. Maciej Dziedzic says:

    bro that's cringe

  87. William Shatner says:

    Back in 2007 right after outta college, I had only $200 in my bank account worrying about how to eat and where to sleep desperately looking for job. Today I own $500K home ($150K mortgage) with $750K investments after some 10+ yrs. I am single and a Millionaire but I do NOT feel rich AT ALL. Why? Because average medicore Millinaires wealth are tied into investments and home that they never be able to freely spend. It ain't $1M in bank account. They are Poor Millionaires but still seating at top 3% out of all Americans. Then I must ponder how the heck the rest of 97% peasants survive?

  88. eduardo landolt says:

    No one becomes a millionaire by getting up at 5am everyday to work for a millionaire all his life…

  89. seumsteadt says:

    I totally get this but there is one factor that is not in the equation. The income that you mange must be stable. Too many Americans are in an unstable workforce that makes it very difficult to do the things such as this video suggests. Sure you can save but if you lose your job, it can take ups to six months or more to find new employment. In the mean time that savings dwindles just to maintain the cost of living.

    You also have to factor in that salaries HAVE NOT kept up with inflation. Sorry, but it's fact. I like most of these videos that PragerU puts up. I thought they was trying to be more logical and unbiased with their points. But this seems like the typical Right-wing/Republican slant that I've heard for years. According to that philosophy, poor people aren't disadvantaged but lazy. Anyone can have the American dream if they work hard enough. The lesson I've learned from watching others and my own personal experience is you can work hard all of your life and still not have enough to enjoy your retirement. This video also seems to forget that a lot of people have invested only to see their 401K or investments disappear by shady investors or the company folding. You know. People in that 11 million category.

  90. SHUNTED says:

    PragerU: Money doesn't make you happy!
    PragerU: *posts this video*

  91. John Posten says:

    It also doesn't take $1,000,000 to be wealthy. A professor of psychiatry at the undergraduate university I attended said "as long as you always spend less than you make, you'll always be wealthy". While that in an oversimplification for becoming financially well off, in our current society of plastic money and easy debt, it's sure a good guiding principle.

  92. steve B says:

    very true

  93. Preston Vander Ven says:

    Strive for Wealth NOT just Net Worth. Wealth is the length of time one can live on their money without working.
    Once a person's monthly income from Assets is greater than their monthly expenses, they have reached financial independence.
    Millionaires can still be broke if they don't understand CASHFLOW.

  94. Jerry Lifsey says:

    $500 per month invested into a equity index mutual fund for 420 months. How can you find (save or earn) $17 per day to invest in an S&P 500 mutual fund?

  95. troy powell says:

    I can’t get these or Fox News videos to even play since yesterday!

  96. Ryan Cook says:

    you can avoid debt, you can avoid ridiculous spending, but the only way you are going to become a millionaire is by investing…

    look at your annual salary, now divide a million by your salary…. ooops, we forgot to take out taxes…

    now divide a million by your annual take home pay after taxes….. ooops, we forgot monthly bills…

    now divide a million by your annual take home pay minus your annual bills… ooops we forgot transportation, food, and necessities….

    now divide a million by your annual take home pay minus bills, transportation, food, and necessities…..

    that's how many years it will take you to save up a million IF you don't spend any extra on FUN STUFF…. more than likely it's more years than what's left in your lifetime

  97. Enver Bozkaya says:

    I'm not an American citizen so it won't be easy as it…

  98. Thunder Emblem says:

    Short answer: If you’re j€wish you’ll become rich. If you’re not then welcome to the club.

  99. Andy Jordan Male says:

    Like always great video.Wish you the best.Jesus bless. Please read the Gospel 1Corint 15:1-4,Rom 3:25, 10:9-10, John 3:16 & Ephes 2:8-9.Amen

  100. 5150jc559 says:

    Very Well Done.
    As Usual.

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