wealth isn’t a sole effort.
- According to Chris
Hogan, an author who studied more than 10,000 millionaires,
millionaires had four key relationships that helped them reach
a seven-figure net worth.
- If you want to be a millionaire, you should have a coach,
mentor, cheerleader, and friend in your life.
Becoming a millionaire requires teamwork.
According to Chris Hogan, author of “Everyday
Millionaires: How Ordinary People Built Extraordinary Wealth —
and How You Can Too,” you can’t build wealth without a bit of
help along the way.
In partnership with the Dave Ramsey research team, Hogan studied
10,000 American millionaires (defined as those with a net worth
of at least $1 million) for seven months — and he found they
achieved their seven-figure status with four key relationships.
Here’s a closer look at each.
1. A coach
“This is someone who stands on the sidelines and challenges you
to keep making progress,” Hogan wrote. “When you fall, this is the
voice you hear yelling at you to get up.”
Hogan himself credits the athletic, business, and financial
coaches he’s had throughout his life with shaping him into the
person he’s become.
Daniela Corrente, CEO and founder of personal finance app
Reel, can testify to the
importance of having a coach. She
told Business Insider the smartest move she’s made in her
career so far is hiring a business coach, who she meets with once a
week to discuss hiring strategy, fundraising, and establishing
“I know plenty of successful people that use a coach, they just
don’t necessarily admit it or say it out loud,” she said.
2. A mentor
In Hogan’s study, 86% of millionaires reported actively
receiving mentor advice.
“[A mentor] is someone who has done what you want to do,” he
wrote. “They’re on the same journey but they’re a few miles ahead
of you.” Hogan suggests not overthinking your mentor strategy —
stay on the lookout for someone you trust and take them out to
coffee every few months, he said.
“Save up some questions over time so you can have a deep,
meaningful conversation when you meet,” he wrote. “Ask them their
stories, learn what makes them tick. Ask them to tell you their
biggest failures and what they learned from them. Keep things
informal and learn as much as you can.”
You should also consider having a peer mentor — a coworker you
regularly exchange feedback with. Suzanne Bates, CEO of Bates Communications,
says that all successful leaders have one and it helps them rise
faster in their career,
Business Insider’s Shana Lebowitz previously reported.
3. A cheerleader
“This is someone who believes in you and is there to encourage
you no matter what,” Hogan wrote.
The best cheerleader for an aspiring millionaire is one who’s
already crossed the seven-figure mark, he said: “They know the
challenges you’re up against, and they will be a constant reminder
that you can make it.”
Having a strong support system can guide you through trials and
tribulations on your journey, and help you manage both challenges
and celebrations. Entrepreneur Randi Zuckerberg
previously told Business Insider that you need to “have a good
partner or support system in any situation to thrive.”
4. A friend
You can’t spend every waking moment dreaming about being a
millionaire, Hogan said.
“Friends remind us that life is about more than building
wealth,” he wrote. “And, especially true for old friends, they
remind us who we are and where we’ve come from. Don’t
underestimate the quality-of-life value in that. You never want to
build wealth at the cost of your relationships.”
But friends offer more advantages than just keeping you
Having stable personal relationships — and good personal
habits — means that you’re being a good steward of your
resources, William D. Danko, coauthor of the best-seller “The
Millionaire Next Door,” said in a
Q&A with the Washington Post.
It’s one of
his key pieces of advice for building wealth. “These behaviors
will lead to a longer life, and more compounding opportunities,” he
Research backs him up; studies show that fostering friendship is
key to aging well and boosting happiness,
Business Insider’s Erin Brodwin reported. Essentially, having a
healthy personal life can result in a longer life — and more time
for wealth accumulation.
Source: FS – All – Economy – News
Getting rich may be easier if you maintain 4 types of relationships, according to an author who studied over 10,000 millionaires