The average millionaire is driving a 4-year-old car with 41,000 miles on it. That's according to research on the habits of 10,000 millionaires in a new book.
Everyday Millionaires: How Ordinary People Built Extraordinary Wealth―and How You Can Too by Chris Hogan busts myths that people think about millionaires.
Millionaires are people with a net worth over $1 million. This means assets like 401k, real estate and cash, minus liabilities like car loans and mortgages, is a total over $1 million.
These people don't often inherit their wealth, nor do they always have six-figure incomes, according to research from Hogan and Dave Ramsey's research team.
Ramsey's radio show reaches thousands of people daily over the air and via podcasts and YouTube streams. Ramsey and Ramsey-associated personalities like Hogan teach living without debt.
"Only 21 percent of millionaires received any inheritance at all, and only 16 percent inherited more than $100,000," according to the book. "The vast majority of millionaires either didn’t get any inheritance at all or certainly didn’t get enough to make them millionaires!"
To become a millionaire the Hogan and Ramsey way, give yourself a "Total Money Makeover" and follow the Baby Steps. Hogan walks through the Baby Steps in the video above.
The Everyday Millionaires book describes being intentional with your money. Tactics for building wealth after paying off debt include steady 401k investing, being generous to others and fully understanding other financial and investing decisions.