Chris Hogan – Journey to Financial Freedom

good afternoon Beachbody haha did I scare some of you with this voice some of you are thinking what that he can sing hell no I got a hum that's about all I got if there was an American Idol for humming I'd be in it I'd be a bad man too mmm that's all I got people were asked me about my voice you all can imagine my voice changed at age 13 can you imagine me trick-or-treating at your house people like there's a grown man out there trick-or-treat like I'm not a grown man I'm a child not long ago I was flying through Atlanta have any of y'all ever flown to Atlanta I will have a prayer meeting later that's the situation right there boy you don't want to fly through there but I was flying through and I had some extra time and I thought I'd call my wife and let her know how things were going now you can imagine with this voice I can't whisper I've been getting in trouble in church a long time okay but I was talking to these two little ladies were sitting there one little black lady one more white Lee they were traveling together and they pointed and they were like I know who he is and so I thought they'd seen my national championship ring or something thought I'm important and I'm not but as I walked away you all I promise this is what I heard one of the ladies said I know who he is he's the man from those Insurance commercials for real I that is a true story now if it ever happens again and I know it's going to you know what I'm going to do I'm going to stop and turn and go like this are you in good hands watching you I'm excited to be with you all I can't wait to talk with you about this money thing because it's a serious thing and you know goals you all have driven and motivated people but I got to take care of some business first I started t25 a couple of months ago [Applause] shaunti made me pull muscles I forgot a had is he here okay because I woke up at 2:00 a.m. with a charley horse the size of a small child you've been there you know what it's like limping around and then I stepped on a lego went down like I was shot but gentil that night I cussed him y'all custom to don't look at me like that but it's a good kind of cousin ain't it cuz he handles business but that night I said if he was here I'd whoop him and then I thought about it a man that can move that much while talking has some stamina probably don't want to fight him so if he's in here I was just playing don't you come up here on this stage auntie but you know you guys are used to having goals you are used to working hard you are not scared but here's the deal I want to tell you this a dream without a plan is called a wish and that's true and we got to have dreams but we got to have a plan for those dreams you all are helping people all around the United States and internationally with their physical goals t25 has got me believing I can get high school skinny all right now listen y'all are coming to my home state of Nashville [Applause] we're going we're gonna show y'all a good time when you get there but my buddy and I we started talking he's a former football player too and we started we decided to have a weight loss challenge all right he was a running back I was a linebacker and we decided all right you know what we're gonna get serious we're gonna drop weight so we started doing some stuff and then I got hooked up on t25 and I've been rolling and doing and everything's moving good but he and I decided we were going to make a little wager on this weight loss challenge so we both put up $500 now you know you all I'm about money right I've got three young boys there's seven eight and nine pray for us I'm telling you I think they got a supply of red bull or something up in the room I don't know but they move a lot all right how many of you all have kids raise your hand okay you know how many how many have three kids or less all right put your hands down four or more six or more are you fertile haha those three boys I'm telling you I love them to death if someone told me they're like Chris I'm sure your kids listen to you all the time with that voice please are you serious and not long ago they were at the park and I was trying to get their attention and I never get to yell you all you can imagine why but at the park that day I did like this I said boy every child on the playground side connected a little girl had a pacifier it fell out and my boys weren't impressing like that's just daddy we hear that voice all the time we are not impressed with that man but I love those boys until the weight loss shops walk is I want to get healthy I want to be around [Applause] my wife knows something happens to me she's going to be getting a lot of life insurance money to find her second husband I'll haunt both of them put that out there I'm just playing so we put that weight loss challenge and here's the deal you know when you try to get serious to make progress there are some pretenders programs out there not named Beachbody right and they suck right all right and so you plug in on something why you got to give the effort and that's why we can't just sit around on the couch you want to get healthy and we can't sit around on the couch wanting to win with money now some of you are making 2 to $500 a month in this business because you're starting to grow it and move some of you are doing 10 to 15 to 20,000 a month I don't care where you are in that continuum but you all are motivated people so that means you're going to go up your incomes going to increase but what's your game plan now they call me the money coach to the stars I've spent a lot of time in Hollywood working with entertainers musicians pro athletes all over the country I've seen people do stupid with money like you couldn't believe because they didn't have a plan raise your hand if you've ever done something stupid with money some of y'all did stupid last night playing the blackjack table and so you look at him you think we've all done something stupid but what's the deal well you gotta have a plan as I just told you if you have a dream without a plan it's called a wish so you've got to begin to move forward and plug in regardless of how much you make now some people will tell me Chris I'll start to plug in once I make more no that's not the key you've got to be able to start to tell money where to go instead of wondering where it went now you look at that because if you can't manage 20,000 a year what makes you think you're going to manage 30 you won't and so you have to start to think different and that's why I'm here I want you all to think differently about money moving forward because I have my motivation those three young boys and my wife are my motivation I want to make sure that we have a legacy I want to make sure that I do things as a father that take care of my family and that's what I want to coach you on today now I know you all are coaches you help people all the time you help motivate them well today I'm coaching the coaches because at the end of the day I want you to have something to show for your hard work because too many people don't now I'm going to show you a few slides 64 hold on let's see if it 64% of Americans couldn't cover $1,000 emergency without borrowing money $1,000 and you look at that 64% that's a high percentage that means if how many of you are homeowners raise your hand okay you know it doesn't take long to get to $1,000 a plumbing situation a roofing situation all of those things right there will get you right to a thousand pretty quick this next slide is the one that blew me away 70% of Americans are living paycheck to paycheck and believe that more income is the only solution now I don't know about you but I I love money I've been dealing with money for like 20 years okay it's contrary to what you think I'm in my late 30s late late 30s oh hell I'm lying I'm in my early forties but you look at this and you start to think what's 70 percent that can be a hard thing right but here's the deal seven out of ten people are living paycheck to paycheck and I want to bring it a little bit closer to home for you so you can start to understand this think of 10 of your friends you got 10 up in your head 7 out of those 10 friends are living paycheck to paycheck that means that one check doesn't show up they have a situation you want to bring it closer to home think of 10 of your family members 7 out of 10 of them on average are live in paycheck-to-paycheck I want to change the game I want people to start to look at this and realize a few things that to build wealth I've got to take some steps it's just like with t25 you got to focus all right you got to get serious about it and that's what I want you all to do with your money now some of you aren't going to listen some of you are looking at your phones playing around and that's okay go to my facebook page say my hair looks good okay but for those of you that are serious and you have kids you have somebody in your family you love enough that you want to be able to do something for and I tell you this if I gave all of you a thousand dollars you can think of somebody that you could bless with that money couldn't you say yes invariably very quickly everyone knows of somebody that could use that what I want to do is this change the game that it doesn't have to be some day you wish you could help somebody but actually you get to help yourself your family and the people you care about just because you plugged into a plan and here's the deal I guarantee you all with the effort you give working focus t25 the focus you give with p90x all the focus you give on all of the programs if you will focus on your money in that manner I guarantee you will be a millionaire now some of you haven't said though I saw the program yesterday just as a millionaire is up on stage say yes do you want to be one is it just going to happen say no you got to work and so we look at this I'm going to take you on a process to show you exactly what you're going to have to do now I want to show you this we're going to talk about hold I want to back up one we're going to take a journey how many of you have been on vacation before how many of you been on vacation with kids oh that's the situation isn't it my wife decided we're living in Tennessee by the way I'm married way way up Nami Wade Wade if you met my wife you would say all bless her heart does she have a seeing problem or is he just one hell of a salesperson let's go with number two I closed that deal lying a lot college sweetheart but she decided with those three boys all under the age of five that we were going to drive to Atlantic City fifteen hours with three young kids now as you can imagine I tried to make all kinds of deals I'm like maybe we will transform the backyard into a beach I will bring in sand palm trees I'll do whatever let's not have to do this and she goes though we could do it it'll be a lot of fun have you ever been in an argument with your spouse while driving yeah that's not fun the kids are in the back screaming that's not fun fifteen hours we split it up but to take that journey we were going to have to have a game plan like we needed to have a process we just couldn't blink like I Dream of Jeannie and just pop up in Ocean City we had to have a plan the plan is the thing I want to give you today because that's what you have to have to win with money we wish we hope all the time for things to just work out with money and if you don't follow a plan it's not going to happen I guarantee you so if you plug into this now I'm going to tell you I guaranteed you the results this is the same plan I've walked through with millionaires this is the same plan that I will fly next week to New York to sit down with another millionaire to walk him through so I'm going to give it to you I ain't selling it to you I'm going to give it to you but I want you to plug in can you do that say yes so here's the game plan you got no tape you got this on your app some of you y'all you got a little laptops and everything you on the ball did you take a picture of me yet right on right on behave I'm married honey you quit that now listen on your app you've got my presentation so I want you to go to it on the phone to coach Summitt app pull it up and you're going to be able to walk through these plans this tip and if you've got family and friends I want you to share it with them because he has a former banker I thought it was more sophisticated to win with money making six figures and not having much to show for it why because I let stuff get in the way of my work I was hoping things would work out instead of planning for them too so baby step number one we're going to walk you through steps they are baby steps and the reason why we call that is that we're going to do one thing at a time the problem is in this day and age we got so many things buzz and ringing and Bing and we can't focus we are an abd culture squirrel we can't focus I saw a man the other day driving to work he was eating a bowl of cereal while shaving I quickly got over away from him because he's an accident about to happen why he ain't focusing on the road so step one baby step one we're going to walk you through these one at a time don't try to do nine things at once you're going to be ineffective in most of them so the first thing you want to do is get a thousand-dollar emergency fund now I tell you this because as you get this thousand dollars what's going to happen is is life when it comes up you're going to have a game plan to deal with it you're not going to be surprised like watch this how many of you have had an automobile related emergency in the last year raise your hand look around the room put your hands down if you look at that you think yeah life is going to happen but if you're not prepared then what happens is we end up reaching for credit cards and things and those things aren't your friend I'm going to come back to that in a minute so what I want you to do is get $1,000 saved up and I want you to put it in a money market type of account now money market is something that your bank every bank can do a money market account what it is is it's going to give you a better rate of return than a simple savings account savings accounts are terrible I mean there's just the interest you're not going to earn much but a money market is going to you a better rate of return and your money is going to be safe we're not investing this money this is money that's going to sit there so if we have an emergency a flat tire needing a battery whatever it is you have money now to go do it 80% of Americans don't have money just sitting as a culture we spend a dollar 26 for every $1 we earn now I'm not a mathematician but that ain't a good thing so if you have this money saved up you're going to be able to breathe a little bit easier you're going to relax now people say well Chris how do I get this thousand dollars well I'm gonna tell you the first thing is by working the second thing is sells some stuff we got stuff did you all know that storage units didn't come around until like the 70s we got so much stuff that they it's too much for our house so we got to go rent space to put stuff that we go visit and so you think about that you go I got some stuff around the house that I could sell and you start to look in your attic like me I had three sets of golf clubs by the way I suck at golf no I look good y'all I ain't gonna lie I got my little hat shoes right I look like I know what I'm doing until I swing and the ball goes 300 yards I just don't know where it went okay as a problem so I thought you know what if I sold two sets of those golf clubs that could be money we could use for our emergency fund when we started getting serious about it so my tip to you is when you go home I want you to find stuff to sell now hear me wives especially don't go back selling your husband stuff my wife was home making a list of my stuff I'm like no you're supposed to make your own list and we did and we had a yard sale how many of y'all have ever had a yard sale by the way okay there's some interesting folks that go to yard sales man showed up at my house at 6:00 a.m. yard sale didn't start until 8:00 I went to him at the front door he goes sir I'm here for the garage I said well it's not time and he pulled out money he said well I have money I said let me go open the garage or we started that sale early and I made $125 and so you start to think about that it can be a game-changer because you relax a little bit because you know if something pops up I can take your business now I want you to hear me the pizza man showing up at the front door is not an emergency okay the sales going on with shoes is not an emergency so what you want to do how many of you are married okay here's what I want you to do how many of you are happily married oh if you are here with your spouse and you're handing up you gonna have a problem when we get ready to leave here but if you're married what I want you to do let me I'm going to tell you another stat money fights are the number one cause of divorce money fights and so I want to thank Jeff and Sandy for bringing me here because this money stuff runs deep you all and you all are knocking it out of the park you're rocking it but I want you to have a game plan so husbands and wives what I want you to do is make sure you're on the same page make sure you're working together and your an agreement on stuff financially don't use money as a weapon and I want you to use it as a control mechanism you're a team so you sit down and talk here's the problem most of us have not been raised with how to deal with money no one ever told us so we have to feel around in the dark for the light switch and then we make a lot of errors so I want you to talk about it together the best way to start to deal with money together is to have a dream meeting first and foremost I want you all to sit down and dream about what are some things you want to do where are some places you want to go who are some people you'd like to bless and what happens is is when you put down your weapons you start to realize that we're a team like if we're both in the boat and rowing in the same direction we're going to get there a lot faster but what we have going on is we have husbands and wives sitting in the boat rowing in different directions and you know what happens you go nowhere there's a lot of energy expended but you're going nowhere so I want you to be an agreement how many of you are single you ain't got to put your hand up all happy and fast like that like we do what we want where we want how we want you Chris I know and that's good I want you to be able to have some freedom but I want you if you are single or newly single I want you to get an accountability partner I want you to get with somebody that that wants you to win financially I don't mean your shopping buddy because y'all be up in the mall doing stupid together okay so find somebody that's serious and committed to helping you win and now you begin to talk with people about stuff now I want you to hear me I don't care where you are financially better is available people always tell me Chris I'm doing okay we're doing alright I don't think alright is the destination you know if you were coaching somebody and they were doing t25 and you asked them hey are you doing your workout too every day and they were like yeah we're doing them here and there that's not going to lead to success so with money I want you to make sure you got an all-around game plan something that you focus on in his I'm going to show you something I figured out something a long time ago that money will behave watch this see money can only go where we let it go watch watch us stay come with me see some of y'all are leaving your money in the mall money will go money will behave like you wish your kids would so you think about that it will it can only go where we let it so if we take it out and we go on and we spend it on stuff and we don't have a game plan we just turned our money into their money because you end up leaving it with them I want you to look at it don't have that be this thing that oh I don't know how it works I know how it works you work hard you earn it when you get it you got to tell it where to go you got to tell it to go toward that deep that bill you got to tell us you go towards your mortgage you've got to tell it to go to your savings you've got to tell it to go to your investments if you don't tell it it won't go so start to think different now this next step once you get the thousand dollars you're going to let it sit rain messing with it okay because it's only for emergencies and you and your husband or spouse are going to talk about that but now once you have that you're going to go to the second phase so look at your app you can see the next one or I'm going to have it up here on the screen the next one is we're going to pay off all the debt using the debt snowball now you go wait a minute Chris what are you talking about debt what I'm talking about is all dead except for your home so that's credit cards car loans all of that remember I'm walking you through a plan I didn't say it was going to be easy I've said it's going to be waived and official when your focus so what I want you to do is get a sheet of paper and write down all your debts I want you to write down the credit card you got if you have a student loan if you borrowed money from your parents whatever it is lay it out there now if you're not sure of what you owe on student loans you've probably been getting a bill and haven't opened it but you can also get a copy of your credit report now hear me with this and if you're taking notes jot this down there are three credit repositories out there TransUnion Equifax and Experian what I want you to do is get a try Mertz copy I want you to get a copy of all three of your credit reports if you're married I want you and your spouse to get theirs sit down together and look at those and see what do we owe where do we stand right now because see we're going to start to eliminate that now I found a visual of what credit cards represent and what debt represents anybody see these and I get arrested last night handcuffs I want you to start to look at debt as handcuffs because see what it does is it keeps you from doing the things you'd really want to do it keeps you from doing stuff and here was the best image I ever saw when my first son was born Tyson who's now nine I thought debt is keeping me from doing the things that I want to do for my family now I put that visa in that American Express card up ahead of my family so I'm going to stop now some of you are looking at me like Chris you understand I get I get miles for my credit cards that's not something you want to get wrapped up in because I'm going to tell you this I have met with many millionaires none of them have told me that airline miles and credit card points are the things that put them over the top none of them have told me you know what then points I got from discovered that cash back that was the thing that put me over the million-dollar hurdle none of them and we have to shake up our thinking like my boys even know like the Capital One commercials and any of y'all have ever seen those they're cute right what's in your wallet cash I have cash in my wallet why because I know how credit cards work they charge you a penalty they charge you interest for using their money high amounts of interest and so you start to look at that you go here wait a minute if it was a real friend of mine it wouldn't penalize me and so I'm going to give you a PhD in economics right here if you're taking notes write this down interest that you earn is a reward your savings accounts your investments if you're earning interest you're being rewarded interest that you pay is a penalty you start to think about that so if I'm paying interest I'm being penalized using someone else's money so you don't want to be penalized you want to make sure that hey am I doing the things I need to do for my own family and so I want you to make a list of it now the debt snowball what is it the debt snowball is how you're going to attack the debt once we've got it listed out and we know what we're dealing with now we're going to walk through and systematically knock them off one by one so we're going to start with a little bitty one first so if you've got a little $500 Home Depot or $500 visa we're going to attack that one first while making minimum payments on the other debt and once that little one is gone we're going to take that payment and add it to the second debt and now you see it's just like a snowball that rolls downhill as it rolls that's picking up more and more snow and it's getting bigger and bigger so as you do that what's going to happen is you're going to realize that my gosh we're making more and more progress now student loans okay it's a big deal these days 1.2 trillion dollars worth of debt we have it's over over past credit card debt which we have at 800 million in this country if you have student loans it's going to take a little bit longer for those to be able to knock those out but what we don't want to do is turn a blind eye to it I had one client that I worked with they had $300,000 in student loans to come out to make a salary of 50,000 as a social worker they had got their bachelor's master's and PhD to be a social worker right now there's nothing wrong with that career choice what I'm saying is I want people to look at money a little bit differently we don't know how money works we don't understand we don't get it and so I want you to see interest for what it is now if you have credit card debt I don't want you to feel bad what I want you to do is get focus say focus that's what I want you to do because here's the deal when that money stops having to go out to that credit card guess where it gets to stay with you when it stops and that's what debt does that makes our income out gone so what we want to do is yeah we're already working hard for this money do we get a chance to keep more of it with us now I don't care how much you're making if you're doing this and you're making two grand a month or two hundred dollars a month or twenty thousand a month you've got to have a plan you have to and so as you look at this you'll start to attack that and so what I want you to do and some people save all Cris so what do we do if we have credit cards I'm going to show you I want you to once you pay them off call them and close them and cut them up because here's what you're saying when you do that my money is staying with me I'm no longer going to do that and that's exactly what I did my kids matter to me more than this piece of plastic I don't want to belong to the debt Country Club anymore my three boys have the right and so I looked at it now you can also look at some stuff to sell to get out of debt I had a motorcycle and tell you all this quick story we been saving up I got a motorcycle my wife said honey you can get one but promise me this that you'll sell it when we have a baby I didn't hear that part I was like yeah I okay honey whatever and I'll go cuz you know the motor sucks I love riding it cuz my went my the hair my hair can blow in the wind quit that and so she said promise me so we found out six months about a year and six months later we're having a baby and she goes so are you gonna sell the motorcycle I said huh have you ever done that to your spouse huh like it's gonna make it go away right huh so we I sold it I knocked off two credit cards in American Express and Discover took back territory now that was $400 that wasn't going to leave me each and every month I had just given my family array.c we get so used to making payments we don't really realize hey wait a minute I've got a lot of money going out to these people what could we do with this if it wasn't leaving us and so you start to look at it another way you can give yourself a raise that I don't have on here but it's also get on a budget okay so type that in their budget now some of you soon as you hear that words you break out into hives you're like oh ho ho you just said the b-word and if you don't like the word budget here's the deal then I want you to get on a cash flow plan see all we're going to do we're going to mystify this stuff because we think it's a lot harder than it is we're going to start to tell money where to go instead of wondering where it went so I want you to sit down you don't need to buy any kind of sophisticated software you know you can you can go to you can get basic formulas basic forms you can go to Dave Ramsey comm that's a guy partnered with and working with you can get some free budget paperwork and a file to plug in you just need to know what does it take to run our household how much is our mortgage how much is our rent how much are our utilities those basic things now groceries are dangerous and some of you all eat healthy all of you right eating healthy is more expensive isn't it say yes right you all have Whole Foods out here okay or as I call it whole paycheck I'm potatoes so my wife's decided that the boys were going to we were going to joint start drinking organic milk as a family we go through like two three gallons in a week okay my boys got strong bones I guess I don't know but we went to Whole Foods my oldest son and I and I was talking on the phone of my wife Lydia baby we're gonna pick it up we got it and my son said whoa daddy I was like what's problem he said this is expensive milk I said what do you mean I looked at it it was almost $7 a gallon I told him I said boy put that milk down carefully step away from the liquid gold we ain't drinking that stuff i'ma tell you right now cuz I can't pay $7 a gallon you know that I will buy a cow first the Hogan boys will get milk direct put your lips on that boy you're good go hey that is on a budget but you know what I'm saying but hey groceries are dangerous if you're going to eat healthy we got to look at it and say okay if I'm going to eat healthy then I realize I've got to cut back in some other areas the other thing I want you to stay away from are these big big shopping stores grocery stores like Sam's and Costco's you all seen those okay you know the ones with a cart so big you need a CDL license to drive it CDL the commercials to my truck license y'all and you know you got to be careful in there because you was a problem if you can go down our one and get eggs but picked up a couch on aisle two that's not right so you got to be careful and you know you go in there hungry and you buy that thousand pack of egg rolls because they tasted good while you were there and you come home and then the dog won't even eat the daggone thing why cuz you know and we did stupid – I'm gonna be honest with you all my wife we were in the store she texted me she bought a jar jiff the size of that podium I never seen anything like it she called me she said honey come over here and help me get this in the car I said get what my wife is strong she does a Taekwondo she's an athlete I'm like you mean help you what so I calm you all and I come around the corner down the aisle where my wife was I thought it was a display I she was like put it help me get in her cart I go honey that's too much peanut butter and then your voice got deep she was like put it in the cart because then my boys got high yes here I was scared she got mad we put it in the car you should have seen me trying to get it home I needed some straps or something all right but it was on sale and we thought it was a good buy and the kid bless their hearts they're so tired of peanut butter no I'm her eyeliner boy there was the unintended benefit from this peanut butter I didn't realize this because it was so big like you couldn't put it in a cabinet so we just set it up on top of the refrigerator and the boys are like daddy we want a snack cuz they eat everything I was like we got peanut butter looks like ho so I went out and bought this 1000 pack of spoons and I'm like going to get your scoop and so they would go get a scoop and then that little tongue will get stuck to the roof of the mouth and then it was quiet in my house for a little while I was like I love me some peanut butter I know why and the boys they knew cuz look mom and dad got serious when we started working together we started doing stuff that mattered and you start to get on the same page and what happens is you look at stuff different you know we did we realize we were spending almost thirteen hundred dollars a month on groceries and my wife said honey how long could we go without having to buy stuff now go what do you mean she goes you got stuff in cabinets corn that canta lima beans that's move with you three times the pole the labels just hanging on you know the one and we pulled everything out of the cupboards we pulled everything out of the freezer and we realized we had enough food there that we could probably go a long time without having to buy groceries now I'm telling you this because this is another way to save you money so if you're spending eight hundred to a thousand a month or whatever it is on groceries if you can eat what you got in there you can start up and get almost to your emergency fund of $1,000 so we have to buy eggs and milk don't get me wrong we bought those things and we have some interesting meals when you put peas and ramen noodles mix with a little ground beef that's interesting I go live but we did that because we realized you know what that money's not going to leave us now this month and we looked at things different and eating out is the number one zapper of someone's budget so here's what I want you to do I coached the guy last month he told me he was spending $4,200 a month eating out I told him you could have bought a chef hired a chef for less than that he had no idea so some of you out there like oh that's terrible you're spending too so how do you control it well here's the thing I want you to get an envelope just a white envelope and I want you to put an amount of money in there per pay period and that's what you're going to use to eat out on you're going to look at your budget and say okay hey here's what we're going to do we're going to spend X amount 300 every two weeks for eating out and when you go eat out I want you to pull the money out of that envelope and guess what when that envelope is empty you stop you can't eat out anymore until you get paid again I'm trying to help you put holes plug some holes in your budget and we you see it out on Sundays after church all the time and our boys knew they'd say daddy are we gonna eat out we go well we gotta look at the envelope and so when it was empty I said guys hey envelopes empty they know that they know what it means and I hurt my middle child who's wired like me and he sat back he went like this guess we're eating more peanut butter then huh I did like this you show our and the jar you all we've had it for two years it ain't moved it's like down here now I tell you those things because when you look in the budget it's not it's not a difficult thing it takes effort so I want you to sit down now I'm going to tell you this it's going to take two to three months for you to get a budget just right see the first time husbands our wives I can guarantee you the first one's going to end in a fight why cuz you ain't ever talked about it before everybody's nerves are on in guys we use money as this as this to measure our value ladies you look at money as security and so if there's not enough money the guy ego is hurt and if there's not enough money the lady is scared well let's get this right his egos hurt and she's scared oh that's a love brew right there in you just strike a match and throw it in there on that it's going to combust so here's what you do you sit down and say alright we're going to Chris you say listen – bald man told us it's gonna take us 2 to 3 months we're going to take time with this we're not gonna get frustrated we're going to walk through this but as you do it you're going to gain more and more confidence and I'm going to tell you this when we got plugged in on budgeting we saved ourselves $700 a month just because we started to tell money where to go instead of just going all over the place so when you control your money there's benefits to it you don't always have to earn more you just got to manage what you got so attack debt like the plague the next step once you've done that then we're going to move to baby step number three now you look at this baby step number three is where we're going to we're going to save up three to six months of expenses we're going to make sure that we've got all the things that we need to be able to take care of business and you can do this now because you don't have debt and so you've already attacked all the debt for except your house your cars all that in baby step to your credit cards bank loans you're paid off everything but the house and that could take you 18 to 24 months it depends on how intense you are and how much debts you have and so you look at that but once you do that now you can stockpile some money we have to start our emergency fund of $1,000 but now we're going to put three to six months of expenses aside why because what it's going to do is you now have some protection against life happening if there's a job loss if there's an illness whatever it is but you're going to have six months of living expenses sitting in that money market account and as you have that you're going to breathe easier you're going to know that hey you know what I've got some I've got time I've got some money I can be able to take care of some stuff and so I want you to start to think about that and look at it and say okay here's what I need to do I get those three to six months of expenses put away I'm not touching it unless there's an emergency and here's what I found when you have money put away you sleep easier because an emergency fund makes it a simple inconvenience out of emergencies and so you're going to let that sit there we're going to treat it just like the first emergency fund we're not touching it and so now that's going to build up now people say well Chris why are you seeing three to six months expenses because it's going to depend on your preference some people like having six others want three it's up to you so you begin to look at that again if you're married talk about it with your spouse if you're single or newly single I want you to talk about it with your accountability partner but that money sitting there is going to give you a breath of fresh air when life happens and a lot of people I mean imagine if you had six months of your living expenses put away how would you feel how would you be able to focus on your job you're going to feel a little bit different why because you are focus now once you do baby steps 1 2 & 3 now you're going to get to baby step number 4 look in your presentation Mike we doing all right on time okay so I'm a walk through these real really quick now this is where we're going to start to invest everybody's always talking about retirement one invest we want to start to put money away this is where we're going to do this now I want you to hear me retirement i'ma tell you something retirement is not an age retirement is a financial number so when you can get to your financial number you can retire so you've got to start to realize what's it going to take for us to retire on what's going to be a little bit easier to start to invest and do stuff now that you've taken back your income from the credit card places so now you start to invest now I'm going to ask you this how many of you drive the speed limit all the time raise your hand there ain't a hand up in here really raise your hand seriously if you drive the speed limit one two three four okay how many of you go five miles over the speed limit aren't you how many go ten miles over the speed limit okay I've got some heavy feet how many of you go I don't want to know how many miles over the speed limit y'all get ready to get a ticket I ask you that because it's all about our risk tolerance how much risk are we willing to take you see the people that always drive the speed limit they're not willing to take a lot of risk the people that go five miles over we all know the rule they tell you if you're by miles they're probably not gonna get a ticket ten miles over you open up the wrist but I don't want to know how many miles over you really open up risk to get a ticket well with investing I want you to make sure that you're taking the right kind of risk based on you your lifestyle how close you are to retiring and so I want you to do this for me I want you to plug in I want you to find an investment professional that has the heart of a teacher not your bro Conkel not your friend that I know what they're doing I want you to find somebody that's not trying to sell you stuff but literally wants to help you that's what the heart of a teacher means so I want you to find that person I want you to sit down with your spouse if you're married and begin to talk that stuff through and know what you've got to do to hit your number as you do that you're going to be better prepared again husbands and wives working on it together now I got something I need to back up and tell you that I want to make sure you get if you're sitting in here and you don't have a will I want you to get a will by next week you have to have a will you have to especially if you have kids if you don't have a will I don't know about you but see Tennessee we struggled to keep some potholes paved and if I don't have a will my kids are going to be turned over to the state if we can't take care of a road they're not going to take care of my babies and the same for you and where you live so you've got to have a will you can go to us legal forms comm and get a will you can go to Legal Zoom and get a will you got things that you can do the second thing I want you to do hold on honey is get life insurance I want you to get a term life insurance policy on you and your spouse so you got to have it on both of you we tell people to get 10 to 12 times your annual income in term coverage so if you make fifty thousand a year you want to get five hundred thousand in term coverage it's like forty or fifty dollars a month as healthy as you all are it's very cheap but what insurance does is it income replacement god forbid something happens to you you know exactly how much money is going to come to your family and if you've got a spouse that's working inside the home you need to make sure you get coverage on them as well it's very very important and so as you start to do this investing we tell people 15% so husbands and wives if you're doing seven two and a half percent each outside of your jobs or with your jobs but that's the number you want to be at now all the other steps we did one at a time but when we hit baby step four and we're starting to invest 15% we're going to start to do some other stuff at the same time this is the first time we've done multiple things because we've wrestled away our debt and baby step number two we've got an emergency fund and baby step number three now we're going to start to invest next what you're going to do is start saving up for college for your kids this is baby step number five so we're going to begin to put money aside for for college now you can talk with your investment professional they can tell you about educational savings accounts also known as an ESA okay there are things that you can do there they can walk you through your options but now you start to running away while they're young that money is going to grow and now you're going to have an availability when the kid gets old enough to go to school you'll be able to have money for it now some of you are sitting out there and you've got kids in high school or maybe some of you have kids in college you say Chris what can we do I really want to encourage you just start to be proactive and looking for scholarships really talk to the guidance counselor talk to the people at school and find out scholarships are available we just have to get focused on seeking them out and really really applying for them and being proactive now once you're doing baby step five you're also going to click down look at number six now that we've got all the debt kind of taken care of now we're going to begin to attack our home debt now we're going to not try to just because the goals not to just buy a home the goal is to own that bad boy free and clear and some of you you know with the total financial freedom you've got people that are winning and doing that in here but I'm going to tell you this if you if you've got a thousand dollars a month going out on your mortgage what could you do if that thousand wasn't leaving you every month think of how much progress you could make toward retirement think of how much progress you could make towards saving up for college because that mortgage payment isn't leaving you every month and I want to encourage people to start to think a little bit different on this and so attack that don't listen to any account that says hold on to your mortgage for the tax deduction no that's stupid pay that bad way off and get that payment out of your life so you don't have to be bothered with that and then once you do this you do the best thing you can ever do with money on baby step number 7s build wealth and give and I tell you this because as you start to do it you're going to be able to be a blessing to people you're going to be able to do stuff and I want you to I want to ask you this question what could you do if you didn't owe anybody anything you could do whatever you wanted to do you can take those vacations you've dreamed about why cuz you can pay cash when someone in your neighborhood or in your family has a need you can write a check you don't have to and so I walk you through this process because it's an amazing thing when you get that kind of freedom you get free you can do whatever you want you want and so I want to encourage you don't get caught up in the traps of today that tell you you need to have the latest greatest thing if you've got a car that runs drive it they're going to come out with a new model every year don't get caught up in that payment don't do that you start to look at stuff a little bit different and I tell you this the biggest thing you could do as we get ready to wrap up here as you work through this plan step by step I'm going to tell you this it works we've helped millions of people plug in and young people in here I want you to focus don't you give up I want you to stay committed I don't care if you're making a thousand a month or whatever it is man is that to the best of your ability and when you do things change and I'm going to tell you this there's one more thing you have to do today I've walked you through the plan you've got to do the most important part right now and when you leave out of here and that is you have to decide you have to make a decision that as husband and wife we're going to work together we're not going to get caught up when what the world tells me I need to have I'm going to stay focused on on a plan I'm going to stay focused on building a legacy and when you decide to be different with your money and you decide to never get confused the difference between a want and a need and we do that a lot we get confused when you don't get confused anymore you'll start to make progress and I'm going to tell you I started off telling you this a dream without a plan it's called a wish a dream with a plan and a target it's called a goal so I'm going to ask you do you think you can do this say yes are you going to do it say yes I want you to get serious about this there's no book you need to buy there's nothing else you need to do but plug in and follow these seven baby steps and I guarantee you you will win the difference is for your kids kids and for me that's my vision when I'm old and my kids were able to come up and talk to me and my great great grandkids say you know what our grandfather cared about us our dad cared about us and he cared enough to try and that's all I want you to do is to try can you do it say yes thank you all and have a great day

8 thoughts on “Chris Hogan – Journey to Financial Freedom

  • Awesome. (Step 1) Have an emergency fund of $1,000 (Step 2) Pay off all your debts except your housing loan. (Step 3) 3-6 months in expenses in savings. (Step 4) Save 15% of household income for retirement (Step 5) College funding for children. (Step 6) Pay off your house early. (Step 7) Build wealth and give.

  • …''THAT EXPLAINS THE """HULK""-…Look …He was …pro…linebacker…now for something …funny …this …5'8"-Guy smaller than everybody DURING my six-weeks @ Boot-Camp…somebody said now what can he do …NO-BODY NEVER heard him speak …and with His DEEP'…Voice they made Him …Sargent-''…at ARMS-…and ""SQUAD-"""…Leader'''…-(SSGT-BraxTon-)-…based on …TRUE-STORY'''….

  • The “Ramsey personalities” all speak like used car salesmen. It’s like they are trying to sound like what they think a motivational speaker should sound like instead of just being themselves. Lame. Good content and good message, but fake delivery.

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