I review the National Study of Millionaires, the largest study of millionaires ever undertaken, by Chris Hogan and the Dave Ramsey team.
Not too long ago, I reviewed the book “Everyday Millionaires: How Ordinary People Built Extraordinary Wealth—and How You Can Too“.
You can read my full review, but to summarize, I found the arguments compelling and in agreement with my own beliefs, but I objected very passionately to the lack of concrete data presented in the book.
The data, based on what was known as the “National Study of Millionaires”, was discussed in detail, but there wasn’t anything in the way of raw data presented there. So one needed to take 100% of the results on faith.
That isn’t okay.
If I were to tell you that all of the people I’ve coached are immensely good-looking, this would of course be true, but naturally, you’d also want to know how this was determined. Also, was this a cause or an effect? Did I only work with good-looking people, or are the type of people who are interested in digging deep to learn and change their money story just really good-looking?
Claims aren’t enough. You have to back up the claims with data.
And there was nothing in Everyday Millionaires that backed up their claims.
It was $10 and available as a PDF, and I was happy to buy it and see all that detailed data contained inside.
Read on to see what I found.[Read more…] about What does the data say? Reading The National Study of Millionaires