The Millionaire Mind
by Thomas J. Stanley
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Book Summary Information
Author: Thomas J. StanleyEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2001-08-02
ISBN: 0740718584
Number of pages: 416
Publisher: Andrews McMeel Publishing
Book Reviews of The Millionaire Mind
Book Review: Revealing the character of millionaires
Summary: 5 Stars
The thing that makes this book different from other "millionaire-making" books that I have read is that it reveals the character of wealthy, successful people. Many books focus on real estate, investments, stock portfolios, and cutting expenses as ways to grow wealth. While these things can work, they are not the direct route to fortune or we would find many more millionaires than those that exist today.
Millionaire Mind takes a different approach. It delves into the core values and attitudes of millionaires to find out how they think about themselves, the world, and their spouses. Some of the results are surprising.
In one section of the book, Stanley details that a large percentage of millionaires were C and D students in high school and/or college. They were ridiculed and spoken down to, but instead of giving in to the suggestions of teachers and fellow students, they determined to prove detractors wrong. In contrast, many of the "A students" go into teaching or mid-level management positions and never acheive the income levels of their ambitious "C student" classmates.
The book is very detailed and contains statistics in each chapter which define exactly what percentage of millionaires responded similarly to a certain question. Did you know that the highest ranked reason that millionaires believed they acheived success was that they were honest with all people? This is definately not the picture I've seen from media and public opinion about American millionaires. Did you know that the lowest ranked reasons for believing they acheived success are investment advisors and graduating at the top of their class?
This book explores the importance of integrity, social skills, reaction to criticism, creative intelligence, investments, luck/discipline, and intellect on the success of various millionaires. It is fascinating to read.
What The Millionaire Mind brings that other books lack is the belief that the character of a person significantly effects the ability to generate and attract wealth. So many books focus on lack and debt or on making specific investments in real estate or the stock market or on savings accounts which can make an economically challenged person feel even less likely to change his or her situation. However, when a person realizes the affect that something as simple as being honest, disciplined, and/or persistant can have on changing one's wealth, it can bring motivation and self-confidence. You really do have what it takes to be successful! Even if millions of dollars is not your goal, you can expand your belief in what is possible for you through reading this book.
It is easy to read, informative, fun, and insightful.
Summary of The Millionaire Mind
After its first publication, Dr. Thomas J. Stanley's second best-seller The Millionaire Mind spent over four months on the New York Times best-seller list, rising to position #2, and has sold over half a million copies. Here is the first paperback edition of Stanley's second groundbreaking study of America's wealthy.The Millionaire Mind targets a population of millionaires who have accumulated substantial wealth and live in ways that openly demonstrate their affluence. Exploring the ideas, beliefs, and behaviors that enabled these millionaires to build and maintain their fortunes, Dr. Stanley provides a fascinating look at who America's financial elite are and how they got there. What were their school days like? How did they respond to negative criticism? What are the characteristics of the millionaire's spouse? Is religion an important part of their lives?The author uncovers the surprising answers to these and similar questions, showing readers through concrete examples just what it is that makes the wealthy prosper when others would turn away dejected or beaten.The Millionaire Mind promises to be as transformational as Dr. Stanley's previous best-seller. This book answers universal questions with solid statistical evidence in an approachable, and anecdotal style. The number of copies sold of this soon-to-be-classic will surely be in the millions.What do you do after you've written the No. 1 bestseller The Millionaire Next Door? Survey 1,371 more millionaires and write The Millionaire Mind. Dr. Stanley's extremely timely tome is a mixture of entertaining elements. It resembles Regis Philbin's hit show (and CD-ROM game) Who Wants to Be a Millionaire, only you have to pose real-life questions, instead of quizzing about trivia. Are you a gambling, divorce-prone, conspicuously consuming "Income-Statement Affluent" Jacuzzi fool soon to be parted from his or her money, or a frugal, loyal, resole your shoes and buy your own groceries type like one of Stanley's "Balance-Sheet Affluent" millionaires? "Cheap dates," millionaires are 4.9 times likelier to play with their grandkids than shop at Brooks Brothers. "If you asked the average American what it takes to be a millionaire," he writes, "they'd probably cite a number of predictable factors: inheritance, luck, stock market investments.... Topping his list would be a high IQ, high SAT scores and gradepoint average, along with attendance at a top college." No way, says Stanley, backing it up with data he compiled with help from the University of Georgia and Harvard geodemographer Jon Robbin. Robbin may wish he'd majored in socializing at L.S.U., instead, because the numbers show the average millionaire had a lowly 2.92 GPA, SAT scores between 1100 and 1190, and teachers who told them they were mediocre students but personable people. "Discipline 101 and Tenacity 102" made them rich. Stanley got straight C's in English and writing, but he had money-minded drive. He urges you to pattern your life according to Yale professor Robert Sternberg's Successful Intelligence, because Stanley's statistics bear out Sternberg's theories on what makes minds succeed--and it ain't IQ.
Besides offering insights into millionaires' pinchpenny ways, pleasing quips ("big brain, no bucks"), and 46 statistical charts with catchy titles, Stanley's book booms with human-potential pep talk and bristles with anecdotes--for example, about a bus driver who made $3 million, a doctor (reporting that his training gave him zero people skills) who lost $1.5 million, and a loser scholar in the bottom 10 percent on six GRE tests who grew up to be Martin Luther King Jr. Read it and you'll feel like a million bucks. --Tim Appelo
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