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on November 18, 2003
This great followup to the run-away best seller "The Millionaire Next Door" tells us how millionaires became millionaires. In "The Millionaire Mind", Dr. Thomas Stanley tells us how America's wealthy got there and perhaps even more importantly, how you can become one of them.
In "The Millionaire Mind" you will discover answers to questions like:
*** What success factor made them wealthy in 1 generation?
*** What part did luck and school grades play?
*** How do they find the courage to take financial risks?
*** How did they find they ideal vocations?
*** What are their spouses like and how did they choose them?
*** How do they run their households?
*** How do they buy and sell their homes?
*** What are their favorite leisure activities?
"The Millionaire Mind" is a awesome book. To become a millionaire you have to think like one. This book tells you how.
I also recommend "SuperSelf" by Charles Givens and "The 7 Habits
of Highly Effective People" by Dr. Covey to further enrich your life with positive proven strategies.
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on November 4, 2003
While "The Millionaire Next Door" showed us what the Millionaires do RE: Frugality. "The Millionaire Mind" let's us peek into the mindset that makes a Millionaire.
I can't say that I enjoy this book more or less than "The Millionaire Next Door" and don't understand some reviewers who try to make comparisons. It's more like apples and oranges. The books are different and intended to be as companions, not in place of the other.
I would recommend reading "The Millionaire Next Door" first though or at least in addition to "The Millionaire Mind."
Dr. Stanley, excellent book and I am looking forward to your next foray.
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on February 11, 2004
The Millionaire Mind is a great program to jump start your financial life. This is an excellent tape set by Stanley. Listen and learn.
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on February 7, 2000
I found this book much more in depth than Stanley's previous book. The profile he builds of the every day millionaire (not Fortune 500 types, but the guy in line behind you at the movie theatre or the car wash) is really interesting, and encouraging. It let me know I was on the right track with many lifestyle decisions. The chapters on school grades, spouse choice, choice of vocation, where millionaires live, etc., paint a clear picture of a happy, practical and comfortable, but not lavish, lifestyle that can bring the reality of being a millionaire within the grasp of people of many different walks of life. Some of the statistical information is really surprising. These aren't the people you see on Lifestyles of the Rich and Famous, they are your neighbors and friends who have shaped their lives with a goal of financial security, and suceeded. This book tells you how these millionaires got there, and as a result readers can pick up tips to apply to their own life. I'll recommend this to friends.
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on June 7, 2003
I felth that Millionaire Mind went into more depth of what it really takes to become a millionaire. Topics lke success factors, vocations, how they buy and sell houses, leisure activities and even how they chose their spouses.Good bok and definitely a must read for anyone who wants to be a millionaire or at least financially independent.
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on March 14, 2000
I found Dr. Stanley's The Millionaire Mind an absolutely senational book. I thought it was a great follow up to The Millionaire Next Door. It's a must read!
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on February 11, 2000
Ever since Thorstein Veblen wrote "The Theory of the Leisure Class," the critics of capitalism (including politicians and Hollywood producers)have delighted in bashing the rich for their "conspicuous consumption," prospensity to divorce and find trophy wives, engage in white-collar crime, and avoid paying their "fair share" in taxes.
Now along comes the exhaustive work of Professor Tom Stanley, concluding that the millionaire wealthy class is in reality the model citizen! 92% are married and have been with their first wife for an average 28 years; they live well below their means; 40% have paid off their mortgage; few inherited wealth; over 90% are college graduates; most are not in the top of their class, but average "B" or "C" students; they avoid the lottery and gambling, and enjoy spending most of their time with their family or playing a game of golf with friends; 37% are deeply religious people who attend church regularly; integrity in business is their # priority, and they pay most of the income taxes in this country!
It's great to finally read a book defending the wealthy and the truly successful in this country.
My only gripe: The book has no index!
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on February 13, 2000
Stanley's first book The Millionaire Next Door gave a revealing well researched view of who millionaires are and how they achieved their wealth. The information presented was objectively verifiable, and quite practical. The book was a revelation in that many millionaires in his study never earned beyond $70,000 a year, yet have accumulated net worths averaging several million dollars or more.

In my view, The Millionaire Mind is flawed on two accounts. First, the "Average Millionaire" in this study had an income of about $750,000 per year and a net worth in the $9,000,000 range. To me expanding the study to this very high net worth range is a mixable of two very different populations. It's just not that interesting to know how corporate CEOs and the like manage to accumulate millionaire status on their meager $750,000 salaries.

Secondly, unlike in The Millionaire Next Door, the attributes measured in this book are not objective or verifiable in nature. Millionaire's self-describe the attributes leading to their success as being such things as: honesty, integrety, courage, etc. This would be great if these attributes were not self-assigned. As such, I'm not inclined to put much faith in this information.

Finally, one intersting finding is that millionaires often were not good students, and lacked high IQs. Some may have had feelings of inferiority. This is good objective information. However, it was presented with great redundancy througout the book.

As one of the "Millionaires Next Door" I find it hard to relate to this book or to draw that much from it. Stanley's first book was brilliantly representative of the lives of the typical millionaire, and presented a practicle road map for others.
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on March 12, 2000
Thomas J. Stanley's The Millionaire Mind (Andrews McMeel Publishing) is a must read for anyone interested in achieving financial independence and/or who is fascinated with how the wealthy achieve success. This book should be required reading for college students. It is filled with practical advice not just about how to protect one's future financially but also about setting priorities, and I don't mean just getting rich. The Millionaire Mind covers everything from choosing spouses to raising children to buying homes. It is loaded with common sense and practical advice.
Achieving great wealth was never my highest priority in life, but I am convinced that if I had read The Millionaire Mind when I was younger, I could have joined the millionaire club. More importantly, like most of the millionaires Stanley surveyed, I could have done so without sacrificing any values, principles, my character, or time with my family. The Millionaire Mind is as much a statement of a philosophy of life as it is a guide to great wealth. Its tone is very positive and reinforcing.
The Millionaire Mind dispels several popular myths about wealthy people--that they made their money the old fashioned way by inheriting a bundle, that they graduated from the finest colleges and universities, and that they blew the lid off of SATs and grade point averages. Most of the 733 millionaires Dr. Stanley studied did not fit any of these characteristics. When asked what factors were most important to their success, the top five rated items (out of 30) were #1 being honest with all people, #1(tie) being well disciplined, #3 getting along with people, #4 having a supportive spouse, and #5 working harder than most people. "Graduating near/at the top of my class" was ranked 30th. This list, better than anything else in the book, is a confirmation that character and commitment count and that measures of achievement need to be broadened.
How encouraging it is to read a book that says that the American dream still exists, that individuals can overcome inadequacies, disappointments, failures, and seemingly insurmountable odds to achieve success and happiness in life. And it can be done ethically, legally, and in one generation, during one's lifetime, as many of Stanley's millionaires have proven. Stanley and his millionaires are telling us to count our blessings, play to our strengths, believe in ourselves, not let our critics get us down, and take personal responsibility for our lives. His millionaires have been married to the same spouse for an average of 28 years. The majority live modestly for their means, spend considerable time their families, and don't flaunt their wealth. What a potent message this book delivers.
I will make sure each of my children gets a copy of The Millionaire Mind and recommend it highly to my classes at The University of Georgia.
Dr. Fred Stephenson Associate Professor of Distribution Terry College of Business The University of Georgia March 12, 2000
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on August 18, 2002
This excellent book takes a look inside a typical millionaires mind.Interesting stats. Less than 2% have inherited wealth. 98% were self made.Few scored 1400 or higher on their SATs.They became rich without compromising their integrity.Most are married and have chldren and feel that a family complements, and does not compete with success.Vocations are not work, but a labor of love.They are financially indepenent and live a comfortable, not a extravagant lifestyle.They live in fine homes. They are home owners, not renters. They also tend to buy homes when others are selling.Most live in homes that were built over 40 years ago. ONLY 10% live in homes that were built in the last 10 years.32% are business owners. 16% are senior executives. 10% are attorneys and 9% are physicians. Business owners overall are the richest of the group.They attribte their success to these top five success factors:Integrity-being honest with all people.Discipline-applying self controlSocial skills-getting along with peopleA supportive spouseHard work-more than most peopleThe Millionaire Mind is a good read. Great complement to The Millionaire Next Door. I also recommend Marketing to the Affluent by Stanley.
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