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on November 28, 2014
This book is a nice companion to Napoleon Hill's Law of Success. Like Hill's book, The Millionaire Mind summarizes information collected from people regarding the factors that promoted their prosperity.

A chart on page 34 of The Millionaire Mind gives an interesting breakdown of some of these factors.

The two most important that tied at the top were:
"Being honest with all people," and
"Being well disciplined."

The third was:
"Getting along with people."

The least important at the bottom was:
"Graduating near/at the top of my class."

The book also emphasizes the choice of vocation, to avoid too much competition. And this is where creativity becomes important. ("If you are creative enough to select the right vocation, you can win, win big-time. The really brilliant millionaires are those who selected a vocation that they love - one that has few competitors but generates high profits." P 21)

In the Introduction to Hill's 1925 manuscript version of Law of Success (Vieux Publishing, 2011), Hill wrote something similar. ("One of the outstanding tragedies of this age of struggle and money-madness is the fact that so few people are engaged in the effort which they like best. One of the objects of this course is to help each student find his or her particular niche in the world's work, where both material prosperity and happiness in abundance may be found." P 17)

The constancy of human nature and human problems gives these two books a complementary character. Together, they suggest a mindset for attaining more life satisfaction.
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on August 12, 2007
I love "The Millionaire Next Door" (TMND) so much that I buy it 100 copies at a time to give away as gifts. That book is a financial planner's dream book because it explains in detail what we as a profession know about how most people become wealthy in America. Do buy that book -- it is fabulous.

This book is a disappointing follow-up. The typical millionaire that Stanley profiles here has a $600,000 income and a $9 million net worth. There are not too many people that I know that could believe they will ever earn that kind of income or have that kind of net worth. However, I do know many people who make $60,000, $80,000, $125,000, $150,000 or some other achievable income who do become millionaires or even multimillionaires. There is not much that they are going to find in this book that they are going to connect to, while TMND is chock full of "how to's" to become an "every day" millionaire.

This book is much too long, it is poorly edited, and as a result it is plain old boring. It reminds me of the boring textbooks I had to read in college. I was often incredulous that the person who wrote TMND could have written this book! He has obviously lost the good editor he used in the past. The book says in 400 pages what easily could have been said in 150 pages. It is full of mind numbing details and statistics.

I love to tell people that if you want to become a millionaire, then imitate millionaires. Dr. Stanley does a fabulous job in TMND delineating what millionaires really do:

1. Get out of debt and stay out of debt.

2. Save money; always pay yourself first. Spend less than you make. The typical millionaire saves 15-20% of their income.

3. Buy used cars and do not lease cars. You'll have plenty of time to drive luxury cars after you are rich -- don't do it while you were becoming rich as it will really slow down your efforts.

4. Buy a house and live in it for 20 years. If you upgrade every five years to keep up with the Joneses, you will never become rich.

5. Track your spending. Live frugally. Spend your money on what is important to you and not what will impress the Joneses. Do not spend money on "status artifacts" as Stanley calls them.

6. You do not need to make a ton of money to become a millionaire. If you follow steps one through five above long enough, you will eventually become a millionaire.

If you are in a business where your target market is people with at least a $10 million net worth and an income of at least $600,000, then it might be worth your time to slog through the tiresome details in this book. Otherwise, buy TMND and you'll know how Tom Stanley earned such a good reputation.

Jan Dahlin Geiger, Certified Financial Planner(tm), Author of "Get Your Assets in Gear! Smart Money Strategies" Get Your Assets in Gear! Smart Money Strategies
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on May 12, 2017
An excellent book that describes how Millionaire's think and act vs. those who pretend to be wealthy.... Having the right mindset and a willingness to invest intelligently over time can take you a long way. You don't have to be a genius to become a Millionaire.
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on May 21, 2017
Great book!!! Very interesting to get this perspective of true millionaires that are not only income statement rich. Use little to no credit, own your home, cars, etc. without paying the banks interest.
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on November 19, 2013
Well, what can I say; Thomas Stanley had a several items in this book that I would say was quite fresh when I first picked it up.
For example, those that show up in the media as rich are not necessarily the richest. There are far more people who live and walk around you making so much money but are not flamboyant in their lifestyle.
Some of the common patterns he highlights like these individuals owning their own businesses, making wise choices with where the "invest" their money and the type of wives they marry says a lot.
Another money management guru has said several times, "if you want to get rich, do rich people stuff, if you want to remain poor, do what you broke brother or uncle keep doing" This book qualifies as a good resource to actually see what rich people do.

Enjoy.
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on May 22, 2014
I'm reading this book not so much for my own benefit, but as a guide for lessons to teach my children. Turns out that my father did a pretty good job of instilling this mindset into me. Dr. Stanley has surveyed the affluent and has distilled the lessons found in their responses. Some of it is not surprising, some is. Much of it involves qualities found in the past generation more commonly than in our own. Would be interesting to see how this survey would turn out 20 years from now. Will the multi-millionaires then be more opportunists that figured out how to make a quick buck off of a clever mobile app or new emerging ideas in software?

My only criticism of this book is that it could have been written in 100 fewer pages to save the reader some time as it does repeat itself after awhile, but still a worthwhile read.
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on October 18, 2016
The subject of "studies in" this book earn a lot more (more than $700K) a year. That is totally different from the subjects of his first book and make the subjects of this book more like failures if they are still millionaires not decamillionaires and still live a frugal lifestyle. Also a lot of pages written to convey a simple concept while it could have been much shorter. I would take two stars for these reasons.
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on March 5, 2017
Great book and worthy buy.
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on May 25, 2017
One of the best books ever
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VINE VOICEon December 21, 2011
This is an interesting read, but not particularly profound. The upshot of the book is: if you want to emulate the most productive members of society, then you must work hard, be self-reliant, live within your means, marry someone supportive and like-minded, and pick the right vocation. Unfortunately, beyond these general principles, the book does not have a lot of substance. As interesting as Stanley's statistics are, his analysis of them is sometimes simply awful, riddled with logical errors and poor methodology. Stanley unquestionably has met a lot of fascinating people and had some fascinating conversations, but that is really the most valuable part of this book: individual stories. Overall, a fun read, but not a great one.
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