The Millionaire Mind

The Millionaire Mind

Book - 2000
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In his first best-seller, Dr. Thomas J. Stanley shattered one of contemporary America's most firmly held myths: That wealthy individuals belong to an elite group of the highly educated and exceedingly lucky who often inherit their money and spend it on lavish purchases and pampered lifestyles. In fact, a significant number of America's wealthy are far more likely to work hard, save diligently, and live well below their means. As the title of Stanley's 1996 best-selling book stated, they are The Millionaire Next Door. Now, Dr. Stanley takes us even further with a new, ground-breaking study of America's wealthy. In THE MILLIONAIRE MIND he targets a different segment of the population and those 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 inaelig;the millions.
Publisher: Kansas City, Okla. : Andrews McMeel Pub., c2000
ISBN: 9780740703577
Branch Call Number: 305/.5234/Sta 359403 1
305/.5234/Sta 359401 1
Characteristics: x, 406 p


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Info in this book is very interesting and unique. This is the only book I met that comtains some - any - factual details about these people. This book might not make you rich - but which book will?

Jul 23, 2010

Agreed with _42_. This book is kind of dumb. It reads like the author had his conclusions in mind before doing the study and finds random examples to support his points. Finding commonalities in millionaires does not mean those qualities make millionaires. Because plenty of people with those same qualities do not become millionaires -- especially since the qualities the author selected are very common qualities/characteristics e.g. C-students, people who invest in their own business, good people skills. You'd have to ask what percent of these type of people are millionaires. Also the select group is definitely self-selected -- ones willing to answer the questionnaire. I couldn't really finish the book because it keeps repeating itself and the basis is poorly founded.

Jul 12, 2010

This book is derived from a study of millionaires which tries to ask the question: what does this group of people tend to have in common?

A problem with this type of study is that it is based entirely on a self-selecting group: there is no control group telling you whether the same characteristics in different individuals did or did not produce financial success.

There are limited insights here, although the book does go some way to disparage beliefs about how millionaires live. (They don't have custom built houses, they buy basic groceries at Costco and Sams, they value time spent with their families.)

Possibly valuable here are the observations that millionaires don't typically have high IQs: they work hard, and are good at soft people skills such as leadership. They also typically pride themselves in spotting opportunities other people missed, and make money by owning companies, not by owning investments.

This book won't make you rich. It may, however, make you skeptical of the value of this type of study.

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