5.0 out of 5 stars A Great Book
Dr. Stanley's book The Millionaire Mind provides great insight into the mind of a Millionaire. Stereotypes set aside, Dr. Stanley proves through thorough research, statistics, and many tables, that these Millionaires are not just extremely wealthy. Dr. Stanley portrays a millionaire mind as one that everyone should have. It is simply a mind of integrity, discipline,...
Published on April 19 2004 by Caitlin Kerr
6 of 6 people found the following review helpful
3.0 out of 5 stars Are you allowed to do this?
Hmm....I guess you can technically take the same material, rearrange it and then publish it with another title if you really want to but I kind of thought that was looked down upon in the literary world! This is a 10 star book only they wrote it already and it was titled The Millionaire Next Door. This is literally and I mean LITERALLY the same exact book only...
Published on July 4 2004 by Holly Rose
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6 of 6 people found the following review helpful
3.0 out of 5 stars Are you allowed to do this?,
Hmm....I guess you can technically take the same material, rearrange it and then publish it with another title if you really want to but I kind of thought that was looked down upon in the literary world! This is a 10 star book only they wrote it already and it was titled The Millionaire Next Door. This is literally and I mean LITERALLY the same exact book only rewritten, rearranged, retitled and republished. It really doesn't matter which of the books you read. Either will do. Both are 10 stars on their own but I gave it 3 because all in all I thought it was rather rude to scam people out of their money by selling the same exact book under a different title all in the name of some dough! But then again maybe they were millionaire minded, saw an easy way to make some more bucks and went for it!
5.0 out of 5 stars A Great Book,
Dr. Stanley's book The Millionaire Mind provides great insight into the mind of a Millionaire. Stereotypes set aside, Dr. Stanley proves through thorough research, statistics, and many tables, that these Millionaires are not just extremely wealthy. Dr. Stanley portrays a millionaire mind as one that everyone should have. It is simply a mind of integrity, discipline, social skills, and of determination. Whether looking to achieve financial success or to be a good person, one should read this book.
As a student I have been bombarded with pressure to succeed, to get a perfect GPA, get A's on all my tests, and to study, study, study. Now in the midst of college decisions I feel that I am basically an ACT or SAT number. I have been fooled that my "number" is the determination of my future success, of my job placement, and of myself as a person. After reading Dr. Stanley's book I have been comforted to learn that although counselors, colleges, and some teachers instruct this, the real world doesn't. Dr. Stanley shows that most financially successful millionaires were not at the top of their classes, that their ACT/SAT scores may have held them back, that at some points they hit road bumps and were discouraged along the way, and that they still came out on top. Dr. Stanley shows that these millionaires are "outworking and eventually outperforming the so-called intellectually gifted." Dr. Stanley has proven to me that my hard work will payoff and my creativity and discipline are most important. This book is perfect for any aged person who has been told they will not succeed or who has doubted themselves.
This book shows millionaires with a positive mind, a capability of taking a risk, a credit dependent attitude, courage, a hard working attitude, an economically productive household, and so much more. It sheds a new light on the millionaires in our nation and is a great place to start the millionaire in you.
5.0 out of 5 stars What they don't want you to know,
The quest for millionaire status has been further fueled by all of the media coverage millionaires receive, both positive and negative. While I do agree that by molding your life according to certain well founded principles you can achieve millionaire status there is still more to it.
In the Millionaire Mind the author does a good job of extracing from his research the common qualities that millionaires share. What was left out, was the actual means that need to be employed to achieve that status. The Millionaire Mind does give us detailed information on the make up of the average millionaire which is fine if one knows how to implement those qualities into his or her own life. Another book that further delves into this subject is the Millionaire Brain, by Donny Lowy. In the Millionaire Brain the author illustrates the hands on approach that allows millionaires to use their qualities to their benefit, in terms of achieving financial success.
There are many good books out there including this one. They can be of great value as long as it is understood that there is an entire art of the correct application of these principles in order to achieve that success.
4.0 out of 5 stars An excellent guide for young people!!!!,
"The Millionaire Mind" investigates the ideas, beliefs, and behaviors of millionaires. It shows how they build and maintain their fortunes.
The book reveals the life of the millionaire. Also, it explores the road to the financial success of them. In the book, we know
how were their school days like? How did they respond to the negative criticism? By what criteria did they choose they field of work? How did they choose their spouse and what are the characteristics them? Why choosing a lovely house is so important for them? Most importantly, how did they seize the opportunity and get the advantages from it?
The Millionaire Mind is representative of the study of America's wealthy. It is particularly useful and important for young people. The reason is that, young people is right at the starting point of their life in the society. They may not have a mindset that is mature enough. What they need are positive attitude towards their works, critical thinking and great power of judgment on everything (e.g., choosing a suitable vocation, finding a spouse that matches with u pretty well and also able to facilitate the growth of your career etc.)
When we were in college, our parents, teachers, everyone told us the only way for us to success is to work hard on the academic stuff, so as to get a high academic achievement. In the mind of majority, there is a concept: getting good academic achievement = getting a good job in the future = able to earn a lot of money = can have a good wife/husband (mostly, he/she would be gorgeous!)
However, is it the only formula? is it the only path of achieving a "success" life?
The author tells that the answer is negative. Apart from getting a very good academic result, there are still other ways to be success. A good student who has good academic results is not equivalent to a good employee. It does not mean that he/she must make big money. There are still many considerations. A millionaire would probably know what is indeed important for them.
The Millionaire Mind is excellent for stimulating our thinking. It surely guide the young people to their right way!
3.0 out of 5 stars 3 stars,
By A Customer
It's always good when you have infomation and stats to back a claim that you make in any field. This book is not as good as the millionaire next door, then again maybe it is (I read next door first). Anyway this book is a good follow up because it covers a couple of things tha tthe first book missed. Some examples are what millionaires pay for: clothes,homes,furniture etc. It talks more about decamillionaires(those worth $10 million or more). Also Stanley gives insight into career choices that can help you become a tad bit richer then taking on another assignment as a career choice. I give it three stars because the first book had a heaping of whats in here. I think the authors should have created a new edition with two volumes so we that read the first book would not have to hear much of the same things again.I think this is a good book for an avid collector of books who just like to have alot of material around the house. A good starter book. I know those who have the millionaire next door have pretty much out grown this book for buying and reference purposes. I reccommend that you borrow this book at the library if you've read the first one. Take what you can from it memorize it and send it back. You probably would want to start "being" a millionaire and not reading about them. The next step would be to pursue your specific dreams and get books on that.
2.0 out of 5 stars Reads like a boring school textbook,
I have many problems with this book. Some parts were flat-out contradicting. Through out the book, Stanley keeps telling us that Millionaires don't participate in "do-it-yourself" projects because they can just hire someone to do it for them while they use their valuable time to make money or watch their kids play. But on page 302 it says that true frugal millionaires are more likely to "mow their own lawns" and are "...involved in do-it-yourself carpentry projects". So which one is it, Tom?
Stanley's writing style is also very boring and dry to read even when it's on such a facinating subject like millionaires. I absolutely couldn't stand the socratic method he used in this book. It seemed like every 5th sentence was a question. ("How do they treat people?" Are they sincere because of their nature and upbringing? Or are they able to turn sincere only when it benefits them?") Please, spare me this dribble and just get to the point. Maybe if he cut down on these questions, the book wouldn't be 400 pages long.
I find it strange that Stanley didn't mention the other millionaires: Music Stars, Movie Stars, Media Moguls, Internet entrepreneurs, the NUMEROUS Sports athletes from the NBA, MLB, NFL, NHL, Tennis, Golf etc. and of course, Bill Gates(billionaire, but still) Hmm...I wonder why he didn't mention them at all? Oh that's right, Stanley's surveys are seriously FLAWED. I'll have to ask Kobe Bryant one day if he resoles his shoes and buys antique furniture. (I suppose Stanley never wanted to mention these x-factors because that would be against all he has studied and compiled for most of his career)
One of the posters here pointed it out, why did Stanley mention Martin Luther King Jr.? Okay, so he was a C student in school and went on to became one of the greatest civil-rights leaders of all time...that's good and all, but I don't think MLK Jr. was a millionaire so I don't see how this was relevant.
There are some practical info in this book, but you would have to go through every 5 pages to find a good piece of advice or so. If you want to learn how to become rich, I would suggest you read "The Richest Man in Babylon", a sleek and fun book to read at only 144 pages which, ironically enough, had more interesting things to say than The Millionaire Mind.
Oh Wait - About rich athletes, Stanley did mention how millionaire basketball players only have a short career span before they are washed up and stop getting paid. But if they hold on to and invest in their money after they retire, then I don't see how this is such a big deal at all.
2.0 out of 5 stars Has little to do with "The Millionaire Next Door",
This review is from: The Millionaire Mind (Hardcover)
First, I think "The Millionaire Next Door" is a classic. One of the reasons is the "Next Door" part - it examined the lifestyle of many millionaires who lived fairly modestly, and maybe even spent less than you do. Who else remembers the guy who said "I drink two kinds of beer - free and Budweiser!"? The combination of working both ends - reducing spending and increasing income by wisely choosing a profession - was a valuable financial lesson.
Millionaire Mind starts off differently. You can tell when the author (only one half of the Stanley/Danko team) talks about how he surveyed neighborhoods where there were going to be many millionaires only. Right off the bat, you know he's not working with the same millionaires from the first book. They're not living next door to you!
In fact, this turns out to be the case. In The Millionaire Next Door (TMND), realized income is $131K among those surveyed. In Millionaire Mind? $750K. Net worth is three times as much - close to $10M in Mind. Homes? From an average $320K in the first book (which could be in your neighborhood) to $1.4M in the second (which probably aren't.) Cars? Same thing.
So what does this mean for you, the reader? It becomes more of a Tom Peters-style book, which describes in great detail what well-heeled businessmen do but is almost entirely unhelpful. Indeed, I was struck when I opened the book and noticed that Dr. Stanley had written several books on how to target the affluent.
If you want another "Next Door", this isn't it. There are better books about running your financial life, and better books about how to be a successful businessman. Your time and money is better served with those.
2.0 out of 5 stars Stanley's Financial Version of "The Stepford Wives.",
After reading and enjoying The Millionaire Next Door, I had high expectations for Stanley's next book on the subject. However, I was sorely disappointed.
The Millionaire Mind is preachy, anecdotal, and filled with feel-good, Christian-oriented pop psychology. Unfortunately, rather than using the data to illuminate apparent trends, author Thomas Stanley instead resorts to holding himself up as proof that hard work in niche markets, with a long-term spouse and re-soled shoes pretty much guarantees financial success and any other play on reality is just "big brain, no dough."
Another, perhaps more distressing flaw is that Millionaire Mind boils down "financial independence" as requiring single-minded pursuit of always paying little for everything (good defense), and only making high income (good offense) all while deliberately searching for a spouse solely in places where there are likely to be "convoys" of educated, high-earning, frugal singles who like traditional, solid wood furniture. This book ceases to analyze data and espouses living a "virtuous," calculating, and spiritual lifestyle because of the firm and anecdotal opinions of the quoted millionaires and the newly wealthy author (Stanley is weathy because we bought his books).
Stankey's Millionaire Mind comes off as a "Stepford Wives" vision of financial success.
5.0 out of 5 stars The Truths Destroy Common Stereotypes,
This review is from: The Millionaire Mind (Hardcover)
I read the "Millionaire Next Door" when it came out in 1996, and was really taken by the facts behind these people. The "Millionaire Mind" is just as interesting and focuses on general qualities, attitudes and beliefs, and a lot of factual studies and stats of millionaires. Most of them are self-employed and don't work for someone else. The good news is, they're for the most part, regular folks. They live in the same houses, drive the same cars, and have the same egalitarian attitude that us non-millionaires have.
What is strikingly different and very interesting is the millionaires' attitude toward money. Millionaires don't tend to live in, nor aspire to live in "prestigious neighborhoods." Nor do they go into large amounts of debt to drive "luxury cars." This concept is what author Dr. Stanley calls "Income-Statement Affluent." But the non-millionaires often do try to do this, and go into the debt to give the *impression* to other people that they are doing well financially. The 1,371 millionaires studied overwhelmingly avoided what is called "earn-and-consume" and conspicuous consumption.
This book also delved into the childhood, school years and aptitude tests for these folks with a net worth of at least 1 million. Many things society and our educational system marks as indicators of who will become economically successful are simply inaccurate, and often flat-out wrong. Placement tests in school, for example often offer contradictory results as to a person's strength, aptitude and abilities in particular areas. Some references remind those who've read some of Robert Kiyosaki's recent books. Most of us, even business majors, aren't trained to look at entrepreneurship, but instead seek to work for a corporation. Dr. Stanley asked his group of business students what the top 10 most profitable small businesses were in America. He didn't hear on correct answer (page 222). He provided the examples of how Korean immigrants that come to America study small business models, operations, and profitability through networking, Korean trade associations, and Korean-American cultural organizations. In the 1970s for example, the most profitable small business was dry cleaning. The percentage of these Korean owned small businesses was extremely high. They are looking to own and operate while the rest of us (including me) by choice, look to work for someone else. Add the long hours of hard work, in this particular case, of the Koreans, and you have a higher chance of becoming financially independent. Other ethnic and racial groups (i.e., in Los Angeles) sometimes make complaints about the Koreans' success because they don't see through the same perceptions (like most of us in America).
What was the most valuable thing these millionaires learned in college? Hard work. And, 88% percent of millionaires sited the importance of being able to accurately judge people (page 100, Table 3-1). It wasn't grades. The average grade point average was 2.92. 78% percent responded that "hard work is more important than genetic high intellect in achieving financial success (page 106, Table 3-3). And, the average millionaire drives a Ford.
Dr. Stanley worked with and compiled information from the University of Georgia and Geo-demographer Jon Robbin of Harvard. There are 46 statistical charts. There are numerous themes and references to Robert Sternberg's "Successful Intelligence." Worth buying or checking out.
5.0 out of 5 stars Stock and Futures Traders need this,
This review is from: The Millionaire Mind (Hardcover)
Best book ever. This book beats the pants off Mr.Stanley's millionaire next door. He realy goes indepth and extracts what mental, emotional, and support attributes it takes to be wealthy. Being a veteran futures investor, broker, and author for the past 11 years, his book really opened my eyes to the attributes that I have, that have been contributing to my success, and the attributes that I don't have that have sabotaged my trading in the past.
I suggest this book to all of my employees and all of my clients. I make sure they realize that what they want is wealth, and if not they should not be involved with trading as a living.
I have read this book four times. My copy is dog eared, highlighted, and underlined. What impresses me the most is Mr.Stanley's scientific approach of surveying, and his interpretation of his survey is what shines in his writing. He brings the statistical data to life.
I recommend this book a thousand fold to everyone. For stock and futures traders, this book ... you will find yourself far ahead of the pack.
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The Millionaire Mind by Dr. Thomas J. Stanley (Hardcover - Jan. 1 2000)
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