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The Millionaire Mind (edition 2000)

by Dr. Thomas J. Stanley

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6811014,027 (3.6)2
Member:andrey.vyrypaev
Title:The Millionaire Mind
Authors:Dr. Thomas J. Stanley
Info:Andrews McMeel Publishing (2000), Edition: 1, Hardcover, 416 pages
Collections:Your library
Rating:*****
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The Millionaire Mind by Thomas J. Stanley

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I was going to finish this before giving it away, but as it repeats so much info from the previous book, and I'm not in a position to put any of it into practice, there seems little point.

The extrapolations from Thomas Stanley's data are, in a way, an explanation of the phenomenon of the nouveau riche. The self-made millionaires in his samples are rarely intellectual or highly educated, they are ordinary, backbone-of-America, hardworking, healthy, bootstraps people who usually had stable childhoods, are quite likely to be religious, and may be first or second generation immigrants.

Stanley's books will be reassuring and motivating to entrepreneurial types who didn't get the highest marks at school and who want to apply themselves in the world of business. Some intellectuals may sneer at the principles of money over learning or pleasure, or the elevation of different aptitudes held by the B and C grade kids at school, but if highly intelligent people in a western country are healthy and have few ties, what's to stop them from also starting their own businesses? It's a pragmatic self-help book geared to average people living in the capitalist economy as it is and trying to get the best out of it (what is wrong, for example, with having money built up you could rely on if you or one of your kids were long-term sick?) - it's not a book about changing the political and economic world at large.
  antonomasia | Jun 18, 2014 |
I found this follow-up to The Millionaire Next Door to be rather less interesting and less applicable to “regular people.” For one thing, it is focused less on low-level millionaires and more on those with between five and ten million dollars; a person with an upper five-figure income and frugal habits might break a million in net worth, but would not be in that five-to-ten club. Almost all of the people he talks about are successful entrepreneurs. The section on house buying is perhaps the most applicable to non-entrepreneurs. (To summarize, millionaires buy houses in good school districts, shop for a bargain, and live in those houses for a long time. They don’t have houses built because it takes up too much time.) ( )
  jholcomb | May 6, 2014 |
Follow and apply the stats in this book and yes, even you can become a millionaire.

Well written and interesting. ( )
  jmatson | Oct 6, 2011 |
I enjoyed the Millionaire Next Door more. Lots of useful information, a little drawn out at times. ( )
  knipfty | Mar 26, 2009 |
Depth and underlying dynamics about how millionaires reached that status. Several guidelines worth incorporating. ( )
  jpsnow | May 1, 2008 |
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Amazon.com Amazon.com Review (ISBN 0740718584, Paperback)

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

(retrieved from Amazon Mon, 30 Sep 2013 13:27:45 -0400)

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Describes the qualities that enabled individuals to become millonaires, and looks at their childhood, education, and choice of vocation.

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