The Millionaire Mind

The Millionaire Mind

eBook - 2010
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Author of The Millionaire Next Door: Surprising Secrets of America's Wealthy, Thomas J. Stanley offers here his second best-selling work The Millionaire Mind, which spent over four months on the New York Times Best Seller list and rose to second position on that list. The book has sold more than half a million copies. Here, Dr. Stanley shows how self-made millionaires have surmounted shortcomings such as average intelligence by carefully choosing their careers, taking calculated risks, living balanced lifestyles while maintaining their integrity. Dr. Stanley also builds on his research from The Millionaire Next Door and takes us further into the psyche of the American millionaire. Dr. Stanley takes a close look at the top one percent of households in America and tells us the motor behind the engine; what makes them tick. His findings on how these families reached such financial success are based on in-depth surveys and interviews with more than 1,300 millionaires.
Publisher: [United States] : RosettaBooks : Made available through hoopla, 2010.
Branch Call Number: Internet Access
Characteristics: 1 online resource (streaming)
Additional Contributors: hoopla digital

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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?

i
iataee
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.

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_42_
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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