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The Millionaire Mind

The Millionaire Mind

List Price: $39.95
Your Price: $39.95
Product Info Reviews

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Rating: 3 stars
Summary: Classic American Success Literature with a Modern Cachet
Review: Horatio Alger would have liked <i>Millionaire Mind</i>, especially since it's documented with Research. Work hard! Be moral! Have courage and take risks! Be frugal! And one of these days, you will rise out of the unwashed masses to ascend to the status of millionaire or maybe even decamillionaire! No special education needed!

Yes. Well. I have no quibble with Dr. Stanley's message. Really. In fact, I found it rather inspirational at times.

Dr. Stanley's writing is a different thing all together. Dr. Stanley repeats his points. And repeats his points. Oh, and did I mention that Dr. Stanley repeats his points; the same points in every chapter, in slightly different order with varying emphasis? I am thinking that the editor was reluctant to judiciously trim the text so as to be able to justify a thick hardback price.

I also found the anecdotal focus on the entrepreneurial millionaires rather limiting. It was as if someone decided that to feature a senior corporate executive in an anecdote would disprove the importance of taking financial risk (which Stanley interprets as being self-employed).

My last little quibble is the disconcerting

<b>Sentence fragments in bold.</b>

Whoever thought of this stylistic device should go back to editing school.

Now that I've vented, my summarizing comment is to buy this book but only if you are serious about making money. Part of my problem with the book is that about a third of the way through, I realized I don't want to be a millionaire. It was kinda like reading a How To Cook Meat book if you are vegetarian. Interesting but not particularly useful.

Rating: 5 stars
Summary: Motivational reading
Review: This book is a treasure because it would help those in the wrong career path, those failing in school, those unable to fit in. Yes, it is rare to find such focus on what makes a millionaire. Detailed stories from real life make points that are beneficial to anyone. You don't need to be a rocket scientist to succeed big time. Read it and help yourself.

Rating: 5 stars
Summary: One more masterpiece from the author who opened our eyes on
Review: This book however is slightly different from its predecessor (Millionaire Next Door). Now Stanley tries to focus on some common traits that millionaire have, such as courage, honesty, and pride. Some of the most interesting sections deal with Spouse and Home choices. I found the most boring part about education. OK, you do not have to be a genius and get good grades in school, we got that the first time you said it, no need to repeat. Although, he makes an interesting point, which just shattered my perception of "ivy league" schools. Overall, great read.

I also would recommend Bob Kiyosaki's Rich Dad, Poor Dad series for further reading.

Rating: 5 stars
Summary: High school students should read it.
Review: The Millionaire Mind is an important addition to our knowledgeof what leads to success. Unlike many popular writings in this field,it includes a lot of useful data, which gives one confidence in theauthor's conclusions. Like Goleman's second book on EmotionalIntelligence, this second book on millionaires is much more valuableto researchers like myself because of the new, supporting data thatwas missing from their original bestsellers. I believe that TheMillionaire Mind would be useful reading in high school careerscourses. It could help by offsetting schools' typical overemphasis ongrades/ SAT scores and by its conclusion that loving one's career isso very important. My only wish is that Stanley's findings on successbe expanded to all careers and income levels.

Rating: 4 stars
Summary: Read this book instead of The Millionaire Next Door.
Review: I read Dr. Stanleys book-The Millionaire Next Door about a year ago. At the time I really enjoyed it because it made a point of the fact that true millionaires seldom own million dollar houses, high priced luxury cars, pricey clothing, etc.. This book goes deeper. The book delves deeply into the fact that the wealthy value the 'real educational value' of education rather than the 'skin-deep'scholastically-gifted-student attitude which our present educational system flaunts. I really enjoyed reading this book, and felt that I learned new information. One thing I disliked about this book was the authors liberal use of charts. I felt as though I was reading a text-book rather than a valuable informative reading book, although maybe that was the authors intent. I did enjoy reading this book, and found it hard to put down at times. I do highly recommend it.

Rating: 5 stars
Summary: Excellent!
Review: A must read for anyone who desires to succeed in life, business or relationships. You don't have to want to be a millionaire (but it helps), to gain from this insightfull and compelling book. Again, a definate must read for anyone who want to succeed.

Rating: 3 stars
Summary: A flawed analysis
Review: The book confirms much of the evidence about success factors I have seen and read about before. However, the Author's methods need to be examined. His group of millionaires is biased towards one particular group - in statistics poor sampling methods is one of the most deadly mistakes. The author also uses focus groups - a notoriously flawed method of analysis. In focus groups people are more likely to say what is acceptable to their peers. In addition the author relies on opinion. Because this group of millionaires say that intelligence is not a major factor therefore, that must be true. First, how many of these people have actually taken a binet test and know their true IQ. Second, intelligence may seem unimportant when the thing that sticks in your memory is the major effort to remain positive in the face of adversity and your persistence until success finally arrived.

Imagine for example, Fred Smith the founder of Federal Express. Fred does not perfectly fit the millionaire mold that the author has built. Fred came from wealth and attended an Ivy League school (Yale). He was an indifferent student, but he designed the idea for FedEx while in school (for which he received a grade of "C"). After starting FedEx success was elusive - the company almost went bankrupt. At one time it technically was bankrupt but Fred kept the where-abouts of his planes unknown to avoid re-possession from creditors until he could come up with some cash. Perhaps what Fred remembers most is his drive to succeed no matter what faced him is why he is still in business today. Does this mean that intelligence paid no role? It takes quite a bit of intelligence to avoid bankruptcy with no cash and creditors knocking on your door. What about the business plan - doesn't that take brains?

The author touts creativity, but then continually dismisses intelligence. Well, creativity can not be practiced in a void. In the end the author protests too much on this issue. Perhaps it is that a combination of traits - persistence, a positive attitude, integrity, and intelligence - are necessary for success and if any of these main ingredients are missing success becomes elusive.

Rating: 4 stars
Summary: The Mindset of the Stealthy Wealthy
Review: In this book, the author shows you how the quietly wealthy balance-sheet affluent people think and act. Some of their habits may surprise you; they resole their shoes and clip food coupons. This is different from the conspicuous consuming high spending income-statement affluent, the type of people who look and act rich, but are not necessarily rich.

Rating: 4 stars
Summary: Physics of the Rich
Review: Physics attempts to explain things that are observed in nature. This book collects statistical data on millionaires and then explains the findings in a systematic approach, with the lessons to be learned with each finding. You don't have to fit exactly within the model to become a millionaire (that isn't the point). The point is to show the traits of millionaires. Most did not inherit their wealth. Most view their time as money. Most live modestly within their means (after all, you don't accumulate wealth by spending it on consumer goods). They don't waste money by gambling, because that is essentially throwing it away. There are many lessons to be learned about how to structure your life to become rich that can be found in this book. You can use some of the examples in the book as role models for your own life, to help you become wealthier (or hopefully even a millionaire). Certainly worth reading if you are looking for a roadmap to riches and have no idea how you are going to get there. And even if you do, you may learn a few things from this book. The info on housing purchasing decisions I found particularly interesting, where most rich people live in older homes in well established neighborhoods. There are legitimate reasons for this, but it may not be intuitive (I wouldn't have guessed). Anyway, I think this book is a great use of your time, and time is money.

Rating: 3 stars
Summary: Mostly obvious, but nevertheless intersting
Review: This book is a good guide to study/use as a model for the simple, astute, conservative lifelong investor. It gives a basic formula for becoming rich through careful living, in short. Stanley is obviously a relatively conservative individual in general, and while i agree with almost everything in his book, he probably should have widened his demographic scope while doing research. Basically, he looks at rich people that live in well-to-do, quiet, family (probably predominantly white) neighborhoods. No research on any glamorous/famous rich people, or any nieghborhoods that are well know throughout the country. His basic conclusion or hypothesis is that the average millionaire in this country is frugal, not very exiting, and puts his/her money in very safe places over the course of their life in order to achieve their fortune. Good points of the book were the sections that analyze the correlation between higher learning and wealth, and the average millionaire's social habits. Overall, there were some interesting statistical models, and Thomas gives good insight into how conservative rich Amercica lives their lives. However, this is not the book you want to read if you're looking for "lifestyles of the rich and famous" material. No glamour in this book at all.


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