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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: 2 stars
Summary: Some good advice, but...
Review: I wasn't a big fan of Stanley's first book, but it did contain some worthwhile advice. Most of it was just good common-sense-- don't spend beyond your means, don't waste money on status-building consumer goods, don't expect Mom and Dad to subsidize your lifestyle if you don't have the money to pull it off. None of it earth-shattering stuff, but worth hearing anyway.

This book rehashes many of the same points made in the first book, along with a few other points that I'm not sure I believe. A previous reviewer disputes the sampling method Stanley uses to pick the millionaires that he surveyed, and I have to agree. He selected neighborhoods with large concentrations of millionaires, and I don't think that's an accurate way to gather the information he wanted. I don't think its a truly represenative sample.

And the points Stanley makes often fly in the face of logic. He says that few if any millionaires inherit ANY money from their parents. Well, what do the parents do with the money? I don't think they give it all away. He also makes the point over and over that people with top grades, super SAT's, and degrees from elite universities tend NOT to become millionaires. He reports that the average undergrad GPA among his sample was 2.9, and that many either didn't get into college or flunked out. He seems to make the point that academic brilliance is an actual hindrance to becoming rich, because smart kids don't focus enough on developing people skills. I can see his point, I just don't buy it. Just because you get straight C's doesn't make you more likely to become rich than someone with straight A's and a 1600 SAT.

The book also focuses incessently on the fact that many of the millionaires sampled own their own businesses. The actual number is only one-third of the sample, yet nearly every positive example given in the book is about someone who owns their own business. While I agree that investing your time and money in your own business rather than working for someone else can be far more rewarding financially, it's also riskier. Stanely does say that these entrepreneurs saw that there was greater finanacial risk in going it alone, but he doesn't mention even once that a great number of small businesses fail, and that is an egregious omission. Just because a small percentage make it does not necessarily make it a good idea to start your own business.

For a book that is supposed to be a statistical survey, there are so many ridiculous anecdotes about millionaire behavior that it really raises doubts about the overall value of the book. They aren't supported with hard data, and so can't really be trusted. It would have helped if the book had given more information about the sampling and even published the data in an appendix or on a web site, because he's making broad statements about millionaire behavior without seeming to examine any professional athletes, media moguls, rich kids, or other niches that millionaires cluster in.

It's not that the book doesn't make some valid points, just that they could have been summarized in a magazine article. Read this book but take it with a major grain of salt. Don't go thinking that it's OK to blow off school, that buying a Mercedes is stupid, or that you're doomed if your parents leave you a tidy pile. The path to riches is convoluted, and if this book shows you how some of the kinks can be avoided, it most certainly is not a map to the pot of gold.

Rating: 5 stars
Summary: One of the best books I've read.....in a day-to-day calendar
Review: The Millionaire Mind is one of the best books I've ever read. Stanley has researched, not just millionaires, but SELF-MADE millionaires - there is a huge difference - for 20 years, and compiled a wealth of information into his book. This includes surveys of more than 11,000 respondents, and interviews with more than 500 millionaires.

The day-to-day thinking of these millionaires, from their performance in school, to their choice of vocation, choice of spouse - even choice of home, clothing, and furniture - proves invaluable for anyone wishing to invest in their lives and produce a level of growth and long-term reward subsantial enough to one day become wealthy.

Now, this incredible information is available through the simplicity of a day-to-day desktop calender - which highlights the most important points of the book - and continues to motivate the reader to adhere to what has been proven to be an effective means to "millionaire" status.

I would highly recomment both the book and the calendar. Either of them could change you life.

Rating: 5 stars
Summary: A great book
Review: I bought Millionaire Mind and The Millionaire Next Door. Both are excellent books. My goal is to be a milionaire so the titles intriqued me.The philosphy is right on. Frugality is the keyword. I invest in the stock market, mutuals and real estate and have my own small business.But I still enjoy a nice lifestyle.Other people I know spend everything they make and have only a little put away in CD's or savings. Not a good plan.My other favorite books are The Magic of Thinking Big and Direct from Dell.These two books will get your mindset in gear. Direct from Dell lets you peek into the mind of a billionaire.

Rating: 4 stars
Summary: Good Continuation of The Millionaire Next Door
Review: Would have given the book 5 star rating but Tom Stanley will never win an award for great writing abilities. The book could have been a lot easier and quicker to read if Stanley did not repeat things as often as he does. Technical content is great with studies explaining why SATs and college grade point averages do not accurately predict your net worth later in life. Over-all a good read.

Rating: 5 stars
Summary: Another winner from Thomas Stanley!
Review: Dr. Stanley has hit the nail on the head again. Millionaire Mind gives real-life insight into the accumulation of wealth. Granted, this book may be too much for some muddle headed liberals, but most normal people will appreciate the advice. No, becoming a millionaire isn't easy. But if you are serious about making something out of yourself, this book will only help. Further, if you are in sales, you may want to check out "Marketing to the Affluent" and "Selling to the Affluent" by the same author.

Rating: 4 stars
Summary: A good read
Review: Come on, folks. Cut Dr. Stanley a break, OK? I read The Millionaire Mind and found it inspirational. Frankly, I could care less about the author's research methods, which so many of the reviewers seem to be quibbling over. All I know is that I wished I read such a book 20 years ago. And are people so jaded they believe that honesty, a trait possessed by the millionaires interviewed, cannot co-exist with conducting business?

Rating: 2 stars
Summary: Try something else
Review: If you feel driven to become a millionaire, perhaps because someone once cast doubt on your potential, treat yourself to some therapeutic insights by reading "Wealth Addiction", by Philip Slater, rather than this kind of book.

Rating: 5 stars
Summary: SO Easy. So Good.
Review: Who would have known it was so easy? All the answers are here in this book. It takes a clever mind but inside are all the answers to your financial problems. Buy this book today! And free yourself at last.

Rating: 4 stars
Summary: Good Read
Review: This book had some very interesting information. I expected it to be more of the same info as in The Millionaire Next Door, however, this book covered a different set of millionaires - the decamillionaire! Some very interesting info on education and how we program our children for success or failure. Definitely worth reading.

Rating: 1 stars
Summary: Worthless motivational jargon
Review: This book does not provide any new insight from "the millionare next door". The basis of this book is to have a success idea (the first book) and rewrite it again. Instead of providing facts, this time, one of the authors of the first book goes into a MOTIVATIONAL SPEECH that lasts a little bit to long.

The basic idea of the book is that a frugal life would transform you into a millionare. BE CAREFUL with the advice. There are a lot of points that the author supports and may not be true. They take their finding that most millionares are entrepreneurs and use it to promote the idea that if you want to be a millionare, you should quit your job and start your own business. Nevermind the high failure rate of some businesses and the fact that the great majority of entrepreneurs in the U.S. are not millionares. Of course, the authors say that there are other ways to become a millionare, but entrepreneurship is the most important one.

The goal of the person with a millionare mind would be to accumulate an enourmous amount of wealth by living in a small house, driving a beat up car, and never spending any money in stupid things like clothes or trips. Then, the goal would be attained by dying with a lot of money that would not be taxed by going to charity.

If you get this book, take it with a grain of salt. Take the good things, like the idea of living a frugal life, and make it work for you. Everything else is worthless. Create your own life with your own goals and your own ideas of what is worth it to you. If cars or a nice house is worth it, go for it. ACCUMULATE WEALTH, yes, but also, ENJOY IT.


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