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The Millionaire Mind

The Millionaire Mind

List Price: $26.95
Your Price: $26.95
Product Info Reviews

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Rating: 1 stars
Summary: Major Disappointment
Review: I found the Millionaire Next Door to be an excellent book. The little guy gets rich through hard work and diligent saving. The Millionaire Mind turns that thinking on its head. The Millionaire Mind almost completely contradicts what was written in the Millionaire Next Door. In addition, most of the millionaire traits are described in exacting and mind-numbing detail. I had the feeling that this was the sequel that was produced in order capitalize on the success of the Millionaire Next Door. Thoroughly boring and nearly useless information.

Rating: 2 stars
Summary: Disappointing
Review: The negatives other reviewers (e. g., bombadillo & John Dunn) mention are disturbing, but I was most put off by what seem to me to be "dumb" errors, the kind usually caused by pure carelessness. This caused concern for what errors might exist that are not obvious. On p.7, he lists a few of the "more than two thousand well established, older neighborhoods" that his friend and associate Jon Robbin , "a Harvard-trained mathematician and a brilliant researcher" found for him. One in the list is "Fort Worth, Texas 75225." NOT! 75225 is University Park, a Dallas suburb. On p. 243, in bold print, no less, he says there are 1317 millionaires who say a supportive spouse is important for every 55 who both have a spouse and say spouses are unimportant to wealth accumulation. He then says "That leaves only 55 in 1317 who..." If these are valid examples of his research and his logical process, we should not give great weight to his conclusions.

Rating: 2 stars
Summary: Slightly disappointing
Review: There is a need for a critical,academic study of the factors that allow some to achieve financial independence and even affluence.This book does explain some of the factors, but is too much of a self-help,inspirational sort of work along the lines of Peale,Hill,Schwartz ad nauseum.One would have expected something better from an academic.

The importance of honesty and integrity can be challenged. Were Rockefeller,Vanderbilt,Kennedy Sr and Gates all that honest? Honesty and business are at odds with each other.There is constant pressure on the businessman to cut corners,exploit workers, and misrepresent the state of affairs to customers,suppliers and workers.This is capitalism Such a businessman,however, may be loyal to his wife and friends.That is plausible.

The writer does make the valid point that one increases the chances of success by doing something of ones own. Becoming rich working for others is confined to a negligible minority such as Alfred Sloan,Jack Welch etc. But what are the chances of business success? Not made clear.

Furthermore, while author does say that professional qualification or degree don't guarantee wealth,he does need to make clear that they enhance one's life chances,whether as an employee or business owner,other things equal. He does make the valid point that academic work encourages 'salarytis',and that since there's at least the illusion of a career path in front of one,reduce initiative,ambition and willingness to take risk.Also the valid point that in today's volatile downsizing environment, such qualifications are no guarantee of security.And finally, he does make clear that the rigors of an academic program might inhibit the development of other skills,knowledge and experience that may be of crucial importance in achieving financial independence. Maths and verbal skills are but one component.The people who are star students are all too frequently docile,uncritical of authority,and submissive.Qualities not useful in achieving independence.

Author also puts too much implicit emphasis on money as a measure of one's worth.

Rating: 1 stars
Summary: Sorry, this book is flawed in the analysis
Review: Dr. Stanley, you disappointed me. Amazon.com did not give me the option of zero stars.

The first book, "The Millionaire Next Door", was outstanding. Perhaps one of the most "valuable" books written. I was excited to find this sequel, but it was a waste of money unless you want to contrast the best and worst writings of an individual. Psychologically and statistically, "The Millionaire Mind" was a huge disappointment.

When you ask someone whether "Luck" or "Hard Work" was important in their success (financially, professionally, academically, parentally or any other way) what do you expect them to say. "I am really a lucky slackard and I don't deserve this". Not likely. So do you find the responses enlightening enough to write a book? I guess so. Are they enlightening enough to be worth reading? No! I believe that very little of the author's interpretation of a Millionaire's Mind is meaningful as presented.

Dr. Stanley is also periodically too self congratulatory. The name dropping, references to his lectures and other self recongition got tiresome. I also got the feeling that Dr. Stanley was putting out some morality statement and was too attached to the messages. All good messages, but were they the results of the study or the author's biases surfacing?

The book is repetitive. Points are repeated as if the author had forgotten that he just covered that area. I began to feel that he was paid by the word.

Perhaps the most frustrating aspect of the book was the contradiction to the first book. Now wealth is largely a function of income. This point is driven home repeatedly (see paragraph above). The first book, noted that wealth and income are not correlated. In fact in the first book, doctors and lawyers are said to be under-represented in the millionaire category, yet here they are obviously present due to their incomes. And in the first book, the authors had difficulty finding millionaires in wealthy neighborhoods and now Dr. Stanley found his survey subjects by going to wealthy neighborhoods. The contraditions are so blatant that I wondered if the author had read his first book. Perhaps there are reasons for the discrepancies, but the differences aren't even mentioned.

Since the author found that intellect doesn't help you become wealthy, assuming the converse, anyone who likes this book is destined to be wealthy. If you liked the "Millionaire Next Door", don't buy this book.

Dr. Stanley, if you are listening, I would be willing to go through the book and explain why I feel as I do. I would love to see further work like the "Millionaire Next Door".

Rating: 4 stars
Summary: Definitely keeps my wobbly table stable
Review: A cracking good read - proving that almost anyone with the will to abandon their parents and family can succeed financially in life. I really enjoyed it.

I wish there were more like this!

Rating: 2 stars
Summary: Disappointing
Review: I found "The Millionaire Next Door" to be truly enlightening and inspiring -- I've read it three times and recommended it to several people. "The Millionaire Mind" was not nearly as well written. Dr. Stanley has an overinflated opinion regarding how interested his readers are in him personally. I'd venture to guess that if he is, in fact, now a millionaire, it's not because he practiced the frugality of typical millionaires, but because he wrote a best-selling book and made a bundle all at once. His self-congratulating segues into discussing how he chose his wife, etc., rang false to me. This book was a boring sequel to the original, and not nearly as insightful. Skip it and reread the first one again.

Rating: 5 stars
Summary: Everyone Should Read This!
Review: For those of you who think that luck is a big part of life, you need to read this. This fantastic book proves that it takes a good plan and discipline and just about anyone can succeed. Buy it now and learn!

Rating: 5 stars
Summary: GREAT STUFF!
Review: I found this to be a fascinating book on a subject that interests a majority of the people in today's society.The author does a great job in explaining the mindset of a millionaire and how they got there.As expected,it takes hard work and discipline to get ahead,not luck,which may disappoint some liberals out there.Highly Recommended!

Rating: 5 stars
Summary: wedding and graduation present fodder for years
Review: I read The Millionaire Next Door, and enjoyed it, but this book is much better, in that there are real life experiences presented, not just statistics. I have been recommending two other books for years. The first is The Wealthy Barber, a very easy to read primer on investing. The second is Rich Dad, Poor Dad; an easy to read book with poor editing, but still quality information. Milionaire Mind is VERY good. It will be added to the list.

I read the book in less than a week. It was well edited and worth every minute spent reading it. I believe that this should be a school text for all high school seniors.

Millionaire Mind is a must for anyone who wishes to incorporate the virtues of many of the wealty. There is valuable information presented, such as the traits that millionaires look for in a mate, before they become millionaires. The choice of spouse is critical in becoming wealthy, as out lined in this book and The Millionaire Next Door.

I can hardly wait for the paper back to appear, so I can give a copy to all the members of my family. Millionaire Mind will be required reading for my children, and it should be for yours too.

A side note... I believe the jacket of this book was created by someone from The National Enquirer... in very poor taste, but an understandable marketing ploy. The jacket does not do the book justice.

Rating: 3 stars
Summary: Too autobiographical
Review: I thoroughly enjoyed The Millionaire Next Door and eagerly read The Millionaire Mind. It was interesting but the flaws were distracting. Stanley seems more interested in talking about the traits that he has assimilated during his years of study of millionaires. For example, in the chapter "The Economically Productive Household", Stanley goes on and on about coupon-clipping and states that "the two actions that are key to understanding millionares are -Switching long-distance companies -Having furniture reupholstered". How can these actions be key when they are done by a minority (48% and 49%, respectively) of millionaires? Sure they are counter-intuitive and make better copy, but hardly key. That seemed to be the case in the whole book - Stanley talks about what he does (since he is now a millionaire) and tells stories about counter-intuitive activities of rich people, rather than define how most millionaires think. The lack of a control group belies the fact that this study was not meant to be rigorous.


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