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Summary: Has little to do with "The Millionaire Next Door"
Review: First, I think "The Millionaire Next Door" is a classic. One of the reasons is the "Next Door" part - it examined the lifestyle of many millionaires who lived fairly modestly, and maybe even spent less than you do. Who else remembers the guy who said "I drink two kinds of beer - free and Budweiser!"? The combination of working both ends - reducing spending and increasing income by wisely choosing a profession - was a valuable financial lesson.Millionaire Mind starts off differently. You can tell when the author (only one half of the Stanley/Danko team) talks about how he surveyed neighborhoods where there were going to be many millionaires only. Right off the bat, you know he's not working with the same millionaires from the first book. They're not living next door to you! In fact, this turns out to be the case. In The Millionaire Next Door (TMND), realized income is $131K among those surveyed. In Millionaire Mind? $750K. Net worth is three times as much - close to $10M in Mind. Homes? From an average $320K in the first book (which could be in your neighborhood) to $1.4M in the second (which probably aren't.) Cars? Same thing. So what does this mean for you, the reader? It becomes more of a Tom Peters-style book, which describes in great detail what well-heeled businessmen do but is almost entirely unhelpful. Indeed, I was struck when I opened the book and noticed that Dr. Stanley had written several books on how to target the affluent. If you want another "Next Door", this isn't it. There are better books about running your financial life, and better books about how to be a successful businessman. Your time and money is better served with those.
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Summary: Stanley's Financial Version of "The Stepford Wives."
Review: After reading and enjoying The Millionaire Next Door, I had high expectations for Stanley's next book on the subject. However, I was sorely disappointed. The Millionaire Mind is preachy, anecdotal, and filled with feel-good, Christian-oriented pop psychology. Unfortunately, rather than using the data to illuminate apparent trends, author Thomas Stanley instead resorts to holding himself up as proof that hard work in niche markets, with a long-term spouse and re-soled shoes pretty much guarantees financial success and any other play on reality is just "big brain, no dough." Another, perhaps more distressing flaw is that Millionaire Mind boils down "financial independence" as requiring single-minded pursuit of always paying little for everything (good defense), and only making high income (good offense) all while deliberately searching for a spouse solely in places where there are likely to be "convoys" of educated, high-earning, frugal singles who like traditional, solid wood furniture. This book ceases to analyze data and espouses living a "virtuous," calculating, and spiritual lifestyle because of the firm and anecdotal opinions of the quoted millionaires and the newly wealthy author (Stanley is weathy because we bought his books). Stankey's Millionaire Mind comes off as a "Stepford Wives" vision of financial success.
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Summary: Thinking right is where is starts.
Review: I just finished reading this book and recommend it highly. You will see that it doesn't take a big leap to acquire the mindset of a millionaire. Read this book.
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Summary: Great book!
Review: This is a very informative book. I typed 29 pages of notes that I plan to study and use for my personal pursuits.
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Summary: Better than Millionaire Next Door!
Review: I felth that Millionaire Mind went into more depth of what it really takes to become a millionaire. Topics lke success factors, vocations, how they buy and sell houses, leisure activities and even how they chose their spouses.Good bok and definitely a must read for anyone who wants to be a millionaire or at least financially independent.
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Summary: Good followup to Millionaire Next Door
Review: Unlike the negative reviewers, I found this text an excellent followup to Millionaire Next Door. I didn't think it would be possible to improve on the first book but they did. If you are seriious about acquiring wealth, The Millionaire Mind is a must read and even more importantly, a must follow book.
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Summary: More "Millionaire Next Door"
Review: "The Millionaire Mind" carries on with the theme of the predecessor book, further investigating the lifestyle, habits, and goals of economically successful people. The new material is worthwhile reading for a potential entrepreneur, although somewhat marred by some bizarre digressions and a cacophony of self-help advice from the author.
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Summary: The Truths Destroy Common Stereotypes
Review: I read the "Millionaire Next Door" when it came out in 1996, and was really taken by the facts behind these people. The "Millionaire Mind" is just as interesting and focuses on general qualities, attitudes and beliefs, and a lot of factual studies and stats of millionaires. Most of them are self-employed and don't work for someone else. The good news is, they're for the most part, regular folks. They live in the same houses, drive the same cars, and have the same egalitarian attitude that us non-millionaires have. What is strikingly different and very interesting is the millionaires' attitude toward money. Millionaires don't tend to live in, nor aspire to live in "prestigious neighborhoods." Nor do they go into large amounts of debt to drive "luxury cars." This concept is what author Dr. Stanley calls "Income-Statement Affluent." But the non-millionaires often do try to do this, and go into the debt to give the *impression* to other people that they are doing well financially. The 1,371 millionaires studied overwhelmingly avoided what is called "earn-and-consume" and conspicuous consumption. This book also delved into the childhood, school years and aptitude tests for these folks with a net worth of at least 1 million. Many things society and our educational system marks as indicators of who will become economically successful are simply inaccurate, and often flat-out wrong. Placement tests in school, for example often offer contradictory results as to a person's strength, aptitude and abilities in particular areas. Some references remind those who've read some of Robert Kiyosaki's recent books. Most of us, even business majors, aren't trained to look at entrepreneurship, but instead seek to work for a corporation. Dr. Stanley asked his group of business students what the top 10 most profitable small businesses were in America. He didn't hear on correct answer (page 222). He provided the examples of how Korean immigrants that come to America study small business models, operations, and profitability through networking, Korean trade associations, and Korean-American cultural organizations. In the 1970s for example, the most profitable small business was dry cleaning. The percentage of these Korean owned small businesses was extremely high. They are looking to own and operate while the rest of us (including me) by choice, look to work for someone else. Add the long hours of hard work, in this particular case, of the Koreans, and you have a higher chance of becoming financially independent. Other ethnic and racial groups (i.e., in Los Angeles) sometimes make complaints about the Koreans' success because they don't see through the same perceptions (like most of us in America). What was the most valuable thing these millionaires learned in college? Hard work. And, 88% percent of millionaires sited the importance of being able to accurately judge people (page 100, Table 3-1). It wasn't grades. The average grade point average was 2.92. 78% percent responded that "hard work is more important than genetic high intellect in achieving financial success (page 106, Table 3-3). And, the average millionaire drives a Ford. Dr. Stanley worked with and compiled information from the University of Georgia and Geo-demographer Jon Robbin of Harvard. There are 46 statistical charts. There are numerous themes and references to Robert Sternberg's "Successful Intelligence." Worth buying or checking out.
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Summary: Warning: Don't buy another book until you read this
Review: Dr. Stanley has written the most practical book for how to actually become a millionaire, starting from scratch. What makes this book different is the research that went into it. Stanley researched over 1000 self made millionaires to find out their success habits, and their mindset, among other things. I use this book DAILY. I seek to integrate these great principles into my life and I know of no other more current authoritive book on how to develop the habits and thought proccesses required to become a millionaire, starting from scratch. Many surprises await you such as: count your blessings, prayer, exercise, hard work, etc. True, the work of application is left to the reader but the principles are clearly laid out. The 30 success factors on p. 34 are worth 10,000 times the cost of the book if you apply them, they actually are the success factos that led these people to make millions individually. The list of thought proccesses to reduce fears on p. 137 is also worth 100 x the cost of the book. If you get only one book this year, and you're sick an tired of people giving you their opinions instead of research and facts, GET THIS BOOK!
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Summary: Stock and Futures Traders need this
Review: Best book ever. This book beats the pants off Mr.Stanley's millionaire next door. He realy goes indepth and extracts what mental, emotional, and support attributes it takes to be wealthy. Being a veteran futures investor, broker, and author for the past 11 years, his book really opened my eyes to the attributes that I have, that have been contributing to my success, and the attributes that I don't have that have sabotaged my trading in the past. I suggest this book to all of my employees and all of my clients. I make sure they realize that what they want is wealth, and if not they should not be involved with trading as a living. I have read this book four times. My copy is dog eared, highlighted, and underlined. What impresses me the most is Mr.Stanley's scientific approach of surveying, and his interpretation of his survey is what shines in his writing. He brings the statistical data to life. I recommend this book a thousand fold to everyone. For stock and futures traders, this book ... you will find yourself far ahead of the pack.
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