The Millionaire Mind

Rating:
Summary: Fact & Opinion
Review: I enjoyed reading the book which arouse my curiosity about the characteristics of the affluent people. The author presented findings from his research. The facts are interesting to read. In some occasions, the facts were presented in a way that inclined to the author's opinions and values, but that didn't spoil the book for me.

Rating:
Summary: Good info. Good motivator to become one in a million.
Review: I enjoyed reading this book; it stirred up my curiosity about the American millionaire--their lifestyles, their values etc. The author presented the findings from his research on millionaires. I enjoyed reading those facts. In some occasions those facts were presented in the way that inclined to the author's opinions and values, but that didn't spoil the book for me.

I learned some strategies from the millionaire's ways of doing things such as a certain way to shop and buy a house.

Growing up in a well to do family overseas in Asian culture, I found several characteristics that were probably processed by millionaires around the world. Things like high discipline, characters of spouses, their high productivity, the way the millionaire manage their households and their time etc. They're all too familiar to me since I saw all those same ways of doing things from my parents who are first generation millionaires. Living in the American society as an immigrant, I do agree with the author's description of 'Income Statement' rich who I would say are the majority of people here whether they have high or just average income.

I believe we all can learn and adopt some styles as described in the book to enhance our financial status and net worth and finally to become financially independent.

Rating:
Summary: DEFINITELY WORTH THE TIME
Review: I gave this book on CD 4 stars because, while it was refreshing to read and I definitely learned quite a bit, it wasn't a paradigm-shifting book, which is what I am increasingly moving towards for my 5 star books.

I bought the book on CD for something to listen to while traveling, which I was doing a lot of at the time. The reason I purchased it was to see what the results said. Here is a brief synopsis: You have to read the book or listen to the CD to get the full effect. The book on CD was a very easy listen and I found it very entertaining and enjoyable. This is just a small list.

·They are "Cheap dates," and don't spend a lot of their money

·They are balance sheet affluent - I loved this part. Basically, it states that so many people look rich but have so much debt they aren't rich. They just want to look rich. Most of these folks own their homes outright, drive cars for extended periods and don't spend lavishly.

·Most didn't inherit their wealth

·Most got Bs and Cs in high school. Ie. They aren't braniacs - 2.92 GPA

·Most own their own business, low-tech businesses that will be around for a long time. Ie. Not much product development, etc. Stuff like gas stations

·SAT scores between 1100 and 1190

·37% are deeply religious people who attend church regularly

·92% are married

·They have been with their first wife for an average 28 years

·They avoid the lottery and gambling

·They like to spend time with family and friends

·Integrity in business is their # priority

One final note: each and ALL BUT ONE OF THE ABOVE is a description of my father to the nth degree. It amazed me to see this book put a stamp on my father but it is him to a tee. He is a multi-millionaire too and, hopefully, he spends every penny and enjoys the fruits of his labor!

Rating:
Summary: If you have read "millionaire next door"..ignore this book
Review: I was eager to read the book 'millionaire mind' after the
author's first book "millionaire next door" .. A disappointment.

If you have read his first book, 'millionaire next door', skip
this book (wiser to read the first book again than reading
this one) .

Although it is more than a year since I read the first book,
there are lots of contradicting 'millionaire behaviors'
between both the books.

Ex :

In his first book , Author says that millionaires prefer to
live in neighbourhoods that are not rich and buy modest
houses. However in the second book, he claims that the average
price of the millionaire's houses are several hundred thousand
dollars.

Another example : in his first book, only one millionaire had
a 'rado' watch and that was a gift.in the second book,
millionaires bought expensive furnitures.

I do not have the first book to compare,but the message in the
first book was authentic,while this book is not.

Still it is about money.

If you are reading his books for the first time, it is five stars.if not it is only 2 stars.

Rating:
Summary: Bad social science
Review: What a disappointment! After reading "The Millionaire Next Door," I was eager to read this book. "The Millionaire Mind" is based more on Stanley's subjective ideas about who the average millionaire is than on any actual data. I became very tired of reading story after story about how people who screw up in high school and college become successful millionaires and how millionaire wives make the best homemakers in the world. If his data supported these views, it would be fascinating; however, his data actually shows that most millionaires did complete a college education. Who knows if the wife thing is true or just the way Stanley would like things to be. In the book, Stanley discusses how integrity is a quality of most millionaires. Then, he proceeds to tell stories about successful millionaires who admit to lying about their credentials or who play slight of hand with their customers. In one story, Stanley tells how a salesman changes the size on some jeans (to a smaller size) and gives them to the wife of a potential client. How disgusting and underhanded is that? Not to mention, it's pandering of the worst kind. If you're interested in the topic of millionaires, read the first book. Don't waste your money on "The Millionaire Mind."

Rating:
Summary: Some good points hammered and hammered and hammered in
Review: As many critics before me, if you read one of Tom Stanley's book, make it The Millionaire Next Door. In that book, he discusses financial practices that will help you save money and in turn accumulate wealth. In The Millionaire Mind, he goes into the behaviors of wealthy people. The issue with this is that sometimes he discusses attributes that people cannot just snap their fingers and change. For example, he indicates that having a frugal, supportive spouse is very important. But, it's not as if people who have free-spending wives are just going to be able to trade them in! Another example is Stanley's "discovery" that it is critical for people to have people judgment skills and creativity. Great! Where can I buy such skills? I am not quite buying Stanley's premise that you can develop such skills easily.

Entertaining book, but limited in value.

Rating:
Summary: Frugality, creativity are keys to "Millionaire" status
Review: At the suggestion of my financial consultant I purchased Dr. Stanley's Millionaire Mind. Even though my first impression was that it would reveal a "get rich quick" scheme, I soon learned that I had misjudged the book. After turning a few pages, I revealed misconceptions I had about what it means to be wealthy in America. Those who earn a large paycheck aren't always the ones who end up wealthy.

Unlike other popular books that promise to show you the way to bring six digits into your bank account, Dr. Stanley insists that a lifestyle of frugality and creativity can be more beneficial than a large paycheck. While junk yard owners and school bus drivers don't own the luxurious homes and cars of America, neither do other millionaires like them. Flash doesn't always translate into cash.

All the information in this book was gathered from scientific surveys. The author of this book is not saying how he made millions, but how millionaire respondents made their money. To add some spice to the research, Dr. Stanley adds some real life stories of millionaires who scraped by and invested in their business(es) to become financially independent. Many of them had a long term plan, and worked hard to achieve it.

Dr. Stanley also uses many examples of millionaires who overcame the odds to be among America's financial leaders. Barriers like poverty, low/average intelligence and poor career choices don't always hamper success. Individuals who learn from their mistakes and plan their future can come out on top.

An interesting difference between this and the other Millionaire book by Dr. Stanley is the added editorial text. Throughout the book, Dr. Stanley adds examples of how church goers, family men/women and hard working professionals rise to the top. A chapter on finding a supportive spouse seemed both out of place and relevant at the same time.

This book should be required reading for entrepeneurs of all ages. I found it more useful than plugging equations into my financial calculator to find the future value of my savings.

Rating:
Summary: A few useful nuggets of information
Review: Thomas J. Stanley hits on a few good points in this book. For instance taking more chances is associated with the millionaire mindset as are the patterns of intelligent spending as opposed to wasteful indulgence. But I felt that he was talking down to the reader and in order to get to the interesting and useful information you had to get past his ego, which wasn't always easy to do. Lastly it seemed to me that some of the examples he presented aren't exactly valid for the claims he makes. For instance he mentions how a former football player and successful businessman went bankrupt and he used the man's divorce as the reason after he quoted the article which stated the millionaire had failed to pay his taxes. Maybe he knows something more than he presented but it sounds to me that it was more likely his lack of paying taxes got him in trouble than the divorce settlement.

Rating:
Summary: Look next door for happiness
Review: Having loved "The millionaire next door," I was eager to dig deeper into the millionaire's mind. I picked it up in Union Station to carry me through a train trip. Sadly, all I ever really needed was "next door". If you're looking for a companion to "The millionaire next door," read "The richest man in Babylon". Savings and wealth are pretty simple concepts, like a diet. You have to earn more than you spend to save and burn more than you take in to lose weight. Too bad too few people have the discipline to build wealth or to lose weight.

Rating:
Summary: Meta Self Help
Review: If you want to be reminded that there are limits to self help, but not to hard work, persistance and a good set of values, then this is your book.