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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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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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.
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