Rating: Summary: This book will bore you if you read the first one Review: A whole lot of nothing is in this book. I was very dissapointed because I thought there would be something new. But if you already read the first book, then I suggest to you to stay away from this one. There were a few interesting stories like the guy who sold salvaged truck parts and became a millionaire, but other than that, it is a total loss. It is basically a paper weight in my house now. Very dry reading as well. Like many other reviewers have said. Dryer than the first book, and that is hard to top.Also, someone is inflating (and deflating) the helpfullness votes for most of the reviews here. Take a look: If the review is a positive, then it would get over 50-100 helpful votes. And if it was a negative review, it would receive the opposite, 50-100 unhelpful votes. Can you guess which votes I'm going to get? If it's the author himself doing this, then you are a sad sad man.
Rating: Summary: A Great Book Review: Dr. Stanley's book The Millionaire Mind provides great insight into the mind of a Millionaire. Stereotypes set aside, Dr. Stanley proves through thorough research, statistics, and many tables, that these Millionaires are not just extremely wealthy. Dr. Stanley portrays a millionaire mind as one that everyone should have. It is simply a mind of integrity, discipline, social skills, and of determination. Whether looking to achieve financial success or to be a good person, one should read this book. As a student I have been bombarded with pressure to succeed, to get a perfect GPA, get A's on all my tests, and to study, study, study. Now in the midst of college decisions I feel that I am basically an ACT or SAT number. I have been fooled that my "number" is the determination of my future success, of my job placement, and of myself as a person. After reading Dr. Stanley's book I have been comforted to learn that although counselors, colleges, and some teachers instruct this, the real world doesn't. Dr. Stanley shows that most financially successful millionaires were not at the top of their classes, that their ACT/SAT scores may have held them back, that at some points they hit road bumps and were discouraged along the way, and that they still came out on top. Dr. Stanley shows that these millionaires are "outworking and eventually outperforming the so-called intellectually gifted." Dr. Stanley has proven to me that my hard work will payoff and my creativity and discipline are most important. This book is perfect for any aged person who has been told they will not succeed or who has doubted themselves. This book shows millionaires with a positive mind, a capability of taking a risk, a credit dependent attitude, courage, a hard working attitude, an economically productive household, and so much more. It sheds a new light on the millionaires in our nation and is a great place to start the millionaire in you.
Rating: Summary: Finally, a Tribute to the "Leisure Class" Review: Ever since Thorstein Veblen wrote "The Theory of the Leisure Class," the critics of capitalism (including politicians and Hollywood producers)have delighted in bashing the rich for their "conspicuous consumption," prospensity to divorce and find trophy wives, engage in white-collar crime, and avoid paying their "fair share" in taxes. Now along comes the exhaustive work of Professor Tom Stanley, concluding that the millionaire wealthy class is in reality the model citizen! 92% are married and have been with their first wife for an average 28 years; they live well below their means; 40% have paid off their mortgage; few inherited wealth; over 90% are college graduates; most are not in the top of their class, but average "B" or "C" students; they avoid the lottery and gambling, and enjoy spending most of their time with their family or playing a game of golf with friends; 37% are deeply religious people who attend church regularly; integrity in business is their # priority, and they pay most of the income taxes in this country! It's great to finally read a book defending the wealthy and the truly successful in this country. My only gripe: The book has no index!
Rating: Summary: A look into the millionaire mind Review: Hmm....I guess you can technically take the same material, rearrange it and then publish it with another title if you really want to but I kind of thought that was looked down upon in the literary world! This is a 10 star book only they wrote it already and it was titled The Millionaire Next Door. This is literally and I mean LITERALLY the same exact book only rewritten, rearranged, retitled and republished. It really doesn't matter which of the books you read. Either will do. Both are 10 stars on their own but I gave it 3 because all in all I thought it was rather rude to scam people out of their money by selling the same exact book under a different title all in the name of some dough! But then again maybe they were millionaire minded, saw an easy way to make some more bucks and went for it!
Rating: 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: Summary: Sensational Review: I found Dr. Stanley's The Millionaire Mind an absolutely senational book. I thought it was a great follow up to The Millionaire Next Door. It's a must read!
Rating: Summary: Buy this book with "Lying with Statistics" Review: Is it better to be balance sheet rich or income statement rich? Let's construct a survey targeting the balance sheet rich and find out. Guess what? They say that it's better to be balance sheet rich, so it must be true.
Do you get rich by being honest and hard-working, or dishonest and lucky? Hmmm. We'd better ask some rich people to describe themselves and find out. What's that? The poor people say that they are honest and hard-working too? Well then, we'd better not interview them.
Rating: Summary: You might become a Millionaire if... Review: Most people think that becoming a millionaire requires one or more of the following:
- Becoming a doctor or lawyer
- Being really, really smart
- Going to Harvard or Yale
- Being a top executive for a giant company
- Winning the lottery
- Having a rich dad who passes it on to you
WRONG! According to Thomas J. Stanley and this book, your much more likely to become a millionaire if you measure up to these standards:
- Got B's and C's in high school and college
- Have a remarkably average I.Q.
- Learn how to invest wisely
- Work your guts out starting your own business
- Own a business that is not sexy or glamorous, but highly profitable
- Live in a comfortable but modest home
- Learn to spend much less then you earn
This book is not just a boring collection of stats and figures, but is rather filled with wonderful stories of real people to whom we can relate, each of whom turned their hard work, tenacity, and original-thinking into financial security.
My favorite story is of a man who drives a school bus for 40 some years and retires a millionaire. While his co-workers told raunchy jokes and read the funnies over lunch, he read The Wall Street Journal and endured their taunts and teasing. (okay to be honest I'm not sure if that story was in The Millionaire Next Door or this one... both are great.) There are many, many more millionaires interviewed who owned dry cleaners, junk yards, plumbing shops, or other business that nobody would ever consider glamorous, and each tell their story of how they became and remain truly wealthy.
Eye-opening and educational. Enjoy!
Rating: Summary: Good teaching points; interesting analytical methodology Review: The value of this book lies in its attempts to quantify and encapsulate in a standard research methological approach ideas many of us have been told by mentors or know through "common sense". On pg. 45 the author presents factors that each of his respondees have rated as being of relative importance to meeting one's personal career goals.
I particularly like his idea that one's likelihood of achieving above average net worth will exponentially increase if one focuses on services vs. products. The fact is that just as only 10% of Americans hold graduate degrees, only 1% will reach millionaire status. In other words, it is an elite status that is gained through careful planning and execution not "luck". The author stresses that one's relationships with others not just schooling, job, etc. play a critical role as well. For instance, some researchers purport that one's yearly income will be the average of his/her 10 closest friends.
In sum, this book is an interesting guide to substantiate what many of us have been told time and time again about what it takes to acquire, maintain or increase one's financial liquidity. Further, I am a huge fan of the author's relentless attempts to distinguish between being wealthy vs. being rich. Wealth truly is having total control of the most valuable, finite and irreplaceable asset of all: time. Through owning assets that generate passive income however, you truly are wealthy in that you have the resources + the TIME to do whatever you desire. On the other hand the income-rich, exchange their time for money. With only 24 hours a day, you are destined to be behind in this game. Sadly, many highly-educated people of whom I am lucky to be one of (or unlucky--depending on the little known negative correlation between amount of education one has and likelihood of becoming a billionaire), fall into the trap of chasing prestige jobs/careers as opposed to wealth building lines of work that are sometimes less prestigious.
Finally, I suggest a careful reading of chapter 6. Here, the author completes an insightful analysis of the issue of partner selection and its impact on one's financial life. According to the author, it literally does "pay" to marry an "unselfsh, caring, forgiving, patient, understanding, disciplined and virtuous" individual (pg. 246).
I hope you find this commentary useful.
Rating: Summary: great stats Review: This book serves as a sequel to the Millionaire Next Door, although you do not have to read it before reading Millionaire Mind. In typical Dr. Stanley style, this book presents solid statistics about the demography of wealth, and the typical traits of millionaires in America. According to Dr. Stanley, the wealthy in america lead quiet, frugal lives, unlike what we see porttrayed in the media. Read this book, it's great info on how you should be living, working, saving, and investing, to become wealthy.
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