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Summary:
What do you do after you've written the No. 1 bestseller The Millionaire Next Door? Survey 1,371 more millionaires and write The Millionaire Mind. Dr. Stanley's extremely timely tome is a mixture of entertaining elements. It resembles Regis Philbin's hit show (and CD-ROM game) Who Wants to Be a Millionaire, only you have to pose real-life questions, instead of quizzing about trivia. Are you a gambling, divorce-prone, conspicuously consuming "Income-Statement Affluent" Jacuzzi fool soon to be parted from his or her money, or a frugal, loyal, resole your shoes and buy your own groceries type like one of Stanley's "Balance-Sheet Affluent" millionaires? "Cheap dates," millionaires are 4.9 times likelier to play with their grandkids than shop at Brooks Brothers. "If you asked the average American what it takes to be a millionaire," he writes, "they'd probably cite a number of predictable factors: inheritance, luck, stock market investments.... Topping his list would be a high IQ, high SAT scores and gradepoint average, along with attendance at a top college." No way, says Stanley, backing it up with data he compiled with help from the University of Georgia and Harvard geodemographer Jon Robbin. Robbin may wish he'd majored in socializing at L.S.U., instead, because the numbers show the average millionaire had a lowly 2.92 GPA, SAT scores between 1100 and 1190, and teachers who told them they were mediocre students but personable people. "Discipline 101 and Tenacity 102" made them rich. Stanley got straight C's in English and writing, but he had money-minded drive. He urges you to pattern your life according to Yale professor Robert Sternberg's Successful Intelligence, because Stanley's statistics bear out Sternberg's theories on what makes minds succeed--and it ain't IQ.
Besides offering insights into millionaires' pinchpenny ways, pleasing quips ("big brain, no bucks"), and 46 statistical charts with catchy titles, Stanley's book booms with human-potential pep talk and bristles with anecdotes--for example, about a bus driver who made $3 million, a doctor (reporting that his training gave him zero people skills) who lost $1.5 million, and a loser scholar in the bottom 10 percent on six GRE tests who grew up to be Martin Luther King Jr. Read it and you'll feel like a million bucks. --Tim Appelo
Customer Reviews:
Average Customer Rating:
A Sequel
Customer Rating:
"The Millionaire Mind" is a sequel of "The Millionaire Next Door". It is mostly the reiteration of the previous book, which adds minor traits to the framework. It also repeats some ideas from "Networking with Millionaires".
The framework by Thomas Stanley is a foundation of Robert Kyosaki's "Rich Dad", John Cummuta's "Transforming debt into Weath" and other financial intelligence books. John Cummuta have extended the ideas of Thomas Stanley by explaining the concept of compound interest, while Robert Kyosaki have resolved the issue of "live beyond your means", advocated by Thomas J. Stanley. The drawback of Thomas Stanley is that he doesn't seem to suggest what do with accumulated wealth, and only advocates being prudent and frugal as a lifestyle, e.g. do not buy luxury cars or boats or wear expensive clothing's. Robert Kyosaki have criticized this modest lifestyle and have solved this drawback by clearly defined the distinctions of assets and the liabilities and suggested that luxury cars should be purchased from yields produced by the assets rather than from cash flows diverted from obtaining assets.
So, the "The Millionaire Mind", although not a bad book, is a minor addition to "The Millionaire Next Door", where the author have devised the terms "Under Accumulator of Wealth (UAW)", "Average Accumulator of Wealth (AAW)" and "Prodigious Accumulator of Wealth (PAW)", and concluded that any American PAW household even with very modest income will become millionaire.
The main points of the framework are: Spend Less Than You Earn, Avoid Buying Status Objects or Leading a Status Lifestyle, PAWs Are Willing to Take Financial Risk if it is Worth the Reward and Economic Outpatient Care. The authors also make the interesting observation that UAWs tend to have children who require an influx of their parents' money in order to afford the lifestyle that they expect for themselves, and that they are less likely to have been taught about money, budgeting and investing by their parents.
I would suggest "The Millionaire Next Door" and "Networking with Millionaires" in addition to this book, as well as the works by Robert Kyosaki and John Cummuta.
Everything you need to know is in the first chapter
Customer Rating:
The first chapter contains all the statistical information you need to know, and the rest of the book just rehashes it. This book repeats itself over and over and over, and the examples often contradicted the advice given. For example, the book said that millionaires often rely on themselves for financial advice and don't follow the herd mentality. Then it provided examples of how selecting financial advisers was extremely important. I'll give you some advice: walk into a bookstore, read the first chapter, and then put the book back on the shelf. The rest of the book is BS--an obvious attempt by Dr. Stanley to become a millionaire himself without providing anything substantive. He ragged on economists for not contributing actual work--he should take his own advice.
Boring
Customer Rating:
The Millionaire Next Door was great. This was a tedious, hashed-over version of it. Should have been titled, "We Wanted To Make Some More Money Without Actually Having To Write A New Book."
Audio book is the best
Customer Rating:
I bought the book few months ago but I did not finish it, so I bought the audio book that I play when I am driving around in town audio books are good for people like me who are busy.
Don't read this review! This book is not for everyone!
Customer Rating:
Not everyone will benefit from this book. Those who have strong prejudices against the rich and believe wealth comes by winning the lottery may not enjoy it. (Don't read it unless you desire the truth.) Those who strive to do the right thing, live a balanced life and practice good judgment will love it. You will feel strengthened by the scientific research that confirms your beliefs about work, play, money and family. I absolutely loved this book and would strongly recommend it to everyone who desires to know how millionaires live and think. This is the best book I have seen on the subject hands down! - Pat Shamblin (720)422-7447 http://www.denverluxuryrealestate.com
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