The Millionaire Mind

( 38 )

Overview

"Readers with an entrepreneurial turn of mind will devour The Millionaire Mind because it provides road maps on how millionaires found their niches."After its first publication, Dr. Thomas J. Stanley's second best-seller The Millionaire Mind spent over four months on the New York Times best-seller list, rising to position #2, and has sold over half a million copies. Here is the first paperback edition of Stanley's second groundbreaking study of America's wealthy.

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Overview

"Readers with an entrepreneurial turn of mind will devour The Millionaire Mind because it provides road maps on how millionaires found their niches."After its first publication, Dr. Thomas J. Stanley's second best-seller The Millionaire Mind spent over four months on the New York Times best-seller list, rising to position #2, and has sold over half a million copies. Here is the first paperback edition of Stanley's second groundbreaking study of America's wealthy.

The Millionaire Mind targets a population of millionaires who have accumulated substantial wealth and live in ways that openly demonstrate their affluence. Exploring the ideas, beliefs, and behaviors that enabled these millionaires to build and maintain their fortunes, Dr. Stanley provides a fascinating look at who America's financial elite are and how they got there.


*What were their school days like?

*How did they respond to negative criticism?

*What are the characteristics of the millionaire's spouse?

*Is religion an important part of their lives?

The author uncovers the surprising answers to these and similar questions, showing readers through concrete examples just what it is that makes the wealthy prosper when others would turn away dejected or beaten.

The Millionaire Mind promises to be as transformational as Dr. Stanley's previous best-seller. This book answers universal questions with solid statistical evidence in an approachable, and anecdotal style. The number of copies sold of this soon-to-be-classic will surely be in the millions.

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Editorial Reviews

From Barnes & Noble
The Barnes & Noble Review
Who is the average millionaire? Does he eat gourmet or fast food? Does he drive fancy cars, take chic vacations, and indulge wherever and whenever he can? Or does he resole his shoes, turn off the air conditioning when he leaves the house, and spend a lot of time at home with close friends and family? Through his surveys of over 1,000 millionaires, Thomas J. Stanley, Ph.D., answers these questions and provides us with further insight into the thoughts and lives of this wealthy segment of the population in The Millionaire Mind.

A follow-up to Stanley's New York Times bestseller, The Millionaire Next Door, The Millionaire Mind may surprise readers with its findings about the kinds of people that millionaires really are. Interestingly, many millionaires were not straight-A students in high school, nor did they attend prestigious colleges. Instead, they were often told when they were younger that they were not bright and that they would not be successful. These challenges taught them how to surmount obstacles and motivated them to try harder and to take risks to get ahead financially.

The major risks that these millionaires have taken and continue to take are financial ones. They must overcome the fear of taking risks, and they must maintain this courage throughout their adult careers. Stanley discovered that many millionaires share similarities in techniques to allay their anxieties and stay on track financially. Some of these include:

  • Believing in myself
  • Counting my blessings every day
  • Countering negativethoughtswith positive ones
  • Sharing concerns with spouse
  • Visualizing success
  • Outworking, outthinking, out-toughing the competition
  • Hiring talented advisors
  • Constantly upgrading my knowledge about my occupation
  • Spending considerable time planning my success
  • Exercising regularly
  • Having strong religious faith

    Stanley also reveals that millionaires are very often successful in marriage as well as in work (the typical millionaire has been married to the same spouse for over twenty-five years) and that they usually lead relatively frugal, economically productive lifestyles. Perhaps most interesting to readers will be the section that Stanley devotes to how millionaires chose the career in which they would be most likely to succeed.

    So don't miss out on picking apart and analyzing the thoughts and habits of millionaires with Thomas Stanley and The Millionaire Mind, a book sure to be as brilliantly revealing and fascinating as his previous bestseller on millionaires.

    Thomas J. Stanley, Ph.D., is a researcher, author, and lecturer. He has studied the wealthy for more than 25 years. The Millionaire Next Door, published in 1996, has sold more than one million copies in hardcover and nearly one million in paperback. The book has been on The New York Times Best Sellers list for more than 150 combined weeks.

    His previous books include Marketing to the Affluent, which Best of Business Quarterly named one of 10 outstanding business books, Selling to the Affluent, and Networking with the Affluent.

    Dr. Stanley lives in Atlanta. He was a professor of marketing at Georgia State University, where he was named Omicron Delta Kappa Outstanding Professor. He holds his doctorate from the University of Georgia in Athens.

Library Journal
In The Millionaire Next Door, read by Cotter Smith, Stanley (Marketing to the Affluent) and Danko (marketing, SUNY at Albany) summarize findings from their research into the key characteristics that explain how the elite club of millionaires have become "wealthy." Focusing on those with a net worth of at least $1 million, their surprising results reveal fundamental qualities of this group that are diametrically opposed to today's earn-and-consume culture, including living below their means, allocating funds efficiently in ways that build wealth, ignoring conspicuous consumption, being proficient in targeting marketing opportunities, and choosing the "right" occupation. It's evident that anyone can accumulate wealth, if they are disciplined enough, determined to persevere, and have the merest of luck. In The Millionaire Mind, an excellent follow-up to the highly successful first analysis of how ordinary folks can accumulate wealth, Stanley interviews many more participants in a much more comprehensive study of the characteristics of those in this economic situation. The author structures these deeper details into categories that include the key success factors that define this group, the relationship of education to their success, their approach to balancing risk, how they located themselves in their work, their choice of spouse, how they live their daily lives, and the significant differences in the truth about this group vs. the misplaced image of high spenders. Narrator Smith's solid, dead-on reading never fails to heighten the importance of these principles that most twentysomethings should be forced to listen to in toto. Highly recommended for all public libraries. Dale Farris, Groves, TX Copyright 2001 Cahners Business Information.
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Product Details

  • ISBN-13: 9780740718588
  • Publisher: Andrews McMeel Publishing
  • Publication date: 8/2/2001
  • Edition description: Original
  • Pages: 416
  • Sales rank: 99,359
  • Product dimensions: 6.00 (w) x 9.10 (h) x 1.20 (d)

Meet the Author

Dr. Thomas J. Stanley began studying the affluent in 1973. His coauthored best-selling book, The Millionaire Next Door, released in 1996, has sold 2,000,000 copies. Thomas followed his first book with Marketing to the Affluent, ranked among the ten outstanding business books by the editors of Best of Business Quarterly. In 1999, he published The Millionaire Mind, which explored America's financial elite and how they became so. The Millionaire Mind has sold 750,000 copies. The author lives in Atlanta, holds a doctorate of business administration from the University of Georgia in Athens and was formerly a professor of marketing at Georgia State University.

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Table of Contents

Tables viii
Acknowledgments x
1. An Introduction to the Millionaire Mind 1
2. Success Factors 31
3. School Days 87
4. The Relationship Between Courage and Wealth 133
5. Vocation Vocation Vocation 181
6. Choice of Spouse 233
7. The Economically Productive Household 277
8. The Home 305
9. The Lifestyles of Millionaires: Real vs. Imagined 361
10. A Final Note About the Millionaire Mind 387
Appendix 1 In Search of the Balance Sheet Affluent 395
Appendix 2 Businesses Owned and Managed by Millionaires (National Geodemographically Based Sample) 399
Appendix 3 Businesses Owned and Managed by Millionaires (Ad Hoc Sample) 403
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Customer Reviews

Average Rating 3.5
( 38 )
Rating Distribution

5 Star

(17)

4 Star

(4)

3 Star

(6)

2 Star

(7)

1 Star

(4)

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See All Sort by: Showing 1 – 20 of 38 Customer Reviews
  • Anonymous

    Posted February 2, 2006

    There is lots of good stuff to learn if you can forgive all the bragging

    I can understand how some readers would feel annoyed by the author's bragging. It was very difficult to overlook that. He does use many of his own personal experiences as examples to illustrate his points. In the examples of himself, he brags about so many things that seem like the examples didn't even really fit very well but he forced it anyway. Some of the things he writes about himself, for instance: He is very successful, he has sold more books than so-and-so, he has made the best seller list 'x' many times for 'x' long, he is so famous and so respected by so many, he's been invited to speak at so many seminars, he has been featured in so many magazines and newspaper articles, etc etc etc. He brags on and on, just shamelessly! Ok, even if it is true, it would be impossible to say that his guy is the least bit humble, ever since his success for co-writing the first book 'The Millionaire Next Door'. He has gotten so big headed since then. It's very obvious he has. The truth is there's no doubt you will learn a lot from this book, but you need to know that there will be a lot of bragging so just let it go and stay focused the point of the book.

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  • Anonymous

    Posted January 20, 2006

    Millionaire Mind

    This book is extremely thorogh in telling how millionaires think and how they got to be millionaires. There are lots of details on just about every single thing about millionaires, so it is perfect for those who are truly interested, not for those who are just kind of curious. This book is especially great for young adults like high school students and college students. I would also recommend this book to people who have kids.

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  • Anonymous

    Posted January 15, 2006

    Millionaire Mind

    The Millionaire Mind is so thorough in revealing how wealthy people truly think and how they really live, contrary to how most people think they think and live. If you are someone who thinks analytically, someone who loves things categorized and organized, things listed, measured, and numbered, facts, details, data, and statistics, then this book was written in your language especially for you. There are no assumptions, no speculations in this book- only facts. The Millionaire Mind is so enlightening it has changed my life forever. As for those people who gave less than 5 stars because they felt the author was bragging, it is unfortunate because more than likely they were caught up in their own egos and have completely missed the big picture. I would recommend The Millionaire Mind to everyone, especially parents with young children, so they can start their kids off on the right track to success. I like the audio-book unabridged version because I can listen while driving, knocking out two birds with one stone.

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  • Anonymous

    Posted February 25, 2005

    This book changed my life!!!

    This is one of the GREATEST books I have ever read! Because of Dr. Stanley's insight and research, I learned that by following the success factors anyone can be a millionaire. I now have set my goals of being a multi-millionaire and plan on using all of the knowledge I have learned. Definitely a MUST-READ!!

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  • Anonymous

    Posted April 12, 2004

    Excellent choice

    This book is outstanding. A great must-read gift for anyone who wants to know a little more about the real qualities of millionaires in America. Perfect for people aspiring to create their own businesses or who just want to have suggestions on how to budget their resources.

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  • Anonymous

    Posted May 13, 2004

    Strong minded or Weak minded.

    This book is very inspirational, it put things in a sense that kinda make a person feel guilty for spending money for things thats so materialistic. Letting go of things that we don't need in life like coach purses, motorcycles, etc, would save a whole lot of money. The key element that a person needs to become a self-made millionaire is discipline. For some people they might feel as though this book is useless (only 15% of the know-it-alls), if they really knew-it-all they would be billionaires by now. I can really appreciate this book. It has changed my views on money, religion, and life overall. Thanks

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  • Anonymous

    Posted February 17, 2004

    Disappointing

    I've enjoyed Mr. Stanley's articles on prudent living and the (sometimes surprising) lifestyle habits of millionaires, so I was extremely disappointed when I read beyond the first few chapters of this book. Although there are some worthwhile 'common sense' points, save a few hours of your life and read the summaries in the author's more popular published articles. (If you have any doubt where these have been published, randomly open to nearly any page in this book. The author does a lot of name-dropping from his bibliography.) The author is at his best when required to meet 1500 word limits. Then why the sub-par editing in this book? Perhaps his editor was reminded by 'Dr. Stanley' that he is a 'Best-Selling Author' and his infinite wisdom shouldn't be whittled down. And, dear readers, lest you forget that Stanley (excuse me--Doctor Stanley) is a credible author and PhD, we are reminded of his 'status' every few pages. Perhaps this could be a new drinking game for the ivy-league set--read the book aloud and take a drink each time he refers to himself as a 'Best-Selling author...' This book takes on a very condecending tone and is downright sexist and racist in some areas. Spend a day caddying at the local country club if you really want some priceless information on the 'millionaire mind.'

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  • Anonymous

    Posted August 10, 2003

    Back to the bookshelf with this one

    I'll keep it in my collection just because I got the hardcover at a deep discount, but this book is monotonous beyond the average Ph.D. dissertation. Perhaps Stanley is paid by the word, but one would hope a publisher would see through an attempt to get thrice (or more!) paid for the same material. The Millionaire Next Door was an excellent piece, with excellent writing. This book is an insomnia killer.

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  • Anonymous

    Posted June 18, 2003

    The mindset is where is starts!

    Whereas the author's last book, The Millionaire Next Door, explored the lifestyle of the millionaire, this book focuses on the mindset. You will see that you do not have to change drastically to develop the millionaire mindset. Read this book.

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  • Anonymous

    Posted April 27, 2003

    Enlightning but somewhat repetitive

    This book brings many little known facts about millionaires to light. Who knew that the average millionaire scored below 1200 on the SAT and had a 2.92 GPA throughout college. But this book also points out a lot of common sense about becoming a millionaire yourself. Many of those surveyed for this book were self-made millionaires. Very few had received any of their wealth as an inheritance. Many just had the slf-discipline, self-control, and determination to succeed in life even though they had gone through school being told they were failures.

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  • Anonymous

    Posted December 11, 2002

    You Don't Have to be Smart

    I think that the Millionaire Mind was a very motivational book for people who have been told that they are not good enough. This book explains and challenges them to succeed, even if they are not the smartest person. I liked how there were many outside influences, such as if you have a strong religion or not, or if you are married or not, those can determine your success.

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  • Anonymous

    Posted July 9, 2002

    A Strange Talent

    The author somehow was able to expand on information that could have been explained in fifty pages to over four hundred pages. He's mastered the talent of constantly repeating the same ideas in a slightly different way. You can be sure that I will never forget that the average millionaire was not a college genius and had a GPA of only 2.9. I suggest waiting for the abridged version.

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  • Anonymous

    Posted February 5, 2002

    Many people misunderstood this book

    I just bought this book, it was $4.99. I was curious what the book was about. I just turned twenty and already in a process of starting my business. This book so far only describes one kind of people and pretty much repeats itself every 3-5 pages. The author with all due respect only went out and surveyed the 'golfers' that have some money, what about the people that are younger then 30 years old and already made millions. To the author: Next time you want to write a book don't do it in the old upper middle class neighborhoods or just don't pick the same ones all the time.

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  • Anonymous

    Posted December 28, 2001

    Amazing Life Lessons

    Millionaire mind totally changed my life! i am only a junior in college and although i am a hard worker, i recieve alot of 'EOC.' but the most important lesson i learned from this book is that most millionaires live below their means for many years and thats why they become huge successes! they save the money so they can buy when the economy is down, and sell when the economy is up, how many people can say that about themselves??

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  • Anonymous

    Posted November 27, 2001

    I wish I could throw it to the garbage, but a bad book is still a book

    If you haven't read the millionaire next door, read that one instead. If you have, you will be very dissapointed with this one. It's about the same, in a book with less information and more pages. I think 3 pages would had been enough to tell the story told. Very very boring. I gave it a 1 because I cannot give a 0.

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  • Anonymous

    Posted July 24, 2001

    The best overall book about building wealth

    I really enjoyed this book and feel it was better than 'The Millionaire Next Door.' (which is also great) The Millionaire Mind focuses upon things which tend to make people more affluent. It discusses entrepreneurship, investment, and saving money. And, it's filled with great information. <BR><BR> For example, Stanley points out that wealthy stockbrokers tend to rate 'selling' as being very important to their financial success. They tend to relate 'Making Successful Investments' much lower. Hmm.... <BR><BR> Peter Hupalo, author of Thinking Like An Entrepreneur

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  • Anonymous

    Posted April 25, 2001

    A Limp Follow-On to The Millionaire Next Door

    The Millionaire Mind is very seriously flawed in its methods, writing, and conclusions. If you want to learn more about becoming wealthier, I suggest you read 'Rich Dad, Poor Dad' and 'The Cash Flow Quadrant instead. The author surveyed hundreds of people in a few suburban communities. 733 turned out to be millionaires. The book is based on the self-reported results and perceptions of those 733. Because of the way the sample was selected, you won't get much variety in type of millionaire. Very few inherited-money millionaires make it into the sample. Also missing are 17-year-old models who are on the cover of every magazine, basketball players who sit on the bench for the Celtics and earn millions annually, 25 year old founders of Internet companies, and so forth. Also, the results are not segmented very much. It would have been nice to have been able to slice the data to look at oneself and see where each of us fails to match up to the standard. This might have provided some ideas about what each person needs to do differently if one wants to become wealthier. A lot of interesting questions are missed as a result. Are different paths working better now than in the past? What takes the least effort (if one is to be self-made)? What takes the least risk? What takes the fewest number of years? Most observers would agree that the New Economy has changed the wealth distribution in the U.S. You will look in vain for much on this subject. Also, since we are only looking at millionaires, we can't find out what is significant if we don't see how their attitudes and lifestyles are different from similar people who are nonmillionaires. That control group is essentially missing in this case. Finally, what are the odds of success if you do what these people did? How much does it improve your odds of success? You might find that the reported variables are not the essential ones. But the way the study was done, you can't tell. A good example of the problem of cause and effect was the finding that the richest millionaires played the most golf. Now, was that because the richest people can afford the time and money to play more golf, or because golf contributes to becoming wealthier? You can't tell from this research. Next, the good part. The book certainly espouses good middle class values. Work hard, stick with your spouse, watch the kids' sporting events, entertain your friends. No one will go off the deep end following this advice. Probably the most encouraging part of the book was the assertion that millionaires were not tops in SAT scores and college grades. Anyone who has gone to a high school or a college reunion would probably have already figured that out. The key points, that millionaires are more likely to be sociable and not accept setbacks as permanent) have been reported many times before. There's nothing new there. You should also realize that doing something different from this model does not doom you to the poor house. Some rich people do spend more time on ski vacations than with tax advisors. Some rich people do use credit cards (it's hard to travel if you don't). Some rich people have been throu

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  • Anonymous

    Posted March 6, 2001

    An Interesting Insite To the minds of Millionairs

    Read it! It is very interesting.

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  • Anonymous

    Posted December 2, 2000

    The intro. was better than the rest of the book

    The book was very interesting in the beginning and lagged during the middle. I had to skim through the book so I didn't fall asleep but, during the skimming there were some interesting facts.

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  • Anonymous

    Posted August 31, 2000

    ZZZZZ. . . .

    Too many monotonous tables and figures. He says the same thing over and over and over and . . . .

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