©2000 Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D.; (P)2000 Simon & Schuster, Inc., All Rights Reserved, SOUND IDEAS is an Imprint of Simon & Schuster Audio Division, Simon & Schuster Inc.
This is a fascinating insight into the Millionaire mind, this is the kind of book that you need to know. It can get a little heavy going at times but take it in smaller chunks and you will learn a lot. I have listened to this many times since downloading it.
An avid reader (listener) since childhood. (It says I've been a member since 2017. I've actually been a member since 2014)...
I have just finished listening to The Millionaire Mind. It goes into great detail of how the millionaire mind thinks. I am aspiring to become a millionairess and this audio book this absolutely perfect for grea inspiration and guidance. This book has become my mentor!
Audio book allows you to listen while driving a car or doing other things, but for this book I also purchased a paper version so I could listen to it and read along to gain maximums concentration. it is that good!
Good narration contributes to keeping this book interesting throughout. Like all long audiobooks, it does tend to get a bit repetitive towards the end but in general, this is a thorough examination of how millionaires think about and spend their money as well as how they earn it. I'm sure most people could take a lot from this book and the simple examples given seem obvious once you know about them.
Super book. Real good insights into the lives of the millionaires from spending habits to priorities to wives personalities. Lots to learn from this if you want to be a millionaire. All starts from within.
I have listened to this audio and enjoyed it a lot. I will pre-warn other listeners that a lot of numbers are given in this volume and it may be more helpful to have a paper copy at hand. The statistics are given throughout and this can sometimes be confusing. I advise other listeners to slow down their thinking and really listen to the words. Don't multi-task while listening to this tome, you'll miss the good stuff.
Multi-millionaires don't spend their money, they save it. They look for opportunities to get more for their dollar than just trying to appear rich.
The number of multi-millionaires that have been in their homes for just a few short years are very few, most have lived in the same place for 10+ years. Being wealthy isn't about how much a person paid for their car, but about which car to drive for an over-all cost per mile.
A good book to make a person think. If the statistics bother you, pick up a paper copy to read along.
Focuses on the behavior and thus making a compelling case for personal money management.
i am slowly changing my attitude towards money and it's working.
"No Millionaire Next Door"
Do not go into this book expecting it to be as good as _The Millionaire Next Door_ (which this author co-wrote). It isn't. This book is a mess and isn't even sure what it is about. Feels like everyone was so eager to follow up the smash hit as quickly as possible that they forgot all about editing. There are some interesting (and useful) new tidbits on the habits of those who have accumulated wealth, e.g., what kind of house and neighborhood does the typical millionaire live in, but most of this volume is spent moralizing about the American education system. This is where the book becomes schizo. One the one hand it shows that most of those who have gone on to become millionaires did not do well on standardized tests, and therefore did not go on to grad or pro schools, or even college (except doctors and lawyers, obviously, but most of those aren't millionaires). But then on the other hand it decries those who discourage those students who score poorly on such tests from going on to higher education, e.g., relating the story of Dr. Martin Luther King, Jr. But I am left asking why this is something to bemoan. The author seems to accept that the tests are fairly accurate predictors of academic performance, so if future millionaires don't and won't do well in these settings (for whatever reasons), why not let them go and do what they do best (and better than most) as quickly as possible? And as for MLK, why is he in this book? Did he become a millionaire? Save your money (better yet, invest it in a good mutual), and go check the first book out from the library and read it again.
"The Millionaire Next Door is the better choice"
I've listened to both The Millionaire Next Door, and The Millionaire Mind. If you've read one, you've gotten most of the content expressed in both books, and don't need the other, and the Millionaire Next Door was the better choice because the content was much more translatable. This book seemed like it was a lot of the think positive and you'll reach your goals, which I found to be patronizing and out of touch at times. It was an interesting listen, but not a very practical application to real life.
"Like football commentary"
Once, while listening to Monday Night Football, I heard the announcer state that a certain team was in trouble because "only 50%" of teams in that situation had ever recovered from such a point deficit/yard loss/injury etc. Such statistics are nonsense because the announcer could have just as easily said that the team had a great shot because a full 50% of teams in the same situation had turned things around.
Dr. Stanely does the same here. He takes a statistic and shoves it at you without telling the whole story. On several occassions he spoke of how a percentage of his survey takers reported activity X was important to their success. The percentage would be less than 50%. Dr. Stanley, however, would not bother to explain how the majority accomplished their success without performing activity X.
Dr. Stanley also contradicts himself at many points in the book. In one chapter, he explains that integrity is absolutely key to success. If you want to be a millionaire in one generation, you should make it a point to be honest with everyone. A chapter later, Dr. Stanley holds up a man as an example of the type of success he's talking about. This man beat the odds by becoming a top executive in the carpet business without having completed college, let alone graduating from a top ranked school. How did he do it? Dr. Stanley makes a point of the fact that the man had a special gift for sales. He also mentions, hurriedly and in passing, that the man LIED to his company about his education level. He informed this company on his application and in his interview that he was a college graduate. Hardly a man of integrity but undoubtedly successful. Dr. Stanley does not elaborate how one example reconciles with the other.
This book was a waste of time. Nothing is here that isn't common sense (work hard, love your job, invest wisely) or that isn't contradicted later (be honest, unless it pays to lie). Give this one a pass.
This is one of many books that makes becoming wealthy seem accessible to anyone. It focuses on common characteristics of millionaires that wouldn't be obvious to the average person, like the importance of choosing a good mate or the kind of furniture the wealthy buy. It also discusses more likely topics like how to choose a house wisely. The book is redundant at times, but the messages are interesting and sink in. However, this book does not really deal with how to make money in the first place.
"It is about time"
I was very impressed with this book. At first, I too was somewhat skeptical, thinking it might be another one of those gee-whiz books. However, Dr. Stanley did his research and in eloquent language, blows the cover on the wealth myth. So many people in America are either trying to be the Jones or catch up with them, that we are spending our way to poverty and financial bondage. Stanley sheds important light on the truth about wealth and those who know how to acquire it and keep it. I recommend this book to anyone that is serious about true prosperity.
"a great book to learn to live economically & well"
this book & the Millianaire next door are terific books to help you learn to live better and wealthier
This was a great listen. The information here in is timeless, even though references to dates are a bit old.
The over arching theme this book seems to carry is: be a good person, aim for stability, but take calculated risks responsibly, network, avoid debt like the plague, and spend time with planning investments and talking to a tax professional.
Highly recommend this to anyone looking to change or grow his/her mindset.
Dr Stanley certainly delivers another great installment based on his research of millionaires. Im sure he has enough material for one more book! I like how the focus of this book is people's vocation and also gives some inspiration that becoming wealthy is attainable.
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