The Millionaire Next Door was Tom Stanley's runaway bestseller, revealing to the world a most unexpected picture of America's millionaires. The Millionaire Mind is the more thoughtful and insightful look into the psychology of millionaires, the 'soft' factors in terms of attitudes and beliefs that have made these people so successful.
The research base was broadened to encompass an even wealthier set of millionaires (including many 'decamillionaires'). In all, the author received 733 responses to his carefully targeted questionnaires, and the sum effect of this book is a bit like being invited into the living rooms of 733 wealthy people for a fireside chat.
The key question asked: is it possible to have a very enjoyable, balanced life but still achieve millionaire status? Stanley's surprising answer is that while money can't buy happiness, millionaires are perhaps more aware than most that the best things in life are free. Rather than, as you might expect, spending their non-working time visiting glamour spots or engaging in expensive hobbies, the great majority of millionaires prefer to spend time with family and friends. If they are not doing this they are involved in community activities or playing a round of golf. As the author suggests, most millionaires are a 'cheap date' - but are not miserly personalities.
'Vocation vocation vocation'
The way to sustainable wealth and a enjoyable life is simple: do work that you love to do. The more you love your work the more likely you will excel in it, and the more rewards accrue to you. You are also much more likely to create a profitable niche through the process of deepening your skills, knowledge and contacts in your chosen area. Millionaires are happy to make a life out of truck spare parts or car washes if they see opportunities - no matter what others think.
Above all, millionaires 'think differently from the crowd' - they spend a lot of their time looking for things that others have overlooked, overturning assumptions and creating profitable niches within generic industries.
For those of you who still haven't found your vocation, Stanley comes up with this: against the conventional view that you go directly into a field after school or college, stick at it and eventually do well, most millionaires did a variety of jobs and had a good spread of life experiences before they found their vocation. Looking at the data, Stanley concludes, "It's hard for a person to recognize opportunities if he stays in one place and remains in one job.."
Risk, reward and self-belief
Stanley notes the strong correlation between the willingness to take financial risk and financial success. While most of us would see starting a business as a great risk, the financially successful see working 9 to 5 for someone else risky. You are dependent upon your employer for your livelihood, and your income is related to how much time you spend working. But millionaires tend to choose a career in which there is no ceiling on how much money they can make if they are successful at it.
The millionaires in Stanley's surveys all seemed to have one thing in common: a belief in their ability to generate wealth. People talk ad nauseam about the importance of investing in the stock market, but as Stanley rightly points out, few really think about the source of wealth: generally an idea turned into a business, initially owned by a small group of people. Real wealth creators focus on creating a prosperous business instead of gambling on public companies about which they can never have all the information. This may seem like putting all your eggs in one basket, but those eggs can be watched like a hawk.
A good proportion of self-made millionaires worked hard in school but were not the top students. What they learned most in school was how to judge people well and get along with them, and that hard work could bring a surprising level of success. Many were judged not intelligent enough to really succeed because they lacked the high levels of analytical intelligence or IQ to get them into medical school or law school. Yet later in life, most of the millionaires admit that these judgements only made them more determined to achieve. Knowing they would never run with the 'beautiful people', they sought to prove their worth in other ways. They became very good at dealing with people and scoping out opportunities.
People often put success down to good luck, but Stanley's millionaires rate luck quite lowly on the scale of success factors. 'The harder you work, the luckier you get' seemed to be a consensus view.
Nine out of ten married millionaires say their marriage has been a major factor in their success. A spouse provides on tap psychological support and advice which is likely to be honest.
After love, attractiveness and sharing common interests, most millionaires chose their spouses for a certain 'x' factor: small things they noticed which indicated self-worth, integrity, even compassion. It turns out that millionaire spouses had the sort of qualities that would be helpful in running a business: intelligent, honest, reliable, cheerful. Millionaires choose their lifelong partners astutely, knowing that it will greatly affect their own success.
Every little bit helps
Becoming wealthy involves a set of habits and ways of doing things, some of which seem of minor importance or common sense but which many of us don't do:
The Millionaire Mind could have been better edited (many statements are repeated), but it is not for lovely, elegant prose that you will buy this book. At less than the price of a main course at a good restaurant its insights may prove an insanely good investment.
While some of the standout points of the book have been covered here, there are a multitude of revealing facts and ideas besides, including the five 'foundation stones' of financial success most often mentioned by millionaires, enjoyable case histories and anecdotes of specific millionaires. Forty-six tables display the research data in a manner that even the numerically challenged can understand.
What is the millionaire mind? Not living a spartan lifestyle and making money your god, but freedom from reliance on credit and being in control of your finances. The great self-discipline of the average millionaire means that they can't help piling up wealth long after their modest needs have been satisfied. The millionaire mind evokes the famous biblical saying, "To them that hath, more will be given." Not only do these people have money, they love their work. Most people will think 'of course they love their work, they can do what they want' - but few appreciate that it was their love of their vocation that helped to make them wealthy in the first place.
Praise for 50 Success Classics:
"This incredible book gives you the best of success literature ever written - in one easy book that you can read and reread for years.”
Brian Tracy, author of
Goals and Million Dollar Habits
|"A highly readable collection! 50 Success Classics presents a smorgasbord of some of the best thinking on what success really means.”|
Kenneth Blanchard, co-author of
The One Minute Manager
|"I can't imagine needing any other success book after reading 50 Success Classics. It has every piece of wisdom you'll every need to make your life extraordinary.”|
Cheryl Richardson, author of
"Many thanks for 50 Success Classics...and for the inclusion of so many impressive and well-known success authors. Many of their works I have studied, enjoyed and learned from. It is a delight to see them all included in one volume, in which one can be exposed to numerous success ideas so conveniently. I shall be recommending this book to my readers worldwide.
Catherine Ponder, author of The Dynamic Laws of Prosperity
|"I only wish this book had been available years ago - it could have saved me countless hours sifting through the dross by instead pointing me to the really inspirational works. Very highly recommended.”|
Vice-President of The Speakers Association
Stanley's research into the affluent began in the early 1970s. His books include Marketing To The Affluent and The Millionaire Next Door.
Stanley lives in Atlanta, Georgia.
--- parameterHolder: symfony/default: action: show edit: false module: sfSimpleCMS slug: the-millionaire-mind attributeHolder: symfony/default: culture: en
--- app_sfAssetsLibrary_upload_dir: media app_sf_guard_plugin_remember_key_expiration_age: 259200 mod_sfsimplecms_enabled: 1 mod_sfsimplecms_is_internal: mod_sfsimplecms_view_class: sfPHP propel_behavior_actasnestedset_sfSimpleCMSPage_columns: left: sf_simple_cms_page.TREE_LEFT right: sf_simple_cms_page.TREE_RIGHT parent: sf_simple_cms_page.TREE_PARENT scope: sf_simple_cms_page.TOPIC_ID sf_admin_web_dir: /sf/sf_admin sf_app: frontend sf_app_config_dir: /var/www/cms/apps/frontend/config sf_app_config_dir_name: config sf_app_dir: /var/www/cms/apps/frontend sf_app_i18n_dir: /var/www/cms/apps/frontend/i18n sf_app_i18n_dir_name: i18n sf_app_lib_dir: /var/www/cms/apps/frontend/lib sf_app_lib_dir_name: lib sf_app_module_action_dir_name: actions sf_app_module_config_dir_name: config sf_app_module_dir: /var/www/cms/apps/frontend/modules sf_app_module_dir_name: modules sf_app_module_i18n_dir_name: i18n sf_app_module_lib_dir_name: lib sf_app_module_template_dir_name: templates sf_app_module_validate_dir_name: validate sf_app_module_view_dir_name: views sf_app_template_dir: /var/www/cms/apps/frontend/templates sf_app_template_dir_name: templates sf_apps_dir_name: apps sf_autoloading_functions: sf_available: 1 sf_base_cache_dir: /var/www/cms/cache/frontend sf_bin_dir: /var/www/cms/batch sf_bin_dir_name: batch sf_cache: sf_cache_dir: /var/www/cms/cache/frontend/prod sf_cache_dir_name: cache sf_calendar_web_dir: /sf/calendar sf_charset: utf-8 sf_check_lock: sf_check_symfony_version: sf_compressed: sf_config_cache_dir: /var/www/cms/cache/frontend/prod/config sf_config_dir: /var/www/cms/config sf_config_dir_name: config sf_data_dir: /var/www/cms/data sf_data_dir_name: data sf_debug: sf_default_action: index sf_default_module: default sf_doc_dir: /var/www/cms/data/doc sf_doc_dir_name: doc sf_enabled_modules: - default - sfGuardAuth - sfSimpleCMS sf_environment: prod sf_error_404_action: error404 sf_error_404_module: default sf_error_reporting: 341 sf_escaping_method: ESC_ENTITIES sf_escaping_strategy: bc sf_etag: 1 sf_i18n: sf_i18n_cache_dir: /var/www/cms/cache/frontend/prod/i18n sf_in_bootstrap: 1 sf_lib_dir: /var/www/cms/lib sf_lib_dir_name: lib sf_log_dir: /var/www/cms/log sf_log_dir_name: log sf_logging_enabled: sf_logging_history: 10 sf_logging_level: err sf_logging_period: 7 sf_logging_purge: sf_logging_rotate: 1 sf_login_action: signin sf_login_module: sfGuardAuth sf_max_forwards: 5 sf_model_dir_name: model sf_model_lib_dir: /var/www/cms/lib/model sf_module_cache_dir: /var/www/cms/cache/frontend/prod/modules sf_module_disabled_action: disabled sf_module_disabled_module: default sf_no_script_name: 1 sf_orm: propel sf_path_info_array: SERVER sf_path_info_key: PATH_INFO sf_plugins_dir: /var/www/cms/plugins sf_plugins_dir_name: plugins sf_prototype_web_dir: /sf/prototype sf_rich_text_js_dir: js/tiny_mce sf_root_cache_dir: /var/www/cms/cache sf_root_dir: /var/www/cms sf_routing_defaults: sf_culture: en sf_secure_action: secure sf_secure_module: sfGuardAuth sf_standard_helpers: - Partial - Cache - Form sf_strip_comments: 1 sf_suffix: . sf_symfony_data_dir: /var/www/cms/config/../data/symfony sf_symfony_lib_dir: /var/www/cms/config/../lib/symfony sf_template_cache_dir: /var/www/cms/cache/frontend/prod/template sf_test: sf_test_cache_dir: /var/www/cms/cache/frontend/prod/test sf_test_dir: /var/www/cms/test sf_test_dir_name: test sf_timeout: 1800 sf_unavailable_action: unavailable sf_unavailable_module: default sf_upload_dir: /var/www/cms/web/uploads sf_upload_dir_name: uploads sf_url_format: PATH sf_use_database: 1 sf_use_flash: 1 sf_use_process_cache: 1 sf_use_security: 1 sf_validation_error_class: form_error sf_validation_error_id_prefix: error_for_ sf_validation_error_prefix: ↓ sf_validation_error_suffix: ↓ sf_web_debug: 1 sf_web_debug_web_dir: /sf/sf_web_debug sf_web_dir: /var/www/cms/web sf_web_dir_name: web
--- cookie: env: files: get: post: server: CONTEXT_DOCUMENT_ROOT: /var/www/cms/web CONTEXT_PREFIX: DOCUMENT_ROOT: /var/www/cms/web GATEWAY_INTERFACE: CGI/1.1 HTTP_ACCEPT: text/html,application/xhtml+xml,application/xml;q=0.9,*/*;q=0.8 HTTP_ACCEPT_ENCODING: x-gzip, gzip, deflate HTTP_ACCEPT_LANGUAGE: en-us,en-gb,en;q=0.7,*;q=0.3 HTTP_HOST: www.butler-bowdon.com HTTP_USER_AGENT: CCBot/2.0 (http://commoncrawl.org/faq/) PATH: /usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin PHP_SELF: /index.php QUERY_STRING: REDIRECT_STATUS: 200 REDIRECT_URL: /the-millionaire-mind REMOTE_ADDR: 18.104.22.168 REMOTE_PORT: 44120 REQUEST_METHOD: GET REQUEST_SCHEME: http REQUEST_TIME: 1438598085 REQUEST_TIME_FLOAT: 1438598085.8 REQUEST_URI: /the-millionaire-mind SCRIPT_FILENAME: /var/www/cms/web/index.php SCRIPT_NAME: /index.php SERVER_ADDR: 22.214.171.124 SERVER_ADMIN: [no address given] SERVER_NAME: www.butler-bowdon.com SERVER_PORT: 80 SERVER_PROTOCOL: HTTP/1.0 SERVER_SIGNATURE: | <address>Apache/2.4.7 (Ubuntu) Server at www.butler-bowdon.com Port 80</address> SERVER_SOFTWARE: Apache/2.4.7 (Ubuntu) session: lang: home
--- php: 5.5.9-1ubuntu4.5 os: Linux butler-bowdon 3.13.0-37-generic #64-Ubuntu SMP Mon Sep 22 21:28:38 UTC 2014 x86_64 extensions: - Core - date - ereg - libxml - openssl - pcre - zlib - bcmath - bz2 - calendar - ctype - dba - dom - hash - fileinfo - filter - ftp - gettext - SPL - iconv - mbstring - session - posix - Reflection - standard - shmop - SimpleXML - soap - sockets - Phar - exif - sysvmsg - sysvsem - sysvshm - tokenizer - wddx - xml - xmlreader - xmlwriter - zip - apache2handler - PDO - json - mysql - mysqli - pdo_mysql - readline - mhash - Zend OPcache