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The Millionaire Mind

4.1 of 5 stars 4.10  ·  rating details  ·  9,546 ratings  ·  182 reviews
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 milliona
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Paperback, 416 pages
Published August 2nd 2001 by Andrews McMeel Publishing
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Community Reviews

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Chad Warner
I liked The Millionaire Next Door (my review) so much, I had to read this book for its further exploration of the lives of millionaires. It spends a lot more time on the personal lives of millionaires, revealing insights about their marriages, pastimes, and shopping habits. Overall, I liked it even more than The Millionaire Next Door.

I liked the points that creativity and hard work are more important than academic performance, and that the proper career is the key to both wealth and enjoyment. I
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Linda
I liked it for the same reason as "The Millionaire Next Door":

1. If you skip past all of the charts and graphs, it's easy to read.
2. A few basic points: Millionaires are a lot more thrifty, stability-oriented, marriage-oriented, and a lot less orgies-and-Jaguars prone than most people would think. They look for deals, they don't waste cash, they marry for long periods, and build their businesses.
3. Biggest and most overdone point: millionaires do NOT rate overly high on standardized tests, they
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Andy Valen
Good book with somewhat surprising secrets of wealthy people. The book is based on an enormous survey of millionaires. It basically boils down to this: Millionaires are not wealthy because they make a great salary, they are wealthy because they save their money. There are plenty of people who make a big salary and buy lots of great things, but all too often they are in debt and have no real "wealth" saved up. The book seems to hammer this point in over and over again. Basically, avoid having a b ...more
Robert
Having read or at least listened to in the car the earlier volume The Millionaire Next Door and so enthusiastically that I sent copies to the children I went on to this one. It shows that Danko must have had considerable influence over the first book. Stanley alone is meaner, shallower, and puts a bit more emphasis on any correlation between strong religious values and this type of success. There is a consistent negative tone of judgment and rebuke. Where the first book firmly informed, this one ...more
kate
Oct 04, 2010 kate added it
not my usual pick, I don't focus on 'get rich' reads - money in and of itself is not a topic I pursue with a lot of passion. It's the passion that comes first - right?

Anyway, this was interesting because it taught me focus and that time is money. The things millionaires had in common surprised me - and would surprise my frugal friends who will drive an hour to the cheaper gym to save a few dollars as opposed to joining the one on their street.

Same with mr fix it himself who takes forever, pulls
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Edwin
Feb 14, 2015 Edwin added it
An interesting and inspirational read that debunks the myths we have all heard about the rich. This willt give anyone wishing to pursue success a sure footing. I will definitely read it again.
Howard
The Millionaire Mind offers insight as to how people of wealth think about money. Most interesting to me was looking at people who came from very little means and built their fortune from nothing. Many of these people have fairly simple lives and don't do (nor do they enjoy doing) extravagant things. In many respects they employ basic financial concepts but are also able to look at finances in a unique manner. The connection for me and the take away is that while one may not become a millionaire ...more
Bobby
I love this book because it debunks so many of the ideas about what it takes to be wealthy. It tells of stories of people who make $30,000 a year but are millionaires because of the way they have managed their money. One of the major mind shifts I realized is the difference between the perceived life of wealthy, and how one essentially needs to stop caring about what others think about them, and live financially smart. This is proven with statistics like 70% of millionaires shop at thrift stores ...more
Larisha


In "The Millionaire Mind" you will discover answers to questions like:

*** What success factor made them wealthy in 1 generation?

*** How do they find the courage to take financial risks?

*** How did they find their ideal vocations?

*** How do they run their households?

*** How do they buy and sell their homes?

*** What are their favorite leisure activities?

In "The Millionaire Mind", Dr. Thomas Stanley tells us how America's wealthy got there and perhaps even more importantly, how you can become one o
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Ethan
Garbage. The portion of the book that isn't retread from The Millionaire Next Door contains specious reasoning ("correlations") and the author's fairly lame opinions on how to lead your life. So standardized test scores and grades don't predict success in the business world? Well--duh! How many times do you have to repeat that for it to sink in? Sounds like a certain author's counselor told him he was stupid as a kid. And...do I have to believe in God to make money and be happy? I guess so. Than ...more
Chhun
もしこの本を読まないと、億万長者はどんな生活を過ごすか意外と全然思い当たらない。やっぱり経済成功の方程式によっては、天才で、一流大学の卒業者からといって、仕事を成功して億万長者になれるわけではないだろう。重要なのは、人一倍の努力、仕事への情熱、リスクを背負う勇気を持ち、失敗するからこそ、克服する方法を勉強できて、成功の人間になれることである。

One phrase is really touching my heart. It said, if there is no one employing me, I'm gonna employ me by myself. That was word from millionaires. You can see the different between what millionaires think and what we think. And you? What would you do if no one employs you? If you can't find a job? You wanna employ yourself? I m
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DianeK Klu
I will never complain about my husband being "frugal" ever again. He has the millionaire mind set. Me....... not so much.
Esther Dan
Great book! Ethics of everyday people that are millionaires and their disciplines with money, time, courage, education and sacrifices.
Adriane Devries
You have more statistical chance of getting leprosy than winning the lottery. If, like many people, you would rather accumulate cash than rotting, decaying flesh, perhaps you ought to read the findings of Thomas Stanley, PhD, who has stalked American millionaires in their clustered enclaves to discover the secret to their financial success. 733 of them agreed to answer his probing questions for hours and hours to give us news both good and bad. The good? They are often of quite humble origin, wi ...more
Jacob
When I started this book I wasn't clear how it would be much different than "The Millionaire Next Door." Soon it did become clear to me. This book set out to share "economic success factors" based on research according to the authors proven style. I found the read both entertaining and insightful. Well done again!
Pierre Lauzon
This book is a follow-up to the more famous The Millionaire Next Door and is a worthy effort. The first book upset stereotypes and understanding of who millionaires are and what they do. This book is a more in-depth statistical analysis. It has 46 tables (some extensive) in 405 pages of text.

The major separation of thought in the text is between those the author calls Income Statement Affluent vs. Balance Sheet Affluent - making money is not the same as keeping and growing it. The book also upse
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Keith Sorensen
This is at least my second time through this book (and parts I've read at least three times), and the larger themes became a lot more clear and apparent to me this time through. Although they are explicitly stated time and again, it took listening to the case studies and anecdotal evidence to make the ideas "click" with me. I'm in my mid-thirties, have small children, and am starting to look toward retirement and financial independence, so I guess my mind and emotions were a little more receptiv ...more
Tony
There are many books on how to get financially wealthy, and I believe that many of their theories and explanations are feasible and accurate. However, through Dr. Stanley's work, we get a glimpse of what traits the typical Millionaire actually possesses. What things have they done in their lives to gain the wealth they have? What values do they possess? I think that you will find, like I did, the answers to be different than you had supposed.

I would highly recommend The Millionaire Mind, along w
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Ben
Sep 02, 2008 Ben rated it 5 of 5 stars  ·  review of another edition
Recommends it for: Anyone interested in financial arenas.
From the author of The Millionaire Next Door, this is a continuation, or rather the author going more in depth in his studies of millionaires. Dr Stanley has studied millionaires for more than 20 years and, while The Millionaire Next Door gave glimpses of what the typical millionaire was like, this gets into the typical mindset of most millionaires and multimillionaires. Two words describe this book: INTENSELY INTERESTING. Very enlightening and, like the author says countless times, the typical ...more
Matt Soderstrum
People are millionaires in our country, not because they are more lucky than the average person - nor are they smarter or win the lottery. Basically people are millionaires because they think and act differently from the rest society. Stanley's book focuses on how they act and think differently. This book is a good read - although at points it is somewhat tedious in going through his research and statistics.
CV Rick
I've been going about this all wrong.

It's frustrating, but not too late to adjust some things.

That's the main lesson here. I need to approach life a bit differently.

It's good and chock full of fascinating survey results. It's a peak into stability and background. I liked that.

But I couldn't help feel like it's accusatory . . . "why didn't you do it like this?"
Desiree Wills Velazco
There was a lot of interesting statistics, but some of them were twisted so the author could make a personal opinion about it and sometimes he contradicted himself. I enjoyed the anecdotes the most. My rating was due mostly to the fact that it was too much of the authors opinion twisted to look like fact.
Bill Donhiser
A good follow up to The Millionaire Next Door. I enjoyed this book although not as much as its predecessor. Good facts and a good reminder that if you truly wish to be financially independent and wealth forget all the sh&^ that you see on lifestyles of the rich and famous focus on what counts
LeeAnn
I am enjoying this book and have all but glued earphones into my head because I'm listening to this on audio. Parts of it drag, but he uses real-life examples in their own words just often enough to keep the narrative personal. I especially enjoyed the pieces on marriage and the commitment to one spouse and the cre spent in selecting your future mate. That is information that by itself could change our society overnight. Stanley is careful not to present himself as a marital counselor or expert ...more
Jack Speyer
How millions think

I read the millionaire next door years ago and this is a great complement to it. To get rich and stay rich is often accomplished by folks who live rich lives but don't spend rich. Great insights into how successful people approach life.
Thomas
I liked this book, but not as much as I liked The Millionaire Next Door, by the same author. Much of that was because the author uses many of the same examples and data. Only the approach was different. If I had read this book first, I would have given it four stars, instead of three.

Like the first book, the author makes no value judgements about how one should use his own money, but merely points out the habits, thought patterns, and (especially) spending habits of Americans who have become mil
...more
Cheryl K
Great insight into the minds of millionaires by providing statistical data on personal, business, real estate choices and more...Great read to get ideas, compare notes, and teach your children what it takes to acquire wealth in one generation based on the statistics of countless who already have.
Apzmarshl
Some great info on creative thinking, gaining experience, looking for a niche, college vs. no college, what grades mean in the real world, real estate, and family and marriage.
Joseph T Farkasdi
If this book don't enlighten you into the thought process and outlook of the New Rich in our society, then I don't know what will! Thomas's research is profoundly insightful, digging deep into the lifestyle and, more importanly, into the mental traits of the rich. The most significant discovery of his study is how the rich are so very much like the rest of us, only they have a pattern of mental and behavioral traits that distinguish them and, ultimately, lead them down the road to success. If yo ...more
Waseem
I listened to the abridged audiobook version of this book - which is way too short at just over 2 hours compared to the actual 12 hours as I later discovered

Thus far it seemed along the same theme and expansion to Thomas Stanley's earlier book "The Millionaire Next Door" which I loved and listened to the unabridged 8 hour plus audiobook version...


Which is why I intend to revisit this book later and only rated it 3 stars right now - as listening to an abridged version vs unabridged of the authors
...more
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Dr. Thomas J. Stanley began studying the affluent in 1973. Stanley was a marketing professor at Georgia State University, a public speaker and consultant on selling to the rich.

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“Luck and risk taking go hand in hand.” 0 likes
“most millionaires generally don’t limit themselves to stocks, bonds, and related investments—they invest heavily in private businesses and real estate.” 0 likes
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