The Millionaire Mind

The Millionaire Mind

Book - 2000
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"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.
Publisher: Kansas City : Andrews McMeel Pub., 2000.
ISBN: 9780740718588
Call Number: 305.5234 STANLEY
Characteristics: x, 406 p. ; 23 cm.
Subjects: Success in business -- Psychological aspects.
Wealth -- Psychological aspects.
Rich people -- Psychology.
Capitalists and financiers -- Psychology.
Millionaires -- Psychology.

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Info in this book is very interesting and unique. This is the only book I met that comtains some - any - factual details about these people. This book might not make you rich - but which book will?

i
iataee
Jul 23, 2010

Agreed with _42_. This book is kind of dumb. It reads like the author had his conclusions in mind before doing the study and finds random examples to support his points. Finding commonalities in millionaires does not mean those qualities make millionaires. Because plenty of people with those same qualities do not become millionaires -- especially since the qualities the author selected are very common qualities/characteristics e.g. C-students, people who invest in their own business, good people skills. You'd have to ask what percent of these type of people are millionaires. Also the select group is definitely self-selected -- ones willing to answer the questionnaire. I couldn't really finish the book because it keeps repeating itself and the basis is poorly founded.

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_42_
Jul 12, 2010

This book is derived from a study of millionaires which tries to ask the question: what does this group of people tend to have in common?

A problem with this type of study is that it is based entirely on a self-selecting group: there is no control group telling you whether the same characteristics in different individuals did or did not produce financial success.

There are limited insights here, although the book does go some way to disparage beliefs about how millionaires live. (They don't have custom built houses, they buy basic groceries at Costco and Sams, they value time spent with their families.)

Possibly valuable here are the observations that millionaires don't typically have high IQs: they work hard, and are good at soft people skills such as leadership. They also typically pride themselves in spotting opportunities other people missed, and make money by owning companies, not by owning investments.

This book won't make you rich. It may, however, make you skeptical of the value of this type of study.

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