The Millionaire Mind | Thomas J. Stanley | Excellent book for middle class people to understand...

The Millionaire Mind | Thomas J. Stanley | Very Educational

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The Millionaire Mind

	The Millionaire Mind Thomas J. Stanley Andrews McMeel Publishing, 2001 - 416 pages average customer review:based on 188 reviews view larger image
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Excellent book for middle class people to understand about money

Hi
I am a middle class person - I read this book and found very much interesting.
The main point is - what middle class people and society talks about money like "rich people are bad- money give trouble". Mr. Stanley clearly explains how this thinking makes us poor even though we earn more. This books also tells practically how a kid get his mind set about money from his parents. This is 100% true - I have now changed my mind set breaking my old habits.
I suggest every one in middle class society should read this book to understand about money.

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Very Educational

This book gives insight to how the mind with a purpose (of being a millionare)looks at everything he does. An easy read and highly recommended.

Good book, but there are better.

The co-author's prior work, "The Millionaire Next Door" is better. This work is also very good in that it gives more data on the average millionaire, showing that millionairedom is not out of anyone's reach. However, though the data he presents states that over 90% of millionaires are college grads, his book is disproporionately rich in anecdotes of high school drop-outs that became millioinaires. Also, he deals largely in absolute numbers. Though he states that the majority of millionaires are business owners and entrepreneurs, not physicians, CPA's or attorneys, he fails to address the PERCENTAGE of business owners that are millionaires, vs. the PERCENTAGE of attorneys, physicians, etc. that are millionaires. This additional data would be helpful for those still deciding on a career. Despite this, the principles in this book are sound and overall it is a worthwhile read. One doesn't need to be an academic "Superstar" to become a millionaire as he clearly shows.

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Interesting and Inspiring but Ultimately Slow

This book is an interesting read and the results of Dr. Stanley's studies are thought provoking and lead readers to believe anyone can be financially successful. The book, however, is about twice as long as it needs to be. The author is incredibly repetitive. The reason I gave the book four stars is because the information Dr. Stanley repeats so much is interesting.

Good with Caveats.

If you have a typical liberal idea of wealth in the United States coming from inheritance and privilege..look out!
Thomas Stanley pretty much demolishes these blind, yet impervious to factual evidence, dogmas.

Essentially this is a survey of millionaires, their attitudes and lifestyles. And the findings are that most millionaires made their own money, and do not live lavishly.

I have one major gripe. The author is evidently trying to be egalitarian and politically correct at times (though perhaps unconsciously).

For instance, he tries to studiously demolish the "myth" that hyper intelligent types get rich, by showing that the ones who got rich didnt do so well at school but were personable people etc etc.

This completely misunderstands and stereotypes high intellect people. For instance he says the average S.A.T score of these millionaires was 1100-1190. This was before the SAT was renormed, (it should be 930 or so before renorming). The standard deviation for the SAT is about 224. This means these millionaires were a whole 1-1.3 standard deviations above the average SAT test taker (please dont give me liberal tripe about how SAT doesnt equate to IQ, it might not be perfect but the relationship is still large).

Bear in mind that the SAT test taker group is already a self selected group, primarily for intelligence. So in iq-metric terms
I cannot see how these 'personable, but not neccesarily smart' millionaires end up with an IQ of anything less than 115-120. With all probability that it is not a balanced bell curve, but rather one tipped towards higher scorers.

Sufficed to say this does not INVALIDATE the book. Certainly more than IQ counts and personable factors count for a lot. I am just pointing out that you should take parts and pieces of this book with a grain of salt.

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