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The Millionaire Mind
Free Ebook The Millionaire Mind
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Audible Audiobook
Listening Length: 12 hours and 20 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Simon & Schuster Audio
Audible.com Release Date: October 27, 2000
Language: English, English
ASIN: B0000547HT
Amazon Best Sellers Rank:
The author of The Millionaire Mind and The Millionaire Next Door has certainly stumbled onto a great idea: He's become rich by selling his books, written in pseudo-scientific jargon, how rich people live and think based essentially on their self-reported answers to surveys. Actually, that description is a little simplistic, but not far off. I've read both books and they are somewhat interesting for their insight (most multi-millionaires are very, very different from the celebrity trash we all see on t.v.). However, anyone with a very basic knowledge of statistics and a practical understanding of basic psychology or human nature will have a problem with some of the conclusions that the author alludes to. Such as: People who have their shoes repaired rather than throwing them away, people who have strong religious backgrounds, and people who avoid do-it-yourself home-improvement are more likely to become millionaires. The author frequently makes leaps to conclusions without really analyzing the causal connection. He also relies too heavily on self-reported answers to his surveys. Sure, the deca-millionaire is going to tell you "hard work", "honesty", and "charity" are important to "being successful." But he's not going to necessarily advertise that "off-shore tax evasion", "sticking it to the working class" and "having blue-blood parents" doesn't hurt the balance sheets either. It sometimes seems like the author was born yesterday. One last complaint: The books could be reduced to around 50 pages if all the hokey anecdotes were edited out. They don't add much and almost insult the intelligence of the reader ("To tell you how important it is to save money, let me tell you about Mr. Moneybags and how he saved money and thus accumulated money."). Overall, to be clear, these books are worth reading, but I'd borrow them from a friend (or library) and save your money.
If The Millionaire Next Door was a look at what America's affluent look like, The Millionaire Mind is a look at how they think and live, and why. I liked TMND more, but this is a different kind of book. It more looks at habits and ways of thinking than simply at how people live. It also has a bit of a self-help vibe to it that detracts from the overall message of the book -- this can be overlooked, but does take away in the end.Don't listen to the anti-wealth, anti-prosperity reviewers who give this book a negative review because they don't like the rich. Read it with an open mind and look at why the rich lead the lives with the habits that they do. One reviewer complains that the rich don't waste time and money on DIY projects but look to use discounting options like coupons. He totally misses that they do the latter because it is a good exercise in financial discipline that is primarily used to teach children (and that they understand thinking on the margin and the power of habits). Make sure you read the explanations!Key Takeaways:> America's affluent rank integrity far higher than IQ or grades or an elite college in importance for contributing to their successes.> Discipline, self-esteem, integrity, and honesty are ranked highly by millionaires as some of the most important characteristics for success. Few admit to getting much of worth out of college except for opportunities to develop discipline further.> Most make their money in ways that require a lot of courage: entrepreneurship, self-employment, sales rank very highly.> Accordingly, they have developed a strong sense of immunity against critics. Many admit to being religious and praying often, while others have strong psychological patterns for never dwelling on past mistakes and thinking positively about their futures. Planning, discipline, and proper risk-reduction-measures rank highly in their habits that help them keep their sense of courage.> Millionaires love their jobs... but they are not workaholics in the traditional sense.> There is no statistically significant correlation between how early somebody wakes up and their net worth. Wealthier people do not necessarily wake up earlier.> Few have ever received economic outpatient care from their parents.> Few are consumerist. They enjoy spending time with their families more than buying fancy cars or going on fancy vacations (See TMND for more on this.)> America's wealthy pay more than their fair share of taxes -- accordingly, they spend a substantial part of their time consulting with tax accountants.> Few made their money on the stock market and few rely on stock brokers for their publicly traded investments -- instead, they rely on their CPAs and on their lawyers as their closest investment advisors.> Choice of spouse is extremely important -- there are some characteristics of millionaire couples that are not shared by most normal people. For example, one in two couples from the populace at large would leave their significant other if they got laid off. This is not true for millionaire couples -- many of whom had to support the other during early stages of entrepreneurial ventures.> Most live in fine houses in decent neighborhoods with good public schools. Few (~1 in 4) build their homes. Most buy used.I'd be interested in seeing an updated version, especially on housing choices, in the post-Great Recession world. The distinction between Balance Sheet Affluent and Income Statement Affluent (wealthy vs. high-income) is useful throughout the book. Although the numbers are a little old at this point (going on 15 years), the insight is timeless.Choice Quotations:"Why is our society so concerned with testing intelligence? We place great emphasis on achievement and we want to know even beforehand who will achieve tomorrow in the real world of work. We want to give awards to achievers before they even achieve. We are the a priori, the presumptive society.In spite of this, some students never allow such academically oriented predictions to influence them. A disproportionately large percentage of multimillionaires fit into this category." (p. 69)"A disciplined person sets his or her sights on a lofty target and then figures out productive ways to reach the target." (p. 83)"Self-made millionaires have an interesting immune system. I am not talking about an ability to fight off infectious diseases -- I'm referring to their mental strength. They have an acquired ability to deflect even the harshest evaluations by some of the nastiest critics. This mental armor plate was initially forged during their salad days. Over time, their inoculation system grows in strength. Why? Because even in their later years, these millionaires constantly encounter negative evaluations by various critics and authority figures." (p. 101)"Many people, even some of this country's intellectually gifted, lack Mr. Richard's intuition. They often find themselves in fields where the competition is fierce. Consider the fact that 80% of the associate professors at Harvard -- among the most intellectually gifted people in this country -- are denied tenure. These professors accept positions at other universities, and many eventually became tenured. So it is not only choice of vocation, it's also the level of competition within a chosen geographic or other environment that influences whether a career choice succeeds." (p. 192)"As for the prototypical smart fellow I met in Kinko's -- he's intelligent; he passed the bar exam; he went to an accredited law school. So what? He's just one of thousands of attorneys listed with 74 pages of very smart competitors." (p. 193)"Mr. Richard is talking about 'template career selection.' Certain high-status occupations have an established process of training, and our top-students are channeled into these vocations. Physicians, attorneys, and CPAs follow a set procedure. But people like Mr. Richard define their own channel. They create unique and highly profitable businesses and they have little competition." (p. 195)"'Everybody out there has an opportunity to get into business ... the opportunity to sell somebody something ... some can't see it ... you have to be able to see it.'" (p. 221)"His motivation is a direct result of envisioning buyers being able to solve problems with his technology, and that is, in essence, why he is a success today." (p. 226)"Millionaires are frugal when frugality translates into real increases in the economic productivity of a household." (p. 283)"They [millionaires] believe that it is very important to be price-sensitive with respect to products that lose all or most of their initial value as soon as they are purchased." (p. 288)"It's important for America's youth to discover that millionaires, even most decamillionaires, don't depend on consumer goods to enjoy life. Their pleasures and self-satisfaction have more to do with their families, friends, religion, financial independence, physical fitness and perhaps a bit of golf. Look at it the other way; there's nothing more pitiful than a person who has no close friends, no loving family, yet owns millions of dollars of consumer goods." (p. 365, 368)"The rich pay a lot more than their fair share of taxes in this country. Those with annual realized incomes of $1M or more make up less than 1/10th of 1% of the households of America, but they account for about 14.7% of all the income tax collected." (p. 375)
I read The Millionaire Next Door and enjoyed that book, so I thought I’d give this one a shot. The outcome? I’m not impressed with The Millionaire’s Mind. The book is based on research he conducted via sending surveys to millionaires and he repeats A LOT of this research data page after page. It’s very repetitive. I feel like so far the book is more about dissecting all of the different research angles and drawing conclusions on different correlations...but in terms of actual substinance, I’m bored. Like, if I have to read one more time that “. . . X percentage of millionaires weren’t at the top of their class. . . X percentage didn’t have a high SAT score. . . X percentage of their teachers didn’t believe they would make it to this level of success. . . blah, blah, blah. . .†— I’m going to lose my non-millionaire mind.
I watched a man engrossed in this book on an airplane and ordered it upon landing. What a good decision that was! We think we know about millionaires, but most of what we think is debunked with this interesting book. This isn’t a book about investing or getting rich, but an analysis with profiles of millionaires and how they think about money, spend their money, and the common lessons that can be drawn from this analysis. Like the guy on the plane- I couldn’t put it down.
I'm reading this book not so much for my own benefit, but as a guide for lessons to teach my children. Turns out that my father did a pretty good job of instilling this mindset into me. Dr. Stanley has surveyed the affluent and has distilled the lessons found in their responses. Some of it is not surprising, some is. Much of it involves qualities found in the past generation more commonly than in our own. Would be interesting to see how this survey would turn out 20 years from now. Will the multi-millionaires then be more opportunists that figured out how to make a quick buck off of a clever mobile app or new emerging ideas in software?My only criticism of this book is that it could have been written in 100 fewer pages to save the reader some time as it does repeat itself after awhile, but still a worthwhile read.
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