Review: The Millionaire Mind

Part of my Christmas season is usually spent catching up on good reads that I note throughout the year. My first book was The Millionaire Mind by Dr. Thomas Stanley (Andrews / McMeel Publishing, Kansas City, 2000). He follows up on his first (and more popular) book The Millionaire Next Door by studying the characteristics and habits of those with $1M dollar net worth or higher by using anecdote and statistics (my kind of book). I leave you with his main premise, found on pages 392-3:

1. Understand the key success factors our economy continues and will continue to reward: hard work, integrity, and focus.
2. Never allow a lackluster academic record to stand in the way of becoming economically productive.
3. Have the courage to take some financial risk, And learn how to overcome defeat.
4. Select a vocation that is not only unique and profitable; pick one you love.
5. Be careful in selecting a spouse. Those who are economically productive married husbands or wives who had the characteristics that are compatible with success.
6. Operate an economically productive household. Many millionaires prefer to repair or refinish rather than buy new.
7. Follow the lead of millionaires when selecting a home. Study, search, and negotiate aggressively.
8. Adopt a balanced lifestyle. Many millionaires are “cheap dates.” It does not take a lot of money to enjoy the company of your family and friends.

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