Here we're going to look at The Millionaire Mind by Thomas J. Stanley. This book is base on a survey conducted in select neighborhoods that bear the highest concentrations of households in the millionaire category.
I'm surprised to find that most of these individuals live frugal and simple lifestyles. Nope, you won't see them flaunting their wealth on social media.
The Misconceptions of the Rich
Not all that glitters is gold, according to Shakespeare. In other words, no one ever became wealthy by spending the household’s money on expensive consumer artifacts, like clothes and new cars.No one ever became a millionaire by using consumer goods as status symbols while neglecting their investments in private business or publicly traded stocks.
Just because someone is displaying wealth doesn't necessarily mean they are wealthy. The appearances of wealth can be deceiving indeed!
Does Superior Intellect Automatically Translate to Wealth?
Just like in Rich Dad Poor Dad by Robert Kiyosaki, this book also stated that superior intellect doesn't necessarily translate into superior levels of income and wealth.It doesn't matter if you're not a straight-A student, most of these millionaires aren't. In fact, some of them are school dropouts due to economic reasons.
I'm not saying it's okay to laze around. Collecting knowledge and information has economic value only if you are focused and have specific goals. Learning matters.
Though labeled as average or having less ability, these millionaires learned to fight for their goals, thus, proving their critics wrong.
The Millionaire Mind Book Review
It's a good read. The Millionaire Mind is a thought-provoking book on wealth building and financial management. It broke down many misconceptions I have of the rich.Although I like the information presented in the book, the format is closely laid out like a thesis. It's hard to read. The author also lost me in some parts, it's boring to read.
RATING: 3/5
Overall, I'd recommend this book to anyone interested in wealth building and financial management.
I lamented the fact I don't have financial education growing up so yes, I'd even recommend this to teens and young adults.
Q & A
Before we part, I'd leave you with valuable insights gleaned from The Millionaire Mind by Thomas J. Stanley.What characteristics do America's most affluent people have?
Frugal, tenacious, risk-takers.
How about spending habits?
Most of them are price sensitive with respect to products that lose all or most of their initial value as soon as they are purchased. In terms of dollar value, these items are highly perishable. Waste not, want not is a theme acted out by these first-generation millionaires.
Real vs. Imagine.
They're not what you think they are. They don't see a need to impress their wealth or flaunt their success. Most are cheap dates!
"You cannot enjoy life if you are addicted to consumption and the use of credit."
~1983 interviews of Oklahoma millionaires
The rest? You'd have to grab your copy of The Millionaire Mind by Thomas J. Stanley to find it out. CLICK the image link below!
I hope my book review of The Millionaire Mind by Thomas J. Stanley is helpful. Don't forget to grab your copy from the image link above!
You have an awesome day then! See you in my next book review. ;)