I read Thomas J. Stanleyâ€™s The Millionaire Next Door years ago when I was in the
As the bookâ€™s cover reveals, The Millionaire Mind tells how the millionaire got there, and how to become one of them. What is in the book?
1. What success factors made them wealthy in one generation?
a) Integrity â€“ being honest with people
b) Discipline â€“ applying self control
c) Social skills â€“ getting along with people
d) A supportive spouse
e) Hard work â€“ more than most people
2. What part did luck and school grade play? Luck is ranked near the bottom of the success factor. Those millionaires say nothing about gambling. The average Grade Point Average (GPA) is only 2.92 for all the millionaires (certainly no 4 flat required!).
3. How do they find their courage to take financial risks? They practice believing in themselves and hard work. They do everything they can to enhance the odds of generating returns.
4. How did they find their ideal vocations? They think differently from the crowd. They are wise in selecting the ideal vocation given their abilities, aptitudes and strong interest in becoming financially independent.
5. What are their spouses like and how did they choose them? It is much more than physical attractiveness.
6. How do they run their households? 70% regularly have their shoes resoled and repaired. 48% regularly have their furniture refinished instead of buying new. 71% develop a shopping list before grocery shopping.
7. How do they buy and sell their homes? 40% have no mortgage at all. Less than 5% have mortgage balance outstanding more than 1 million dollar. They never pay the initial asking price for any home and willing to walk away from any deal at any time.
8. What are their favorite leisure activities? In the past twelve months before the survey, 85% consulted with a tax expert; 81% visited a museum; 68% engaged in community activities with their non working time.
In order to be like one, we have to think like a millionaire starting now. Go buy the book!
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