The Millionaire Mind by Thomas J Stanley

• Paperback: 416 pages
• Publisher: Andrews McMeel Publishing; Original edition (August 2, 2001)
• Language: English
• ISBN-10: 0740718584
• ISBN-13: 978-0740718588

Amazon.com Review

What do you do after you've written the No. 1 bestseller The Millionaire Next Door? Survey 1,371 more millionaires and write The Millionaire Mind. Dr. Stanley's extremely timely tome is a mixture of entertaining elements. It resembles Regis Philbin's hit show (and CD-ROM game) Who Wants to Be a Millionaire, only you have to pose real-life questions, instead of quizzing about trivia. Are you a gambling, divorce-prone, conspicuously consuming "Income-Statement Affluent" Jacuzzi fool soon to be parted from his or her money, or a frugal, loyal, resole your shoes and buy your own groceries type like one of Stanley's "Balance-Sheet Affluent" millionaires? "Cheap dates," millionaires are 4.9 times likelier to play with their grandkids than shop at Brooks Brothers. "If you asked the average American what it takes to be a millionaire," he writes, "they'd probably cite a number of predictable factors: inheritance, luck, stock market investments.... Topping his list would be a high IQ, high SAT scores and gradepoint average, along with attendance at a top college." No way, says Stanley, backing it up with data he compiled with help from the University of Georgia and Harvard geodemographer Jon Robbin. Robbin may wish he'd majored in socializing at L.S.U., instead, because the numbers show the average millionaire had a lowly 2.92 GPA, SAT scores between 1100 and 1190, and teachers who told them they were mediocre students but personable people. "Discipline 101 and Tenacity 102" made them rich. Stanley got straight C's in English and writing, but he had money-minded drive. He urges you to pattern your life according to Yale professor Robert Sternberg's Successful Intelligence, because Stanley's statistics bear out Sternberg's theories on what makes minds succeed--and it ain't IQ.Besides offering insights into millionaires' pinchpenny ways, pleasing quips ("big brain, no bucks"), and 46 statistical charts with catchy titles, Stanley's book booms with human-potential pep talk and bristles with anecdotes--for example, about a bus driver who made $3 million, a doctor (reporting that his training gave him zero people skills) who lost $1.5 million, and a loser scholar in the bottom 10 percent on six GRE tests who grew up to be Martin Luther King Jr. Read it and you'll feel like a million bucks. --Tim Appelo --This text refers to an out of print or unavailable edition of this title.

From Library Journal

In The Millionaire Next Door, read by Cotter Smith, Stanley (Marketing to the Affluent) and Danko (marketing, SUNY at Albany) summarize findings from their research into the key characteristics that explain how the elite club of millionaires have become "wealthy." Focusing on those with a net worth of at least $1 million, their surprising results reveal fundamental qualities of this group that are diametrically opposed to today's earn-and-consume culture, including living below their means, allocating funds efficiently in ways that build wealth, ignoring conspicuous consumption, being proficient in targeting marketing opportunities, and choosing the "right" occupation. It's evident that anyone can accumulate wealth, if they are disciplined enough, determined to persevere, and have the merest of luck. In The Millionaire Mind, an excellent follow-up to the highly successful first analysis of how ordinary folks can accumulate wealth, Stanley interviews many more participants in a much more comprehensive study of the characteristics of those in this economic situation. The author structures these deeper details into categories that include the key success factors that define this group, the relationship of education to their success, their approach to balancing risk, how they located themselves in their work, their choice of spouse, how they live their daily lives, and the significant differences in the truth about this group vs. the misplaced image of high spenders. Narrator Smith's solid, dead-on reading never fails to heighten the importance of these principles that most twentysomethings should be forced to listen to in toto. Highly recommended for all public libraries. Dale Farris, Groves, TX
Copyright 2001 Reed Business Information, Inc. --This text refers to the Audio Cassette edition.

Product Description

After its first publication, Dr. Thomas J. Stanley's second best-seller The Millionaire Mind spent over four months on the New York Times best-seller list, rising to position #2, and has sold over half a million copies. Here is the first paperback edition of Stanley's second groundbreaking study of America's wealthy. The Millionaire Mind targets a population of millionaires who have accumulated substantial wealth and live in ways that openly demonstrate their affluence. Exploring the ideas, beliefs, and behaviors that enabled these millionaires to build and maintain their fortunes, Dr. Stanley provides a fascinating look at who America's financial elite are and how they got there. What were their school days like? How did they respond to negative criticism? What are the characteristics of the millionaire's spouse? Is religion an important part of their lives? The author uncovers the surprising answers to these and similar questions, showing readers through concrete examples just what it is that makes the wealthy prosper when others would turn away dejected or beaten. The Millionaire Mind promises to be as transformational as Dr. Stanley's previous best-seller. This book answers universal questions with solid statistical evidence in an approachable and anecdotal style. The number of copies sold of this soon-to-be-classic will surely be in the millions.

From the Publisher

Building on his research from the best-selling "The Millionaire Next Door," Dr. Thomas J. Stanley delves further into the psyche of the American millionaire with a groundbreaking new study, "The Millionaire Mind." In an easy-to-understand and often anecdotal style, "The Millionaire Mind" tells the stories of how people--a bus driver, a second-quality-textile entrepreneur, a Fortune 500 CEO--adopted the millionaire mindset to become financially independent.Dr. Stanley takes a close look at the top one percent of households in America and tells us what makes them tick. His findings on how American millionaires attained financial success are based on in-depth surveys and interviews with more than 1,300 millionaires. Inside "The Millionaire Mind," millionaires share their experiences, thoughts, and beliefs on the following topics:
--Memories from their school days --Personal thoughts on being "the smart kid in the dumb row" --Finding the courage to make difficult financial decisions --How they select a vocation --Driving factors behind their success --Tips for running economically productive households --What they look for when purchasing a home --Where they spend their money and free time
While we tend to think of millionaires in terms of luxury and expense--i.e. Brooks Brothers, Jaguar, or month long jaunts to Paris and Rome--millionaires admit they are more likely to spend their money at J.C. Penney or Wal-Mart and enjoy their free time with family and friends, or raising money for charity. Dr. Stanley places fact ahead of fiction and reveals the traits, qualities, and characteristics inside "The Millionaire Mind." --This text refers to an out of print or unavailable edition of this title.

About the Author

Dr. Thomas J. Stanley is an author, lecturer, and researcher who has studied the affluent since 1973 He's also the author of the best-selling books The Millionaire Next Door and Marketing to the Affluent, which was selected one of then outstanding business books by the editors of Best of Business Quarterly. His work is frequently cited in the national media. Dr. Stanley, who holds a Ph.D. in business administration from the University of Georgia in Athens, was formerly a professor of marketing at Georgia State University, where he was named Omicrom Delta Kappa Outstanding Professor. He lives in Atlanta.

From AudioFile

[Editor's note: The following is a combined review with THE MILLIONAIRE NEXT DOOR.] -- Just what does it take to become a millionaire in one generation? As anyone might figure, hard work and some luck play a big part. Inheritance, interestingly, does not. But there are many other factors, and Stanley and Danko spent years interviewing people with a net worth over $1 million to find them out. Stanley takes the research further in his follow-up program. Surprisingly, many people may possess at least some of these traits. The trick is that few people possess the right combination of traits or have the courage and self-discipline to use them effectively. Cotter Smith brings a relaxed but compelling style to these programs. The combination of the reading and the excellent abridgment makes for interesting and informative listening. Stellar audio production is a welcome bonus. T.F. © AudioFile 2001, Portland, Maine-- Copyright © AudioFile, Portland, Maine