The Millionaire Mind by Thomas J. Stanley: Book Review

March 04, 2017

Ever wonder what the characteristics of America's most affluent people are? Their lifestyles, thought patterns, purchasing decisions,  real versus imagined? The Millionaire Mind by Thomas J. Stanley is a thought-provoking book on wealth building and financial management.

The Millionaire Mind by Thomas J. Stanley Book Review

The information shared in The Millionaire Mind is based on a survey conducted in selected neighborhoods which bear the highest concentrations of households in the millionaire category. Some preconceived lifestyles and characterizations of these wealthy individuals were disintegrated in the book.

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! Most of the self-made American millionaires are frugal. They don't try to impress someone with their wealth. So un-Hollywood-like!

Does Superior Intellect Automatically Translate to Wealth?

Just like, Rich Dad Poor Dad by Robert Kiyosaki, The Millionaire Mind also stated that superior intellect doesn't necessarily translate into superior levels of income and wealth. So 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. So studies still matter. 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

I've rated The Millionaire Mind by Thomas J. Stanley 3 stars over 5, although I love the thought-provoking information shared in this book, I don't like how it's outlined to the readers. It's like reading someone's thesis. I don't know about you, but I notice lots of parts to be boring or too dragging to read. He could just simply get to the point. No frills!

But I'd still recommend this book to anyone interested in wealth building and financial management. I'm also recommending this book to my children someday despite my average rating.


So what are the characteristics of America's most affluent people?
Frugal, tenacious, risk-takers.

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 millionaires are. They don't try to impress 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

And for the rest, you have to read  The Millionaire Mind by Thomas J. Stanley to find it out. ;)

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