Monday, August 08, 2005

The mind of a millionaire

This started with one of those uncomfortable airport "experiences", where you end up spending 12 hours on the ground because the airport system is not working. In this case, the problem was a huge line of thunderstorms that stood between where I was and where I was heading.

So I was trapped in the airport, and fortunately it had a used book store. One of the books on the shelf was "The Millionaire Mind" by Thomas Stanley. Stanley is best known as the author of "The Millionaire Next Door."

The jacket cover says, "In the 1996 best-seller The Millionaire Next Door, written by Dr. Thomas J. Stanley, one of contemporary America's most firmly held beliefs was shattered. According to Dr. Stanley, wealthy individuals do not all belong to an elite group of highly educated and exceedingly lucky people who often inherit their money and spend it on lavish purchases and pampered lifestyles. The Millionaire Next Door showed us that a significant number of America's wealthy are far more likely to work hard, save diligently, and live well below their means."

"The Millionaire Mind" is a book that tries to understand how these millionaires think. Stanley was trying to find "people who were actually wealthy, as opposed to those who had big homes with big mortgages but low net worth." He took a nationwide sampling of people like this, sent them questionnaires, and then compiled the trends in his book.

I am not yet done with the book, but even in chapter 1, some of the trends he explores are fascinating. Here, in no particular order, are some of those trends:It's an interesting book with LOTS of tidbits like that.

I think that one of the key messages that you might carry away from the book, if you are striving to be a millionaire, is this: if you find that you are a hard-working, non-gambling, generally frugal person who does not need a flashy car/house/haircut, and so on, you may be onto something. You are headed, generally, down a path that many millionaires have followed. Simply be persistent. Read books like this one and The Millionaire Next Door, study them for lessons you can apply to your own life, and look at the world around you for opportunities. How to make a million dollars is one good starting point.

Comments:
Marshall, I Posted on a Thread of Yours dated July 11th, 2005 here on Your Website concerning a Very Tiny bit of My Personal Involvement in The OJ Simpson Case.

I didn't Know if You would be alerted to it, so I am Just letting You Know I posted.

Thanks,

Mario G. Nitrini 111
 
"The Millionaire Next Door showed us that a significant number of America's wealthy are far more likely to work hard, save diligently, and live well below their means."


It also means that the Bush tax cuts for the rich are nuts.
 
I'm not yet a millionnaire and I don't know if I ever will be, even if that will be great.

However, as for gambling, that could be fun. You never betted anything? As for Casino... slot machine doesn't interest me, but games where I have a decision to make (black jack for example) appeal me more. It just seem more interesting to play a games where you can make a good and a bad decision (even if there is randomness involved) rather than a games like slot machine where you just play against pre-programmed odd.
 
make money at home
is easy. make money at home

 
I really love your blog!

I've bookmarked it and told my blogger freak friends about it. It's intelligent, sometimes funny and always refreshingly honest. Keep Up The Good Work!

For any of your readers who want to contribute to the Red Cross to aid the many families who have been devastated by Katrina, there is a link to the Red Cross here.

Ray
 
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