The Millionaire Mind: A Review

I do a fair amount of reading.

The purpose for doing so is simple: there’s quite a bit to learn. And the more I learn, the more excited I become to apply what I have learned.

You’ve likely heard the proverb, “knowledge is power”.

I prefer Dale Carnegie’s version…  “knowledge is not power until it is applied”.

A big reason why I became an instant fan of Thomas J. Stanley’s, The Millionaire Mind, is due to his ability to couple first-class analysis with actionable information. He examines the mindset and disposition millionaire’s have towards life, relationships, and to decision making. How have the highly successful accomplished a feat that many simply dream of?

Through his research, he identifies a few foundational principles that facilitate financial success:

1. Integrity – being honest with all people
2. Discipline – applying self-control
3. Social Skills – getting along with people
4. Supportive Spouse
5. Hard Work – work harder than most

Now, some of these likely seem somewhat basic and self-evident and in many ways they are. Each principle has yielded countless works of writing by those preaching personal development concepts.

Not too difficult so far.

He also notes that the successful population, regardless of intellect, is more highly criticized than the unsuccessful.

What does this suggest? It suggests that, along the way, some of the most significant impediments you will encounter will come in the form of opinions from others. Oftentimes, they come from people close to you. Are you seeing how a supportive spouse and developing good relationships in other aspects of your life play in?

Strength in your resolve will be necessary as you pursue worthwhile and challenging goals.

Further, one must learn to think differently from the crowd.

Millionaire’s are, by definition, uncommon. Most people are not millionaires. So, if you strive to be uncommon among common people, you must adopt a mentality that is reflective of that goal.

There are several patterns that emerge from his work. One pattern is that there is a high correlation between the quality and wholesomeness of one’s character, and that person’s ability to accumulate wealth. How best do each of us embody the principles above?

Stanley goes on to identify what he observes as the “8 important elements of the success equation”:

1. Understand the key success factors our economy continues and will continue to reward… hard work, integrity, and focus
2. Never allow a lackluster academic record to stand in the way of becoming economically productive
3. Have the courage to take some financial risk…and learn how to overcome defeat
4. Select a vocation that is not only unique & profitable, but pick one you love
5. Be careful in selecting a spouse (mentioned several times throughout the book)
6. Operate an economically productive household
7. Follow the lead of millionaires when selecting a home: study, search, and negotiate aggressively
8. Adopt a balanced lifestyle…many millionaires are “cheap dates”

Again, he circles back to familiar concepts-hard work, integrity, selecting a good spouse. However, what really stood out to me as I flipped through the pages is that, it all boils down to your mentality and to the choices you make as a result of your mentality. It is implied in the title of the work but may be less obvious for any who skim pages looking for a silver bullet.

Seeking to accumulate wealth on a limited income? Adopt a balanced lifestyle.

Trying to find ways to “cut back” and live within your means? Learn to treat your household like a business and operate it in an economically productive way.

Attempting to maintain a positive outlook on life, so that you are constantly at your best? Select a great spouse.

Adopt the millionaire mind.