Book Review: The Millionaire Mind

I feel like I should start this book review with a brief explanation.  In reading The Millionaire Mind by Dr. Thomas Stanley, my goal is not to become wealthy…instead, my goal and the goal of our family continues to be to make wise financial decisions and remain debt-free in order that we might be able to GIVE more rather than GET more.  I actually picked up this book based on a recommendation from another book that I recently read.  This is a pretty long book…almost 400 pages.  It is full of great statistical information as well as several interesting case studies about millionaires and the choices they have made in their lives.

I do appreciate Dr. Stanley’s consistent message that borrowing other people’s money is not the way to build wealth.  He also uses several Bible verses throughout and references multiple Biblical principles.  I’m not sure if Dr. Stanley is a Christian himself, but I am grateful that his book connects solid financial principles with God’s best for our lives.  Stanley also does a great job digging into the importance of a solid relationship with your spouse and a supportive family.  He also points out the necessity of having advisers in your life that add consistent value and help contribute to your character.

I highlighted several things while reading and posted them below…

  • You cannot enjoy life if you are addicted to consumption and the use of credit.
  • The foundation stones of financial success are…
  1. Integrity-being honest with all people
  2. Discipline-applying self-control
  3. Social skills-getting along with people
  4. A supportive spouse
  5. Hard work-more than most people
  • The successful population, regardless of intellect, is more heavily criticized than the unsuccessful.
  • People with integrity know the difference between right and wrong, between the truth and fabrication.  The survey shows that most economically productive people value integrity highly and credit it for their success.
  • Creative people know what to do when one door is locked.
  • Millionaires make wise investments.  But not all wise investments are listed on the stock exchanges.
  • Precious treasure remains in a wise man’s dwelling; but a foolish man devours it.  Proverbs 21:20
  • To become wealthy one must be disciplined in thought and deed, disciplined enough to search for great economic opportunities.
  • Demonstrate a certain tenacity.
  • Millionaires love their careers.
  • We are a society that gives two, three, four, even ten chances to people who wish to achieve, and success will not be withheld from those who use their early failures as a foundation for success.
  • Courage is taking positive moral actions that conjure up fear.
  • One of the strong similarities among the members of the millionaire population is their strength in selecting advisers.  This asset includes knowing when they need to consult key advisers, who they are, and how to select them.
  • If you’re not good at judging taken, hire advisers who are.
  • Be strong and of a good courage; be not afraid, neither be thou dismayed: for the lord thy God is with thee whithersoever thou goest.  Joshua 1:9
  • My success is a direct result of loving my career or business.
  • Never consider relying on other people’s money to make you rich.
  • Never try to adopt an economic orientation that is incongruent with your abilities and aptitudes.
  • There is a strong positive correlation between one’s level of net worth and the frequency with which they watch their children play sports.
  • Think differently from the crowd.
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