Personal Finance Book Review – The Millionaire Mind by Thomas J. Stanley

millionaire-mind

The Millionaire Mind written by Thomas J. Stanley is a survey-based book, meaning that it surveyed thousands of self-made wealthy Americans regarding of how they (those surveyed) believe they were able to achieve relative financial success.

The following five points are, in my opinion, the thesis of the book, although there are many detailed statistics throughout the book that go far beyond these points:

Book Thesis (without giving the authors secrets away!)

1) Integrity

  • This includes the ability to act in an honest manner when in situations where some may become dis-honest. In the long-term, those surveyed in the book say that although certain actions may seem tempting, maintaining integrity in both business and personal situations will lead to a healthier life both personally and financially

2) A Supportive Spouse

  • This fact may surprise many, but 92% of respondents in this book are married, and the median of the respondents had been married for ~25 years at the time of the survey
  • I was certainly surprised when first reading this, but I suppose it makes sense as both competing in the corporate world and building a business require a great deal of persistence, and having someone continuously pushing you towards your goals can be extremely motivating.
  • In my opinion this can also supportive friends or family members (like a supportive mother!)

3) Discipline

  • No surprise here, it takes immense focus to strive towards a goal for not just years, but in many cases, decades (being promoted at a corporate job or building a business can take some time). If one is not disciplined and focused it significantly lowers the chances that one can succeed, or at least so this book says.

4) Social Skills

  • Many believe that hard work alone is enough to become successful financially. However, many overlook how important relationships and personal psychology are. The ability to bond and relate to people in a genuine manner is crucial to success in the business world. Building trust and keeping that trust with business associates and even friends/family is important for a happy life.
  • My advice is that if you are someone who does good work in your job, but you do not seek to build personal relationships with those around you, that you should start doing so soon. These efforts are very important for your success and will simply make you a happier person overall
  • Think about any business in the world, and I can guarantee you that said business makes a profit in one way or another in relation to people; everything involves people, so start getting to know and understand people. I personally strongly agree with this point

5) Hard Work

  • This is a given and there is not too much detail needed (although the book does provide some strong examples) – if you are not willing to work harder than most people, why should you expect to achieve much higher results than most people? (On average it does not make sense to think this) Hard work will not guarantee success, but it is the most essential building block to success. This is just as much my opinion as it is the opinion of the authors of this book.

The Main Benefits from Reading This Book

Although much of the book is comprised of various accounts of unique scenarios in which families worked to create financial independence, there are several clearly noted traits which those surveyed announced as the main reasons for their success (a few have been revealed above). Although I will leave the others to be read in the book, there are definitely points to take away and learn from throughout the book.

My Overall Thoughts

One main point to keep in mind: fair warning -do not fall for the books that claim to have a magic trick to help you find wealth or success or anything for that matter. This book does not seek to do that, but simply seeks to show real statistics and traits of those that have become millionaires throughout the course of their life-time.

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