The Millionaire Next Door

The Millionaire Mind . . . Alive and Even Richer

It seems that there is more interest now in how the top 1% of the wealth holders in America think than there was when The Millionaire Mind was first published.  The principles revealed in this book are timeless and especially important for those who are business owners and for those who are compensated purely on their economic performance. On Sunday, a review of the work was featured in Business Secrets from   

After its first publication, Dr. Thomas J. Stanley’s second best-seller The Millionaire Mind spent over four months on the New York Times best-seller list, rising to position #2, and has sold over half a million copies [over 900,000 to date]. Here is the first paperback edition of Stanley’s second groundbreaking study of America’s wealthy. The Millionaire Mind targets a population of millionaires who have accumulated substantial wealth and live in ways that openly demonstrate their affluence. Exploring the ideas, beliefs, and behaviors that enabled these millionaires to build and maintain their fortunes, Dr. Stanley provides a fascinating look at who America’s financial elite are and how they got there. What were their school days like? How did they respond to negative criticism? What are the characteristics of the millionaire’s spouse? Is religion an important part of their lives? The author uncovers the surprising answers to these and similar questions, showing readers through concrete examples just what it is that makes the wealthy prosper when others would turn away dejected or beaten.The Millionaire Mind promises to be as transformational as Dr. Stanley’s previous best-seller. This book answers universal questions with solid statistical evidence in an approachable, and anecdotal style. The number of copies sold of this soon-to-be-classic will surely be in the millions.

What do you do after you’ve written the No. 1 bestseller The Millionaire Next Door? Survey 1,371 more millionaires and write The Millionaire Mind. Dr. Stanley’s extremely timely tome is a mixture of entertaining elements. It resembles Regis Philbin’s hit show (and CD-ROM game) Who Wants to Be a Millionaire, only you have to pose real-life questions, instead of quizzing about trivia. Are you a gambling, divorce-prone, conspicuously consuming Income-Statement Affluent Jacuzzi fool soon to be parted from his or her money, or a frugal, loyal, resole your shoes and buy your own groceries type like one of Stanley’s Balance-Sheet Affluent millionaires? Cheap dates, millionaires are 4.9 times likelier to play with their grandkids than shop at Brooks Brothers. If you asked the average American what it takes to be a millionaire, he writes, they’d probably cite a number of predictable factors: inheritance, luck, stock market investments. Topping his list would be a high IQ, high SAT scores and gradepoint average, along with attendance at a top college. No way, says Stanley, backing it up with data he compiled with help from the University of Georgia and Harvard geodemographer Jon Robbin. Robbin may wish he’d majored in socializing at L.S.U., instead, because the numbers show the average millionaire had a lowly 2.92 GPA, SAT scores between 1100 and 1190, and teachers who told them they were mediocre students but personable people. Discipline 101 and Tenacity 102 made them rich. Stanley got straight Cs in English and writing, but he had money-minded drive. He urges you to pattern your life according to Yale professor Robert Sternberg’s Successful Intelligence, because Stanley’s statistics bear out Sternberg’s theories on what makes minds succeed “and it ain’t IQ. Tim Appelo

2 thoughts on “The Millionaire Mind . . . Alive and Even Richer”

  1. There was an old saying in china that the 1st generation creates the wealth, the 2nd generation maintains the wealth and the 3rd generation spends the wealth BUT there was never a clear explanation on why it happens but the blame was always centered on the generation that caused the downfall. Never were i enlightened the way you did on your book that it was the parents fault that caused all of this as they fail to imbibe the cruxial elements that made them successful in order to give them their version of better life. This reminds me of the bible’s prodigal son wherein the father acceded his son request of giving him in advance all of his future inheritance because he loves him so much he must had spoiled him to death, Now we know who is truly at fault.

  2. There is a saying I’ve heard lately in regards to GPA…

    The A students may get valedictorian, and the B students may get a pat on the back, but it’s the partying, socializing C students who get the jobs because they get out and about and know people.

    Do you believe that this has anything do with your findings?

    Thank you.

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