The Millionaire Mind is written by Thomas J. Stanley, the #1 New York Times best-selling author. In this book the author reveals the success secrets of those people who became millionaire in one generation.
This book will teach you how to become a millionaire? The author interviewed more than one thousand millionaires and asked each of them about 277 questions.
With the data he collected from interviews he wrote this book to show you-
• How some people become millionaire?
• What success factors made them wealthy?
• What are their spouse like and how did they choose them?
• How do they run their household expenses?
• How much do they invest in stock market and in other investments?
• Do they become millionaire by playing lottery?
• At what age do they buy their first home?
Here Is A Sketch Of Typical Millionaire In His Own Voice
1. I am Fifty-Four year old. I have been married to the same woman for more than 25 years.
2. Only 2% of us have never been married.
3. On average we have net worth of approx. $ 4.3 million. Our total annual income is $ 436,000.
4. Any member of our family has never spent more than $ 41,000 for automobile.
5. 61% of us never received any inheritance.
6. We own our homes. We have little or no mortgage. We tend to buy homes when others are selling.
7. About 12 years ago we purchased our current home for an average price of $435,000. On average the home currently worth $1 million.
8. We live in homes that were constructed 40 years ago.
9. The majority of us have not changed our home in the past ten years.
10. 32% of us are business owners. 16% are senior corporate executives, 10% are attorney, 9% are physicians and 30% are other professional.
11. We are all well educated. 90% of us are college graduates.
12. On average, we go on vacations once every two year overseas.
13. We love our chosen work and we are not workaholics but we work hard and we try to be effective and more productive to maximize the returns of our efforts.
14. We do spend time to plan for saving and investing our money. We also consult with advisors.
15. We believe the best things in life are free like attending your children’s sport events or school meetings or going for walk with your family.
What Are The Five Qualities That Can Make You A Millionaire?
1. Integrity – Being honest with others and yourself
2. Discipline – Applying self control
3. Social-skills – Getting along with people
4. A supportive spouse
5. Hard Work – More than most people do
Keep this list in your wallet and read it twice daily. In this book, the author does a good job of documenting the facts with figures and tables to explain exactly what the average millionaire look like.
The author explains that these millionaires do not have superior intelligence, they are well educated but they were not the best in their school or college, they were told that they are not smart enough to succeed but still by following some rules they became financially successful.
Even if they were not best in their school or college, they knew that the education is the most important factor to enhance their abilities.
What Do Most Millionaires Have In Common?
They have courage.
They take well calculated financial risks that produce higher returns.
They are not gamblers; they recognize the opportunities and grab them with both hands.
They don’t want to work for other people.
They take calculated risks and start their own business according to the demand of market.
They are of mind set that it is risky not to be self employed.
They work harder than others and believe in themselves. They are not afraid of short-term failures.
They are well organized; they prepare and plan to succeed.
Final Thoughts On This Book
I would recommend this book to anyone looking to improve his financial life and to manage the money effectively. This book covers everything from choosing spouse to raising children and from buying homes to other investments. If your goal is to become a millionaire, then this book is for you.
5 Qualities That Can Make You A Millionaire
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