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The Millionaire Mind  By  cover art

The Millionaire Mind

By: Thomas J. Stanley Ph.D.,William D. Danko Ph.D.
Narrated by: Cotter Smith
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Publisher's summary

The runaway best seller The Millionaire Next Door told us who America's wealthy really are. The Millionaire Mind tells how they got there, and how to become one of them. In this audio program, you'll discover the surprising answers to questions such as: what success factors made them wealthy in one generation; what part did luck and school grades play; how do they find the courage to take financial risks; how did they find their ideal vocations; what are their spouses like and how did they choose them; how do they run their households; how do they buy and sell their homes; and what are their favorite leisure activities. To become a millionaire you have to think like one. The Millionaire Mind tells you how.
©2000 Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D. (P)2000 Simon & Schuster, Inc., All Rights Reserved, SOUND IDEAS is an Imprint of Simon & Schuster Audio Division, Simon & Schuster Inc.

What listeners say about The Millionaire Mind

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  • Overall
    2 out of 5 stars

No Millionaire Next Door

Do not go into this book expecting it to be as good as _The Millionaire Next Door_ (which this author co-wrote). It isn't. This book is a mess and isn't even sure what it is about. Feels like everyone was so eager to follow up the smash hit as quickly as possible that they forgot all about editing. There are some interesting (and useful) new tidbits on the habits of those who have accumulated wealth, e.g., what kind of house and neighborhood does the typical millionaire live in, but most of this volume is spent moralizing about the American education system. This is where the book becomes schizo. One the one hand it shows that most of those who have gone on to become millionaires did not do well on standardized tests, and therefore did not go on to grad or pro schools, or even college (except doctors and lawyers, obviously, but most of those aren't millionaires). But then on the other hand it decries those who discourage those students who score poorly on such tests from going on to higher education, e.g., relating the story of Dr. Martin Luther King, Jr. But I am left asking why this is something to bemoan. The author seems to accept that the tests are fairly accurate predictors of academic performance, so if future millionaires don't and won't do well in these settings (for whatever reasons), why not let them go and do what they do best (and better than most) as quickly as possible? And as for MLK, why is he in this book? Did he become a millionaire? Save your money (better yet, invest it in a good mutual), and go check the first book out from the library and read it again.

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51 people found this helpful

  • Overall
    4 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    3 out of 5 stars

The Millionaire Next Door is the better choice

Any additional comments?

I've listened to both The Millionaire Next Door, and The Millionaire Mind. If you've read one, you've gotten most of the content expressed in both books, and don't need the other, and the Millionaire Next Door was the better choice because the content was much more translatable. This book seemed like it was a lot of the think positive and you'll reach your goals, which I found to be patronizing and out of touch at times. It was an interesting listen, but not a very practical application to real life.

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37 people found this helpful

  • Overall
    1 out of 5 stars

Like football commentary

Once, while listening to Monday Night Football, I heard the announcer state that a certain team was in trouble because "only 50%" of teams in that situation had ever recovered from such a point deficit/yard loss/injury etc. Such statistics are nonsense because the announcer could have just as easily said that the team had a great shot because a full 50% of teams in the same situation had turned things around.

Dr. Stanely does the same here. He takes a statistic and shoves it at you without telling the whole story. On several occassions he spoke of how a percentage of his survey takers reported activity X was important to their success. The percentage would be less than 50%. Dr. Stanley, however, would not bother to explain how the majority accomplished their success without performing activity X.

Dr. Stanley also contradicts himself at many points in the book. In one chapter, he explains that integrity is absolutely key to success. If you want to be a millionaire in one generation, you should make it a point to be honest with everyone. A chapter later, Dr. Stanley holds up a man as an example of the type of success he's talking about. This man beat the odds by becoming a top executive in the carpet business without having completed college, let alone graduating from a top ranked school. How did he do it? Dr. Stanley makes a point of the fact that the man had a special gift for sales. He also mentions, hurriedly and in passing, that the man LIED to his company about his education level. He informed this company on his application and in his interview that he was a college graduate. Hardly a man of integrity but undoubtedly successful. Dr. Stanley does not elaborate how one example reconciles with the other.

This book was a waste of time. Nothing is here that isn't common sense (work hard, love your job, invest wisely) or that isn't contradicted later (be honest, unless it pays to lie). Give this one a pass.

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34 people found this helpful

  • Overall
    5 out of 5 stars

Very enjoyable!

I have listened to this audio and enjoyed it a lot. I will pre-warn other listeners that a lot of numbers are given in this volume and it may be more helpful to have a paper copy at hand. The statistics are given throughout and this can sometimes be confusing. I advise other listeners to slow down their thinking and really listen to the words. Don't multi-task while listening to this tome, you'll miss the good stuff.

Multi-millionaires don't spend their money, they save it. They look for opportunities to get more for their dollar than just trying to appear rich.
The number of multi-millionaires that have been in their homes for just a few short years are very few, most have lived in the same place for 10+ years. Being wealthy isn't about how much a person paid for their car, but about which car to drive for an over-all cost per mile.

A good book to make a person think. If the statistics bother you, pick up a paper copy to read along.

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17 people found this helpful

  • Overall
    5 out of 5 stars

It is about time

I was very impressed with this book. At first, I too was somewhat skeptical, thinking it might be another one of those gee-whiz books. However, Dr. Stanley did his research and in eloquent language, blows the cover on the wealth myth. So many people in America are either trying to be the Jones or catch up with them, that we are spending our way to poverty and financial bondage. Stanley sheds important light on the truth about wealth and those who know how to acquire it and keep it. I recommend this book to anyone that is serious about true prosperity.

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10 people found this helpful

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

Such an awesome book!

learned a lot and found some weak mindsets I need to change in my daily life

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5 people found this helpful

  • Overall
    2 out of 5 stars

Millionaire Mind review

I only listened to about the first hour of the book. I couldn't bring myself to invest much more time than that. I found the book to be boring and I didn't hear anything that I would deem to be very enlightening. I was expecting to receive some insightful truths but none were forthcoming.

In all fairness to the book and its authors, maybe I didnt give it enough of a chance to prove itself, but I generally feel that an author will place his most interesting material in the first chapter or two to motivate the reader to stay with the book. However, I heard nothing that would cause me to conclude that the book would improve with time.

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4 people found this helpful

  • Overall
    1 out of 5 stars

Too many statistics

In my humble opinion this book is horrible!
It does shed some light into the misconceptions about building wealth, but it also drones on and on, repeatedly reporting on compiled data, and statistics.
He also seems to report on the same data sets over, and over and over yet again.
Honestly, if you enjoy quarterly reports and statistics, this book may be tolerable.
Otherwise prepare yourself for a 12 hour report on virtually every conceivable statistic relating to the personal lives of millionaires.

This work should have been compiled as one large spreadsheet and marketed as such.

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4 people found this helpful

  • Overall
    5 out of 5 stars

a great book to learn to live economically & well

this book & the Millianaire next door are terific books to help you learn to live better and wealthier

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4 people found this helpful

  • Overall
    4 out of 5 stars

Good Advice

The book is very interesting and applicable to everyday activities. In the beginning of this book, I had the ?so what? attitude, due to the author quoting various, non meaningful and statistics. The book tends to start off slow with some common sense items and picks up with some great advice and insight. I found a lot of the advice given by the author is meaningful and can be applied in everyday activities. My wife and I are changed by this book and the way that we go about conducting our financial business and discourse. Needless to say we liked the book so much, we now listening to it a second time. This book is different definitely one for the library and to continually to refer to as you progress life.

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4 people found this helpful