©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.
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.
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.
I'm a mom. I have drama in my life. I don't want books with the F-bomb, nor graphic violence. I read for fun and to bring my family together. I read for reducing stress levels. We have never had a television in our home and our children are now mid twenties to 19. We listen together and look for belly-wrenching laughter. So what is it like to live without a TV? Awesomely educational and inspirational. Each new book is a marvel.
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.
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.
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.
Hearing true facts about Millionaires that are real. He touched on every aspect of thier lives. Awesome.
Yes, I could not wait to get back into the car.
This one of those books that ever senior in high school needs to read. I will make sure all my kids read it. I am 38 years old and I learned a lot and have already started using some of the techniques Balance sheet millionaires use.
I am an IT contractor by night and a real estate investor by day, learning to reinvent myself with discipline, integrity, and determination.
This was a very good read... it has already changed my mindset and my life. It was so good I will have to listen to it again.
It was too many to list, implementing the mind set is more powerful beyond belief.
No but I will for the next time I listen to it.
Fear is the mind Killer, so Face Your Fear
I am a financial adviser and no book is as close to this book as to how wealthy people think and act.
The story of the doctor was so incredibly true.
I do not know if folks really realize most of the uber wealthy do not flaunt it. The car shopping section in a way moved me.
I recommend this book to everyone who has not figured out cash flow
This is a fascinating insight into the Millionaire mind, this is the kind of book that you need to know. It can get a little heavy going at times but take it in smaller chunks and you will learn a lot. I have listened to this many times since downloading it.
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