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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.

51 people found this helpful

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    4 out of 5 stars
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    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.

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.

33 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.

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.

10 people found this helpful

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Such an awesome book!

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

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.

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.

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

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.

4 people found this helpful

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  • Overall
    5 out of 5 stars
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  • Luke
  • 08-28-10

Excellent work

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.

5 people found this helpful

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  • Charlene Allison
  • 01-26-15

One of The Most Insightful Books I've Listened To

This is my second time through this book. Everyone I know should listen to it. Paradigms will be shifted and there is enough food for thought to render us all obese. Maybe we don't all want to become millionaires, but Thomas J Stanley's book will really make you think about your choices in life.

3 people found this helpful

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  • Tinashe
  • 04-08-18

Brilliant

Brilliant read and a lot of hidden gems . totally recommend this bad boy for sure

1 person found this helpful

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  • Filips Baumanis
  • 12-06-14

Excelent work based on real survey data

Would you consider the audio edition of The Millionaire Mind to be better than the print version?

Audio book allows you to listen while driving a car or doing other things, but for this book I also purchased a paper version so I could listen to it and read along to gain maximums concentration. it is that good!

1 person found this helpful

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  • Nuno Balseiro
  • 04-14-21

Pure gold

This is not your common get rich book. This is basically a guide on how to live and make decisions that go way beyond building wealth, but will influence the foundations on how you live.
Pure gold.

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  • The Seeker
  • 10-21-20

Very interesting and well researched.

This is a very interesting book that goes deep into the mindset of the economically successful: values, lifestyle choices, etc. The narrator is excellent too. Thoroughly recommended.

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  • Eden Mahachi
  • 10-08-20

mind and life changing

great audio book
thoroughly enjoyed it
great life and money lessons
highly recommended listening

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    5 out of 5 stars
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  • Sauti
  • 06-19-20

captivating

Good narrating and many case studies to keep you listening. I actually enjoyed reading this and learned a few life lessons like the value of honesty.

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    5 out of 5 stars
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  • stephen opoka
  • 02-02-20

One of The best books I’ve listened

I chose the ratings because it’s the highest rating I could give it. Great listen with the facts that make it measurable and lessons in there that could be apply for generations

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  • Anil
  • 12-21-18

Enjoy life and best thing in life comes for free.

Save and Invest, earners and busy people miss the investment part and never become weathly. Great deal on spouse selection and the revelation that most of millionaire have one person on job or both work in same business owned by them.

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  • David R.
  • 11-23-15

It's a long case study, but good

The book is an analysis of the findings of his research into millionaires and how they live. It is quite long, but the content is great.

Very thought provoking.

1 person found this helpful

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    3 out of 5 stars
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  • Anonymous User
  • 08-24-22

Outdated

There are some good ideas - but also a few not-so-good ideas that promote outdated values, like the author’s much-repeated position that millionaire-couples have stay-at-home wives. Some ideas are contradictory too, like fact that ivy-league education and super high intelligence are not necessary precursors to economic success, but then the author makes a big deal about millionaire parents who scrimped and saved to send their children to expensive schools.

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  • Anonymous User
  • 02-27-20

Read the updated version instead

Great book with great ideas. Although if you were going to read just one money book, I would recommend reading the updated version. The Next Millionaire Next Door builds on these concepts and takes into consideration how things have changed over time. You can tell the narration was taken place many years ago because it sounds dated.

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  • Jan
  • 10-11-18

The Millionaire Mind

This was just fantastic book and very well written. The take home points are extremely good for one to put into practice. Well done

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    5 out of 5 stars
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  • Josh Hollitt
  • 05-28-18

An insight to how the truly wealthy tick

This book summarises a comprehensive study into the attitude and behaviours of America’s truly wealthy in the mid 90’s that is a timeless piece of work that can be applied to Australia. A follow on from the millionaire next door. Some of the statistics quoted gets a bit repetitive, however is necessary to support the particular points and arguments being made. Enjoyed the simple conclusions drawn from the study that provide and insight into typical habits of those who have created significant wealth in one generation. A must read for all looking to hone their financial compass.