The Millionaire Mind is a book that I think everyone should read. Even if you could care less about making a lot of money, the book reveals a lot about wealth that may surprise you. The key factors of success from Millionaire Mind are not always what you expect them to be.
When you finish reading the book, you realize how many stereotypes society has about rich people. Most people would assume that rich people get divorced often, they are liars, and they blow all of their money on fancy cars and houses. The truth painted a much different picture, though.
“Many people who live in expensive homes and drive luxury cars do not actually have much wealth. Then, we discovered something even odder: Many people who have a great deal of wealth do not even live in upscale neighborhoods.” - Thomas J. Stanley
What is The Millionaire Mind About?
The millionaire mind is a study of what makes millionaires successful. The book is not based on what people think or just magnifying stereotypes. The author also wrote the book, Millionaire, Next Door, and he is considered one of the leaders in the study of wealth in the United States of America.
The author surveyed and did a tonne of case studies on the millionaires of the world. After going through all of the data collected, he noticed trends and commonalities between many millionaires. The book summarizes all of his findings.
Anyone can use the Millionaire Mind to make more money or to improve different aspects of their life.
The millionaire mind is a study of what makes millionaires successful. The book is not based on what people think or just magnifying stereotypes.
5 Personal Success Factors From The Millionaire MInd
These are success factors that are really about how millionaires conduct their personal lives. These are not the only success factors, though. Social factors are just as important as individual success factors.
1. Discipline
There is no doubt about the fact that millionaires are disciplined. They can lock in on a long term goal and make decisions each day that support that goal. They consistently choose what they want most, not what they want right now.
2. Working Harder Than Most
Working hard is essential, but its not everything. Millionaires were not all work, and no play like many would think. Compared to the average person though they were considered to be hard workers. Many did not do well in school, so they learned that they would need to rely on work ethic to succeed.
3. Career Love
Millionaires are excited to get up because they do work that they enjoy doing. You won't see millionaires dragging but to office each day of the week. One reason they excel economically is that they chose something that they loved doing.
4. Competitive Spirit
Millionaires are athletes at heart. They compete in business to win because its in their character. They want to be the best, and when they are determined to stay there for as long as possible. It's about far more than money for them.
5. Make Wise Investments
Many would expect this to be higher on the list. Millionaires do try and make smart investments, they get advisors and read on it as much as possible. They also rarely build their wealth from just being investors. Investing is seen as a great way to preserve their wealth.
There is no doubt about the fact that millionaires are disciplined. They can lock in on a long term goal and make decisions each day that support that goal. They consistently choose what they want most, not what they want right now.
5 Social Success Factors From The Millionaire MInd
These are success factors that are really about how millionaires conduct their social lives.
6. Being Honest
One of the biggest misconceptions of millionaires is that they get rich from lying and cheating others. The author's findings found this to be an outright lie. What he found was that millionaires were honest with everyone around them. They were willing to speak the truth even if it hurt.
7. Getting Along With People
Millionaires got along with a lot of people, and they made this a priority. They wanted to create peace and keep harmony in their relationships. They would often prioritize getting along with people over grades or being seen as smart.
8. Supportive Spouse
Millionaires married the right person. They were not getting divorced or fighting with their spouse over their pursuits. Most millionaires would attribute some of their success to having a fantastic spouse.
9. Strong Leadership Qualities
There is no surprise that most millionaires are influential leaders. Many millionaires are business owners, top lawyers, and doctors. They harnessed and developed their leadership skills to be able to rise to the top.
10. Sell Ideas or Products
Millionaires know how to sell their ideas to the masses. They don't just sit back and wait for people and money to come to them. Instead, they put their sales skills to the test and go and get whatever it is that they need.
One of the biggest misconceptions of millionaires is that they get rich from lying and cheating others. The author's findings found this to be an outright lie. What he found was that millionaires were honest with everyone around them. They were willing to speak the truth even if it hurt.
Suprises From The Millionaire Mind
There were some things brought up in the remarkable book. The author discovered many things that go against what society thinks of millionaires.
Grades Are Not Everything
One of the first discoveries is that millionaires were not considered the brainiacs in high school and college. They often had average grades and were even told they would not amount to anything. They knew that they would need to rely on something other than IQ to succeed at a young age.
Frugality
One big contradiction found in the book is that Millionaires don't spend like people think they do. They often lived in average neighborhoods and never spent a crazy amount of money on cars. They live simple lives that made them very hard to spot.
Forget About Luck
Millionaires do not consider themselves to be lucky. Its a bit subjective, but they all believe that the harder they worked, the luckier they seemed to get in life.
Create Your Path
Many millionaires felt like they were unhirable. They had too many traits that an employer would not like. Instead of just complaining about it, they found a way to hire themselves and become business owners.
Life is About Other People
When you look at a millionaire's life, they spend a lot of time doing things with other people. They value family and having people over to their house. The amount of emphasis put on playing social sports like golf was also high. They made their money from being kind to employees and customers. Life was about what they could do for or with others.
Parents Were Not Insane
Many millionaires grew up in loving homes with two parents that stayed married. They did not push them and demand they be a success. When they did poorly, they would challenge and encourage them, but it was never a scolding. These parents were not living through their kids.
They Workout Hard
It was rare to find millionaires that were obese or out of shape. They almost all worked out daily, and they worked out with intensity. Part of it is due to their competitive spirit, but they also understood how important it was to take care of their money and health.
Stay Married
The idea that millionaire work so hard that they don't take care of their families and end up divorced is not valid. Studies found that the majority of millionaires got married and stayed married.
One big contradiction found in the book is that Millionaires don't spend like people think they do. They often lived in average neighborhoods and never spent a crazy amount of money on cars. They live simple lives that made them very hard to spot.
Big Takeaways From The Millionaire Mind
When you read The Millionaire Mind, one of the big takeaways is to make most of these changes in your life. A lot of the points brought up in the book are things that anyone can do. You can work out hard every day; you can stay married and focus on is helping others. You can always choose to be honest or start looking for a vocation you love.
The book introduces a level of personal responsibility that many are not used to seeing. You don't read the book and get this sense that they are wealthy because of the government. These are people who made distinct choices to change their lives.