The Millionaire Mind Review

The Millionaire Mind by Thomas J. Stanley, Ph.D. was everything that was to be expected as a follow up to his first bestseller, The Millionaire Next Door.

What I liked best about The Millionaire Mind was that it was not a "get rich by doing this," but rather a statistical analysis and presentation of how millionaires got to their financial stability. Dr. Stanley has long proved his thorough research and in depth knowledge on the subject of millionaires, but Millionaire Mind is an excellent insight into how that research actually comes together.

Being that I'm young and dumb... and about to start in making a salary and incurring "real world expenses," I found myself pondering whether my mind was a mind of a millionaire. Exciting to me was the evidence based on Stanley's research showing that 32% of millionaires in the US are business owners (not including stockholders). This is double the next largest percentage.

Dr. Stanley refers throughout The Millionaire Mind to two categories of people.

1. Income Statement Affluent - typified by extravagant lifestyles, gambling, and jumbo mortgages


2. Balance Sheet Affluent - typified by comfortable living, high value of family time, and fine homes in well established neighborhoods

Essentially relating more socially related theories to individual's net worth, Dr. Stanley drills down into the Balance Sheet Affluent and notes there are wide differences even within the category. For example, some millionaires have saved diligently and added up savings through thrifty purchasing and simple lifestyles. However, others have grown their net worth by realizing where their time was best spent, i.e. an attorney that can make $500/hr is aware enough to realize that their time is better spent at work than painting their house for example when help can be hired to do the painting at $100/hr.

Hmm, The Millionaire Mind was excellent, but now I kind of want a "get rich by doing this"...