The Millionaire Mind – Book Review
If you thought that you had to have a high paying job in order to become rich, think again. The book The Millionaire Mind by Thomas J. Stanley, Ph.D. proves that with the right mindset and temperament almost anyone can become a millionaire. And some professions are made to create millionaires that you probably have never thought about before.
This isn’t a book that teaches you how to become a millionaire. Instead, it highlights how some people attain wealth by living frugally or by being in professions where expenses are lower because those in the profession get to be a bit more low key.
For example, think about plumbers and lawyers. Lawyers make hundreds of thousands of dollars a year, and you’d think that there would be a lot of millionaire lawyers. Yet, because of their profession, they have to pay out a lot of that money on things like their clothing, fancy offices, fancy cars, and membership fees. That’s because we expect our lawyers to have a certain look and live a certain visible lifestyle.
Compare them to plumbers. They make nice money, don’t necessarily have to have offices but if they do, they don’t have to look like lawyer offices. They can purchase vans that have their logo on the side and it’s a business expense, while driving a regular car. They wear uniforms or their own clothes and don’t have to join country clubs and the like if they don’t want to. Their memberships cost a lot less as well as everything else they do. So, they get to keep a lot more of their money, and if they don’t spend extravagantly they can easily become millionaires; at a matter of fact, Dr. Stanley said there’s a much higher percentage of plumber millionaires than one might imagine.
His book also tells us that education doesn’t have much to do with whether someone becomes a millionaire or not. Just because you have a college degree doesn’t make you any more likely than someone else to become wealthy. It takes drive and thriftiness instead, which makes sense.
One interesting thing he did was take a survey to see what the top success factors were based on the responses millionaires gave him. You might be surprised at the top 5:
- Being honest with all people
- Being well disciplined
- Getting along with people
- Having a supportive spouse
- Working harder than most people
As I stated, this isn’t a book of lessons. Yet what this book contains teaches its own type of lessons and might help change your perception of wealth and how to get rich for the better. You should think about picking up a copy of The Millionaire Mind.