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The Millionaire Mind Summary – Thomas J. Stanley

Arthur Worsley
by Arthur Worsley
M.A. Psychology, Oxford. McKinsey Alum. Founder & Editor at TAoL.
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One-Sentence Summary

The Millionaire Mind builds on The Millionaire Next Door by exploring EXACTLY how America's self-made, top 1% millionaires overcame obstacles like humble GPAs and rough starts - by marketing professor, author and business theorist, Thomas J. Stanley. (416 pages)

Note: This The Millionaire Mind summary is part of an ongoing project to summarise the Best Personal Finance Books and Best Self Help Books of all time.

Note: This The Millionaire Mind summary is a stub. I'll write a full summary later. For now, you'll find enough meta-data here to help you decide if it's worth reading the book.

The Millionaire Mind Summary

This Millionaire’s Mind publisher’s blurb comes from the Andrews McNeel paperback edition…

“”Readers with an entrepreneurial turn of mind will devour The Millionaire Mind because it provides road maps on how millionaires found their niches.”After its first publication, Dr. Thomas J. Stanley’s second best-seller The Millionaire Mind spent over four months on the New York Times best-seller list, rising to position #2, and has sold over half a million copies. Here is the first paperback edition of Stanley’s second groundbreaking study of America’s wealthy.
The Millionaire Mind targets a population of millionaires who have accumulated substantial wealth and live in ways that openly demonstrate their affluence. Exploring the ideas, beliefs, and behaviors that enabled these millionaires to build and maintain their fortunes, Dr. Stanley provides a fascinating look at who America’s financial elite are and how they got there.

  • What were their school days like?
  • How did they respond to negative criticism?
  • What are the characteristics of the millionaire’s spouse?
  • Is religion an important part of their lives?

The author uncovers the surprising answers to these and similar questions, showing readers through concrete examples just what it is that makes the wealthy prosper when others would turn away dejected or beaten.

The Millionaire Mind promises to be as transformational as Dr. Stanley’s previous best-seller. This book answers universal questions with solid statistical evidence in an approachable, and anecdotal style. The number of copies sold of this soon-to-be-classic will surely be in the millions.”

The Millionaire Mind Contents

The Millionaire Mind has 10 main chapters and 3 main appendices…

  1. An Introduction to the Millionaire Mind
  2. Success Factors
  3. School Days
  4. The Relationship Between Courage and Wealth
  5. Vocation Vocation Vocation
  6. Choice of Spouse
  7. The Economically Productive Household
  8. The Home
  9. The Lifestyles of Millionaires: Real vs. Imagined
  10. A Final Note About the Millionaire Mind
  • Appendix 1: In Search of the Balance Sheet Affluent
  • Appendix 2: Businesses Owned and Managed by Millionaires (National Geodemographically Based Sample)
  • Appendix 3: Businesses Owned and Managed by Millionaires (Ad Hoc Sample)

Like The Millionaire Next Door, The Millionaire Mind is data heavy. It contains 46 tables as indexed below…

  • 1-1 The Academic Record of Millionaires: Undergraduate College Grade Point Average (GPA) and SAT Score
  • 2-1 Millionaires’ Success Factors
  • 2-2 Millionaires’ Success Factors: Superior Intellect vs. Social Skills
  • 2-3 Millionaires’ Success Factors: Superior Intellect vs. Orientation Toward Critics
  • 2-4 Millionaires’ Success Factors: Superior Intellect vs. Integrity/Completeness
  • 2-5 Millionaires’ Success Factors: Superior Intellect vs. Creative Intelligence
  • 2-6 Millionaires’ Success Factors: Stock Market Investing vs. “One’s Own Business”
  • 2-7 The Investments of Millionaires: Publicly Traded Stock vs. Other Financial Assets
  • 2-8 Stockbrokers vs. Other High-Income-Producing Occupational Groups: Who Has More Wealth?
  • 2-9 Millionaires’ Success Factors: Happenstance vs. the Elements of Discipline
  • 3-1 Enhancing Self-Discipline and Discernment: School and College Experiences That Influenced Millionaires in Becoming Economically Productive Adults
  • 3-2 Millionaire, How Do You Think Your High School Teachers Judged or Evaluated You?
  • 3-3 Forging Tenacity: School and College Experiences That Influenced Millionaires in Becoming Economically Productive Adults
  • 3-4 Correlation Coefficients: SAT Score, Class Rank, and Grade Performance vs. Net Worth and Income
  • 3-5 Factors Explaining Economic Success: Millionaires with SAT Scores Under 1000 vs. 1400 or Higher
  • 3-6 How Their High School Teachers Likely Judged Them: Millionaires with SAT Scores Under 1000 vs. 1400 or Higher
  • 3-7 School and College Experiences That Influenced Millionaires in Becoming Economically Productive Adults: Those with SAT Scores Under 1000 vs. 1400 or Higher
  • 4-1 Actions and Thought Processes Used by Millionaires to Eliminate/Reduce Fears and Worries
  • 4-2 Actions and Thought Processes Used by Millionaires to Eliminate/Reduce Fears and Worries Grouped by Domains
  • 4-3 Taking Financial Risk vs. Playing the Lottery: Correlates of Wealth?
  • 4-4 The Patronage Habits of Multimillionaires: Investment Advisers and Other Service Providers
  • 4-5 Critical Success Factors According to Self-Designated Risk Takers vs. Non-Risk Takers
  • 5-1 How Millionaires Select a Vocation: Important “Discovery” Factors
  • 5-2 How Millionaires Select a Vocation: Important Choice Factors
  • 6-1 The Top Five Qualities of a Spouse That Contributed to Millionaires’ Successful Marriages
  • 6-2 The Top Five Qualities That Initially Interested Millionaires in Their Spouses
  • 6-3 Males vs. Females: Important Qualities of Spouse That Contributed to Their Successful Marriage
  • 6-4 Males vs. Females: Important Qualities That Initially Interested Millionaires in Their Spouses
  • 7-1 Actions Taken by Millionaires to Reduce the Cost/Enhance the Productivity of Operating a Household
  • 7-2 Economically Productive vs. Nonproductive Households: Actions Taken by Millionaires to Reduce the Cost/Enhance the Productivity of Operating a Household
  • 7-3 Actions Taken in the Process of Purchasing a Home: Millionaires from Economically Productive vs. Nonproductive Households
  • 8-1 Year of Purchase of Current Home
  • 8-2 The Millionaire Home: Original Price Paid for Home vs. Current Value
  • 8-3 The Millionaire Home: Year of Construction
  • 8-4 The Millionaire Home: The Number of Bedrooms and Full Baths
  • 8-5 The Millionaire Home: Outstanding Mortgage Balance
  • 8-6 Actions Taken: The Process of Purchasing a Home
  • 8-7 Actions Taken in the Process of Purchasing a Home: Mr. Green vs. Mr. Blue
  • 8-8 The Homes of Millionaires in America: Average Value by Net Worth
  • 8-9 Selected Average Annual Expenditures and Characteristics: Households with Incomes of $90,000 and Over and Those with Less Than $90,000
  • 9-1 Lifestyle Activities of Millionaires: A Thirty-Day Diary
  • 9-2 Categories of Lifestyle Activities of Millionaires: A Thirty-Day Diary
  • 9-3 “Cheap Date” vs. Costly Activities: The Realities of the Lifestyles of the Millionaire’s Monthly Diary
  • 9-4 Lifestyle Activities of Millionaires: A Twelve-Month Diary
  • 9-5 Lifestyle Activities of Millionaires: A Twelve-Month Diary Grouped by Domains
  • 9-6 “A Date” with a Tax Expert and Fund-Raising vs. the “Tonier” Activities: The Realities of the Millionaire’s Twelve-Month Diary

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Read More: 5 Books Like The Millionaire Mind

Enjoyed this The Millionaire Mind summary? You might enjoy the rest of the books on these lists of the Best Personal Finance Books and Best Self Help Books of all time.

And in the meantime...

Here are 5 top books like The Millionaire Mind...

Books Like the Millionaire Mind: The Richest Man in Babylon
1. The Richest Man in Babylon - George S. Clason (FREE Summary)
The Richest Man in Babylon is THE classic parable on how to acquire money, how to not lose money and how to make money multiply - by serial entrepreneur and author, George S. Clason.
Published 1926 // 194 pages // Rated 4.3 over 146,000 reviews on Goodreads
Books Like the Millionaire Mind: Financial Peace Revisited
2. Financial Peace Revisited - Dave Ramsey (FREE Summary)
Financial Peace Revisited is an approachable, practical guide to getting out of debt and unlocking your financial freedom no matter who you are or where you're starting from - by personal finance guru, radio host and businessman, Dave Ramsey.
Published 1992 // 352 pages // Rated 4.3 over 13,800 reviews on Goodreads
Books Like the Millionaire Mind: Rich Dad Poor Dad
3. Rich Dad Poor Dad - Robert Kiyosaki (FREE Summary)
Rich Dad Poor Dad is one of the few must-read handbooks for anyone who's serious about earning their financial freedom - by businessman, investor and best-selling author, Robert Kiyosaki.
Published 1997 // 195 pages // Rated 4.1 over 472,500 reviews on Goodreads
Books Like the Millionaire Mind: Rich Dad's Cashflow Quadrant
4. Rich Dad's Cashflow Quadrant - Robert Kiyosaki (FREE Summary)
Rich Dad's Guide to Financial Freedom
Rich Dad's Cashflow Quadrant is the practical sequel to Rich Dad Poor Dad that'll show you EXACTLY how to take control of your cashflow and build massive wealth - by businessman, investor and best-selling author, Robert Kiyosaki.
Published 1998 // 376 pages // Rated 4.1 over 47,600 reviews on Goodreads
Books Like the Millionaire Mind: The Millionaire Next Door
5. The Millionaire Next Door - Thomas J. Stanley (FREE Summary)
The Surprising Secrets of America's Wealthy
The Millionaire Next Door is a fascinating study of the work and personal habits of America's surprisingly abundant blue-collar millionaires and PAW's (prodigious accumulator's of wealth) - by marketing professor, author and business theorist, Thomas J. Stanley.
Published 1995 // 258 pages // Rated 4.0 over 91,500 reviews on Goodreads

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Arthur Worsley
I founded TAoL to discover and share the best wisdom on how to live long and prosper. Before that I studied Psychology, Philosophy & Physiology at Oxford and consulted at McKinsey. Still curious? Learn more or take my FREE productivity quiz.

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