The Millionaire Mind

The Millionaire Mind

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Thomas J. Stanley, Ph.D.

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Book Details
 410 p
 File Size 
 3,235 KB
 File Type
 PDF format
 2001 by Thomas J. Stanley 

Author’s Note
In the course of my research I have met and interviewed many
fascinating people who personify “The Millionaire Next Door” and
“Millionaire Women Next Door,” and define “The Millionaire Mind.”
Some of their stories are told in my books and journal articles.
Hopefully, they enlighten and inspire readers who wish to increase
their economic productivity and achieve millionaire status. If you
have a story to tell or advice to share, perhaps for inclusion in one
of my future books, please write to me at the address below.

Dr. Thomas J. Stanley
Wealthworks, Inc.
P.O. Box 680203
Marietta, GA 30068-0004

An Introduction to The Millionaire Mind
Balance is their approach to life. They are financially independent, yet they enjoy
life—they are not “all work, no play” type of people. Most became
millionaires in one generation. Neither their lifestyle nor their wealth
was generated from being highly leveraged financially. They are not
credit junkies. How did they accomplish this? How did they balance
their need to become wealthy and economically productive with their
need to enjoy life? They have the millionaire mind.
Early in my career of studying wealthy people, I had a glimpse of this
segment of the millionaire population. In 1983 I was asked to interview
sixty millionaires from Oklahoma. What I learned from them was simple,
yet the message had a lasting impact on me: You cannot enjoy life if you
are addicted to consumption and the use of credit. These Oklahoma
millionaires were just the opposite, as demonstrated by one focus group
of ten. All ten were seasoned business owners, executives, or
professionals. All were first-generation wealthy. Some were creditdependent
earlier in their careers, but they eventually saw the light.
They went cold turkey, breaking the cycle of borrowing to consume,
earning to consume, and borrowing more and more money. Others never
became addicted to credit or the need to display their success.
All ten were multimillionaires. They lived in fine homes in wellestablished,
older neighborhoods. They drove American-made motor
vehicles. They enjoyed life. They were not workaholics. They spent a lot
of time with their families and friends, borrowed little money, and
became wealthy, in most cases, before they were forty-five years old. My
actually went on for nearly four hours. I only had to ask a few questions
—the members enjoyed telling their own stories about becoming
wealthy. If there were a Focus Group Hall of Fame, all ten of these
millionaires would be inducted during the first round.
There were many important points made about how one can become
an economic success, but one statement was riveting. It was made by
Gene. He mentioned that those who are “credit-dependent” are in fact
controlled by someone else, some institution.
Gene was in his late forties at the time. He listed his occupation as
“owner of a salvage business.” He purchased or “salvaged” real estate
from various financial institutions. These institutions “have loans that
are in default … six months or more.”
Just a few weeks prior to the interview, Gene “salvaged” sixty-eight
homes, a commercial shopping center, and five multifamily apartment
complexes from a financial institution with which he’d had many
previous dealings. Immediately after the deal was signed, the senior
credit officer of the institution signaled to Gene and walked with him
over to the large window in the officer’s top-floor office. It was a tall
building—they could see for miles and miles. There were thousands
upon thousands of commercial buildings all around. Gene could even see
some of the residential neighborhoods on the horizon.
As he looked out the window, the officer pointed to all the buildings,
homes, offices, garages, shops, and so on, and said the words that made
a lasting impression on Gene:
We [the lenders] own it all … all of it. The business out there? … You
[borrowers] just run these businesses for us. You guys run them for us, the
financial institutions.

Table of Contents

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)


Electronic edition published 2010 by RosettaBooks LLC, New York.
Cover art to the electronic edition copyright © 2010 by RosettaBooks, LLC