October 23, 2020

Gen Z Conservative

The thoughts of a young conservative on political issues relevant to all ages

the millionaire mind

A 2020 Review of The Millionaire Mind by Thomas Stanley

Introduction

The Millionaire Mind by Thomas Stanley, author of The Millionaire Next Door, is an absolutely fantastic book. Like all of his writings, The Millionaire Mind is packed full of data and evidence to support Stanley’s often surprising but always well-thought-out conclusions about the lifestyles and habits of millionaires.

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What they do, how they do it, and why is the meat of the book, as is common with his writings, but in an interesting twist, The Millionaire Mind focuses on the mindset behind what millionaires do and why, which I found very interesting. That mindset is why people read all manner of books about successful businessmen and entrepreneurs, from Principles by Ray Dalio to His Excellency: George Washington.

Everyone wants to learn about the mindset of the most successful members of society, such as Ray Dalio and George Washington. Stanley’s book provides great insight into how millionaires actually think. It’s not how you might expect. Rather than focusing on the mega-wealthy athletes, trial lawyers, and actors, Stanley focuses on the average millionaire; the type of person described in a book like The Automatic Millionaire.


Summary of The Millionaire Mind

As is a common theme for Dr. Stanley’s works, The Millionaire Mind is mainly about why millionaires have been able to be as successful as they are. He fills it with details that are so personal that they really help the reader understand the men and women being described by the pages and how they think.

Plus, it’s well-cited and chock full of studies, research, and other scholarly and non-anecdotal information that helps Stanley prove his points. As always, I think more research is better. And, despite being full of anecdotes, The Millionaire Mind is absolutely full of useful research for the average investor.

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However, it is novel (not a novel, just original) in that it focuses much more on the mindset of an average millionaire than that person’s daily habits. Towards that end, Dr. Stanley mentions what lines of business some of them are in, but spends much more time elaborating on how they ended up in those businesses, why they chose the specific careers or entrepreneurial ventures that they did, and how they are able to sense out opportunity.

You’ll read much more about how the millionaire mind is one that senses an opportunity and acts on that opportunity, or how they develop their profit-finding abilities, rather than that they typically wake up at “x:xx am” and drink Folgers coffee.

I think that Dr. Stanley’s decision to focus on mindset rather than daily habits was a wise one that allows the reader to focus on what’s important, how to build wealth by acting on opportunities and working hard (which is the general path to success in America), rather than drawing their attention to the irrelevant, such as coffee brands or favorite news sources. That focus on the important is what makes The Millionaire Mind better than many other financial self-help books.

Behind those conclusions of Dr. Stanley’s are many excerpts from interviews, sets of data from the IRS, and excerpts of responses to surveys that Dr. Stanley sent out as part of his research for The Millionaire Mind. The interviews and survey responses are exceptionally interesting as they paint a picture of millionaires that many people would find confusing.

Far from being the blue-blood, old money aristocrats that many people imagine or the huge income, Wolf of Wall Street types that Hollywood would have you believe are the most common type of millionaire, most of America’s wealthy are hard-working and honest professionals or entrepreneurs that have found a calling and made smart financial moves throughout their lives.

They avoid consumer debt, know the importance of investing in their businesses and the stock market, and focus on making money off of something they are knowledgeable about or interested in. In other words, they aren’t cheap or mega spenders, they just live life smartly and well.

That unexpected profile of a millionaire and his or her mindset is the core of The Millionaire Mind. Dr. Stanley isn’t out to show that you have to be a hyper-thrifty miser to eventually become a millionaire, nor do you have to have a ginormous contract from a Hollywood studio or professional sports team. Rather, you should adopt the mindset of a millionaire, which is to work hard in a business you know and care about and invest your earnings in either your own business, the stock market, or both.

That is the path to success in America. Not trying to be a rapper or incredibly successful day trader. As the saying goes, “slow and steady wins the race.” The Millionaire Mind proves that to be generally true in the realm of personal finance.


Analysis of The Millionaire Mind

Before starting The Millionaire Mind, I knew about Dr. Stanley from his excellent prior book, The Millionaire Next Door. So, I already knew about his excellent writing style and ability to transform surveys, interviews, and data into a thought-provoking book. T

he other works of his that I have read have all been excellent and are books about personal finance and building that I think every young conservative should read so that they have realistic goals and career plans in mind when they enter the workforce. But, despite loving those books, I have to say that The Millionaire Mind is the best of his books that I have read. It focuses on all the right topics, is not overly long, and allows the reader to draw the proper conclusions about how to become wealthy in America.

Also, because The Millionaire Mind is mainly about mindset, not just a profile of how millionaires become millionaires, it is somewhat more interesting and practicable. It teaches the reader how to start thinking in a way that will make them rich, or at least more likely to make more money. In that respect, it’s an interesting blend of a psychological book like The 7 Habits of Highly Successful People or The Power of Habit and a betterment book like Rich Habits or Principles.

Balancing habit and ambition is a great way to make money and is something that most highly successful people seem to be able to do. Reading a wide array of personal finance books, namely those that I just mentioned, will help you do that.

But The Millionaire Mind is the one that you need to read first to start thinking about how you are going to turn your life and career into a combined effort that helps you become a millionaire without making your family miserable or you too stressed out. Every person Dr. Stanley interviewed seemed to love their line of work. I think that’s because they were doing something they were good at and working for themselves. That’s what The Millionaire Mind and the millionaire mindset truly are.

If you want to start accumulating wealth, then The Millionaire Mind is the book for you. You’ll learn the mindset behind being a millionaire and be given dozens, if not hundreds, of examples on how to start living out that mindset.

But you have to learn from and live out those examples. You can’t just read and forget. Instead, read the book and examples closely to learn from them. Doing so will help you get your money’s worth from the book and truly learn what the millionaire mindset is. If you’re a young conservative or older conservative, it’s always possible to learn how to be more successful. Hopefully this book helps get you started on that path.

Conclusion

With the prodigious amount of government spending and consumer debt-driven spending that is currently happening, America is headed off a fiscal cliff and towards a retirement crisis. Now is the time to start learning how to make money in any economy and grow wealthy and secure despite what your irresponsible fellow citizens might be doing. If you want to be secure for the future and learn how to become wealthy, read The Millionaire Mind. It won’t disappoint.

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By: Gen Z Conservative


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