Monday, February 11, 2008

The Millionaire Mind

"The harder you work, the luckier you become" - This has been the mantra of many millionaires surveyed by Thomas Stanley. The author has harped on millionaires' lifestyle, their habits, their attitude and some of their secrets for success. Of course, he corroborates them. I was surprised to know that millionaires were not created by trading stocks or playing lotto :) The content overall could have been condensed. Anyways, it was not very boring. I'm now more tempted to read "The Millionaire Next Door". I would recommend this book to people who wants to know some secrets behind millionaires' success.

Key takeaways from the book are:

  1. Big home owners (who are at big debt and who are experts in filling loan applications) are “income statement affluent”. Millionaires are “Balance Sheet Affluent”. They focus on accumulating wealth. They have little or no outstanding credit balances
  2. Foundation stones for financial success are Integrity, Discipline, Social Skills, a Supportive Spouse and Hardwork (working harder than most people)
  3. There is a strong correlation between one’s willingness to take financial risks and one’s level of wealth. It is less about investing in the stock market and much more about investing in ourselves, our careers, our professional practices, our private businesses and so forth
  4. Millionaires do not follow the crowd in what they sell and how they invest.
  5. Majority of the millionaires exercise regularly

Author's website:

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