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: http://www.thomasjstanley.com/

How to get rich by Donald Trump

In the book, "How to get rich" by Donald Trump and Meredith McIver, the authors explain techniques that you can follow to get rich. They also explain habits and traits that millionaires exhibit.

Key takeaways from the book are:

1. Money is not an end in itself, but it is sometimes the most effective way to help us realize our dreams
2. Begin working at a young age, to become rich
3. If you are careful when recruiting employees, management becomes easier
4. Even the best surgeon needs to be retrained regularly to stay current on the latest research and procedures
5. Don’t expect your employees to work harder than you do
6. Be optimistic, but always be prepared for the worst
7. Don’t let anyone be your yardstick. That’s taking power away from yourself in a big way
8. Millionaires never try to do another man’s job
9. Never borrow long term with the prospects of short-term income
10. If you love, absolutely love what you are doing, chances are excellent that you’ll succeed

Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!

Robert Kiyosaki has shared a lot of his personal experiences of making money. I enjoyed reading the first few chapters. The rest, pretty much carried the same information. This book motivates you to become rich. The author recommends to develop and use your ingenuity to create wealth.

I couldn't still understand why "buying a house" couldn't be considered as a way of asset creation. Most of the author's examples are about real estates & investing in stocks.

If you want to get inspired about making money, this is the book to read.

Author's website: http://www.richdad.com/