Just like his previous book,”The Millionaire Next Door”, the book,”The Millionaire Mind”, looks into the habits and characteristics of what true millionaires do. There is a misconception and distorted perception what a millionaire spends money on and how they operate. The fairy tale land of millionaires in television shows and books portray millionaires as throwing money away excessively and unnecessarily. It shows them not caring how they spend their money because they have more stashed away. Nothing could be more further from the truth. The reality is that millionaires probably pay attention more where their money goes than those who are not millionaires.
This is what “The Millionaire Mind” discusses. It discusses the actual habits and characteristics that millionaires have. One common characteristic that millionaires have is an uncommon degree check it out of integrity. Those who are multi-millionaires have an even more degree of integrity. They are respectful on how they spend their money.
Thomas Stanley did an even deeper study on millionaires and multi-millionaires in this book. He even went as far as to looking at how they choose their vocations, buy and sell houses, choosing spouses, etc. In his previous book,”The Millionaire Next Door”, he looked into what kind of cars they drive and what stores they shop in. Millionaires have a character of frugality that allows them to amass millions. Frugality is far different than just being a miser. They spend wisely and discreetly.
Millionaires who have earned their money from their own efforts have those characteristics described in “The Millionaire Mind” and in “The Millionaire Next Door”. Unfortunately, in our society, most people believe they can only attain their millions if they win the lottery or inherit from a rich relative. Millionaires who have earned their millions rarely play the lottery or even inherit from a rich relative. There are habits that are developed (not born with) when you earn your millions. This is a big reason why they have a huge degree of integrity. They value those habits that made them millionaires.
After the trying economic climate in recent years, it is essential and critical that anyone who wants to become a millionaire should have the habits first of a wealthy person. They have to have the millionaire mind or they will lose whatever money they have amassed. The value of this book is that it teaches by practical experience that you have to be a wealthy person first in your mind before you will truly earn your millions.