Tuesday, November 23, 2010

Started Listening to “The Millionaire Mind” on CD

This little adventure started with a trip to the Springville Library. For the past several months I’ve been listening to Dave Ramsey on my computer while working. After three hours of Dave Ramsey Monday through Friday for several months, I decided it was time to change. So, I went to the library in search of a book on CD and happened upon The Millionaire Mind by Thomas J. Stanley. Stanley is also the author of The Millionaire Next Door. The book is based on his research on what is important to millionaires and to what they attribute their success.

Here are some interesting things I picked up…

- With the exception of doctors and attorneys, few millionaires think education was important to their success. Most had a C in college or never graduated.
- Having a supportive spouse was very important
- Religion was very important
- Believing in themselves was very important

Here are some aspects of the millionaire mind that I am lacking…

- A competitive spirit
- Willingness to take a risk, given the right return
- Ability to ignore critics, or a strong desire to prove them wrong

The book was pretty good overall. It doesn’t try to teach you how to be a millionaire. It just says, “Hey, here is what goes on in a millionaire’s head. Just so you know.” Some of the information will be very useful if I ever join the millionaire community. For example, when I’m a millionaire I should…

- Buy a well built 3 or 4 bedroom home in a nice older neighborhood
- Buy solid wood furniture able to last generations and when it gets worn, refinish it rather than replace it.
- Play golf.
- Ask my attorney and CPA for advice on just about everything I do.
- Go against the crowd. Buy when people are selling. Sell when people are buying.

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