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    Summary of Thomas J. Stanley's The Millionaire Mind
    Summary of Thomas J. Stanley's The Millionaire Mind
    Summary of Thomas J. Stanley's The Millionaire Mind
    Ebook77 pages46 minutes

    Summary of Thomas J. Stanley's The Millionaire Mind

    By IRB Media

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    Get the Summary of Thomas J. Stanley's The Millionaire Mind in 20 minutes. Please note: This is a summary & not the original book. Original book introduction: The author of the blockbuster bestseller The Millionaire Next Door: The Surprising Secrets of America’s Wealthy shows how self-made millionaires have surmounted shortcomings such as average intelligence by carefully choosing their careers, taking calculated risks, and living balanced lifestyles while maintaining their integrity. Dr. Thomas J. Stanley also builds on his research from The Millionaire Next Door and takes us further into the psyche of the American millionaire.

    LanguageEnglish
    PublisherIRB Media
    Release dateDec 9, 2021
    ISBN9781669343110
    Summary of Thomas J. Stanley's The Millionaire Mind
    Author

    IRB Media

    With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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      Book preview

      Summary of Thomas J. Stanley's The Millionaire Mind - IRB Media

      Insights on Thomas J. Stanley's The Millionaire Mind

      Contents

      Insights from Chapter 1

      Insights from Chapter 2

      Insights from Chapter 3

      Insights from Chapter 4

      Insights from Chapter 5

      Insights from Chapter 6

      Insights from Chapter 7

      Insights from Chapter 8

      Insights from Chapter 9

      Insights from Chapter 10

      Insights from Chapter 1

      #1

      The millionaires interviewed by Wallace had a variety of wealth paths, but all of them had one thing in common: they were not addicted to consumption and the use of credit. They spent a lot of time with their families and friends, borrowed little money, and became wealthy before they were forty-five.

      #2

      Many people believe that being wealthy requires living a life of deprivation, but the millionaires interviewed for this book all enjoy a life of luxury despite having the millionaire mind.

      #3

      The millionaires profiled in this book all had one thing in common: they were of the millionaire mindset. They knew how to enjoy a lavish lifestyle while accumulating money. You can too, if you are willing to sacrifice.

      #4

      Some neighborhoods have high concentrations of people with substantial investment income and thus have the millionaire mind-set. From his national database of 226,399 neighborhoods, geodemographer Jon Robbin selected 2,487. He predicted that these would contain high concentrations of people who were actually wealthy, as opposed to those who had big homes with big mortgages but low net worth. A national sample was generated by randomly selecting 5,063 households from those neighborhoods.

      #5

      The results from the survey showed that 733 millionaires responded, and of those, 733 were millionaires. The 1,001 respondents had a median net worth of $1,010,000.

      #6

      We are financially well-off, with an average net worth of $9. 2 million. The typical or median level of net worth is $4. 3 million. The average figure is skewed upward by those with very high net worths.

      #7

      The typical American homeowner is a middle-aged white man who lives in a single family home in a suburban area.

      #8

      Business owners are the richest of our group, but senior executives are often among the ranks of multimillionaires. They make up 16 percent of the millionaires but are nearly 26 percent of the decamillionaires, those with net worths of $10 million or more.

      #9

      The Millionaire Fastlane is a lifestyle, not a get rich quick scheme. It consists of four components: 1) wealth creation, 2) wealth preservation, 3) lifestyle enhancement, and 4) community involvement.

      #10

      The five factors that millionaires consider to be the most important in explaining their economic success are: 1) integrity, 2) discipline, 3) social skills, 4) a supportive spouse, and 5) hard work.

      #11

      Are millionaires, on the whole, intelligent. It is commonly believed that people who are intellectually gifted have high analytical intelligence.

      #12

      The author states that intelligence has nothing to do with your success. It is a commonly held belief that the wealthy were and are smarter than the rest of us.

      #13

      There is a strong correlation between high IQ and high financial success, but it is not the only factor. It is also necessary to have a strong work ethic, good people skills, and a creative approach to business.

      #14

      What school and college experiences influenced the economically productive adults in the millionaire cohort. The answer is detailed in chapter 3, School Days, but it’s clear that millionaires learned far more in school than what was presented in textbooks.

      #15

      Warren Bielke, a 29-year-old business owner, has created a $1 million scholarship fund at

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