The Millionaire Next Door is the better choice

Any additional comments?

I've listened to both The Millionaire Next Door, and The Millionaire Mind. If you've read one, you've gotten most of the content expressed in both books, and don't need the other, and the Millionaire Next Door was the better choice because the content was much more translatable. This book seemed like it was a lot of the think positive and you'll reach your goals, which I found to be patronizing and out of touch at times. It was an interesting listen, but not a very practical application to real life.

37 people found this helpful

Paradigm Change.

Focuses on the behavior and thus making a compelling case for personal money management.
i am slowly changing my attitude towards money and it's working.

15 people found this helpful

Such an awesome book!

learned a lot and found some weak mindsets I need to change in my daily life

5 people found this helpful

Very enjoyable!

I have listened to this audio and enjoyed it a lot. I will pre-warn other listeners that a lot of numbers are given in this volume and it may be more helpful to have a paper copy at hand. The statistics are given throughout and this can sometimes be confusing. I advise other listeners to slow down their thinking and really listen to the words. Don't multi-task while listening to this tome, you'll miss the good stuff.

Multi-millionaires don't spend their money, they save it. They look for opportunities to get more for their dollar than just trying to appear rich.
The number of multi-millionaires that have been in their homes for just a few short years are very few, most have lived in the same place for 10+ years. Being wealthy isn't about how much a person paid for their car, but about which car to drive for an over-all cost per mile.

A good book to make a person think. If the statistics bother you, pick up a paper copy to read along.

17 people found this helpful

No Millionaire Next Door

Do not go into this book expecting it to be as good as _The Millionaire Next Door_ (which this author co-wrote). It isn't. This book is a mess and isn't even sure what it is about. Feels like everyone was so eager to follow up the smash hit as quickly as possible that they forgot all about editing. There are some interesting (and useful) new tidbits on the habits of those who have accumulated wealth, e.g., what kind of house and neighborhood does the typical millionaire live in, but most of this volume is spent moralizing about the American education system. This is where the book becomes schizo. One the one hand it shows that most of those who have gone on to become millionaires did not do well on standardized tests, and therefore did not go on to grad or pro schools, or even college (except doctors and lawyers, obviously, but most of those aren't millionaires). But then on the other hand it decries those who discourage those students who score poorly on such tests from going on to higher education, e.g., relating the story of Dr. Martin Luther King, Jr. But I am left asking why this is something to bemoan. The author seems to accept that the tests are fairly accurate predictors of academic performance, so if future millionaires don't and won't do well in these settings (for whatever reasons), why not let them go and do what they do best (and better than most) as quickly as possible? And as for MLK, why is he in this book? Did he become a millionaire? Save your money (better yet, invest it in a good mutual), and go check the first book out from the library and read it again.

51 people found this helpful

Must read for any entrepreneur with high aspirations

This was the perfect follow up book to his original “millionaire next-door “. There are so many books out there that teach you how to run a successful business , how to better your own self growth, business books, marketing books, accounting, etc. But this book, completely changed my outlook and mindset on to live as, and become a millionaire. It was such a breath of fresh air, seeing that most millionaires are actually quite frugal when it comes to materialistic items that depreciate in value. If you look at any Instagram Millionaire, they appear to be living the high life, where they may actually be balance sheet broke. It’s all an illusion. This review probably won’t give Dr Stanley’s book the justice he deserves, but it truly is fantastic. It’s one of those books you can read over and over again to keep you focused on your goals, and not get caught up in all of the “fluff” or financial booby traps that are everywhere. Thank You Dr. Stanley

2 people found this helpful

STAY POOR by OPPOSING everything in this book!

I wish I read this book when I was sixteen or at least I wish I had listened to my parents ;) !

If you plan to be rich in the future then make sure you read this today!

This book is a product of intensive research on more than 700 affluent millionaires in America. The author has intensive experience in the field as it is his life's long work. He is very insightful and shares so many insights, such as:

How they made their money and how they invest it? Do they own so much stuff?
What were their academic performance in high school and college?
Who do they marry, do they have kids?
How much do they spend for leisure and what are their priorities in life?

You would be surprised to know the answers because having a millionaire mindset is not what you see in Hollywood, but a rather more meaningful lifestyle.

2 people found this helpful

Informative and Motivational

The enjoyment was increased by knowing most of the attributes of the millionaires are similar to the practices I keep. Some statistics were mind blowing and informative on opportunities to align with a solid group as written in the book.

2 people found this helpful

Like football commentary

Once, while listening to Monday Night Football, I heard the announcer state that a certain team was in trouble because "only 50%" of teams in that situation had ever recovered from such a point deficit/yard loss/injury etc. Such statistics are nonsense because the announcer could have just as easily said that the team had a great shot because a full 50% of teams in the same situation had turned things around.

Dr. Stanely does the same here. He takes a statistic and shoves it at you without telling the whole story. On several occassions he spoke of how a percentage of his survey takers reported activity X was important to their success. The percentage would be less than 50%. Dr. Stanley, however, would not bother to explain how the majority accomplished their success without performing activity X.

Dr. Stanley also contradicts himself at many points in the book. In one chapter, he explains that integrity is absolutely key to success. If you want to be a millionaire in one generation, you should make it a point to be honest with everyone. A chapter later, Dr. Stanley holds up a man as an example of the type of success he's talking about. This man beat the odds by becoming a top executive in the carpet business without having completed college, let alone graduating from a top ranked school. How did he do it? Dr. Stanley makes a point of the fact that the man had a special gift for sales. He also mentions, hurriedly and in passing, that the man LIED to his company about his education level. He informed this company on his application and in his interview that he was a college graduate. Hardly a man of integrity but undoubtedly successful. Dr. Stanley does not elaborate how one example reconciles with the other.

This book was a waste of time. Nothing is here that isn't common sense (work hard, love your job, invest wisely) or that isn't contradicted later (be honest, unless it pays to lie). Give this one a pass.

33 people found this helpful

It is about time

I was very impressed with this book. At first, I too was somewhat skeptical, thinking it might be another one of those gee-whiz books. However, Dr. Stanley did his research and in eloquent language, blows the cover on the wealth myth. So many people in America are either trying to be the Jones or catch up with them, that we are spending our way to poverty and financial bondage. Stanley sheds important light on the truth about wealth and those who know how to acquire it and keep it. I recommend this book to anyone that is serious about true prosperity.

10 people found this helpful