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8 Key Elements of the Economic Success Equation

By Thomas J. Stanley on Oct 7th, 2014 in Mentor's Corner

Contrary to what is often touted in the media, there are more great affluent opportunities in our economy today than ever in our nation’s history. But in order to take advantage of these, it is important to appreciate the 8 key elements of the economic success equation as given in my book, The Millionaire Mind:

1.  Understand the key success factors our economy continues and will continue to reward: hard work, integrity, and focus.

2. Never allow a lackluster academic record to stand in the way of becoming economically productive.

3. Have the courage to take some financial risk.  And learn how to overcome defeat.

4.  Select a vocation that is not only unique and profitable; pick one you love.

5.  Be careful in selecting a spouse.  Those who are economically productive married husbands or wives who had the characteristics that are compatible with success.

6.  Operate an economically productive household.  Many millionaires prefer to repair or refinish rather than buy new.

7.  Follow the lead of millionaires when selecting a home.  Study, search and negotiate aggressively.

8.  Adopt a balanced lifestyle.  Many millionaires are “cheap dates.”  It does not take a lot of money to enjoy the company of your family and friends.

5 responses to “8 Key Elements of the Economic Success Equation”

  1. thad w says:

    Very nice list.

  2. myw says:

    words to live by. brilliant + simple.

  3. […] to take risks in taking out loans, trying out new products, and offering services in the community. Most successful entrepreneurs are courageous — a trait that school and a coddling parental generation can beat out of young […]

  4. […] to take risks in taking out loans, trying out new products, and offering services in the community. Most successful entrepreneurs are courageous — a trait that school and a coddling parental generation can beat out of young […]

  5. […] risks in taking out loans, trying out new products, and offering services in the community. Most successful entrepreneurs are courageous — a trait that school and a coddling parental generation can beat out of young […]

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