Thomas J. Stanley : Millionaire Next Door Author; Researcher; Expert

In an earlier blog post, we discussed how career experiences, both successes and failures, can lead to moments of clarity (Working for those Ah-ha! Career Moments, August 2012). This post highlighted the fact that many successful millionaires have a wide range of experiences that help them determine a successful career path. ...

In a previous blog, I mentioned "that Mayor Michael Bloomberg of NYC, a billionaire, has 'been wearing the same shoes of 10 years . . . .  owns only two pairs of work shoes . . . has them resoled.'" I also mentioned that according to the data in The Millionaire Mind of "the top 1% of wealth holders in America . . . 70% regularly have their shoes resoled/repaired."  People who have a propensity to build wealth tend to be quite frugal in allocating dollars for consumer products.  Mr. Bloomberg is a prodigious accumulator of wealth.  I often refer...

In his acknowledgements, James D. Hornfischer, author of the excellent, New York Times' best selling book, Neptune's Inferno, wrote: . . . three years of research and two of writing . . . . Imagine spending five years of your life producing one book!  Even if you worked only 20 hours per week for, say, 50 weeks a year, that's 5,000 hours total.  By the way, if you like military history, you will likely find the book to be outstanding. The odds of hitting the topseller list are very small.  So why do so many authors spend thousands of hours...

by Sarah S. Fallaw, Ph.D., Director of Research, AMI Research Many successful people report having moments of clarity or EUREKA! experiences when it comes to business opportunities. In fact, 29% of millionaires reported stumbling across a great business opportunity as part of their career path, and 39% reported using intuition for business ideas (see The Millionaire Mind, Chapter 5). For some, intuition and opportunity can lead to lucrative and exciting work. For example, in The Millionaire Mind, Jim lost it all in real estate, only to discover that he was highly successful at...

by Sarah S. Fallaw, Ph.D., Director of Research at AMI Success in life and in work has been consistently tied to conscientiousness: being disciplined, having plans and focusing on details. Research in psychology consistently shows a relationship between this personality characteristic and how well someone will do on the job. Likewise, the research conducted on those with high net worth over a period of 30 years also provides insight into why they are balance sheet affluent – they have a long-term, disciplined approach to saving, spending and investing. These individuals are not distracted by what others are doing (e.g., the Joneses).As...