Lessons Learned

Honesty is the Best Marriage Policy

By Thomas J. Stanley on Jun 4th, 2013 in Lessons Learned

What if you are contemplating marrige and you have outstanding debts?  Honesty is the best policy here.  You should advise your future spouse about your financial situation and you’d be smart to discuss further your proposed way of eliminating this debt.  I am reminded of this fact by Doug who shared his life changing moment: […]

Lots of Wealth, Lots of Discipline

By Thomas J. Stanley on May 21st, 2013 in Lessons Learned

As stated in The Millionaire Mind, a distinguished scholar told me just before I graduated: If you don’t publish you may not get tenure at a good school.  But you will have a lot of friends.  Publish a lot and you will not be real popular among your colleagues. I was reminded of this when I received […]

Fantasies of Wealth; Misinterpreting the Data

By Thomas J. Stanley on May 14th, 2013 in Lessons Learned

A couple recently asked me about the relationship between home ownership and net worth. They are contemplating buying their first home.  “In your books, Tom, you mention that nearly all millionaires are homeowners . . . approximately 95%.”  Most homeowners, however, are not millionaires.  And no one is going to hand you a check for seven figures when you close […]

Pastor and His Wife, A Teacher, on Building Character and Wealth

By Thomas J. Stanley on Apr 1st, 2013 in Lessons Learned

My wife (public school teacher) and I (pastor) have become millionaires (yes, without even figuring equity in our home) in our mid-late 40s while being salaried workers and with her taking nine years off from teaching/salary to stay at home with kids. We’ve had no inheritance or windfall. Moreover, we have consistently given about 20% […]

Car Buying from The Millionaire Next Door

By Thomas J. Stanley on Mar 26th, 2013 in Lessons Learned

Toyota did very well on my acid test, i.e. the home cooking index.  I learned about the acid test from millionaires whom I interviewed.  Before buying my first Toyota 17 years ago, I did a lot of research.  Plus I drove through the employee parking lots of several Toyota dealerships.  I found that nearly all the […]

A Billionaire’s Office Next Door

By Thomas J. Stanley on Jan 8th, 2013 in Lessons Learned

Recently Huff Post published a list of the top 10 most expensive office rental rates by city.  It also listed the top ten least expensive rental rates.  New York City (5th Avenue) ranked 2nd along the most expensive dimension at $97 per square foot.  Omaha, Nebraska (less costly than hundreds of other cities) ranked 7th […]

Billionaire’s Big Donation Receives Little Press

By Thomas J. Stanley on Nov 7th, 2012 in Lessons Learned

Imagine that you worked hard, took much risk and became financially successful, very, very successful.  You employ thousands upon thousands of people.  You even give considerable portions of your wealth to noble causes.  Earlier this year, Paul Allen, co-founder of Microsoft, designated a gift of $300 million to The Institute of Brain Science.  The money was […]

CEO or Auto Mechanic?

By Thomas J. Stanley on Apr 19th, 2012 in Lessons Learned

In The Millionaire Mind I wrote that: . . . millionaires . . . often . . .labeled by some authority figure or some standardized test result as being “average” or “inferior.”  But as the results of this research point out, such evaluations make some people all the more tenacious.  Some millionaires thrive upon such judgments, […]

Build Wealth to Control Your Own Destiny

By Thomas J. Stanley on Mar 13th, 2012 in Lessons Learned

In The Millionaire Next Door I quoted the words of a corporate sales professional, a millionaire whom I interviewed.  He like other self made millionaires said that he had a “go to hell fund. . . just in case my employer suggests (insists) that I leave Austin for corporate headquarters in Rottenchester.”  He never had to leave Austin and […]

The Benefit of an Open Book Policy

By Thomas J. Stanley on Mar 6th, 2012 in Lessons Learned

Mrs. Lang, my first Sunday school teacher, often said: You should always do your best.  Everything you do in this life is recorded in a big book. . . . and some day in the next life you will be judged on how you behaved on this earth.   And success often goes to those […]