Tag: The Millionaire Mind

To My Readers: Your Input is Requested

By Thomas J. Stanley on Feb 1st, 2012 in Studying the Wealthy

From studying the affluent market for over 30 years I have learned how individuals who seem quite ordinary become the millionaires next door. This research has focused primarily on those who are very productive in transforming their incomes into wealth. In turn,  I have tried to highlight the lifestyles, habits and background of this population through […]

High Income Super Bowl: Business Owners, 63; Hedge Fund Mgrs & Lawyers, 9

By Thomas J. Stanley on Jan 3rd, 2012 in Current Events

Senator Harry Reid of Nevada recently stated: Only a tiny fraction of people making more than a million dollars [a year], probably less than 1 percent, are small business owners.  And only a tiny fraction of that tiny fraction are traditional job creators. Most of these businesses are hedge fund managers or wealthy lawyers.  They […]

Integrity, Integrity, Integrity

By Thomas J. Stanley on Oct 18th, 2011 in Other

Just prior to completing The Millionaire Mind, I received a letter that was ideally suited for inclusion in the chapter about success factors.  I have read your most recent works.  I have an extremely high mathematical aptitude.  I hold advanced degrees in advanced math. . . . I’m currently in transition.  Eventually I want to pursue […]

Emphasize Net Worth-Part I

By Thomas J. Stanley on Oct 11th, 2011 in Income vs. Net Worth

As a prelude to writing The Millionaire Next Door, I published an article in Medical Economics entitled “Why You’re Not as Wealthy as You Should Be.”  Simply put doctors could and should accumulate much more and at a much younger age. In the same article, I pointed out that for every one high income producing doctor […]

Ivy League Millionaires?

By Thomas J. Stanley on Sep 29th, 2011 in Studying the Wealthy

Shortly after The Millionaire Mind was published, I received an unusual request from the chairman of the “25th Class Reunion Committee” for an Ivy League school.  Allow me to paraphrase what he requested: “With your permission we would like to survey our fellow graduates in order to contrast them with the millionaires profiled in The Millionaire […]

“Any Economically Successful Man Doesn’t Gamble”

By Thomas J. Stanley on Sep 27th, 2011 in Current Events

As of March, 2011, “there were 1.7 million active poker player accounts in the US from players wagering around $14 billion a year online” (see The Wall Street Journal). A lot of these players must feel that they can gamble themselves into millionaire status.  And who can blame them?  Cable television relentlessly glorifies gambling and constantly associates poker playing, especially, […]

The Millionaire Next Door- Absent from His High School Reunion

By Thomas J. Stanley on Sep 20th, 2011 in Mentor's Corner

Riddle:  Why did Mr. Lee, a business owner of the millionaire next door variety, decide not to attend his high school’s 25th reunion? Answer:  Because he felt very uncomfortable at the 20th reunion! At that reunion, Mr. Lee constantly had to explain how he, “Mr. Average” in high school, had become a major socioeconomic success.  In […]

Millionaire Mind Factor 4: A Supportive Spouse

By Thomas J. Stanley on Sep 15th, 2011 in Mentor's Corner

Harry T. is 24 years old and wants to be a “millionaire one day.”  But he has grave concerns that he will be unable to find a spouse who will support his goal. It seems that there is a big obstacle in preventing many men in getting rich even if he goes and follows all […]

STOP ACTING RICH. . . A Wake-up Call for Me! Part I

By Thomas J. Stanley on Aug 16th, 2011 in Mentor's Corner

Congratulations to R.S. He stopped acting rich.  It is often difficult to cast off the habits of the hyper consuming, income statement affluent [those who have high realized incomes but little accumulated wealth].  It is especially hard to do if you were raised in that kind of environment.  He accomplished this change by going almost cold […]

One Man’s Junk, Another Man’s Treasure

By Thomas J. Stanley on Jul 26th, 2011 in Millionaire Next Door Stories

Most millionaire next door types are contrarians.  They think and act differently.  They are savers and investors in a population of hyper consumers.  Plus most have high creative intelligence.  This helps to explain why many of them are in niche, backwater, low status type businesses where competition is light or nonexistent.  In addition, as stated in The Millionaire Mind, four […]