The Millionaire Mind – Book 12 of 50

So, you wanna be a millionaire?

I know I do, and I’m serious! Hahaha… I’m done with my 12th book for the year.

Dr Thomas J Stanley’s The Millionaire Mind is a great read. In this book, he profiles millionaires and interviews them with regard to their values, and what they think is important in life.

Here is my summary. Again, I realise that some points are repeated over. That’s exactly what I read.

1. You cannot enjoy life if you are addicted to consumption and use of credit.
2. Work on increasing net worth, not income.
3. Surveyed millionaires have a traditional family, married with 3 kids.
4. Foundation stones of financial success: integrity, discipline, social skills, supportive spouse, hard work.
5. Invest in yourself, don’t follow the crowd.
6. Millionaires are not always the smartest.
7. Success involves the situations you get yourself into, and the people you meet.
8. Have the courage to take financial risks, but don’t gamble.
9. Select a vocation with few competitors, high profits.
10. Think differently from the crowd.
11. Have a shopping list before going shopping.
12. Buy a home that appreciates.
13. Don’t spend time on DIY stuff.
14. Be gracious.
15. No man or woman is an island.
16. Learn to be a good salesman.
17. Be careful who you listen to.
18. Never take rejection personally.
19. Exercise regularly.
20. Be honest with all people.
21. Mix with the right people.
22. Integrity begins at home. Be faithful.
23. Be creatively intelligent. Nurture it.
24. Analytical intellect is not everything.
25. You need to enjoy your vocation.
26. Make wise investments, not necessirily the stock exchange.
27. Being disciplined is a very important.
28. Learn to manage your own life.
29. The harder I work, the luckier I become.
30. Question the norm, status quo, and the authority.
31. Tenacity and leadership ability.
32. Work hard, socialize, enjoy people.
33. A struggle gives the foundation for being successful.
34. Millionaires love their careers.
35. Use early failures as a foundation for success.
36. Integrity is essential.
37. Not doing well in school does not mean anything.
38. Economic risk taking is a requirement for becoming financially independent.
39. Becoming a millionaire is a mind game. Think like one.
40. Deal with financial fears.
41. The harder you work, the luckier you become.
42. Take risks, don’t gamble.
43. Have at least 3 investment advisors.
44. High analytical intellect doesn’t equal practical intelligence.
45. Don’t use stockbrokers for advice. Use them to execute trades.
46. Be a market nicher.
47. Learn the ability to sell.
48. Overwhelm yourself with positive thoughts.
49. Learn to be confident, and regain self-confidence.
50. Select ideal vocation, operate innovative business, make wise investments, stable upbringing.
51. Have a source for courage.
52. People follow people who are excited about their work.
53. Choose a vocation that allows you to have financial independence.
54. Choose a vocation because it makes full use of your abilities and aptitudes.
55. Offer simple solutions to problems.
56. Seek opportunities and work hard.
57. Learn to lead and manage people.
58. Learn to identify economic opportunities.
59. What relationships can you leverage on?
60. What concepts in the stuff you learn can make you more productive in your vocation?
61. Know what you want to master, then collect knowledge over time.
62. Control expenses.
63. Customers are collected one by one. Take time to study their needs.
64. Everybody has the opportunity to get into business. Some people just don’t see it.
65. One’s ability to see a target is a function of experience, training, and need.
66. Belief in one’s ability to succeed critical.
67. Access market demand then make your decisions.
68. Specialize and monopolize.
69. Me me me, is dull dull dull.
70. Divorce is bad.
71. Know priorities to rank.
72. Don’t spend too much on consumer artifacts. Invest.
73. Have shared interest in accumulating wealth.
74. Glamour is secondary.
75. Wealth is more often the result of hard work, perseverence, and most of all self discipline.
76. Abstain from alcohol.
77. Traditional values are important.
78. It’s the struggle, self made journey to success that makes us strong.
79. Don’t select a spouse based on wealth. Do it based on character.
80. The little savings do matter over time.
81. Go shopping with a list.
82. Be organized and disciplined.
83. Learn to plan.
84. Millionaires are frugal when it translates into real economic productivity in the household.
85. Be life-cycle cost sensitive – pay experts to do things correctly.
86. Learn to better use your unproductive time.
87. Work to build assets.
88. “Quality” is life-cycle cost.
89. Live below your means.
90. Think about ongoing cost for your home.
91. Don’t move house often.
92. Don’t be in a hurry to buy a home. Shop longer for a lovely home.
93. Be willing to walk away from any deal.
94. Find a home that is easy to afford – imagine that your income is halfed.
95. Buy things that are relatively easy to sell for a profit in the future.
96. Ask potential neighbours what is good or bad about the neighborhood.
97. An expensive home is expensive to maintain too.
98. Be good in accumulating wealth. Cut expenses. Don’t spend on consumer goods just to enjoy life.
99. Associate with economically productive people.
100. Think differently from the crowd.
101. You have to like what you are doing.
102. Don’t borrow money.

So… aheemm! I have to spend less on consumer goods, be super prudent in spending, invest money of assets that appreciate, take time to choose a home wisely, have a supportive spouse and go on cheap dates!

Wooohooo! Sounds like a plan