Here is my book review and notes from the millionaire mind. Most ofthes are direct quotes from "the millionaire mind" written by Thomas J Stanley, Ph.D.
I just decided to type everything that I had underlined and so it is quite random. The book is good and these are the points that I wanted to remember.
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You cannot enjoy life if you are addicted to consumption and the use
of credit.
M. Try not to be controlled by lenders.
I taught my sons that money is not their God. You control it...not it
control you.
Only about 5% of households in america have net worth of 1 million plus
Most M. Have never spent more than 41K on an automobile
There is a strong correlation between playing golf and wealth (I hope Michelle reads this)
M. Credit their honesty and integrity as a contributing factor to
their wealth.
Many M. Are active in their religion and in fundraisers for charities
If you make one major decision correctly, you can become economically productive.
Most millionaires don't do DIY projects
Top 5 success factors: honesty, discipline, social, spouse, hard work.
To become a leader you must have the ability to sell your ideas, your
game plan, your dream, your product, or your services.
You have to have tenacity to win
Always focus on needs of others
Critics are a necessary part of our social system in america-they
screen out those who lack the courage and resolve to take criticisms
and triumph in spite of them.
Ignoring the criticisms of detractors is a significant correlate of
economic success and career achievements.
M. Don't take rejection personally.
M. Are extremely competitive
66% of M. Exercise regularly
Being fit helps you enjoy job
Being honest is a better use of ones time
If you want to be successful, select a vocation you love
Researchers have in fact had great difficulty demonstrating that
grades in school are related to any other behaviours of importance--
other than doing well on aptitude tests.
M. Make wise investments (not necessarily stock market)
Age is significant correlate of wealth
One of the hallmarks of discipline is one's ability to become
economically successful without being given a road map
Most success derives from proactive behavior.
Discipline people are not easily sidetracked.
If you lack discipline your chances of accumulating wealth are very
small no matter how smart we are
Millionaires are finishers in a society of starters
It is important to count your blessings everyday, paying homage to hour spouse,...
Be disciplined enough to search for great economic opportunities
Millionaires are tenacious
They usually started working early in their lives
Enlightened parents tell their children- you can achieve if you work hard.
In school learn how to develop a strong work ethic.
Millionaires love their careers
Luck has a lot to do with economic success
Millionaires have good advisors
They have learned how to make accurate judgments about people
Use CPAs and attorneys as advisors
Successful risk takers are market nichers
Those with highest income levels give credit to their ability to recognize opportunities that others do not appreciate
M. Believe in themselves and have the know-how and skills to regain their self confidence.
M. Have a spouse that is respectful, patient, cheerful, and unselfish.
Dr. Peterson who deals a lot with financial risks says he can deal with them because of his strenuous exercise program that is like the one designed for young marine recruits in boot camp.
Fear and panic are the products of an unconditioned body, mind, and spirit.
Most economically successful people were conditioned early in life by their parents to withstand the fears and worries so often associated with adversity and taking major risks. Their parents provided them with a loving, warm, stable, and positive environment.
Often financial success is the product of having a supportive spouse and stable marriage.
As religious faith grows so do peoples self confidence.
People like to work for people who are excited about work.
Many affluent chose the right vocation at the right time.
A lot of people think that all the money is in manufacturing or creating a product, but most the time it is in the industries that servethe developers and manufacturers.
The successful business owners are cost sensitive- paying very close attention to expenses.
Stress is a direct result of devoting a lot of effort to a task that's not in line with ones abilities.
You have tonbe able to see an opp, then you have to believe you can do it, and then you have to do it n
There is a correlation between length of marriage and net worth
Successful people plan and organize.
Parents shouldnteach their children how to plan and organize.
Many millionaires are frugal.
Large majority of millionaire's are not do-it-yourselfers.
Never waste your mental and physical energy doing unproductive things.
M. Do not move very often
Never borrow long term with the prospects of short term income.
M. Spend a lot of time deciding which home to purchase.
When buying a home
1) be willing to walk away from any home at any time.
2) don't pay initial asking price for any home
3) never try to purchase home in short period of time
4) consider homes that are part of foreclosure, divorce settlement, or estate sale.
Many millionaires work hard, but most are not workaholics.
Moderation in consumption and a healthy, disciined lifestyle are the hallmarks of the affluent in america.
Most millionaires prefer to socialize with children and grandchildren and entertaining close friends.
Decamillionaires are nearly twice as likely to play golf than high income producing nonmillionaires.
Most millionaires were raising funds for good causes before they became wealthy, and they had noble intent
If youbwish to become affluent, associate with economically productive people.
Millionaires think differently than the crowd.
I don't think educational background in most cases is as important as the will to win.
Economic success equation
1) understand the key success factors our economy continues and will continue to reward: hard work, integrity, and focus
2) don't let bad grades get you down
3) have courage to take financial risk. Learn how to overcome defeat.
4)pick a vocation that you love and that is also unique and profitable.
5)be careful in selecting a spouse
6)operate an economically productive household
7)follow the lead of millionaires when selecting a home. Study, search and negotiate aggressively.
8) adopt a balanced lifestyle. Remember it does not take a lot of money to enjoy the company of your family and friends.
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I typed this all on my phone so excuse the many typos and some wording I did change to make it shorter and easier to type.
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