Wednesday, January 07, 2009
I got The Millionaire Mind for Christmas. It is the sequel to The Millionaire Next Door, which I started reading for a business class. So far I am liking it. My goal is not necessarily to become a millionaire, but I want to learn how to make smart financial decisions.
The books are based off of a survey sent to millionaires. The 733 millionaires who responded have many similar traits and beliefs that I found interesting. They are mostly all homeowners with little to no debt. Of course, if your a millionaire that isn't so hard to do, right?
Almost all of them are married and have children. Most of them said that they believe that a family does not compete, but complements, the process of gaining wealth. They value education; 90 percent have graduated from college and 52 percent have graduate degrees. They value integrity. The top five factors that contributed to their success mentioned by the 733 millionaires were: integrity, discipline, social skills, a supportive spouse, hard work. Luck was number 27 on the list. Many of them also credited their religious beliefs as a contributing factor.
These millionaires do not live in mansions. Many of them live in homes that are over 40 years old. They stated that they do not follow the crowd applying both to what they sell and how they invest. Their advice is to invest in yourself and don't be afraid to take some risks.
I have only read through the first chapter but I have found it very interesting. Maybe I'll share so more things I learn as I get further through the book.