An Analysis Of Thomas Stanley's The Millionaire Mind

The Millionaire Mind is an innovative study and analysis into the lives of the American elite conducted by Thomas Stanley. In this investigation, Stanley discovers how these American dreamers accumulated their wealth, what characteristics most often lead to their success, and where they place their values. When most people hear the term, “multimillionaire”, images of mansions, maids, and self-infatuated people are some of the first images we see. We fail to see those that make up the one percent as frugal, family-oriented, and church going individuals. Stanley brings to light common misconceptions and new breakthroughs in this literary work.

Summary Overview: (Approximately 80% of this assignment) In this study, Stanley explores success

The resources for this work come from a questionnaire containing 277 questions which was sent to and returned by 638 millionaires. In this study, 92% of responders were married, and 95% had children. The median level of net worth is $4.3 million, while the median income figure is $436,000. It was found that 90% are college graduates. Does this mean a high intellect can be attributed to wealth? Of those surveyed, the most common occupations include business owner, corporate executive, attorney, and physician. It was found that the average college GPA among those polled was a 2.92. Based on his findings, Stanley concludes that intellectual prowess does not always equal a millionaire lifestyle. In many cases, successful small business owners did not have the grade point average to be hired by large corporations, yet they still strived for success. This doesn’t mean they are not smart people, simply that these individuals are not academics of the highest degree. While many millionaires may not be intellectually gifted, they often make up for it in common sense, social skills, and creativity. Overwhelmingly, 94% of the

Millionaires stay married for reasons other than wealth and economics. When posed with the question, “What can you tell me about your spouse?”, some of the popular responses are down to earth, unselfish, traditional values, patient, and my emotional backbone. Almost unanimously, as 92% of respondents were married, a strong, supportive, and loving relationship was credited with much of their successes. A like-minded millionaire couple in turn operates an economically productive household. Surprising to most “regular” people, these millionaire households enhance their productivity by refinishing furniture instead of buying new, having shoes resoled, raising the temperature of the thermostat during the Summer, using discount coupons, and buying household supplies in bulk. Why would a millionaire bother clipping coupons or resoling shoes? Most millionaires look to the future, and are likely to compute the lifetime cost and savings that have a potential for savings. These methods of accumulating wealth are one trick in an overall frugal game