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The object of this board is to support discussion and comments on The Millionaire Mind.

Using Thomas Stanley's book of the same title as the launching pad for discussion, this area is about how we might 
apply the thought patterns and behavior of millionaires to our own lives in the pursuit of financial independence.  
Hopefully, our discussions won't end with just Thomas Stanley's work.  
There is no limit to the works we can discuss.  
Below are just a few that come to mind:

New Books:
"The Millionaire Mind" by Thomas Stanley
"The Millionaire Next Door" by Thomas Stanley
"How to Think Like a Millionaire" by Mark Fisher
"The Art of Wealth" by Thomas Cleary
"Getting Rich in America" by Dwight Lee and Richard McKenzie
"How to Become a Millionaire" by Mark Alch
"The Prime Movers" by Edwin Locke
"The Wealth Creators" by Roy Smith

Old Books:
"The Essays of Warren Buffett" by Warren Buffett
"Think and Grow Rich" by Napoleon Hill
"How to Be Rich" by J. Paul Getty
"The Way to Wealth" by Benjamin Franklin

Studies:
"The Wealth Pulse" by Worth.com & Harris Interactive
http://www.amazon.com/exec/obidos/ASIN/097071520X/qid=983225667/sr=1-14/ref=sc_b_14/107-3682672-2846911

To kick it off, I've included a table of "Millionaire's Success Factors" sited by Thomas Stanley.

TABLE 2-1

MILLIONAIRES' SUCCESS FACTORS(N=733) 		

Factor	Percentage of Millionaires
Indicating Factor Very Important (Important)Rank *

Being honest with all people	        57 (33)	1**
Being well disciplined	                57 (38)	1**
Getting along with people	        56 (38)	3
Having a supportive spouse	        49 (32)	4
Working harder than most people	        47 (41)	5
Loving my career/business	        46 (40)	6
Having strong leadership qualities	41 (43)	7
Having a very competitive personality	38 (43)	8
Being very well organized	        36 (49)	9
Having an ability to sell my ideas      35 (47)	10**
Making wise investments	                35 (41)	10**
Seeing opportunities others do not see	32 (40)	12
Being my own boss	                29 (36)	13**
Willing to take financial risks         29 (45)	13**
Having good mentors	                27 (46)	15**
Having an urge to be well respected	27 (42)	15**
Investing in my own business	        26 (28)	17
Finding a profitable niche	        23 (46)	18**
Having extraordinary energy	        23 (48)	18**
Being physically fit	                21 (44)	20
Having a high IQ/superior intellect	20 (47)	21
Specializing	                        17 (36)	22
Attending a top-rated college	        15 (33)	23
Ignoring the criticism of detractors	14 (37)	24**
Living below my means	                14 (29)	24**
Having strong religious faith	        13 (20)	26
Being lucky	                        12 (35)	27**
Investing in the stocks	                12 (30)	27**
Having excellent investment advisors	11 (28)	29
Graduating near/at top of my class	11 (22)	30


Any thoughts or comments?
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I've only read a couple of those books, but I will try to chime in from time to time. Seems like it could be an interesting discussion.
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lazyfrog,

I hope you don't mind. I posted links to this board on the "Book Club (nonfiction)" board and the "Other Investing Books" board.
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That's great.

I'm sure any "advertising" will help kick this thing off.
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Hi LazyFrog --
I'll add this board to my favorites. The Millionaire Mind was next on my reading list, so what wonderful timing for this board! I'm looking forward to the discussions.

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Seems like there are at least two main topics...

1) The thoughts of those who ALREADY have in excess of a million dollars net worth

and

2) Those who aspire to be in category 1.

I would venture that those already in category 1, especially those interviewed in Stanley's second book, the ones with typically 10 or more million, have significantly different outlooks on life, and spending habits, that those who are not in this category. For example, with a net worth of over 10million, (plus other income if they are still working), a 'safe' withdrawal rate of assets of 4% would give them over $400,000/yr. Obviously, very few aspiring to reach 1 million in net worth would ever get there, starting from essentially zero, if they spent $400,000 a year to imitate those in this category! (maybe a few medical doctors, a few super athletes and models, a few lawyers - not many!)

Then again, those with just a million net worth (the lurkers on the Retire EArly board?), at a 'safe withdrawal' rate of 4%, are going to living on $40,000/yr(plus any other income). If these are the retired folks, then that leaves those in between, who aren't retired, and who are trying to reach 'millionaire' status plus, to have a nice retirement when they chose to do so. I guess that makes in 3 categories then.


So, is this board the habits of the rich and famous (ie, 1>10M net worth) or those who haven't reached millionaire status, or just barely?

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I wrote a review of The millionaire Mind for another website. I thought it was a useful research study report. Since I live near one of the zip codes that was surveyed, I looked it up in the USPS directory. Unfortunately, it doesn't exist. I would assume it was a typo. I never got a response from the [ublisher when I asked about it, though.

rad
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Having been married to a multimillion, he's probably worth in excess of 200m now, the following are the characterists he displayed promiently. BTW, he started his business by borrowing $5,000, bought a piece of land, sold it, bought out the gentlman he was working for at the time and the rest is history. He's an enormous risk-taker. The stress of being married to him just about killed me, but I still greatly respect his integrity.

Being honest with all people 57 (33) 1**
Being well disciplined 57 (38) 1**
Getting along with people 56 (38) 3
Working harder than most people 47 (41) 5
Having strong leadership qualities 41 (43) 7
Having a very competitive personality 38 (43) 8
Having an ability to sell my ideas 35 (47) 10**
Making wise investments 35 (41) 10**
Seeing opportunities others do not see 32 (40) 12
Willing to take financial risks 29 (45) 13**
Having an urge to be well respected 27 (42) 15**
Investing in my own business 26 (28) 17
Finding a profitable niche 23 (46) 18**
Having extraordinary energy 23 (48) 18**
Being physically fit 21 (44) 20

Look forward to reading more.

tngirl
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So, is this board the habits of the rich and famous (ie, 1>10M net worth) or those who haven't reached millionaire status, or just barely?

I have two short answers, both of which may or may not be correct. They are: Yes and I have no idea.

This board can be about all that. But who of us really knows what it will eventually evolve into. What I'd like find here is a discussion about the characteristics of millionaires and how we (anyone) can practically apply those same characteristics to our own lives. I hope that some real life millionaires and maybe even some mult-millionaires will visit the board and chime in. That would be cool.

So really the answer is, we'll see.

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I look forward to learning on this board.
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