Millionaire Mind, by Thomas J. Stanley, is an extremely informative book about how millionaires made and maintained their fortunes in an intuitive manner. With a fascinating look inside the lives of millionaires, we discover the traits and habits they possess which helped them reach their status. A considerable amount of the information presented can be very helpful and applicable to people just starting out in the real world. Millionaire Mind is a book that I found intriguing and I would highly recommend it. To start off with, one of the discoveries that shocked me the most in the first chapter was the education levels of most millionaires. I presumed most of their college grade point averages would be around 3.5 or more. However, the average …show more content…
It has taught me not to follow the crowd, to find my niche and stick with it. Finding something unique will not only increase my odds of finding a job but could also increase my earnings. Therefore, when looking for my vocation, I will try to keep an open mind and be creative. Chapter six, “Choice of Spouse,” discusses some of the characteristics of the spouses of many millionaires. Choosing a spouse can be very impactful when it comes to individual wealth. One of the first qualities that is important when it comes to choosing a spouse, is finding someone who is supportive. This is important because most people who have accumulated a vast amount of wealth, have hit a few bumps in the road along the way. Having a spouse who is along for the ride and understanding of these hardships, can certainly impact whether one comes back from these downfalls. Having a spouse who is honest is important as well. Marrying a dishonest person is toxic for any relationship. However, it can be extremely devastating for one’s wealth. If a spouse is not completely upfront about any debts he or she has incurred, it will most likely come up after the marriage. Sometimes, he or she may even want their spouse to pay their debts for them. Overall, marrying the right person is critical for wealth because of one more essential reason: divorce is …show more content…
Imagined,” is about stigmas people may have about millionaires versus what kind of lifestyles many millionaires actually live. The millionaire lifestyle is much different than what I expected it to be. I presumed millionaires would be at home relaxing when not at work. I was surprised to learn millionaires spend a great deal of their extra time consulting with tax experts. Knowing most millionaires like to watch their kids play sports came as a bit of a shock as well. There is a stereotype of millionaires in which they tend to neglect their children. I did not believe this stereotype was entirely true, however, knowing millionaire parents are actually very involved in their children’s lives is still a nice revelation. It was also surprising to learn that millionaires do not actually go to extravagant places, like Paris, the Alps, and the Rockies, on a regular basis. The “cheap date” concept of millionaires was unexpected and
The quests for gold at the end of the rainbow, the hopes of thousands to one day live the fabled American Dream. Worldwide, everyone who is capable looks for their chance to strike it rich. Some of the most successful people today, such as Apple’s Steve Jobs and OK! Magazine’s Richard Desmond, have risen from tough backgrounds (Serafina). Growing up in abject poverty, these individuals found ways to push past the glass ceiling in their respective fields. Interestingly, many of them share similar obstacles on their way to the top.
Brian, a young business executive, started a small software company in his mid twenties. He would invest long hours developing his business, often working late into the nights. When the business became profitable, Brian incorporated and went public through a stock offering. Flood gates open and money poured in the company coffers and Brian grew exceedingly wealthy.
...nt to have when achieving success in life. I learned how to really think deep about problems or issues that I have. Everyone can succeed by using the role of being a creator. I believe that if anyone attended college they should take college success strategies because it helped me become the positive person I am today. For me being a creator, made a big impact on me and my inspiration in life.
Wolff, Tobias. “The Rich Brother.” Making Literature Matter. Ed. John Clifford and John Schilb. 2nd Ed. Boston: Bedford/St. Martin’s, 2003. 391 – 403.
...se. What Carnegie had in mind was that the millionaire, although by definition wealthy, should never forget the relationship between his wealth and the community from which his income was derived (Lena). Overall, this brief biography on Carnegie’s climb through big business is a readable book that gives the reader historical context, and an understanding of Carnegie’s genius capitalist and entrepreneurial intellect.
The typical millionaire does not have an extraordinary amount of debt. The lifestyle of a typical millionaire is frugal in all its endeavors and exhibits the seven factors discussed in the book. A typical house of an average millionaire is quite surprising when reading the book. Total purchase of the house is twice their salary, or even less. The budgeting habits of a millionaire is strict, goal oriented, and discipline.
The book I chose to review for this course is titled, “The Millionaire Next Door”, by Thomas J. Stanley, Ph.D., and William D. Danko, Ph.D. After learning that it was published in 1996, prior to the widespread availability of the internet, and subsequent ebusiness boom, I was slightly sceptical that the information held within might not be relevant for someone like myself trying to thrive in today’s chaotic economy. Fortunately, I was wrong. The Millionaire Next Door is full of concepts and principles that put into perspective how we view money and status in our society, and also debunks the myth that America’s wealthy are the ones doing most of the spending while living elaborate and carefree lives. There are several ‘takeaway’ principles that are presented to the reader. I will be focusing on the five concepts and ideas that impacted me the most.
Whatever one thinks about all the time tends to happen, hence the title “Think and Grow Rich.” Using the examples of past success, such as his son and Edwin C. Barnes, Hill shows how a burning desire, persistence and other principles, if done effectively, can be combined to create favorable conditions towards success. This book is written to guide anybody, in any occupation, with everyday endeavors, because new inspirations can always be found. Hill stresses principles, methods that have to deal with the mind because it is a powerful weapon. This book was written during the Era of the Great depression, and it could still be used for modern day situations because the techniques, teachings and instructions do not get old.
Lewin, T. (2005, May 19). When richer weds poorer, money isn't the only difference. The new
No one expects to divorce when they get married but nearly half of all marriages will end in divorce or separation. Divorce can be costly, with court fees and attorneys. Dr. Doherty, noted marriage scholar and therapist has determined a list of risk factors that are attributed to marital problems and divorce. The first three: Young age, less education and less income are coincidently other topics brushed upon in this paper. Impulsive decisions made by younger people to marry leads to children which leads to financial instability. Once a couple has children, they are unlikely to further their education because of lack of time. Divorce also has a negative effect on
The characteristics of the affluent researched in the book share seven common traits that have helped them achieve financial success:
It is easy to understand why finances continue to be the leading cause of divorce, especially when many couples tend to overlook the practical aspects of marriage before combining everything as marital property.
Which was one of the biggest obstacles of my life. I found that I worked very well with others, and it made me more confident about myself. It made me feel great. I had great ideas, and I even encouraged other people to come out of their shell. I learned that life's short, and you just need to accept yourself for who you are, and live life to the fullest, as best as you can. This to me was a huge significance, because it changed my ways on how i approach certain things now. I'm not afraid of
It taught me to encourage others and that positive reinforcement will always work better than punishment. It showed me that being a leader isn’t about being the person with all of the ideas or the most vocal person, but being the person that inspires others to be creative and help share their thoughts and to lead them in the right direction. Like many people, my personal experiences have shaped who I am. As a future educator, I want my students to respect me as a teacher, but understand that I will be there for every one of them, whenever they need me. I will not judge them; I will only encourage them to do their best.
...money now or save it for the future. Additionally, many couples have not talked about their financial situation before getting married and do not often consider talking about the role money plays in their relationship and life (Lee, 2013). As a result, couples discover these things after getting married and realize that they won’t be happy and successful having financial troubles. This is when couples decide to divorce. Furthermore, some couples do not like to act as a couple and prefer to spend their money separately (Lee, 2013). They do not like to help each other when it comes to finances. This situation often leads to divorce, because couples are not able to achieve their future goals, since they are hiding their money businesses from each other (Lee, 2013). Hence, these financial problems tend to cause problems between couples and eventually lead to divorce.