May 3, 2005

The Millionaire Mind

I had picked this book to get an inside view of a typical millionaire's mind "The Millionaire Mind". The author Thomas J. Stanley has selected more than 400 millionaires in United States for a comprehensive survey.

It spans from what they eat, how much they scored in schools, how do they shop, how do they invest, how do they select their spouse (!).

To give a quick recipe to become a millionaire, Here's the advice list from on "How to become a millionaire" by surveyed millionaires.

Key Success Factors

  1. Our economy continues to reward Hard work, Integrity (Never lie or Cheat, Honesty WORKS!) and Focus
  2. Never allow a lacklustre academic record to stand in your way of becoming successful (Remember the drop out guys like Bill Gates? Toppers work for him!)
  3. Have the courage to take financial risk. Learn to overcome defeat. (Keep your emotions away from Money! Give before you receive)
    1. I have personally seen some of my friends loosing lot of money in share market instead of paying a good broker. Guess what they would've got!
  4. Select a unique, profitable vocation (career). Pick the one you love (Most Important)
  5. Be careful in selecting your spouse (Do NOT go by physical looks alone; See your compatibility, Choose a spouse with complimentary characteristics)
    1. This is very interesting, both of you should work like a team. So, if you are in technical side, he / she should be good in management. If one is a dreamer, other should be a down-to-earth person.
  6. Be economical. Try to repair / refurnish instead of buying new things. (Do you know that the typical millionaire get his shoe stitched instead of buying a new one?.. TRUE)
    1. And also, the millionaires never spend just like that (as we believe) – they     make a shopping list before they visit a supermarket to avoid 'impulsive buying'!
  7. Study, search and Negotiate before you buy a home.
    1. Not only home. Everything they buy, the y look for the value for money. We should not buy a shirt just because; it is below Rs. 100 (casual, impulsive spending). But, if you are getting a shirt priced at 1000 for Rs. 500, then it is a good deal. Got that?
    2. They make a list before they plan to buy anything. They monitor each and every rupee they spend (even if it is donating!)
  8. Balance your lifestyle. If you are in your company for 365 days – You will neither earn money nor earn your loved ones faith.
    1. If you became a millionaire after 20 years of hard work, there won't be any time or anybody with you to enjoy the fruits!

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