The millionaire mind
by Thomas J. Stanley · first published 2000
13mentions
5recommended by
11HN commenters
2008–2021first – last mentioned
45% recommend45% neutral9% critical
Why HN recommends it
Follow-up to The Millionaire Next Door that focuses on the habits and mindset of wealthy people, backed by statistics rather than anecdotes; suits readers interested in how wealth is built and kept.
Summarised by Claude from recommending comments
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Check out "The Millionaire Mind" and "The Millionaire Next Door". The book isn't really about how to become rich. More about the mind set a millionaire has to get rich and stay rich. http://www.amazon.com/Millionaire-Mind-Thomas-J-Stanley/dp/0...…
on “Ask HN: Books on getting rich?” ↗As good as that book was, I liked Stanley's "The Millionaire Mind" even more: http://www.amazon.com/Millionaire-Mind-Thomas-J-Stanley/dp/0... There were two groups that stood out in the book: 1. Professionals who did well and invested wisely. He noted that most professionals…
on “How To Become a Millionaire In Three Years” ↗+ Hacker Ethic by Steven Levy + Masters of Doom by David Kushner + The Millionaire Mind by Dr. Thomas Stanley + The Intelligent Investor by Ben Graham + The Essays of Warren Buffet by Lawrence Cunningham + Buffet by Roger Lowenstein + The Knack by Norm Brodsky + Plato and a Platypus…
on “If you could give a book to your younger self, what would it be?” ↗The Millionaire Next Door was somewhat interesting. However the follow-on book, "The Millionaire Mind" was packed with statistics instead of anecdotes and for me at least, had a number of ideas and changes to my perspective to offer.
on “Given the odds, is taking venture capital the best way to get rich?” ↗…recommend you invest some time and money in some good books / audio books. They will pay themselves back 1000X, literally. 1. Dave Ramsey's Total Money Makeover 2. The Millionaire Nextdoor (and the Millionaire Mind sometime later) 3. The Little Book of Common Sense Investing 4. http://www.mrmoneymustache.com/ 5. http://earlyretirementextreme.com/ 6. Predictably Irrational 7. The Power of Habit Of course, tax…
on “Since Devs change jobs every few years now: 401k or Roth?” ↗…trust-fund babies. I've heard that idea before, that the notion of inherited unearned wealth as explaining the bulk of the wealthy population is actually misleading. Same thing was said in that old book The Millionaire Mind I think.
on “Young, Dumb, and Broke: Why Outdoorsy Types Suck at Money” ↗I think I caught a similar theme stated differently Thomas J. Stanley's "The Millionaire Mind." He noted that the entrepreneurs weren't the "beautiful people" who had backing, schooling and the right background to be accepted into mainstream, high wage jobs. Not to say that many of those beautiful…
on “Dirty Little Secret of Success” ↗There may be some bias in the Reddit thread, which is admittedly slanted toward sofware/tech startups, but I also draw on some other sources. The book "The Millionaire Mind," Thomas Stanley looked at a variety of wealthy people and found that many who accumulated wealth did so through their own (often mundane) businesses. Others were those with high-income jobs and enough…
on “Are you rich? If so, how did you get there?” ↗>"The book "The Millionaire Mind," Thomas Stanley looked at a variety of wealthy people and found that..." I haven't read that book, but it sounds like survivorship bias. Eg, there were likely many others who also owned businesses…
on “Are you rich? If so, how did you get there?” ↗"The Millionaire Mind" and "The Millionaire Next Door" have hard data on this. (Mediocre books, BTW.) The answer is that high net worth individuals are predominantly low B students. A possible explanation for this is simply…
on “Do Good Grades Predict Success?” ↗…electrician, and built his business to where he's one of the wealthiest people I personally know. Another sold his junk yard (which made him good money for years) for over a million. According to the book "The Millionaire Mind" there's plenty of folks like that and just as many graduates of big schools who live paycheck to paycheck to show how "rich" they are.
on “The Disadvantages of an Elite Education” ↗This 2.9 number comes from "Millionaire Mind," published in 2000 with the data from 1990s. The same book states that 2% of millionaires were in the top 1% of the college classes and 90% graduated from college. Note the huge amount of grade inflation…
on “Why a Successful Valley Entrepreneur Started a Tech Incubator in Ghana” ↗I love the Millionaire next door as a book and it is great advice. But it, and The Millionaire Mind, are based on self-reported data. That is really useful, because you can learn good habits from it. But you have to be aware that there is a natural bias of people to downplay how much of their success…
on “Hong Kong Property Tycoon Gave Away Children’s $400m Inheritance” ↗