Do You Have It?

I borrowed a book called "The Millionaire Mind" and have just finished reading it. Why? Good question. I think the purpose of the author in penning such a book is to help the reader to determine if he has the mindset of a wealthy person, and if not, how he can achieve such a thing. After reading it, however, I have determined that you either have it or you do not. Thomas Stanley, the author, wades through the myriad of combinations of character traits, and bases his research on interviews of actual millionaires.

Mr. Stanley is an academic so there is much emphasis on the importance of education and intelligence, however, the charts bear out the fact that these are not the key ingredients at all.

I found it interesting that the book was written before the credit bubble and the "Great Correction" so I was thinking that many of the wealthy people he interviewed are probably paupers today.

One thing for certain is that you cannot always tell a millionaire from his lifestyle or outward appearance. One of the traits that got him there was frugality. It is the ostentatious ones that are probably living on credit and lots of it.

This book will not help you become a millionaire, except if you are young enough to change your ways. If you are my age, you either have it or you don't, you are one, or you are not.

If you like lots of repetition, and plenty of "how I did it" stories, you might like this book. I found it only mildly interesting.