The Millionaire Mind

The Millionaire Mind

Large Print - 2000
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4
Baker & Taylor
Describes such factors as choice of spouse, vocation, education, childhood, morals, and qualities that enabled individuals to accumulate and maintain wealth.

Publisher: Thorndike, Me. : G.K. Hall, 2000
ISBN: 9780783891255
0783891253
Characteristics: 622 p. (large print) ; 24 cm

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Jeff Corley*
Oct 08, 2019

It's hilariously dated, written with the late 90's End of History early tech boom in mind. When we were supposed to worship our social betters and flagellate ourselves for our lack of good moral character as the sole cause of our economic misfortune. In a post 2008 and whenever the next crash is due, and post Epstein world it's impossible to read this with a straight face.

They make it due to important values like class solidarity (Ellen and W. Bush hanging out together) and understand the importance of voting for their own economic self interest and the value of using the state of redistribute wealth upwards.

The book is key however in how to properly flatter a rich person should you want a job in media where all you do is tell them what they want to hear. (think most opinion columnists)

Info in this book is very interesting and unique. This is the only book I met that comtains some - any - factual details about these people. This book might not make you rich - but which book will?

i
iataee
Jul 23, 2010

Agreed with _42_. This book is kind of dumb. It reads like the author had his conclusions in mind before doing the study and finds random examples to support his points. Finding commonalities in millionaires does not mean those qualities make millionaires. Because plenty of people with those same qualities do not become millionaires -- especially since the qualities the author selected are very common qualities/characteristics e.g. C-students, people who invest in their own business, good people skills. You'd have to ask what percent of these type of people are millionaires. Also the select group is definitely self-selected -- ones willing to answer the questionnaire. I couldn't really finish the book because it keeps repeating itself and the basis is poorly founded.

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_42_
Jul 12, 2010

This book is derived from a study of millionaires which tries to ask the question: what does this group of people tend to have in common?

A problem with this type of study is that it is based entirely on a self-selecting group: there is no control group telling you whether the same characteristics in different individuals did or did not produce financial success.

There are limited insights here, although the book does go some way to disparage beliefs about how millionaires live. (They don't have custom built houses, they buy basic groceries at Costco and Sams, they value time spent with their families.)

Possibly valuable here are the observations that millionaires don't typically have high IQs: they work hard, and are good at soft people skills such as leadership. They also typically pride themselves in spotting opportunities other people missed, and make money by owning companies, not by owning investments.

This book won't make you rich. It may, however, make you skeptical of the value of this type of study.

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