THE MILLIONAIRE MIND
Recently finished reading The Millionaire Mind by Thomas J. Stanley. He is also the author of Millionaire Next Door. Both books are amazingly useful and easy to read. I highly recommend both to anyone willing to make a significant financial change in his life.
As I read through the book, many thoughts crossed my mind. Perhaps, some of those thoughts have crossed your mind too. Anyhow, I thought I create a blog post and share them. Who knows? They might be useful to few people out there.
WHAT IS THE MILLIONAIRE MIND?
In his book, Dr.Stanley clearly describes how modern day millionaires live. He shows that through various real life situations. It turns out that the higher proportion of today’s millionaires in the U.S. are self-made. Those are ordinary people just like you and me. Some of them had bad childhood experiences and most of them grew up poor. One thing they shared in common was DESIRE. They all had the guts to go out in the world and try out. None of them started a business with the thought of being a millionaire. Almost all of them became millionaires.
It is true that doctors, lawyers or corporate executives are also part of the millionaire population. It is just the nature of their work that rewards them with high salaries. However, they do pay the price for it. It takes years of hard work at school and on the job to reach the six figure salary. It takes lots of courage, discipline and personal responsibility. All millionaires have understood that being a millionaire starts with the mindset.
It all starts in the mind. Whether you see the world black or white, it all starts in the mind. Whether you see people as rich or poor, it all starts in the mind. The same is valid of how you perceive yourself.
I keep seeing the expression “live like a millionaire if you want to be a millionaire”. What does it exactly mean? I will go into that a bit later in this post.
The mind is where our world begins and ends. The way we see the world is the way we see ourselves. It could be a world of limitations or a world of abundance. The mind is flexible, powerful and could be trained. Takes time, conscious efforts and consistency. It’s like training a dog. Teach the dog to catch a ball and he will always do it. Train your mind to seek for opportunities and it will find them. The mind is more powerful than we humans realize it! We are capable of influencing people who are thousand miles away just by thinking of them. All of our thoughts, positive or negative, send certain type of energy into the universe. That energy may not reflect back on us or our work, but it will have its effect somewhere to someone.
THINK TWICE NEXT TIME BEFORE YOU BEGIN THINKING
The moment you acquire, develop and maintain the habits of The Millionaire Mind you are already a millionaire! You could lose money and you could earn money. You can change jobs and you will change jobs. It’s much harder to change a character or develop new habits.
MONEY IS THE LAST PART OF THE GAME IN BECOMING A MILLIONAIRE
As I already mentioned above, the three things millionaires in the U.S. share are courage, discipline and personal responsibility. It is clear how important these qualities are to anyone who wants to achieve something big! You can’t have a net worth of million dollars unless you as a person are worth that much and more. It all starts from within! It’s what you make out of yourself that counts at the end. Money is just the final result of a well handled test. Money is not the means and not the goal. The aim is for you to become something more than you ever thought you could be!
“LIVE LIKE A MILLIONAIRE TO BE A MILLIONAIRE”
I see so many confused young people today! They all think that purchasing a BMW with their savings or taking a car loan is what it means to live like a millionaire. It’s heart breaking to see them spend money they haven’t earned on designed clothes and pretty, but plain girls. It is even more sad to see them waste the money they earned on the newest phones, watches or computers. That’s not how you become a millionaire, but a beggar!
Dr. Stanley points out in his books that the traditional millionaires take overseas vacations once a year or once every year. They all drive American made cars and take their clothes and shoes for repairs rather than buying new ones. This might seem silly to most, but think about it for a second. How much do you save annually from wasting clothes, food or refusing to repair repairable items?
MY HIGH SCHOOL SENIOR YEAR JEANS THAT HAVE NO BLUE COLOR LEFT ON THEM ARE THE MOST COMFORTABLE PANTS I OWN TODAY
This is how millionaires think:
Show thought #1:
“Ok, my jeans are worn out, but they are still good. I could use them at home or for more casual activities. I don’t need to buy new ones.”
Show thought #2:
“I just got $2,000 extra. I think it’s best to invest those in the IRA rather than take that trip to Paris.”
Show thought #3:
“I purchased these shoes 10 years ago and paid $800 for them. They served me well, but now they are torn on the bottom and the leather is fading in color. Should I buy another pair for $900 or repair those for $400?”
These are the basics out of the very basics examples of how millionaires think. It shows their courage to be authentic. It shows their discipline in money management and priorities. It shows their personal responsibility towards their current wealth and their future. Millionaires always pay themselves first and by this I mean that they invest in themselves. Buying a new clothing item is not paying yourself first.
Of course, millionaires have families and daily expenses. They also need and do take vacations. They also have schools tuition to pay. It is all manageable as long as it is being managed. One thing I learned from the books is to make sure I know where each penny of mine goes. So keeping an expense-revenue personal journal is a great thing to do. Plenty of software budgets out there, but Excel is always a good start.
Being self-disciplined with your time is also important. Know what you spend your time on and for! Clearly, people who spend most of their time with friends and family are most successful. They are not only successful in business, but in hobbies and everything else too. They are also happier! Because when you are being loved and emotionally healthy, you tend to be more successful with everything you touch in this life. Then, leave your mark on the world.
Hope this has been helpful to some of you! Don’t hesitate to shoot me a message or schedule a FREE 30 min appointment to discuss the topic further. 🙂
Full Disclosure: Nothing on this site should ever be considered to be paid/official advice, professional research or an invitation to buy or sell any securities. The information contained is simply research, personal opinion, understanding and thoughts of the author.