Tag: The Millionaire Mind

College Ranking Not Among Millionaires’ Key Success Factors

By Thomas J. Stanley on Dec 4th, 2012 in Other

The national survey which served as the base for The Millionaire Mind represented a fraction of the top 1% of the wealth holders in America.  Some of the myths about these people are that they were all straight A students, scored at the top on the SAT, attended elite private schools, etc.  The average SAT score for the sample was 1190.  Their […]

Big House Only After Big Wealth!

By Thomas J. Stanley on Sep 26th, 2012 in Studying the Wealthy

The Millionaire Mind contains a chapter entitled “The Home.”  The millionaires (733) in the book represent a fraction of the top 1% of wealth in America.  On average their homes have a market value of approximately $1.4M (or about 2.5 times the original purchase price 12 years earlier).  Their average net worth is $9.2M. About […]

Working for Those Aha Career Moments

By Thomas J. Stanley on Aug 14th, 2012 in Psychology and Careers

  by Sarah S. Fallaw, Ph.D., Director of Research, AMI Research¬† Many successful people report having moments of clarity or EUREKA! experiences when it comes to business opportunities. In fact, 29% of millionaires reported stumbling across a great business opportunity as part of their career path, and 39% reported using intuition for business ideas (see […]

More Frugal than Expected: Senior Executives

By Thomas J. Stanley on Jun 13th, 2012 in Studying the Wealthy

In my last blog, J.R. profiled his father-in-law who is the CEO of a major public corporation.  He provided considerable evidence that his father-in-law is the millionaire next door type.   Interestingly most senior corporate executives understate their wealth.     Dear J.T.: Thank you for your insightful profile.  My research over the years has found that […]

Don’t Criticize the 1%; Emulate Them

By Thomas J. Stanley on May 22nd, 2012 in Studying the Wealthy

In a recent Fortune editorial, Nina Easton writes  “. . . don’t blame the rich: a defense of the 1%.”  Instead of constantly criticizing the 1 percenters most people could learn a lot about accumulating wealth through understanding the habits of these wealthy people.  She states succinctly: It’s entertaining to wail about the fat cats and the […]

Bargain Shopping for a Home

By Thomas J. Stanley on May 8th, 2012 in Current Events

Ron is a member of the Balance Sheet Affluent club.  He recently asked: “Is it a good time now to buy a home. . . a foreclosure?” Memo to Ron: I guess it all depends on how you define a “good time.”  Some millionaires whom I have interviewed constantly have their eyes open for opportunities in the residential housing market.  […]

Report Card: Low LSAT, High Net Worth $1B+

By Thomas J. Stanley on Mar 27th, 2012 in Current Events

This case study may brighten your day.  Sara Blakely is the youngest selfmade woman to join this year’s billionaire’s club-turning $5,000 in savings into a new retail category:  shapewear, according to Forbes, March 26, 2012. Ms. Blakely once had her heart set on going to law school, but according to the Forbes article, she performed poorly on […]

Encourage Leadership; Reap Success

By Thomas J. Stanley on Feb 16th, 2012 in Mentor's Corner

Ron Chernow’s book, Washington: A Life, has been well received by most critics.  In an interview published in The Wall Street Journal, Mr. Chernow said of President Washington:  You don’t have to be the brightest or the most original mind on the block . . . but what Washington’s life shows is the clarity of vision, the […]

Discipline: A Nutrient of Success

By Thomas J. Stanley on Feb 14th, 2012 in Studying the Wealthy

Nearly all [95%] of the top 1% of wealth holders in America reported that “being well disciplined was very important/important” in explaining their socioeconomic success.  As I stated in The Millionaire Mind, A disciplined person sets his or her sights on a lofty target, then figures out productive ways to reach the target.  Disciplined people are […]

Elect Men and Women of Integrity

By Thomas J. Stanley on Feb 2nd, 2012 in Lessons Learned

The current political environment is filled with statements containing half truths, exaggerations, and down right lies.  In light of this it may be  worthwhile to go back and reflect upon the number one factor that underlies success according to my survey of America’s most economically productive people: integrity.  According to Webster’s, integrity implies an incorruptible soundness […]