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Tuesday, August 8, 2017

The Millionaire Mind - A Book Review



 I've been studying to further my financial education recently and when I came across the audiobook at the library I thought it would be a good way to better understand how people who were financially successful thought. This book was a real eye opener into the ways that those who were successful financially operated on a daily basis. The people in this study were not people who had inherited wealth or won the lottery. Instead, many of these people began with very average circumstances, some even starting below the poverty line. However, through hard work, wise investing, discipline and principled living they were able to increase their income, save money and still are able to live lives that are filled with rich experiences and opportunities and. Becoming a millionaire for these people was not mere chance but a choice, or a series of choices, they made on a daily basis.
  I found it very interesting to hear the things they did and not did rate as very important to their success. 
  "Being honest with all people," "Being well disciplined," and "Getting along with people," were some of the most highly rated factors in their success. Interestingly  "Being at or near the top of my class" was rated near the bottom.
  There were other interesting results from his study as well. Faith and activity in their local church and community were high priorities for many of those studied.  To the majority of these millionaires family and time spent with family was a very high priority as well. Time spent with family and friends was of much higher importance than fancy vacations and high priced, high profile events.
  Stanley also points out the difference between those who are truly wealthy versus those who have a large cash flow. There is an important difference between the two. Cash flow can quickly disappear depending on the ups and downs of the economy and even personal factors. However true wealth comes from creating passive income streams, saving and investing wisely, and making choices that add to overall wealth rather than deplete it.
  I found it very interesting to hear of the correlation between the wealthy and those who were truly following a passion and living a life of their own design. Many wealthy people are very creative in finding ways to follow their interests and areas of strength in ways that create unique income and career opportunities for themselves.
  Overall I found this book to be a refreshing look at wise choices, careful planning and hard work and balanced living and the positive outcomes and of lives lived in this manner. Choices matter and it is up to the individual to make wise choices.
 

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