Zero 2 Rich

Investing to One Million Dollars or Bust!


The Millionaire Mind by Thomas J. Stanley is a continuation of The Millionaire Next Door by Thomas J. Stanley and William D. Danko.

Dr. Stanley interviewed another 1,371 millionaires.

What is the millionaire mind?
92% are married and have been with their first wife for an average 28 years. They live well below their means. They are home owners, not renters. 40% have paid off their mortgage. ONLY 10% live in homes that were built in the last 10 years. They also tend to buy homes when others are selling. Less than 2% have inherited wealth. Over 90% are college graduates. Most are not in the top of their class, but average “B” or “C” students. The average millionaire had a lowly 2.92 GPA. The average SAT scores were between 1100 and 1190. Few scored 1400 or higher on their SATs. They avoid the lottery and gambling, and enjoy spending most of their time with their family or playing a game of golf with friends. 37% are deeply religious people who attend church regularly. Integrity in business is their number one priority. They pay most of the income taxes in this country! Vocations are not work, but a labor of love. 32% are business owners. 16% are senior executives. 10% are attorneys and 9% are physicians. Business owners overall are the richest of the group. “Discipline 101 and Tenacity 102″ made them rich.
This is an excellent book, buut you will probably want to read The Millionaire Next Door before you read The Millionaire Mind.

The Millionaire Next Door by Thomas J. Stanley and William D. Danko. The authors set out to find out who the wealthy are. They spent 20 years interviewing millionaires. And in most cases, they are not who you think they are. That guy with the expensive car, and big house may not be as wealthy as you think. There is a good chance that he doesn’t actually have much in the way acculated wealth. He may be in debt up to his eyeballs. It could however be the guy driving the plain car and living an average size house that actually has the ten million dollar bank account. This book will tell you who the rich are and who they are not. This book will tell you habits of the wealthy and how they got to be that way. If you model your habits after some of these people, it will go a long way to helping you to become rich.
How can you join the ranks of America’s wealthy (defined as people whose net worth is over one million dollars)? It’s easy, say doctors Stanley and Danko, who have spent the last 20 years interviewing members of this elite club: you just have to follow seven simple rules. The first rule is, always live well below your means. The last rule is, choose your occupation wisely. You’ll have to buy the book to find out the other five. It’s only fair. The authors’ conclusions are commonsensical. But, as they point out, their prescription often flies in the face of what we think wealthy people should do. There are no pop stars or athletes in this book, but plenty of wall-board manufacturers–particularly ones who take cheap, infrequent vacations! Stanley and Danko mercilessly show how wealth takes sacrifice, discipline, and hard work, qualities that are positively discouraged by our high-consumption society. "You aren’t what you drive," admonish the authors. Somewhere, Benjamin Franklin is smiling.

I love going to investing seminars. Especially free investing seminars! Why would an investing seminar be free? Because they are trying to sell you something…why else would it be free? But I have never actually bought anything at any of the seminars. I still have still gained knowledge and information. They talk about various things that they do, and usually offer another paid seminar in which they will give you more information. But once I have learned a little about what they do, I can go and do my own research, and decide if it is something that I want to pursue.
I think the first investing seminar I went to was for Wade Cook investment network, or whatever they were calling themselves.
One of my favorite investing seminars was the Millionaires Conference which had half a dozen speakers including William Danko (co-author of The Millionaire Next Door). I learned a lot at that seminar, and it didn’t cost me a penny. In fact, I got a free book out of it.
But beyond investing information, I love seeing the structure of the seminars, and how they go about trying to sell to the audience. I find it entertaining. They usually offer the paid seminar for some lofty price ($3000-$5000), and then lower it for those at the seminar ($1000-$3000). Some of the presenters are very good. I really appreciate dynamic speakers. I love the little tricks they use to get the audience involved, like asking rhetorical questions like “who here wants to be rich?”, and then having people hold up their hands. Obviously everyone there wants to be rich. Then they begin to tell you that only their product will make you rich, and that if you don’t buy their product, you will never be rich, etc. It is really fascinating to watch these guys work.
The invites to the investing seminars using come in the mail. If you get on the right mailing list, they will come. And if you have gone to one seminar, your name might end up on a list, and you might get invited to other seminars. The last seminar I attended, I heard about on an infomercial. I just went to their website and signed up.
If you have nothing better to do, go check one of these things out. If you are concerned that you might get talked into buying something that you shouldn’t, then leave your credit cards at home.

There are so many people out there who hate their jobs, or worse yet don’t have jobs. They are desperate to get rich. Along comes someone telling them make money work at home, that they can start their own business at home and make money easily. There are always people who want to find an easy way to make money. Other people that are commonly victims for work at home scams are the elderly, the disabled, single mothers, stay at home mothers, low income families, the jobless, and the under-educated. The scammer only needs a small portion of these people to fall for their scams.

The top 10 work at home scams are:
1. Envelope Stuffing
2. Chain Letters/Emails (“Make Money Fast”)
3. Multi-Level Marketing (MLM)
4. “Turn Your Computer Into a Money-Making Machine!”
5. Typing At Home
6. “Just Call This 1-900 Number For More Information…”
7. “A List of Companies Looking for Homeworkers!”
8. Email Processing
9. Medical Billing
10. Craft Assembly

If something seems too good to be true, it probably is. Do some research. Do a Google search on the company, and read everything you can find about them. Do other people have complaints? Take your time. If the people are using high pressure tactics, or trying to get you sign up immediately, then you should be especially on your guard.

In 1792, a group of 24 New York City stockbrokers and merchants meeting at a coffee house, organized the New York Stock Exchange (NYSE) when they signed the Buttonwood Agreement. They wanted a more orderly way to sell and buy company stocks. It was originally named the “New York Stock & Exchange Board”, but the name was shortend in 1863 to the New York Stock Exchange.
They made their first transactions under a buttonwood tree on New York City’s Wall Street. The first central location of the NYSE was a room rented for $200 a month at 40 Wall Street in 1817. But as they grew they moved into what is currently the New York Stock Exchange Building, located at 18 Broad Street, between the corners of Wall Street, and Exchange Pl., in New York City. The New York Stock Exchange trading floor is located at 11 Wall St.
The New York Stock Exchange is also referred to as The Big Board.

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