The Millionaire Mind

I was browsing my collection of books this morning and I ran across “The Millionaire Mind” by Thomas J. Stanley. The book is based upon survey data of 2,487 millionaires and what they believe to be the keys to their success.

Many of us dream big…. bigger than we would ever tell our friends and family for fear of being ridiculed. If you don’t dream big, you will have no chance of achieving those lofty goals. Most of us here would like to be millionaires. It actually doesn’t seem too difficult. A net worth of $1Million seems pretty simple, right? Not according to the numbers because only 4.9% of US households have a net worth of over $1Million dollars. That is pretty astonishing…. That means 1 out of every 20 people will achieve that level of financial prosperity. Very grim news for those people who just strive to be ‘above average’.

There are very few people who have what it takes to make it to the promise land. I believe I am one of them and I know that if you are reading this you are one of them as well. If you take the time to improve yourself and reflect on your goals consistently and figure out ways of achieving it, you will be on the path to greatness.

Millionaire Mind’s Keys to Success… Take a moment and think of what you feel are the most important factors in becoming a millionaire and try to rank them in the order of importance…. really… think about it.

OK, so I hope you got a chance to do it. The results may be surprising. When I first picked up the book a number of years ago, I listed them in order of importance as hard working, being intelligent, being frugal, investing in retirement and some luck. I figured that’s pretty much all you need and luck being the deciding random factor that decides why that hardworking,smart, frugal individual never made it to the top.

I was definitely wrong….

Here are the KEYS TO SUCCESS rank in order of significance based on the survey of millionaires in the US.

1. Being honest with people (tied #1)

2. Being well disciplined (tied #1)

3. Getting along with people

4. Having a supportive spouse

5. Working harder than most

6. Loving my career or business

7. Having strong leadership qualities

8. Having a very competitive spirit.

9. Being well organized

10. Having an ability to sell my ideas/ products

11. Making wise investments.

12. Seeing opportunities others don’t see

13. Being my own boss

14. Willing to take financial risk given the return

15. Having good mentors

16. Having an urge to be well respected

17. Investing in my own business

18. Finding a profitable niche

19. Having extraordinary energy

20. Being physically fit

21. Having a high intellect

22. Specializing

23. Attending a top rated college

24. Ignoring detractors

25. Living below my means

26. Having strong religious faith

27. Being lucky

28. Investing in the stock market

29. Having excellent investment advisers

30. Graduating near/ at the top of my class

It’s surprising that my Asian parent’s ideology to get really good grades, go to a top rated college and being smart are all ranked at the very bottom of the factors millionaires believe were the cause of their financial success. Have you ever went on a road trip and made a turn and went in the wrong direction? By believing in the wrong philosophy in life, you in turn may be doing the same in your life. The good thing is that if you catch yourself early, it’s an easy detour back to the right path. If it’s too late, you got a long road ahead and you may never make it back.

What may have surprise you, as it did me, was that honesty was tied with self discipline as tops and getting along with others was 3rd. To say the least, 5 of the top 10 factors had to do with communications and human relations. The other 5 were internal factors that you have the ability to improve.

So I concluded from this book that since I believed I was hardworking, honest, possessed the ability to sell ideas and products, had a competitive spirit and got along well with others. I knew I had to work on the other 5 remaining factors that I was weak in. Those were leadership, cultivating a supportive spouse, well disciplined, making wise investments, and being well organized. So I had dedicated myself over the last few years to make those weaknesses into strengths. I am proud to say that I have been able to consciously improve my weaknesses into strengths over the last few years.

So I challenge you to do the same. Be honest with yourself. Most people aren’t. They don’t like hearing the truth. They live in self denial that they are the perfect being and everyone else is wrong. Look inward and see what strengths you have and what weaknesses you can improve on.

If you can get all those 10 factors to be strengths of yours, you should have no problem becoming a millionaire as well as being a great people person. What could be better than being rich AND having a wonderful family and a great group of friends?

… just make sure I’m one of them!