Season 6 – epiBLOG 3:
For the first time this year, we are having our Book Corner Recommendations—my opportunity to review a useful book for my readers so that I can recommend, or not recommend, material that helps move an entrepreneur forward.
Today’s topic will cover my review of the featured book this month The Millionaire Mind by Thomas J. Stanley Ph.D.
This reading material completely blew my mind! First of all, the whole reason that I was drawn to it initially was because I sought to get inside of the mind of my clients. I wanted to know about their way of thinking, their perceptions, and the reasons behind the choices they make.
My clients are successful and accomplished entrepreneurs. Knowing how to best market to them, serve them, and how I best can help this demographic with my professional writing services will allow me to enhance my services.
Not only do I better understand my clients’ perspectives now, but I learned so much that I can apply to my own entrepreneurial endeavors.
The author basically interviewed over a 1,000 millionaires to distinguish the wealthy’s way of thinking and that of everyone else. There are many distinct differences between millionaires and the rest of the world.
The book covers everything from their educational background, grades they received in school, the spouses that they have chosen, the type of furniture and clothes that they purchase, the homes they live in, and the cars they drive. Believe it or not, these were definite success factors that lead to the majority of these millionaires accumulating the wealth that they have.
Most of these wealthy men and women do have college degrees, but they were not the straight-A students that you may believe them to be. They usually received B’s, C’s, and D’s. In the author’s study, they found that straight-A students tend to rely on their intelligence to get them through the door, and it does work for them. Many straight-A students are gifted in a specific area, and they are then able to apply to certain high-paid positions in corporate America, and they get those jobs. Kudos to them. Everyone should use the skills and resources that work for them.
On the other hand, the B, C, and D students had to “try” a lot harder. They needed to create or discover opportunities with the talents and know-how that they’ve been given. Needless to say, the wealthy—the entrepreneurs—are the millionaires.
These financially independent individuals tend to buy quality furniture to begin with, and when they are ready to replace any of their existing furniture due to wear & tear, they choose to reupholster their furniture as opposed to buying brand new. When soles of their quality shoes wear down, they have the soles replaced. They tend to not buy new shoes.
They live in nice homes and great neighborhoods, but they don’t go for the flashy and upscale neighborhoods, as they are not looking to “look good” in front of others or to prove anything to others. They want to live below their means. The newest and flashiest car tends to be irrelevant with this group. They ensure that they have nice paid-off cars that are simply well-maintained.
Society’s image of wealthy people is all about expensive vehicles, mansions, and walk-in closets filled with thousands, if not millions, of dollars’ worth of clothes and shoes. This is not necessarily the case.
I also found it very interesting that “time” was a very important factor for this humble, yet elite group of people. For instance, the author used an example of a water heater breaking down in a millionaire’s home. The millionaire is left with options. He could research what he needs to do in order to replace the water heater, along with all of the tools and directions for installation, or he can simply pay someone else to do it and use his valuable time to create more wealth from his business or enjoy time with family and friends.
What I learned from this is that time is more valuable than money is. When you lose money, you can always make more. When you lose time, it’s gone forever.
For the wealthy, it’s about their quality of life. They enjoy life–with very little to no debt. They are not having to hustle to pay bills to keep up with a lifestyle that looks good to their neighbors. Instead, they spend time with the people they love, the businesses that they created, and doing activities that they enjoy.
RECOMMENDED: I definitely recommend this book for anyone who is an entrepreneur. Whether you want to be a millionaire or just experience more success in your own business, it’s worth reading. This book will take you deep into the minds of those who accumulate wealth and actually retain it.
Today’s LESSON is to continuously be open to mindset shifts in order to grow and thrive as an entrepreneur.
FUN ASSIGNMENT: Read The Millionaire Mind by Thomas J. Stanley Ph.D. or download the audio version on Amazon’s Audible. This book will definitely put your business on the right track because it will put your mind on the right track.
Nitara Osbourne owns The Infinite Writer Agency, LLC, which provides content to producers, publishers, and individuals seeking help with developing their life stories into nonfiction books and movie scripts. Ghostwriting and blogging services are provided for clients as well. If you’re an accomplished entrepreneur, and are looking to tell your story, contact Nitara Osbourne. InfiniteWriterAgency@gmail.com.