Report based on chapter one of the millionaire mind -thomas stanley - Book Report/Review Example

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Name Instructor Course Date Book review: “The Millionaire Mind” by Thomas J. Stanley (2001) - Chapter 1 The book The Millionaire Mind by Thomas Stanley (2001) attempts to explain how the millionaires come to be, the way they think about, spend and invest money, how they use their time, and more significantly, why the millionaires are successful…
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Book report based on chapter one of the millionaire mind -thomas stanley
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Download file to see previous pages Chapter 1 An Introduction to the Millionaire Mind contains a series of advice by Thomas, in this context, to the common people who do not believe in the simple truth that they too can become millionaires in one generation provided they have the millionaire mind. So what is the millionaire mind? Thomas gives the first hint into becoming a millionaire: reducing obsession of consuming and borrowing. This is after he (Thomas) conducted a research on some billionaires in Oklahoma. He was supposed to ask them about the secrets of becoming a millionaire, he found out that all of them had become millionaires in one generation – a surprising gesture – and they gave the same answer; that is, the people in with a constant habit of spending and borrowing do not enjoy their lives. In a way, the millionaires depict that for a completely joyful life, they have to be completely free of habits that could lead to financial constrains and thus unsustainable lives. Although some of the millionaires acknowledge having depended on borrowing at some time in their lifetime, they quickly overcame the desire of consistent borrowing and started nurturing the little they had. And they at least have little or no debts remaining to clear. However, they all insist that people should refrain from the desire to borrow whether for investment or consumption. There is an indication that borrowing for consumption makes the situation the worst while borrowing for investment only poses potential problems: some of the sampled millionaires had been used to borrowing too. This is a tricky subject, I suppose: it is more or less granted that most aspiring and potential entrepreneurs of today claim they lack capital resources. They are then prone to borrowing, and, in the meantime, spending becomes an inherent necessity. One would rightfully argue that such people must start from somewhere. In the business context, there has to be a substrate on which to lay the first foundation stone. So relying on credits may be a viable option so far provided one does not get trapped into the credit and consumption addiction. There is a good reasoning – those who borrow become puppets of some other people or institutions, the money lenders. One millionaire Thomas interviewed was indeed briefed by a rich financial lender company officer that the money borrowers ran their (money lending institutions’) businesses and he (the officer) was apparently boasting how much such wealth they (the institutions) own. This message was to last in the millionaire’s mind and it later turned him into hating the habit of incessant borrowing habits. My own perception in this reasoning is that it makes a lot of sense. For instance, we always borrow money from banks, shylocks and other money lenders at some rate of interest tagged with a specific deadline; however, we utilize the money at the speed that corresponds the conditions imposed thereof. In other words, borrowers are controlled from a particular epicenter defined by the corresponding money lenders: the activities of the borrowers do not originate in their hearts, they are forced into work. They therefore work only to fulfill the agreements set between them and the money lenders which is their main goal in the long run. Once that goal is achieved, hard work reduces and so on. Their ventures and hopes dwindle and they ...Download file to see next pagesRead More
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