Do you have the Mind of a Millionaire?

APT NEWS
April 21, 2008

Do you have the Mind of a Millionaire?
By James Goodrich

This is the question I've been asking myself over the last few weeks. You see I'm listening to The Millionaire Mind on tape. I didn't read Thomas Stanley’s best selling The Millionaire Next Door, but I am enjoying its sequel immensely.

I was feeling pretty good about myself: buying used cars, purchasing food at “warehouse” stores in bulk, etc. Then I heard the part about what millionaires don't do. Most of them aren't do-it-yourselfers.

While I don't do my own plumbing or mow my own lawn (any more), I still do my own taxes. My excuses are that I love working with numbers and that it gives me deep insight into my finances.

Each year it gets harder and each year I hang on. Stanley may have given me the impetus to let go next year. You see millionaires consult with tax advisors as one of their top “lifestyle” activities. Are you CPAs feeling the love yet?

Maybe loaning out this book – after you read it – to prospective clients is a good marketing move. Be careful though, if you know someone who is “Income Statement Affluent” versus “Balance Sheet Affluent”. Similar to the Rich Dad, Poor Dad series, The Millionaire Mind may not go down well for those high income earners who are also high consumers.

So what else do millionaires do? Yes, they spend time planning investments, but they also attend their children’s sporting events. Other than golf, they seem to be what Stanley calls “cheap dates”. They do things with friends. They travel internationally, combining business and/or investing with vacationing.

How else do millionaires think? They take risks, but are not foolhardy. They are often well educated, but except for doctors and lawyers, mostly did not have high SAT scores. They look for an unfilled niche. There is a great example of the junk truck parts dealer.

Millionaires value their education, but again, except for lawyers and doctors, don't consider that going to a top university is an important factor in wealth. They don't tend to send their children to private schools. However, a major factor in selecting a residence is a neighborhood with strong public schools – and they will pay for this location, location, location.

Millionaires are sensitive to life cycle costs first, and first costs second. One quirky stat is they often re-sole their shoes. I did try something like that once, but it was with a do-it-yourself product, so I must still have some ways to change.

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