Specifically, I was curious whether introverts had an advantage in becoming millionaires. If "being weird" or rejecting the habit of "buying things that you do not really want with money that you do not really have to impress people that you do not really like" were keys to becoming a millionaire, then it seemed as though a disproportionate percent of millionaires might be introverts. To my delight, this answer was in the book and the numbers were very close. Of the 10,000 millionaires that they surveyed, 53% identified as introverts and 47% identified as extroverts (p.90). Granted, I was unable to ascertain whether this distinction aligned with Meyers-Briggs definitions of the terms or if it was self-reported. Regardless, it was interesting to get my answer, and I was surprised that it was so close!
The rest of the book is a quick read, especially for loyal listeners since they have heard most of it already or know where the material is going. Chris Hogan is a natural salesman, so his energy was a bit dialed down by the written word, but his pitch remains the same. There were some questionable promises made, such as paying off the house equates to a life of no more bills and not owing anything to anyone anything ever again (monthly utilities would still be due in a paid-off house, not to mention taxes, which he somewhat preemptively addressed while dismissing the fantasy that "financial freedom" alleviates a person from paying attention to their finances. (p.213-214).
Regardless, here are 20 of the most interesting quotes or other tidbits that I took away from reading over the past week:
(1) "I'm okay missing out on potential gains that could bring probable pain" (in short, the focus of an investment should be on its probable reward, not potential reward) (p.47)
(2) "If there's one thing I've learned from the millionaires we studied, it is that shortcuts are for suckers. The long road may not get you there as quickly as you ant, but it will get you there" (in short, if you don't work hard for your money, your money won't work hard for you) (p.58)
(3) "I know from experience that more (money) does not equal better (money), if you are not ready for it" (p.79)
(4) "Psychologist Rollo May once said, 'The opposite of courage is not cowardice, it's conformity'." (p.88)
(5) "Some people need to imagine a villain working against them to excuse their own failings or lack of motivation." They cannot (or won't) say, 'it's my fault I'm not winning' so they parrot the same tired old phrases they might have heard from their parents. There's a problem with this fallback position though. You'll never make any progress as long as you're making excuses." (p.89)
(6) There's a difference between "someone saying, "It can't be done" (and) someone saying, "You can't do it." (p.105)
(7) Don't hide your mistakes, or hide from your mistakes (p.107, paraphrased)
(8) "In fact, 98% of (millionaires) say they actively integrate feedback from other people. Despite their success, they know they always have more to learn, and they look to a supportive network to teach them new things and encourage them along the way." (p.111)
(9) "Sometimes I didn't need marching orders; I just needed encouragement" (p.112)
(10) "When you plan for obstacles, they don't shake your confidence or interrupt your progress when they happen." (p.114)
(11) "Millionaire-minded people don't let the unknown scare them off. Instead, 94% of the millionaires we studied say they're willing to try difficult (tasks) to get new results." (p.116)
(12) "Understand that a goal is simply a promise you make to yourself." (p.161)
(13) "Work brings a profit, but mere talk leads only to poverty" (Proverbs 14:23) (p.170)
(14) "In total, the ability to work hard gives you an advantage, builds your confidence, allows you to experience gratitude, leads to self-improvement, and makes you intentional in all other areas." (p.175)
(15) "We found that 96% are always trying to learn new things. They want to find new ways to do their jobs better (because) as you get better at your job, you produce greater results." (p.177)
(16) "Millionaires don't find time; they make time." (p.179)
(17) "Consistency requires planning, preparation, patience and passion." (p.192)
(18) (Millionaires) "are simple, humble, happy people who you would never know were millionaires" (p.213)
(19) "It turns out that, once you can afford to buy whatever you want, you may not want to anymore." (p.224)
(20) "When you help someone else," Thomas said, "you forget about your own problems" (p.229)
