Updated: Oct 15, 2020
Today's blog post doesn't need much introduction. I'm just doing a copy/paste from the introductory chapter from Thomas J. Stanley's successor book to The Millionaire Next Door called The Millionaire Mind.
In the introduction chapter, Dr. Stanley is setting up the book. He has ten multimillionaires in a room to discuss how one can become an economic success.
Following this excerpt (with some bold emphasis in some parts), I have a short video clip at the bottom of this page.
There were many important points made about how one can become an economic success, but one statement was riveting. It was made by Gene. He mentioned that those who are “credit-dependent” are in fact controlled by someone else, some institution. Gene was in his late forties at the time. He listed his occupation as “owner of a salvage business.” He purchased or “salvaged” real estate from various financial institutions. These institutions “have loans that are in default… six months or more.”
Just a few weeks prior to the interview, Gene “salvaged” sixty-eight homes, a commercial shopping center, and five multifamily apartment complexes from a financial institution with which he’d had many previous dealings. Immediately after the deal was signed, the senior credit officer of the institution signaled to Gene and walked with him over to the large window in the officer’s top-floor office. It was a tall building—they could see for miles and miles. There were thousands upon thousands of commercial buildings all around. Gene could even see some of the residential neighborhoods on