Who Are The Next Millionaires?
After the crash of 2001, many people felt they missed their chance to be part of the boom of the 1990s. Yet, in the four years following 9/11, U.S. household wealth has increased by an incredible $8 trillion to $48 trillion—an additional 20 percent!
As of this writing, census figures are not yet compiled to verify this figure, but I would project conservatively that in the same period, we added at least another one million new millionaires.
And that millionaire population explosion is still happening.
Today, the U.S. and the world economy look almost identical to how they looked in 1991, except that there are more opportunities for entrepreneurs due to recent changes in taxation and technology. Based on this history and current conditions, I forecast that U.S. household wealth will again double to $100 trillion by 2016—and that over the same ten years, the exploding U.S. economy will create at least ten million new millionaires.
For those of you in the direct selling industry, this is incredibly good news. Why? Because a significant, good number of those new ten million millionaires are the people who are entering your businesses at this very moment.
American economist and NY Times best-selling author, Paul Zane Pilzer, shares these words on his website where he goes on to talk about the age of the entrepreneur. He believes that we're at the beginning of the home-based business boom and I agree. The crash of the economy since 9/11 13 years ago today has shed a silver lining, and that silver lining is the direct-selling industry.
Never before has skeptism turned toward Corporate America and away from direct-selling like it has today. I'm sure if you ask many veterans of the network marketing industry they will share how much reception towards the industry has changed in the last 13 years. Indeed, the only individuals that seem to really have anything negative to say about network marketing are those that are short-selling it (ahem, Ackman) and those that are still stuck in the 9-5 mindset that's been abandoned by the entrepreneurs of the world.
Most entrepreneurs, top-income earners, and business owners now not only support the industry but many have their hands in the pot as well.
As Paul Zane Pilzer shares, many of the new ten million millionaires that will be created in the next decade will come from this industry.
What is a millionaire? Often times I hear fellow direct-sellers calling individuals millionaires simply because they earned a million dollars. This is simply not true. A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account.
Individuals are looking for a second, sometimes third stream of income in addition to what they're doing. Companies have taken away retirement and are reducing benefits. Help those individuals by giving them peace of mind and a true retirement plan and you may find yourself in that group of new millionaires.