Financial Security
The 12 Secrets of Self-Made Multi-Millionaires (12 Lessons)

Be A Free Agent, While Being a Team Player
Lesson 10

Text Summary:

Remember at the beginning of this program we revealed that 80 percent of America’s wealth is self-made in the current generation, not inherited from family businesses or family money. Every fourteen minutes a new millionaire is self-made in America and that is through business, not winning the lottery or placing a bet in a casino. Why not you and me?

The tenth secret of self-made multi-millionaires is that they act like free agents.
The definition of a free agent that you’re most familiar with is probably a professional football or baseball player who is eligible to go out into the marketplace and sell himself or herself to the team with the best long-term financial package. However, there is a new group of free agents in America that is 25 million strong. These are the self-employed or people on self-directed teams who function as if they are self-employed.

In an  issue of Fast Company Magazine,  Futurist Stan Davis a respected author and consultant on the changing nature of work, and author ( with Christopher Meyer of the book Blur, published by Addison-Wesley,  commented on the new breed of Free Agents in the workplace. Davis said that the economics of free agency relate to a basic psychological shift between employee and employer.

Employees who make the shift cross-over into a new mindset of entrepreneur and self-employed. Intellectual capital, knowledge, is becoming the most important resource in the economy and we are going to see new financial instruments to buy, sell, trade, and leverage that resource. In the early Industrial Age, we created securities for large corporations.

Early in the Information Age we developed a stock market for fast-growth, startup companies and more recently “small cap” companies, which will then lead us to a market for the individual — in other words, a stock in a person. That’s why we said in the previous message not to trade hours for dollars, because in the new economy the true value of human capital will be how much you can sell your knowledge and experience for.  To put it in perspective, I’d like to paraphrase what authors Daniel Pink and Michael Warshaw, writing in Fast Company Magazine refer to as: 

The Free-Agent Declaration of Independence

“When in the course of economic events, it becomes manifest that traditional work arrangements stifle innovation, reward timidity and offer at best a perilous prosperity, it becomes necessary for citizens of conscience and talent to break free from that decaying tradition and declare their independence. And so we declare ourselves free agents and declare these truths to be self evident.

  1. Work is personal. We are committed to unifying our personal interests and our business interests, our lifestyles and our workstyles, because we fundamentally believe that we will be happier and more productive if we work and live as whole people.
  2. When no one has security, everyone deserves freedom.  Nothing is permanent. Security is an illusion. A work life based on workplace insecurity is no work life at all. And we are discovering that, in an economy of opportunity, freedom promotes security. The more we work in our own best interests, the more secure we become. The more knowledge and skills we gain, the more in demand our services.
  3. The power to choose is the power to say no. As free agents, we are choosing our own work paths – choosing the people we want to work with and the projects we want to work on. And, different from the old workplace, is that we reserve the right to say no to unreasonable clients who underpay us, under appreciate us, and underestimate our value.
  4. Fear has no place in the Free Agent Nation. We’ve spent too much of our lives running scared – scared that we’ll be laid off, yelled at, or blamed for something that wasn’t our fault. And we have learned one of the greatest lessons of all in life, that fear don’t motivate for long; eventually it impedes our performance. Top performers become great by playing in their own terror-free zone.
  5. The fun in work is the reason for work. As free agents, we are not afraid of hard work. Many of us work too much.  But we like to work for the right reasons and will no longer work for the wrong ones. The free agent work ethic is if we’re going to spend half our lives working, we insist that the work be fun.
  6. We’re on our own, but we’re not alone. We are no longer intimidated by the large companies and institutions that once dominated our work place. But we are still team players and part of a growing community. A community of millions of other free agents, of professional associations, learning groups, strategy groups, and buying groups. Free agents of the world unite! Independently, we are all in this together.”

A fascinating idea isn’t it. We are all self-employed team players.

Self-Test:  Do you consider yourself as the CEO of your own little company, who provides valuable service to one larger company or several other companies? Why or why not? What can you do to ensure that you are not going to be a victim or downsizing or outsourcing.

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Financial Security
The 12 Secrets of Self-Made Multi-Millionaires  (12 Lessons)

Secret One

Secret Two

Secret Three

Secret Four

Secret Five

Secret Six

Secret Seven

Secret Eight

Secret Nine

Secret Ten

Secret Eleven

Secret Twelve