The 12 Secrets of Self-Made Multi-Millionaires (12 Lessons)
Trend Spotters, Not Fad Followers
(Please listen to the audio file first! It is more in-depth. Then study the text and take any action that the text suggests!)
Secret Three: Multi-Millionaires are Trend-Spotters.
We are moving into the greatest economic surge in history. This is because of two powerful, yet projectable trends. First, the “baby boomers”, the largest generation born in history is moving through their peak years of earning and spending. Secondly, the combination of the computer and network communications technologies have taken over virtually all shopping and financial transactions due to mainstream affordability and application. The size of the “baby boomer” generation and the awesome potential of the information technologies are much greater than the forces that drove the industrial revolution and the assembly line. The new global economy will be unlike anything you’ve experienced before.
The typical person may have approximately seven careers instead of one or two in a lifetime. There will be more temporary jobs than permanent ones, and there will be virtually no job security because of global competition. Baby boomers will live longer than any generation and have less support from government programs like Social Security and Medicare because there are more people spending benefits than there are people contributing money. More baby boomers, and succeeding generations will start their own businesses than ever before, and the majority of them will be women.
The workplace of the future is demanding people who are self-directed, who can manage their own business or be leaders of self-managed work teams. We all need to run our lives like a business and become responsible for our own revenues, costs and net worth.
Here are trends you can count on that will create the next wave of multi-millionaires:
- Computer illiteracy will mean impoverishment for millions of formerly skilled workers. Increasingly, jobs that were once done without computers are being taken over by computer, robots or being aided by computers. Workers who don’t keep their skills up to date will find they have been pushed out of the skilled-labor market and will be forced to take lower paying positions. Get more computer literate, and find ways to make money via electronic communication, training and merchandising.
- The notion of a full-time, permanent job will be obsolete in less than 20 years. Employees will be hired on a temporary, contractual basis to work on projects and assignments until complete. Performance pay will replace seniority status.
As businesses strive to become more profitable by becoming leaner and more efficient, outsourcing will be the guiding mode of employment. In a cyclical business, it’s more practical and less costly to hire two contractual workers for busy times than to have one full-time employee year round. The temporary staff business, especially in technical positions and computers skills will be in great demand as will consultants.
- Interactive telecommunications is more significant than the invention of the printing press. Interactive telecommunications, the linking of the computer, via satellite and cable, with video, audio, graphic and data transmissions, will disseminate knowledge, instantly, globally.
- For the first time in history, individuals have the same power as corporations. Power has been distributed. Buyers, sellers, vendors, suppliers are all linked together. Therefore, Virtual shopping on the World Wide Web has and will revolutionize retailing. The decision to buy goods will take place before entering a store or mall. The Virtual Mall will be where the purchase is made. Goods will be tried on and field tested in showrooms, for size, color and functions, and will be returned or kept. Delivery services will far outpace drive through services. Except for a few drive through services, people will buy on the Net via credit card, have the goods delivered on a trial basis, and shop only for incidentals, gifts or items requiring touch.
- Home-based businesses will outpace fixed-base franchises early in the next decade. As outsourcing continues, many people will work out of their homes for a variety of clients. More people will earn extra income in prime time, than those who just sit and watch TV in prime time. Home-based businesses have a better success rate than most franchises because: they have lower start-up costs, are not as capital intensive, have more flexible hours, fewer employees, and are not limited geographically.
- With the advent of the virtual office, employees will no longer have work places; they will have work spaces. As office equipment and computers have become smaller and less expensive, and with intranets, company, industry and office networks, many organizations will find it advantageous to outfit employees with office equipment allowances and let them work from home or anywhere else. Overhead expenses will be reduced and turnover will decrease because talented employees who need or prefer to work from home will be able to do so with no loss in productivity and much less down time.
- The nutrition and fitness industry will go from $100 billion to nearly $500 billion during the next decade. As the baby boomers age, medicine will shift its focus from infectious disease prevention and cure, to the prevention and halting of degenerative diseases like cancer, stroke, heart attacks, auto-immune diseases, arthritis, adult-onset diabetes and others. Companies offering products and services to promote healthy lifestyles will flourish in the new century.
- Distance learning and online education will revolutionize our concept of institutions of higher learning. The shelf life for an MBA or Ph.D. is now only about 18 months. Lifelong learning and a commitment to improving oneself daily is the only way to survive and thrive in the knowledge. Among the fastest growing businesses now and in the future, will be “methods of convenience and fast education”, which I call the McLearning or Pentium era in which knowledge is the new power. Any business that helps others gain skills in their spare time has great appeal and profit potential.
Here is a brief list of trends and businesses you can get rich on during the next decade:
Home-meal replacement, day-care centers, internet marketing and selling internet domains; juice and coffee bars, soup and salad restaurants, professional employer organizations (PEOs), formerly known as employee leasing organizations; specialized staffing, job training and re-training, assisted living facilities for seniors, mail order health care, pet services, extreme sports (skydiving, rock climbing, snow, skate and wake boarding), women’s sports and equipment, alternative health remedies, and the Hispanic market, which is projected at more than $500 billion dollars annually.
Drones and applications of Virtual Reality will create companies as powerful as Microsoft and Apple.
Being aware of these trends now, and analyzing your ability to capitalize on your own talent and expertise in solving these problems will position you to be a multi-millionaire in the next decade.
Self-test: How would you spend your time, if money were no object? Do you have a passionate hobby or calling that is a primary internal motivator? Have you considered that what you love to do during your free time, may also be a new source of financial security? As you witness the rapid pace of technological change, do you see a trend in which your talents seem well suited? Virtual reality, artificial intelligence, robots, health and fitness trends? Journal your ideas.
The Science of Getting Rich • The Richest Man in Babylon • Acres of Diamonds
Section Review Quiz and Answers
The 12 Secrets of Self-Made Multi-Millionaires (12 Lessons)