Ten Million New Millionaires by 2016. Could You be One of Them?

“More millionaires were made during the Great Depression than in any other era in U.S. history. Forbes magazine says that 10 million millionaires will be created by the year 2016. So what are the most common traits of the wealthy? They reject conventional wisdom. They understand the simple and powerful truths of money. And often times, their greatest successes were birthed out of adversity. They are ordinary people just like you and me!”

I recently found the above article while researching historical information about the ups and downs of our economy over the past century. The fact that the Great Depression spawned more millionaires than any other time in our country’s past was no revelation; I had known that for a long time. I also knew that there were already about 10 million millionaires in the United States, or about 8% of all households. But the statement that another 10 million would be created in less than a decade was amazing, even to me.

Adversity always challenges the entrepreneurial spirit.

In my favorite book THINK AND GROW RICH, Napoleon Hill says, “Every adversity, every failure, every heartache carries with it the seed on an equal or greater benefit.” He also says, “Opportunity often comes disguised in the form of misfortune, or temporary defeat.”

I can vouch for the wisdom of these assertions. This has indeed been the case throughout my career in business. A long time ago I discovered that “success is not a destination; it’s a journey” and that “luck is the crossroad between preparation and opportunity.” There is no straight ascent to the top; the journey is rife with challenges, surprises and detours. And the better we’re prepared to take advantage of an opportunity, the luckier we get.

This recession can be your opportunity ― IF you’re prepared.

There’s no question that the economy is suffering a dramatic downturn. With the mortgage and financial crisis, venerable companies like banks, insurance companies and even the American auto makers have gone hat in hand to Washington looking for a bailout. People have seen their 401Ks and retirement funds decimated. Workers are being laid off in huge numbers and unemployment is rising and may even reach 10%, according to prognosticators.

OK, none of that is good news. However, looking back to the Great Depression again (and no one is suggesting a repeat of that era’s magnitude), in spite of the fact that unemployment hit nearly 25%, it also saw the creation of more millionaires than at any other time in our history.

Necessity is the mother of invention. When people can’t find work, the astute and assertive ones create their own jobs. I know; I’ve been there and done that. And you may have, too. Yes, in the depression about ¼ of the population did not have jobs ― BUT more than 75% did. While many businesses gave up and closed their doors, creative entrepreneurs found products and services to sell to the 2/3 of the population that was working and buying goods and services. And with fewer rivals competing for the business, these opportunists took advantage of a great chance to build their companies and their brands.

Be glad you’re in (or starting) your own business.

When you own your own business, the only person who can give you one of those dreaded “pink slips” is you! You’re the captain of the ship; the master of your own destiny. You can either wimp out and head for the hills OR rise to the occasion and seize the opportunity. You can either look at the glass as half empty like so many of the doomsayers, or you can see it as half full, like Amanda Collucci of Clean 4 Me, one of my students of House Cleaning Biz 101.

Amanda started her business less than two years ago and will wind up with sales in this year of about $280,000 (with only two 2-person teams). She’s just started her third team and is on track for her objective of achieving $1 million in annual sales within the next three years. I predict that Amanda will be one of those 10 million new millionaires by 2016!

An inspiring success story you’ve just got to hear!

If you think it’s unlikely that someone who owns a residential cleaning business can become a millionaire, what would you think about the potential for a young man who owns a car polishing business of becoming a millionaire?

I invite you to visit the Web site of a friend of mine for many years. Jim Cathcart (pictured at right) is without doubt one of the best authors, sales trainers and motivational speakers in the world. Please go to www.cathcart.com and click on VIDEO CLIPS. Then, choose the clip titled MOTIVATION. You’ll hear the account of Tim Seward, one of my former TIDY CAR franchisees. You’ll truly be amazed and, hopefully, motivated by the success story of how this young man became a multi-millionaire by the age of 40. He was 19 when he bought his TIDY CAR franchise from me back in 1978. He was also someone who I had predicted many years ago would become very wealthy.

NOTE: By the way, two of Jim Cathcart’s books I urge you to read are, NON-MANIPULATE SELLING and THE ACORN PRINCIPLE.

Please feel free to leave a comment below or email me.