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The Next Millionaires, by Paul Zane Pilzer, Success from Home Magazine, published March 2005. Page
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6 More on The Next Millionaires:
A vast amount of wealth is being created over the next ten years. Here's why--and how you can be a part of it.
"A Tale of Two Industries," by Paul Zane Pilzer, Success From Home Magazine, November 2005.
"The Perfect Storm of Opportunity," by Paul Zane Pilzer, Success From Home Magazine, December 2005.
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page 5 of 9 This gave major corporations an enormous economic advantage. However, the opposite is now the case. In almost every field today, the individual entrepreneur has better technology available than the large company does. This is because many of the largest companies (IBM, Cisco, Vodaphone) are simply third-party providers of affordable technology to individual users, and entrepreneurs are able to implement their new technologies faster than large organizations. A home-based businessperson has the ability to harness technology from a personal computer and a connection to the Internet that can rival or exceed that of some of the largest companies. REASON #2: HEALTH AND RETIREMENT BENEFITS ARE NOW BETTER FOR ENTREPRENEURS One reason many people work for large organizations is for the medical and retirement benefits. From 1944 until 2005, employees of large companies enjoyed a 2-to-1 or better tax advantage over individuals when it came to paying for benefits. This was because: (1) Employees who get free or low-cost health benefits don’t have to pay income taxes on them; (2) Their employers are allowed a 100 percent tax deduction for health benefits they provide; and (3) The employees can defer paying taxes on contributions their employers make to their retirement plans. Now, individual entrepreneurs can actually get better health and retirement benefits than employees of large companies. The best health insurance available today for most families is an individual, rather than group, policy because the premiums on an individual policy cannot generally be raised because of illness. And new Health Savings Accounts give individuals the same tax advantages as corporate employees. Since 2003, there have been individual health insurance policies that are both affordable and tax-deductible for self-employed people. Employees, on the other hand, typically are stuck with group plans for which the premiums are raised each year based on the prior year’s claims. Such group plans are a ticking time bomb as the group ages. Most people think of IRAs as small, insignificant retirement accounts. However, beginning in 2005, a working couple can contribute $8,000 annually to an IRA, rising to $10,000 in 2008. IRAs not only allow all the benefits of a traditional corporate retirement plan, they also allow tax-free early withdrawals at any age for life events such as a first-time home purchase or the payment of health insurance premiums while unemployed. If you have your own business, the |
retirement savings options are even
better! With a self-employed retirement account such as a SEP IRA or a
One-Person 401(k)/Profit Sharing Plan, you can save up to
$41,000—pretax—each year. Why did Congress change these laws and create such wonderful incentives? They had to. Today more than 50 percent of Americans work either for themselves or for a small business. REASON #3: YOU DON’T REALLY HAVE A CHOICE In 1991, the Nobel Prize for Economics was awarded to Professor Ronald Coase for a paper he had written 60 years earlier. His 1931 paper explained why large companies exist rather than there just being millions of self-employed people: Big companies were more efficient. The “transaction costs” of individuals doing business together who weren’t under one roof were so high—with transportation costs, telephone expenses, postal delays and so on—that costs would exceed their economic output. For the next 60 years, Coase’s work was used to explain the growth of America’s largest corporations. Recently, I re-ran Coase’s original equations with today’s data and came to exactly the opposite conclusion: Many large organizations should no longer exist because with the Internet, fax and inexpensive telephone service, the “transaction costs” of individuals doing business together are now relatively insignificant. In fact, much of the unemployment we are experiencing today is actually the permanent dismantling of many of our large corporations as they are out-competed by smaller companies. Individuals have debated leaving their jobs and becoming entrepreneurs since the first large employers emerged in the 19th century. But, until now, this debate has always focused on the opportunity and risk of going out on their own. Today, the real risk of staying with a large organization is that your job will be permanently dismantled within the next few years. After speaking on this topic at conferences around the world, I am frequently asked, “Should I quit my job before I am fired?” While such an answer is personal and unique to each person, my general answer is “Yes. Find a business where you can use and leverage your skills for the highest return.” One of the unique benefits of starting a direct selling business is you can start the business today, part-time, with a minimal investment. I know of no other business opportunity that can help you more easily and effortlessly seize the new intellectual distribution revolution opportunity. prev next |
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| PUBLICATIONS |
 The
Next MillionairesExplains how you can become of the the ten million new millionaires that will be created between 2006-2016. |
 The
New Health Insurance SolutionHow to get cheaper, better health insurance from birth to old age without an employer plan. |
 The
NewWellness Revolution How to make a fortune in the next trillion dollar industry--preventative medicine and wellness. |
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 New
York Times BestsellerGod Wants You To Be Rich Explains how our economic system is based on our biblical heritage, and you can prosper materially and spiritually. |
 Fountain
of WealthAward-winning 6 CD (or cassette) audio series explains the new opportunities for creating wealth in the 21st century. |
 Other
People's MoneyPilzer's first book, exposing the S&L Crisis and the history of savings in America. |
 Unlimited
Wealth Pilzer's seminal work explaining how we live in a world of unlimited physical resources because of rapidly advancing technology. |
 The
Next TrillionWhy the wellness industry will exceed the $1 trillion health care (sickness) industry in the next ten years. |
 Real Estate
ReviewCollection of articles on the guidelines for success in commercial real estate investments. |
 The
Wellness Revolution How to make a fortune in the next trillion dollar industry-- preventative medicine and wellness. |
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