In a one hour movie recently released by Eric Worre, he interviewed some very well know experts. Harry Dent talked about the true level of the debt owed by the US and the number is staggering and scary. Robert Kyosaki showed the dramatic negative trends in food stamps, college graduate incomes and student loans. Most of these statistics I was aware of except for student debt which is now over $1 trillion and if you declare bankruptcy you still own student loans. So people are going into more debt to get more education. What is the result, lower paychecks than in the past.
Don’t misread this. My daughter is a doctor. She would not be a doctor without the education and the support of the student loan program. Our society needs medical professionals, scientists, teachers and other professionals who need to be qualified by our university and special education systems. However, the vast majority of people entering higher education are not seeing the likely outcome clearly and will be well served by taking a look at the economic reality of our world today.
All interviewed by Eric in this movie were in support of the message that it is harder and harder for many people to feel confident about earning a living at a level where they are not worried about their bills. The days of being able to count on a 40 hour a week job that provides an acceptable level of income for a lot of people are long gone. Technology is advancing at a rapid pace and often makes a well established business or industry obsolete. Look at what happened to the majority of book stores in the last decade. Look at the market share shift in the last decade because of companies like Apple, Google and others. Do the research on the amazing number of companies that were once very commonly known in America are out of business.
With those trends which are not very bright, people still need a place to live people need products and services. That leads me to the two industries that get my vote for where more people should be paying attention. Those are real estate investing and network marketing. Network marketing is often referred to as direct sales or multi-level marketing.
The reasons I like both of these industries the best for people thinking about being in business for themselves are:
1. Very little money is required to learn the businesses
2. There is plenty of evidence of people making good money in those industries
3. The training is outstanding and most of it is relatively low cost or free.
Let’s look at training for example. If you select the right network marketing company and sponsor, the training is amazing. In real estate it is true you do not need your own money or credit for deals. However, because of the dollar size of the transactions you are well served by being mentored by one or more people who will help you and JV with you as you get started.
Cost of entry: In real estate you can get started for about $1,000. It is better if you have $5,000 to $10,000 because there are some programs that cost money that will really help you get to a faster start. However with about $1,000 for gas and a few other supplies you can get started. I know of people who make $3-$5000 checks in their first month. Is that typical – I would say yes for the people following the directions and devoting more than 20 hours a week to the business. In Network Marketing you can get started with most companies for $250-$500. If you work hard you can begin to make money your first month. I have met people who make over $20,000 in their first three months. I don’t think that is typical.
What is the one skill you must have as an entrepreneur? In my view it is the skill of being able to get past rejection. There is one sure fire way getting past being rejected – set really high goals and be relentless on following them with the guide of a very experienced mentor and team.
Now you have my vote and why. What is yours and why. I welcome your comments.
Questions ? Call me 727-587-7871