According to Paul Zane Pilzer, “The United States economy will create 10 million new millionaires in the next 10 years.” This statement was made in 2006 by the renowned economist that has been an appointed economic advisor for two Presidential Administrations. Mr. Pilzer has uncanny accuracy and is credited as the lead voice predicting the Savings and Loan crisis. Sam Walton, the founder of Wal-Mart, stated that he was amazed at Pilzer’s business capacity.
It is hard to imagine a boom that will create significant wealth when real estate values have stagnated, manufacturing has been exported in search of cheaper labor, call centers are outsourced, investment portfolios have been significantly reduced and unemployment is flirting with historical highs. Sometimes it is hard to see the forest due to all the trees in the way.
The next trillion dollar boom will emerge out of the Wellness Industry. Once again the Baby Boomer Generation will be defining business trends as their last act. The baby boomers have driven demand in every category from disposable diapers to fast food to the real estate market activity and mass merchant retailers all catering to their needs. Now as the sun sets on their journey, they turn their attention to wellness.
Boomers want to look and feel younger. This insatiable yearning for the fountain of youth is the driving force behind an emerging Wellness Industry. As their metabolism slows down they are turning to fitness clubs, meal replacements, more nutritious foods and personal trainers. As the makeup struggles to cover the wrinkles and age marks they are turning to cosmetic surgery and antioxidant creams. Boomers are active and do not expect them to age without making a significant statement. Current estimates are that a baby boomer celebrates their 65th birthday every 8 seconds.
The question is how can you capitalize on this trend? Sure you could shell out a king’s ransom on a franchise, but there is a simpler and more effective method. Paul Zane Pilzer went on to say that the wealth would be created in two industries, Wellness and Network Marketing. Companies such as MonaVie are perfectly positioned to capitalize on the final baby boomer act. As of late 2010, MonaVie has done its share in creating wealth, 100 distributors have been paid in excess of $1 Million compensation. The number continues to grow as they launch the next wave of products called RVL which targets the weight management industry.
Network marketing companies offer an opportunity to participate in the wellness boom without exorbitant start up fees. Moreover, given the current economic activity, there is excess capacity in the labor force. The unemployed will look toward nontraditional income opportunities. The employed have not seen substantial pay raises or bonuses in quite some time. Finally, the under-employed are engaged in occupations that are not as intellectually challenging compared to their previous position at a now defunct employer.
Not only do network marketing companies offer a low barrier to entry, they also have the luring effect of residual income. Most people trade time for money. Residual income models that are typical of most network marketing compensation plans, offer the ability to get paid again and again for work that was done years ago. In the corporate model, if you develop people you may get replaced with that talent you cultivated. In the network marketing model, you get a weekly or monthly stipend from the efforts of the leadership that you attracted to your team.
Not only will the Baby Boomers create demand for wellness products and services, their latent desire to stay in the game – moving from success to significance – will also drive a growing population of distributors. The Baby Boomers will increasingly engage in home based businesses that market products that fit their passions. This final chapter of the Baby Boomer saga will place an irrefutable exclamation mark on this generation that has the machinations of changing commerce behaviors in America.