LETTER FROM THE EDITOR
SCREW SURVIVING ...
What The Top 1 % Are Doing To Get Rich Now
Here ’ s a not-so-surprising statistic : According to the U . S . Census Bureau , the average American ’ s household net worth for people ages 45 – 54 is $ 84,542 . For the 55 – 64 age range , it ’ s $ 143,964 , and for ages 65 – 69 , it ’ s $ 194,226 . Net worth is calculated by taking a total of all your assets ( cash , savings , investments , real estate , etc .) minus all your debt ( mortgage , credit card debt , car loan , etc .).
Why is that not surprising ( at least to me )? Two reasons : One , Americans are drowning in debt . Remember , wealth is not income ; it ’ s what you own after the debts are all paid . Worst of all , the fastest-growing category of liability is credit card debt , which is largely used to purchase non-assets — in other words , “ stuff .” The second reason this doesn ’ t shock me is because wealth in America , and those who are in the top 1 %, 20 %, and bottom 80 %, haven ’ t changed in years .
Essentially , the bottom 20 % are living at or below poverty , and one rung up on the ladder , or the remaining 60 %, struggle endlessly with their finances , accumulating no wealth . Those two groups , which make up the bottom 80 %, significantly drag down the averages , even though it ’ s easier than ever to start a business , learn new skills , find and connect with people , and publish books , videos , and content for the purposes of marketing yourself or your business .
However , according to an article in Inc . magazine , the average net worth of a U . S . entrepreneur is $ 4 million . That may seem high ; but the people who are lumped into this group are that top 5 % of income earners in the U . S . who are , according to Investopedia , earning $ 299,810 on average , and the top 1 % of income earners bring in $ 718,766 per year . While the actual numbers may change in other countries — I ’ m certain the percentages are relatively the same — the bottom 80 % are in serious financial trouble , the top 15 % are doing well , and the top 5 % are holding and responsible for most of the wealth in our country .
There are two VERY important lessons to be drawn from all of this . First , if you want to be in the top 5 % or 1 % of income earners and wealthiest people on the planet , your chances of getting there go up exponentially if you ’ re a business owner . Of course , being a business owner is NOT a guarantee of wealth OR high income , as you will see in my article “ The Shocking Failure To Achieve Financial Freedom As An MSP ” later in this issue of MSP Success Magazine . Second , and far more instructive , is that IF you want to be in the top 5 % of income earners , you have to BEHAVE differently and make decisions differently than the vast majority ( 80 %) of the MSPs and IT services CEOs in this industry .
To quote Mark Twain , “ Whenever you find yourself on the side of the majority , it is time to pause and reflect .” And when it comes to success in business , wealth accumulation , and financial habits , nothing could be closer to the truth . If you find yourself broke at age 60 or over , it ’ s hard to argue that you did much right in your life pertaining to money . You might be a good person and a loved , responsible , valued person to your family and to your community — I ’ m not having a morality conversation , nor am I suggesting that “ poor ” people are stupid , lazy , worthless individuals — but when it comes to MONEY , you are , without a doubt , a failure .
Inside this issue is a rather shocking income investigation we conducted with MSPs and IT services CEOs and executives . We specifically polled
Founder and CEO , Technology Marketing Toolkit , Inc .
people based on income , not net worth , which are clearly two different metrics . However , they are linked , and it ’ s safe to assume that those who earn sub $ 100,000 a year are not financially free . If they are , chances are it ’ s SLOW going . This is tragic . I sincerely believe that MSPs and IT services companies are some of the most underappreciated , underpaid professionals in the business world today . They ( you !) are doing incredibly important work for their clients , protecting their clients ’ digital assets and operations , and allowing them to function dayto-day without much thought about IT . Further , running a managed services business is , without a doubt , one of the most complex , fast-paced , and difficult businesses to operate . Change happens by the week , and getting everything right is an incredibly complicated , ever-moving target to hit .
That ’ s why I hope this magazine and the marketing , sales , and business strategies I provide for this incredible community elevate YOU into the top 5 % and 1 % of income earners and wealthiest citizens . I cannot think of a harder-working , more generous , or more deserving group to be in that position . That ’ s why we sign our emails with “ Dedicated to YOUR success .” We truly , honestly are . n
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