Fortune Magazine published an article years ago named, Permanent Vacation? 50 and Fired. I would like to expand on a few things regarding this topic. First, let\u2019s visit some of the quotes from the article, which was years ahead of its time:<\/p>\n
\u201cYou\u2019ve got hundreds of thousands of obsolete professionals who can\u2019t find employment in positions where they\u2019ve been successful. These are people living off retirement savings 15 years before they were supposed to retire. They don\u2019t know what they\u2019re going to do.\u201d<\/em><\/p>\n \u201cPeter Capelli, a professor at the Wharton School, says the executive recruiters he talks to don\u2019t want older people who have tenured compensation \u2013 not when they can hire younger, cheaper people. \u2018It makes economic sense,\u2019 he says \u2018It\u2019s just hard on employees. They were hugely valuable yesterday, because they performed valuable skills. And now they\u2019re tossed on the general labor market where they\u2019re suddenly not worth much.\u2019\u201d<\/em><\/p>\n \u201c\u2026there\u2019s a good chance they\u2019ll end up in a category you might call involuntary consultants.\u201d<\/em><\/p>\n \u201c\u2019My heart really goes out to the 55-year-olds who can\u2019t come to terms with what\u2019s happened to them,\u2019 says Lynn Guillory. \u2018They are still looking for the old implied employment agreement: The company would take care of you; all you had to do was work hard.\u201d Forget the paycheck, he tells them. Your W-2 days are over. It\u2019s a 1099 world now.\u2019\u201d (Fortune Magazine, Permanent Vacation? 50 and Fired, May 2, 2005)<\/em><\/p>\n IT\u2019S A 1099 WORLD NOW!<\/strong><\/p>\n The thought that the \u201cW-2 days are over\u201d can be a very frightening thought for many professionals. I have talked to hundreds of CFOs over the decades and understand the thought process and the fear that overcomes one regarding this topic.<\/p>\n In fact, I remember the conversation I had with my wife when I told her I was going to start B2B CFO back in 1987. We had four small children under the age of eight and my wife was a stay-at-home mother. After explaining what I was going to do she looked off into the distance for a few seconds and then turned back to face me. I saw the fear in her eyes. She asked me only one question, \u201cJerry, what about a steady paycheck?\u201d<\/p>\n Christine and I have not had a W-2 check since 1987 and we would not want the pay-cut by accepting a W-2 job today.<\/p>\n This 1099 concept may be foreign to some, so let\u2019s visit The Millionaire Next Door:<\/p>\n \u201cBeing self-employed gives one much more control over one\u2019s economic future than does working for others. Conversely, employees today, even high-income-producing executives, have less control over their livelihoods than ever before. Downsizing, for example, is taking its toll, even among the most productive employees. More often than not, even high-income-producing employees are not likely to be millionaires.\u201d (page 93).<\/em><\/p>\n INVOLUNTARY CONSULTANTS:<\/strong><\/p>\n There are several problems with being forced into being an \u201cinvoluntary consultant,\u201d such as:<\/p>\n (1)<\/strong> The lack of time to plan before starting the business.<\/p>\n (2)<\/strong> One\u2019s heart may not be fully into the business. There is no transparency with this topic. Astute business people will see the lack of \u201cfire in the belly\u201d and will be cautious to hire such a consultant.<\/p>\n (3)<\/strong> The lack of training on the proper way to sell.<\/p>\n (4)<\/strong> Lack of knowledge about the industry, which is very specialized and very competitive.<\/p>\n (5)<\/strong> Inadequate funding to do the branding and marketing correctly.<\/p>\n (6)<\/strong> Unknowingly creating exposure for future litigation against the involuntary consultant.<\/p>\n (7)<\/strong> Inability to distinguish oneself from the competition, hence, falling into the trap of charging lower fees than one is worth.<\/p>\n (8)<\/strong> Etc.<\/p>\n So, it REALLY is a 1099 world now, but that gives opportunity and freedom to many of us.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Fortune Magazine published an article years ago named, Permanent Vacation? 50 and Fired. I would like to expand on a few things regarding this topic. First, let\u2019s visit some of the quotes from the article, which was years ahead of its time: \u201cYou\u2019ve got hundreds of thousands of obsolete professionals who can\u2019t find employment in…<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","cybocfi_hide_featured_image":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-366","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n