3 MONEY LESSONS WE CAN ALL LEARN FROM KIM KARDASHIAN
You might not like Kim Kardashian but one thing we can all conclude on is the reality star knows how to keep making bank.
Wealthsimple, a new kind of investing service, is featuring a new installment of their recurring series “Money Diaries” where they ask interesting people to open up about the role money has played in their lives and Kim Kardashian has been featured. Sitting at a networth of over 175 million dollars which keeps accumulating, it’s no wonder why.
Here are three pointers we gathered from the interview.
Become a Frugal Spender
“I worked at my dad’s office for years — for like five years. I was always doing things on the side. When I was done with everything I needed to do at the office I would be buying and selling things on eBay and selling things to make money and making a profit on things that I knew people would like. When I got money I would spend it, but my dad would always teach me to save. He’d talk to me about credit and getting a little credit card and trying to build up my credit and showing me how to really balance my checkbook. My mom does take over the reins — but my dad was very instrumental, and he always taught me about credit. He always taught me literally down to the details of how to balance a checkbook. I think they should totally teach that in school.”
I don’t like presents anymore. I just don’t want that stuff right now. I don’t buy a lot. I used to buy myself something every birthday and just be like, okay, if I work hard all year then I can treat myself to something. Like a car or a pair of earrings. Something that I really wanted all year. But I’ve been getting rid of my cars. I used to really care. I loved cars. I still like them and I have a certain look, but I don’t care like I used to. I don’t need my flashy car. It doesn’t really matter to me.”
Take-out: Many of us who haven’t earned the money to live flashy still believe that we should be. When our business ventures take off, we’re spending that income instead of thinking up ways to re-invest so that we’re able to double up on our returns but not, Kim K.
`I’m really on top of my financial situation. I do everything. I see everything, write every check, I’m on top of every last detail. I was always taught to be like that. Like it’s definitely helpful to have a manager or someone pay your bills so they go out on time. But I think once you start giving too much control away, you could really just lose sight of what you have and what you need to do, especially if you spend a lot and have a big lifestyle.
Take-Out: Although delegation is essential to running a successful business, especially with expansion, as micromanaging the business will burn you out; it is also important that you keep track of what goes in and out of your business. Are you able to ensure that you’re seeing to how every cent in the business is spent? If you don’t have that control, you might need to reassess.
If you must invest in anything, invest in yourself
“Is it cheesy to just say the best investment I’ve made is I’ve invested in myself and believed in myself?
The reality star turned businesswoman also loves to invest in real estate and best of all, she’s not afraid to ask for help. She admits to consulting with her mom and manager, Kris Jenner on her spending and investments.
My mom’s really smart, so I love to call her for advice all the time. I think it would be such a great book for her to write — a money book. Anytime I have a question, she’ll say “Yes, that’s a good investment. No, don’t do that. Trust me, that’s stupid. Don’t do that.” If I wanted to buy a car or a piece of jewelry or something, back in the day she would just be like, “No, it’s not worth it.” She always tells me to buy real estate. I call the people that I respect and are super smart and get advice all the time. There’s a good family friend that I call every time I have an investment or I want to do something, and I get their opinion on it. I mean, I don’t think I can do it on my own. I’m not saying I know it all. But I definitely am a saver and more frugal.
Take-out: Don’t be afraid to do your research and find out the best ways to save and invest. It is also important that you don’t forget the biggest investment: yourself! Do what you can to keep developing your brand and your skills so that you’re always your business’ greatest asset.