Rich Women of Tomorrow
Kim Kiyosaki, author of Rich Woman: A Book on Investing for Women, began her career as a real estate investor in 1989 after launching her first business with her husband, Robert Kiyosaki, the author of the bestselling Rich Dad, Poor Dad series. Today, Kim controls millions of dollars of investment property and teaches women how to achieve financial freedom through investing and taking control of their financial futures. Entrepreneur Magazine spoke with her to get her insight and advice on the importance of taking charge of your money–and your life.
Why do you think that so many women are still afraid to take business risks?
Kim Kiyosaki: I think part of it is that so many of us haven’t been educated about investing and haven’t really been expected to be the ones handling the money. What I’ve found over the years is that the way I grow and the way I learn is by placing myself in situations where I have to face something I’m not familiar with or to break through a fear.
Most women know how risky it is to depend on a man for financial support, yet millions of women continue to hope that their husbands will take care of them. What was the turning point that transformed you into the financial risk taker you are today?
I think so many of us women still have this idea that Prince Charming is going to take care of us. With one out of two marriages ending in divorce nowadays, that’s just not the case any more.
A challenge for women entrepreneurs is balancing work and family. What advice do you have for women who don’t have the time to invest in a business venture?
I think that every woman has their own business called, “Managing and Growing Your Money.” And it has to be looked at as a business, not just a thing to do to pay the bills. A lot of women business owners say, “I’ve got a business, and it’s doing well, so why do I need to invest?” I would bet you that every businesswoman out there has said to herself at some point, “I’d love to shut it down. I’d love to not have to go to work today.” Eventually, you’re going to get tired. You’re going to want to take a break. By creating that income stream, you have a choice.
Every woman who seeks financial freedom through starting a business or buying a piece of real estate has to start somewhere. What’s the first step that you’d advise a woman to take?
Number one, whether it’s business or investing, is education. If you’re starting a business, get some education about the business you want to start. Talk to mentors, talk to people who are doing what you want to be doing. Read up on it, attend seminars, go to speaking events. There are some great organizations that are supportive of women in business. If you can hook up with them, fantastic! Don’t hang around with negative people, people who say it’s never going to work, that you’re crazy, that it’s too risky. Get those people out of your life.
