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. We recently spoke with her to get her insight and advice on the importance of taking charge of your money--and your life.
Rosalind Resnick: Given your own success in building companies and buying real estate, 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. Being risk averse is not necessarily a detriment unless it’s to the point where you become so afraid of risk that you do nothing. 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. I want to create a movement throughout the world to teach other women to put [my principles] into practice and become financially independent.
Resnick: 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. Looking back on your own experiences growing up, what was the turning point that transformed you into the financial risk taker you are today?
Kiyosaki: I’ve always been very independent. When I was 14 years old, I came home one day and my mother was sitting with her girlfriend in the dining room, and my mom’s girlfriend was crying, very upset. I was ushered out quietly, but I stayed in the other room and overheard the conversation. This woman was saying that her husband had left her for another woman and how horrible it was, but when my mom asked, “Did you know? Did you have an idea?” she said that yes, she did have an idea but that, even though the marriage wasn’t working, at least she was financially taken care of. And I just remember thinking, “Why would anyone want such a miserable life?” 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.
Resnick: One of the challenges that women entrepreneurs continue to face is lack of capital. What advice do you have for women who want to start businesses or buy properties but have little access to cash or credit?
Kiyosaki: For every business that I’ve ever started--and I’ve started them all with my husband--we had no money. There’s this idea that you have to have a lot of money to build a business or you have to have a lot of money to invest. I don’t subscribe to that. Borders bookstore started in a garage. Apple Computer started in a garage. None of those companies was highly financed. When it comes to property, Robert and I were broke for quite a while. We were homeless for a short period of time when we were building our businesses. But when it came to investments, we didn’t have money, either. My very first investment was a little two-bedroom, two-bath house in Portland, Oregon, and I needed a $5,000 down payment and I didn’t have it--but I found a way to get it. But the thing I’d say about investing, especially about real estate investing, is to find the investment first because then it’s a tangible thing. Otherwise, it’s just talk. Once you find the investment, it becomes real to you. Then you can figure out how to find the money.
Resnick: Another 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?
Kiyosaki: Let’s say you’ve got a full-time career and you’ve got a family. At the end of the day, the last thing you want to do is go look at property. You’ve got to somehow make that a priority. 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.
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