The highly successful business woman and wife of Robert Kiyosaki, “Mrs. Kim Kiyosaki”shares her valuable advice for success in life and in the business world. Kim just jumped off her “Live Rich Dad Q&A Chat” to answer a handful of bugging questions from her followers and fans.Kim Kiyosaki started the Q&A with explaining the importance of finding communities of people with similar goals, passions and drive.Here is some more golden advice from the beautiful and remarkably successful, Kim Kiyosaki.
Kim Kiyosaki’s Advice
1. How to present a deal to a lender or investor?
There is a rule that says “Money follows management.”
And there are 3 things that you have to keep in mind when bringing an offer to the table.
1. Project
You have to have a great project, what is the investment?
You have to have a great project, what is the investment?
2. Partners
Who are your partners, who are the people who are going to make this happen?
Who are your partners, who are the people who are going to make this happen?
3. Management
Experiences, have they done this type of investment before?
Experiences, have they done this type of investment before?
2. Staying away from the debt trap?
Good Debt: Buying a duplex rental property, putting down 15 – 25%, the money you borrow is good debt, after you pay off your loan you end up with cash-flow.
Bad Debt: When you are using money out of your own pocket.
Look for the investments with good cash flow. I would borrow money all day long if it will bring in good cash flow.
The trick is to always have someone else pay for your debt.
3. The most important habits that will change your life?
Pay yourself first: With every $1 that comes in the household, take 30% off the top, 10% could go to your investment account, 10% to your savings and %10 to a charity.
Pay yourself for your future first. Get into a habit of doing it with every single Dollar, Pound, Peso, Euro whatever it is.
When I bought my very first property in 1989, part of the money that we had was from that investment account. It’s really tough in the beginning if you are struggling to get by but it will pay off in the long run.
You have to make it a habit to take some percentage off the top.
Today Robert and I practice the same habit except now it is 80% off the top.
4. What you can do to think like a millionaire?
One thing Robert and I do is have a plan before we have the money, we have investments prepared for where that money is going to go to. . Right now I am looking at Real Estate deals, we are constantly moving that money, especially when the banks are paying 0.3% interest.
We just bought a liability a vacation house in carolina, first thing we asked how much is it going to cost every month. We found an investment, in the oil and gas industry and right now that investment is paying for our vacation house.
Years ago Robert wanted a new Porsche, he asked me what I though and I said “sure, as long as we can find an asset to pay for it. S we found a mini storage that we leased out and it paid for the Porsche. We still have the Porsche and the mini storage was sold and invested it into an investment building we own today.
If you don’t take action, actively looking, actively making mistakes then nothing is going to happen.
We have to financially take care of ourselves. The government won’t take care of you, they are in it for themselves.
5. How to deal with down days
The purpose of a business is to solve problems.
When things really go bad. When I really have a big problem. I have a mantra that I live by, the mantra is: “Something good is going to come out of this mess.” Robert and I have gone through some messes in the past and even recently. When we had to let go of one partner we got 2 fantastic partners which we have today.
Donald Trump said something once, when he was 900 Million dollars down. In an interview someone asked Donald, “Don’t you worry at night?” Donald Trump said:
“Worry, who worries?, I take action on things that I can take on, and forget about the other things that I have no control over.“
6. How to deal with male counterparts In the business world
I never had a problem dealing with Men. If you are smart with your money the world doesn’t care if you are male or female.
The argument is that a lot of strong business women may come across rude or bitchy if they stand their ground in business, and in a mans case, they may be seen as smart. It’s almost like successful business women have a trade-off of being successful with being liked.
Just because you have to lay down the law why do you think of it as rude or bitchy just because it is a woman?
A lot of women say its tough in a mans world, that’s just an excuse, If you don’t like where you are then change your environment.
When it comes to money, a lot of people say they don’t have the money, if you want to get started, you have to get creative to find the money. In that process, a lot of people don’t take action until they are pressed up against the wall, create your own wall, find the investment and make it happen.
Steve Jobs once said:
“You have to be passionate about what you do.”
Passion is what will keep you going when you hit that wall. A lot of women wont take that first step because they haven’t found their reason why, their passion.
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