Invest in What You Know
If Kim K has taught anyone anything about money, it is to invest in what you know. Kim’s biggest investment has been in herself. She is kind of self-centered, but it works for her. Her first large investment on herself was the beginning of the reality show “Keeping Up With the Kardashians.” The reality show has led to a few spinoffs since then.
The success of a single show led to her own perfume and clothing lines. It also led to marketing deals with companies like Sketchers, Midori Liquor and Glu Mobile. These things alone have increased her net worth to tens of millions of dollars.
Obviously, not everyone can be an A-List member of the Kardashian family. However, everyone can take a few notes when it comes to investments and Kim K. The major lesson to take away is that if you are going to invest in something, make sure it is something you know. Whether it be stock in retail or technology (or whatever you know a bit about), you should put money in things you are familiar with.
Pay Attention to the Trends
If there is anything Kim K does really well it is pay attention to what is hot and what is not. When something is “up and coming,” Kim is paying attention. If she thinks that it would be a good idea to put her money into it, she does. This includes everything from reality television to her deal with Glu Mobile to her book deals.
Pay Yourself First
Another slightly enviable thing about Kim K’s finances is that she has dividends that continue to pay out. Of course, she married rapper Kanye West, which was a good move. However, she has invested her time, money and efforts into things that will continue to pay her over time. She will continue to be paid royalties on things like her apps, perfume, clothing and even her book deals for years to come.
Of course, not all of us are launching our own clothing and perfume lines, but there is a lesson to learn from Kardashian’s dividends. That lesson is, when you can, you should invest in companies that pay dividends to its shareholders. Companies like Apple pay their shareholders a dividend each quarter. These small payments can go a long way when it comes to securing a financial future for yourself.
Make the Decision Now
Kim Kardashian isn’t a woman who puts off any of her financial decisions until the next day. If she needs to take care of something, she takes care of it. How many times have you said that you’ve been thinking about starting a savings account or even a retirement account? Have you done it yet? Wouldn’t it better suite you if you did it now? When Kim K makes a decision on an investment, she makes the decision and she does something. She doesn’t wait for tomorrow.
Photo: Flickr: Eva Rinaldi