Don’t Make Assumptions on Investments and Investors

This video is part of our 2015 #MoneyMinute contest. Click the “thumbs up” below to vote for this video as one of your favorites and check out all the video entries here. Remember, voting occurs daily!*

Name: Kim Kiyosaki

Website: Rich Dad

Entry Category: Professional

#MoneyMinute Voting is closed

Kim: Hi, I’m Kim Kiyosaki. I’m the co-founder of the Rich Dad Company and the author of the book “Rich Woman,” and I have three tips for you today. I have a business tip, a money tip, and a personal tip.

My business tip is this: Do not do business with people that you would not enjoy going out to dinner with. Now I haven’t always lived that rule early on as we were building our businesses. And I’ll tell you, doing business with people you don’t enjoy being with is very painful. It’s a struggle.

Today I’m happy to say that I do live by that rule, and the people I do business with today — I enjoy them. They’re my friends. We spend a lot of time together, and we have a lot of success together.

Tip two on money: If you’re going to invest, never ever invest, never part with your money, unless you are crystal clear and know full well what that investment is. Too many people put their money into a hot tip. They blindly turn their money over without understanding what it is they’re putting their money into.

How many hours do you spend earning the money that you make, to then blindly turn it over into something and invest in something you don’t know anything about? If you want to be a successful investor, know full well the details, the facts, the figures, about the investment you are putting your hard-earned money into.

Tip number three is my personal tip, and actually it comes from my mom. She told me when I was about seven years old. She said, ‘Kim, if you don’t want to spend your life in a kitchen, don’t learn how to cook.’

What she was really telling me is because I’m a woman doesn’t mean I have to take on traditional roles. I don’t have to learn how to cook. I don’t have to have kids. I don’t have to get married. I don’t have to take certain jobs. I can be what I want to be.

More importantly, what she was saying is question the assumptions that I’m making about my life. My tip to you is question the assumptions in your life. Are you living the life you want, or are you living a life based on roles of other people? Always question the assumptions that you’re living your life by.

*Professional entries were accepted to showcase their exemplary production and sound money management advice; these entries are not eligible to win prize money.