There’s one complaint ‘Rich Woman’ author Kim Kiyosaki hears a lot: “I’m financially literate, but I still can’t seem to increase my income. What am I doing wrong?”
The reality is that being financially literate doesn’t automatically mean accumulating assets and income – especially if there is something getting in your way, says Kim.
“It might not be something you’re doing, but something you’re feeling that’s holding you back, she says. “Our emotions and behaviours dictate our future more than we care to admit.”
“If you weren’t afraid of anything, what would you do right now that could make you rich?” Kim asks.
Taking a risk is a frightening thing to do—but without substantial risk, you cannot get substantial reward. Fear can be your friend, says Kim, as long as you don’t let it stop you from taking action.
“Cynicism is another form of fear,” Kim says. “It’s a distrust that prevents you from having the confidence to move forward.”
This distrust can take several forms: of yourself, of the markets, of a business deal. Whatever it is, you have to learn to tell the difference between a genuine concern and an irrational fear.
You need to learn to trust yourself and your ability—invest in yourself first.
“Busy people are often the laziest people of all,” says Kim. “That’s the most common form of laziness: laziness by staying busy.”
It’s easy to become ‘so busy’ that we don’t make time for what we know we should be doing, whether it be exercising, building relationships, or even—you guessed it—investing.
“Take a long, honest look at your life,” Kim advises. “Is your excuse for not investing the fact that you’re too busy? What does that mean? What are you really busy with? And how is that holding you back from financial freedom?”
Some bad habits are easy to spot—nail-biting, for example. But most bad habits are sneaky—they hide in plain sight.
“Many people don’t even realise that their habits are bad in the first place,” Kim says.
“Someone who sleeps late on the weekends might think they’re catching up on needed sleep. But that habit is taking away several hours that they could be researching investments or building a side business.”
Take a long look at your each of your habits and ask yourself: could this be holding me back?
“I have found that many people use arrogance to try to hide their own ignorance,” Kim says. “Instead of humbly acknowledging where they need to change, they blame other people and circumstances for their own failures.”
This kind of arrogance quickly becomes a brick wall, preventing you from seeing what’s on the other side. And because you can’t see it, you assume it doesn’t apply to you.
But as Kim says, “If you can’t be honest and humble with yourself, you don’t have a chance of achieving financial freedom.”