That is the message of Kim Kiyosaki and I couldn't agree more. Kim asked me to be a guest on her PBS special, entitled Finding the Rich Woman In You. It is a fund-raiser for Channel 8 KAET in Phoenix and will air for the first time tonight, Thursday December 6 at 7:00 PM Phoenix time and again at 9:00 PM.
The show is an extension of Kim's book, Rich Woman, which we talked to her about, several times, on our radio show and podcasts. The TV show was aimed primarily at women because women have a special need when it comes to financial education. Some statistics from the show:
- 47% of women in the U.S. over the age of 50 are single - meaning most of these women have to take care of themselves financially
- After a divorce, a woman's standard of living drops an average of 73%
- In 2006, more women declared bankruptcy than graduated college
- Of the elderly living in poverty, 3 out of 4 are women - yet 80% of these women were not poor when their husbands were alive.
- The average age of a widow: 56 years old
That being said, the core messages we developed in the show are applicable to men and women alike and they should be familiar to any of my readers. They are:
- You are uniquely qualified to manage your own money. Why would you turn over your security to anyone else - whether it be a spouse or a financial expert?
- Becoming a successful investor is not difficult. Anyone can do it. It doesn't require hours and hours of work. The biggest hurdle is getting over the intimidation factor.
- Savvy investors do not view declining markets as a negative. A true investor, as opposed to a short-term speculator, is largely unaffected by market declines and more likely sees them as a buying opportunity. Who doesn't love a sale?
- Everyone is a genius in bull markets. It is the volatile or declining market where financial education really pays off and there is no better time to learn than now.
- And of course, cash flow investing makes far more sense for most people than capital appreciation investing.
One point we didn't talk about in the show, but that I would add, is that the difference between a successful investor and everyone else is the actions they take in times like these. Right now, a successful investor is avoiding the losses of capital that amateurs are taking, buying value, and setting themselves up to do even better when the market turns north again. Successful investors love these kind of markets. Amateurs fear them.
There were a million more things we could of talked about on the show. It was amazing how fast the time went. Some people even suggested we could do it as a weekly show because there was so much more ground to cover than what we got to.
For now, the show will only air in the Phoenix market but everyone involved is hopeful that it will be very successful - raising lots of money for KAET - and will then be picked up nationally. The goal for this show is to raise $100,000 locally for PBS. So for those of you in the Phoenix area, I would encourage you to tune in and pledge if you are so inclined to give money to a good cause. (I bet they would take your money even if you don't live in the Phoenix area.)
Why would you want to do that? I should mention that our 401(k) course, How To Turn Your 401(k) Into a Million Dollar Nest Egg, is included in the $125 and $365 pledge packages along with Kim's book (Kim Kiyosaki, not me - mine is still not finished!), their Cash Flow game and some other stuff. Our course alone sells for $297 on our web site and I know their Cash Flow game is $195. That is a great value in financial education in addition to supporting a good cause.
My involvement in the show was really a last minute thing. I understand Kim Kiyosaki and Richard Taylor have been working with PBS on this for months. They decided to add guests as a last minute idea and I got the call a couple days before Thanksgiving. We had dress rehearsal a week ago today, taped last Friday, and it goes on the air tonight!
The other two guests and I were, at one point, sitting in the front row of the studio audience while Kim was doing one of her stand-ups. When the cameras would stop, both Antoni, the hairstylist, and Kelli, the makeup artist, would walk over to us and fix a stray hair or add more powder to our faces. I heard one of the women behind me say to the person next to her, "Wouldn't it be fun to be fussed over like that?" Yeah … it really was!
I have been interviewed for TV before but I have never done an entire TV show, or seen how it is put together. I have to admit, I had a blast. And I love that it was for a good cause ... and aimed at an underserved market. Oprah, are you listening? My phone number is 214-245-5236!
UPDATE: (12/7/07) The show aired last night and did VERY well. It raised $60K for PBS Arizona - number one for this pledge drive! More than Wayne Dyer and 4X Suze Orman! Whoo Hoo! I am told it will re-air this Monday night, December 9th.
Kim Snider, Kim Snider Financial Communications and/or Snider Advisors make no representation that the information and opinions expressed are accurate, complete or current. The opinions expressed should not be construed as financial, legal, tax, or other advice and are provided for informational purposes only. Individual performance depends on individual savings, investment time frame and market conditions. Diversification does not ensure a profit or protect against loss in a declining market. Call 866-952-0100 to request the Snider Investment Method™ Owner's Manual, which includes a description of the Snider Investment Method, investment objectives, risks, suitability and other information. Please read and consider carefully before investing. All investments are subject to risk including possible loss of principal.