Money Rehab with Nicole Lapin - Why are the Kardashians Recession-Proof?

Episode Date: December 14, 2021

Say what you will about the Kardashian-Jenner clan, but it’s pretty undeniable that they hustle hard. Their lifestyle can seem pretty unattainable (Stormi, who—let’s not forget—is a toddler, has more shoes than everyone on the Money Rehab team combined). But while their lifestyle may be out-of-reach now, their work ethic isn’t. Today, Nicole unpacks how the Kardashian-Jenners became recession-proof, and how you can be too! Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

Money rehabbers, you get it. When you're trying to have it all, you end up doing a lot of juggling. You have to balance your work, your friends, and everything in between. So when it comes to your finances, the last thing you need is more juggling. That's where Bank of America steps in. With Bank of America, you can manage your banking, borrowing, and even investing all in one place. Their digital tools bring everything together under one roof, giving you a clear view of your finances whenever you need it. Plus, with Bank of America's wealth of expert guidance available at any time, you can feel confident that your

money is working as hard as you do. So why overcomplicate your money? Keep it simple with Bank of America, your one-stop shop for everything you need today and the goals you're working toward tomorrow. To get started, visit bofa.com slash newprosmedia. That's b-o-f-a dot com slash n-e-w pros p-r-o-s media. bfa.com slash newprosmedia. Hey guys, are you ready for some money rehab? Wall Street has been completely upended by an unlikely player, GameStop. And should I have a 401k? You don't do it? No, I never will. You think the whole world revolves around you and your money.

Well, it doesn't. Charge for wasting our time. I will take a check. Like an old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. The Colapid. Every person on the planet has been affected in some way or other by the pandemic,

either emotionally, personally, financially, or all three. And with the new COVID-19 strain, the light at the end of the tunnel is looking a little farther away. You may have seen that the Dow dropped 900 points after the first case of Omicron was detected in the U.S. While everyone is dealing with it the best they can, some people are in a better position to handle the economic fallout. Yes, I am talking about the rich and famous, particularly business savvy celebrities. Look no further than the Kardashian-Jenner clan. Sure, their lifestyle is pretty unattainable for most of us, but there are lessons to learn from them that can apply to

the rest of us. Here are five ways in which they have recession-proofed themselves and how you can too. Number one, fake it till you make it. Even if you aren't a fan of the Kardashian-Jenner clan, you gotta admire their chutzpah. They have dominated the fashion industry, the modeling industry, the reality television industry, the sex tape industry, the influencer industry, the rap industry, sports, acting, fragrance, all the things. They've even touched on prison reform activism. And while their reach is far and wide, none of them were experts in any of these areas until they decided they wanted to be. Shows that it pays to be confident, right? The good news is you don't

need $72 million to fake it till you make it. Exuding confidence makes people believe in you. It goes a long way with everyone from employers to clients and colleagues. Number two, respect the hustle. Being a go-getter goes hand in hand with self-confidence, but it requires taking action. Making it happen? Well, that's something the Kardashian-Jenners do very, very well, and it's a good skill to have during a recession. You can be confident, but if you don't network or apply for positions, it really doesn't matter. Part of the financial success behind the Kardashian empire is going after the job. So what if Kim's film appearances weren't Oscar noms?

That's not the point. Every job you have broadens your network and opens doors to new opportunities. Whoever said knowledge is power is just not right. Really, execution is power. There is so much knowledge, especially about money and business. Hello, just listening to this podcast is not going to change your financial life. Doing something about it will. So I say execution is the real power. Number three, mind the gap. The Kardashians broke through with Keeping Up with the Kardashians, of course, which is still airing 15 years later, the show, which is so dramatically

juicy and hilarious and quotable and memeable, created an entirely new type of programming demand and became something no one knew they needed until they had it. Even when there's no recession, figure out what kinds of work or products that people may not know they need and then capitalize on that. Make opportunities happen by anticipating the need. That's how you'll get noticed and how you can start building your own empire. And when a recession hits, your work will be so crucial because it will be unique. Number four, say yes. The Kardashians see almost everything as a business opportunity. None of them are shy about making a buck or a hundred thousand bucks from an Instagram post, let's say. Kendall Jenner famously promoted the Fyre Festival on social media, even though she

likely had no clue what it really entailed, or did anyone for that matter? Granted, maybe now she wished she were a little more selective, but she saw it as a business opportunity. Kim accepted an endorsement deal from Charmin Toilet Paper, for crying out loud. The takeaway here is to be selective as much as you want, but try to keep an open mind about work you say yes to. This will help broaden your skill set as you work in different areas and help you keep money coming in from various channels. Honestly, not everything you do has to be a passion project. I do a lot of ad reads that I don't wake up in the morning and say, this is why I went to Northwestern, and this is my passion in life. But I do it to pay the bills. Number five, know when to draw the line. For all of her extravagance, Kim is still mindful of her budget, even if it's a much bigger budget than yours or mine. She and Kanye had to

nix the basketball court in their home renovation, for example. I know how ridiculous that sentence sounds, trust me. But the message here is to be mindful of your money and always have some saved so that you can fall back on something. Kim says the more she makes, the more she puts away. Right answer, sister. Think of your own money that way. It's hard-earned security for your freedom and independence, not a gift to go shopping with. You worked hard for that paycheck, and you don't want to throw it away if you don't know where to draw the line. Be like Kim and put your foot down with that basketball court.

But even beyond Kim, channel your inner millionaire next door. And remember the old adage, rich people stay rich by acting like they're poor,, rich people stay rich by acting like they're poor and poor people stay poor by acting like they're rich. For today's tip, you can take straight to the bank. We can learn from business savvy celebrities about how to be recession proof, even if their lifestyles are in a whole other world. For all their antics, the Kardashians are very serious about their finances. Though some of the most famous people on earth, they've secured themselves from the recession by being smart about money and business. Money Rehab is a production of iHeartRadio. I'm

your host, Nicole Lappin. Our producers are Morgan Lavoie and Mike Coscarelli. Executive producers are Nikki Etor and Will Pearson. Our mascots are Penny and Mimsy. Huge thanks to OG Money Rehab team Michelle Lanz for her development work, Catherine Law for her production and writing magic, and Brandon Dickert for his editing, engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.