Kim Kiyosaki was one of four guests on Larry King Live, including Dave Ramsey and Jean Chatzky, to talk about the economy and try to answer the question: Are we in a recession?
Kim had some great things to say, and some good advice as well. Here are some of my favorite things she said from the show:
“Recession is when your neighbor loses their house. Depression is when you lose your house.”
“The first step is to take an honest look at where you are at financially. It is so easy to lie to ourselves about how much we really spend, or how much we really need to live on.”
When asked by Larry is she was pessimistic or optimistic in regards to the economy heading towards a recession, Kim said, it depended on the view point. Yes, she is pessimistic that the economy is going into a recession and will most likely be down for a couple of years, as the cycle runs it’s course (all markets go up and all markets go down, she said). However, she is optimistic that this kind of market provides lots of opportunity, if you know how to find it.
Kim stressed again and again the need for financial education, which of course she is passionate about. If you find yourself unsure of your current financial situation- don’t panic! As Kim says, take a deep breath! Then start getting yourself financially educated.