How Are The Kardashian-Jenners Recession-Proof?

Every person on the planet has been affected in some way or other by the pandemic. Either emotionally, personally, financially, or all three. While everyone is dealing with it the best that they can, some people are in a better position to handle the economic fallout–yes, I’m 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 ways in which they have recession-proofed themselves—and how you can too. 

Fake It ‘Til 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, and the influencer industry. The rap industry. Sports. Acting. Fragrance. 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! The good news is you don’t need $72 million to Fake It Til You Make It. Exuding confidence makes people believe in you–it goes a long way with everyone from employers to clients and colleagues.

Respect the Hustle 

Being a go-getter goes hand-in-hand with self-confidence, but it requires taking action. Making it happen? That’s is something the Kardashian-Jenners do very, very well, and something necessary during a recession. You can be confident, but if you don’t network or apply for positions, it 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. It’s all about the hustle. 

Mind the Gap

The Kardashians broke through with Keeping up with the Kardashians, which is still airing fifteen years later (tune in this fall to watch the drama unfold when “someone close to home” has coronavirus). The show, which is so dramatically juicy and hilarious and quotable, 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 capitalize on that. Make opportunities happen by anticipating a need. That’s how you’ll get noticed, and you can start building your own empire. And when a recession hits, your work will be crucial because it will be unique. 

Say Yes 

The Kardashians see almost everything as a business opportunity. None of them are shy about making a buck (or $100,000) from an Instagram endorsement. Kendall famously promoted the Fyre Festival on social media even though she likely had no clue what it really entailed (did anyone?). Granted, maybe now she wished she were a little more selective, but she saw it as a business opportunity. The takeaway here is to be selective as much as you want, but try to keep an open mind about the work you say “yes” to. This will help broaden your skillset as you work in different areas and help you keep money coming in from various channels.

 Know When to Draw the Line

For all her extravagance, Kim is still mindful of her budget—even if it’s much bigger than yours or mine. She and Kanye had to nix the basketball court in their home renovation. Be mindful of your money and always have some saved so that you can fall back on something. Kim says the more money she makes, the more she puts away. Right answer! Think of your own money that way. It’s hard-earned security for your freedom and independence, not a gift. You worked for that paycheck, and you don’t want to throw it away if you don’t know when to draw the line. Be like Kim and put your foot down with that basketball court. 

We can learn from business-savvy celebrities about how to be recession-proof, even if their lifestyles are in another world. For all their antics, the Kardashians are very serious about their finances. 

Though some of the most famous people on earth, they have secured themselves from the recession by being smart about money and business.  

 Nicole Lapin is the New York Times Bestselling author of Rich Bitch and Boss Bitch. She is the host of the nationally syndicated business reality competition show, “Hatched.” She has been an anchor on CNN, CNBC and Bloomberg. Her third book, Becoming Super Woman, is out now. Sign up and learn more at The Money School.  

Source: Forbes – Money