Money Management Strategies We Can All Learn From The Kardashians
You might know the Kardashians for making their day to day lives worthy of attention from viewers from all around the world. However, you might not think that this family too has its fair share of financial lessons that you can learn from. In fact, when you think about it, the Kardashians have actually succeeding in turning their private lives a business. Whether you love them or hate them, here are some money advice you can ponder on.
Invest in Areas You Are Knowledgeable About
For Kim Kardashian, her biggest investment is herself. In 2007, Kim created a media frenzy from a reality TV series that centers on her family life titled “Keeping Up with the Kardashians.” This proved to be a smash hit and allowed numerous spinoffs including “Kourtney and Kim Take New York” and “Kourtney and Kim Take Miami,” among many others.
Following the success of those shows, she got the chance to ink an endless wave of deals from perfume, clothing, liquor and shoes. She also struck a deal with Glu Mobile, which developed a game based on her lifestyle. All this led to an extension with E!, the channel that hosts her reality show. Reportedly, Kim is being paid $80,000 per episode.
[su_quote cite=”Kim Kardashian” class=”cust-pagination”]”I don’t talk about money.”[/su_quote]
Define Your Niche
After her rocky friendship with Paris Hilton, Kim started gathering attention from everywhere. She, however, knew that people would start following her because of her popular private tape. Instead of going in hiding, she saw this as an opportunity to iron her place in the market. Kim defined herself as a trendsetter and then laid out the foundation of what she was made of through social media.
Relate with Everyone
A big part of that Kardashian appeal is that even though they are rich and famous, the public relates and identifies with them and their respective roles in the family. Consumers can easily connect with transparent companies and find it easier to trust them. The Kardashians are all approachable to fans and are very polite and warm.
David Caplan, editorial consultant for celebrity websites, says that the Kardashians live a very aspirational lifestyle. “Consumers want to live their lifestyle and think that they too can be Kardashians, says Caplan. They are very relatable considering that there are three core sisters and now there are two who are getting the spotlight. With different personalities, there is a Kardashian for everyone out there,” he said.
Collaborate with Big Names
The Kardashian sisters have always been romantically involved with big names in different fields. When it comes to marketing themselves, they also seek out successful brands that they can associate with. They have partnered with popular Las Vegas nightclub Tao, Sears and footwear brand Skechers. When they pair up with successful businesses, they are able to reach a wider audience. Because of their popularity, those companies they partner with have commercial success, as well.
Make the Most out of Everything
While they could be one of the most loved families on reality TV, their life is far from easy. Their family is by no means scandal free and with Kris Jenner as de facto CEO, how they relate with each other is part of business.
When Kim’s tape was released, the entire Kardashian family earned millions from some aggressive brokering efforts. When Khloe lost weight, they also capitalized on that weight loss journey and made millions while looking and feeling better. When it comes to the good and bad, the Kardashians are able to document their relationships wherever they are.
The Kardashians paint one big picture. The entire family has already become a brand in itself and had made use of each one of them for profit. People everywhere are interested in how they deal with imperfections and tough situations and can really relate.
With these money management lessons, you can clearly see that the Kardashians are more than just the attention seekers. This family knows how to strike when the iron is hot and make the most out of what they are given. What do you think of these lessons? Share with us your thoughts in the comments below!
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