Australian women have been left financially worse off by the COVID-19 pandemic. But according to Rich Dad Company CEO and Rich Woman author Kim Kiyosaki, there’s one habit that will lead to financial success.
Just over four in 10 women (45 per cent) of Australian women feel they are financially worse off due to COVID-19, while 28 per cent are extremely concerned about their finances, new data from consumer research firm Toluna revealed this week.
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Additionally, women are more concerned about their money than men, with a smaller 25 per cent of men describing themselves as extremely worried about their money, and 41 per cent of men describing themselves as worse off.
Speaking to Yahoo Finance Journalist Jessica Yun as part of the Women’s Money Movement Breakfast Club, Kiyosaki said there are always steps people struggling with their money can take.
When Kiyosaki began investing, she had more money going out than was coming in, but used this technique to build stronger money habits and gradually get ahead.
Watch: Jessica Yun's full interview with Kim Kiyosaki.
“One way anybody today can get ahead financially: I call it the three piggy banks,” Kiyosaki said.
“Our rule in the household was that with every single dollar that came into our household,10 per cent went into a savings account, 10 per cent went into an investment account, 10 per cent went into a charity or tithing account.”
While the idea of putting 10 per cent of your income into a charity or investment account may seem unrealistic for someone on unemployment benefits or a low income, Kiyosaki said the percentages can all be shifted higher or lower, even down to 1 per cent.
The idea is that it builds the habit first – and this in turn will build wealth.
“It has to be something that will stretch you but it has to be that habit, you do it with every single dollar, and you will be amazed at how fast those, those little piggy banks, add up,” she said.
Yahoo Finance will be tracking the end of JobKeeper and covering how Australians can navigate the bumpy waters ahead. Follow us on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.