Cashflow Quadrant: Rich Dad's Guide to Financial Freedom
by Robert T. Kiyosaki, Sharon L. Lechter
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Book Summary Information
Author: Robert T. Kiyosaki, Sharon L. LechterEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2000-04-01
ISBN: 0446677477
Number of pages: 251
Publisher: Business Plus
Book Reviews of Cashflow Quadrant: Rich Dad's Guide to Financial Freedom
Book Review: A Powerful EDUCATION
Summary: 5 Stars
I will confess - I've been a Robert Kiyosaki fan for many years.
I should have posted my impressions of The Cash Flow Quadrant here a few years ago.
Of all Kiyosaki's great books, this one is my personal favourite. I've devoured it.
In The Cash Flow Quadrant, he coaches us like a mentor. He speakes the truth about the 4 sources of income like no other resource I know of, personally - and this is critical education that ALL of us need to have and clearly understand.
In many cases, I've given this little Gem as a 'gift' to some special people in my life, including family.
As a Financial Advisor, Business Consultant and Coach, I make absolutely sure that my clients and business associates "study" this book - especially SELF-EMPLOYED professionals, as they make up most of my client base. Kiyosaki "teaches" the hard realities in his book about those of us on the LEFT side of the Quadrant.
The 4 QUADRANTS - The Cash Flow Quadrant explains the 4 different ways (quadrants) we create income. Kiyosaki puts forth the concept of people moving from the LEFT side of the Quadrant ("E" Employee + "S" Self-employed status) -- where people earn LINEAR income, and are simply "trading time for money" [hours for dollars], trapped with a limited income potential => over to the RIGHT side of the Quadrant (to "B" Business Ownership + "I" Investment Portfolio status] -- where people can generate on-going RESIDUAL income - where the financial potential is completely unlimited -- there's no ceiling. RK says - "the richest people in the world look for, and build NETWORKS -- everyone else 'looks for WORK'.
BUSINESS 'SYSTEM' - Kiyosaki says - "... if you want long term financial success and complete control over your life, you need to "have a business system" - one that runs itself,and makes money even when you're not there". He is talking here about creating a long term 'income-producing asset' that develops a passive income. He goes on to say... "the problem is, most people don't have the education or money to purchase a business. They're trained throughout childhood to 'climb the corporate ladder', not to 'own' it. He calls Network Marketing 'the perfect "B" Quadrant entity'. Kiyosaki is one of its strongest advocates on Network Marketing as a business model, and has written a best-seller book about it, entitled, 'The Business School for People who Like Helping People', available at most good book stores.
But What About 'SELF EMPLOYMENT'? - Yes, as attractive as Self Employment may be (and it can be) - it is still "trading HOURS for DOLLARS" - "TIME for MONEY". You do the work - you get paid. There is usually little or NO ((passive)) residual income - let alone 'multiple' streams of diversified income. Self Employment may "seem" to be like owning your own business (or profession) - but more often, it's like "owning a JOB".
The Self Employed must continue to BE there [working] to create their incomes. Many have what they believe are magnificant and satisfying chosen careers - and that's wonderful. BUT when they get sick - or are in an accident - or get shut down - or go on vacation - or are sleeping - their income basically STOPS. Many make very large incomes, but many also have expensive lifestyles, max out their credit cards, owe high taxes, face heavy workloads.
In my Consulting practice, I too, am a Self Employed professional (LEFT side of the Quadrant) - trading TIME for MONEY - it's LINEAR income.
There is usually little or NO ((passive)) income - let alone 'multiple' income streams. And this is exactly why SO many solo business professionals encounter high stress and burnout (fee-based - dentists, physicians, chiropractors, attorneys, surgeons, corp executives, professional coaches, trades people, financial planners, consultants, small business owners, etc, etc).
The Self Employed must continue to BE there [working] to create their incomes. Many of us have what we believe to be magnificant and satisfying chosen careers - and that's wonderful. BUT when we get sick - or are in an accident - or get shut down - or go on vacation - or are sleeping - our income basically S-T-O-P-S.
Many make very large incomes, but they may also have expensive lifestyles, max out their credit cards, owe high taxes, face heavy workloads, etc.
Kiyosaki lays it all out - he gives us the "good - the bad - the ugly". It's a compelling read.
I give this a full "5-STAR" rating, without question.
Sincerely,
Peter Arnold, CLU, CFC / Founder
Business Achievers Academy / Canada
Summary of Cashflow Quadrant: Rich Dad's Guide to Financial Freedom
This work will reveal why some people work less, earn more, pay less in taxes, and feel more financially secure than others.Personal Finance Books
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