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Robert Kiyosaki suggests several practical steps to reduce consumer debt in his book 'Rich Dad's Cashflow Quadrant'. Firstly, limit the use of credit cards to one or two every month and ensure to pay off new charges every month. Secondly, find ways to generate an additional $150-$200 every month and use this to pay down the balance on one of your credit cards. Once the first card is paid off, move on to the next one. After all consumer debt is paid off, apply the same strategy to car and house payments. Most people can achieve this within five to seven years. Finally, once you are debt-free, invest the money you were spending on your last debt to build your asset column.
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Next, focus on reducing your consumer debt. Use only one or two credit cards every month and always pay off new charges every month. Figure out how to generate an additional $150-$200 every month and apply this to paying down the balance on one of your credit cards. Once you have paid off the first card, move on to the next one. Once your consumer debt is all paid off, do the same with your car and house payments—most people can do this within five to seven years. Once you are debt-free, take the monthly amount you were spending on your last debt and put the money toward investments that build your asset column.
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Discover a new approach to wealth management and start with small steps that can eventually lead to substantial assets. Robert Kiyosaki, author of the...
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