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The Cashflow Quadrant is a concept developed by Robert Kiyosaki, author of the book 'Rich Dad Poor Dad'. It is a diagram divided into four quadrants: Employee (E), Self-Employed (S), Business Owner (B), and Investor (I). The left side (E and S) is where most people fall, trading time for money. The right side (B and I) is where financial freedom is achieved, as income is generated passively. To achieve financial freedom, one needs to move from the left side to the right side of the quadrant. This involves reducing consumer debt, increasing income, and investing in assets that generate passive income.
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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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