Cashflow Quadrant is a bit of a sequel to Rich Dad, Poor Dad. Robert Kiyosaki delivers on this one again. This covers the mindset required to build wealth and achieve financial freedom. The "Cashflow Quadrant" is an understanding of where you make money from. Aim to move from the left side (employee or self-employed) to the right side (business owner or investor). Those in the left side work for their money and pay the government first in taxes. Those in the right side have their money work for them, and they pay the government after themselves. This is why the rich always seem to get richer. The right siders achieve financial freedom. Financial Freedom is when you do not have to work to cover your monthly expenses. This is true freedom.
Key Takeaways
Memorable Quotes
Rating: 9/10
Cashflow Quadrant covers many of the same concepts as Rich Dad, Poor Dad. It digs deeper into the mindset changes and new skills required to shift to the right side. Another eye-opening read on personal finance and financial freedom for me. I look forward to digging in more on this subject.
Key Takeaways
- You cannot keep the same mindset as an employee when you move to a business owner or an investor.
- The right side requires different skills and experiences than the left side.
- Building wealth is a game. You win some, and you lose some, but if you don't play, you can't win at all.
- Failure is a step on the way to success.
- Wealth is as much a mindset as it is technical skills and understanding.
Memorable Quotes
- One of the quotes credited to Ford goes: "Thinking is the hardest work there is. That is why so few people engage in it.”
- If you want to be a leader of people, then you need to be a master of words.
- Many people will not head down the street until all the lights are green. That is why they don't go anywhere.
- Remember that anything important can't really be learned in the classroom. It must be learned by taking action, making mistakes, and then correcting them. That's when wisdom sets in.
- Finding your path means finding out what you were put here on this earth to do. What is your life's purpose? Why were you given this gift called life? And what is the gift you give back to life?
- We learn the most about ourselves when we fail, so don't be afraid of failing. Failing is part of the process of success. You can't have success without failure.
- Rich dad said that financial intelligence determined, not so much how much money you make, but how much money you keep, how hard that money works for you, and how many generations you can keep it.
- You can always quit. So why quit now?
- A mentor is someone who has already done what you want to do and is successful at doing it. Don't find an advisor. An advisor is someone who tells you how to do it but may not have personally done it.
- My best advice is to prepare daily to be bigger than your smallness. In my opinion, the reason most people stop and turn back from their dreams is because the tiny person found inside each of us wields more power than our bigger person.
- No matter what anyone is saying to you from outside, the most important conversation is the one you are having with yourself on the inside.
- People think that working hard for money and then buying things that make them look rich will make them rich. In most cases it doesn't. It only makes them more tired. They call it ‘Keeping up with the Joneses.' And if you notice, the Joneses are exhausted.
- In times of great economic change, there are always great transfer of wealth. Even if you do not have much money, it is important to invest in your education... for when the changes come, you will be better prepared for them. Don't be caught unaware and afraid. As I said, no one can predict what will happen, yet it is best to be prepared for whatever happens. And that means getting educated now.
- Trust that you have everything you need right now to be successful financially. All it takes to bring out your natural, God-given gifts is your desire, determination, and a deep faith that you have a genius and a gift that is unique.
Rating: 9/10
Cashflow Quadrant covers many of the same concepts as Rich Dad, Poor Dad. It digs deeper into the mindset changes and new skills required to shift to the right side. Another eye-opening read on personal finance and financial freedom for me. I look forward to digging in more on this subject.
