Furthermore, how much you get paid may or may not be under your control, depending on whether you accept insurance or not. But even so, if you don’t work you still won’t get paid. Kiyosaki states that for the self-employed, the business actually owns them.Īs a self-employed physician, you might have a little more control over your time. To make more, you still have to put in more hours. Self-employed people may feel like they’re in a better position than employees but are still essentially trading time for money. How many of you are employees of a large health system and paid a salary based on a set number of hours a week? More and more, doctors are finding themselves in this quadrant as private practice continues to diminish. However, you’re still trading time for money even with a salary increase–if you don’t work, you don’t get paid. The only way to earn more money is to work more hours–or jump to another company that pays more per hour. Their income is tied to their time and they are essentially trading time for money. An employee makes money by putting in their time and performing their job, and collects a wage or salary. The majority of the population lives in this quadrant. To break it down even further, here are some details on what each of those categories means. When it comes to jobs, careers, and business, some people fall into multiple “quadrants,” but everyone fits into at least one of these categories. In the book, Kiyosaki breaks it all down using four key areas (hence the quadrants) and labels them with a letter: He even talks about the mindsets of different careers and I think he’s pretty spot on. Using the concept of quadrants, Kiyosaki talks about different careers and how our current tax structure plays into them.
#CASHFLOW QUADRANT FREE#
But since none of us have much free time, let me break down a quick summary for you. This concept is so important and fundamental that I believe every doctor needs to read and understand it as much as possible (for more detail, check out his book, the Cashflow Quadrant). While I don’t agree with everything he says in every book, one thing that really cemented the idea of passive income in my mind was the concept of the “cashflow quadrant.” His book, Rich Dad Poor Dad, actually helped start me on my path to financial freedom, and his other writings have all taught me very valuable lessons.
Physician Wellness and Financial Literacy Conference – Park City.Continuing Financial Education – Las Vegas.Financial Wellness and Burnout Prevention for Medical Professionals.
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