Ä Set for Life Å Download by ↠´ Scott Trench EDIT I came back and upgraded my ratings I was shocked to see I had only given this 3 stars It has stuck with me and finds its way into most conversations about money It is by far the book I recommend most to people You can even ignore the last paragraph because I fit that description and still found a way to change my life and apply the principles from this book I also noticed Scott is like one of those friends you don t know how to take at first, so you take them the wrong way This was the first I had ever really read anything Scott had written and I m not sure I d even listened to the BP Money podcast at this point I don t think I m alone in reacting to Scott the wrong way the first time But I ve grown to enjoy him quite a bit he s r This is THE best personal financial book I have EVER read I first read Dave Ramsey s Total Money Makeover a couple years ago and got all the way through each baby step to step 5, still working on step 6 Now to read this I m going all in after reading this book Even if you don t adopt every principle it talks about, if you are interested in real estate or stock market investment and working toward early financial freedom, this book is a MUST read Don t wait to see me be successful, retire early, and never have to worry about money again and then say, I want that lifestyle, too join me NOW.
Set Yourself Up For Life As Early As Possible And Enjoy Life On Your Terms Are You Tied To A Nine To Five Workweek Would You Like To Retire From Wage Paying Work Within Ten Years Are You In Your S Or S And Would Like To Be Financially Free The Sort Of Free That Ensures You Spend The Best Part Of Your Day And Week, And The Best Years Of Your Life, Doing What You Want Building Wealth Is Always Possible, Even While Working Full Time, Earning A Median Income, And Making Up For A Negative Net Worth By Layering Philosophy With Practical Knowledge, Set for Life Gives Young Professionals The Fiscal Confidence They Need To Conquer Financial Goals Early In Life Accumulating A Lifetime Of Wealth In A Short Period Of Time Involves Working Harder And Smarter Than The Average Person, And Set for Life Demonstrates How To Do Just That From Zero Savings To Five Figures, Then To Six Figures, And Finally To The Ultimate Goal Of Financial Freedom Wealth Isn T Just About A Nest Egg, Setting Aside Money For A Rainy Day, Or Accumulating An Emergency Fund True Wealth Is About Building Out A Financial Runway Creating Enough Readily Accessible Wealth That You Can Survive Without Work For A Year Then Five Years Then For Life Readers Will Learn How To Save Income Percent Of It, While Still Having Fun Double Or Triple Your Income In Three To Five Years Secure Real Assets And Avoid False Ones That Destroy Wealth Financial FreedomThis books starts with the basics such as cutting spending and tracking and managing expenses, so you can save to invest since a dollar saved is greater than a dollar earned after tax It reminds us that house hacking, that is buying a multifamily property and living in one unit and renting out the rest, basically living for free is one of the fastest ways to achieve savings towards financial freedom, with investing in income producing assets It takes us from negative to neutral cash flow to positive and financial freedom It s a good read for anyone who wants to attain several years of financial runway and retire early, doing what you want with your time rather than wage paying labor.
I really wanted to like this book but the real estate investment bias just paints an unrealistically rosy picture Take the example on p188 where Megan clears 75k on her duplex after four years What about the 6% sales commission and costs related to sales If you assume shes loses 7% that s 21k of her profit Nowhere is mentioned the 9k yr lost to interest Nowhere are the yearly maintenance costs mentioned Also, somehow the property magically appreciates 50k but nowhere are the costs of these improvements mentioned Assuming these improvements are free, basically she nets 18k over 4 years on 65k invested 10k down plus monthly payments on the loan Assuming she put in 1% a year to maintain the property and t Highlights 1 Do the big things right Biggest expenses are areas that need to be reduced 2 Save 50% of income Build 10 25k this is the grind 3 House hacking buy duplex and rent the other half Fix it up as you live there 4 Income Performance based pay No limit.
5 Put yourself in high achieving environments Be around people who are truly great 6 Continuously improve in personal productive and leadership.
7 Life Long Learner regular habit Blog, online course, podcast.
8 Develop up to date skills for tomorrow Keep improving to keep up 9 Instantly make trivial decisions 10 Clearly defined goals Put self in position to have exposure to others Be ready for luck.
Remove from your life TV Netflix sports entertainment eating out regularly Night life music during wor I would highly recommend this book to anyone in their 20 s or 30 s especially those looking to boost their wealth and find a path to early financial freedom I only wish I had read this when I was 18 years old The author, Scott Trench, has some very wise advice on how to start investing in real estate by first saving money rather than trying to earn money In addition to reading this book I highly suggest checking out Scott s podcast on biggerpockets.
com as well as all the other great resources that site has to offer.
This should be a required read for anyone looking to get ahead financially especially early in your career.
This book s primary audience is people 30 and under who are just starting their professional lives post college I would highly recommend it to those folks I cannot recommend it for anyone who is already deep in their career and looking for ways to make a transition out into a self directed lifestyle The author doesn t acknowledge people in the latter circumstance, so I wish the focus was made clear in the book description.
That being said, I m one who can always find nuggets of truth in any book I found the sections on time utilization helpful where he talks about the day job taking up so much of your day My job, including commute time, takes up 12 hours of my day Finding a job with a shorter commute could get me 6 hours of time back a week that could be spent on earning money There are other truths that I picked up as well, but not en