Set for Life

Set for Life

Sep 17, 2018

I didn’t want to work for forty years in Corporate fighting to climb a ladder that millions of others are also on. I saw myself making bank and rising to the top on my own terms, but didn’t know how to do it. This book has certainly played its part in moving me closer and strengthening my plan and confidence to achieve my crazy and concrete goal of being able to retire in ten years, if I really wanted to. It’s a personal finance and wealth-building, financial-freedom-seeking kind of book that is delivered in three main parts:

  • Saving $10K-25K in one year so that you either can live off of it pursuing a business or house-hacking the purchase of a home)
  • Saving $100K in years three to five
  • Having financial freedom in three to X many years later (where "X" depends on your own discipline and situation) after completing parts one and two above

The author Scott Trench also talks about optimal uses of your retirement account, investments, tracking your personal finance and time in more meaningful ways, and provides a daily, weekly, quarterly, and yearly template for developing strong habits towards achieving the goals in the three steps above.

Learning more about a topic through different means will either give you new knowledge or strengthen whatever you already know about it. This book managed to do both for me and I hope it does the same for you. Let’s get them coins and live life on our own terms; life is too should be living it however tf you want.

Ready to get this book? If so, buy it below and happy reading! Reach out to me when you're done so we can talk about it.

As an Amazon Associate, I earn from qualifying purchases. So if you use the link above to buy Set for Life, I'll get a little something something. Thanks, in advance — you da real MVP.

If you're not sold yet, read some of this book's excerpts below to get a better feel for it. Subscribe to my mailing list and you’ll receive the entire list of excerpts (over 500 of them) below for this book and future books (at least two to four books a month), on top of other useful and motivating info.

  • Regardless of whether you currently enjoy your work or not, early financial freedom is a worthwhile goal.
  • In this book, you will learn how to redesign your lifestyle, restart your career, and rebuild your financial position. In this book, you will save your money, earn more money, and use the cash you accumulate to purchase freedom and the ability to design your day-to-day life without the need for wage-paying work.
  • This book is designed for someone with a specific set of circumstances. It is designed for the full-time median (around $50,000 per year) wage earner who has little to no initial savings but wants early financial freedom.
  • Part I of this book will take Average Joe from $0 to $25,000 in personal wealth. You have to start somewhere, and the median wage earner with little to no accessible wealth will begin their journey by focusing on lifestyle design.
  • Part II of this book takes readers from $25,000 to $100,000 in personal wealth.
  • While continuing to live efficient lifestyles, readers will further reduce their living expenses by purchasing a primary residence that allows them to live for free. They will also learn how to earn significantly more income by changing careers and how to develop habits tied to success.
  • Part III of this book takes readers from $100,000 to early financial freedom. It takes them from several years of financial runway to a lifetime of permanent financial abundance.
  • The hard truth is that the first step in the process to escape the rat race is (and always has been) to begin preserving capital. Frugality. Savings. Penny pinching. Living on less.
  • Why Wealth Creation Begins with Frugality
  • Reason #1: Frugality Enables You to Seek Opportunity
  • Reason #2: Frugality Opens Up Opportunities
  • Reason #3: Our Tax System Favors the Saver, Not the Earner
  • There are three initial steps that should be completed, in order, for the seeker of early financial freedom to build up that one-year stockpile.
  • House hacking is an extremely important wealth-building step for the median wage earner with near typical spending patterns. The reason you save so aggressively in part I is to put yourself in position to easily take advantage of the tactic of house hacking.
  • Five Ways to Buy a First Property and Their Financial Consequences
  • House hacking is the optimal financial decision for most first-time buyers.
  • There are three simple things that median wage earners can do in order to sell their time and their talents for more income: Develop highly sought-after skills. Take control one’s future income. Find synergies between one’s work and lifestyle and investments.
  • Five Tactics To Help You Earn More Money
  • In part II, we used that first $25,000 and its year of financial runway to purchase housing and transition into work that offers greater potential on the income front.
  • This part of the book will teach you about the incredible power of long-term wealth creation and principles of investing and value creation. It’s about making your wealth work for you.
  • In case you were wondering, here are some other ways in which one might acquire assets:
  • When you begin investing—actually buying assets that you hope to sustain your lifestyle for the rest of your life, you never, ever plan on spending the invested dollars.
  • In the next chapters, we will discuss investing in stocks and real estate in depth as it relates to attaining the goal of early financial freedom.
  • This chapter will teach you how to track your progress toward early financial freedom. The single most important metric in this quest is usable net worth, specifically real assets.
  • Build your own wealth, buy back your time, and spend both wisely. Set yourself up for life and live.

As an Amazon Associate, I earn from qualifying purchases. So if you use the link above to buy Set for Life, I'll get a little something something. Thanks, in advance — you da real MVP.

Leave your comments below — I’d love to hear from you! What are your thoughts on the excerpts/this book? Going to read it? Any questions or comments about this post? I respond to each and every comment so I'm looking forward to hearing from ya!