Set for Life Dominate Life Money and the American Dream (Audible Audio Edition) Scott Trench LLC BiggerPockets Publishing Books
Download As PDF : Set for Life Dominate Life Money and the American Dream (Audible Audio Edition) Scott Trench LLC BiggerPockets Publishing Books
Set yourself up for life as early as possible and enjoy life on your terms!
Are you tied to a nine-to-five workweek? Do you work hard making someone else rich? Are you 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? Would you like to retire from wage-paying work within 10 years? Why not build and follow a plan that allows you to live the life of your dreams?
This isn't about saving up a nest egg. It's not about setting aside money for a "rainy day" or just accumulating an emergency fund. It's about building out a Financial Runway. It's about creating enough readily accessible wealth that you can survive without work for a year. Then five years. Then for life. Set for Life is a three-step guide that gives listeners the fiscal confidence they need to achieve early financial freedom. Listeners will learn how to
- Save more income - 50+ 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
Here's to fiscal confidence, here's to giving up a nine-to-five job, and here's to being set for life!
Set for Life Dominate Life Money and the American Dream (Audible Audio Edition) Scott Trench LLC BiggerPockets Publishing Books
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 more 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 more money.
There are other truths that I picked up as well, but not enough to recommend to my peers.
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Set for Life Dominate Life Money and the American Dream (Audible Audio Edition) Scott Trench LLC BiggerPockets Publishing Books Reviews
This book is great for the median income earner trying to learn how to become wealthy through real estate. It lays out a step by step plan to follow and does so in a very logical and systematic way. This book is divided into different sections. First is getting from $0 to $25k. Then from $25k to $100k. Then beyond $100k. There are some really basic concepts that are present in this book that are not present in others that I have read. For example, cutting out your entertainment budget is not healthy or smart. Reduce the largest parts of your budget such as rent and vehicle expenses will give you the most benefits. For example If you cut your rent in half by sharing an apartment with a roommate that will free up much more cash than cutting reducing your eating out or food budget by 10%. (And wont make you cranky I might add.) However, most other books explain to cut your variable expenses. In fact, the other books should have been recommending we reduce our fixed expenses.
The only part about this book that I don't like is that it's written for the young median income earner who is single without any children. There are so many others with dynamic backgrounds that I feel could have been easily included. However, the simplicity is easily adaptable to those who are willing to think outside the box. It definitely got me thinking about ways to better utilize my money to get further into real estate.
This book was an absolute game changer for myself and my family. I've always been deeply interested in personal finance and real estate, but this book motivated me to take action. This book released on April 23rd just one week before my wife and I were prepared to sign a new lease on a 3 story, very large town home. Thankfully, Set for Life caught us just in time. We ripped up the lease and decided to totally change our future. We immediately got to work and found a tiny basement apartment for $250 a month with ALL utilities and internet included. It's centrally located, less than 1 mile from both the grocery store and the hospital. So we packed up myself, my wife, our 6 month old newborn daughter and our Shitzu and humbly moved in. Fast forward a few months and we are still here in the basement apartment, happily living WELL below our means saving up piles of cash. My wife works from home and I recently accepted a remote position with a University that I start next week. This is huge considering I drove nearly all day for my former job. I put an average of 150 miles per day on my car, 5 days per week. So this well not only save me gas, maintenance, etc, but it will also be a huge relief for me to not be sitting in a car most of the day. Now that our offices are literally in our home, we'll be selling one of our cars and becoming a one car family. Our next step is hitting the $25,000 cash reserves and we are well on our way. We plan to be a multifamily property and house hack after that. Our goal is to never directly pay rent or a mortgage with our own income ever again. To put it practically, this is how your book changed our monthly cash flow
Previous Rent + Utilities = $1,320/mo
Current Rent + Utilities = $250/mo + $100/mo for a storage unit.
Total Savings = $970/mo or $11,640/yr
Previous Total Car Payments + Insurance = $566/mo
New Total Car Payments + Insurance = $310/mo
Total Savings = $256/mo or $3,072/yr
Previous Average Fuel and Oil Costs = $505/mo
New Average Fuel and Oil Costs = $175/mo
Total Savings = $330/mo or $3,960/yr
Total Change in Positive Cashflow = $1,556/mo or $18,672yr
Over $18,000 per year. That's unbelievable and is absolutely life changing. Of course, there will be more savings, but those are simply the savings from drastically cutting our two largest expenditures.
Many people list Rich Dad, Poor Dad as a favorite personal finance, business, or even real estate book. I love it as well and have read and reread it many times. The truth is though, it doesn't really provide very much in the way of actionable steps to take on a daily basis to achieve your goals. Enter Set for Life!!! This book takes all of the theory and guidance introduced in the Kiyosaki classic but wraps daily actions and habits that every individual can apply to this framework. I envision reading this book every few years as I personally move through the phases that this book lays out in detail. Much sacrifice and creativity is necessary to employ the methods in this book, but life is too unpredictable to not take these actions and secure a lifestyle that is predictable scalable, and able to be controlled.
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 more 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 more money.
There are other truths that I picked up as well, but not enough to recommend to my peers.
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