Set for Life: Dominate Life, Money, and the American Dream

by Scott Trench

Overview

Learn to build a stable financial foundation that will carry you through times of economic uncertainty. Fans of Rich Dad, Poor Dad and Total Money Makeover will love the actionable advice in this personal finance bestseller!

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 20s or 30s 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? By layering philosophy with practical knowledge, Set for Life gives young professionals the confidence they need to conquer their financial goals early in life.

Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and Scott Trench—investor, entrepreneur, and CEO of BiggerPockets.com—demonstrates how to do just that. Even starting with zero savings, he demonstrates how to work your way to a five-figure income, then to six figures, and finally to the ultimate goal of financial freedom.

Readers 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

Track your financial progress in order to achieve the greatest results

Build frugal and efficient habits to make the most of your lifestyle

Secure “real” assets and avoid ”false” ones that destroy wealth

And much more!

Product Details

ISBN-13:	9780997584714
Publisher:	BiggerPockets Publishing
Publication date:	04/23/2017
Series:	Financial Freedom , #1
Pages:	236
Product dimensions:	6.10(w) x 9.30(h) x 1.00(d)

About the Author

Scott Trench is CEO of BiggerPockets, co-host of the BiggerPockets Money Podcast, a real estate investor, real estate broker, and bestselling author. Through a solid understanding of money management, calculated risks, and a lot of hard work, he has created financial freedom for himself as well as a successful real estate business in just three years after graduating college. In his bestselling book, Set for Life, he shares the knowledge that he has acquired so others will have the tools they need to repeat his results in just 3–5 years, giving them the option to go anywhere they want in the world, work any job, start any business, or finish out the journey to financial independence and retire young. Scott currently lives in Denver, Colorado and enjoys skiing, rugby, craft beers, and terrible punny jokes.

Table of Contents

Introduction

Part I: The First $25,000 Is the Hardest

Chapter 1: Building The First $25,000 through Frugality

Chapter 2: How to Live an Efficient Lifestyle?

Chapter 3: What to Do with Money as You Save It

Part II: From $25,000 to $100,000 through Housing & Income Generation

Chapter 4: Turning Your Largest Expense into an Income Producing Asset

Chapter 5: The Financial Impact of Housing Decisions

Chapter 6: How to Make More Money

Chapter 7: Scaling a Scalable Career

Part III: Moving from $100,000 to Financial Freedom

Chapter 8: An Exploration of Financial Freedom

Chapter 9: An Introduction to Investing for Early Financial Freedom

Chapter 10: Investing in the Stock Market

Chapter 11: Real Estate Investing

Chapter 12: Tracking Your Progress

Chapter 13: Habits and Their Impact on Financial Freedom

Chapter 14: Conclusion

Appendix: Retirement Accounts

Editorial Reviews

2017-05-02
A debut financial guide offers a novel approach to wealth creation. Reports of the demise of the middle class have led to a spate of financial and investment books targeting the "average Joe," a label often used in this work. Clearly, Trench intends the manual for a specific audience, "the full-time median (around $50,000 per year) wage earner who has little to no initial savings but wants early financial freedom." The author's three-stage formula focuses on the notion that creating and building wealth is about developing a "financial runway," or the ability to live a desired lifestyle without relying on a traditional job. But rather than promote a get-rich-quick scheme, Trench lobbies for a period of self-sacrifice followed by bulking up on savings and investing in income-producing assets. The author lays out his proposition elegantly, using a strategy that moves from zero personal wealth to an initial accumulation of $25,000, growing that to $100,000, and culminating in fiscal independence. Much of the book emphasizes a do-it-yourself mentality and disciplined practicality. Trench chides the reader to be sensible and accept less than "the best." The finest will cost a lot more but probably not be much better than "quite good." This goes hand in hand with the concept of living "efficiently." These are tenets of a kind of self-reliant, pragmatic philosophy that forms a foundation for the well-constructed book. Tactics abound: when it comes to housing, for instance, the author's solution is to start by living in an inexpensive apartment close to work and, after saving some money, become a "house hacker"—purchase a multifamily unit, live in one part, and rent out the other. This is a key to wealth creation, writes Trench, but it may not be desirable or feasible for everyone. Other unconventional ideas, such as seeking out a performance-based job to generate higher than average employment income, are provided throughout. Cogently written and ideal for those beginning their careers who are not averse to risk; some may find this fiscal plan too audacious, but others will likely embrace its spirit and pursue it with fervor.

Kirkus Reviews