Set For Life: An All-Out Approach to Early Financial Freedom

Set For Life: An All-Out Approach to Early Financial Freedom is a no-nonsense easy plan for a young single person can use as an outline to reach their path to financial freedom. Author Scott Trench encourages Average Joe, in a straightforward style of writing, to change your mindset and act on the ideas presented in this book.

What’s the goal…

The goal of this book is for single people in their twenties or thirties earning a median income a path to financial freedom in simple three phases:

• Part 1: The First $25,000 Is the Hardest
• Part 2: From $25,000 to $100,000 Through Housing and Income Generation
• Part 3: Moving from $100,000 to Financial Freedom

The phases build up to the next phase until you reach financial freedom.  Each phase clearly outlines varieties of strategies that a person can take to achieve the goal of the phase. 

Throughout this book, Scott Trench hits you with some hard truths that you will need to overcome.  In fact, your life is going to require a lot of discipline and often personal sacrifices.  However, Scott Trench easily explains that the sacrifices are short term to meet the long-term success of financial freedom.

Part 1

In Part 1, Trench stresses the importance of being financially frugal.  He provides several reasons how being frugal could open doors for you.  The important take away of this part is the importance of saving a year’s worth of expenses.

Part 2

Part 2, Trench explains that you are in better position to move towards the goal of financial freedom since a financial safety net as been built.  This part shares the biggest advice that could change your financial future.

Since Average Joe spends most of his income on housing, Trench explains why house hacking is better than renting or the traditional homeownership as way to eliminate your housing expenses.

Part 3

In this part you will learn about replacing your wage by creating passive income streams.  Trench explains what flow negative, natural, and positive investments are and how to invest for positive results.  He outlines different investment strategies such like, stock market, real estate, and so on. 

Also, this book easily explains how to track you progress.  Trench lays out four metrics that should be considered to track your net worth, spending, income, and time.

About the author…

Scott Trench is the CEO and President of BiggerPockets, you are reminded of this several times throughout the book.  Scott continues to be an active investor in the Denver area and BiggerPockets focuses mainly on real estate investing.  You can follow Scott and his team at BiggerPockets.com.

Who is this for…

Set for Life is a straightforward approach to personal financial freedom.  Part 1 may seem a novice if you have any knowledge of personal finance.  Part 2 and 3 does offer the reader with great simple strategies to meet one’s long-term financial goals.

Building wealth is always possible, even while working full-time, earning a median income, and paying off debt.  By layering philosophy with practical knowledge, Set For Life gives people in their twenties and thirties an action plan to conquer their financial goals early in life.

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