Set For Life by Scott Trench teaches one how to “Dominate Life, Money and The American Dream.” Written by the Vice President of BiggerPockets and an expert real estate investor, Set For Life will teach you money hacking tricks that will change your financial future.
After reading Set For Life, I now have a new outlook on creating early financial freedom and what it takes to get there. Here is the Set For Life Book Review with details of what you will learn, my biggest takeaways and who will benefit most from reading this book.
Set For Life by Scott Trench
Author: Scott Trench – Real Estate Investor & Vice President of BiggerPockets
Genre: Money, Finance, Wealth Management, Real Estate Investing
Publication Date: April 23, 2017
Number of Pages: 236 pages
Price: See price on Amazon (subject to change)
Topic Summary: A logical approach to early financial freedom through paying off debt, saving money faster, investing properly and leveraging real estate.
What you will learn by reading Set For Life by Scott Trench
If you are familiar with the famous real estate investing community “BiggerPockets“, you might be wondering if the book Set For Life is just another book on real estate and how it's the best type of investment. However, this is certainly NOT the case.
While the book does discuss unique ways to use real estate to accelerate your path to early financial freedom, that is only a small portion and is by no means a sales pitch to join the BiggerPockets community.
Rather, Set For Life will show you a detailed process on how to achieve early financial freedom. You will learn a three part process that will allow you to be financially free within a fraction of the average 40 year career. The three part process is titled in the book as follows:
- “The First $25,000 Is The Hardest” – The goal is to build $25,000 in investable assets.
- “From $25,000 to $100,000 Through Housing And Income Generation” – The goal is building your investable assets to $100,000 through building income producing assets.
- “Moving From $100,000 To Financial Freedom” – Getting to financial freedom by accelerating your income producing assets.
This three part process is discussed in great detail, using easy to follow principles that will accelerate your path to early financial freedom.
How to set yourself up financially to seek opportunity as an entrepreneur
Most wealthy people today are small business owners to some extent. But what about those who work a full time salaried job with a family to provide for? How are they supposed to build a small business as an entrepreneur?
The reality is, most people only have an extra hour or two each day outside of work and family, to contribute to building a small business. With that in mind, it could take a while to build that next successful small business.
So what is one to do? In Set For Life, Scott Trench explains how frugality is the first step to wealth creation. One main reason is that, by being frugal and saving your money regularly, you create a financial scenario where you are able to take more chances with your career.
With the right amount of money saved up, if you begin a small business, you are able to live on your savings if you don't generate any income during the startup phase.
Frugality and building up a large amount of investable assets reduces the risk of not being able to provide for your family while you pursue your path to early financial freedom.
Set For Life will show you the saving and investing strategies that will have the biggest effect to building up your financial well being to create a scenario where you can afford to seek out that income producing asset on the side.
A logical approach to reducing the cost of living
Along with learning to save regularly and invest consistently, Set For Life shows how you can build a financial lifestyle where you live off of only $2,000 – $2500 per month for a small family.
By lowering your cost of living, and increasing your investable assets (as discussed in the previous section), you accelerate your path to early financial freedom, and create an even more ideal financial situation where you can pursue and build a wildly successful business.
Most people will say that the best way to save more money or reduce your cost of living is to stop eating out, spending money on entertainment, etc. However, in reality, those are small expenses that really have little effect on your finances.
When researching the biggest living expenses, it is evident that housing and transportation are the two largest expenses for the average American household.
Set For Life will show you how to take this knowledge and use it to really cut back on expenses, while encouraging you to continue to spend on entertainment as it is healthy to enjoy life (however that is not to be taken to the extreme).
How to increase your income regardless of college degree or industry
Many people think that it is a requirement to have a costly college degree to take the next step or promotion in their career. However, this is not the case. While education is essential and will certainly improve your chances of getting paid better, it is not the only path of choice.
Set For Life gives detailed examples of how people without college degrees decided to pursue a new career in a new industry, resulting in an increased income. And they did it without a college degree.
By pursuing education that doesn't require you to go into debt, such as online boot-camps for web developers (for example), you can enter the web development industry and easily achieve a 6 figure income in just a few short years time.
Set For Life explains how your fastest route to increasing your income is by working in a position that pays you based on your work results, such as a sales or marketing position. For example, in a sales position you may get paid a base pay with uncapped commissions, allowing you to have more control on the amount of money you make.
With this type of job, you can logically control your income and focus your efforts on the most important areas of your finances to increase your income and accelerate your path to early financial freedom.
My Overall Opinion of Set For Life by Scott Trench
After reading Set For Life, I have a better vision of how numbers begin to work in your favor as you apply the three part process to achieving early financial freedom. It isn't rocket science to build income generating assets that allow you to retire in your thirties or forties. All it takes is a logical approach and a proven plan.
I would recommend anyone looking for a clear path to improving their finances, different ways to pursue their entrepreneurial ventures, or ways to achieve financial freedom to read Set For Life by Scott Trench.