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The Last Safe Investment: Spending Now to Increase Your True Wealth Forever
Myth: If you save for decades and invest in 401(k)s, IRAs, and a home, these investments will grow steadily, allowing twenty to thirty years of secure, peaceful retirement.
Reality: Though this might have been true at some point in the last century, it is not true any longer. If you want to get ahead and enjoy a life of prosperity, you must invest in the last safe investment: yourself, and your own skills, value to others, relationships, and overall happiness.
Business strategist Bryan Franklin and author Michael Ellsberg (The Education of Millionaires) team up here to present a blueprint for building “True Wealth”: the ability to generate not just financial value but also the experiences you cherish most—security, freedom, creative expression, and love.
Discarding traditional advice, Franklin and Ellsberg propose the Self-Amplifying Financial Ecosystem (SAFE) plan. This plan teaches you:
·Small investments you can make for a big impact on your value to other people, multiplying your earning potential
·The secret to accumulating savings without willpower or deprivation
·How to invest in life’s richest experiences (which money can’t buy)
·The “Super Skills”—the most valuable, sought-after, rewarded, and universally beneficial human skills
·Why most people are throwing away huge sums of money in the quest for happiness, and how to spend that money more effectively
This bold manifesto will change the way you think about money, wealth, investment, and spending forever.
Reality: Though this might have been true at some point in the last century, it is not true any longer. If you want to get ahead and enjoy a life of prosperity, you must invest in the last safe investment: yourself, and your own skills, value to others, relationships, and overall happiness.
Business strategist Bryan Franklin and author Michael Ellsberg (The Education of Millionaires) team up here to present a blueprint for building “True Wealth”: the ability to generate not just financial value but also the experiences you cherish most—security, freedom, creative expression, and love.
Discarding traditional advice, Franklin and Ellsberg propose the Self-Amplifying Financial Ecosystem (SAFE) plan. This plan teaches you:
·Small investments you can make for a big impact on your value to other people, multiplying your earning potential
·The secret to accumulating savings without willpower or deprivation
·How to invest in life’s richest experiences (which money can’t buy)
·The “Super Skills”—the most valuable, sought-after, rewarded, and universally beneficial human skills
·Why most people are throwing away huge sums of money in the quest for happiness, and how to spend that money more effectively
This bold manifesto will change the way you think about money, wealth, investment, and spending forever.
288 pages, Hardcover
Published January 5, 2016
60 people are currently reading
586 people want to read
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Displaying 1 - 30 of 32 reviews
March 24, 2016
Want to read a book on getting rich, look elsewhere. Want to have your definition of rich changed? This is it.
Franklin and Ellsberg lay out a convincing case that Westerners are mostly playing a game they won't be pleased with at the end of it all. In fact, we should reevaluate the entire game altogether.
I know what you're thinking, that's alot of philosophical hyperbole. You're right, it is philosophical and that's the point. What constitutes a good life, i.e. An investment of our one truest non-renewable resource: time.
If tactics are the things you do in order to win and strategy is the game you choose to play. This book is, ultimately, a strategic one.
You'll be happy invested the money and time in this book. I know I was.
Franklin and Ellsberg lay out a convincing case that Westerners are mostly playing a game they won't be pleased with at the end of it all. In fact, we should reevaluate the entire game altogether.
I know what you're thinking, that's alot of philosophical hyperbole. You're right, it is philosophical and that's the point. What constitutes a good life, i.e. An investment of our one truest non-renewable resource: time.
If tactics are the things you do in order to win and strategy is the game you choose to play. This book is, ultimately, a strategic one.
You'll be happy invested the money and time in this book. I know I was.
March 31, 2017
There is some serious next-level thinking in this book.
I read a lot of personal development stuff, and it's rare to come across truly fresh and provocative thinking.
I'm a speaker and executive coach, and I'll be bringing language from this book into my conversations with clients:
- Systemic Spending
- Happiness Exchange Rate
- True Wealth
- Exclusionary vs. Inclusionary Prestige
- Building Tribes
I've already bought a dozen books for my clients. Read it.
-Dominick
I read a lot of personal development stuff, and it's rare to come across truly fresh and provocative thinking.
I'm a speaker and executive coach, and I'll be bringing language from this book into my conversations with clients:
- Systemic Spending
- Happiness Exchange Rate
- True Wealth
- Exclusionary vs. Inclusionary Prestige
- Building Tribes
I've already bought a dozen books for my clients. Read it.
-Dominick
January 9, 2016
The book alternated between really insightful passages and really frustrating passages. It's basically a toolbox of techniques to make a person more valuable in the workplace. Frustration came from getting lost in the authors' world of their own terminology. But again, it's not all bad. The most insightful passage for me came at the very end of the book, where the authors describe the traditional definition of economics, and their take on the finite and the infinite - a very wise passage indeed. Why couldn't it have been that way throughout?
May 21, 2018
Generally good - but not revolutionary - tips on how to improve your happiness, increase your earning potential. Since the book is middling okay-ish, inevitably the bad points tend to stand out more.
For one, I found it a little discomforting the authors recommended earning favours with people in high places, or people who are well on their way up.
It mentions how one can mentor the young future entrepreneurs, or provide advice to "experienced experts" who would appreciate perspectives from another domain more so than an inexperienced person. These favors can be both formal and informal, and can be called upon later in life when necessary. For instance, getting free yatch rentals from a rich boatowner who doesn't use it much. Or, receiving startup equity not cash, then cashing it out when the startup is bought out by a bigger firm. Or having a simple formal contract asking for 10% of all revenue once the firm hits $1 mil in revenue. Especially revenue, to avoid getting scammed by legalese for "profits", which can be pre/post taxation etc.
It also mentions how this "adviser equity" is easier to earn than "sweat equity", giving a scant few hours per week of advice, instead of toiling away hours a day to help a firm succeed. And that one should diversify and consult as many people/firms as possible, in order to strike that equity lottery. Even if the firm should fail, you can call in favours such as asking to be hired as the designated external consultant, or receiving free gifts, invitations to parties, and referrals to other companies. Perhaps this is an investor's/consultant's life, and has definitely worked well for the authors. But it smells of exploitation and maybe even corruption/favouritism.
Maybe my review is a little too harsh. The authors genuinely believe in their strategies, and believe in the goodness and abundance that comes from helping fellow CEOs, consultants and businessmen. The concept is sound, it's just that framing things in terms of "equity", "favors" and "gifts" sounds rather mercenary.
For one, I found it a little discomforting the authors recommended earning favours with people in high places, or people who are well on their way up.
It mentions how one can mentor the young future entrepreneurs, or provide advice to "experienced experts" who would appreciate perspectives from another domain more so than an inexperienced person. These favors can be both formal and informal, and can be called upon later in life when necessary. For instance, getting free yatch rentals from a rich boatowner who doesn't use it much. Or, receiving startup equity not cash, then cashing it out when the startup is bought out by a bigger firm. Or having a simple formal contract asking for 10% of all revenue once the firm hits $1 mil in revenue. Especially revenue, to avoid getting scammed by legalese for "profits", which can be pre/post taxation etc.
It also mentions how this "adviser equity" is easier to earn than "sweat equity", giving a scant few hours per week of advice, instead of toiling away hours a day to help a firm succeed. And that one should diversify and consult as many people/firms as possible, in order to strike that equity lottery. Even if the firm should fail, you can call in favours such as asking to be hired as the designated external consultant, or receiving free gifts, invitations to parties, and referrals to other companies. Perhaps this is an investor's/consultant's life, and has definitely worked well for the authors. But it smells of exploitation and maybe even corruption/favouritism.
Maybe my review is a little too harsh. The authors genuinely believe in their strategies, and believe in the goodness and abundance that comes from helping fellow CEOs, consultants and businessmen. The concept is sound, it's just that framing things in terms of "equity", "favors" and "gifts" sounds rather mercenary.
January 28, 2016
I expected the book to offer more insight on growing wealth. Instead, the authors talk a lot about systematic spending, in terms of money and time spent. Every purchase should have an impact on something else other than its intended purpose and time should be spent developing skills and nourishing relationships.
I stopped reading on page 118 since the book was due. I'll write up additional notes I took on my blog post: http://winniemui.com/?p=1318
I stopped reading on page 118 since the book was due. I'll write up additional notes I took on my blog post: http://winniemui.com/?p=1318
October 11, 2017
Really strong opening. Weak ending. The framework is really useful. The examples less so.
August 16, 2020
The biggest takeaway for me from this book is a sense of urgency to find and create my tribe.
June 2, 2022
Surely one of the books that helped changed my global vision about life.
This book is not about money, it’s about investments above the money vision.
Genius
This book is not about money, it’s about investments above the money vision.
Genius
![Profile Image for c4ss1us [l1f3].](/_next/image?url=https%3A%2F%2Fi.gr-assets.com%2Fimages%2FS%2Fcompressed.photo.goodreads.com%2Fusers%2F1716856036i%2F58854217._UX200_CR0%2C2%2C200%2C200_.jpg&w=128&q=75)
February 1, 2017
This book is a roadmap for ambitious people. It shows you a pragmatic way to make money, be happier, and develop the necessary skills to be successful. If you want to know how to focus your efforts on the opportunities that have the highest payoffs, use this book as a reference.
Financial Advice Commonly Delivered (FACD plan) vs Self-Amplifying Financial Ecosystem (SAFE plan):
Ellsberg and Bryan start by showing that to invest in the FACD plan is to bet against yourself. You think that having a stable, low amount of return over investment every month, is better than investing in yourself and your capacity to create value for others.
You should focus on a SAFE Plan, composed of the "True Wealth Disciplines" instead: 1) Spend Systemically, by 2) Increasing Your Value to Others, and 3) Increasing Your Happiness Exchange Rate.
Then they proceed to break down each one of these and show you how to get the most out of your income.
After that, also in the SAFE Plan, there's what he calls the "True Wealth Assets", which are 1) Advisor Equity, 2) Tribe and 3) Savings. These are increased as a result of the systemic spending in one of the True Wealth Disciplines.
If you are Increasing Your Happiness Exchange Rate, you're consequently increasing your Savings.
If you are Increasing Your Value to Others, you're consequently improving your capacity of acquiring more Advisor Equity, as well as improving your relationship with your Tribe (or if you don't have one, your capacity to create one).
He gives a framework to work on Spending Systemically and other on Increasing Your Happiness Exchange Rate. But he argues that for working effectively on Increasing Your Value to Others, it's a good idea to have a Systemic Skill Building Process - what he breaks down into the "Super Skills".
So, he divides the Super Skills into 4 categories: Interpersonal, Creative, Technical, and Physical.
They make sure you understand that it's really important to think of your life, your career, your skills, in a systemic way. If you increase at one thing, many others seemingly unrelated skills or areas will be impacted. So they focus on identifying, within each category, which skills have the highest payoff and impact on your system. Once they've done that, they explain why it's important to focus on that skill and give suggestions to how you can start doing it today.
Like "The Education of Millionaires" (another Michael Ellsberg's book), this book does some self-promotion of Ellsberg and his tribe, but you can definitely navigate through it and get the most useful content.
I loved the concepts, the systemic approach, the models they present. This book helped me take bold steps in my life, not letting my ambition die and giving me a path to focus on what I want and what will benefit me and those around me the most.
Financial Advice Commonly Delivered (FACD plan) vs Self-Amplifying Financial Ecosystem (SAFE plan):
Ellsberg and Bryan start by showing that to invest in the FACD plan is to bet against yourself. You think that having a stable, low amount of return over investment every month, is better than investing in yourself and your capacity to create value for others.
You should focus on a SAFE Plan, composed of the "True Wealth Disciplines" instead: 1) Spend Systemically, by 2) Increasing Your Value to Others, and 3) Increasing Your Happiness Exchange Rate.
Then they proceed to break down each one of these and show you how to get the most out of your income.
After that, also in the SAFE Plan, there's what he calls the "True Wealth Assets", which are 1) Advisor Equity, 2) Tribe and 3) Savings. These are increased as a result of the systemic spending in one of the True Wealth Disciplines.
If you are Increasing Your Happiness Exchange Rate, you're consequently increasing your Savings.
If you are Increasing Your Value to Others, you're consequently improving your capacity of acquiring more Advisor Equity, as well as improving your relationship with your Tribe (or if you don't have one, your capacity to create one).
He gives a framework to work on Spending Systemically and other on Increasing Your Happiness Exchange Rate. But he argues that for working effectively on Increasing Your Value to Others, it's a good idea to have a Systemic Skill Building Process - what he breaks down into the "Super Skills".
So, he divides the Super Skills into 4 categories: Interpersonal, Creative, Technical, and Physical.
They make sure you understand that it's really important to think of your life, your career, your skills, in a systemic way. If you increase at one thing, many others seemingly unrelated skills or areas will be impacted. So they focus on identifying, within each category, which skills have the highest payoff and impact on your system. Once they've done that, they explain why it's important to focus on that skill and give suggestions to how you can start doing it today.
Like "The Education of Millionaires" (another Michael Ellsberg's book), this book does some self-promotion of Ellsberg and his tribe, but you can definitely navigate through it and get the most useful content.
I loved the concepts, the systemic approach, the models they present. This book helped me take bold steps in my life, not letting my ambition die and giving me a path to focus on what I want and what will benefit me and those around me the most.
September 22, 2020
I read a lot of non-fiction and inevitably some things get repeated. This book is very philosophical and offers a UNIQUE take, I absolutely LOVED IT! What is your definition of rich? Do you posses the right qualities that employers are looking for, which will make you rich?
I read this book thanks to Blinkist.
“The more you love the seedlings that sprout in your mind, the more fertile the mind itself becomes.”
The key message in these blinks:
When we think about wealth, we often think in terms of a savings target that we’ll reach by living on a strict budget and investing fiercely. But financial models like this rely on factors beyond your control – like the stock market and inflation. It makes far more sense to make yourself your number one asset. By strategically building the skills that employers find desirable, and connecting with supportive people, you can safeguard your career and continuously grow your earning potential.
Actionable advice:
Become a pro at public speaking.
The thought of public speaking fills most people with fear – which is what makes it a great skill for you to develop. There are lots of techniques you can study that will give you the confidence to speak publicly in a compelling way. A simple online search will help you find a local organization that can teach you and ensure you always stand out from your peers.
What to read next:
The Behavior Gap, by Carl Richards
As you’ve just learned, the financial advice that most people follow isn’t necessarily the best approach to achieving wealth and security. Author and financial planner Carl Richards agrees – but that’s only part of the picture. To increase your wealth so that you can stop worrying about money, Richards believes you need to bridge the gap between what you should do and what you actually end up doing. To find out how, check out the blinks to The Behavior Gap, by Carl Richards.
I read this book thanks to Blinkist.
“The more you love the seedlings that sprout in your mind, the more fertile the mind itself becomes.”
The key message in these blinks:
When we think about wealth, we often think in terms of a savings target that we’ll reach by living on a strict budget and investing fiercely. But financial models like this rely on factors beyond your control – like the stock market and inflation. It makes far more sense to make yourself your number one asset. By strategically building the skills that employers find desirable, and connecting with supportive people, you can safeguard your career and continuously grow your earning potential.
Actionable advice:
Become a pro at public speaking.
The thought of public speaking fills most people with fear – which is what makes it a great skill for you to develop. There are lots of techniques you can study that will give you the confidence to speak publicly in a compelling way. A simple online search will help you find a local organization that can teach you and ensure you always stand out from your peers.
What to read next:
The Behavior Gap, by Carl Richards
As you’ve just learned, the financial advice that most people follow isn’t necessarily the best approach to achieving wealth and security. Author and financial planner Carl Richards agrees – but that’s only part of the picture. To increase your wealth so that you can stop worrying about money, Richards believes you need to bridge the gap between what you should do and what you actually end up doing. To find out how, check out the blinks to The Behavior Gap, by Carl Richards.
January 22, 2023
There are three books I read every year, this book is one of them. It is the equivalent of the red pill for general financial literacy. Instead of focusing on obtaining an arbitrary dollar amount, it focuses on investing in the one asset you have full control over: yourself.
Concepts like happiness exchange rate, a framework to honestly evaluate the happiness received from every dollar spent and how to optimize it, and systemic spending, how any spending improves every other context of your life, aside from its original context - have been game changing for me.
"True Wealth" is increasing your value to other people, which is often best accomplished by investing in yourself.
Highlights:
[In the workplace] your “value” to other people is not intrinsic to you at all - it is defined by the match between your behavior and other people’s desired outcomes
No matter what uncertainty the future holds for the global economic climate, being valuable to others will never be obsolete, irrelevant, or valueless.
Every person has the opportunity to improve the future of someone by sharing well-timed, well-informed advice and mentorship.
Tribe = common set of values.
Communities = common circumstances.
Concepts like happiness exchange rate, a framework to honestly evaluate the happiness received from every dollar spent and how to optimize it, and systemic spending, how any spending improves every other context of your life, aside from its original context - have been game changing for me.
"True Wealth" is increasing your value to other people, which is often best accomplished by investing in yourself.
Highlights:
[In the workplace] your “value” to other people is not intrinsic to you at all - it is defined by the match between your behavior and other people’s desired outcomes
No matter what uncertainty the future holds for the global economic climate, being valuable to others will never be obsolete, irrelevant, or valueless.
Every person has the opportunity to improve the future of someone by sharing well-timed, well-informed advice and mentorship.
Tribe = common set of values.
Communities = common circumstances.
June 21, 2019
This is a really odd, yet somewhat enlightening book. While I’m glad I read the entire book - I like being exposed to ideas that I may not initially agree with or have experience with - I’d hesitate to recommend people read anything other than chapter 2 through chapter 7.
The statements about money management and investing in the intro are suspect at best. (The gist is this: don’t invest in real estate or the stock market, because you don’t have total control over it. Instead only spend on what makes you happy and helps you improve.)
There’s also a very hippy “commune” feel to this whole book. If that’s your thing, cool. But for most people, this takes away from the really insightful chapters about cultivating and monetizing your skills.
If the entire book was chapters 2-7, I’d give this a 4-Star review. But all of the other questionable concepts and/or kooky ideas take it down to a 2 for me.
The statements about money management and investing in the intro are suspect at best. (The gist is this: don’t invest in real estate or the stock market, because you don’t have total control over it. Instead only spend on what makes you happy and helps you improve.)
There’s also a very hippy “commune” feel to this whole book. If that’s your thing, cool. But for most people, this takes away from the really insightful chapters about cultivating and monetizing your skills.
If the entire book was chapters 2-7, I’d give this a 4-Star review. But all of the other questionable concepts and/or kooky ideas take it down to a 2 for me.
October 11, 2017
This book started with such promise. I was really excited about the ideas they presented (although they stretched the truth about how bad everything else was, but I looked past that to see what I could learn).
It was an interesting read for about 1/4 the way. Then it got into the details, and it became a slog. I tried to pick it up and read it, but even when I did I would only get through a few pages. Eventually, I gave up after reading about 60% of it (and it's rare for me to give up on books).
Perhaps if I looked at it more as a reference guide to pick and choose topics I would have liked it more. But it didn't seem to be setup as that.
I don't doubt there are some great ideas (and I felt I learned a few good ones in the first 25% of the book). But too much minutia bogged it down.
It was an interesting read for about 1/4 the way. Then it got into the details, and it became a slog. I tried to pick it up and read it, but even when I did I would only get through a few pages. Eventually, I gave up after reading about 60% of it (and it's rare for me to give up on books).
Perhaps if I looked at it more as a reference guide to pick and choose topics I would have liked it more. But it didn't seem to be setup as that.
I don't doubt there are some great ideas (and I felt I learned a few good ones in the first 25% of the book). But too much minutia bogged it down.
February 17, 2019
This book changed the way I see myself and how I'll spend money from now on.
Everything that had been told us, you should buy a house, you should invest in stock to have money, you should go to college. Are they necessary to grow?
The Last Safe Investment brings to the table another perspective. You shouldn't invest your money buying a house, you should invest in yourself, in your skills to create value for others. This is your last safe investment. You and only you.
Everything that had been told us, you should buy a house, you should invest in stock to have money, you should go to college. Are they necessary to grow?
The Last Safe Investment brings to the table another perspective. You shouldn't invest your money buying a house, you should invest in yourself, in your skills to create value for others. This is your last safe investment. You and only you.
November 14, 2017
Practical and insightful. You can feel the author is actually living his truth and speaks out of experience. This is a basic and practical framework for a happy and productive life. Sounds simple? It is, but only after you change your concepts about different aspects of life. If I had to recommend a book to a newly graduated student that wants a right direction in life - this would be the book.
August 16, 2020
You are your own wealth. Like what the author said, it makes far more sense to make yourself your number one asset. By strategically building the skills that employers find desirable, while connecting with supportive people, you could be sure that you are safeguarding the career and continuously grow in earning potential. Great skill like public speaking could help boost your confidence level. A simple online search could teach you key lessons and ensure you to shine amongst the crowd.
August 16, 2020
Most useful parts
Last section talks about tribe. Creating a network of life minded people with similar vision. Will motivate but also will open up new opportunities.
Becoming an advisor for companies/startups and taking equity ... gives you reoccurring passive income
Thinking about investment in yourself not just in stocks and shares. You are your most valuable asset. Learn to be creative, lead, connect and public speaking
Last section talks about tribe. Creating a network of life minded people with similar vision. Will motivate but also will open up new opportunities.
Becoming an advisor for companies/startups and taking equity ... gives you reoccurring passive income
Thinking about investment in yourself not just in stocks and shares. You are your most valuable asset. Learn to be creative, lead, connect and public speaking
This entire review has been hidden because of spoilers.
May 16, 2019
I enjoyed this audio-book.
Big picture ideas:
-Consider how your spending effects all areas of your life (called systematic spending)
-Invest in increasing your earning power (through learning valuable and practical skills)
-Invest in areas within your control (aka yourself)
I really like everything I have read from Ellsberg.
Big picture ideas:
-Consider how your spending effects all areas of your life (called systematic spending)
-Invest in increasing your earning power (through learning valuable and practical skills)
-Invest in areas within your control (aka yourself)
I really like everything I have read from Ellsberg.
February 13, 2022
Privileged as fuck (not many people are choosing between which start up CEOs to casually advise but haven't thought through prioritization) but it left me more motivated to pursue skills I didn't have.
December 23, 2023
Good book. Talks about different types of equities, balancing your finances in an organized manner, Tribe-Building, calculated Skill-Building etc. Overall something worth your time if you want to open your perspective on Investments.
July 1, 2025
The book had some good ideas, but the majority of the book did not resonate with me. I appreciate the insight that every time we spend money it is an investment. I have been thinking about that when I spend money. However the majority of the book is aimed at someone significantly younger than me.
May 23, 2016
Over-dramatic tagline, solid advice for how to work the system.
July 30, 2016
Like the information on co-living with your tribe.
December 10, 2016
Mostly common sense.
March 20, 2017
Good read though the author was very much opinionated about how we should focus on the tribe rather than invest in ventures that might help one to be financially independent.
May 16, 2018
I find it hard to describe because it appears outwardly similar to what many folk are saying. But it's different. Loved it.
May 6, 2019
This book says invest in you and your network, to build weath together.
October 13, 2019
Started really good and should have ended 25% of the way through. The rest was a slog.
May 2, 2023
This book provides good insight on building with networks and having a solid foundation.
Displaying 1 - 30 of 32 reviews