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Set for Life: Dominate Life, Money, and the American Dream
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? Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. By layering philosophy with practical knowledge, Set for Life gives young professionals the fiscal confidence they need to conquer financial goals early in life. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and Set for Life demonstrates how to do just that―from zero savings to five figures, then to six figures, and finally to the ultimate goal of financial freedom. Wealth isn’t just about a nest egg, setting aside money for a “rainy day,” or accumulating an emergency fund. True wealth is about building out a Financial Runway―creating enough readily accessible wealth that you can survive without work for a year. Then five years. Then for life. 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 Secure “real” assets and avoid “false” ones that destroy wealth
194 pages, Paperback
First published April 23, 2017
717 people are currently reading
9785 people want to read
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Displaying 1 - 30 of 296 reviews
May 7, 2017
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.
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.
June 18, 2018
A really interesting take on finance -- the main point here is to 1) get out of debt, and save until you have a "financial runway" of $10K or so, 2) identify your major areas of spending (primarily housing, transportation, and food), and find ways to save money there--especially house hacking, or renting out part of your living space so you can effectively live for free, until you have saved up about $25K; 3) take that $25K and invest in real estate (preferred) or at least index funds, while you continue to work your 9 to 5 job. Never touch the principle, but continue to add to it until the money invested generates enough to support your substantially more frugal lifestyle. Then you've achieved financial freedom.
Of course he goes into a lot more detail than this, and when he says it, it all seems quite obvious. But it goes against a lot of conventional wisdom. If you don't want to house hack or otherwise get into the real estate game, the book still has some nuggets, but most of his recommendations center around that. I do appreciate his logical analysis of where to focus one's efforts to get the biggest bang for the buck, though.
Of course he goes into a lot more detail than this, and when he says it, it all seems quite obvious. But it goes against a lot of conventional wisdom. If you don't want to house hack or otherwise get into the real estate game, the book still has some nuggets, but most of his recommendations center around that. I do appreciate his logical analysis of where to focus one's efforts to get the biggest bang for the buck, though.
April 13, 2025
HIGHLIGHTS:
1. DO THE BIG THINGS RIGHT:
- The biggest expenses are areas that need to be reduced (home, car, food).
2. SAVINGS:
- Save 50% of your income.
- Build: $10k-25k (this is the grind).
3. HOUSE-HACKING:
- buy a duplex and rent the other half.
- Fix it up as you live there.
4. INCOME:
- Performance-based pay.
- No limit.
5. PEOPLE:
- Put yourself in high-achieving environments.
- Be around people who are truly great.
6. IMPROVE:
- Continuously improve personal productivity and leadership. (*)
7. LIFE LONG LEARNER:
- regular habit.
- Blog, online course, podcast.
- Keep improving to keep up.
- Develop up-to-date skills for tomorrow. (*)
8. INSTANTLY MAKE TRIVIAL DECISIONS:
- “Try to do everything” mentality causes shallow experiences in a lot of areas.
9. CLEARLY DEFINED GOALS:
- Put yourself in a position to have exposure to others.
- Be “ready” for “luck.”
10. REMOVE FROM YOUR LIFE:
- Snooze button (*)
- TV/Netflix (*)
- sports entertainment
- eating out regularly
- Nightlife
- music during work
- Shopping comparison —-> get in, get out
1. DO THE BIG THINGS RIGHT:
- The biggest expenses are areas that need to be reduced (home, car, food).
2. SAVINGS:
- Save 50% of your income.
- Build: $10k-25k (this is the grind).
3. HOUSE-HACKING:
- buy a duplex and rent the other half.
- Fix it up as you live there.
4. INCOME:
- Performance-based pay.
- No limit.
5. PEOPLE:
- Put yourself in high-achieving environments.
- Be around people who are truly great.
6. IMPROVE:
- Continuously improve personal productivity and leadership. (*)
7. LIFE LONG LEARNER:
- regular habit.
- Blog, online course, podcast.
- Keep improving to keep up.
- Develop up-to-date skills for tomorrow. (*)
8. INSTANTLY MAKE TRIVIAL DECISIONS:
- “Try to do everything” mentality causes shallow experiences in a lot of areas.
9. CLEARLY DEFINED GOALS:
- Put yourself in a position to have exposure to others.
- Be “ready” for “luck.”
10. REMOVE FROM YOUR LIFE:
- Snooze button (*)
- TV/Netflix (*)
- sports entertainment
- eating out regularly
- Nightlife
- music during work
- Shopping comparison —-> get in, get out
January 15, 2018
It's about financial freedom, but it is really only applicable to those in their 20s or early 30s, living in an area of the country that's not terribly expensive. NYC, SF etc. folks will find a lot that doesn't apply. Takeaways: 1) Get rid of your commute by living close enough to work (but not in a pricey neighborhood) to bike or walk. 2) Buy a duplex in an "okay" but not great area, fix it up and rent out half, plus maybe some of the extra bedrooms in your half 3) Live on $1500/month and save the rest until you have $25K. This should buy you one year of financial freedom runway so you don't have to work but can still pay your bills for a year. 4) Don't bother with retirement accounts for now because you won't be able to access them for ages. Better to stockpile cash and invest it. 5) Don't pick individual stocks or day trade. Invest in index funds. Do all of this until you get $100K in net worth. Retirement accounts, home equity, car equity etc. does not count as net worth. 6) Continue to add rental properties and/or build a business.
October 29, 2022
I really wanted to like this book but the real estate investment bias just paints an unrealistically rosy picture.
UPDATE: the new 5th anniversary edition of this book is vastly improved. Skip this book and get the new edition. The author has addressed all my complaints about this edition. /UPDATE
Take the example on p188 where Megan clears $75k on her duplex after four years. What about the 6% sales commission and costs related to sales? If you assume shes loses 7% that’s $21k of her profit. Nowhere is mentioned the $9k/yr lost to interest. Nowhere are the yearly maintenance costs mentioned. Also, somehow the property magically appreciates $50k but nowhere are the costs of these improvements mentioned. Assuming these improvements are free, basically she nets $18k over 4 years on $65k invested ($10k down plus monthly payments on the loan). Assuming she put in 1% a year to maintain the property and that $18k is down near $9k. You can argue that she needed a place to live anyway but *that* should be the comparison, not a magical example of clearing $75k. Compare what she would make in rent to get a realistic picture of why house hacking can make sense. She ends up making a decent return (a little hard to calculate because of the timeline). If you simply said 14% based on clearing $9k for the $65k put in, how much was her time and energy worth? Again, this example would have been a great “rent vs house hack” but the author missed that and instead went for an impressive number.
I’m not saying that house hacking and real estate investments are not great ways to become wealthy but these overly simplistic examples leave a terrible taste in my mouth.
There is also a throwaway line on p190 - “Recognize that real estate investing has bankrupted many people.” This concept, or the idea that real estate has any risk at all, is never explored.
The author does talk about avoiding bonds because of the risk that they will not give good returns but can’t this apply to real estate as well? How many landlords that bought in 2007 are just now (2018) getting ahead on their formerly underwater mortgages, provided they didn’t file bankruptcy?
P211: “save; earn; aggressively invest the difference”. Re-read this carefully. I think the author meant - “spend less than you earn; aggressively invest the difference”. In the former, I think you are investing the money you are living on.
Yes, I am nitpicking, but a self-help book should be a condensation of knowledge and should be well-edited.
Because I want to end on a high note, I think this quote on p220 sums up the author’s position succinctly: “There will be no other major financial decision that can make as much impact as buying an investment property as an owner occupant.” That said, you should go in with eyes wide-open instead of covered in rose-colored glasses.
UPDATE: the new 5th anniversary edition of this book is vastly improved. Skip this book and get the new edition. The author has addressed all my complaints about this edition. /UPDATE
Take the example on p188 where Megan clears $75k on her duplex after four years. What about the 6% sales commission and costs related to sales? If you assume shes loses 7% that’s $21k of her profit. Nowhere is mentioned the $9k/yr lost to interest. Nowhere are the yearly maintenance costs mentioned. Also, somehow the property magically appreciates $50k but nowhere are the costs of these improvements mentioned. Assuming these improvements are free, basically she nets $18k over 4 years on $65k invested ($10k down plus monthly payments on the loan). Assuming she put in 1% a year to maintain the property and that $18k is down near $9k. You can argue that she needed a place to live anyway but *that* should be the comparison, not a magical example of clearing $75k. Compare what she would make in rent to get a realistic picture of why house hacking can make sense. She ends up making a decent return (a little hard to calculate because of the timeline). If you simply said 14% based on clearing $9k for the $65k put in, how much was her time and energy worth? Again, this example would have been a great “rent vs house hack” but the author missed that and instead went for an impressive number.
I’m not saying that house hacking and real estate investments are not great ways to become wealthy but these overly simplistic examples leave a terrible taste in my mouth.
There is also a throwaway line on p190 - “Recognize that real estate investing has bankrupted many people.” This concept, or the idea that real estate has any risk at all, is never explored.
The author does talk about avoiding bonds because of the risk that they will not give good returns but can’t this apply to real estate as well? How many landlords that bought in 2007 are just now (2018) getting ahead on their formerly underwater mortgages, provided they didn’t file bankruptcy?
P211: “save; earn; aggressively invest the difference”. Re-read this carefully. I think the author meant - “spend less than you earn; aggressively invest the difference”. In the former, I think you are investing the money you are living on.
Yes, I am nitpicking, but a self-help book should be a condensation of knowledge and should be well-edited.
Because I want to end on a high note, I think this quote on p220 sums up the author’s position succinctly: “There will be no other major financial decision that can make as much impact as buying an investment property as an owner occupant.” That said, you should go in with eyes wide-open instead of covered in rose-colored glasses.
This entire review has been hidden because of spoilers.
June 8, 2018
This is THE best personal financial book I have EVER read. I first read Dave Ramsey’s Total Money Makeover a couple years ago and got all the way through each baby step to step 5, still working on step 6. Now to read this? I’m going all-in after reading this book. Even if you don’t adopt every principle it talks about, if you are interested in real estate or stock market investment and working toward early financial freedom, this book is a MUST READ. Don’t wait to see me be successful, retire early, and never have to worry about money again and then say, “I want that lifestyle, too!”... join me NOW.
August 23, 2017
Financial Freedom
This books starts with the basics such as cutting spending and tracking and managing expenses, so you can save more to invest since a dollar saved is greater than a dollar earned after tax. It reminds us that house hacking, that is buying a multifamily property and living in one unit and renting out the rest, basically living for free is one of the fastest ways to achieve savings towards financial freedom, with investing in more income-producing assets. It takes us from negative to neutral cash flow to positive and financial freedom. It's a good read for anyone who wants to attain several years of financial runway and retire early, doing what you want with your time rather than wage-paying labor.
This books starts with the basics such as cutting spending and tracking and managing expenses, so you can save more to invest since a dollar saved is greater than a dollar earned after tax. It reminds us that house hacking, that is buying a multifamily property and living in one unit and renting out the rest, basically living for free is one of the fastest ways to achieve savings towards financial freedom, with investing in more income-producing assets. It takes us from negative to neutral cash flow to positive and financial freedom. It's a good read for anyone who wants to attain several years of financial runway and retire early, doing what you want with your time rather than wage-paying labor.
February 21, 2020
As a whole, this book is a decent book about many finance concepts and is great for beginners. It gives a really high-level overview of systematically developing a lifestyle that would be conducive to financial freedom and gives many simple explanations for intricate concepts. Drawbacks would be that at times, this book is overly simplistic and that this book would not be relevant for someone with a stronger FIRE understanding. Additionally, Trench at times is a bit preachy and judgy and this book really is only geared towards young, single individuals. I think that many of these ideas cannot be applied so easily to married individuals or those with families. Lastly, there is a heavy real estate bias, which is understandable due to being a BiggerPockets book, but many of the arguments are written in a way that real estate seems like the only logical option. As a whole, a decent book for beginners on their path to FI.
November 27, 2018
Should have been a blog post.
September 22, 2025
As a introduction to financial literacy, good financial habits, practical advice, and a somewhat career guide, this book is pretty good.
As a christian, I can’t recommend this book whole heartedly which is why I subtracted a star. To me there is a lot of encouragement to take a certain path. In this path, money is god and thus the root of evil. I dont think FIRE is by nature flawed. If you wish to spend your time in meaningful ways it can be a good goal. I would say you need to have specifics on what that looks like before setting the goal.
FIRE as a means of escape, salvation, and selfishness are a problem though. The idea is you are the individual, the only one that matters to you. You have to make enough money to get your time and your life back. Once you have enough, you can do whatever you want and be happy. No one and nothing can control you or tell you what to do ever again. That is a lot of the persuasiveness of this book and knowing my heart is inclined towards that promise I have to run away.
As a christian, I can’t recommend this book whole heartedly which is why I subtracted a star. To me there is a lot of encouragement to take a certain path. In this path, money is god and thus the root of evil. I dont think FIRE is by nature flawed. If you wish to spend your time in meaningful ways it can be a good goal. I would say you need to have specifics on what that looks like before setting the goal.
FIRE as a means of escape, salvation, and selfishness are a problem though. The idea is you are the individual, the only one that matters to you. You have to make enough money to get your time and your life back. Once you have enough, you can do whatever you want and be happy. No one and nothing can control you or tell you what to do ever again. That is a lot of the persuasiveness of this book and knowing my heart is inclined towards that promise I have to run away.
February 22, 2018
I would highly recommend this book to anyone in their 20's or 30's especially those looking to boost their wealth and find a path to early financial freedom. I only wish I had read this when I was 18 years old. The author, Scott Trench, has some very wise advice on how to start investing in real estate by first saving money rather than trying to earn more money. In addition to reading this book I highly suggest checking out Scott's podcast on biggerpockets.com as well as all the other great resources that site has to offer.
December 30, 2018
The book has some good concepts, but glosses over important information and generally fails to provide details. The author’s position against retirement accounts is simply bad advice (somewhat offset by the appendix, but many people likely won’t read it after such negativity in the body of the book). A reader would be better off reading a biggerpockets blog post on house hacking instead of this book (https://www.biggerpockets.com/renewsb...).
June 26, 2021
Would’ve been better as a consolidated series of blog posts - significant unfocused repetition and generalized recommendations. Many ideas similar to Rich Dad Poor Dad. Good comprehensive view of financial independence principles. Best part was demonstrating how house hacking can theoretically be the best step one can take towards financial independence compared to renting or owning a house.
June 24, 2018
This should be a required read for anyone looking to get ahead financially— especially early in your career.
August 16, 2022
It was written for a specific audience in mind - 20-30’s, average income earner in America (50k), looking to create early financial freedom. For that population, I think it’s a helpful, practical book to follow more conceptual resources on building wealth. I personally don’t agree with his correlation between health/exercise and money but that’s a small part of the book. It won’t fit everyone’s needs but still motivated me to think differently in some areas.
October 29, 2018
EDIT: I came back and upgraded my ratings. I was shocked to see I had only given this 3 stars. It has stuck with me and finds its way into most conversations about money. It is by far the book I recommend most to people. You can even ignore the last paragraph because I fit that description and still found a way to change my life and apply the principles from this book.
I also noticed Scott is like one of those friends you don’t know how to take at first, so you take them the wrong way. This was the first I had ever really read anything Scott had written and I’m not sure I’d even listened to the BP Money podcast at this point. I don’t think I’m alone in reacting to Scott the wrong way the first time. But I’ve grown to enjoy him quite a bit - he’s right too often not to.
ORIGINAL: Three stars relative to others books I’ve read. If you’re in high school, college or have yet to get married and/or have kids, it’s a must read.
The author can come off preachy - and worse by preaching down to you. But the principles and ideas are solid.
If you’ve already bought a house, have kids, etc there are better books for you to read, though you can still get something out of this read.
I also noticed Scott is like one of those friends you don’t know how to take at first, so you take them the wrong way. This was the first I had ever really read anything Scott had written and I’m not sure I’d even listened to the BP Money podcast at this point. I don’t think I’m alone in reacting to Scott the wrong way the first time. But I’ve grown to enjoy him quite a bit - he’s right too often not to.
ORIGINAL: Three stars relative to others books I’ve read. If you’re in high school, college or have yet to get married and/or have kids, it’s a must read.
The author can come off preachy - and worse by preaching down to you. But the principles and ideas are solid.
If you’ve already bought a house, have kids, etc there are better books for you to read, though you can still get something out of this read.
September 3, 2018
This book is like Rich Dad, Poor Dad but so much better. A lot of the same concepts are there—early financial freedom, taking charge of your own future—but with actual actionable advice! Plus, there’s an obvious bias towards real estate, which I prefer as an investment strategy. And it’s perfect for people like myself that are just starting out!
I would highly recommend for anyone, but especially people in their twenties and thirties that are looking for a way out of the “daily grind” of work life.
I would highly recommend for anyone, but especially people in their twenties and thirties that are looking for a way out of the “daily grind” of work life.
May 22, 2017
Amazing book by Scott Trench. I am an avid Bigger Pockets reader of both their books and their blog and this was a great book for anyone looking for a practical guide to getting their financial life in order and put the pieces in place to be set for Life. It is more ideal for a person that is just coming out of college or is single without family and is thinking about purchasing a home but the concepts and principles will work for anyone at any walk of life
February 27, 2018
One stop shop
I've read enough wealth-building books and blogs in the past, but Scott Trench manages not only to distill many of the core elements, but also to add new twists on common ideas, or even more interestingly, to buck the trends of common practice with sound logic. A delightful and easy read that I can implement with immediate impact.
I've read enough wealth-building books and blogs in the past, but Scott Trench manages not only to distill many of the core elements, but also to add new twists on common ideas, or even more interestingly, to buck the trends of common practice with sound logic. A delightful and easy read that I can implement with immediate impact.
August 1, 2020
The short summary: Dave Ramsey Lite + Marie Kondo
My mom, a property manager, got this for me for Christmas 2019. While this does mention DR, it focuses more on the 'why' of wanting to become financially stable/independent instead of just "it's smart." It also gives a few tips on how to do it in a manageable plan.
My mom, a property manager, got this for me for Christmas 2019. While this does mention DR, it focuses more on the 'why' of wanting to become financially stable/independent instead of just "it's smart." It also gives a few tips on how to do it in a manageable plan.
May 9, 2022
Big fan of the FIRE movement, but there are more helpful books to get your hands on if you’re interested in financial independence: The Simple to Wealth, Financial Freedom or Your Money or Your Life. This book lacks nuance and empathy, and is poorly written. Overall ideas are great but the way they’re communicated doesn’t work.
December 5, 2018
Read any highly ranked personal finance book instead of this one. Ex Dave Ramsey.
March 15, 2022
It's like Mr. Money Mustache in book format but not as funny. Decent content but the tone was too aggressive mean for me.
April 1, 2024
*** QUITTING GOODREADS FROM TOMORROW ***
"Set for Life: Dominate Life, Money, and the American Dream" by Scott Trench offers a paradigm shift in the pursuit of financial independence. Trench challenges conventional wisdom, suggesting that achieving financial freedom is feasible within a much shorter timeframe than typically assumed. He advocates for a strategic approach centered around radical frugality, aggressive saving, and intelligent investing. According to Trench, these principles can pave the way for individuals to break free from the constraints of traditional career paths and design their ideal lifestyles well before the traditional retirement age.
Central to Trench's philosophy is the idea of redefining wealth. He argues that real wealth lies not in traditional markers such as retirement savings or home equity, but in accessible, after-tax cash reserves. By dramatically cutting down expenses and accumulating a sizable cash cushion, individuals gain the freedom to explore new opportunities, pursue entrepreneurial ventures, or opt for lower-paying but more fulfilling career paths. Trench emphasizes the importance of shifting mindset from consumerism to purposeful progress, viewing frugality not as deprivation but as a means to financial autonomy.
The book provides practical strategies for implementing frugality in daily life, focusing on major expenses such as housing, transportation, and food. Trench advises readers to scrutinize their spending habits and identify areas where significant savings can be achieved without sacrificing quality of life. By making intentional choices and prioritizing financial goals, individuals can accelerate their journey towards financial independence.
Trench also emphasizes the importance of extending one's financial runway by building emergency funds, tackling bad debts, and accumulating liquid wealth. These steps provide a safety net and enable individuals to weather financial setbacks while pursuing their long-term objectives. Additionally, Trench introduces the concept of house-hacking as a strategy to eliminate housing expenses and generate passive income through real estate investments.
Throughout the book, Trench underscores the significance of asset accumulation and strategic investment in achieving financial freedom. He advocates for prioritizing investments in income-producing assets such as rental properties and dividend stocks, while cautioning against false assets that may hinder wealth accumulation. By adhering to disciplined saving and investment practices, individuals can build a sustainable income stream that supports their desired lifestyle.
An essential aspect of Trench's approach is diligent tracking of finances, including net worth, expenses, income, and time usage. He emphasizes the importance of setting SMART objectives and regularly monitoring progress towards financial goals. Trench encourages readers to combine analytical tracking with emotional intuition, ensuring alignment with personal values and aspirations.
In conclusion, "Set for Life" offers a comprehensive blueprint for achieving financial independence and designing a fulfilling lifestyle. Through a combination of frugality, strategic investment, and intentional living, Trench empowers individuals to break free from the traditional career trajectory and create their own path to financial freedom. The book serves as a practical guide for anyone seeking to take control of their financial future and live life on their own terms.
"Set for Life: Dominate Life, Money, and the American Dream" by Scott Trench offers a paradigm shift in the pursuit of financial independence. Trench challenges conventional wisdom, suggesting that achieving financial freedom is feasible within a much shorter timeframe than typically assumed. He advocates for a strategic approach centered around radical frugality, aggressive saving, and intelligent investing. According to Trench, these principles can pave the way for individuals to break free from the constraints of traditional career paths and design their ideal lifestyles well before the traditional retirement age.
Central to Trench's philosophy is the idea of redefining wealth. He argues that real wealth lies not in traditional markers such as retirement savings or home equity, but in accessible, after-tax cash reserves. By dramatically cutting down expenses and accumulating a sizable cash cushion, individuals gain the freedom to explore new opportunities, pursue entrepreneurial ventures, or opt for lower-paying but more fulfilling career paths. Trench emphasizes the importance of shifting mindset from consumerism to purposeful progress, viewing frugality not as deprivation but as a means to financial autonomy.
The book provides practical strategies for implementing frugality in daily life, focusing on major expenses such as housing, transportation, and food. Trench advises readers to scrutinize their spending habits and identify areas where significant savings can be achieved without sacrificing quality of life. By making intentional choices and prioritizing financial goals, individuals can accelerate their journey towards financial independence.
Trench also emphasizes the importance of extending one's financial runway by building emergency funds, tackling bad debts, and accumulating liquid wealth. These steps provide a safety net and enable individuals to weather financial setbacks while pursuing their long-term objectives. Additionally, Trench introduces the concept of house-hacking as a strategy to eliminate housing expenses and generate passive income through real estate investments.
Throughout the book, Trench underscores the significance of asset accumulation and strategic investment in achieving financial freedom. He advocates for prioritizing investments in income-producing assets such as rental properties and dividend stocks, while cautioning against false assets that may hinder wealth accumulation. By adhering to disciplined saving and investment practices, individuals can build a sustainable income stream that supports their desired lifestyle.
An essential aspect of Trench's approach is diligent tracking of finances, including net worth, expenses, income, and time usage. He emphasizes the importance of setting SMART objectives and regularly monitoring progress towards financial goals. Trench encourages readers to combine analytical tracking with emotional intuition, ensuring alignment with personal values and aspirations.
In conclusion, "Set for Life" offers a comprehensive blueprint for achieving financial independence and designing a fulfilling lifestyle. Through a combination of frugality, strategic investment, and intentional living, Trench empowers individuals to break free from the traditional career trajectory and create their own path to financial freedom. The book serves as a practical guide for anyone seeking to take control of their financial future and live life on their own terms.
April 23, 2019
While this is not my exact idea for managing finances, I found some interesting and helpful insights. Many of the ideas here are pretty different from how most of the world works to save and invest, but the discussion was very helpful. The author talks a lot about "house hacking" and real estate investing as a way to create wealth quickly. This idea stresses me out, so I'll stick to maximizing my Roth IRA and my consistent wage job. I think my biggest take away from this book was the importance of being intentional about what you want and your specific goals for getting there. Keeping good records, being frugal, and thinking about opportunity costs are important, too. The goal of early financial freedom is definitely enticing, but not to the expense of other things that might be even more important. Life is not all about money, but making sacrifices and choices that help you have more freedom can allow you more time to focus on the important things. My thought, though, was that if you are so focused on the financial goals you may miss some of the other life purposes as you're getting there, at least I might. I appreciated the insights here and want to work on being more intentional and keeping better records, but I'm not running out to look for investment properties or roommates right now. ;)
Here are some quotes I liked:
"How about something capable of producing a retirement level of wealth in less than ten years? How about less than five? How about retiring in your twenties from wage-paying work (p. 1)?"
"Those who achieve early financial freedom build wealth and acquire assets such that they produce passive income in excess of what they need to live (p. 1)."
"Even if you love your job, wouldn't it be great to have the option to leave wage-paying work (p. 2)?"
"Accumulating a lifetime of wealth in a short period of time involves making personal decisions in major areas of your life that are different from the norm (p. 3)."
"Income is taxed in the United States...not wealth (p. 11)."
"It's 33 percent more effective for someone in this tax bracket to save money than to attempt to earn it. A penny saved is 1.33 pennies earned (p. 11)!"
"Frugality exposes the saver to opportunity (p. 11)."
"The result of attaining financial freedom is a life lived on your terms (p. 12)."
"It's not the doctor's job to keep you healthy. It is your job to do that (p. 14)."
"Don't be a coward. Part of life, and part of becoming wealthy is taking responsibility for your life (p. 15)."
"Do things yourself (p. 15)."
"Designing a low cost lifestyle is just as difficult and requires just as much time, effort, and planning to optimize as does investing, scaling your income, or building businesses (p. 19)."
"Change the big things (p. 25)."
"Find an apartment that can be affordably rented, make sure it's as close to work as practical, and try to split the costs with a roommate or two (p. 25)."
"Living in a cheap apartment convenient to the workplace is the single most important thing you can do to start saving money (p. 26)."
"Exercise adds years to one's life (p. 33)."
"Do not overestimate the value of an expensive degree (p. 36)."
"You need to save 50 percent of your income (p. 36)."
"Bike or walk as a primary means of transportation (p. 37)."
"If you have bad debt, don't buy luxuries (p. 40)."
"A credit score is a reflection of one's financial dignity (p. 44)."
"As long as you have bad debts, there is no point in building an emergency fund beyond $1000 to $2000 (p. 47)."
"Cut back on everything that doesn't bring you happiness (p. 50)."
"House hacking is an extremely important wealth-building step for the median wage earner with near typical spending patterns (p. 62)."
"Not everyone will house hack for reasons specific to their personal situations, or because they have short-term lifestyle goals that are prioritized above and beyond early financial freedom (p. 63)."
"When folks stretch themselves to their financial limits to buy property, they sacrifice almost everything else (p. 65)."
"If you feel you're extremely frugal, living a life far removed from the median American's high spending patterns, then further cuts to your budget might be detrimental to your actual enjoyment of life (p. 81)."
"As it pertains to the goal of early financial freedom, the point of earning more money is so that it can be used to acquire income-producing assets (p. 83)."
"The worst thing you can do is try to have two totally separate jobs at the same time (p. 96)."
"Don't be enslaved by benefits. Understand they pale in comparison to the ability to scale objectively against a metric, the ability to scale with the company's production, and the ability to work or not work on your terms (p. 104)."
"Get a job that rewards performance with unlimited upside (p. 105)."
"Put yourself in a high achieving environment. Read and self-educate forever. Focus on continual improvement. Instantly make trivial decisions (p. 108)."
"While books are important, there are plenty of other ways to get equally good self-education (p. 111)."
"Do you have a goal? A plan? A passion (p. 114)?"
"You will not become lucky by sitting at your cubicle and eating a sandwich at your desk (p. 116)."
"Turn your housing into an income-producing asset (p. 117)."
"Financial Freedom is achieved when cash flow that requires no work (or minimal active work) safely and consistently surpasses total lifestyle expenses (p. 132)."
"An asset is something that produces income (p. 134)."
"False assets include things that are generally included on a balance sheet as a positive but which actually detract from the goal of achieving early financial freedom (p. 134)."
"Many people are unable to correctly distinguish between an asset and a liability in their personal lives (p. 135)."
"It isn't bad to have home equity or retirement savings. They just aren't particularly useful assets in the short-medium term (p. 139)."
"Thinking in terms of acquiring real assets requires a fundamental shift in perspective (p. 141)."
"Are you acquiring real assets or false assets in your life (p. 146)?"
"Investing should produce income or appreciation in excess of inflation (p. 149)."
"Never, ever spend the principal (p. 150)."
"Any investment that outpaces inflation can make you wealthy (p. 153)."
"While stocks are more volatile than bonds, they are not more risky (p. 154)."
"No one gets every investment right, every tie (p. 161)."
"The ideal way to manage assets is to focus exclusively on that asset class she feels is likely to produce the largest and most accessible long-term returns, and to invest in that asset class consistently until the desired amount of wealth is accumulated (p. 163)."
"Diversification is extremely important to certain investors: The very wealthy and those near retirement in particular (p. 164)."
"Don't think you can sit back and collect passive income without doing any work. Managing wealth will be a lifelong pursuit (p. 169)."
"Many people who attained early financial freedom or built significant wealth at an early age did so by taking advantage of unique circumstances or opportunities (p. 170)."
"Picking stocks was an utter waste of time from a profitability standpoint (p. 177)."
"If you don't know your net worth...at the moment and are not regularly checking up on it, then this might be one of those tasks that you set about completely immediately (p. 196)."
"Every day... Every week... Every quarter... Every year, determine what you are going to do to attain early financial freedom (p. 204)."
"Decide what you want, put it on paper, and work toward your goals (p. 205)."
"Replace the time eaten up by these habits with time spent doing things you truly love and things that will move you toward your goals (p. 218)."
"Work hard. Spend as little as possible. Invest the difference aggressively (p. 220)."
"The goal should be to put yourself in a position where you earn too much to be eligible to contribute to a Roth (p. 225)."
"Take advantage of employer matches (p. 226)."
"Maximize annual contribution to a Roth IRA (p. 229)."
Here are some quotes I liked:
"How about something capable of producing a retirement level of wealth in less than ten years? How about less than five? How about retiring in your twenties from wage-paying work (p. 1)?"
"Those who achieve early financial freedom build wealth and acquire assets such that they produce passive income in excess of what they need to live (p. 1)."
"Even if you love your job, wouldn't it be great to have the option to leave wage-paying work (p. 2)?"
"Accumulating a lifetime of wealth in a short period of time involves making personal decisions in major areas of your life that are different from the norm (p. 3)."
"Income is taxed in the United States...not wealth (p. 11)."
"It's 33 percent more effective for someone in this tax bracket to save money than to attempt to earn it. A penny saved is 1.33 pennies earned (p. 11)!"
"Frugality exposes the saver to opportunity (p. 11)."
"The result of attaining financial freedom is a life lived on your terms (p. 12)."
"It's not the doctor's job to keep you healthy. It is your job to do that (p. 14)."
"Don't be a coward. Part of life, and part of becoming wealthy is taking responsibility for your life (p. 15)."
"Do things yourself (p. 15)."
"Designing a low cost lifestyle is just as difficult and requires just as much time, effort, and planning to optimize as does investing, scaling your income, or building businesses (p. 19)."
"Change the big things (p. 25)."
"Find an apartment that can be affordably rented, make sure it's as close to work as practical, and try to split the costs with a roommate or two (p. 25)."
"Living in a cheap apartment convenient to the workplace is the single most important thing you can do to start saving money (p. 26)."
"Exercise adds years to one's life (p. 33)."
"Do not overestimate the value of an expensive degree (p. 36)."
"You need to save 50 percent of your income (p. 36)."
"Bike or walk as a primary means of transportation (p. 37)."
"If you have bad debt, don't buy luxuries (p. 40)."
"A credit score is a reflection of one's financial dignity (p. 44)."
"As long as you have bad debts, there is no point in building an emergency fund beyond $1000 to $2000 (p. 47)."
"Cut back on everything that doesn't bring you happiness (p. 50)."
"House hacking is an extremely important wealth-building step for the median wage earner with near typical spending patterns (p. 62)."
"Not everyone will house hack for reasons specific to their personal situations, or because they have short-term lifestyle goals that are prioritized above and beyond early financial freedom (p. 63)."
"When folks stretch themselves to their financial limits to buy property, they sacrifice almost everything else (p. 65)."
"If you feel you're extremely frugal, living a life far removed from the median American's high spending patterns, then further cuts to your budget might be detrimental to your actual enjoyment of life (p. 81)."
"As it pertains to the goal of early financial freedom, the point of earning more money is so that it can be used to acquire income-producing assets (p. 83)."
"The worst thing you can do is try to have two totally separate jobs at the same time (p. 96)."
"Don't be enslaved by benefits. Understand they pale in comparison to the ability to scale objectively against a metric, the ability to scale with the company's production, and the ability to work or not work on your terms (p. 104)."
"Get a job that rewards performance with unlimited upside (p. 105)."
"Put yourself in a high achieving environment. Read and self-educate forever. Focus on continual improvement. Instantly make trivial decisions (p. 108)."
"While books are important, there are plenty of other ways to get equally good self-education (p. 111)."
"Do you have a goal? A plan? A passion (p. 114)?"
"You will not become lucky by sitting at your cubicle and eating a sandwich at your desk (p. 116)."
"Turn your housing into an income-producing asset (p. 117)."
"Financial Freedom is achieved when cash flow that requires no work (or minimal active work) safely and consistently surpasses total lifestyle expenses (p. 132)."
"An asset is something that produces income (p. 134)."
"False assets include things that are generally included on a balance sheet as a positive but which actually detract from the goal of achieving early financial freedom (p. 134)."
"Many people are unable to correctly distinguish between an asset and a liability in their personal lives (p. 135)."
"It isn't bad to have home equity or retirement savings. They just aren't particularly useful assets in the short-medium term (p. 139)."
"Thinking in terms of acquiring real assets requires a fundamental shift in perspective (p. 141)."
"Are you acquiring real assets or false assets in your life (p. 146)?"
"Investing should produce income or appreciation in excess of inflation (p. 149)."
"Never, ever spend the principal (p. 150)."
"Any investment that outpaces inflation can make you wealthy (p. 153)."
"While stocks are more volatile than bonds, they are not more risky (p. 154)."
"No one gets every investment right, every tie (p. 161)."
"The ideal way to manage assets is to focus exclusively on that asset class she feels is likely to produce the largest and most accessible long-term returns, and to invest in that asset class consistently until the desired amount of wealth is accumulated (p. 163)."
"Diversification is extremely important to certain investors: The very wealthy and those near retirement in particular (p. 164)."
"Don't think you can sit back and collect passive income without doing any work. Managing wealth will be a lifelong pursuit (p. 169)."
"Many people who attained early financial freedom or built significant wealth at an early age did so by taking advantage of unique circumstances or opportunities (p. 170)."
"Picking stocks was an utter waste of time from a profitability standpoint (p. 177)."
"If you don't know your net worth...at the moment and are not regularly checking up on it, then this might be one of those tasks that you set about completely immediately (p. 196)."
"Every day... Every week... Every quarter... Every year, determine what you are going to do to attain early financial freedom (p. 204)."
"Decide what you want, put it on paper, and work toward your goals (p. 205)."
"Replace the time eaten up by these habits with time spent doing things you truly love and things that will move you toward your goals (p. 218)."
"Work hard. Spend as little as possible. Invest the difference aggressively (p. 220)."
"The goal should be to put yourself in a position where you earn too much to be eligible to contribute to a Roth (p. 225)."
"Take advantage of employer matches (p. 226)."
"Maximize annual contribution to a Roth IRA (p. 229)."
May 3, 2019
Dave Ramsey meets “Rich Dad, Poor Dad” Robert Kiyosaki. At risk of sounding sensational, here’s my raving review. If you want realistic strategies to quit the rat race 9-5 long before you’re 65, read this book! The author isn’t some charlatan trying to sell you something. He teaches how to build enough passive income to retire within 10-15 years through calculated work, investing, and saving. I’d recommend it to anyone still in their 20’s or early 30’s who wants earlier financial freedom and more time in the future with their family and kiddos.
October 18, 2018
Loved this book. Was a great balance of financial common sense, with real estate, with financial independence. Struck a nice balance between all of these things without being too dogmatic or overzealous. Scott Trench frames things well and really excited to see what he continues to do both writing but also on the BiggerPockets money podcast.
December 14, 2022
I definitely wish I would have read this book in my early 20’s. This is a great book if you’re looking for insight on how to be financially responsible and are trying to achieve early financial freedom. It’s a game changer.
April 30, 2023
Super informative and provided a lot of different ways to look at things while still understanding that people are only human. Opened my eyes to different ideas for my future.
January 10, 2024
This is a really great book for a foundation on finances, strategy, etc. Wish I would’ve had this in my 20s!
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