Tired of the rat race? Dreaming of early retirement? “Set for Life” might just be the roadmap you’ve been searching for. This no-nonsense guide offers practical strategies and actionable steps to help you achieve financial independence. But is it worth the hype? Let’s dive into an honest review and discover if “Set for Life” is the key to unlocking your financial future.
In a world where financial stress seems to be the norm, the idea of achieving early financial freedom is a tantalizing prospect. “Set for Life” promises to provide the tools and knowledge you need to make this dream a reality. With its straightforward approach and actionable advice, the book aims to empower readers to take control of their finances and create a life of abundance.
But is “Set for Life” truly the financial panacea it claims to be? In this honest review, we’ll examine the book’s key concepts, evaluate its effectiveness, and assess its potential to deliver on its promises.
We’ll also explore the book’s strengths and weaknesses, and provide insights into who might benefit most from reading it.
What is Set for Life?
“Set for Life” is a personal finance best-seller that offers a comprehensive roadmap to achieving early financial independence. Unlike many other financial books that focus on theory or abstract concepts, “Set for Life” provides a practical, step-by-step plan that can be implemented by anyone, regardless of their starting point.
A Blueprint for Wealth Accumulation
The book presents a clear and concise strategy for accumulating wealth over a relatively short period of time, even if you’re starting with zero savings. It’s designed to be accessible to people of all financial backgrounds, providing actionable advice that can be tailored to individual circumstances.
Key Topics Covered
“Set for Life” covers a wide range of topics that aim to help people achieve financial freedom, including:
- Building Wealth: The book provides practical strategies for increasing your income, reducing expenses, and investing wisely.
- Passive Income: Learn how to generate passive income without active involvement, such as through real estate rentals, dividends, or online businesses.
- Financial Independence: Discover the principles of financial independence and how to achieve it earlier than most people.
The Author
Scott Trench, the author of “Set for Life,” is a successful real estate investor and the CEO of BiggerPockets Money Podcast, a popular online community for real estate investors. His expertise in personal finance and wealth accumulation shines through in the book, making it a valuable resource for anyone seeking financial freedom.
If you have listened to some of the podcast episodes, you know him as this young financial analyst who left his cushy corporate job to join a start-up company in Denver. This company, now known as Bigger Pockets, has enabled him to develop his 4 levers of financial independence, which we will discuss below.
Target Audience
“Set for Life” is particularly well-suited for people in their 20s and 30s who want to achieve financial goals early in life. Even if you’re starting with a median income and debt, the book’s strategies can help you build wealth and create a more secure financial future.
A lot of people might say his methods are a bit aggressive or even extreme, maybe not so extreme after the second revision of the book. But, if you do not have any kids yet or a spouse, then this is the prime time to really implement his 4 levers and get a head start on your journey to financial independence.
Key Concepts and Strategies
Now, let’s take a closer look at some of the key concepts and strategies tackled in the book:
4 Levers of Financial Freedom
Throughout the book, Scott dissected the 4 levers of financial freedom, mainly:
- Spend Less
- Earn More
- Invest Wisely for Wealth Creation
- Intentionality in Every Financial Decision
Financial Intentions and Record-Keeping
“Set for Life” underscores the importance of being intentional about your financial goals and keeping meticulous records. By clearly defining what you want to achieve and tracking your financial progress, you’ll be better equipped to make informed decisions and stay motivated on your journey to financial freedom.
House Hacking and Real Estate Investing
One of the key concepts introduced in the book is “house hacking.” This strategy involves living in a multi-unit property and renting out the remaining units to generate income. House hacking can be a powerful tool for building wealth quickly, as it combines living expenses with income generation. The book also explores other real estate investing strategies, such as buying and renting out properties, and provides practical advice on how to get started.
Frugality and Opportunity Cost
The author emphasizes the importance of being frugal and mindful of opportunity costs. By carefully considering how you spend your money, you can maximize your savings and invest more effectively. Understanding opportunity costs involves recognizing the trade-offs involved in different financial decisions, such as the potential returns you might miss out on by choosing one investment over another.
According to Michael Healey in an Amazon review, “This book changed my life. I know I have more money than I ever have. I now live more frugal than how I was living before. I stopped eating out as much.
Starting investing into index funds, growing my emergency fund and almost done paying off a credit card before I become debt free. ($1200 left and still interest free) I was also able to move out of my upscale apartment in uptown Dallas and move into a two bedroom apartment with my brother. I’m saving almost $400 a month from that. I currently am in the saving money stage and plan on hopefully house hacking if I can in the future.”
Real Assets vs. False Assets
“Set for Life” introduces the concept of “false assets,” which are assets that may lose value over time, such as cars or consumer goods. In contrast, “real assets” are assets that tend to appreciate in value, such as real estate, stocks, and bonds. The book emphasizes the importance of acquiring real assets, particularly income-producing assets, as a way to build wealth and create a sustainable financial future.
Self-Education and Personal Growth
Scott also stresses the importance of self-education and personal growth. By continuously learning and developing new skills, you’ll be better equipped to make informed financial decisions and seize opportunities. The book encourages readers to invest in themselves through education, networking, and personal development.
Achieving Financial Freedom through Set for Life
“Set for Life” offers a comprehensive roadmap to achieving financial freedom through real estate investing and rental property investing. The book provides a step-by-step plan that can be followed by anyone, regardless of their starting point or financial knowledge.
Practical Knowledge and Actionable Advice
One of the strengths of “Set for Life” is its emphasis on practical knowledge and actionable advice. The book provides clear guidance on topics such as:
- Choosing the right rental property: The book offers tips on selecting properties that have the potential to generate income and appreciate in value.
- Financing your rental property: Learn about different financing options, including mortgages, private lending, and seller financing.
- Managing rental properties: Discover effective strategies for managing tenants, maintaining properties, and maximizing rental income.
- Building a real estate portfolio: The book provides guidance on diversifying your real estate investments and growing your portfolio over time.
According to Cody Jacobs in an Amazon review, “This book was an absolute game changer for myself and my family. I’ve always been deeply interested in personal finance and real estate, but this book motivated me to take action. This book released on April 23rd just one week before my wife and I were prepared to sign a new lease on a 3 story, very large town home. Thankfully, Set for Life caught us just in time.
We ripped up the lease and decided to totally change our future. We immediately got to work and found a tiny basement apartment for $250 a month with ALL utilities and internet included. It’s centrally located, less than 1 mile from both the grocery store and the hospital. So we packed up myself, my wife, our 6 month old newborn daughter and our Shitzu and humbly moved in. Fast forward a few months and we are still here in the basement apartment, happily living WELL below our means saving up piles of cash. “
Building an Emergency Fund and Creating a Financial Runway
The book emphasizes the importance of building an emergency fund to cover unexpected expenses. This financial safety net can provide peace of mind and help you avoid debt in the event of a financial setback. Additionally, “Set for Life” discusses the concept of a “financial runway,” which is the amount of time you can live off your passive income without needing to work. By creating a financial runway, you can gain the freedom and flexibility to pursue your passions and live life on your own terms.
Financial runway is something that a lot of people don’t even consider with their finances. After reading the book, my husband and I became obsessed with prolonging our financial runway. Our goal is to have at least 6 months of financial runway to ease on the gas and look at other aspects of our financials. This gives us a sense of security and power to stick to our plan regardless of what is going on around us.
Continual Improvement and Net Worth Management
The book also stresses the importance of continual improvement and regularly checking and managing your net worth. As your financial situation evolves, it’s essential to reassess your goals, adjust your strategies, and stay on track toward achieving financial freedom. By regularly tracking your net worth, you can measure your progress and identify areas for improvement.
According to N_Gun in an Amazon review, “As I got about two thirds of the way through Set for Life, I started to feel a bit cheated. All of what Scott was laying out for me was so obvious, I had started reducing my food costs, transport costs and looking for ways to reduce my rent/mortgage for some time now.
And that’s when it hit me. For me to get to the point where I really, truly looked at my life and my costs and put that in the context of my future aspirations; it took me three countries, 15 years (give or take), two failed businesses and a multitude of other false starts. After I peeled my jaw off the floor with this realization, I read through the book, read it again and resolved to read it once a year.”
A Practical Guide to Homeownership
“Set for Life” provides a clear and practical guide to the entire house-purchasing journey, dispelling common platitudes surrounding homeownership. The book covers topics such as:
- Understanding the home-buying process: Learn about the steps involved in buying a home, from finding a real estate agent to closing on the property.
- Negotiating a fair price: Discover effective negotiation strategies to help you get the best possible deal on your home.
- Financing your home: Understand the different types of mortgages and how to choose the right one for your needs.
- Homeownership costs: Learn about the ongoing expenses associated with owning a home, such as property taxes, insurance, and maintenance.
By following the guidance in “Set for Life,” you can take control of your financial future and achieve early financial freedom.
Is Set for Life Right for You?
If you’re serious about achieving early financial freedom and are willing to put in the effort, “Set for Life” offers a valuable roadmap. However, it’s important to be realistic about the challenges involved and to be prepared to make significant changes to your lifestyle.
1. A Path to Early Financial Freedom
“Set for Life” is designed for individuals who are determined to achieve early financial freedom and escape the traditional 9-to-5 grind. If you’re tired of the rat race and aspire to live life on your own terms, this book offers a practical roadmap to achieving that goal.
2. A Commitment to Action
The book is suitable for those who are willing to take action and make significant changes to have frugal and efficient habits. It’s not enough to simply read the book and hope for results; you’ll need to be committed to implementing the strategies and advice provided.
3. Beyond Get-Rich-Quick Schemes
“Set for Life” is not a get-rich-quick scheme or a magic formula that will instantly solve all your financial problems. The book emphasizes the importance of hard work, discipline, and consistent effort. If you’re looking for a quick fix or a way to get rich without putting in the work, this book may not be for you.
4. A Commitment to Sacrifice
Achieving early financial freedom often requires making sacrifices. You may need to cut back on expenses, work harder, or delay certain life milestones. If you’re not willing to make these sacrifices, it may be difficult to achieve your financial goals.
Review and Critique
Overall, “Set for Life” is a valuable resource for anyone seeking to achieve early financial freedom through real estate investing. The book’s clear and concise language, practical advice, and endorsements from respected financial experts make it a worthwhile read for those who are serious about taking control of their financial future.
Endorsements from Financial Experts
“Set for Life” has garnered praise from renowned best-selling authors and experts in the field of personal finance and real estate.
- Brandon Turner, a popular real estate investor and author, has commended the book for its ability to change readers’ mindsets and provide valuable insights.
- JL Collins, the author of “The Simple Path to Wealth,” has praised the book’s practical approach and actionable advice.
- Grant Sabatier, a personal finance expert and author of “The Millennial Money Guy,” has also expressed admiration for the book’s ability to empower readers to take control of their financial future.
Clear and Concise Language
One of the strengths of “Set for Life” is its clear and concise language. The book is written in a way that is easy to understand, making it accessible to readers of all levels, regardless of their financial background or experience. This clarity allows readers to focus on the key concepts and apply the strategies to their own lives.
Potential Limitations
While “Set for Life” has received positive reviews, it’s important to note that the book’s approach may not be suitable for everyone. The strategies outlined in the book require a significant amount of discipline, sacrifice, and risk-taking.
If you’re not willing to make these commitments, it may be difficult to achieve the level of financial freedom that the book promises.
Set for Life: A Roadmap to Financial Freedom
Set for Life offers a comprehensive and practical guide to achieving early financial freedom through real estate investing and rental property investing. The book provides valuable tips and tricks that can help you build wealth, create passive income, and ultimately achieve financial independence.
If you’re tired of the rat race and aspire to live life on your own terms, “Set for Life” is a must-read. The book’s actionable advice and clear guidance can empower you to take control of your financial future and create a more fulfilling life.
While the book’s strategies require discipline, sacrifice, and a willingness to take calculated risks, the potential rewards are immense. By following the principles outlined in “Set for Life,” you can achieve financial independence, retire early, and live life on your own terms.
In conclusion, “Set for Life” is a valuable resource for anyone looking to make informed decisions about their financial future and achieve the American Dream. The book’s practical approach, clear explanations, and actionable advice can help you overcome financial challenges and create a more prosperous and fulfilling life.
