“Set for Life” by Scott Trench is a comprehensive guidebook to achieving financial independence through real estate investing, saving and smart money management. The book is written for readers who want to build wealth and achieve financial freedom at a young age, often in their 20s and 30s.
The author shares his own personal experience of achieving financial independence through a combination of frugal living, high-income career choices, and strategic real estate investments. Trench explains that financial freedom is achieved when a person has sufficient passive income to cover their living expenses, which means they no longer have to rely on a traditional 9-to-5 job for income.
One of the strengths of “Set for Life” is its clear and practical advice on how to achieve financial freedom. Trench breaks down the process of building wealth into five stages, starting with getting out of debt, establishing an emergency fund, and saving for a down payment on a rental property. He provides detailed tips on how to find, finance, and manage rental properties, including how to analyze cash flow, how to screen tenants, and how to handle maintenance and repairs.
Another strength of the book is its focus on building wealth through high-income career choices. Trench emphasizes the importance of choosing a career path that offers high earning potential and opportunities for advancement. He provides examples of careers that can offer six-figure salaries, such as sales, entrepreneurship, and technology, and encourages readers to invest in their skills and education to increase their earning potential.
In addition to real estate investing and career strategies, “Set for Life” also covers important personal finance topics such as budgeting, saving, and investing. Trench provides practical tips on how to live frugally and save money, including strategies for reducing housing, transportation, and food costs. He also explains how to invest in low-cost index funds and build a diversified investment portfolio.
While “Set for Life” offers practical advice on achieving financial independence, it does have some limitations. One potential drawback is that the book focuses primarily on real estate investing as the key strategy for building wealth. While real estate can be a powerful investment vehicle, it may not be suitable or desirable for all readers. Some readers may prefer alternative investment strategies such as stock market investing, entrepreneurship, or side hustles.
Another potential limitation of “Set for Life” is that it assumes a relatively high income and a stable job market. While the author acknowledges that not all readers may have the same opportunities for high-income careers or stable job markets, the book may not provide adequate guidance for readers who face more financial challenges, such as low income, unemployment, or debt.
Overall, “Set for Life” is a valuable resource for readers who are interested in achieving financial independence through real estate investing and smart money management. The book offers practical advice, real-world examples, and actionable steps for readers to follow. While it may not be suitable for all readers, those who are interested in real estate investing and career strategies will find “Set for Life” to be a helpful and informative guidebook.