“a first step, most Americans earning median incomes will find that serious progress is made at first through the intelligent and intentional application of frugal living and preservation of earned income.”, “pursue a degree that places you at some advantage in the marketplace.”, Michiko Kakutani's Gift Guide Book Recommendations. Fans of Rich Dad, Poor Dad and Total Money Makeover will love the actionable advice in this personal finance bestseller! Scott Trench was able to summarize countless personal finance articles, podcast, and other media for which I have received my own mindset about finance and life as a whole. As a disclosure, some of the links in this post are affiliate links, meaning, we can earn a commission on any purchases made through the link, without any additional cost to you! 5) Don't pick individual stocks or day trade. I was shocked to see I had only given this 3 stars. BiggerPockets is a great resource for all things Real Estate Investing. 6) Continue to add rental properties and/or build a business. He has a lot of good advice to offer, but my biggest takeaway from the book was the power of "house hacking" in accelerating the path to FI. To see what your friends thought of this book, Set for Life: Dominate Life, Money, and the American Dream. These types are a dime a dozen, with much of that dozen being total garbage. https://www.amazon.com/Set-Life-Dominate-American-Dream/dp/0997584718 Everyone should read this. 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. The author talks a lot about "house hacking" and real estate investing as a way to create wealth quickly. Financial Freedom (Book 1) Share your thoughts Complete your review. By Scott Trench Data can help real estate investors make better-informed property purchases, from avoiding overpaying to pinpointing the best places to invest and more. Nearly two and a half hours of content, including interviews with Erin Lowry, JP Livingston, Geoff Woods, and Mrs. Frugalwoods. Additionally, Trench at times is a bit preachy and judgy and this bo. They truly get you on the road to being set for life. 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. Do all of this until you get $100K in net worth. A must read for young folks. Read more. 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. Trench's bashing of retirement accounts as a "false asset" was a bit of an overkill in my mind, but his point that money in these accounts are not immediately available as a "financial runway" that enables one to pursue passion projects or ambitious positions is well taken. BiggerPockets … It's worth picking up to read the conclusion and/or the chapter summaries. As a whole, this book is a decent book about many finance concepts and is great for beginners. The author talks a lot about "house hacking" and real estate investing as a way to create wealth quickly. Looking for books by Scott Trench? Would you like to “retire” from wage-paying work within ten years? Top two books on personal finance. Set … Buy Books… This is THE best personal financial book I have EVER read. 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. It's another reminder for me to not let (borrowing words from Paula Pant) "the tax tail wag the dog". 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. Though, the last part of his plan is when things become a little problematic. In short, the author's goal is to guide the reader to generating wealth quickly much faster than the standard retirement age of 66, so that the reader can enjoy more of th. If you feel stuck or feel that you are not able to flex your creative talents and live a life where you are in control, then Playing with FIRE might be just the book you need.” Scott Trench. 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). NYC, SF etc. 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. The 2019 Porchlight Business Book of the Year. Purchases from the BiggerPockets Bookstore can only ship within the United States. Amazing book by Scott Trench. While the book … It is about … Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. It is not about setting aside money for a “rainy day” or just accumulating an emergency fund. With twenty-five real-world stories from seasoned investors across the country, this book uncovers the secrets behind unbelievable real estate deals, from sourcing and funding to profiting. 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. As a whole, a decent book for beginners on their path to FI. A little preachy, repetitive and annoying though. I’m going all-in after reading this book. Now to read this? 1 Star - I hated it 2 Stars - … This book provides surprisingly sound advice on how to bootstrap wealth generation, on the whole, with a few exceptions on his numbers and the last "stage" of his plan. 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. It has stuck with me and finds its way into most conversations about money. Read this to get your money roadmap for life, then if you’re in stage 1 and 2, read total money makeover by dave ramsey. Keeping good records, being frugal, and thinking about opportunity costs are important, too. Additionally, Trench at times is a bit preachy and judgy and this book really is only geared towards young, single individuals. Read any highly ranked personal finance book instead of this one. 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. About the Kirkus Prize Kirkus Prize Judges. does not count as net worth. Set for Life | Scott Trench. I only wish I had read this when I was 18 years old. This book provides surprisingly sound advice on how to bootstrap wealth generation, on the whole, with a few exceptions on his numbers and the last "stage" of his plan. A reader would be better off reading a biggerpockets blog post on house hacking instead of this book (. Scott … by Scott Trench. At risk of sounding sensational, here’s my raving review. by BiggerPockets Publishing. Congratulations to Don't Be Evil by Rana Forhoohar, a "penetrating indictment of how today’s largest tech companies are hijacking our data, our livelihoods, our social fabric, and our minds." 9.) Scott Trench, President of BiggerPockets, Denver, CO - BiggerPockets Profile. Now to read this? Even starting with zero savings, he demonstrates how to work your way to a five-figure income, then to six figures, and finally to the ultimate goal of financial freedom. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and Scott Trench—investor, entrepreneur, and CEO of … Refresh and try again. In addition to reading this book I highly suggest checking out Scott's … He has a lot of good advice to offer, but my biggest takeaway from the book was the power of "house hacking" in accelerating the path to FI. Rate it * You Rated it * 0. 2016 2015 2014. Only available in Ultimate Package and offsite. Solid and realistic strategy. Where was this book 30 years ago. 4) Don't bother with retirement accounts for now because you won't be able to access them for ages. Six Steps to Eliminating Debt & Repairing Credit, a 25-page ebook by Scott Trench, will take your financial skills to the next level! Scott Trench is the CEO and President of BiggerPockets – a property investment and financial independence blog. Pulitzer Prize–winning literary critic Michiko Kakutani, the former chief book critic of The New York Times, is the author of the newly... Set yourself up for life as early as possible and enjoy life on your terms! Scott Trench is CEO of BiggerPockets, co-host of the BiggerPockets Money Podcast, a real estate investor, real estate … Ex Dave Ramsey. 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. These types are a dime a dozen, with much of that dozen being total garbage. See all books authored by Scott Trench, including Set for Life: Planning Your Financial Future So You Can Live the Life You Choose., and Set for Life: Dominate Life, Money, and the American Dream., and more on ThriftBooks.com. 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. Just a moment while we sign you in to your Goodreads account. Loved this book. Break Out of the 9-5 Grind. Scott currently lives in Denver, Colorado and enjoys skiing, rugby, craft beers, and terrible punny jokes. All. Six Steps to Eliminating Debt & Repairing Credit, Four Audio Interviews with Personal Finance Experts, BP Podcast 223: How to Become "Set for Life" with Scott Trench. Blog. 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? 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. Invest in index funds. 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. 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. Book to Screen In the News Video Interviews Fully Booked Podcast. 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