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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Set for Life summary
Scott Trench
Dominate Life, Money, and the American Dream
17 mins
Brief summary
Set for Life by Scott Trench provides step-by-step guidance on building financial security, achieving early financial freedom, and creating a life of choice, centered on practical tips for saving, investing, and increasing income.
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Set for Life
Summary of 6 key ideas
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Redefining wealth
Middle-class Americans tend to follow a traditional path. They work a nine-to-five job for thirty to forty years, save about ten to fifteen percent of their modest annual incomes, and hope they’ve saved enough to retire at age 65. Unfortunately, this approach typically provides only a modest amount of financial security in retirement. But there is an alternative formula that promises true financial freedom much sooner.
The key to this formula is frugality. Frugality isn’t about limiting yourself – it’s a strategic choice that opens doors to opportunities that would otherwise remain unavailable. By dramatically cutting down on expenses now and aggressively investing the excess savings, your money can compound rapidly. So rapidly, in fact, that in just five to ten years, passive income from your investments can cover all of your living costs. At that point, you can actually opt to quit wage-paying work entirely!
So how does it all work? Well, first off, this blueprint specifically targets middle class full-time employees starting out with little savings. So, if this isn’t you, keep in mind that what’s to come might not apply.
If that description does fit you, then first and foremost, you need to understand one thing: real wealth doesn’t lie where tradition thinks it does – meaning retirement savings or home equity. Instead, it lies in accessible, after-tax cash. Having a sizable cash reserve means you have options. To obtain that cash reserve, you need to cut your expenses – radically. Your goal should be to accumulate approximately a year’s worth of living expenses in savings – around $25,000 total. This is by far the hardest part of the overall strategy, but it’s well worth it for the options it provides.
This capital cushion buys you crucial breathing room to consider entirely new opportunities. With it, you can pursue entrepreneurial projects or accept a new job with lower base compensation but a more lucrative long-term trajectory. Plus, savings are shielded from taxation, while income gets haircut after haircut. Early in the wealth accumulation journey, your efforts are better spent cutting costs than trying to raise your salary.
So, how do you actually start cutting costs and become more frugal? It all starts with your mindset.
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What is Set for Life about?
Set for Life (2017) offers a strategic roadmap for achieving financial independence, emphasizing the importance of frugality, saving, and smart investment. It guides you through the process of accumulating wealth by spending less, earning more, and investing in income-generating assets, particularly real estate. Ultimately, it offers practical advice for creating a long-term financial plan that enables early retirement and financial freedom.
Set for Life Review
Set for Life by Scott Trench (2017) is a comprehensive guide on achieving financial independence through strategic choices and smart investments. Here's why this book is worth your time:
- Featuring practical strategies and insights, it provides a clear roadmap for building lasting wealth and security.
- With a focus on real estate investing and smart financial decisions, it equips readers with tangible tools for long-term success.
- The book's emphasis on early financial planning and disciplined saving habits keeps readers engaged, offering a fresh perspective on securing a prosperous future.
Who should read Set for Life?
- Young professionals and recent graduates just starting their careers
- Middle-class earners with little savings
- Anyone seeking financial independence
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Book summaries like Set for Life
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Set for Life FAQs
What is the main message of Set for Life?
The main message of Set for Life is achieving financial independence through smart decision-making and long-term planning.
How long does it take to read Set for Life?
Reading Set for Life takes a few hours. The Blinkist summary can be read in just 15 minutes.
Is Set for Life a good book? Is it worth reading?
Set for Life is worth reading for its practical advice on building wealth and securing financial freedom efficiently.
Who is the author of Set for Life?
The author of Set for Life is Scott Trench.
What to read after Set for Life?
If you're wondering what to read next after Set for Life, here are some recommendations we suggest:
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- Your First Million by Arlan Hamilton
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- Change Anything by Kerry Patterson
- Power And Prediction by Ajay Agrawal
- Your Best Financial Life by Anne Lester
- The Art of Witty Banter by Patrick King
- The Reading Mind by Daniel T. Willingham