Summary of Scott Trench's Set for Life , livre ebook

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45 pages

English

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 The goal of this section is to help you build a year-long financial runway. You will do this by focusing on the preservation of your median income, and by cutting out spending where it will have the greatest impact.

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Personal Finance

Money Management

Economics

Business

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Publié par	Everest Media LLC
Date de parution	14 juin 2022
Nombre de lectures	0
EAN13	9798822531819
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Insights on Scott Trench's Set for Life
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10 Insights from Chapter 11 Insights from Chapter 12 Insights from Chapter 13 Insights from Chapter 14 Insights from Chapter 15 Insights from Chapter 16 Insights from Chapter 17 Insights from Chapter 18
Insights from Chapter 1

#1

The goal of this section is to help you build a year-long financial runway. You will do this by focusing on the preservation of your median income, and by cutting out spending where it will have the greatest impact.
Insights from Chapter 2

#1

The first step towards escaping the rat race is to begin saving money. The hard truth is that the first step in the process of escaping the rat race is to begin accumulating capital.

#2

The big shot expert is forgetting something obvious to the wage earner who is currently working a full-time job. You can’t seek greater income opportunity right now because if you lose your nine-to-five, you’re screwed.

#3

If you can easily get by on less than you currently earn, you’re opening yourself up to a world of possibilities. Some people call this luck, but the financially prepared are in a position to get lucky.

#4

The most absurd argument against saving is that it will negatively impact your lifestyle more than earning more money. This argument makes no sense. It is claiming that both financial security and family time are priorities, yet somehow believes that being frugal will negatively impact your lifestyle more than attempting to earn more money.

#5

Income is taxed in the United States, and many other countries. This means that those in the demographic most likely to benefit from reading this book are probably paying a marginal tax of 30 to 35 percent on any income earned, including both state and federal taxes.

#6

The primary starting focus for financially ambitious nine-to-five employees is to preserve capital since it is after-tax wealth. Frugality exposes the saver to opportunity.

#7

The strategy in this book relies on your level of emotional motivation. If you are not interested in gaining early financial freedom, the content will not be appealing to you. However, if you are passionate about gaining early financial freedom, you will be extremely motivated to pursue it.

#8

You do not need to make budgets or track every dollar every month if you aspire to the long-term goal of early financial freedom. If you consistently prioritize your early financial freedom the way it deserves to be prioritized, then many spending decisions are easy.

#9

Americans increasingly rely on professionals to handle basic tasks, such as doctors, therapists, and lawyers. However, it is not the doctor’s job to keep you healthy. It is your job to do that. You need to take responsibility for your life and learn how to manage the important things in it.

#10

It is a indication of helplessness to go to a professional in a field in which you have little knowledge, especially when more than 95 percent of your income is derived from a W2 job. Only seek the assistance of a specialist when necessary.

#11

Too many Americans are too soft, weak, and scared to handle ordinary affairs on their own because the professionals in industries like law, accounting, medicine, financial services, home services, and the like sound gloom and doom when people attempt to tackle even the basics of their profession.

#12

In America, people constantly seek out the best, and will not settle for anything less than it. But, you must understand that every day you have to make choices. And frequently, you’ll find excellence, rather than the best, is good enough.

#13

Deliberately and significantly altering a lifestyle is a time-consuming, intentional process. It doesn’t happen overnight. It might take months or years to find a suitable new place to live, or to successfully transition from daily lunches out to regularly preparing delicious food you actually enjoy eating.

#14

Frugality is the first step to building wealth. By cutting out the waste in your life, you will be able to save your free time to start businesses or work second jobs.
Insights from Chapter 3

#1

The first step to reducing spending is to break it down into different categories, so you know where your biggest expenses are and the order in which to tackle them. The average American spends $10,000 a year or more on household expenses.

#2

The government provides data on consumer spending, which shows that the average American spends the majority of their money on housing, transportation, food, insurance, and health care. The other 20 percent of expenses are for entertainment, apparel and services, cash contributions, education, and miscellaneous.

#3

Fixed expenses are those that cannot be changed, like rent or a car payment. Variable expenses are those that can be changed, like food and entertainment. Focus on reducing fixed expenses to save more efficiently.

#4

If you are spending thousands of dollars per month on unnecessary shopping, meals out, or other entertainment, you have a spending problem that needs to be addressed. You'll need to figure that one out on your own, as this book assumes that attaining early financial freedom is more important for you than that type of spending.

#5

The single most important thing you can do to start saving money is to live close to your place of work. If you are interested in financial freedom and are unable or unwilling to buy a home that will improve your financial situation, rent a low-cost apartment with some roommates in an area that's close to work.

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