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    Summary of Scott Trench's Set for Life
    Summary of Scott Trench's Set for Life
    Summary of Scott Trench's Set for Life
    Ebook61 pages41 minutes

    Summary of Scott Trench's Set for Life

    By IRB Media

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    Please note: This is a companion version & not the original book. Book Preview:

    #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.

    LanguageEnglish
    PublisherIRB Media
    Release dateJun 6, 2022
    ISBN9798822531819
    Summary of Scott Trench's Set for Life
    Author

    IRB Media

    With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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      Book preview

      Summary of Scott Trench's Set for Life - IRB Media

      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

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