The Book That Let Me Reach Financial Independence (20 Lessons)

Money lessons for financial independence from the book set for life.
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00:00 Intro
00:14 the first $25,000
00:26 frugal living
00:50 the big 3
01:21 Save On Your Car
01:46 Save On Food
02:04 Save On Housing
02:34 Credit Score
02:46 Good Enough
03:21 Insurance
03:42 Ladder to $25,000
03:53 Pay Off Debt
04:25 Invest In Yourself
05:34 $25,000 Now What?
05:45 Scalable Job
06:34 House Hacking
06:54 Earn 3 Ways
07:25 Build Income Streams
08:12 What I Did
08:37 Investing

[@GabeBult]

Check out Shortform.com/gabe and you will receive a free trial of unlimited access and an additional 20% discounted annual subscription...

[@simonsinvestingjourney]

Its so nice to hear someone say 'first 25k' & not 1M! It's realistic and achievable. Thank You!

[@HeatherCampbell-kc7fx]

I got jobs on cruise ships and ranches for a few years. Put 20% down on my first cottage. Paid it off in 15 years. Learned too late that I could have paid it off sooner. First car was 50 bucks!!! Could have saved more money if I had all this great information when I was younger. Learn sooner. It will pay off. Didn't have a good role model as a kid.

[@burmakara]

There's a book called The Hidden Truths of Wealth, it talks about how using some secret tehniques you can attract a lot of money, it's not some bullshit law of attraction, it's the real deal. Great video btw

[@matthewthompson0]

where did you find it?

[@ryan-patel]

For real, that book is insane.

[@jayanthkumar2140]

can you share it

[@Petrbrain]

Is the book worth it? Can you share it?

[@flarnnetwork2952]

Weirdly, I can't seem to find this book. What is the name of the author?

[@fadilfac8100]

I recently read an amazing book called Financial Wellsprings. It helped me to enrich myself and learn about investing. Highly recommended!

[@borisVladimir2]

“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.” - Robert Kiyosaki

[@GizmoBeach]

The wealthiest don’t acquire things that depreciate, because they can. You or I buy a brand new Corvette (trying to show off) at $80-K or whatever, it’ll sell for $65-K a month later even if it has only 100 miles on the odometer. This bullcrap doesn’t happen to the 1%. They buy an $80-K car and sell it for $85-K a year later when they grow bored of it; they have advantages you and I just aren’t privy to. 🫤

[@michealpnoel]

I totally agree. I put $250k into stocks with my advisor, and now I've made over $4 million in profits. I used the profits to buy properties, and they're bringing in great income. It just shows how important it is to invest in things that grow over time. It's like I'm living out the lessons right from the start of his book- Guide to investing

[@jackwpetrov]

Despite the ups and downs in the stock market, you've managed to turn your investments into good profits. Could you share the name of your advisor? I have $300k saved up and ready to invest, but as a beginner, I don't know my way around the market.

[@michealpnoel]

She is well known as - Chasity George Charles. please do your own research.

[@jackwpetrov]

I found her contact details through a web search, and I'm pleased to see she is well recognized by AdvisorCheck. I've already sent her an email, hoping she can find some time in her busy schedule to assist me. Thank you for not gatekeeping.

[@turboZ3]

solid tips - i want to say that lifestyle creep is very real. higher income can lead to hubris and thinking u can afford things u really cant. and ive been laid off twice in a single yr so i can say there is no job security.

[@skh5580]

If you live in a condo, I do NOT recommend DIY plumbing repairs. If anything goes wrong, you are LIABLE if you cause damage to other units in the building.

[@miikkasart]

agreed.

[@XanderWorden]

Absolutely love this video… I’m 20 years old and me and my girlfriend are moving back home after renting for a year and I plan to pay off the 2,000 dollars left on my car and start saving hardcore for a house then for financial independence👌

[@GabeBult]

That's great! Having a plan and really going for it is huge

[@pubwvj]

Yup. This is how I made it. I lived with eight housemates. Cooked. Gardened. Biked to work. Do everything for myself. Built credit. Buy cash. Built up my own business. Bought good tools that made me money. Hi deductible insurance. Bought houses that needed work and did the work myself. Worked three jobs some of which were my play and exercise. Lived very frugally. Tracked all my expenses. Focused. The people I hear today complaining about not being able to have their own house to live by themselves are whiney. They are not willing to do what it takes. They confuse wants with needs.

[@jimmymac2292]

Bought my laptop open box and upgraded the ram and added storage myself. I saved around $800 doing it this way, instead of buying new.

[@josephang9927]

Best feeling... Doing something useful that only few people have done and save hundreds in the process.

[@jimmymac2292]

@josephang9927 amen, I like tinkering. For me, it's beneficial to upgrade or repurpose things before just throwing out and buying new

[@tamararoberson8060]

I bought my laptop at minimum spec, planning to do this. Put it off so long I realized I didn't need it. Saved even more.

[@rosemarie2198]

I got the book on hold at my local library

[@MarkBigley]

Thank you Gabe

[@Immanuelmsa]

Thank you Gabe, very useful information and wonderful video 👍🏼

[@jennyherzog9872]

New book for my list lol. Love your videos! Thanks!

[@johnleesuccess]

keep up the great work!

[@anupamar426]

I read this book 5 years ago, yes it has really helped me. Practical advice with inspiration.

[@amandahaataia5505]

I read this book years ago - it’s amazing!

[@LivingProcess]

Brilliant as always 💚 The first rule is always good

[@GabeBult]

Thanks !

Love the title!

[@cirentXD]

I am not a fan of how "financial independence" is spoken about. People talk like working for 45 years is the devil. I get financial independence and more from working. If my wage never increased and inflation did not exist, I will make $5.7M at my job over 42 years. My job will allow me to be a multi-multi millionaire, give satisfaction, and create value for others. That has more real meaning. Also doing one craft really well can be just as good or better than multiple income streams.

[@myplatinumlife]

One of, if not my favorite finance books

[@Scott_Trench]

Wow! Thank you for the awesome review of Set for Life and congrats on the amazing progress on your own financial journey using Real Estate. I’ll be monitoring the comments here if anyone has any questions for me. Gabe - let me know if you want to connect sometime, it would be great to meet you virtually or in person at some point!

[@skh5580]

Hey Scott. How would the 50 to 75% saving rates work in these inflationary times when rent, gas and food costs are high? What if people have a mortgage? My friends and I have noticed our pay checks have not kept up with inflation.

[@Scott_Trench]

It’s sacrifice. With the prerequisite of at least a median income in your area. I followed Mr Money Mustache and biked to work. I have never lived without a roommate until I got married (is my wife a roommate now?). I packed lunch. I lived in a 2bd / 1 ba apartment with a roommate across the street from a billboard promoting an adult store. And, I probably still didn’t get to the 50-75% range until I house hacked. Also my evenings and weekends I tried stuff. I ubered, tutored, started very silly businesses, etc. every little bit helped. I was making $48K base that first year out of college (2014). Saved about $20K.

[@skh5580]

@@Scott_Trench Thanks for the response. I guess it depends on your age and the country you live in. Most of my friends are orphans. If anything their kids would be moving back in with them. My friends and I have been cutting back. The rental situation in some countries are not good for both landlords and tenants. I tell my friends we should be grateful, we don't live in Argentina where the annual inflation rate is over 100%.

[@quincydube9707]

Thanks broe you just enlightened me

[@fireandirie]

Love the video, thanks...Appreciation* audit...missed the C...I 'c' what ya did there...blessings 😎🤙

[@beebsblue]

This is sooo good. I like the idea of getting passive income instead of aiming for a huge chunk to live off for the rest of my life

[@janicelindegard6615]

What about the maintenance and repair on all of those rental properties?

[@GabeBult]

You calculate those into the cost. The examples I used for this were definitely very rounded numbers.

[@janicelindegard6615]

@@GabeBult I don’t think I have the temperament to be a landlord. Lol.

[@ourcozycorner8517]

@@janicelindegard6615maybe you could factor in letting a property manager do that for you (usually around 10%) 🤷🏼‍♀️

[@SageGypsy]

Building monthly income! Yes!

[@EcomCarl]

The focus on cutting major expenses like housing, transportation, and food in "Set for Life" is a game-changer for anyone serious about financial independence. It's about making significant changes where they count the most, rather than pinching pennies on smaller pleasures. 💡

[@RaymondZiviski]

I feel like you have jumped ahead in your skills. Your speaking style and delivery are awesomeness in action. I am not proud of any other youtubers except my sister-in-law. 'La Reina Creole'

[@johnharkendorff2131]

"I don't have to work because I am making money from people who actually work." There was some excellent advice in this video, but you understand that buying rental properties systemically CAN'T work for everyone, and doing so actually contributes to others' financial insecurity?

[@donaldnewportjr.7678]

I have house hacked over the past 7 years and it was one of the best decisions I have ever made. I would like to get another rental (that I don't owner/occupy), but geezo, so expensive now!!

[@coloredbymaia6476]

Ur amazing gabe! Im homeschooling mom and this will be part of my kid’s curriculum ! I have a question for you, would this work in California? The real estate prices are so high

[@patrickklepper3641]

I see all these youtube and social media finance guru's preach about keeping expenses low, save save save, invest in this, multiple income streams and that's great. However, what many of them DON'T talk about is at what point do you allow yourself to spend a little and actually start enjoying the finer things? When, where, or what is the finish line? Just save until we're too old to enjoy any of it?

[@andrewk473]

Love your videos. I realize your intended audience is 20s/30s. I just wonder what someone in their 50's can do to improve their situation.

[@larissaguy9083]

Im in my 50’s too and would love ideas for our age group. This year I did negotiate our solar system and they reduced it by $1 500 for cash and a google review and we paid our sons school fees up front in Jan so saved $500 there. We had to update our wills and our solicitor wanted to charge $800 but I found a company run by lawyers online who check everything for $159. So so far this year we have saved $2500. Unfortunately at our age I feel like our expenses are so much more on a weekly basis and I still feel like I’m getting nowhere. My goal is to pay of the mortgage but it’s a battle!

[@symmonep9591]

Check out ‘the money guy show’. They have several videos that may provide what you’re looking for. I’ve seen several videos for folks in their 50s

[@ismaelhall3990]

good

[@Kevin-sr8yx]

DIY things! My side hustle is not paying contractors to do little stuff around the house. Every dollar you save is $1.50 you didn’t have to earn.

[@tiffanyonwudinanti]

I had the opportunity of being on Scott’s podcast, and did a couple of videos on my house hack and the tips he gave me on my channel.Gabe is right; This book is a great introduction to personal finance for anyone, even if you’re older! They will serve you tremendously!

[@SageGypsy]

Currently on the 50 30 20 budget

[@dinabertrand9113]

You may have mentioned this in previous videos, but do you do all the maintenance and management of your rentals now, or do you outsource them?

[@GamerTeah]

nice! so im not the only crazy person saving/investing over 60% of my income :)

[@knozos]

In other words… become a landlord 👌

[@patriciamuscat1049]

I always had a part time job now Im 62 yrs old retired and owner of three renting properties

[@victoriabarclay3556]

we did a lot of that instinctively, paid off property in 15 years, saved 50%, but never earned a lot, and didn't give ourself real raises. I would love to hear tips for people in their 60's still working, but not making a lot. as retirement (ugh) is looming, I feel very insecure. budgeting is a real challenge, even though we aren't frivolous. we have no debt except SBA loan from our business covid loan. how to save more in the last decade of working....

[@bobbyrebholz2183]

Great video. Also, if you wanted to run the biggest gamble for yourself in the history of humanity, take the amount you would be paying into health insurance and put it towards the $25k. If you're a healthy human and NEVER have anything happen to you, well, it's frightening in case something does happen but you could literally save massive amounts of money that is literally doing nothing. I don't advise this though. It's not for the weak-hearted.

[@samszeto7021]

I had a double take when you said *high cost index funds*, and wasn't watching the video which had the correction

[@annleach7908]

Having enough in savings to cover the higher insurance deductible is something that too often gets overlooked. This is in addition to the emergency fund which is to cover living expenses.

[@NHroxNH]

Unfortunately house hacking is not possible in all countries. In the Netherlands this isn’t possible in most cities.

[@JoeLopez]

How does having a high credit score help you invest?

[@gwendolynmeredith5779]

What's name of book???? Author....

[@stephenh.4476]

why would anyone need a good credit score to invest?

[@tanisemmello]

❤

[@SageGypsy]

I want a car with roll down windows!

[@heidikamrath1951]

This was over 20 years ago, but my friend’s 5 year old had been for a ride with me in my old Saturn and she exclaimed to her mom afterwards, very excitedly, “Mama! Heidi’s car has windows with roller things! You spin them and the windows go up and down!” I still laugh thinking about it. I didn’t get a car with automatic windows until 2004.

[@emiliebottiglieri7997]

Are you saying that with $25k saved you were able to buy a 3 unit house ? This part got me confused

[@GabeBult]

Yes because I used a FHA first time home buyer loan which is a 3 and 1/2% download. Then also got money back from the sellers so I was actually able to buy it for less than that

[@cvan259]

*spell check 👍

[@tiffanymcneely4962]

Invest in high cost funds?!?!? Can you explain?

[@GabeBult]

Low cost * like the s and p 500

[@tiffanymcneely4962]

@@GabeBult thanks I was listening and not watching the video!

[@jasongreif7867]

How do you convince your partner not to spend? This is largest hurdle I face.

[@user-bz1wn3qz7m]

Where"s Thomas?!

[@GabeBult]

He's around lol

[@user-bz1wn3qz7m]

​@@GabeBult Give! I NEED another video with him. Babies are like magnets to me.❤

[@EvanMaltass]

Now make one for a 30 year old in a dead end job with 3 kids and a wife.

[@carmenjaniratarafacortes7405]

🤣😂🤣😂🤣🤣🤣🤣🤣😂🤣 You and you’re bad timing 🤣😂🤣😂🤣😂🤣🤣🤣😂😂😂😂😂😂

[@Craig-Engels]

Thanks for the 9 minute ad hiding your links you make money off of us on!

[@mrdeanvincent]

"Saving $25,000 is easy! Just save 50-75% of your income..." 😂 This is absolutely useless advice for most people.

[@Scott_Trench]

Nobody says it is easy. It’s an immense sacrifice. My book is only for the tiny few percent of people who so badly want financial freedom early in life that they will change most aspects of their lives to attain it, including biking to work year round, living with roommates, making close to 100% of meals, side hustling on nights and weekends, literally reading 50 business books per year, etc. Sounds like you won’t do that, and most shouldn’t. It’s the price of financial freedom early in life though.

[@anslosse]

As a single mom, living in a cheap house without a car, working 10hrs a day and making 95% of my meals at home I can agree that it's nearly impossible for me

[@mrdeanvincent]

@@Scott_Trench The book doesn't say it's easy, but then this wasn't a book review. There are countless KZbinrs suggesting it's easy. It's probably not surprising they're overwhelmingly straight white men from the US/UK often with university degrees and typically with very successful conventional careers even before building a KZbin following. I'm a lot like them and saving isn't a major challenge for me personally... I'm suggesting that the advice given in many of these videos could really benefit from a little bit of awareness that most people's reality is pretty far removed from that sort of privilege.

[@Scott_Trench]

Agreed - It is a privilege to be able to sacrifice the way I did and get to financial freedom. @anslosse is making similar sacrifice just to get by as a single mom. The book is a playbook for financial freedom, but I qualify it many times that it’s for the median income earning, likely single, 20 something or early 30 something.

[@Kumile1]

Hey sir I have chance to get Motorcycle and it costs $260. but i can't afford it please help me to get this chance it is my biggest dream to drive motorcycle. am 19 from Ethiopia help me to live my dream

[@jjoosseeff100]

Unfortunately not all 300 milion americans can become landlords.But good video anyway.

[@Scott_Trench]

This is definitely an “all out” approach. It is for a very small percentage of people willing to make major sacrifices and really orient major aspects of their lives to the goal of becoming financially free at an early age.

[@josephang9927]

About a fourth can, and as population goes down more homes will be empty and available for rental. Not to mention other rentals such as liundry and cars that you can engage in. Even Uber is kind or renting your car and it can make good money in a big city.

[@VitalBigras]

Is it too late? 61 year old I have 60K…

[@Scott_Trench]

I really wrote it when I was 27 for the twenty something, but I have long wondered if the approach can’t be paralleled to someone in their late 50s and early 60s. Obviously, not being 60, I am not qualified to really truly empathize with the nature of the challenge, but I wonder if many principles like extreme frugality, house hacking and DIY work, reading relentlessly, etc can’t be applied to give someone in your situation a real shot at $1-3M in net worth by 70! I think it’s harder to do a lot of that stuff in one’s 30s or 40s with a family, but perhaps it opens up again for many empty nesters in their 50s/60s!

[@deborahordan7827]

Scott, I literally am on the last chapter of your book. (AI must have known I was reading it and put this video on my feed-and I love Gabe’s videos). Great book! I’m Turning 60 next year and my hubby and I turned our financial lives around in the last 12 years. Paid off all debt, saved our emergency fund and set up sinking funds. We bought a duplex and have been house hacking for most of the last 8 years. Our kids are really expensive (love ‘em and G-d bless ‘em) and we have cash flowed most of the expenses. My issue now is that I’m exactly in one of those going no where jobs you describe - I dedicate my life to it (my husband says I work “12 hours a day 12 months a year”. - perhaps a bit of an exaggeration…) but I’m really spread out thin to figure out how to scale my knowledge to bump up our income. Not complaining, I just think that’s my next step and I’m kind of stumped. I will tell you that being able to say “yes” to myself and my kids instead of so many years of saying “no” is such a wonderful feeling that I WANT MORE FREEDOM!!! That’s my why!

[@VitalBigras]

Thank you for taking time to answer my question 😊 I will give it a shot and hopefully hit 100K by 70 year old. My wife and I were forever happy with living a very simple life

[@mikedisd3]

Who can seriously buy 3 houses in a few years, even with good deposit? Thats a lifetime of massive debt. Monthly interest, property taxes, maintenance costs, landlord insurance, etc; you won't have any passive income. This guys full of it.

[@d.s.151]

I'm pretty tired of watching finance videos on this channel. They're all the same, basic obvious advice around being frugal, then all come back to the same thing - a 'house hack' which is only relevant to viewers in parts of the USA where 'duplex' exist and you can just buy and part rent it. That's literally irrelevant to most of the world. Elsewhere maybe you can buy and rent a room or two of your house but then you're sharing living space which to a lot of people isn't worth the risk and lost privacy. There aren't any genuinely new ideas coming out of this channel anymore, which is a pity.

[@MrWhitmire]

Um…stop watching, maybe?

[@ModernDayPilgrim]

Love this, Gabe! Sent it to all my kids. Also, love the format. 🫰🫰🫰quick to every point. 🙌🏼😃💯

[@GabeBult]

Glad you enjoyed it! This is definitely one of my favorite finance books

[@mikedisd3]

I'd stay away from people who make money by telling others how to make money. This guy is bogus or he just got lucky with the rentals. Either way, it ain't that easy. But im sure he's making bank with this sponsored video.

[@scotttrench4169]

I have no affiliation with Gabe - this is the first time I'd heard of him actually. No sponsorship or other affiliation of any kind. I will be inviting him onto the BP podcast, however, after diving in and learning about his story! My stuff is not for everyone, and yes, it is a little weird to build wealth by leading BiggerPockets, in addition to my RE and stock portfolio. I am not sure the way around this however. Perhaps you could point me to some people who (not anonymously) post financial advice online and do not make any income from this activity? I would love to follow and refer folks to this, so they can compare notes. I think that for someone to do something professionally, they have to make money doing it. I will say in my defense that these lessons are in a $15 book about personal sacrifice, not a $10,000 course or mastermind promising a cheat code like some out there.

[@DaintyFlowers-qd7mq]

I need to be honest about something. It's difficult for me with all the fimancial channels i watch to stay focused on money. I honestly think it's because I'm a woman. To me, men should be leading in this.

[@sharonmatheka4164]

Hey dear, I think this could be a personality thing more than a womanhood thing. Look into your past and how you were brought up concerning money? Find out what is your relationship with money and why? Read up on money personalities. You could be an avoider, and that stems from somewhere.

[@DaintyFlowers-qd7mq]

@@sharonmatheka4164 Thank you for your comment. I am a go getter and have had a lot of success with learning and my family life, I believe as my Grandmother's stayed home and worked from home, that is the biggest role a woman has while men work. I understand we live in a different economy now, but my masculine energy just isn't the same as a man's.

[@user-vl7ol5up2b]

Learning personal finance is a gift to yourself. You still need to know the basics even if you don't particularly enjoy the subject matter. It's a matter of knowing how to plan and manage the money you do have.

[@seanallen3957]

Try focusing on mastering a money skill, and just one. Start with money planning that aligns your current finances with your FI date. Aim to not waste any money. Gabe points out WizeFi as a good option. Try that.

[@yuanting6798]

I'm a woman and I want to manage and be in control of my money and finances even though it's not easy. I definitely don't want a man to lead in this.

[@Szn4ever]

❤