Anyone read Set For Life? Hows applying the principals going?

[Vincent Herrera]

Hey guys, so im currently reading Set For Life and am wanting to implement phase 1 where you save 50% of your income or $25k over the year. How is that going for anyone working on this as well? what are the struggles you are facing and do you have any tips? Did you really save $25k before you bought your multifamily house hack? Thanks!

[Samuel Vogt]

Hey Vincent... I read the book in October and have been working on maximizing my savings as much as possible.  One struggle that I faced early on is the feeling like I wasn't making much progress. That dissipates after time when the balance starts to creep up.  

Something that I implemented that has also been helpful is the "profit first" method, or the  "rich dad, poor dad" method of paying yourself first. Therefore, as soon as I get any check I move a set amount into my savings account.  This way I have to live on what is left over in my checking. It becomes fun in a sense, because you are forced to consciously think about every expense and see how far you can make a dollar last. Or if you need extra money for something fun (concert, vacation, etc.) you have to get creative and find a way to make extra money. I do some bartending and umpiring on the side.

Of course this all only works if one can be disciplined enough to not touch or dip into their savings account once the money is transferred.

Good luck, and happy savings.