I've read several books about personal finance, and this is one of the few that provides a roadmap to financial independence.
The ideal audience for this book is someone fresh out of college with a job making a decent middle class income. Grant provides strategies for maximizing your income and increasing your savings, which by the way is the best way to grow your wealth. The bottom line is always keep your expenses as low as possible, and spend only what you have to. Save and invest 20-50% of your income using the recommendations in the book.
I do though disagree with a few of Grant's recommendations: I think keeping a budget is very important. I've been using YouNeedABudget for almost three years now, and it has enabled me to increase my cash flow and never have to pay interests on my credit cards. I use YNAB to budget for my true expenses, and to maintain a one month buffer of my expenses. By keeping a budget, I paid off my $12k car loan in 14 months using my regular income and getting paid to build a couple of websites, as Grant talks about his book.
So if you're not disciplined about managing your money (which means you're living paycheck to paycheck, you don't have a decent emergency fund, and you're not budgeting for your true expenses), then you need to learn the budget to zero method.
Reading Financial Freedom has though inspired me to save $10-$12k this year and in years to come, and to start investing a portion of that money in a ROTH IRA account. I get a salaried income and no company 401k, so I'll need to develop more sources of passive income.
I wish I read about personal finance growing up, because it would have made a huge difference in my financial life. Financial Freedom is must read, and good guide to return to when you can start investing. But it's not the only book you should read about personal finance. Try to read at least three books a year on the subject, because handling your money and increasing your wealth is very important, especially in capitalist society like the U.S..
I enjoyed this book and was inspired to watch my money, start investing, and find a side hustle based on Grant's writing. I am 30 with decent money habits but there's always room for improvement, and I was nervous about investing in the market and contemplating real estate purchases. Now, I'm more confident that starting to do some of these things is actually best for me financially, especially as I don't plan to quit my day job just yet. The author's optimism and confidence was inspiring and I think a lot of readers will be motivated to try something new to improve their financial position.
That being said, readers need to take these tips and apply what works for them. Investing 100% in equities, living with roommates, or even quitting one's "day job" at age 35 or 40 with $2M in the bank may not work for every person or situation.
Overall, this book is a good investment. It opened my mind to new strategies for money management and growing wealth.
I enjoyed the high energy side hustle concept with multiple streams of income being necessary for financial independence. My issue is the example liberties for example if you don't take 40K to buy a car you could invest it for (x) amount of years, when likely the buyer would be using a loan and therefore wouldn't have the 40k principal to invest for 40 yrs. Pulling from a Roth as a strategy involves a 5 yr wait period from start of Roth and on conversion the 5 yr window starts again. Suggesting someone could save 80 percent of their W-2 income from a job also seems sketchy - when you consider the Social Security Tax, Medicare Tax and Federal Tax (maybe State tax) alone likely puts the taxpayer higher than 20% on 100k of income. I understand what the author is driving at, but for newbies they should consult a tax professional. On the positive side, I think this book gets people looking for financial freedom fired up on time value of money with investing early and often. I was a little concerned regarding sequence of return risk on pulling funds out of the market in a down market could be problematic, but atleast he did mention to be prepared to change directions (more side hustles) on the fly and monitor your money daily. Sage advice to only pull from your investment earnings and do not touch the principal, which I feel is the definition of financial freedom (living off the fruits of one's labor - leaving the financial tree alone)
Para los latinos que no vivimos en USA, hay información sumamente valiosa respecto a como pensar en el futuro, como somos nosotros mismos responsables de crear las condiciones necesarias para una jubilación mejor, sea anticipada o no, es algo importante y que no tenemos como cultura.
Hay mucha información que a nosotros no nos sirve de manera literal, pero que igual podemos ver como lo adaptamos en nuestros países, como por ejemplo buscar aprender nuestras legislaciones de impuestos y tratar de sacarle provecho de manera legal y asi maximizar nuestras inversiones.
Lo recomiendo leer, ademas el lenguaje es bastante simple incluso para alguien como yo que no soy un experto en ingles.
For Latin American who does not live in the US, there is extremely valuable information regarding how to think about the future, how we ourselves are responsible for creating the necessary conditions for a better retirement, whether early or not, it is something important and that we do not have as a culture.
There is a lot of information that does not serve us literally, but we can still see how we adapt it in our countries, such as seeking to learn our tax laws and trying to take advantage of it legally and maximize our investments.
I recommend reading it, also the language is quite simple even for someone like me who is not an expert in English.
This book is fairly basic and reinforces financial basics of money. It stresses that it’s not just about saving your money, rather using it in ways that make it work harder for you. I recommend this book for people who are beginning their journey and exploring ways to make their money work for them instead of just growing a savings account (that has a place as well in a wealth management plan!).
Good first book have if you're starting out to be financially independent. Grant is very transparent about how he achieved his financial goals and demystifies a lot of things that we are wired to believe are difficult to learn or put into action.
This book is extremely helpful to someone who is earlier in their career and hasn't quite figured out how to maximize their money. I found the chapters on investing particularly useful as Grant gives very specific advice about what types of index funds to invest in.