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073 | Jamila Souffrant | Fail Forward | Journey to Launch

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Jamila Souffrant tells us about college internships, buying real estate right out of college, a few failed business ventures, and her decision to pursue FI, starting by saving $85,000 in the first year.

Check out what we cover today:

  • Jamila is a full-time job, full-time mom, part time podcaster.
  • As the child of an immigrant single-mother, how did Jamila’s childhood experiences impact her college and early professional career?
  • She and her husband saved $85,000 in 2016.
  • Jamila shares what wealth means to her now.
  • Failing Forward: the idea that progress is made, even if when things don’t see to have worked out.
  • Jamila landed a paid college internship that last through all four years of college.
  • What program did she use, and what is the advantage of internship opportunities?
  • How does a paid internship set you up for financial success after college?
  • Hard work, and asking questions helped Jamila move into a job that fit her interests.
  • How did Jamila buy studio apartment in one of the most expensive locations in Brooklyn, right out of college?
  • What happened in her mid-20s that led to Jamila “sleep-walking” through her finances for several years?
  • What was the inspiration for Jamila’s early business ventures and what did she ultimately learn from those failures?
  • In her early 30s, Jamila and her husband made big financial changes in pursuit of financial independence. What ignited the change?
  • What does it mean for Jamila to live her truth, and how do personal finances relate?
  • What steps did Jamila and her husband take to dramatically increase their savings?
  • Pre-tax retirement accounts accumulate savings quickly, and decrease your income, which lowers your taxes – half of Jamila’s 85k savings came in pre-tax accounts.
  • For government employees, the 457 Plan is the fast-track to FI.
  • Getting rid of a mortgage dramatically decreases monthly expenses.
  • Look for opportunities to maximize income, to put toward savings.
  • How and why did Jamila start blogging and podcasting?
  • With two children, and a third on the way, what is Jamila doing now, and how do her family responsibilities impact the financial decisions she’s making?

 

Links and resources:

 

Jamila Souffrant: Journey to Launch

INROADS Program

Mad Fientist

Radical Personal Finance

Millionaire Educator

Rich and Regular

The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?”

 

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Jamila Souffrant | Fail Forward | Journey to Launch

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.
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