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