ChooseFI Logo

073 | Jamila Souffrant | Fail Forward | Journey to Launch

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?”   ——————- Thank you for being a part of the ChooseFI community! If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, “The FIRE is spreading my friends!”   Jamila Souffrant | Fail Forward | Journey to Launch
Subscribe To The FI Weekly

Action, accountability, inspiration, and community. Join the movement. Get started on your Path to FI

More To Explore
Life Optimization
Life Optimization
What Are You Optimizing For? | Chris Hutchins | Ep 423

Sometimes on the journey to FI, we ask ourselves the following; do I really need to spend money on this? Do I really have the time and resources for that? These questions may be easy to dismiss by saying no in order to stay on track with your financial goals, but by dismissing them, you could be missing out on something that is beneficial to your personal journey! This week we are joined by friend of the podcast, Chris Hutchins, to talk about the hacks for optimizing your life, the differences between cheapness and frugality, and the importance of valuing your time and what it can lead to. Saving money is an important part of achieving FI, but you should never feel so restricted that you miss out on investing your time and money in things that bring joy and value into your life. While saving is important, it’s okay to spend money. Whether it’s on a trip or investing in something new, there are ways to make it work without feeling guilt or shame. Prioritizing and valuing your time can introduce new experiences and provide happiness as well as perspective while on this journey! 

Read More »
You Might Be Interested in...
Share This Post
Share on facebook
Share on linkedin
Share on twitter
Share on email
Share on pinterest