073 | Jamila Souffrant | Fail Forward | Journey to Launch

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073 _ Journey to Launch _ Jamila Souffrant

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ChooseFI Favorite: top rewards card for beginners

Chase Sapphire Preferred Card​

Looking for the best credit card to start earning travel rewards points? The Chase Sapphire Preferred is our pick. With a 50,000 point signup bonus (after spending $4,000 in the first 3 months), the $95 annual fee waived the first year, and ultra-flexible points (transfers to 13 airlines & hotels!), this is our top choice!

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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4 thoughts on “073 | Jamila Souffrant | Fail Forward | Journey to Launch”

  1. This was a great, inspiring episode; the failing forward mindset is so important. The episode generally did make me think though, that there must be societal costs associated with the individual-focused (as opposed to community-focused) society we live in now. I do think we all need to take a step back and think about an alternative way for nurturing and caring for all children, so that opportunities and development are available to all children, not just those lucky enough to have been born to wealthy and/or stable and sensible parents and/or those capable of the sort of efforts made by Jamila’s mother and grandmother. It made me think of Vicki Robin’s call for universal healthcare and higher education. I wonder if the focus on building our own wealth so that we can provide xyz to our own children makes us blinkered. We stop questioning why xyz aren’t available for all children and whether that is the sort of society we want to live in. When I say xyz I’m not just talking about clean clothes, computers, books, medicine, but increasingly it will be about clean water, clean air, and somewhere to live that mitigates the risks associated with climate change.

  2. One of my favorite podcasts–love her (and I’m going to go binge her podcasts too). Wish I’d have had the role models she had in her mom and grandma.

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