Money Expert Jamila Souffrant Shares Her Financial Independence Success Tips
Do you believe achieving financial independence is out of reach for you? A recent Center For Financial Innovations study found that only 28% of Americans are financially healthy due to factors such as the generational prosperity gap, increased costs of living, and market instability.
Podcaster, blogger, money coach, wife, and mom of three Jamila Souffrant believes no matter where you are along your journey, financial independence can be possible. Jamila is the founder of Journeytolaunch.com, an online platform where she shares her journey to reach financial independence and helps others gain clarity around their finances and create an actionable plan to reach their own financial goals.
At age 31, while pregnant with her first son, during a four-hour commute home, Jamila had an epiphany that would change her life trajectory. After climbing the corporate ladder and building a six-figure career in real estate investing, Jamila realized that she was "toiling away at a job" that wasn't for her.
Over the next few years, she became immersed in the financial independence world, built Journey To Launch, and started an action plan to reach financial independence by age 40. Because of her money habits, Jamila and her husband were able to save $169,000 in just two years and are currently debt free besides their mortgage.
I had the chance to chat with Jamila about how she's currently navigating her financial independence journey and tips she has for others looking to invest in their financial futures.
Here are Jamila's three keys to financial independence success:
1. Commit to understanding the practical.
How do you calculate your financial independence number? Jamila recommends a simple formula: Multiple your annual expenses by 25. This is the amount you'll need in order to reach financial independence. Once achieved, you can draw down on that portfolio every year at a 4% rate to return your annual expense amount. Basically, you should be able to live off your saved investments so you don't have to "actively" work again.
Take time to understand the underlying principles and formulas that will make financial independence possible.
Learning to budget and track your expenses is one of the foundational pillars of any good financial independence plan. The more expenses you have, the more you will need to save or invest in order to reach FI. If you can widen the gap between how much you save and spend - you can reach FI sooner. According to Jamila, you'll either need to aggressively curb expenses or find ways to make more money that you can later save and invest towards your financial independence goal.
Are you maximizing all investment opportunities? In Jamila's case, an early career property purchase proved to be a positive asset in her long-term investment portfolio. Furthermore, her and husband's ability to invest in multiple pre-tax retirement accounts due to his status as a NYC public school teacher also helped increased the couple's financial independence funds. Research all potential investment opportunities and make sure you're not leaving money on the table.
If you're not familiar with savings and investing strategies, conduct online research or seek out a certified coach to help.
2. Mindset is everything.
As with any important goal in life, if you want to reach financial independence, you have to believe that you can accomplish it. You have to believe you deserve the life you're dreaming of.
For Jamila, this was a muscle she had to build. After the birth of her third child, Jamila decided to leave her corporate position and work full-time on growing the Journey To Launch platform. After having invested in building a successful career in real estate investing, why disturb the status quo? What if this new venture failed? Though she had already charted her financial independence path, she knew that she had to "leap and net would appear."
"Go after your goals even if it scares you," Jamila urges.
Getting initial buy-in from her husband was hard, but through detailed plans and spreadsheets, she was able to help him see how this new lifestyle would positively affect the family's future. "If you got to make that left turn, when you thought you had to make that right turn, it's okay. The biggest thing that we all can do is keep going."
Investing in the dream to build Journey To Launch may allow Jamila and her family to reach their freedom mark sooner than planned.
3. Keep yourself inspired and motivated.
Jamila urges us to remember to not compare our journey to others. The path to financial independence is unique and it's possible to achieve more or less than your original goal.
As you plan how long financial independence will take you, it's important that you keep your goals relative to your unique financial circumstances.
Jamila recommends keeping your arsenal full of inspiration. Some of her favorite resources include Choose FI and Clever Girl Finance podcast.
Immerse yourself in the community. Through podcasting and frequenting conferences and financial-independence focused events, Jamila found that it was encouraging to meet "regular people" just like her who are reaching financial independence.
Instead of seeing money as scarce, Jamila wants her community to see it as "a tool" to get you want you want in life.
"How you manage the money you have now is extremely important because it will allow you to live the type of life you want to live. Because so many of us start out in a deficit (debt, not having a lot of money growing up), [pursuing financial independence] can be overwhelming."
When you start understanding how being money conscious works and how it puts you in a better position - other things, such as increased financial security and even day-to-day confidence can surface in your life as well.
To learn more about Jamila's financial independence journey, listen to her story on episode 181 of the Dreams In Drive podcast.
Featured image via Jamila Souffrant.
Originally published December 3, 2018
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Rana Campbell is a Princeton University graduate, storyteller, content marketing strategist, and the founder and host of Dreams In Drive - a weekly podcast that teaches you how to take your dreams from PARK to DRIVE. She loves teaching others how to use their life stories to inspire action within oneself and others. Connect with her on Instagram @rainshineluv or @dreamsindrive.
For Us, By Us: How HBCU Alumni Are Building Legacies Through Entrepreneurship
Homecoming season is here, and alumni are returning to the yard to celebrate with their friends and family at the historically Black colleges and universities (HBCUs) that have changed their lives forever.
No matter where their life journeys have taken them, for HBCU students from near and far, returning to where it all started can invoke feelings of nostalgia, appreciation for the past, and inspiration for the future.
The seeds for these entrepreneurs were planted during their time as students at schools like Spelman, North Carolina A&T, and more, which is why xoNecole caught up with Look Good Live Well’s Ariane Turner, HBCU Buzz’s Luke Lawal and Morehouse Senior Director of Marketing and Comms and Press Secretary Jasmine Gurley to highlight the role their HBCU roots play in their work as entrepreneurs, the legacy they aim to leave behind through the work that they do, and more as a part of Hyundai’s Best In Class initiative.
On Honoring HBCU Roots To Create Something That Is For Us, By Us
Ariane Turner
Courtesy
When Ariane Turner launched Look Good, Live Well, she created it with Black and brown people in mind, especially those with sensitive skin more prone to dryness and skin conditions like acne and eczema.
The Florida A&M University graduate launched her business to create something that addressed topical skin care needs and was intentional about its approach without negative terminology.
Turner shared that it is important to steer clear of language often adopted by more prominent brands, such as “banishing breakouts” or “correcting the skin,” because, in reality, Turner says there is nothing wrong with the way that our skin and bodies react to various life changes.
“I think what I have taken with me regarding my HBCU experience and translated to my entrepreneurial experience is the importance of not just networking,” Turner, the founder and CEO of Look Good, Live Well, tellls xoNecole.
“We hear that in business all the time, your network is your net worth, but family, there’s a thing at FAMU that we call FAMU-lee instead of family, and it’s very much a thing. What that taught me is the importance of not just making relationships and not just making that connection, but truly working on deepening them, and so being intentional about connecting with people initially, but staying connected and building and deepening those relationships, and that has served me tremendously in business, whether it’s being able to reach back to other classmates who I went to school with, or just networking in general.”
She adds, “I don’t come from a business background. As soon as I finished school, I continued with my entrepreneurial journey, and so there’s a lot of that traditional business act and the networking, those soft skills that I just don’t have, but I will say that just understanding how to leverage and network community and to build intentional relationships is something that has taken me far and I definitely got those roots while attending FAMU.”
On Solving A Very Specific Need For The Community
Luke Lawal Jr.
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When Luke Lawal Jr. launched HBCU Buzz, his main focus was to represent his community, using the platform to lift as they climbed by creating an outlet dedicated to celebrating the achievements and positive news affecting the 107 historically HBCUs nationwide.
By spotlighting the wonderful things that come from the HBCU community and coupling it with what he learned during his time at Bowie State University, Lawal used that knowledge to propel himself as an entrepreneur while also providing his people with accurate representation across the internet.
“The specific problem in 2011 when I started HBCU Buzz was more so around the fact that mainstream media always depict HBCUs as negative,” Lawal says. “You would only see HBCUs in the mainstream media when someone died, or the university president or someone was stepping down. It was always bad news, but they never shed light on all the wonderful things from our community."
So, I started HBCU Buzz to ensure the world saw the good things that come from our space. And they knew that HBCUs grew some of the brightest people in the world, and just trying to figure out ways to make sure our platform was a pedestal for all the students that come through our institutions.”
“The biggest goal is to continue to solve problems, continue to create brands that solve the problems of our communities, and make sure that our products, our brands, our companies, and institutions are of value and they’re helping our community,” he continues. “That they’re solving problems that propel our space forward.”
On How Being An HBCU Alum Impacts The Way One Shows Up In The World
Jasmine Gurley
Courtesy
Jasmine Gurley is a proud North Carolina Agricultural and Technical State University alum. She is even more delighted with her current role, which enables her to give back to current HBCU students as the Senior Director of Brand Marketing and Communications and official press secretary at Morehouse College.
“It was a formative experience where I really was able to come into my own and say yes to all the opportunities that were presented to me, and because of that, it’s been able to open the doors later in life too,” says Gurley of her experience at North Carolina A&T. “One thing I love about many HBCUs is that we are required to learn way more about African American history than you do in your typical K through 12 or even at the higher ed level."
She adds, “It allowed us to have a better understanding of where we came from, and so for me, because I’m a storyteller, I’m a history person, I’m very sensitive to life in general, being able to listen to the stories and the trials that our ancestors overcame, put the battery pack in my back to say, ‘Oh nothing can stop me. Absolutely nothing can stop me. I know where I came from, so I can overcome something and try anything. And I have an obligation to be my ancestors’ wildest dreams. Simultaneously, I also have a responsibility to help others realize that greatness.
Gurley does not take her position at an HBCU, now as a leader, lightly.
“People think I’m joking when I say I’m living the dream, but I really am,” she notes. “So I wake up every day and know that the work that I do matters, no matter how hard it might be, how frustrating it may be, and challenging it. I know the ripple effect of my work, my team, and what this institution does also matter. The trajectory of Black male experiences, community, history, and then just American advancement just in general.”
On the other hand, through her business, Sankofa Public Relations, Gurley is also on a mission to uplift brands in their quest to help their respective communities. Since its inception in 2017, Sankofa PR has been on a mission to “reach back and reclaim local, national, and global communities by helping those actively working to move” various areas of the world, focusing on pushing things forward for the better.
“Through Sankofa, we’ve worked with all different types of organizational brands and individuals in several different industries, but I would think of them as mission-based,” says Gurley.
“So with that, it’s an opportunity to help people who are trying to do good in the world, and they are passionate about what they’re doing. They just need help with marketing issues, storytelling, and branding, and that’s when my expertise can come into play. Help them get to that moment where they can tell their story through me or another platform, and that’s been super fulfilling.”
Join us in celebrating HBCU excellence! Check out our Best In Class hub for inspiring stories, empowering resources, and everything you need to embrace the HBCU experience.
Feature image courtesy
Meet The Millionaire Real Estate Developer Transforming Georgia’s Landscape And Generational Wealth
Delphine Bryant is trying to change the world, one real estate listing at a time. As a breast cancer survivor, she understands the importance of building a legacy that her children can be proud of, which is why she’s using her platform to educate others to create generational wealth of their own.
A distinguished real estate developer and entrepreneur, Bryant is also a millionaire with a portfolio of over 100 luxury and affordable homes across Georgia.
Known for her expertise in crafting properties that speak for themselves, she has a keen eye for design and a strong affinity for community development. Her goal with every property and business endeavor is to transform landscapes and enrich lives in the process.
“When they tell you that you have breast cancer and it's the fast-growing one, I was like, okay, am I dying or not, but I started focusing on making my dreams bigger than my problems,” Bryant recalls to xoNecole.
“I was like, I’m going to fight. I want to be able to fight as much as I can. So, during that process of fighting, I was still looking at real estate because I started real estate in 2012 while I was still a registered nurse, which would help me have extra income.”
Bryant’s health kept her at home during this time due to a low immune system and weakness from rounds of chemotherapy, but one thing that did not change was her determination to succeed. She used the time to lock in and learn the ins and outs of the real estate world.
“Navigating myself in the real estate world, I started looking at new construction and just focusing on seeing how much profit I would get from new construction as to holding properties, which I sued to do for the first five years in the business,” Bryant explains.
“I started realizing there’s so much money in getting into new construction and learning about the development world.”
She adds, “So, I pushed myself, paid a mentor about $40,000, who taught me how to buy land and subdivide it, and then I started building new construction. That has helped me a lot. Getting into the real estate world and seeing my coworkers, who were nurses and doctors, making so much money but not investing it, I started telling them what I was doing, and they started investing in some of my projects. Many people just saw me growing and kept asking how can you do this? How can you do that? So I also began mentoring in the space.”
Having acquired over $8 million in real estate assets, Bryant knows something about investing in suitable properties and helping others get more bang for their buck. Her number one lesson is not to get caught up in spending so much money, time, and effort into making a property “look a certain way.”
“I always advise people, if you’re going to buy and hold a property, you don’t want to invest too much to make that house look a certain way,” she says.
“Because you’re holding it, you want to rehab it. If you’re buying, let’s say, a property that needs rehab, you want to rehab it but spend less money if you’re going to hold it. On the other hand, if you plan to sell it, that’s a different ball game because buyers coming in want to make it look like a brand new house.”
“For those holding on to the property, you can spend half the fee you planned to rehab it. That way, the house still looks almost the same, brand new, but you're spending less money,” Bryant continues.
“And once you send an appraisal there, you will probably appraise it for almost the same price you sell it. Then, you can cash the equity out of that house, have someone stay there paying the mortgage while you get cash flow every month, and help that house appraise every three to four years.”
When it comes to investing, Bryant says it is essential to avoid properties with significant issues, such as the foundation, plumbing, etc., because they will eat up a person’s profit. She stressed the importance of leaning on resources like a real estate inspector who can assess whatever needs to be done to the property rather than a general contractor.
“A licensed inspector will pick up everything wrong on that property, and then you can take that list, that inspection list, present it to your general contractor; that way, you know how much you want to spend on a house before you ever invest in it. It is essential, or else you’ll see a house that sometimes looks pretty, but the AC is bad, or the roof needs to be taken down, so you want to make sure that you get a home inspector to assess what needs to be done to a property before making that investment.”
Additionally, she stresses the importance of evaluation. What is the market? What’s the market trending? These are questions that Bryant says are imperative to not throwing your hard-earned money away to renovations that won’t necessarily make you a profit.
“I love what I do,” Bryant concludes. “I make sure that I do my due diligence. I’ve never lost money in real estate. I wake up in the morning feeling very grateful. One of the things is that I have a history of breast cancer, and I’m a breast cancer survivor now, so I’m just grateful to be alive. I look at life differently but wake up feeling tons of gratitude.”
“I want to encourage people that real estate is an easy way to grow wealth that is not a liability. It’s an asset. You can transfer it from generation to generation,” she adds.
“A lot of us look at real estate, and we get scared, but if you do your numbers and educate yourself in real estate, you can make so much money quickly. I always encourage people to buy a house and get into the real estate world because you can transfer those assets to your children from generation to generation."
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Feature image courtesy of Delphine Bryant